HOT FLASHES: Three months ago, Mike Bone...

HOT FLASHES: Three months ago, Mike Bone was just another obscure, East Coast-based label chief (he runs Chrysalis Records). But now L.A. industry types know his name, thanks to a heated wooing contest between Irving Azoff, who’s just started his own label, and Peter Paterno, who’s starting up Disney’s new record company. Both wanted Bone on board because of his strong background in promotion and marketing. Even though Azoff took Bone out to lunch with the Warner top brass, Paterno has apparently won the war--watch for an announcement as early as later this week. . . . Next question: Who will land the plum job of running Paterno and Azoff’s promotion departments? Industry execs have been buzzing ferociously about a trio of likely candidates: Capitol’s John Fagot, RCA’s Butch Waugh and Elektra’s Brad Hunt. All three are respected promo men and share one valuable asset--insiders say all three men’s contracts are up, making them very available. (Though by the time, you read this Hunt may have re-signed with Elektra.)