Image provided by: Texas A&M University
About The Battalion. (College Station, Tex.) 1893-current | View Entire Issue (April 17, 1981)
THE BATTALION FRIDAY, APRIL 17, 1981 Page 7 iht Nguyen Van Nam: ‘I don't want to fight over here' Vietnamese seek court help in Gulf fishing violence result. I don’t expect the Viet namese to be any more successful in this fight than the last. “Only a fool could expect these Texans to give up their birthright - without a fight and I promise them l (the Vietnamese) a lot better fight * than they got from the Viet Cong. ” ' r'ii R-Dallas, SndmentS li United Press International feated. Bnt HOUSTON — Vietnamese e’s surplus!; fishermen Thursday asked a feder- o avoid rais; al judge to issue orders and appoint special deputies to stop the Ku Klux Klan and native Tex- ;s are an shrimpers from taking violent raising tares; ac tj on — allegedly being readied ; told Oar; ^ late as last weekend — to drive dontwei® re (hgees off the Texas coast by ;ad of create force. ' e ? “We have come to love our new ruld be left home and to hope that for us and iter projects fo r 0 ur children the American merest rates; F eam wi ^ become a reality,” said can’t bes«: e drastic imi ■ what thersi ie asked. iroposaUm iffortheste help meelt .ems of the 11 Nguyen Van Nam, president of the Vietnamese Fishermen’s Association, in announcing the lawsuit. “I used to be a soldier. I don’t want to fight over here,” said Nam, a former Vietnamese army colonel. Louis Beam, Texas Klan grand dragon indicted in Dallas last week for using federal land for pa ramilitary training, called the suit “an attempt to intimidate the Klan.” He said it would fail and promised the Vietnamese “a lot Airline's troubles may lead to default that i planni _ tate for ms measure tdid not red United Press International IH », GRAPEVINE, Texas — Braniff International Airlines stock con- very ciiat.jjjnued its decline in active trading on the New York Stock Exchange kersai " Thursday while news of the airline’s financial woes, which analysts ve termed “shocking” and “blunt,” spread through Wall Street and e airline began its painful task of belt-tightening to prevent a default. As of mid-afternoon, the price of Braniff stocks had declined more than 20 percent from $5.16 to $4 during the previous 24 hours. In ^ morning trading alone, airline stock lost 16 cents, and analysts ex- ‘ pected the decline to continue. What triggered the concern was an auditors’ report to company stockholders saying Braniff has until Sept. 30 to increase its net worth by almost 75 percent or likely will be forced to default. In a letter to Braniff shareholders, customers and employees, com- ny Chairman John J. Casey, who has refused to accept any salary lice assuming the position last March, stopped short of saying the irline would survive. Casey, however, promised he and his manage- lent team would do everything possible to return Braniff to profita- Bity. fThe airline’s auditors told stockholders Wednesday the company nay be unable to survive its deep financial troubles. The financial (ieport raised the possiblility of default by the end of September. 1 The company’s annual report, also released Wednesday, said the irline was required to maintain a consolidated net worth of $175 aillion and if the airline did not meet that requirement on Oct. 1, ■1981, default also could occur. It noted Braniffs consolidated net jworthon Dec. 31, 1980, was $101.5 million. K The report admitted actual default was prevented in 1980 by “waiv ers of certain (loan) covenants, which expire Sept. 30, 1981.” 1 The report said Braniffs net loss for the year was $131.4 million, liabilities exceeded current assets by $143.2 million and long term debt totaled a staggering $583.6 million. ■ Casey in his letter admitted, “We are anticipating continued in- ceases in jet fuel costs, a further decline in the nation’s economy and airfare discounting over Braniff s routes as new competitors seek a share of our market.” The statement was a reference to fierce competition by American irlines and Delta Air Lines, which have moved into traditional Braniff high profit routes.’ RayChanaud, a Braniff spokesman, said Thursday despite the possi- bilitj’of default raised by the auditors, Braniff officials expected signifi- cantfinancial improvements to be reflected in first quarter earnings, to he issued April 21. In addition to personnel layoffs at Braniff, employees recently approved a pay-cut, profit sharing plan to reduce the company’s 'expenses. In New York, the Wall Street Journal quoted analysts as saying that ompany had not been making any progress on its problems despite its Sorts to do so. One analyst was quoted as saying, “What’s quite shocking is that it he annual report) is so blunt.” Resolution names dillo state mammal dWith iq Foods Tax. f:00P.M- 3AY ►ecial j Steak iravy loes and ? other Ie j and ButW Tea United Press International AUSTIN — The House Thurs day approved a resolution making the armadillo the official state lammal. The resolution was a two-year effort by Rep. Don Henderson, R-Houston, who carried the legis lation on behalf of elementary bool children in his district who ide the request. “But this also is a mandate from West Texas, from the mail we’ve received,” Henderson said. Rep. Bennie Bock, D-New Braunfels, told Henderson he did not consider the armadillo the state’s favorite mammal, especial ly since longhorn cattle also are unique to the state. “We got a lot of mammals other than this one, which doesn’t amount to nothing,” Bock said. * AGGIE BLOOD DRIVE } lea Contest! if if if if if if if if list Prize 3 kegs J 2nd Prize — 2 kegs } 3rd Prize — 1 keg during Blood Drive! £ better fight than they got from the Viet Cong.” The Klan and a group of fisher men led by Gene Fisher of Seab- rook, a named defendant, held a cross-burning rally Feb. 14 at San ta Fe near Galveston Bay. Beam demonstrated how to bum Viet namese boats and threatened vio lent action if the Vietnamese were not off the bay by May 15, the start of fishing season. The suit said the Klan and fishermen as late as Sunday were conducting joint paramilitary ex ercises on the east side of Galves ton Bay and asked U.S. District Judge Gabrielle K. McDonald to issue a preliminary injunction for bidding violence against the Southeast Asian refugees. The plaintiffs charge that American fishermen and dock operators who have been friendly to the Vietnamese fishermen also have been threatened and intimi dated. The suit on behalf of all Viet namese fishermen on Galveston Bay accused Beam, the Klan, the Seabrook-Kemah Fishermen’s Coalition and individual Texans of various violations of antitrust, civil rights and anti-racketeering laws. It alleges criminal conspiracies and attempts to restrain trade. Vietnamese and Texan fisher men have feuded along the Texas coast since the refugees started pouring into the area in 1979. The Americans have com plained that Vietnamese use illeg ally large boats and have crowded coastal waters that already were barely supporting American fishermen. They have accused the Vietnamese of ignoring local cus toms. The Vietnamese say they have violated no laws and want only to live and work peacefully in their new home. Two Vietnamese men were tried for murder and acquitted in the 1979 shooting of an American fisherman at Seadrift on San Anto nio Bay. Several Vietnamese boats have been burned. The Viet namese blame Americans. Nam said 51 of 58 members of his association had promised to leave the Galveston Bay area and seek other employment if they could sell their boats and homes. However, he said they wanted to be able to keep fishing if they could not sell out by May 15. He also said several members of his association want to stay and were seeking court protection. “We are asking the court to issue an injunction against the named defendants,” he said, “en joining them from any acts or con duct that would deprive the asso ciation’s members of their legal rights to pursue their commercial fishing operations as protected by the laws of the state of Texas and the United States." Beam told UPI: “It’s an attempt to intimidate the Klan and make us give up this fight. However, exactly the opposite will be the * * * * * * * * * * * * * Take the $25.00 Challenge Dud Ward's! just can't lose! So Sez Fiddlin' Foron VM v ' n'- i y Here’s the difference between a bank’s interest-bearing checking account and ours: Ours pays B-47 % effective annual yield. Theirs pays 5.39% (or, in some cases, much less). MoneyStore was the first interest-bearing checking account in the Brazos Valley. And it’s still the best. Look at these features: • $300 Minimum Balance (not $500, $600, $700, $1,000 or $1,200). You pay no service charges at Brazos Savings if you maintain only a $300 minimum balance. • Maximum Interest—Regardless of Balance. MoneyStore pays you 5 1 /4% interest, compounded continuously, on your balance (an effective annual yield of 5.47%). Even if your balance drops below $300, you earn maximum interest on your funds. • Telephone Bill Paying at No Extra Cost. With your authorization, MoneyStore will pay some of your bills direct. Just call us, tell us who to pay, how much and when. Keep your funds earning interest until you need to pay your bills. (On telephone bill paying, we pay the postage. If we miss a due date through our error, we pay the late fee.) • Overdraft Protection. Brazos Savings has automatic overdraft pro tection for qualifying MoneyStore customers. And it costs you nothing — until you use it. It’s easy to open a MoneyStore checking account. And we’ll pay you to use it. •r * BRAZOS Savings COLLEGE STATION: Texas Ave. at Southwest Parkway/696-2800 Main Office: 2800 Texas Avenue/Bryan/779-2800