Ch. 7 bankruptcies up, Ch’s. 11, 13
down
BOSTON – While Chapter 7 bankruptcies (liquidations) rose 6.51 percent
during the first nine months of this year in Massachusetts, according to
court statistics, both Chapter 11 (business reorganizations) and Chapter
13 (personal bankruptcies) declined. Chapter 11 filing declined by 27
percent in Massachusetts according to the court’s report, while Chapter
13 filings fell 9.9 percent. Meanwhile, William C. Hillman, a Bankruptcy
Court judge for seven years, has succeeded Carol J. Kenner as chief
judge of the U.S. Bankruptcy Court in Massachusetts. Judge Hillman’s
appointment became effective Dec. 10. He was chosen on the basis of
seniority. At the time of Judge Hillman’s appointment to the court in
1991, he was a member of the Providence law firm of Strauss, Factor,
Hillman & Lopes.
Concord, Cisco System to work on
project
MARLBOROUGH – Concord Communications Inc. has agreed to work with
Cisco Systems Inc. of San Jose, Calif., in the development of service
level management technology to guarantee network performance. The
agreement calls for Concord to use Cisco’s statistics technology to
expand their jointly developed Network Health product, used by Cisco as
a wide area network manager. The Network would provide added services.
Concord said its applications of Network Health will enable service
providers to guarantee performance on Internet Protocol, ATM and frame
relay networks, providing service that was previously available only by
using stand-alone monitoring hardware. Concord reported it expected to
have Network Health available in 90 days.
Seifert Systems Invests in Energy Efficiency to Strengthen Operations
For manufacturers, energy is more than just another operating expense. It plays a critical role…
Learn More
Cambridge in agreement with Microsoft
CAMBRIDGE – Cambridge Technology Partners, Inc., was expected to
announce a marketing alliance with Microsoft Corp. to expand its
business of setting up computer systems for large businesses. Cambridge
hopes to expand its business by using Microsoft’s Windows NT operating
system, which has been gaining ground on the widely used Unix operating
system.
Tweeter acquiring Texas company
CANTON – Tweeter Home Entertainment Group has announced that it plans
to acquire for about $8.2 million Home Entertainment Inc., a Houston
based chain of electronics stores. Tweeter has nearly quadrupled its
revenue in the last few years by acquisitions, including Bryn Mawr
Stereo & Video in suburban Philadelphia, Pa. And HiFi Buys in Atlanta,
Ga. A Tweeter spokesman said the company’s objective is “to become a
national specialty chain.” Tweeter maintains that the quality of and its
reputation for service enable the company to compete on the mid and high
price range effectively with companies concentrating on the lowest
prices for electronic products.
BankBoston employee charged
BOSTON – The FBI has arrested an employee of BankBoston at its West
Newton branch along with eight other people from Boston or New York in
what was described as a money-laundering scheme involving Russian
émigrés and what they were said to believe were profits from illegal
drug sales. The employee Oksana Galchanskay, 24, a Needham resident,
was a customer service representative at the BankBoston branch. She was
among those charged in a 43-count indictment issued by a New York grand
jury. Federal agents, posing as narcotics dealers gave $2.7 million in
cash to three members of the group, and, in return, received wire
transfers, cashiers’ checks and other checks drawn on accounts set up
with Galchanskaya’s help at BankBoston’s West Newton branch, and at
Citibank and Chase Manhattan in New York, according to the indictment. A
BankBoston spokesperson told the Boston Globe the bank had been
cooperating with the FBI for about a year and was starting its own
internal investigation. Galchanskaya was released on $100,000 bail by a
U.S. Magistrate after a bail hearing in U.S. District Court, Boston.
She, along with two Newton residents was scheduled to be arraigned in
New York City along with six New York area men charged in the
indictment.
Blue Cross seeks increase for Medex
Gold
BOSTON – With only mild opposition, Blue Cross and Blue Shield of
Massachusetts has proposed a 9.9 percent increase in premiums for its
top line supplemental medical insurance program for seniors. In contrast
with previous rate hikes proposed, the opposition was moderate, typified
by the response of the executive director of the Massachusetts Senior
Action Council, Geoff Wilkinson, who said, “We’re sorry to see the rate
increases, but we are glad that Medex remains a viable option for
seniors who can afford it.” Blue Cross reports more than 53,700 members
enrolled in its Medex Gold program, a medigap program that offers
seniors unlimited prescription service. The proposed rate hikes are
subject to approval by the state insurance commissioner within 30 days.
