Today there are just seven a league presided over by the recently merged forces of CaterAir LSG and Sky

Today there are just seven, a league presided over by the recently merged forces of CaterAir, LSG and Sky Chef which undercut Alpha in the retendering process for the hand of British Airways at JFK.The short-term effect of the industrial consolidation will unquestionably lead to further cut-price bids on contracts that come up for renewal. After hitting a high of 177p soon after the February sale at 140p, the shares have been on a down slope almost ever since. Yesterday they fell a further 20p to an all-time low of 109p as interim results failed to match expectations. Investors who piled into Alpha Airports at its massively over- subscribed flotation last year have been sorely disappointed. "In a year the condemned man might die, the sultan might die, or the dog might learn to talk," Mr Katz said.

"It was our way of suggesting that we had had a lot of talk, and that it was now time for payment." But the deadlines were never met, and on 5 November 1991, Goldman notified the London Stock Exchange that it had begun to sell shares in Maxwell Communications, held as collateral for loans. The same day, Goldmans heard that Robert Maxwell had been lost at sea.Kevin, his brother, Ian, and former Maxwell aide, Larry Trachtenberg, all deny conspiracy to defraud by misuse of the pension fund investments.The trial was adjourned to Monday.. Its index against a range of other currencies closed only 0.1 lower at 84.5.. JOHN WILLCOCK A New York lawyer had an Old Bailey fraud trial jury smiling yesterday as he told how a defiant Robert Maxwell was made to listen to the fable of The Sultan and the Condemned Man. Robert Katz, counsel to bankers Goldman Sachs, revealed that his company had almost reached the end of its patience in October1991 when millions of pounds, which had fallen due the previous August, had still not been paid.On 22 October, Robert Maxwell was refused a meeting with Goldmans - he was told that the bankers just wanted their money - and later that day he arrived unannounced at Goldman Sachs in New York.It was at that point he was told the fable, where a condemned man appeals for one year of life during which he promises to teach the sultan's dog to talk. Mark Brown, chief strategist at Hoare Govett, said: "This is a nervous correction in markets that have been doing very well." Nick Knight, Nomura's strategist, was gloomier. "This could turn out to be a pivotal week for equities," he said.The dollar was down to 99.10 by the close from 99.15 at midday in New York.

It had slipped to DM1.4132 from DM1.4237 at the previous close. The Dow Jones index opened more than 30down but closed just 3.25 lower at 4,764.15.The mark rose a little to 1.2441 to the Swiss franc Sterling was caught in the crosswinds. Robin Marshall, chief economist at Chase Manhattan in London said: "The markets will remain fairly lively, although I think the central banks will stay in control as long as they speak with one voice."Prospects for share prices will depend on the currency markets. Nobody wants to take responsibility for dooming it."William Dudley, a senior economist at investment bank Goldman Sachs, said: "This is more a correction than a sustained sell-off of the weak currencies."However, the foreign exchange market could remain unsettled for some time in the absence of co-ordinated intervention by the American, German and Japanese central banks.

The strains are so far not as great as in the last European currency upset, in February and March.Sir Alan Walters, a noted Euro-sceptic and adviser to Baroness Thatcher, said: "This is just the sort of event one would expect in Europe but the single currency project will limp on. But it steadied against the Swiss franc following its unprecedented recent plunge.The dramatic currency swings were triggered by a series of events earlier this week. It also declined against the mark which strengthened once more against the traditionally weak European currencies, despite intervention by the central banks of Italy, Spain and Portugal. A player can be legitimately treated as a tangible asset and the normal rules of depreciation apply, with a residual value at the end of his contract.Under the court's findings that value is zero, regardless of whether the player is on the balance sheet or not, because the club no longer has a claim on him.In either case, it is highly unlikely that any well-run club will ever let a player serve the full term before either renegotiating the contracts or selling the player. This timing point will probably have the most significant impact of the ruling on the two smaller quoted clubs, Millwall and, on the AIM market, Preston North End.As the balance of advantage in negotiations shifts towards the star players, creating a more powerful breed of agents, these two clubs will have to be nimble on their feet to prosper..