Macy Director Wants Stockholders to Submit New Proposal: In a new twist in R.H. Macy & Co.'s bankruptcy proceedings, a Macy board member requested that shareholders be allowed to finance the retailer’s bankruptcy reorganization. The lawyer for Louis Page, a Macy director, said in a letter to court-appointed mediator Cyrus R. Vance that shareholders want to discuss participating in the New York retailer’s reorganization, a person familiar with the letter said. The letter was written by attorney John Jerome. Page represents Hong Kong-based Winmex Investments Ltd., which is partly controlled by Run Run Shaw and is a large Macy preferred shareholder.
From Times Staff and Wire Reports