ROANOKE TIMES
Copyright (c) 1996, Roanoke Times
DATE: Thursday, February 8, 1996 TAG: 9602080048
SECTION: BUSINESS PAGE: C-8 EDITION: METRO
McClung finishing 10 1/2-mile order
McClung Lumber in Salem said it expects to finish next week nearly 101/2 miles of molding ordered for ongoing renovations of The Homestead resort in Hot Springs. It is the third such order the wood shop has received from the resort in three years, co-owner Lew McClung said Wednesday.
McClung makes the molding by cutting foot-wide poplar boards into strips and shaping them in a machine. The Homestead will send trucks to pick up the goods.
McClung, which employs 10 people, makes cabinets, molding and finished wood.
- Staff report
Crestar Mortgage to buy fund group
Crestar Mortgage Corp., a subsidiary of Crestar Bank, said Wednesday that it has agreed to buy Ryland Funding Group, the mortgage banking operation of Ryland Mortgage Co. of Columbia, Md.
Ryland Funding has offices in Reston and in Denver; Oak Brook, Ill.; and Laguna Hills, Calif. Crestar will take its operations into its own Wholesale Mortgage Banking Division.
With the acquisition, Crestar's origination capacity will exceed $3.5 billion annually. Crestar services $11 billion in mortgages.
- Staff report
Daiwa Bank trial delayed until April
NEW YORK - A federal judge has postponed the start of Daiwa Bank's criminal trial by more than a month, giving the Japanese bank more time to interview its defense witnesses before the trial, people familiar with the matter said Wednesday.
Daiwa's trial is now set to begin April 15, instead of March 6, on charges the bank conspired with a New York bond trader to conceal $1.1 billion in trading losses from U.S. regulators.
U.S. District Judge Kimba Wood on Tuesday approved the defense team's request to videotape interviews of its witnesses in Japan instead of asking them to come to the United States, the sources said.
Because the witnesses all live in Japan, Daiwa contends they won't come to the United States to testify because of fear U.S. authorities will detain or arrest them. Daiwa has named as witnesses 11 current and former Daiwa employees, including the bank president and two deputy presidents.
- Associated Press
Chrysler fills board in slap to Kerkorian
DETROIT - In a rebuff to Kirk Kerkorian, one of its largest shareholders, Chrysler Corp. said Wednesday it has chosen a prominent mutual fund manager to fill an open seat on its board.
The automaker named John B. Neff, recently retired manager of Wellington Management Co.'s Windsor Fund, to fill, effective immediately, the seat left vacant Nov. 22 when Joseph Antonini, Kmart's former chief executive, resigned. Antonini left under pressure from Kerkorian's investment company, Tracinda Corp.
Kerkorian, a takeover specialist based in Las Vegas, tried to gain control of Chrysler in April but withdrew his bid May 31 after failing to raise enough money.
- The New York Times
LENGTH: Medium: 65 linesby CNB