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PL METER UPDATE July 22, 22, 1977 1977 Volume Volume 3/No. 3/No.14 14 July ,. It 'l Universal Research Research Labortories Labortories bankrupt, bankrupt,up up for for sale sale Universal Universal Research Research Laboratories, Laboratories, Universal Inc. of Elk Grove, Illinois filed aa Inc. of Elk Grove, Illinois filed petition June June 66 under under Chapter Chapter 11 11 of of petition the federal federal bankruptcy bankruptcy laws; laws; and, and, the according to to the the attorney attorney handling handling according the case, the company is now up for for the case, the company is now up sale. sale. The URL URL petition petition asks asks for for aa stay stay The of all URL's creditors, who now of all URL's creditors, who now have until until August August 15 15 to to file file in in order order have to have have their their claims claims allowed. allowed. to Under conditions conditions of of Chapter Chapter 11, 11, Under URL can continue to operate on URL can continue to operate on aa pay-as-it-goes basis basis with with court court pay-as-it-goes protection against against its its creditors' creditors' protection claims. Electra Electra Games, Games, manufacturmanufacturclaims. ers of the video games Flying ers of the video games Flying Fortress and and the the Avenger, Avenger, is is prespresFortress ently the the only only division division under under URL. URL. ently Though no no one one at at URL URL could could be be Though for comment, comment, aa spokesman spokesman reached for reached at Electra Electra Games, Games, Dan Dan Grant, Grant, said said at URL had had filed filed the the voluntary voluntary petition petition URL for the the purposes purposes of of reorganization. reorganization. for Malcolm Gaynor, Gaynor, attorney attorney hanhanMalcolm dling the the bankruptcy bankruptcy proceedings proceedings dling for URL, URL, told told Play Play Meter, Meter, however, however, for that there is virtually no difference that there is virtually no difference between aa petition petition for for reorganizareorganizabetween tion and and aa petition petition for for sale. sale. "It "It is is no no tion secret that that Universal Universal Research Research secret Laboratoriesis is up up for for sale," sale," he he said. said. Laboratories He indicated indicated that that Sam Sam Stern Stern of of He Stern Electronics, Electronics, Inc. Inc. of of Chicago Chicago Stern has expressed interest in funding has expressed interest in funding the plan plan of of arrangement arrangement for for URL. URL. the That plan, plan, Gaynor Gaynor added, added, ifif agreed agreed That upon by by all all parties, parties, would would probably probably upon be completed completed within within 60 60 days. days. be Several months months ago ago Stern Stern purpurSeveral of Chicago Chicago chased the the assets assets of chased Dynamics, Inc., Inc., which which did did business business Dynamics, under the the name name of of Chicago Chicago Coin. Coin. under preliminary determination determination has has AA preliminary been made made that that all all the the assets assets of of been Universal Research Laboratories, Universal Research Laboratories, Inc., are are subject subject to to aa security security Inc., lien of of Continental Continental interest and and lien interest Illinois National National Bank Bank & & Trust Trust Illinois Company for about about $1.8 $1.8 million. million. Company for But Gaynor Gaynor added added that that since since But those assets assets are are "substantially "substantially less less those than the the liabilities," liabilities," Continental Continental than Bank would would suffer suffer aa deficiency deficiencyifif the the Bank assets were liquidated, and unseassets were liquidated, and unsecured creditors creditors would would receive receive no no cured distribution whatsoever. whatsoever. distribution Detroit ordinance ordinance could could destroy destroy pinball pinball business business Detroit f '' Detroit operators operators may may soon soon find find Detroit themselves burdened burdened with with an an ordiordithemselves nance that, that, according according to to one one nance "could dedeamusement spokesman, spokesman, "could amusement stroy the pinball business in Destroy the pinball business in Detroit." And And there there are are indications indications the the troit." ban could could spread spread to to include include the the ban entire state of Michigan. entire state of Michigan. could The Detroit Detroit ordinance ordinance could The possibly spread statewide. State State statewide. possibly spread Representative Dennis Dennis Hertel Hertel of of Representative Detroit last last month month introduced introduced HB HB Detroit 4986 which which would would ban ban pinball pinball 4986 machine within within 500 500 feet feet of of any any machine school in in the the state. state. That That bill bill is is still still school pending and and will will probably probably be be pending considered when the state legislaconsidered when the state legislature reconvenes reconvenes in in the the fall. fall. ture The ordinance ordinance being being considered considered The would place place an an outright outright ban ban on on would pinball machines within 500 feet of pinball machines within 500 feet of any school school in in the the city. city. ItIt would would also also any require operators operators or or location location owners owners require to get get 51 51 percent percent approval approval of of the the to residents and and businesses businesses within within aa residents 500-foot radius radius of of an an arcade. arcade. To To 500-foot further complicate complicate matters matters for for operoperfurther ators, the the ordinance ordinanc;e would would reduce reduce ators, from eight to two the number of from eight to two the number of machines which which would would identify identify a a machines location as as an an arcade. arcade. location Class CC bars bars and and taverns tavernswould would be be Class excepted from this ban. excepted from this ban. Presently, nothing nothing has has been been forforPresently, mally proposed proposed by by the the Detroit Detroit City City mally Council, nor nor has has anything anything been been Council, placed on its agenda. But the placed on its agenda. But the matter has has so so far far met met with with the the matter approval of of the the entire entire city city council. council. approval The move by the council the The move by the council isis the result of trouble at a sandwich shop result of trouble at a sandwich shop in the the vicinity vicinity of of Denby Denby High High School School in where there there happened happened to to be be several several where pinball machines. machines. Persons Persons waiting waiting pinball for buses buses were were harrassed. harrassed. In for In addition, drinking by minors, drug addition, drinking by minors, drug exchanges, loitering, loitering, and and truancy truancy exchanges, were also also noted. noted. were school board board finally finally petitionpetitionThe school The ed for for the the ban, ban, and and the the City City of of ed Detroit decided decided to to extend extend the the ban ban Detroit citywide unless the proper number citywide unless the proper number of signatures signatures could could be be gathered. gathered. of TheMusic Music Operators Operators of of Michigan Michigan The (MOM), ininleading leading the the battle battle against against (MOM), proposal, has held conferences the the proposal, has held conferences with the the city city council's council's research research and and with analysis department, department, the the city city clerk, clerk, analysis and several several Detroit Detroit state state representarepresentaand tives and and senators. senators. tives Mike Spaniolo, Spaniolo, secretary-co secretary-counsel Mike unsel for MOM, MOM, says says that that the the association association for sees the the ordinance ordinance as as an an overoversees reaction to to aa local local neighborhood neighborhood reaction problem. He He says says that that MOM MOM has has problem. been hastily hastily organizing organizing opposition opposition been to the the city city council's council's proposal. proposal. to Detroit operators, operators, as as well well as as operaoperaDetroit tors across across the the state, state, have have started started a a tors