Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: THURSDAY, February 25, 1993 TAG: 9302250309
SECTION: BUSINESS PAGE: B-5 EDITION: METRO
SOURCE:
DATELINE: LENGTH: Medium
IN BUSINESS
Troutville site may be Connex targetThe closed RIB Detention Corp. building in Troutville may be the location being considered by Connex Pipe Systems, a Marietta, Ohio, company that is considering a move to the Roanoke Valley or to Georgia.
Charles M. Oakey, an owner of the building, said Wednesday "There's nothing I can say," when asked about the report.
The prison-equipment company closed in bankruptcy liquidation about three years ago after it had continued some of the business of the former Roanoke Iron & Bridge Works. The vacant building is on a 50-acre tract in Troutville.
A busload of Connex employees who are being offered transfers and their families will visit Botetourt County this weekend, said Gilbert Gardner, the company's president.
Although no decision has not made, a move to Botetourt "looks pretty good," said Donna Thompson, director of the Botetourt County Chamber of Commerce.
If Connex comes, she said, it "should have from 125 to 150 good-paying jobs with a significant investment of $6 to $8 million." - Staff report
Apartment rental firm seeks reorganization
Pinecrest Summertree Associates, a Roanoke limited partnership that owns Summertree Apartments, has filed for reorganization in U.S. Bankruptcy Court in Roanoke. The apartment rental firm, headed by William Stanhagen, estimated its debt at more than $100,000 and its assets at more than $1 million.
Other newly filed bankruptcy petitions include:
Ernest S. Naff, doing business as Naff's Greenhouse at Boones Mill: liquidation; debt of $184,366 and assets of $132,351.
Steven W. and Brenda M. Sams of Route 2, Dublin, trading as Bowhunters Unlimited and former operators of an archery sales and service firm in Blacksburg: liquidation; debt of $70,497 and assets of $10,321.
Geraldine Sykes, trading as Geri's Classic Clippers at Honaker: liquidation; debt of $56,200 and assets of $13,900.
Sharon R. Cole, doing business as Sharon Trucking of Swords Creek: debt of $64,311 and assets of $16,175. - Staff report
Home Shopping gets new merger offer
Home Shopping Network said Wednesday it has received a revised merger proposal from Liberty Media Corp. to acquire all common shares of the St. Petersburg, Fla., company not owned by Liberty. Home Shopping has a Salem distribution center. The merger still is in negotiation.
Liberty, based in Cheyenne, Wyo., said it raised its offer from $5 to $5.50 a share plus other considerations. Liberty now owns 65 percent of the voting power of Home Shopping. - Staff report
Va. housing authority cuts mortgage rate
The Virginia Housing Development Authority on Wednesday cut its fixed mortgage rate to the lowest point ever, 6 7/8 percent.
It is the lender's second rate cut this month. The authority lends to low- and moderate-income first-home buyers or those who have not owned a home for at least three years.
A single person who wants to qualify for a loan in Western Virginia must have a gross income of $28,560 or less, and the price of the home can be no more than $75,500. For a two-person household, income can't exceed $40,800. - Staff report