Lawsuit eyed against CoBank over co op closure in Kansas
Lawrence based Farmers Cooperative Assa board may sue CoBank over its 2000 pull of the line of credit. Topeka attorney Tom Haney hired to pursue lender liability claims to recover patronage payments owed to about 5,800 members totaling around 8 million dollars. Final decision by mid September if a suit will be filed, with officials citing possible breach of lending agreement and impact on the cooperative’s collapse.
MENTIONED IN THIS ARTICLE
Farmers Cooperative
Assa
Co-Op
Tom Haney
Topeka
CoBank
Haney
Pat Ross
Lawrence Farmer
FCA Post Confirmation Trust Board
Ross
Dean Nieder
Nieder
Jack Cassidy
Adelphia Files for Chapter 11 Amid Debt Revelations
Adelphia Communications began bankruptcy protection after three months of revelations about off the books debt, accounting problems, and deals by the founding family. The cable giant reported assets of 24.4 billion and debts of 18.6 billion, with figures subject to revisions as reorganizing proceeds. Deloitte & Touche had certified statements until March 2001, now replaced by PricewaterhouseCoopers.
MENTIONED IN THIS ARTICLE
Adelphia Communications
Adelphia
Deloitte & Touche
Indictment Expands Charges Against Tyco Executive Kozlowski
Former Tyco chief Dennis Kozlowski, 55, pleads not guilty to a new 14 count indictment accusing him of tampering with evidence. He and remains free on 3 million dollars bond. The superseding indictment alleges he removed a bill of lading from a Boca Raton office file after a request from Manhattan DA.
MENTIONED IN THIS ARTICLE
Tyco International Ltd
Dennis Kozlowski
Manhattan
State Supreme Court
Michael Obus
Kozlowski
Boca Raton
Fla
Manhattan District Attorney’s Office
Stewart shares tumble as probe widens on ImClone sale
Martha Stewart Living Omni Media Inc. stock fell about 24 percent amid reports of a widening investigation into her sale of nearly 4,000 ImClone shares on December 27. Prosecutors may scrutinize potential obstruction of justice and false statements in her explanations. ImClone stock later dropped after the FDA decision.
MENTIONED IN THIS ARTICLE
Stewart
Martha Stewart Living
Omnimedia Inc
ImClone Systems Inc
Multmedia
NYSE
Food and Drug Administration
ImClone
Wall Street Firms Announce Dividends
Overland Park firm Waddell and Reed said its board approved a quarterly dividend of 13 cents a share. Topeka based Westar Energy also reported a quarterly dividend of 30 cents per share.
MENTIONED IN THIS ARTICLE
Waddell & Reed
Westar Energy
WorldCom accounting scandal hits markets and telecoms
Investors sent stocks lower after WorldCom revealed a $3.8 billion misstatement, pushing the Dow below 9,000 for the first time since October as telecom shares slide. Analysts see a industry tarnish and lingering corporate ethics worries despite late-day buying. Sprint and AT&T seen as potential beneficiaries amid broader sector declines and bank loan concerns.
MENTIONED IN THIS ARTICLE
New York
WorldCom
Wall Street
Richard A. Dickson
Hilliard Lyons
Louisville
America
Dow
Citigroup
Bank of America
Fed Holds Rates Steady at 40-Year Low
The Federal Reserve left the federal funds rate at 1.75 percent for the fourth time this year amid a spotty recovery, a stock market slide, and slipping consumer confidence. The decision keeps the prime rate at 4.75 percent as economists weigh possible future cuts amid Scandal-driven market jitters and a cautious outlook.
MENTIONED IN THIS ARTICLE
Washington
Federal Reserve
Alan Greenspan
Federal Open Market Committee
Federal Funds
Fed
WorldCom
Mark Zandi
Economy.com
OPEC to Hold Oil Production Steady Through September
OPEC said it will keep crude production at 21.7 million barrels a day through September, citing balanced markets and adequate supply. Ali Naimi of Saudi Arabia noted no need for extra shipments as prices remain reasonable and demand is OK. Delegates met at OPEC headquarters in Vienna to discuss market conditions before the next review in September.
MENTIONED IN THIS ARTICLE
Vienna
Austria
OPEC
Organization of Petroleum Exporting Countries
Ali Naimi
Naimi
Also Mentioned on This Page
Lawrence
Clawhorn
Ljworld.com
Chad Lawhara
Casle Television
Tyco
Wall. Street
Damon Federighi
Mark Stern
US S
Sprint
Kansas City
Sprint Fon
New York Stock Exchange
At&t
Drake Johnstone
Com
Guy
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