PacTel to Set Aside $60-Million Reserve: Pacific...
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PacTel to Set Aside $60-Million Reserve: Pacific Telesis Group said it is placing a reserve of $60 million in after-tax dollars against its fourth-quarter earnings to offset anticipated losses connected with the divestment of its real estate holdings. In March, PacTel Corp., a Pacific Telesis subsidiary, announced its decision to no longer invest new capital in PacTel Properties, its real estate subsidiary. The divestment of PacTel Properties’ portfolio--consisting of properties in California and Florida--is part of the firm’s ongoing strategy to concentrate on telecommunications services.
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