Word: minolta
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...reported the allegation that just before he resigned as chairman of American Continental Corp., which had filed for bankruptcy protection, Keating looted the office of various and sundry supplies and had them shipped to a building he had rented. The alleged booty: lamps, typewriters, phone and computer equipment, a Minolta overhead projector and paper. "A myriad of items. Everything you'd need to start a new business," said a lawyer who is familiar with the investigation...
From the moment Minolta's sleek Maxxum camera arrived on the market in January 1985, the hot-selling, auto-focusing 35-mm instrument seemed immune to the photographic-equipment industry's usual cutthroat discounting practices. One reason, some consumers claim, is that Minolta coerced its retailers to charge a minimum of $319.95 for the Maxxum and $189.95 for its AF-Tele. Last week John Troncelliti, a suburban Philadelphia barber, filed a national class- action suit against the Japanese manufacturer, charging that it ordered retailers to keep prices high or lose the right to sell Minolta's line...
...Minolta denies the charges, but earlier this month agreed to settle two similar cases filed by the states of Maryland and New York. The company promised as much as $700,000 in refunds to customers in those states...
...Minolta seemed unperturbed by the Nikon announcement. Said Minolta President Hideo Tashima: "Nikon's move is welcomed, although we expect the competition will intensify. The pie will grow bigger if everyone takes part." The field in fact may soon grow crowded. Canon, Japan's largest camera maker, is expected to introduce a similar 35-mm model later this year. Experts say Olympus and Ricoh are readying their own versions...
...Minolta's head start could prove hard to overcome. "They have a lot of momentum," says Eugene Glazer, a photo-industry specialist for the Dean % Witter Reynolds investment firm. Spurred by the Maxxum, Minolta's profits jumped almost 60% in the first half of fiscal 1985, to $28.5 million. The price of Minolta shares, which are traded on the Tokyo Stock Exchange, has increased about 60% since January 1985. Minolta closed last week at $4.82 a share...