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BrooklynContinued From Preceding Pagelike nuclear, oil, and electric, so they arevery long-term attractive investments,%u201dadds Matthews.%u00ab -----1-1---- TT_I-----%u00bb___ 1__1____ ________ _JDI UUIkijr 11 UiilUlt o SMA.A puiu im cu iw c ihiobeen consistently strong. In October, 1985,the board of directors felt that the tradingprice had climbed too high. Selling at approximately $40 per share, a 30 percent increase over 1984%u2019s closing price, the company authorized a two-for-one split hopingto position the stock more favorably withinthe trading range of other utilities.But 1986 is not going as well. The company is bracing itself for some rough comObviously the decline in theprice o f oil is hurting us.We're taking a look atexpenses and reducingemployees by attrition.petition from other utilities. %u201cObviously thedecline in the price of oil is hurting us,%u201dsays Matthews. %u201cWe%u2019re taking a hard lookat department expenses and at ways ofreducing the number of employees throughattrition.%u201d The company is making plans toimplement a hiring freeze.The new tax legislation before the U.S.Congress is also of major concern toBrooklyn Union officials. %u201cWe are basicallysupporting the Mil, though it will definitelyhurt our cash flow,%u201d says Matthews. %u201cOurprofitability would not be damaged andhopefully with Senator Moynihan%u2019s help Industrial Development Bonds (IDB) will bekept in.%u201d The company has issued about$250 million in tax-exempt IDE%u2019s with themost recent issues being at roughly sevenpercent. The current legislation beingnegotiated in Washington might remove thetax-exempt status from these bonds.Externally, Brooklyn Union is working onseveral projects that it hopes will strengthen its financial position. The company ishoping to purchase the gas operations ofLong Island Lighting Company (LILCO).The offer, made last year, received afavorable review from a Suffolk Countyconsulting firm and would consolidate muchof I iin# TslnnH%u2019s gas servipp under RmnklvnUnion%u2019s arm.The State Legislature is now reviewingLILCO%u2019s operation and contemplating thepossiblity of a government takeover. Matthews says that Brooklyn Union%u2019s offer couldeasily be part of a packaged solutioncreated by the Legislature. %u201cFinancially, itcouldn%u2019t hurt LILCO. We%u2019re aggressivemarketers and it would be nice to havesome competition out there between electricity and gas.%u201dA new Canadian natural gas pipeline isalso being planned to move the fuel directlyto markets in the Northeast. The proposedproject, called the Iroquois Gas Transmission System will be equally owned byAmerican and Canadian companies, including Brooklyn Union.The 325-mile underground pipeline willprovide enough gas to heat more than onemillion homes annually. Brooklyn Unionsays it could take the place of more than 25million barrels of imported oil each year.%u201cWe wanted to tap the huge Canadianreserves,%u201d explains Matthews, %u201cand weneeded an increased capacity to do so.%u201dBrooklyn Union holds 18 percent of the equity in the project through a subsidiary,Northeast Transmission Company. Onegiant company, Trans Canada, owns the entire Canadian interest.Brooklyn Union Gas is also expanding itsexploration and development efforts in theAppalachian and Gulf Coast areas. A newsubsidiary, Brooklyn Union ExplorationCompany (BUGEXCO), has been formedprimarily to expand the company%u2019s baseand again bolster the long-term earnings.In 1985, Brooklyn Union Gas had totaloperating revenues of $1,128,090,000 selling approximately 98 billion cubic feet ofgas. The only company headquartered inBrooklyn listed on die New York StockExchange, last year%u2019s trading volumewas 2,570,800 shares. On Thursday, Jane19, the stock closed at 28 3/8.Navy Yard Waits For Coastal%u2019s Ship To Come InBY TRACY GARRITYCoastal Dry Dock and Repair Corp., amulti-million dollar shipping repair firm,and its landlord, the Brooklyn Navy Yard,will be in Federal Bankruptcy Court June26 to continue negotiating an agreementthat will allow the financially ailing Coastalto reorganize without further damaging thefinances of the Navy Yard.Coastal Dry Dock and Repair filed forbankruptcy protection on May 15 in an effort to ward off creditors while it waits forlucrative government contracts in early 1987when the Navy has scheduled three shipsfor repair at the Navy Yard site. The firmalso says its prospects will be bright whenthe U.S. Navy Homeport comes to StatenIsland.David Lenefsky, chairman of the Brooklyn Navy Yard Development Corporation,says the bankruptcy reorganization willhave %u201ca major effect%u201d on the day-to-dayoperation of the Navy Yard. %u201cI%u2019d estimatethat 56 percent of our money comes fromCoastal,%u201d says Lenefsky. %u201cThat is surelymoney that we need.%u201d Lenefsky declinedfurther comment on the proceedingsbecause the negotiating process will continue in court on June 26.According to the reorganization papers,Coastal was forced to reorganize because ofourstanding money owed the company bythe United States Navy. According to courtpapers $12 million%u2014much of it outstandingfor at least a year%u2014should have been paidto Coastal for work done on U.S. Navyvessels.In addition, the court papers charge thatCoastal is forced to pay utility costs 30 percent higher than those charged by ConEdison, and has requested purchasing electricity directly from Con Ed, at a savings of50 percent. Coastal %u201chas been steadfastlydenied this option by both the City and theBrooklyn Navy Yard Development Corporation,%u201d say company officials. Court papersalso cited high union salaries as anothericaaun fui uic uiviiagc uf fulids.Coastal Dry Dock will continue its operations during the reorganization, and underthe bankruptcy law, is not required to paycreditors during the reorganization period.The Brooklyn Navy Yard tops the list ofcreditors with $1,584,535 owed it by Coastal,although approximately $1.2 million in additional funds are in dispute between the tenant and landlord, according to Coastal.During this time The Navy Yard Development Corporation is restricted from rentingout the lucrative waterfront property(which comprises more than half the acreage and all the piers on the site) to othertenants, even though Coastal does not actively use some portions of the property.Because Coastal generates nearly half ofthe Navy Yard%u2019s income, Lenefsky said aworkable lease would have to be negotiatedif both Coastal and the Navy Yard were tocome to terms, so that the Navy Yard couldcontinue to operate services, including asecurity force that guards the 260-acre site.In its court papers, Coastal filed that ithad assets of $36.5 million and liabilities of$31.9 million. Secured debt is $10.6 million;taxes owed are $3.8 million; and other liabilities include $17.5 million.Dime To Go PublicThe Dime Savings Bank of New York,FSB, has adopted a revised plan to convertfrom a mutual to a stock institution througha public offering of stock to depositors andother investors. A prior plan of conversionwas deferred in 1984 due to stock marketconditions.The Dime, chartered in 1859, is an $8.15billion federally chartered muiuai savingsbank with 64 banking offices in New YorkState and lending offices in New York, NewJersey, Connecticut and Florida.Harry W. Albright Jr., chairman andchief executive officer, says that under itsstock conversion plan, Dime%u2019s depositorswho had accounts on March 31,1963 will beoffered the opportunity to purchase sharesof Dime before the stock becomes availableto the general public. Employees, officersand trustees, as weil as other depositorsand borrowers, of Dime will also be eligibleto pi!TChH%u201c %u00abtnolr Th* conversion nlan willbe submitted to Dime%u2019s members for theirapproval by a majority of votes at a specialmeeting later this year. The Federal HomeLoan Bank Board must also approve theconversion before it becomes effective.J k x i mWCOME%u00a3 TOBROOKLYN ACADEMY OF MUSIC PRESENTS 7 CHAMBER MUSIC CONCERTSSATURDAY, DECEMBER 13, 1986, 8:00 P.M.GIA N C A R LO M EN O TTI, composerM ARVIS M ARTIN , sopranoK A T H ER IN E C IE S IN S K I, mezzo-sopranoDAVID G O R D O N , tenorRAIM ON BOLIPATA, celloC A R T E R B R EY , celloN ANCY A LLEN , harpJEAN -YVES TH IB A U D ET, pianoC H A R LES W ADSW ORTH, pianoR ID G E STRIN G Q U A R T ETA salute to Gian Carlo Menotti on his 75th Birthday and featuring a retrospective of his chamber music including the Nocturne, Harp Quartet. Song Cycles / a n d It, and Cello Suite.SATURDAY, JANUARY 17, 1987, 8:00 P.M.JA IM E LA R ED O , violinJEAN -YVES TH IB A U D ET, pianoR ID G E Q U A R TETCHAUSSON: Concert for String Quartet, Violin and Piano TERRY RILEY: Sunrise of the Planetary Dream Collector BEETHOVEN: String Quartet, Op. 74SATURDAY, FEBRUARY 7, 1987, 8:00 P.M.Y E FIM BRONFM AN, pianoM ELIO R A STR IN G Q U A R T ETMOZART: Hunt Quartet in B fiat major, K. 458 SCHOENBERG: Opus II LISZT: Mephisto Waltz for solo piano BRAHMS: Piano Quintet for Strings and Piano in F minorSATURDAY, FEBRUARY 28, 1987, 8:00 P.M.EM ERSO N STR IN G Q U A R T ETSC O T T N IC K R EN Z , violaC O LIN CA R R , celloBOCCHERINI: Cello Quintet in C major SHOSTAKOVITCH: String Quartet No. 8 MENDELSSOHN: Viola Quintet in A majorSATURDAY, MARCH 21, 1987, 8:00 P.M.PAULA R O B ISO N , fluteFR A N K M O R E LLI, bassoon(11 W IN DS, C E LL O AND D O U B LEBA SS)DVORAK: Wind Serenade in I) minor, Opus 44 GOUNOD: Petit Symphony BEETHOVEN: Excerpts for Wind Octet from FideliaVILLA LOBOS: Bacchianas Brazilieros for Flute and BassoonSATURDAY, APRIL 18, 1987, 8:00 P.M.PAULA R O B ISO N , fluteD O U G LA S B O YD , oboeFR A N K M O R E LLI, bassoonK EN N ETH C O O P E R , harpsichordW EN D Y YO UN G, harpsichord%u201c FROM BAROQUE TO JOPLIN%u201d VIVALDI: Pastorella HANDEL: Flute Sonatain B minor TELEMANN: Trio Sonata in C minor COUPERIN: Musettes STRAVINSKY: Eight Little Pieces JAMES P. JOHNSON: Carolina Shout JAMES P, JOHNSON: Country Lanes and Swing SCOTT JOPLIN: Peacherini RagSATURDAY, MAY 2, 1987, 8:00 P.M.JO S E P H SW ENSEN , violinSC O T T N IC K R EN Z , violaC A R T E R B R EY , celloK A TH R YN SELBY, pianoBEETHOVEN: Trio for Strings in C minor, Op. 9, No. 3 SCHUMANN: Piano Quartet in E flat major BARTOK: Sonata for Solo ViolinSUBSCRIBE NOW AND GET 7 CONCERTSFOR THE PRICE OF ONLY 5!LOCATION R EG U LA R SU BSC R IPTIO N SAVEFront Orch,/Front Mezz. $70.00 $50.00 $20.00Rear Orch./Rear Mezz. $52.%u00a30 $58.00 $14.50Price per seat TotalADDRESSCITY _____ STATE ZIPphmnf (home) (business)O ENCLOSED IS MV CHECK MADE PAYABLE TO BAM PLEASE CHARGE TO MV ' MSA MASTERCARD AMERICAN EXPRESSAccount number Expiration date Signature as on cardPlease complete and return this form along with your payment to: Subscription, Brooklyn Academy of Music,30 Lafayette Avenue, Brooklyn, New York, 11217-1486 For further information call CIK) 636-4100June 26, 1866, The Phoenlx/Brooklynjnc Section Two, Page 1