The Battalion. (College Station, Tex.) 1893-current, June 08, 1988, Image 4

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TEXAS AT COULTER
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NEW YORK (AP) —Texaco Inc.
on Tuesday promised to give its
stockholders a third of the $5 billion
it expects to raise from asset sales as
part of its bankruptcy reorganiza
tion plan.
Texaco said the distribution
would come in the form of a share
buyback or some other “direct share
holder participation or distribution,”
and would be made by the end of
this year.
at $50.75 per share — just 25 cents
higher.
Richard S. Pzena, who studies oil
companies for the Sanford C.
Bernstein 8c Co. securites firm, said
“It’s negative from the stock mar
ket’s view, because it’s not like
they’re giving the shareholders
something they don’t already own.”
“The distribution may involve
cash or the use of securities, in antic
ipation of the proceeds to be realized
from the sales program,” Texaco
said in a statement.
Icahn is running a five-man slate
for the board of directors, hoping a
victory will help him get the board to
let shareholders vote of a $60-per-
share cash offer for the company.
The votes are to be cast at Texaco’s
annual meeting on June 17.
It added that the other two-thirds
of the proceeds would be used to re
pay debt, strengthen the balance
sheet and fund increased capital in
vestment programs for selected re
tained operations.
Wall Street showed little response
to the move, which came in the midst
of a proxy fight between Texaco and
takeover specialist Carl C. Icahn.
Pzena said that by adding some
value to shares already hovering in
the $50 range, Texaco in effect was
diluting the impact of Icahn’s $60
cash offer, thereby strengthening its
chances of beating Icahn in the
proxy fight.
That amounted to a negative on
Wall Street, because “$60 is better
than $50,” Pzena said.
many to a major utility in that coun
try.
Rheinish-Westfaelisches Elektrizi-
taetswerk AG, also known as RWE,
agreed to pay over $1.2 billion for
the subsidiary. Both sides expect no
problems with a requirement that
West Germany’s Federal Cartel Of
fice approve the transaction.
In its Tuesday announcement,
Texaco said it expected to generate
more than $1.8 billion more in two
other upcoming transactions. One is
a deal to sell 60 million barrels of oil
and gas equivalent reserves, ex
pected to close by the end of this
month. The other involves proposals
to establish joint ventures with cer
tain oil-producing countries.
The ventures, which were “in ad
vanced stages of review,” would in
volve three Texaco refineries and
related marketing facilities on the
East and Gulf coasts.
Texaco President James W. Kin-
near said the two other countries are
Venezuela and Saudi Arabia.
On the New York Stock Ex
change, trading in Texaco shares
was suspended before the an
nouncement, and opened afterward
Texaco’s latest announcement up
dated its progress in other aspects of
its reorganization plan. It came just
24 hours after it said it had agreed to
sell its 99.12 percent interest in
Deutsche Texaco AG of West Ger- or all of the stake.
The company also said studies
were continuing on what to do with
its 78 percent interest in Texaco
Canada Inc., including the possible
sale, merger or joint venture of some
"tht
Inmate dead
after stabbi
at prison i
NAVASOTA (AP)-ATei
prison inmate was being
administrative segregation Ti
day in connection with the (;
stabbing of a fellow inmi
prison officials said.
Dennis McKeever, 26, sen;
15 years for manufacturing
controlled substances in Franit
County and possession of
trolled substances in Wo«|
County, was stabbed twice in
neck and twice in the headai
Texas Department of Correcti#
Pack II Unit, prison spokesi
Charles Brown said.
A 45-year-old inmate seni
20 years for murder in Karr:
County and attempted mu
and weapons and drug posses
in Bexar County was identifiec
the assailant and placedinadir.
istrative segregation, prison
cials said.
Brown said the authorities,
lieve the fight, in a tool room
the inmate kitchen, erupted
the two men had been drink.1
"home brew,” an inmaiep:
pared contraband liquor.
Weapons used in the fighl;
eluded a screwdriver and hi:-;
mer, he said.
McKeever, who had been;
prison since February 1986,«
treated at the prison infirmr!
then transferred to Navasouk
gional Hospital where he v
pronounced dead at 5:17 am I
It was the first homicides
ported at the Texas prisonsw::
since August of last year, B™
said.
Grimes County sheriffs dee
lives also were investigating i
slaying.
Last year, five homicides m
reported in Texas prisons, i
slightly from the three slavt;
recorded in 1986. Those ton
however, were significandy I
hind the 27 reported in 1985i
24 in 1984, when the prison
tern was ravaged by inmate
lence.
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A&M creates public relations post
FELOr
• Po
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Plinic.
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By Mary-Lynne Rice
Staff Writer
In an effort to boost Texas A&M’s
reputation across the nation, the
University has created a wide-range
public relations post this year.
Filling the office is Dr. Arnold
Vedlitz, professor of political science
and associate dean for research in
the College of Liberal Arts and new
assistant to the president for exter
nal affairs.
“My job is to help the president
and the provosts coordinate rela
tions with public officials at the state
and national level,” Vedlitz said. “I’ll
try to help public officials under
stand the positive things we do.”
Although the new position will
not require a staff, Vedlitz will have a
secretary to help perform his new
duties.
Dr. Arnold Vedlitz
Photo by Brad Apostolo
He describes himself as “just one
of the team members” in the group
of administrators coordinating the
University’s public relations.
While the Board of Regents deals
primarily with the University system
and its related organizations and
committees, Vedlitz’s emphasis is on
the University as a whole and its
place in the state and nation.
“I help the University make
statements,” he said, “but I’m just
part of the team headed by the
Board of Regents. I’m just one more
person, providing some leadership.”
Even with his new position and re
sponsibilities, Vedlitz said he will
continue to work as a dean — at least
for the time being.
“I am working a lot,” he said. “E-
verything is very busy. But I have a
lot of good people to help me. We
have a small staff, but we stay on top
of things.”
Teaching, however, is one pursuit
Vedlitz has had to leave temporarily
because of the scope of his adminis
trative duties.
Still, he said he looks forward to
teaching again, especially in the po
litical science department’s new doc
toral program.
“I’m very anxious to get back to
teaching,” he said. “But lately the
academic burden has become pretty
serious.”
When Vedlitz came to A&M in
1973, he had just completed his doc
torate in political science at the Uni
versity of Houston. Through the
years, he has taught 11 or 12
courses, he said, and served as ad
viser to the Young Democrats club.
In 1980, he received a University
award for distinguished teaching.
Although most of his duties are
now administrative, Vedlitz contin
ues his work in political science. Re
cently, he completed a book on pub
lic policy-making in the United
States, and he continues to conduct
his own research and write articles.
“I’m trying to stay active as a fac
ulty member, not just as an adminis
trator,” he said.
Vedlitz occasionally volunteers as
a political consultant when political
Iffave oven
candidates he supports ask foi|lounge of
help. Hinic.
Although his work in pot: BURGEAf
consulting has tapered off, hf •About
many of the candidates ht were repo
worked with are in office. ■Borticultui
A political consultant, Vq Building,
said, “helps the candidate iiii| • A st
Stand what he wants to sav t someone i
helps him come up with antf Cain Hall a
themes for his campaign.” So u t h w
“I help the candidate to target Champion:
election strategy, to find j a cassette d
strengths and weaknesses, todeK • A w
mine how he will spend his moi|someone 1
he said. and remov
He often is called upon bi t desk,
radio and television stations totW
ment on election issues audio;! BURGE AI
his opinion on state and local ft; HICLE:
tics, he said.
In the same field of interest
also founded A&M’s Public I
Resources Laboratory, which B M
vides information on policy issue Ilf I Z^M I
“It became clear four or five'"™ ® “
ago that there was much moriLi
could do for the campus and toi® l # , K
the decision-makers,” he i|§\# I I
“We’re just trying to do goodo h..
cal analysis.”
Vedlitz no longer works attbf- DALLAS
oratory, but said it is well-led. P e c> that tl
“I got it going — I had the doctor and
for it, and I helped it with its^allas hosj.
halting steps, hut the real v olved in si
provement has come with the oil® ‘ n Port
who lead it,” he said. rie -
He has retained his joint apw A man d
ment as director of the Techno 5 h* rt a nd jo
and Society division of the TexaJl 16 private
Kineering Experiment Station, patients at
cal Center
“I enjoy that tremendously,F xam ^ n . e .tb'
said. “The engineers are exceUF^^alities
people, and the science and tecl
ogy are also excellent.” glfhe man
The integration of techno^ 611 joggin
and society is becoming increa5: ; ° me to tl
important, Vedlitz said, and tbtWl 11 - Both
periment station works to refint :ious an d c
combination. ® an left, pc
“We’re building bridges bet»| fpficers :
the social sciences, humanities; wo womei
engineering,” he said. "It’s all
big problem and you can’t juste
one piece.”
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