Walter Reade Chain Files for Bankruptcy Carter and Top
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The Daily Register VOL.99 NO. 154 SHREWSBURY, N. J. FRIDAY, JANUARY 7, 1977 15 CENTS Walter Reade chain files for bankruptcy OAKHURST - The Walter ruptcy laws allows a com- The decision to file under For the year ended Dec II. Walter Reade Jr. ui the nation, the Ziegleld in common Reide Organization, Inc., i pany to continue its normal Chapter XI was caused by 1174. the date of its last finan- Like his uncle, Oscar Ham New York City But in February 1171. Wal- national motion picture the- operation, while making ar- "changing conditions in the cial statement, the Walter merstein, and his cousin, Os- And Walter Reade. Jr ler Reade Jr., died tragically attr chain headquartered rangements with creditors tor motion picture industry re- Reade organization showed car Hammerstein II, Walter was, as executive producer, at the age of 56 in a skiing ac- here, announced in a pre- sulting in a reduction in film full or partial payments of revenues of (26.2 million, and Reade Jr., was an innovator. wholly responsible for bring- cident al SI aloritz. Switzer- pared statement yesterday audiences because of a lack a net income of JMi.OOO " debts. ing James Joyce's "Ulysses" land. that it had filed a petition in a of quality products to exhib- He entered the family busi- This is the latest in a to the screen in 1M7. fulfilling New York court lor an ar- it," the statement said The release also announced ness in the late l>30's and While skiing down a 10.000 series of Mows suffered by his lifelong ambition. Pre- rangement under Chapter XI that Hilton Koflman had re- took the helm approximately foot slope near the Hulme Ho- toe 73-year-old Reade movie dictably, the film was hailed tel where be was staying with of the Bankruptcy Act. The company also operates signed from the company's 10 years later. house chain, which once oper- board of directors as "poetic" in New York and his wife and friends, he lost theater concessions, dis- By tiling under Chapter XI, aritd more than 70 theaters, Under the vigorous Walter "pornographic" in Boston control and veered off the run the financially troubled com- including 28 In Monmouth and tributes non-theatrical and The Reade chain ol the- Reade Jr., the Reade chain Into a steep slope, falling pany tald It could continue Ocean Counties alone. educational films, prints aters was founded by the late was among the first to build In 1962. the company be- about 30 feet headfirst into employing 7M persons to run phonograph labels, album Walter Reade Sr, a pioneer community theaters without came public, with stock deep snow. its » motion picture theaters Company spokesmen re- jackets and cassette tape con- movie exhibitor, in 1903. but marquees. / traded over the table, and in and Us other interests. fused to answer any questions tainers, and does other com- reached its pinnacle of- suc- Walter Reade Jr.. built the the late lHOs. profits of (20 He apparently suflocated Chapter XI of the bank- about the statement. mercial printing. cess under his son, the late first fully automated theater million annually were not un- before help could arrive. Carter and top Democrats to discuss possible tax cut PLAINS, Ga. (AP) - Presl- *mong those meeting with an over-all tax reform that the jobs program, we'll make dent-elect Carter, talking lor Carter today was House might take months to pre- up the differences with the the first time about the possi- Speaker Thomas P. O'Neill, pare, bul yesterday he said: tax program." bility of a permanent tax cut, Carter repeatedly empha- who said yesterday that Car- "1 think it would take al Is meeting with key congres- ter's economic proposals will sized he had reached no final sional Democrats to see if least until next fall to work decisions and had put no have top priority In the out a perfect lax reform they might favor a one-shot House, where tax legislation price tag on the amounl of package, but If there are stimulation he will urge tax rebate to boost the econo- must originate. some small elements that are my. But Thomas B. Lance, the Carter said options under obviously going to be part of Atlanta banker who is Car- Thirteen leaders of the discussion yesterday Included an overall package, they ter's nominee to head the Ol Democratic majority were to "a permanent tax reduction, might very well be included flee of Management and meet here today with Carter which would be compatible at this early stage " Budget, said he favored a $15 and his economic team in an with long range reforms, plus billion lid on the effort to effort to hammer out a joint Carter conceded that his the possibility of a temporary avoid increasing the budget program to stimulate an own economic team was not tax stimulus as well." deficit to the point where economy that Carter and his in agreement after yes- fresh inflation fears would be advisers feel is far from rob- He did not elaborate on the terday's three-hour meeting aroused. ust. nature of the temporary stim- He said no eflort was made to ulus, beyond saying It 'would resolve differences until the Washington sources in- The President-elect met only be tor one year." congressional leaders arrived dicated Carter may propose with his economic aides yes- "We want to have their input hiking 1978 spending as much terday and later said he But it was learned that Car- on an equal basis with our as $30 billion above what hoped he could disclose at ter had voiced a preference Jimmy Carter own," he said. President Ford offers in his least the broad outlines of an for a tax rebate that would He said a program to cut final budget. Carter aides economic program "if we can quickly give taxpayers money that would be felt slowly over unemployment will remain voiced concern that Ford will reach a compatible under- to pump into the economy in- the entire year the priority item in his eco- olfer a frugal budget so un- standing" with the congres- stead of a reduction in in- Carter previously spoke ot nomic package, adding. realistic that Carter will be sional delegation today. come tax withholding rates permanent tax cuts as part ol "Whatever we can't do with forced to increase it Mother of Frank Sinatra reported on missing plane SEALING SCHOOL — Workmen tope plastic sheets over doors and win- US VEGAS, Nev. (AP) - ute flight. when the plane look off. and Solters dows In hallway of the Aldrlch School In Howell Township yesterday. They Singer Frank Sinatra's 82- or* preparing to tear down asbestos coated ceilings that are suspected of San Bernardino County visibility was eight miles with In Las Vegas. Sinatra went year-old mother was aboard a a broken ceiling al 2.500 feel, polluting the air In six township schools. Sealing Is necessary to prevent as- twin-engine jet that was re- sheriff's officials planned to through almost a full hour ol bestos fibers from getting Into classrooms. put two search helicopters said a spokesman for the fed- performance al his early ported missing and apparent- eral Aviation Administration. ly crashed yesterday on a into the air early today, but show with the audience una- flight from Palm Springs, Ca- had not yet decided whether A spokesman lor Jet Avia ware of what had happened lif., to Las Vegas, authorities to send in ground rescue Inc., owner and operator of teams. Sinatra appeared relaxed said. the plane, said at Las Vegas' throughout the show, and State studies report McCarran International Air- Natalie "Dolly " Sinatra A sheriffs spokesman said even joked at limes He in- was en route to Las Vegas to they think the plane may port that the last contact with traduced celebrities in the au- see the opening of her son's have gone down in an "ex- the plane was made by an air dience, including actors Louis latest show at Caesars Pal- tremely rugged" section of route traffic controller at Jourdan and Michael Caine, on HowelVs schools ace. the San Bernardino Moun- Palmdale. Calif„ shortly after along with entertainer Tony Three other persons — an tains northwest ol Palm it left Palm Springs Orlando and Los Angeles HOWELL - While two ele- The DEP laboratory report One available standard unidentified female friend of Springs that has been left Dodgers' manager Tommy mentary schools reopened measured the number of as- which may be used is the fed- Mrs. Sinatra's from New Jer- soaked by storms during the There apparently was no Lasorda and workers tore down as- bestos fibers per cubic cen- eral Occupational Health and sey and two crew members — past two days. He said the report of any malfunction After the show, Sinatra left bestos-coaled ceilings in six timeter found in air samples Safety Administration's max- also were reported aboard the area is at least a 15-hour hike aboard the plane. imum permissible level: two the stage quickly, then re- others, here, the state De- at the HowcU schools Lear jet that took off from from the nearest road, even fibers per cubic centimeter of "All we know is thai his turned to acknowledge the partment of Environmental But Dr. Peter W. Preuss, Palm Springs airport at 4:54 in summer conditions Protection (DEP) continued special assistant to DEP air over an eight hour day. mother is on the missing standing ovation But the cur- p.m.