Page 4
The Battalion
Wednesday, March 6,1991
Wedne
FREE
FREE
MSC VISUAL ARTS
Free art lessons every Thursday at 7:00 p.m.
Learn to draw, understand,
and appreciate art.
Meet in front of the MSC Forsyth Center
Galleries (across from the post office in the
MSC) and remember, it’s free so come on
out! ! !
For more information call
Joe Fenton, Visual Arts Advisor 845-9252
SPRING BREAK
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Committee Nerd House
by Tom A. Madison
approves
violence
resolution
AUSTIN (AP) — Battered
women convicted of murdering
their husbands, and abused children
found to have killed a parent, would
win a review of their cases under a
resolution passed Tuesday by a Sen
ate committee.
“These victims are not common
criminals who killed for profit or
vengeance; rather, they are people
like ourselves, our mothers, our sis
ters, our children, who were driven
by an unthinkable set of circum
stances to perform this last desper
ate act of self-preservation,” says the
resolution by Sen. Eddie Bernice
Johnson, D-Dallas.
The Senate Criminal Justice Com
mittee approved the resolution 4-0,
sending it to the full Senate for con
sideration.
The resolution asks Gov. Ann
Richards to direct the Board of Par
dons and Paroles to investigate mur
der and manslaughter cases that
were directly related to domestic vio
lence.
The board would report back to
Richards with any recommendations
for pardons or clemency.
The measure also asks Richards to
direct the Texas Youth Commission
and Texas Juvenile Probation Com
mission to identify any children
found to have committed murder or
manslaughter, after the child or a
family member was subjected to do
mestic violence.
The commissions also would re
port to Richards. State law does not
provide for pardoning a child, so a
different mechanism may have to be
worked out, said Deborah Tucker,
executive director of the Texas
Council on Family Violence.
The case reviews would be done
in conjunction with the Council on
Family Violence. Richards supports
such an investigation, said Chuck
McDonald, a spokesman for the gov-
Caaj’t touch this /
Japanese buyers
rescue 7-Eleven
“What we anticipate is that given
the number of people incarcerated
in Texas, and the nature of family
violence, that we may well end up
with more than 100 cases that are ac
tually reviewed and submitted to the
governor for her to consider taking
action on,” Tucker said.
She said 41 women and one man
have been identified so far who
could be affected.
The resolution also would apply
to men battered by their spouses.
However, Tucker said, women are
the ones abused 96 percent of the
time.
David Throop of Austin testified
that it is important for men to be in
cluded in the measure.
“I do know of men that have
killed themselves after years of
abuse, and my knowledge is that
men do sometimes explode the way
women do after being severely
abused by their spouses,” he said.
In 60 percent of homes where a
woman is beaten, the children also
are abused, said the resolution.
DALLAS (AP) —Japanese inves
tors took control Tuesday of South
land Corp., owner of the 7-Eleven
convenience store chain, as part of a
deal that ended the company’s four-
month stay in bankruptcy court.
Southland’s Chapter 11 reorgani
zation plan, approved by a bank
ruptcy judge Feb. 21, proposed the
$430 million purchase of Southland
by Ito Yokado Co. Ltd. and Seven-
Eleven Japan Co. Ltd.
The company’s chief financial of
ficer, Clark Matthews, became
Southland’s chief executive with the
consummation of the deal, which
took control of the company from
the Dallas family that founded it in
1927.
Southland badly need the cash in
fusion from the Japanese affiliates to
get out from the debt burden of a
1987 leveraged buyout. It raced
through bankruptcy court to meet a
March 15 deadline the Japanese had
set for the purchase offer.
Matthews said Southland will be
stronger because of the cash influx.
“But equally important is the fact
that (Ito Yokodo and Seven-Eleven
Japan) know both the convenience
retailing business and 7-Eleven very
well,” he said in a statement.
The purchase gives the Japanese
affiliates a 70 percent stake in the
new Southland. The reorganization
plan also provided a 25 percent
stake in the new company for bond
holders and other creditors.
Southland’s stockholders, primar
ily the founding Thompson family,
will have a 5 percent stake. Some
bondholders have an option to in
crease their stake in Southland at the
expense of the Thompsons.
The securities and stock ex
changes will begin soon, said South
land spokeswoman Cecilia Nor
wood. The company’s new common
stock will trade on NASDAQ with
the new bonds and warrants traded
over the counter and not quoted by
the exchange.
The Dallas company owns 6,600
7-Eleven stores in the United States
and Canada and licenses another
6,400 stores in 22 countries. About
4,200 of the overseas stores are op
erated by the Japanese buyers.
Norwood said customers would
see “no difference whatsoever’’ in
the operations of 7-Eleven. “We ex
pect the company to continue oper
ating as it has in the past,” she said.
The company filed for bank
ruptcy protection in late October,
saying it was burdened by debt from
the $5 billion leveraged buyout the
Thompsons made to take the com
pany private in 1987.
The company filed a “prepack
aged” bankruptcy plan, one that has
already been approved by creditors,
to speed through the reorganization
process.
Some bondholders complained, in
a confirmation hearing in Decem
ber, that Southland solicited votes on
the plan from the wrong people.
The company conducted its reor
ganization vote among the invest
ment brokers, called record holders
who keep Southland bonds on be
half of individual investors. But dis
sident bondholders said individual
investors should have been given a
vote.
Southland didn’t have the ability,
under securities laws, to find out
who the individuals were until U.S
Bankruptcy Judge Harold Abram
son authorized such disclosure and
ordered a second vote.
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