Phar-Mor probes fraud and auditor ties after $350 million loss
Phar-Mor Inc disclosed an internal fraud of up to 350 million dollars on a 3 billion balance sheet. The company fired Coopers & Lybrand and faces questions about how irregularities were missed. Possible top management scheme to overstate earnings and inventory is under investigation. Up to 10 million may have been diverted to a basketball league owned by founder and former chairman Michael J. Monus. Monus and CFO Patrick Finn were dismissed along with two former Coopers staff. Coopers denies responsibility. Phar-Mor says it may pursue legal action after internal review.
MENTIONED IN THIS ARTICLE
New York
Phar-Mor Inc
Coopers & Lybrand
Phar-Mor
Coopers
Youngstown
Uno
Michael J. Monus
Coopers under fire amid tax and audit scrutiny
The firm faces renewed scrutiny as a 1990 OTS action tied to tax practice reporting at Silverado Banking and Savings and Loan recalls past issues. Executives note Coopers had not completed the 1992 audit for Phar-Mor, while Deloitte and Touche prepare to conduct the new review amid industry debates on audit effectiveness.
MENTIONED IN THIS ARTICLE
Coopers
Federal
Office of Thrift Supervision
Silverado Banking, Savings and Loan Association of Denver
Law firm ordered to compensate AIDS related firing case
An administrative law judge recommends Baker & McKenzie pay over $1 million to the estate of Geoffrey Bowers, a former New York associate who alleged he was dismissed because of AIDS. The firm disputes the ruling, calling it outrageous and says it will appeal. The decision cites mental anguish and back pay as parts of the award.
MENTIONED IN THIS ARTICLE
Chicago
New York
Baker & McKenzie
Baker & McKenze
Geoffrey Bowers
Bowers
New York Division of Human Rights
Amos H Carnegie
Richard Schaeffer
Robert Balsam
Daniel Felber
Carnegie
Schaeffer
No News In Pittsburgh As Newspaper Strike Drags On
Pittsburgh residents have lived without the Post-Gazette and Press since May 17 after 627 drivers walked out over pay and livel ihoods. Local 211 Teamsters say drivers earn about 335000 yearly with benefits. Failed talks led the Press Co to try printing at an undisclosed site with rev drivers from New England, an effort that ended amid vandalism and protests. Talks have since stalled and nine other unions remain out of work.
MENTIONED IN THIS ARTICLE
Morning Post-Gazette
Evening Press
Sophie Masloff
Teamsters Local 211
Pittsburgh Press Co
Teamster
Press Co
Teamsters
New England
William Block Jr
The
Post-Gazette
Ford Nissan joint minivan aims to reshape auto market
Ford and Nissan launch a Villager Quest hybrid minivan built largely by Nissan and styled in its California studios, with Ford assembling at Avon Lake. The $900 million project yields a front-drive, carlike vehicle priced to rival Dodge Caravan and Plymouth Voyager, emphasizing safety, design, and international collaboration.
MENTIONED IN THIS ARTICLE
Nissan
California
Ford
Avon Lake
Mercury
Quest
Chrysler
Minn Dennda
Mercury Villager and Nissan plan a versatile seven seater
Mercury Villager and Nissan planned this vehicle four years ago and underestimated its future consumer appeal. Buyers must wait for the Villager Quest integration while the vehicle offers a clever seating system with two front buckets a two-passenger second row and a three-passenger third row all with reclinable headrests. The back rows fold to form seat-back tables with cup indents and the second row can be removed.
MENTIONED IN THIS ARTICLE
Nissan
Buyera
Chrysler investor seeks bigger role after Iacocca
Detroit AP Kirk Kerkorian, owning 9.8 percent of Chrysler, asks for greater shareholder representation and a board meeting after Lee Iacocca's retirement as chairman, signaling a possible seat and stronger influence. Northwest cuts fares deepening industry losses as it reports a second quarter drop. Postmaster Runyon to cut 30,000 USPS jobs to boost competitiveness. Mellon Bank ordered to pay up to 100 million in a trust fees class action led by John Upp.
MENTIONED IN THIS ARTICLE
Chrysler
Detroit
Kirk Kerkorian
Chrysler Corp
Lee Tacocca
Iacocca
Kerkorian
Securities and Exchange Commission
Northwest Airlines
NEW York
Northwest Airlines Inc
St. Paul
Minn
NWA Inc
Northwest
Philadelphia
Mellon Bank
John B. Upp
Mellon
Pennsylvania
Girard Bank
Gasoline Prices Dip Slightly Nationwide
The average price for a gallon of gasoline fell over the past two weeks as demand slackened amid a sluggish economy. Trilby Landberg cited a survey of 13,000 stations showing an average of 1.2764 dollars per gallon, down from 1.2826.
MENTIONED IN THIS ARTICLE
Los Angeles
Trilby Landberg
Landberg
Also Mentioned on This Page
Phar-Mor’s Accounting
Monus
Patrick Finn
FE Incn
Carol Robinson
Manus
Finn
Ms. Robinson
Guy
Thei
Deloitte and Touche
Robinson
William Grady
Chicago Tribune
Tokyo Stock Exchange
Pittsburgh
Abby
Public Broadcasting
Local 211
Joe Molinero
Press
AL Haas
Knight-Ridder Newspapers
Mercury Villager
Washington
Marvin Runyon
U.S. Postal Service
Runyon
Mylan S
Nalco
Navish
Newell
Armco
Ye BankAm
BeltSo
Berlitz
Promus
Barden
Bia SchrPl
Ceridian
Sears
Chase
Ty SouthCo
Tia SwBelt
Ia Chaste
Sprint
Chevron
Fova
Ma Sunstead
Citcorp
Disney S
WalMart
DuPont
Welcom
Eltaguit
Fordha
Pierre R Smith
France
Genel
Ya Allied Corporation Alltel
Glaxos Galletes
St St St AmerShip
Grace
LNB Bancorp
Ge Lesco Inc
Atu
Ted Ats Ts Lilly
I Limi
Wa Northern Savings Min
Bva Ohio Edison
McDonid
En Parker Hannifin
al Va— Ui
Smockers/SIMA
Marek € Se
Sunrise Medical Merkyn Lo
Wie
Mobil
aMany Head
Texas
Ualites Monsen Am A
Motoria
Maxime Woolworth
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