April 9, 1989 BUSINESS as_Castlégar News Shareholders scuttle plan VANCOUVER (CP) — A plan to Ierte payments-or more than 3330— million: in debt crippling Westar Mining has been scuttled by preterred shareholders, forcing the company to try to strike a new deal with its major lenders Westar chairman Jack Smith told about 300 people at a special shareholders’ meeting that proxy voters had already turned down, the plan “Just prior to this meeting 1 have been advised that more than’25- per cent of the proxy votes are against the arrangement,” Smith said to im mediate applause The plan was doomed even if all shareholders at the meeting supported it, said Smith. Under the Companies Act, Westar 75-per-cent debt needed. a minimum of hareltolder support for the Proposal to pass. Itiad already been Westar's approved by common shareholders and major lenders, AE ters that Westar Mining now muit-g0 back to the creditors and lenders to see if they will accept another proposal. He said he wasn't overly optimistic “We're effectively back to square one. We're going to have to quicky sit down with our major lenders to ensure the future of thiscompany “They hammer, are the ones who hold the he said. **There is no way we are in control of this issue any longer.’ proposal, Under the. rejected preferred shareholders would have received seven common shares_of Westar trading about $1.20, for every preferred share That would have given thenv'a total of about $8.40, or one-third of ‘the $25 they paid for each preferred share in 1984. The shares were trading for about $8.25 each-on W ednesday also have Group, currently The restructuring would JIM CHABOT ‘satisfied’ Weekly stocks TORONTO (CP) The and New York stock ni mall gait Toronto Fhets turned-in Triday as investors reacted biguous reports ¢ ior The Toronto Stock Excha composite index was up 4.2 light trading to 3,$$3.04 for d 25.18 points since last Friday New York's Dow Jones average ot 30 industrials rose 12.83 to 2,304.80, closing out the week with 11.18 points, The LS. ted Friday that the unemployment rate a net gain of Labor-Department-repor declined to a new 15-year low of five per cent in March, the month from $.1 per cent before. That surprised analysts, who had been looking tor a small increase By contrast, the data also showed a smaller-thai-expected gain of 180,000 payroll employment providing some support tor the view that the economy has been slowing sin aid stock a Lyle Stein of Nesbit on Deacon in Loronte. The looking Lor tron mployment numbers never happence AWAIL BUDGET Stem added, investor « crowding the sidelines Ait the federal budget lgter this month he budget is a fine excuse HOt Le anything,’ said Stein, who pointed HUN investors can afford to pass on Nelson Ski Club RENO BINGO Win a trip to Reno or $250 Cash Mondoy, April 10 6:30 p.m. SAV BINGO HALL NELSON difference today < Support The April Cancer Campaign. Your donation to the Canadian Cancer Society makes a big BE BEATEN Sponsored for a better community by and in the future. the following merchants: stocks in favor of she attractive yield on 1 -Billsdug to high interest rates. On other Canadian exchanges, the Vancouver Stock 3.34 points over the week of Lachange was up to 810.88 pointytora gain Ipoints’ cut Westa by. 2 The company has been ST EREES in- terest. payments 10 its lenders — in cluding the Bank of Montreal and the Royal Bank — for the last couple of years It reported a net loss of $7.6 million on sales of $457.1 million last year Smith speculated there were two reasons why shareholders rejected the propo ings interest charges which took two years to work out with 15 to 20 different par ties “There is one group that preferred to stay with preferred shares, “Another group wanted a better of fer."" Westar Group, formerly the B.C Resources Investment Corp., owns 67 per cent of Westar Mining. The B.C. Resources investment Corp. was formedin 1979 by the Social Credit government (o privatize several Crown resource companies. Five free shares were issued to every eligible British Columbian : Westar Mining debt piled up after an unlsuccessful venture into North Sea oil and development of the Greenhills mine in southeastern British Columbia coal priges tumbled. The company employs about 1,700 people PLEASED WITH VOTE Jim Chabot, a former Social Credit just before cabinewiminister whe led a group of shareholders -opposed- tothe debt restructuring, said he was pleased by the vote ~S Breaded Oyii Now Licensed Premises DINNER PLATTERS your cuoice ... 4 Fantail Shrimp, 2 Oysters, 2 Shrimp Beet Dip, ‘Super Sub, Burger Inc. Jodos ROE TO (:) Burger 1521 Columbia Ave ' TREND'89 (@, Luxurious jetted baths \ and spas are ‘IN’ {{ Retail dealers urgently needed in your area for an exclusive Canadian manufacturer line. Call Don or Brad 421-7721 Collect calls are welcome Giant SPRING SPLASH Fri., April 21 6 p.m. Castleget Arena Complex DINNER AUCTION DANCE Auctioneer J. Russell Happy Hour i 100 p.m Ent’: SHSS Stage Band & CKQRM Tickets $15. No yesees peor Prizes FERRARO‘ erValu @ Western Conadian Company ($) SAFEWAY We bring it all together * Nationwi BCTEL =) etepuptiecorn Canada PROGRESS ‘89 Castlegar’s Annual Business and Industrial Review and Forecast To be Published Sunday, April 16 To Advertise: Phone Display Advertising 365-5210 April 9, 198% (KS. Flames too hot for Canucks VANCOUVER (CP) — Calgary snipers Hakan Loob, Joe Nieuwendyk and Joe Mullen solved the goaltending of Kirk McLean as the dominant Flames blanked the Van couver Canucks 4-0 Saturday night to take a 2-1 in the NHL Smythe Division playoff series. Loob and Nieuwendyk scored in the second period, with Mullen and Loob adding insurance markers in the third. Fourth game of the best-of-seven series is tonight at the Pacific Coliseum and the fifth Tuesday in Calgary Loob’s two goals gave him three in the series to lead all shooters. Nieuwendyk’s first marker of the playoffs came on the power play Calgary netminder Mike Vernon had a relatively easy ‘time in recording his first playoff shutout in 38 games. Ver non faced 21 shots in the tight-checking affair BRUINS 4 SABRES 2 BUFFALO, N.Y. (AP) — Cam Neely’s second goal of the game late in the third-period snapped a tie and Boston beat the Buffalo Sabres 4-2 giving the Bruins.a 2-1 lead in their Adams Division semifinal playoff Neely, after forcing Buffalo's Mike Foligno to take a Penalty to stop a breakaway, scored on the ensuing power play. Game 4 is today in Buffalo. Standing in the slot, Neely steered home a shot from the point by Greg Hawgood at 14:54. The'shot slithered through the legs of Buffalo goalie Jacques Cloutier and trickled into the net Randy Burridge scored in the first period for Boston and Bob Sweeney scored into an empty net with one second left to play Rick Vaive|had One of Buffalo's goals and set up the other by Phil Housley Neely’s second goal spoiled a comeback by the Sabres. HABS5 WHALERS 4 HARTFORD, Conn. (AP)—Stephane Richer scored at 5:01 of overtime to give the Montreal Canadiens a 5-4 vic tory over the Hartford Whalers and a 3-0 lead in the Adams Division semifinal playoff series Richer scored the winner from 10 feet on a backhand pass from Brian Skrudland Bobby Smith, Russ Courtnall, Donald Dufresne and Guy Carbonneau also scored for Montreal, which can end the best-of-seven series tonight Grant Jennings, Kevin Dineen, Dean Evason and Brad Shaw scored for the Whalers Shaw's goal with 4:06+4eft in regulation forced over time in a fast-moving third period where the teams com bined for five goals within a span of 11:44. CAPITALS 4 FLYERS 3 PHILADELPHIA (AP) — Kelly Miller scored 51 seconds into overtime giving the Washington Capitals a 4-3 victory over the Philadelphia Flyers in Game 3 of the Patrick Division semifinals Miller picked up the rebound of Mike Ridley’s shot behind the net, circled the net and carried the puck into the left faceoff circle. He held the puck while Philadelphia's Rick Tocchet slid past him, then backhanded the puck off the stick of defenceman Kjell Samuelsson and over goalie Ron Hextall’s right shoulder The victory gave the Capitals a 2-1 lead in the best-of seven series, which resumes tonight at the Spectrum. The Capitals got the overtime’s only three shots, in cluding a breakaway by Michal Pivonka that Hextall tur ned away. Hextall also stopped Pivonka’s 10-foot wrist shot in the final seconds of regulation time. PENGUINS 5 RANGERS 3 NEW YORK (AP) — Dan Quin had two goals and an assist and Tom Barrasso made 42 saves, many of them spec tacular, as the Pittsburgh Penguins beat the New York Rangérs 5-3 10 take a 3-0 lead in their Patrick Division semifinal. The Penguins can wrap up ghe- best-of-seven set tonight Quinn had a goal and an assist in the second period as the Penguins broke open a close game. Pittsburgh led 2-1 after one period and 4-1 after two Barrasso rebounded from a shaky finish in a 7-4 vic tory Thursday in Pittsburgh while the Rangers continued to play the kind of hockey that marked the end of their season, when they lost five straight games and 12 of 15 The Penguins took a 1-0 lead when Mario Lemieux scored a power-play goal from the left faceoff circle at 7:24 Pittsburgh's first shot with the man advantage. Defen ceman Paul Coffey, who had two assists to give him seven points for the series, set up the score with a bullet pass from the right point OILERS 4 KINGSO EDMONTON (CP) — Grant Fubr bailed out his Ed monton teammates early in the game and the Oilers responded with a sharp-shooting, dominating game that carried them to a convincing 4-0 win over the Los Angeles Kings and a 2-1 lead in the best-of-seven Smythe Division semifinal. “This was an important game for us and we came out and smoked them," said former King Jimmy Carson who opened the scoring with his first playoff goal 15 minutes in tothe game. “‘In_Game_2- they. outskated_us_so_we-reversed—it tonight. We shut out Calgary 6-0 this season and Montreal 3-0 and when we play like that it's tough to beat us." The Oilers, who host the Kings in Game 4 tonight, had to survive some anxious moments early when their own giveaways resulted, in two potentially breakaways. disasterous The Kings, who lost the home-ice advantage inGame 1 of the series, had two glorious scoring chances before the capacity crowd of 17,503 had settled in their seats. Wayne Gretzky had a breakaway at 10 seconds but shot wide and minutes later Steve breakaway Duchesne also shot wide on a Travis Green named Spokane’s MVP By CasNews Staff Former Castlegar Rebel Travis Green-has been named the Spokane Chiefs’ most valuable player, the team announced. Green also won the team’s top scorer award. The 18-year-old centre compiled club-leading totals of 51 goals and 51 assists for 102 points during the 1988-89 season. He is con- sidered a op prospect for the up- coming National Hockey League entry draft scheduled for Minneapolis, Minn., June 17, the club says. “IL was happy to get it," Green said of the MVP award. But, ‘I would have been happier if we'd have made the playoffs,"’ he added As for the NHL draft, it’s hard to predict picked “I'll be happy to go in the figst round,"’ he told the Castlegar News Saturday. He said he has talked to several NHL teams and noted that all 21 teams sent scouts to the Chiefs’ games during the seasoh. But Green said he doesn’t prefer one team over another. “My favorite team will be decided on draft day," he said The Chiefs also presented Green with an ‘‘Iron Man"’ award for per- forming in all 72 games this season. Green’s scoring totals included 10 power-play goals, three short-handed goals and five game-winning goals. He amassed 79 penalty minutes during the season. Green said when he'll be TRAVIS GREEN . top NHL prospect — aad 4 POACHING Steve Donofrio stretches for a backhand during a doubl Zinio tennis courts Saturday. The best weath: to dust off their racquets over the weekend. CasNews photo by Chery! Colderbank match at the Lorne of spring so far tempted a number of players FOURTH WIN IN FIVE GAMES Expos edge Mets MONTREAL (CP) — Spike Owen's sacrifice fly with none out in the seven, th inning scored Tom Foley from third base with the go-ahead run but Tim Wallach’s run-scoring double in the eighth proved decisive as the Montreal Expos won their second in a row over New York, defeating the Mets 3-2 on Saturday The victory was the fourth by the Expos in their first five games, while the Mets dropped to 1-3 Foley led off the seventh by singling to right field off starter David Cone, 0- 1. He raced to third when Nelson San tovenia followed with a single and came home after Darryl Strawberry caught Owen's fly ball in mediumi right field. The throw was cut off by first baseman Keith Hernandez Facing reliever Roger McDowell in the eighth, Hubie Brooks stroked a one-out single and scored all the way from first base on Wallach’s double in- to theleft-field corner That was the margin of victory as Mookie Wilson’s sacrifice fly in the ninth brought the Mets within 3-2 The vietory-enabled-rooked Gene Rose's probl Harris to earn his first career decision He worked two innings of one-hit, one-run relief after starter Bryn Smith went the first five Tim Burke replaced Joe Hesketh af ter the left-hander allowed a lead-off single in the ninth and he collected his first save. The Mets, whg had left 11 runners on base in a 7-3 defeat to Montreal on Friday night, had stranded seven more prior to tying the game 1-1 in the seven. thinning. Kevin Elster opened the seventh with a double that handcuffed first baseman Andres Galarraga on its way into right field. The hit came off Harris after he replaced Smith, who tossed a two-hitter over the first five innings A sacrifice bunt by Cone moved Elster to third and he scored when right fielder Brooks’s throw to the plate was high after he caught Lenny Dykstra’s fairly shallow fly ball The run erased a 1-0 Montreal lead that had been setup by Cone's wild ness in the fifth Santovenia had singled with one out® and reached second on a-wild-piteh by Cone. After Owen walked, both run ners advanced a base when Cone un- corked his second wild pitch. Johnson, pinch hitting for Smith, delivered a sacrifice fly to centre field to score San- tovenia. Smith was making his first start of the season after a spring-training camp disrupted by a pulled muscle in his but- tock. He missed a week because of the injury between March 15-22, and came out of his last exhibition start after only 3 2-3 innings when he aggravated the injury Expos notes: Bill Stoneman and Rusty Staub simyltaneously threw out the first ball. The former Expos mad¢ the ceremonial: toss to commemorate the 20th anniversary of the Expos’ first game in the majors, an 11-10 victory over the Mets. Stoneman, a pitcher with the 1969 squad, is currently an Expos vice-president and Staub, the right fielder who was perhaps the most popiilar Expo ever, is a Mets broad- Hubie Brooks, with a hit in his final at-bat is the only Expo to have at least one hit in each of the first five games easter ems continue to grow CINCINNATI (AP) — Cincinnati Reds manager Pete Rose is being in vestigated by the U.S. Internal Revenue Service for tax evasion and gambling, according to a published Saturday Federal investigators believe Rose may have owned part of a winning parimutuel ticket at Turfwgy Park that Wag.cashed by a man, whtmence lived Rose's family And was indicted Thursday, a second newspaper repor ted Saturday. Rose has denied any connection with that ticket Johnny Bench, a former teammate, said baseball is being hurt by the series of allegations. **Allof a sudden we're trying to find ways for Pete to step down gracefully,”” said, Bench, now a Reds broadcaster Rose, responding to stories in_The Dayton Daily News and The Cincin nati Post, said he is cooperating with investigators. “They've got my tax records, report ” Rose said Saturday I'm not trying @ hide anything from the government The reports were the latest to im plicate Rose with allegedly improper gambling activities UNDER INVESTIGATION Rese retinder investigation by: the baseball commissioner over * allegations,” allegedly related to his gambling. He could be suspended for a year if he's found to have bet on baseball. A lifetime ban is possible if he bet on Reds’ games. Bench, the retired Cincinnati Reds catcher who will be inducted into baseball's Hall of Fame in July, stop- ped just short Friday night of calling for Rose’s resignation as manager “Too many things are pointing toward Pete Rose and as a result, baseball is starting 10 suffer,”” Bench said. ‘*The evidence is so large right now and aiming toward Pete in so many ways. “All of a sudden we're trying to find “T pay a lot of taxes serious ways for Pete to step down gracefully And that is really sad.” Bench and Rose were teammates in 1975 and 1976 when the Reds won the World Series two years in a row The Post quoted anonymous sour saying the IRS began in- vestigating—tast—year;—after—tederat agents infiltrated a major gambling and drug trafficking ring operating out of southwest Ohio. Nine alleged mem bers of the ring have been charged NOSUGGESTION There’s never been a suggestion that Rose is involved with drugs “We're talking about large-scale gambling,” the Post quoted an un. named federal source as saying. ‘He (Rose) was not reporting all his win- nings."" ces as An_unnamed_federal-_agent-quoted by the newspaper said Rose’s name surfaced when investigators looking into the drug ring also discovered gambling activities going.