Saturday, October 21, 2000
Tristate Summary
Lodgian votes counted
It will be at least 10 days before shareholders of Lodgian Inc., the Atlanta hotel operator, know the outcome of a proxy fight launched by Fort Mitchell's Edgecliff Holdings Inc.
At Friday's meeting of Lodgian shareholders, two directors were to be elected and a vote taken on a proposal by Edgecliff's William J. Yung. The results aren't expected until Oct. 30, the company said.
Mr. Yung, president of rival Columbia Sussex Corp., and Edgecliff are Lodgian's largest shareholders. Edgecliff launched the proxy fight after Lodgian management rebuffed attempts to acquire the company.
Edgecliff this week submitted a $140 million offer to acquire Lodgian, countering a $126 million offer from two real estate trusts managed by Goldman Sachs Co.
Reissued bonds could help Delta
The Kenton County Airport Board is expected to reissue two bonds on behalf of Delta Air Lines at a special meeting Monday that could save the airline millions in interest.
The original industrial revenue bonds, one for $40 million issued in 1985 and the other for $27.7 million, were issued by the board — which oversees the Cincinnati/Northern Kentucky International Airport — on behalf of Delta to pay for construction of Terminal A.
The new proposal calls for the 30-year bonds to be reissued in amounts of $28.3 million and $33.8 million to take advantage of lower interest rates.
Governmental authorities regularly issue industrial revenue bonds on behalf of private businesses to take advantage of tax-free interest rates.
Meijer staff OK contract
Union workers at five area Meijer stores voted to accept a five-year contract that includes wage increases, improved health care and improved retirement benefits.
The agreement involves 1,500 hourly workers who are members of United Food and Commercial Workers Local 1099.
— From staff reports
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