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VALLEY NEWSWATCH

October 04, 1994|Michael Arkush

RICH KINGS: The Junk Bond King edges the Lion King. In Forbes magazine's new list of the 400 richest Americans, Encino's Michael Milken ranks higher (250) than Roy Disney (263), who oversees Disney's animation department. . . . Milken has an estimated worth of $450 million. Disney's $420 million includes ownership of Shamrock Holdings Inc., which has interests in TV and radio stations. . . . Also listed: Disney Co. CEO Michael Eisner, ranked 352 on the list and worth a mere $340 million.

NEW IMAGES: He works near Universal Studios, but publisher J. Edward Giles III isn't interested in the world of make-believe. With his new quarterly, "Image," he hopes to "empower the man of color" with stories that overcome existing perceptions of African Americans (E1). . . . New magazines about Latinos and Asian Americans also seek to change impressions.

THEY'RE BACK: Hotels and apartment buildings are again filling up because of the earthquake. This time, new tenants need temporary housing while long-delayed repairs are finally made to their homes (B1). . . . "My wife and I look at it like it's our own little cabin," says David Ustin (above), CEO of Western Bagel Baking Co., who stays with his wife in a Warner Center hotel.

HIGHER VALUE: What do a producer of television infomercials and a provider of payroll processing services have in common? Not much, except both are Valley companies that made big stock gains during the just-completed third quarter (Valley Business, Page 8). . . . Overall, 58% of local stocks went up in value, a far cry from the first two quarters of 1994, when about 60% suffered losses.

BUS BUST: One stock that isn't doing well is Greyhound. The nation's largest intercity bus company, which emerged from Chapter 11 bankruptcy proceedings in 1991, has new cash problems and has lost riders (D1). . . . Locally, Greyhound stops in North Hollywood, San Fernando, Glendale and Lancaster.

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