February 12, 1997

2 CALDORS TO CLOSE -- A Caldor store in the Bronx and one in Brooklyn will close, in a blow to local redevelopment efforts. Metro Business, B6. GIULIANI AIDE DEPARTS -- The architect of Mayor Giuliani's workfare policies is leaving to design similar programs around the country. B3. SEEKING SUPERINTENDENTS -- New York expects several vacancies for school superintendent posts. B4. SCHOOL VOUCHERS -- A New Jersey district approves a tuition program that would allow students to attend private and parochial schools. B5.

Dr Stephen W Hawking concedes defeat, 'on technicality' in bet with Profs John P Preskill and Kip S Thorne, fellow leaders in study of relativity as applied to cosmology, that naked singularity cannot exist; singularities are mathematical points at which space and time are infinitely distorted and matter infinitely dense and are thought to be concealed in black holes; naked singularity would be one not concealed by black-hole shell and visible to observers; Hawking responds to supercomputer calculations by Dr Matthew Choptuik, who found there could be special circumstances in which naked singularity might be created from collapsing black hole; photo (M)

Time Warner Reports Profit And Seeks to Cut Debt Load Time Warner reported a 79 percent rise in profit, and said it was determined to improve cash flow in an effort to pay off its $18 billion in debt. The company posted net income of $59 million, or a loss of 3 cents a share after the payment of preferred dividends for the quarter ending Dec. 31, compared with a profit of $33 million, or 1 cent a share, a year earlier. Perhaps the news that heartened Wall Street most was the appointment of several prominent new board members. $(Page D6.$)

A day after the State Board of Regents dismissed 18 of Adelphi University's 19 trustees, the trustees won a temporary court order blocking their removal. But the Regents said they would appeal, and insisted that the trustees they had appointed on Monday were still in charge of the Long Island university. For their part, the lawyer for the 18 ousted trustees said they were in charge.

Two weeks ago, David N. Dinkins roiled the mayoral campaign in New York City by suggesting that he might enter the race to unseat Mayor Rudolph W. Giuliani. But associates of Mr. Dinkins now say that while the former Mayor has enjoyed shaking up what some feel had become a desultory race, he has decided not to run, and would instead lend his support to one of the Democrats who have already declared their interest in running for mayor.