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"The market goes up, the market goes down, and people keep bowling."
--Doug Stanard, CEO of AMF Bowling, whose stock offering was postponed four days due to Wall Street gyrationsEDITED BY LARRY LIGHTReturn to top
NOW SHOWING AT THE FED: G-SPAN
HOW MUCH OF A MARKET junkie is Federal Reserve Chairman Alan Greenspan? Even though he has a Dow Jones financial news terminal on his desk--as well as a crack research staff at his beck and call--Greenspan doesn't want to be out of the loop for even a few minutes. When he testified before Congress on Oct. 29, in the wake of Wall Street's record gyrations, a top aide kept slipping him stock and bond reports, giving him instant feedback on how the markets were taking his remarks.
What's more, the Fed chief carries around a special pager that's programmed to transmit news headlines and market summaries. Lately he has used the pager to follow the U.S.-Iraq showdown.
Greenspan also uses the pager to monitor the market during meetings of the Federal Open Market Committee, which convenes eight times a year to set interest rates. The pager gives the Fed chief an edge over less-wired FOMC colleagues if there's an unexpected market move amid the discussions. And during slow parts of marathon FOMC meetings, the device could serve as a diversion to while away the time.EDITED BY LARRY LIGHT Dean FoustReturn to top
IS DELAWARE THE PLACE TO GO BROKE?
DELAWARE MAY LOSE ITS SPOT as the preferred locale for corporate bankruptcy filers. The National Bankruptcy Review Commission, in its proposed revision of the bankruptcy code, recently called on Congress to bar companies from filing in places where they're only incorporated--and don't have a headquarters or significant assets. Result: Delaware's bankruptcy lawyers are in a tizzy.
For decades, myriad companies have incorporated in Delaware because the state laws and courts favored them in takeover fights and other matters. Likewise, Delaware's federal bankruptcy court has gained a reputation among attorneys as the most sympathetic to corporate debtors.
Look at the caseload. Marvel Entertainment's case, for instance, is being heard there even though the comic-book publisher is located in New York City. Thus far in 1997, Delaware has 15 filings, more than double those of the next highest venue, California's Central District, says New Generation Research.
The study commission focused on the hardship facing creditors far from the courthouse who must travel to participate in a case. The Delaware State Bar Assn., however, says many creditors aren't situated near a company's headquarters either. How this issue will play in Congress is unclear. So far, Capitol Hill has focused on the commission's recommendations urging a tougher stance on debtors in personal bankruptcies.EDITED BY LARRY LIGHTReturn to top
WHEN ART IMITATES ADVERTISING
WE'VE SEEN TV CHARACTERS--or the actors who play them--pitch products in commercials. But how often does a character from an ad end up in a TV show? Lisa Catera, born in an ad lib on a Cadillac commercial, is now the newest doc on CBS's medical drama, Chicago Hope.
It started when Gary Horton, a creative director at ad agency DMB&B who also does voice-overs, was horsing around. While tap- ing a lease ad--"Now you can lease a Catera for $399 a month," he tossed in a groaner tag line. Says Horton: "I waited for two beats and then said, `Who is Lisa Catera?"'
Cadillac left the line in, and it caught the ear of John Tinker, executive producer of Chicago Hope. Tinker was adding a female neurosurgeon to his fictional hospital staff and liked the name's ring. Cadillac was thrilled, since the new entry-level luxury car is pitched heavily to younger women. So the carmaker ran a "Lease a Catera" ad during the Oct. 29 episode when Dr. Lisa Catera, played by actress Stacy Edwards, 32, made her debut. "It was just one of those happy accidents," says Horton. Serendipity only goes so far, though. Dr. Catera drives a Volvo.EDITED BY LARRY LIGHT Kathleen KerwinReturn to top