Page 8
The Battalion
Tuesday, February i
Settlement in Milken case near
Main parties reach tentative
agreement in junk-bond suits
NEW YORK (AP) - The prin
cipal parties in the hundreds of
lawsuits filed against jailed junk-
bond financier Michael Milken
were on the verge of settling the
case, a source familiar with the ne
gotiations said Monday.
The source, speaking on condi
tion of anonymity, said a settle
ment was near but cautioned that
not all the details had been
worked out.
"It's not a done deal," the
source said. "They reached a gen
eral agreement but there was still
work to be done."
The Los Angeles Times report
ed Monday that the parties
reached a tentative $1.3 billion set
tlement over the weekend.
Among the lawsuits that
would be settled is one filed by
Milken's former employer, Drexel
Burnham Lambert Inc., that ac
cused Milken of illegal transac
tions that caused the investment
firm's collapse.
Also part of the settlement, the
newspaper said, is a Federal De
posit Insurance Corp. lawsuit
blaming Milken for ruinous junk
bond losses sustained by savings
and loans, and lawsuits filed by
companies and investors over
junk-bond losses.
Of the $1.3 billion, Milken
would pay $500 million, while
$400 million would come from
money Milken paid into a restitu
tion fund administered by the Se
curities and Exchange Commis
sion, the Times said, citing sources
it didn't identify.
The rest of the settlement
would come from the other defen
dants in the case, including former
top Milken aides, the Times said.
A spokeswoman for Milken,
Ann Brackbill, declined to com
ment Monday on the reported set
tlement.
Alan Miller, a New York attor
ney who represents Drexel, also
declined to comment.
"The parties have agreed that
the judge ought to be the only
source of comment on this,"
Miller said, referring toU.S;
trict Judge Milton Pollacko(i
York, who is overseeing the
Pollack couldn't be reaclv
comment Monday, a holidai
most government offices and;
nesses.
If all the plaintiffs agreett
proposal, it still must beapp;;
by Pollack and possibly byjt;
in other federal districts ivj
lawsuits against Milkenhavei
filed.
Pollack also is overseJ
Drexel's bankruptcy reorgar
tion.
Milken is serving a lO-J
prison sentence he received*
1990 after pleading guilty tos!
rities violations.
He also was ordered to:l;
$600 million in penalties.
Golden Raspberry Awards 'honor'
year’s biggest entertainment flops
LOS ANGELES (AP) - Vanilla Ice's "Cool As
Ice" scooped up seven Gol den Ra spberry Awa rds
nominations Monday and Sean Young got two
bids for playing twins badly as Hollywood pre
pared to saute the worst of 1991.
Bruce Willis' "Hudson Hawk" and Dan
Aykroyd's "Nothing But Trouble" both picked up
six nominations for the Oscar-spoofing Razzie tro
phy, a golf ball-sized gold-painted raspberry with
an estimated street value of $1.79.
The Razzie nominations come just two days be
fore Wednesday's announcement of the Academy
Award contenders.
The 12th Annual Golden Raspberry Awards,
determined by more than 350 voters from 26 states
and five countries, will be meted out March 29 at a
'Press Conference Cum Performance Piece," the
Golden Raspberry Award Foundation said in a
statement.
Getting the biggest raspberry reception for
1991 was "Cool As Ice," nominated for worst pic
ture, worst actor (Ice), worst director (David Kel
logg), worst screenplay (David Stenn), two worst
new star nominations (including one for Ice) and
worst original song.
Other worst picture nominees were "Dice
Rules," "Hudson Hawk," "Nothing But Trouble,"
and "Return to the Blue Lagoon."
In an unprecedented double nomination for the
same film. Miss Young was nominated as worst
actress in "Kiss Before Dying" as the twin who
survives and for worst supporting actress as the
twin who's killed in the first reel.
Razzie officials cited Miss Young for her "pa
thetically puppet-like portrayal of two twins
stalked by a psychopath in the risible murder mys
tery."
John Candy was nominated for worst support
ing actress for appearing in drag in "Nothing But
Trouble."
Last year's worst actor winner, Andrew Dice
Clay, was again nominated in the same category
for "Dice Rules."
Another past winner, Sylvester Stallone, was
nominated for the eighth consecutive year, this
time for "Oscar."
Competing with Miss Young for the worst ac
tress award are past Razzie winner Madonna, for
"Truth or Dare," Kim Basinger for "The Marrying
Man," Sally Field for "Not Without My Daugh
ter," and Demi Moore for both "The Butcher's
Wife" and "Nothing But Trouble."
The awards are organized each year by John
Wilson, a Los Angeles-area writer for movie ad
vertising trailers and television commercials.
Voters include film industry professionals,
journalists, publicists, Wilson's friends and "other
people who have heard about the foundation,"
Wilson said.
Investment bank assists with image in West
Russia hires Wall Street firm
MOSCOW (AP) — Russia an
nounced Monday that it has hired
one of capitalism's biggest guns to
recruit foreign investors and
guard its interests in business
deals with the West.
The move to retain the Wall
Street investment bank Goldman,
Sachs & Co. indicates that Presi
dent Boris N. Yeltsin is intensify
ing his efforts to revive Russia's
moribund economy through for
eign investment.
"We want to create a new im
age of Russia for foreign in
vestors," said Leonid Grigoriev,
deputy economics minister in
charge of Yeltsin's Committee on
Foreign Investment.
Goldman Sachs will be "a new
force inside the country to work
on the side of the Russian govern
ment," Grigoriev said at a news
conference.
Robert Rubin, a Goldman
Sachs senior partner, signed a con
tract Saturday with Deputy Prime
Minister Yegor Gaidar, Russia's
top economic official.
Goldman Sachs won the con
tract over three other firms. Offi
cials refused to disclose the terms,
but indicated that the company
will receive commissions for
bringing business to Russia.
Rubin said his firm's reputa
tion will reassure foreigners who
are skittish about investing in
Russia.
Russia has sought the advice
of many Western experts in creat
ing a market economy. The Inter
national Monetary Fund now ad
vises on managing the foreign
debt, and Harvard University
economist Jeffrey Sachs works as a
consultant on overall economic
policies.
Some Russians have raised
questions about the rising influ
ence of such advisers; one parlia
ment member has gone so far as to
allege that the IMF now runs Rus
sia's economy. Newspaper stories
have cited alleged examples of
American firms swindling naive
Russian partners.
But Grigoriev and Rubin
played down possible negative re
actions to the hiring of Goldman
Sachs.
"We will work to get the
fairest deal — a deal that . . . does
not take advantage of Russia,"
Rubin said.
He said Goldman Sachs would
implement a small number of pro
jects with "a good chance of suc
cess," including ventures in the oil
and gas sector, food processing,
consumer goods and clothing.
State court
contender
challenges
Hightower
AUSTIN (AP) - In; I
Supreme Court challenger Pi; I
Banner on Monday demande I
that Justice Jack Hightowerstfj I
down from cases that Banners^;
could affect companies thatei-1
ploy Hightower's daughter.
"The court system of Te« |
can only function fairly if ourct |
zens have confidence in the ah;
lute fairness and integrity ofoc I
judges," Banner said.
Hightower spokesman Gleir;
Smith denied that the justice'sdt 1
liberations ever affected te 1
daughter's business dealings.
Banner, a state district judge;:
Greenville, faces Hightower in fe I
Democratic Party primary for tf,;|
Place 3 position on state Suprerr-
Court.
Banner's accusations stemme:
from reports that Hightowei
wrote the court's majority opinior
in a 5-4 decision involving prop
erty taxes on limestone deposits.
Hightower's daughter, Amy „
Hightower Brees of Austir
worked as a lobbyist for 3
association that filed a brielak
limestone case.
In addition. Banner said High
tower should remove himself
from cases involving some 170 in
surance companies, due tothej
fact that Hightower's daughter;
now works for a group thatrepre-1
sents those companies.
"Judge Hightower doeshavea j
potential conflict of interest even
time one of those companies hasa
case before the Texas Supreme 1
Court," Banner said. |
Smith disagreed.
On the limestone case, Smith f
said Hightower's daughter ;
worked for the company involved
in the lawsuit after the suit was
filed, and had left the company
before the court gave its ruling.
Hightower said that he was
not aware of the fact his daughter
was working for the trade associa
tion.
Smith said Brees does not par
ticipate in lobbying actions for the
association, and only performs j
clerical work in the company's |
main office.
In ot tfre
Caratel* ot Columbus
yftbrttat*# 20 - Spril 15
University Art Collections and Exhibitions invites you to
the opening reception for both exhibits on Thursday,
February 20, 8:00 pm in the new University Center
Galleries next to the MSC Flag Room.
Gallery Hours: Tuesday - Friday 9:00 a.m. - 8:00 p.m.,
Saturday - Sunday 12:00 p.m. - 6:00 p.m., closed Mondays.
Docent tours available. Call (409) 845-8501 for more information.
EYES ON TEmAS
February 20 - April 5
Men adapt to institution
Male students gain new perspectives at all-female college
DENTON (AP) — Derek Storey's girlfriend as
sumed the Texas Woman's University catalog she
saw on the coffee table belonged to her boyfriend's
sister. She threw a conniption fit when he told her the
admissions material was his.
"I thought he was kind of crazy," Shelley Parthe-
more says. "You date someone over a year, you're
going to have some concerns."
Parthemore quickly got used to the idea, but her
friends relentlessly reminded her that Storey, her one
and only, would be surrounded by fresh-faced fe
males.
"A lot of people were like, 'You're letting him go
THERE?' " she says. "My mom even got me thinking
about going up there."
After she called Storey every day in the first two
weeks of classes, Parthemore's budding feminist sen-
sibilities and her Southwestern Bell bill intervened.
"I'm not going to tell him where to go to college
and what to do with his life because I wouldn't want
him to do it with me," Parthemore says.
For the record. Storey picked TWU, whose enroll
ment is predominantly female, to increase his
chances of admission to a graduate physical therapy
program.
TWU, highly regarded for its nursing school and
other undergraduate health professions curricula,
has highly selective programs in Dallas and Houston.
The state school, with its affordable tuition and
fees, also appealed to his shallow pockets.
"My family's not rich," Storey says. "There was
no way I could afford Baylor."
The 21-year-old Army veteran says he has told
friends and family that his choice of colleges had
nothing to do with the opportunity for unlimited ro
mantic encounters. In fact, he was downright appre
hensive about relationships with his new classmates.
"I thought I'd wake up one morning and find a
dead rat and a sign saying, 'Men Go Horne,' hanging
from my door," Storey says. "I was a little nervous."
But once Storey began to make friends, he real
ized it was OK to be a man in a woman's world.
"I realized it was just like any other college,"
Storey says.
Almost.
Just before an English class one day, he was over
come by a biological urge. He searched every hall on
three floors of the arts and sciences building without
finding a men's restroom.
"I had to go to another building," he says.
Another thing that bothers the sports enthusiast
is a campus rule prohibiting all-male athletic teams.
"Sometimes it's not easy to round up four or five
girls who want to play football," Storey says.
Inconveniences, such as a dearth of men's re
strooms and coed sports teams, challenge Storey and
the 699 other men enrolled at the Denton universit)'
along with 8,700 women. But he insists that the chal
lenges aren't obstacles and that, after the initial dis
orientation, most TWU men undergo an attitude ad
justment.
"You get a whole new perspective being around
women all the time," says Storey, pausing, "like re
membering to knock before you enter someone's
room."
Storey has respect for his female classmates.
"At home, if you weren't big and strong, and you
didn't go out and get drunk on Saturday night, a lot
of girls wouldn't have anything to do with you," he
says. "Here, women like your attitude. That's why
they become your friends."