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Wednesday, November 19, 1986 / University Daily Kansan
Goodyear takeover unsettled
The Associated Press
WASHINGTON — A financier behind an attempted takeover of the Goodyear Tire & Rubber Co-assured members of Congress yesterday that he had no plans to shut down any tire plants, including one in Kansas.
"We want to make it prosper by making that tire company the best," said Sir James Goldsmith, a British-French investor who has acquired 11 percent of Goodyear. "We've said we have no plans to close any factories."
Goldsmith made the statement to the House Judiciary subcommittee on monopolies during questioning by Rep. Dan Glickman, D-Kan., who asked about the future of a Goodyear tire plant in Topeka, which employs more than 2,000 workers...
However, Goldsmith acknowledged that he would sell Goodyear subsidiaries to pay debts he has accumulated in his takeover bid.
hearing focused on the efforts of Goldsmith, who has said he hopes to acquire a controlling interest in the world's largest tiremaker.
At the hearing, Glickman criticized the Reagan administration for failing to more closely scrutinize the deals of corporate raiders and the potential for takeovers to dampen competition.
Glickman, a Wichita Democrat, called for stronger antitrust enforcement in large business acquisitions and recommended that corporate buyers provide greater disclosure of the potential effects on communities and workers.
Glickman, a subcommittee member and former Securities and Exchange Commission attorney, expressed concerns at the outset of the hearing that the hostile takeover of Goodyear could threaten jobs in Kansas.
The Goodyear plant is not located in Glickman's congressional district.
Sen. Nancy Kassebaum submitted a written statement to the subcommittee urging the lawmakers to pass legislation next year to restrain disruptive takeovers.
She intends to introduce a proposal in the 100th Congress, which convenes in January, to deny tax advantages often used by corporate raiders in their financing plans, require fuller and more immediate disclosures by larger stock purchasers, and revamp stockholder voting procedures to prevent speculators from swaying the outcome of buyouts.
Hayden and Carlin discuss budget cuts
The Associated Press
TOPEKA — State agencies learn today how much Gov.elect Mike Hayden expects them to reduce their spending during the final 71/2 months of this fiscal year in order to restore financial integrity to Kansas government.
Hayden declined to discuss amounts of the proposed cuts in a brief news conference yesterday, but said he would reveal specific figures at a news conference today.
"It's air to say significant action is going to be required, of significant magnitude in terms of the dollars involved" to bring state spending into line with the reduced amount of available revenue the rest of this fiscal year, Hayden said.
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new carpet, cabinets
laundry facilities
½ block to bus route
short leases
new ownership
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The cuts will go beyond mere belt-tightening, Gov. John Carlin said, following a half-hour meeting with Hayden yesterday. The reductions in spending will undoubtedly dig into fiscal flesh, he added.
That won't happen, Hayden and Carlin both said, because steps will be taken quickly to avert a crisis.
Those reduced revenues, pegged at $93.6 million for the entire fiscal year, would plunge the state into a $13 million deficit by the end of the fiscal year, next June 30, if nothing was done.
The in-coming and out-going chief executives met to discuss steps which must be taken immediately to address a projected shortfall in state tax revenues.
"The fat has been trimmed for some time," Carlin said. "We're down to having to sacrifice a little bit."
Speaking to reporters at separate impromptu news conferences following the meeting, the two leaders said
Letters will go out tomorrow from the Budget Division to agency heads telling them how much they are being asked to trim their budgets, then they will be allowed to appeal the cuts to Carlin who will meet again Nov. 26 with Hayden to relay their concerns to him.
DELTA DELTA DELTA SCHOLARSHIP AWARD
Carlin said Hayden told him he would give agency heads the amounts they need to reduce spending and let them decide how to make the cuts.
Hayden will announce Wednesday how much each state agency will be required to trim its spending between now and June 30, then Carlin will make it official tomorrow that he is enacting an allotment procedure.
Hayden, who will make the decisions on the cuts, declined to provide any specifics on what cuts agencies will be expected to carry out.
Neither Hayden nor Carlin had a figure on how much the cuts would total, but Carlin indicated it could be from $30 million to $60 million.
The allotment prohibits agencies from spending any more money than they spent the previous fiscal year, and would save $13 million. However, Carlin said he thinks the money Hayden will trim from the budget — which he expects the Legislature to ratify in the 1987 session — will make the allotment moot, because those cuts will not only save the $13 million but many million more dollars.
While Carlin said he doesn't think Hayden has made his final decisions on specific amounts he will ask agencies to reduce their spending, the present governor said he can't imagine education escaping the knife.
If you are an undergraduate woman enrolled at KU with a high degree of academic achievement and community service work, you could win a scholarship worth $645, (or one semester's in-state tuition at KU). This scholarship is for the next fall term. As winner of this scholarship, you would then be eligible to compete for the Zoe Gore Perrin National Scholarship worth $1,000!
That is because education constitutes about two-thirds of the state general fund budget of $1.3 billion.
Applications are available at the Tri-Delta house. For more information, call 843-4610. Completed applications must be submitted to the Tri Delta house by December 1, 1986.
Christmas Layaways
sweaters by Sierra Designs,
hand crafted Alpaca
sweaters from Bolivia
The University of Kansas Department of Music and Dance presents the
COMBINED CHOIRS AND ORCHESTRA
Symphony No. 8 in B minor (The Unfinished) Schubert
Zuohuang Chen, Conductor
Grand Mass in Cminor, K. 427 Mozart
James Balston, Conductor
Denise Myers, Soprano Inci Bashar Ruge, Mezzo-Soprano
Fred Scheff, Tenor John Stuhr Rommeneim, Bass
3:30 p.m. Sunday, November 23, 9:00 - Hoch Auditorium
Free and Open to the Public
TONIGHT- CINEMA from Wichita
Get registered for Great Escape No. 2 to the Virgin Islands. Be a part of a new tradition!
Cogburns 737 New Hampshire
11th Annual Turkey Trot
9:00 a.m. Saturday, Nov. 22,1986
Sponsored by: KU Recreation Services & Lawrence Parks & Recreation
WHERE: Shenk Complex-23rd & Iowa KU West Campus
REGISTRATION: From 8-8:45 a.m. day of race. Entries may be delivered or mailed to Recreation Services, 208 Robinson KU Campus, 66045 or Lawrence Park & Recreation *Please pre-register if possible!
COST: Long Sleeve T-Shirt included in entry fee! $10 if received before 5 p.m. on Wed., Nov. 19th. Late Fee $11 after Nov. 19th.
COURSE: Undisclosed course route approximately 3.0-3.5 miles. Route map will be shown at 8:45 a.m.day of race.No stop watches please.
Divisions: KU/Haskell Students (Men & Women) KU/Haskell Faculty/Staff (Men & Women) Open (Men & Women)
AWARDS: 1st place in the above six divisions will receive Along in each of the three.
AWARDS: 1st place turkeys compliments of Rusty's. Also divisions, the individual who comes closest to his/her predicted finish time will receive a turkey. (No Double Winners.)
OUR THANKS TO RUSTY'S
Rusty's Hillcrest 901 Iowa
Rusty's Westridge 6th & Kasold
Rusty's North Side 608 N 2nd
Rusty's Food Center 23rd & Louisiana
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