Not Up, So Away
Lost in the shuffle when Russell Ray was named president of PSA’s airline subsidiary was James Sheehans, PSA’s senior vice president of airline operations for the last five years.
Sheehans, a former United Airlines executive, quietly resigned the San Diego-based company on Oct. 11.
They’re Still Friends
Sometimes deals just fall out of bed, with no bad blood between the two would-be partners.
That’s the extent of the terminated merger talks between the Bank of Southern California and Bank of the Ocean in Oceanside, according to officials of the two companies.
“As the merger went on, both banks realized it wasn’t as mutually beneficial as was originally thought,” said Bank of Southern California President Ron Bird.
The two banks had been negotiating a merger for a year.
Concurrently, Bank of Southern California announced a $1.8-million stock offering, which, if approved by regulators, would increase the bank’s capital by an amount equal to the would-be merger.
Outdated Letters
It won’t make the Harvard Business Review as one of the trickier financial problems, but the fate of the letterhead when one corporate giant merges with another is nonetheless a real-world dilemma.
If you’re Signal Cos., which recently merged with New Jersey-based Allied Corp., the old letterhead is used until the supply dries up.
“We’re printing new stationery, but we’re using up what we have,” said a Signal spokesman. “It’s not a big deal; we just don’t want to be wasteful.”
The last paper purchase for Signal’s corporate headquarters was a couple of months ago, when 30,000 sheets of the old letterhead were printed.
Full Speed Ahead
Despite appearances, those labels attached to all mailings from Kaypro, titled “Kaypro Cup, 1985,” have nothing to do with fund raising for the America’s Cup competition.
Instead, the labels, which feature a pirate gritting a knife between his teeth, are part of the Solana Beach-based computer maker’s incentive promotion campaign for its 1,500 dealers.
The company may have its share of financial problems, but the winning dealer will make out fine: A one-week, all-expenses-paid cruise for two in the Caribbean.
