Word: ruhe
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...client newspapers and 3,300 broadcast stations, vs. 1,260 papers and 5,700 stations for the Associated Press) was sold to a group of investors in 1982 for $1. Despite wage and staff cutbacks, U.P.I. remained in delicate health; as payroll checks began bouncing in March, Owners Douglas Ruhe and William Geissler agreed to surrender most of their shares to the company's creditors and employees. Even that drastic move was not enough. U.P.I.'s four directors voted unanimously last week to authorize Chairman Luis Nogales to file for reorganization under Chapter 11 of the federal bankruptcy code...
...nearly three years since Nashville Investors Douglas Ruhe and William Geissler acquired ailing United Press International from E.W. Scripps for $1, they have slashed costs, reduced staff and cut wages 25%. For a time, the medicine seemed to work. When U.P.I. announced a $1.1 million profit in the fourth quarter of 1984, its first gain in 23 years, the owners predicted profits of $6 million in 1985. That view was overly optimistic...
Last week, with payroll checks bouncing and losses again mounting, Ruhe and Geissler agreed to step aside as part of a deal to save the firm. Under the new plan, they would retain some 15% of the stock but relinquish all control of the news service. U.P.I. President Luis Nogales, who was fired by Ruhe just four days before the agreement, will return to run the company. The terms also call for U.P.I.'s trade creditors to forgive the bulk of its $23 million debt in exchange for a 30% to 40% interest in the firm; most of the remaining...
When Investors Douglas Ruhe and William Geissler bought United Press International in 1982, they hoped that the worldwide information gatherer, which has lost money for more than 20 years, would break even in 1984. The actual news, however, has been disappointing. Tied to a far-flung bureau system with high communication costs and over shadowed by the Associated Press, U.P.I, is still staggering...
...will also gain a seat on U.P.I.'s board. The Washington-based news agency will slowly restore wages to their current levels by Dec. 15, 1985. "This is the worst agreement I have ever recommended to the membership," said William Morrissey, president of the Wire Service Guild. But Ruhe and Geissler took a less somber view. They expect the agreement to enable U.P.I, finally to turn a profit next year...