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One offer that would be affected by such a law is the no-cash bid by the Turner Broadcasting System for CBS. In fact, the legislation has already been dubbed the TBS-CBS bill. Although Ted Turner admits that a CBS plan to buy back a large share of its stock has already hurt his chances, both companies are aggressively lobbying Governor Mario Cuomo, who has until mid-August to decide whether to sign or veto the legislation.
MARKETS Quite Early One MorningStock traders across the U.S. will be rolling out of bed and into the office half an hour earlier this fall. The New York Stock Exchange is extending its hours to accommodate record levels of investment from Europe and Asia. The move, announced last week, was described as a step toward round-the-clock international trading in American stocks.
The new hours on the New York exchange, if approved by the Securities and Exchange Commission, will take effect Sept. 30. Trading will commence at 9:30 a.m. instead of 10; the exchange will close at 4 p.m. as at present. America's other major stock markets, the American Stock Exchange and the so-called over-the-counter market, are expected to match the Big Board's hours.
The New York exchange action reflects stiffening competition from stock exchanges in other time zones in the U.S. and abroad. The Big Board wants to make trading more convenient for foreigners by having its hours coincide with more of their hours. At 9:30 a.m. in New York, for example, it is already 3:30 in the afternoon in Paris. The 9:30 start, however, will be tough on West Coast brokers, who must now start their trading day at 6:30 a.m.
SCANDALS Christie's False ImpressionRecord prices and million-dollar sales have become so common-in the art world that no one took much notice when Christie's, the prestigious international auction house, announced in 1981 that it had sold three paintings by the Impressionist masters Degas, Gauguin and Van Gogh for a total of $5.6 million. But earlier this month Christie's U.K. chairman, David Bathurst, admitted that he had lied about selling two of the paintings.
The confession emerged from a suit that a Swiss art dealer filed against the 209-year-old firm for breach of contract in failing to sell the works. Although the Degas fetched a record price, bids for the other two works fell below the minimum set by the auction house and thus were not accepted. Bathurst said he reported the false sales in order "to maintain stability in the art market." The suit was dismissed because the judge said Christie's was not responsible for the vagaries of the market. In a statement issued last week, Christie's board said it takes "the gravest view of this isolated lapse from the high standard of conduct" that Christie's maintains. Nevertheless, the sale is scheduled for further scrutiny. New York's attorney general is investigating it for possible consumer fraud.