Adelphia founder and sons charged in major fraud case
John Rigas and his sons Timothy and Michael face conspiracy charges over claims they used Adelphia as a personal piggy bank. The SEC also sues in federal court amid allegations of hiding 2.3 billion dollars in liabilities from investors and creditors. Conviction could bring up to 30 years per defendant and hefty fines.
MENTIONED IN THIS ARTICLE
Adelphia Communications Corp
Securities and Exchange Commission
U.S. District Court
Adelphia
John Rigas
Timothy Rigas
Michael Rigas
SEC
Atty
Larry Thompson
Washington
Burger King Sale Nears $2.1 Billion Deal
Lingee PLC eyes selling its Burger King unit for at least $2.1 billion with a Texas Pacific Group led consortium as the potential buyer. Talks progressed through the night with an imminent agreement expected, but no comments were provided by Burger King or Texas Pacific.
MENTIONED IN THIS ARTICLE
Lingee PLC
Burger King Corp
Texas Pacific Group
U.S
Burger King
Rob Doughty
Texas Pacific
Wall Street Earnings of Local Interest
Capital Federal Financial reports quarterly earnings of 29 cents per share, up from 21 cents last year, reflecting growth across its Lawrence banks. Sauer-Danfoss, with a Lawrence production center, posts 20 cents per share versus 9 cents a year ago. O'Reilly Automotive stores in Lawrence report 42 cents per share, up from 34 cents a year prior.
MENTIONED IN THIS ARTICLE
Capital Federal Financial
Lawrence
Sauer-Danfoss
O'Reilly Automotive
FBI agent warns businesses to guard against cybercrime
FBI special agent Scott Williams told the Lawrence Technology Association that businesses are increasingly targets of computer crimes from IP theft to viruses. He cited a Kansas City survey showing rising losses and urged rapid password changes and access reviews after layoffs. Williams urged reporting to authorities and noted an FBI group Intra Gard for sharing prevention tips.
MENTIONED IN THIS ARTICLE
FBI
Scott Williams
Lawrence
Bureau
Kansas City
Williams
Intra Gard
Mike Yoder
Journal-World Photo
Lawrence Technology Assa
Hereford House
SEC probes AOL Time Warner revenue transactions
The SEC has a fact finding inquiry into a series of transactions at AOL Time Warner that boosted revenues. The probe follows Washington Post reports of letting a British firm buy ads to avoid arbitration, shifting revenue between divisions, and booking eBay ads as own revenue. Parsons says auditors approved procedures and the company cooperates as shares fall. The AOL division revenue declines amid weak online advertising and past massive write downs.
MENTIONED IN THIS ARTICLE
AOL Time Warner
New York
AOL Time Warner Inc
Securities and Exchange Commission
Richard Parsons
SEC
Washington Post
AOL
eBay
Parsons
Ernst & Young
John Heine
Wall Street
U.S
Kmart to Announce Further Layoffs Amid Weak Sales
Kmart Corp. plans to cut an unspecified number of jobs in coming weeks as weak sales persist. The company reviews staffing at headquarters distribution centers and stores with most impact seen at corporate level, though some center reductions possible.
MENTIONED IN THIS ARTICLE
Kmart Corp
Ron Hutchison
Hutchison
Chicago
Kmart
Lawrence
Susan Dennis
Hutchinson
Troy
Scott McClura
Journal-World Photo
Kresge Road
Union OKs changes at Topeka Goodyear plant
Union workers at Goodyear Topeka approved contract changes after initially rejecting them. Local 307 members voted 842 to 358 to accept deferred pay increases and more overtime, backing a plan tied to a new mining tire line. The expansion aims to protect 1600 jobs and a $100 million payroll, with a $120 million five year investment.
MENTIONED IN THIS ARTICLE
Union Oks
Topeka
Goodyear
United Steelworkers Local 307
Wil Leiker
Also Mentioned on This Page
Sons
Clawhorn
Ljworld.com
Chad Lawhorn
Route 66
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