European Stars and Stripes (Newspaper) - April 8, 1990, Darmstadt, Hesse                                Worker by the Washington Post the Board of Ual corp. Friday approved a $4.4 billion buyout of United airlines that would create the nations largest employee owned company. The Deal was ground out during a meeting that began at 9 30 . Thursday and lasted until 6 45 . Friday. The agreement stipulates the airlines three unions would pay approximately $201 a share for the nations second largest Carrier. The pilots would own 37.86 percent Iam members 35.68 percent non contract employees 14.26 percent and flight attendants 12.2 percent. Two uncertainties remain before the agreement can be completed a financing and who will run the airline since chairman Stephen. Wolf is expected to be replaced by the unions. Wolf who owns or has options to acquire up to 283,333. Shares of Stock could make up to $57 million from the Deal. The Deal represents Only a fraction of the $300-a-share Price offered by a Union management group last year. That proposed $6.75 billion Deal collapsed in october when financing could not be arranged touching off the largest drop in the Stock Market since the crash of 1987. Ualk a largest shareholder is new York investment group Coniston partners. Coniston which teamed up with United a unions under the most recent Deal said it is confident the Money can be obtained. As the pact is structured the unions would pay $ 155 in Cash for each share of United a Stock. In addition shareholders will receive 10-year, $35 notes bearing 16 percent interest and a new Security in Covia corp., the Ual subsidiary that owns 50 percent of the Apollo computer reservation system. Ualk a advisers estimated the value of the new Covia Security at $ 11 per share. Not Only would this be the largest  sunday april 8, 1990 the stars and stripes a a a Page 7 Loyee owned company it would also differ from previous employee Stock ownership plans because United is not in financial trouble and because the unions will own the whole company rather than just a portion. Iam general vice president John Peterpaul said Friday that the new Deal has advantages Over the previous buyout of proposal that will make it easier to find financing. Ssh Greg i Quot Mer and flight attendant Laura Zefeldt walk through Chicago a o Hare Airport. They and other United employees May end up owning the company. But analysts said Banks Are unlikely to commit until questions about management Are resolved an uncertainty partly reflected in the reaction of Ualk a Stock Rice to the Deal. It closed Down $2, to 163.50. A i think the real difficulty is going to be to find someone that will run it that is acceptable to the Banks a said Shearson Lehman Brothers  Robert j. Joe Dicke. Two major potential lenders Chase Manhattan and Citibank Are Cool to the Deal As Are some japanese lenders said another source. Association of flight attendants president Diane Robertson said that choosing new management would be the a next focus of the Union group. If completed the agreement would represent the culmination of years of Union efforts to acquire United. In 1987, the air line pilots association first put United into play with a $4.5 billion bid for the airline. With Coniston partners acting As the catalyst then too the Board of what was known As alleges corp. Voted to sell off hotel chains and Hertz corp. As part of a restructuring that produced a payoff for shareholders. Coniston subsequently sold most of its Stock in the company but later invested again in Ual putting together an 11.8 percent stake in the company at an average Price of approximately $160 a share. As a result the investment group stands to make approximately $80 to $100 million on the Deal. Environmental report claims la. Under siege los Angeles up a mayor Tom Bradley Friday released a grim environmental report that depicts americans second most populous City As a Mammoth town under siege overwhelmed by foul air trash water shortages and explosive growth. The report called the a state of the City a environment a said los Angeles has the worst air Quality in America is running out of landfills for its 4.29 million tons of trash a year and has been forced by drought to consider water rationing. Additionally sewage spills and contaminated Stone Drain Runoff have polluted Santa Monica Bay traffic s nearing daily gridlock conditions and what Little open space is left is under daily siege by development and yet the area continues to attract new  the 87-Page document was prepared by the City a environmental Quality Board which was Given expanded responsibilities earlier this year and renamed the environmental affairs commission As part of the City a growing commitment to the environment. A the explosive economic growth and development of los Angeles combined with its varied appealing geographical and physical attributes has created a City on the verge of reaching the limits of its ability to provide its residents with clean air and water adequate municipal services a functioning infrastructure and an aesthetically pleasing environment a the report said. The population of los Angeles grew 11.9 percent Between 1980 and 1989, reaching More than 3.3 million people according to the most recent estimates by City planners. Within the greater metropolitan area of los Angeles Orange and Riverside counties there Are More than 14 million people. Despite the gloomy portrait Bradley said he was not ready to seek emergency legislation or take other drastic Steps. He several times deflected questions about the reports dire warnings and tried to keep the event upbeat. A let us not Point to the major problems that we face a Bradley said. A a we re not trying to deny any of  Earth moves again at giants a a game Calif. Apr a moderate Art quake jolted the san Francisco Bay area Friday night causing minor damage Ana Jaung nerves during a baseball game Juthe world series contest stopped by last years killer quake. Which struck at 7 39 p., Ino to l i in e cheer scale Accord pary Reading from the state emergency services. That is con Damn ??n8. Enough to cause moderate carnage in the immediate area. Of an afternoon Long series the  a a. Entered near Danville Anh a .m,le5.southeast of san Francis and Inland from san Francisco Bay. Tinn ooh and Vestick Park where an exhibit Anto 8�?zn a a tween the san Francisco i the Oakland athletics had just see Mph or Way payers and spectators seemed to be momentarily stunned. Everybody sort of sat up and said a no that did no to happen. Did someone jump hard a a said Bob Egelko an associated press reporter who was covering the game. A it looked like the players  the tremors were an eerie reminder of the devastating 7.1-magnitude Earth Snake that struck Northern California on let. 17, minutes before the Start of the third game of the world series Between the giants and the a sat candlestick. That quake killed 67 and caused billions of dollars in damage. Although fridays quake was Felt Over a wide area there were no immediate reports of serious damage said Chuck Young of the office of emergency services. A we queried All of the affected counties and they said the Only real problem has been a slow dial tone on the phone a Young said. The 4.5-magnitude quake was followed at 7 51  With a tremor of 3.5 magnitude Young said. Several temblor entered in the Danville area Shook san Francisco and its Eastern suburbs through the afternoon i a to i a and o Limina .5 at 1 55  Those were pre measurements by the . Glt to the ripest of 3.9 magnitude at 3 41 p Ary logical Survey in Menlo Park. The afternoon quakes knocked objects from Market shelves in several communities and startled some shoppers into running from the stores. A it was like the first one a Sharp fast Jolt and i Felt a real tiny one after a sue Nicoles administrative clerk at Heather farms Community Center in Walnut Creek said of the largest temblor. A i jumped right out of my chair but it did no to last Long enough for me to get under my desk which would have been my next move a she said. An apparently unrelated quake of magnitude 4.1 Shook a sparsely populated stretch of desert 450 Miles to the Southeast near Indio at 6 07  Friday said scientists at the California Institute of technology in Pasadena. Authorities said there were no immediate reports of damage or injuries. Tracy Hein of the Contra Costa county office of emergency services described the afternoon temblor As a a Little Joy ride ill Tell you. It was More like a truck hitting the  Bay area rapid transit trains which connect san Francisco with the suburbs across the Bay were halted for about five minutes As a precaution during the afternoon quake said transit District spokesman by Mouber