ISG's bold bargain buys reshape bankrupt steel makers
International Steel Group Inc. has surged to industry leadership by buying bankrupt steel companies at low prices and cutting costs including retirees' pensions. The Cleveland firm salvaged LTV Acme and Weirton Steel, despite some investor skepticism about heavy debt and the viability of its cost-cutting plan. Weirton union president Mark Glyptis calls ISG's offer a godsend.
MENTIONED IN THIS ARTICLE
Cleveland
International Steel Group Inc
United States
LTV
Acme
Bethlehem
ISG
Mary Beth Deily
Lehigh University
Deily
Weirton Steel Corp
Weirton Steel
Sma
Ohio River
West Virginia
Weirton Union
Mark Glyptis
Adelphia trial opens for founder John Rigas in fraud case
John Rigas and his sons face conspiracy securities and bank fraud charges in Manhattan as prosecutors claim they looted Adelphia, turning it into a personal piggy bank, concealing over $2 billion in debt from investors while company shareholders suffered losses. The trial proceeds with individual juror questioning and opening statements expected next week.
MENTIONED IN THIS ARTICLE
Adelphia Communications Corp
John Rigas
Center
Manhattan Federal Court
New York
Rigas
Peter Fleming Jr
Leonard Sand
Michael
Timothy Rigas
Rigases
Michael Mulcahey
Manhattan
Greenwood Villiage
Army ends Comanche helicopter program in $8 billion halt
The Army cancelled the Comanche project a multibillion dollar bid to field a new reconnaissance helicopter from Boeing and Sikorsky. With about $8 billion sunk, the decision halts a stealth twin engine two pilot craft designed for battlefield intelligence and precision strike. The move follows the 2002 Crusader artillery cancellation and affects 400 workers at Sikorsky Bridgeport plant with thousands more represented by Teamsters Local 1150.
MENTIONED IN THIS ARTICLE
Washington
Army
Boeing Co
Sikorsky Aircraft Corp
Pentagon
Sikorsky
Matthew Broder
Bridge
Port
Conn
Harvey Jackson
Teamsters Local 1150
FCC to track 9 1 1 calls on Voice Over Internet Protocol
FCC Chairman Michael Powell said emergency call centers must be able to track 9 1 1 calls made over the Internet as rules are written for Voice Over Internet Protocol. He stressed public safety while aiming for limited regulation and noted VOIP providers are already addressing call center needs.
MENTIONED IN THIS ARTICLE
Washington
Federal Communications Commission
FCC
Michael Powell
Commission
Powell
VOIP
Greenspan says households in good balance sheet shape
Federal Reserve Chairman Alan Greenspan said household balance sheets are generally in good shape due to huge waves of home mortgage refinancing and low interest rates. He noted Americans own more than $14 trillion in real estate assets, with real estate gains bolstering spending amid the downturn and recovery.
MENTIONED IN THIS ARTICLE
Washington
Federal Reserve
Alan Greenspan
United States
Greenspan
Credit Union
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