Troubled Pens hire interim CEO
Article Abstract:
The National Hockey League's Penguins has hired corporate turnaround specialist, J. Garvin Warden, as interim chief executive officer. Warden is the managing director of Cornerstone Capital Advisors in Pittsburgh, PA. Warden will be in charge of rescuing the team's finances and finding an executive to replace him. The team had not had a top officer since Donn Patton was terminated as team president in February 1998. The hiring of Warden spurred speculations that the Penguins, plagued by two pending lawsuits and $37.5 million in losses, is now going bankrupt.
Comment:
PA: National Hockey League's Penguins has hired corporate turnaround specialist, J. Garvin Warden, as interim CEO
Publication Name: Pittsburgh Post-Gazette (PA)
Subject: Business, regional
ISSN:
Year: 1998
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Mario sues Pens, Marino
Article Abstract:
The Pittsburgh Penguins and one of its owners, Roger M. Marino, are being sued by Mario Lemieux for failing to pay him $33 million. Lemieux is accusing the team and Marino of breaching his 1992 contract. According to the lawsuit, Marino used a ploy to modify the terms of Lemieux's contract with the team, despite his knowledge of Lemieux's plan to retire. The suit also contends that Marino knew that the team would have to pay Lemieux $2 million in January 1998, yet transferred $15 million out of the Penguin's account in November 1997 into other accounts.
Comment:
PA: Pittsburgh Penguins and one of its owners, Roger M Marino, are being sued by Mario Lemieux for failing to pay him $33 mil
Publication Name: Pittsburgh Post-Gazette (PA)
Subject: Business, regional
ISSN:
Year: 1998
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Cut-rate gasoline may be outlawed
Article Abstract:
Cut-rate price on gasoline is being banned in Pennsylvania under a new legislation approved in the House Commerce Committee. The legislation makes it a crime in the state to sell gasoline below the wholesale cost. Violators will pay $50 to $200 in fines, as well as damages and costs for each sale. Robert Schell, an independent operator of an Exxon station in Conway, PA, and other independent operators are happy with the legislation because according to them, they are on the losing side of a gasoline war with bigger chains.
Comment:
PA: Cut-rate price on gasoline is being banned in Pennsylvania under a new legislation approved in the House Commerce Committee
Publication Name: Pittsburgh Post-Gazette (PA)
Subject: Business, regional
ISSN:
Year: 1998
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