March 4, 1985

MONDAY, MARCH 4, 1985 Companies Phillips Petroleum offered a new proposal to its shareholders in an effort to remain independent. The company conceded that its recapitalization plan had failed, (Page D1.) A lawyer for one of the Bank of America employees sued by the bank said the suit was brought just to get insurance money. (D6.)

For more than a decade, Phat and Sokha Mau, Cambodians living in Queens, have been piecing together bits of telegrams, accounts of telephone calls and the scattered recollections of Cambodian refugees, all in the hope of finding the son they left behind in a country now ravaged by war. On Friday, 11-year-old Sophal Mau finally came home. Sophal - whose whereabouts was confirmed in March 1983 and whose release was negotiated by Representative Stephen Solarz, a Brooklyn Democrat, on a trip to Cambodia last December - left Phnom Penh for Bangkok last Thursday. In Bangkok he was met by his father, who had never seen the child before. 'Many Children Died' Although there are more than 100,000 Cambodian refugees in the United States, State Department officials say Sophal may be the first legal emigrant from Cambodia since 1975, when Pol Pot seized control of the country.

THE Big East's seventh postseason tournament begins at Madison Square Garden Wednesday night following a regular season that was routine in one sense and rather surprising in another. St. John's replaced Georgetown as the regular-season conference champion. However, a crushing loss to the Hoyas last week convinced many that the Redmen were No. 1 in conference standings only. The loss makes an anticipated rematch between St. John's and Georgetown, the defending national champion, all the more important. But the Big East remains a conference of two houses: one for the strong, one for the weak. Yet there was interesting movement in the second division. Pittsburgh, which finished sixth last year, showed it is the Big East's team of the future, moving up to fifth place. Boston College slipped from to fifth to sixth. Seton Hall finished last for the third straight season, and there have been reports that the Pirates might be asked to leave the conference, a rumor that Dave Gavitt, the Big East commissioner, has denied.

Stefan Antel will sell you a Mercedes-Benz 500 SEL model for about $46,000, although the manufacturer's suggested list price is $51,200. This helps explain why Tyson's Motors, Mr. Antel's business in suburban Washington, is prospering. Mr. Antel is one of scores of dealers in the ''gray market'' in expensive European cars - a market that is not illegal but operates outside normal, factory-authorized channels. Because of the dollar's persistent strength and the way authorized importers price their cars, comparable models can be purchased in Europe at prices well below the stickers in American showrooms. As a result, a lively business has developed, in which unauthorized companies buy expensive cars such as Mercedes, BMW and Porsche in Europe and ship them to this country. They then convert them, more or less, to United States emission and safety standards and offer them for sale for thousands of dollars less than authorized dealers do. The cars are bought by natives of the country where the purchase is made, paid for in the currency of that country and then sold to the American companies for a price that includes a fee for the agents' services.

IT is noon on the day after his No. 1 ranked team was blown away by Georgetown University and St. John's coach, Lou Carnesecca, is in his office with members of his staff, trying hard to look ahead. The curtains are pulled to shut out the sun as he sits in front of a television, his feet resting on a coffee table, watching films of Providence, the next opponent. ''Bam, he can shoot,'' he says of a Providence player, scribbling into a notebook. ''We got to give him attention,'' says Ron Rutledge, an assistant coach. ''Run that back,'' Carnesecca says, and Rutledge stands up to put the video recorder on replay.