April 2009
MGM Mirage paid $70 million to ensure that construction continues at its CityCenter development in Las Vegas.
MGM Mirage said Friday it provided $70 million to cover current construction costs for its CityCenter complex in Las Vegas. The company received an amendment to its credit facility to free up the money on Monday. The payment includes $35 million that s...
Who is Danny Pang, a mystery man? Ponzi scheme
Move over, Marc Dreier, Bernie Madoff, and Sir Allen Stanford. There’s a new financial villain on the scene, Danny Pang a native of Taiwan and the chairman and CEO of Private Equity Management Group Inc. in Irvine, has been a business partner wit...
eBay Dumps StumbleUpon; Skype Next?
StumbleUpon, the recommendation and “discovery” start-up acquired by eBay Inc. nearly two years ago, said Monday that the company has been returned to its founders. The next question: When will Skype leave the eBay fold? In a statement, Stu...
Express Scripts Agrees to Acquire Wellpoint's NextRx PBM Unit
Express Scripts Inc. plans to purchase Wellpoint Inc.’s pharmacy benefits management subsidiaries for $4.68 billion, the companies announced Monday. Express Scripts Announces Definitive Agreement to Acquire WellPoint NextRx Subsidiaries for $4.67...
Georgia-Based Attorney Robert P. Copeland charged in $28 million fraud: Ponzi Scheme
The Securities and Exchange Commission charged, Georgia-based Marietta real estate attorney Thursday for operating a Ponzi scheme that sold promissory notes to raise funds that were purportedly invested in real estate transactions, including private mo...
Taiwan firm Elan Microelectronics hits Apple with multitouch patent lawsuit!
Apple Inc. (AAPL) is being sued once again for patent infringement. This time law suit is being pursued by Elan Microelectronics, a Taiwanese integrated circuit design firm in U.S. District Court in San Francisco. Elan Microelectronics has apparently...
Game guru Will Wright leaves Electronic Arts to head up Stupid Fun Club!
Game guru, Will Wright creator of SimCity, The Sims and Spore, has left Electronic Arts Inc. to head up a new entertainment incubator called Stupid Fun Club. Whereas Electronic Arts is making an equity investment in Stupid Fun Club, Will Wright’s...
March 2009
Agilent Technologies Appoints Ron Nersesian Senior Vice President and General Manager & cut Another 2,700 Jobs
Agilent Technologies Inc., plans to cut 2,700 employees as revenue in its electronic measurement unit falls 30 percent to its lowest level in 10 years. Santa Clara-based Agilent (NYSE:A), which employs more than 200 in Roseville, said the restructuring...
Cisco Announces Intent to Acquire Pure Digital Technologies, Makers of Flip VideoTM
Cisco to buy maker of Flip Video for $590 millionn Jonathan Kaplan joins Cisco Systems Inc. Networking Leader Adds Popular Flip Flip Videoto Consumer Portfolio Networking gear maker Cisco Systems Inc. said it will pay $590 million to acquire privately ...
February 2009
MBIA launches public finance company
MBIA Inc. today announced that it has established a new U.S. public finance financial guarantee insurance company within the MBIA Inc. group by restructuring (the “Transformation”) its principal insurance subsidiary, MBIA Insurance Corporation (“...
Sirius XM Shares Drop On dump debt; Possible Bankruptcy
Shares of Sirius XM Satellite Radio Inc. (SIRI) dropped 31% in morning trading Wednesday on reports that the company could be close to filing for bankruptcy protection. The shares were down 3 cents at 8 cents. The stock traded in the $4 range two yea...
Spiceworks Embeds Social Networking Features into Free IT Management Software
First Social Business Application for IT Delivers Newsfeeds for Servers, Software and Networked Devices into Daily IT Workflow Spiceworks Inc. announced the addition of several new social networking enhancements to its free IT management application, ...
January 2009
Is Agape World Nicholas Cosmo fraud an another Ponzi scheme like Madoff? Should he go to prison!
Nicholas Cosmo, founder of Agape World Inc in Hauppauge, New York, complied on Monday evening with a warrant for his arrest on suspicion of conducting an alleged $380 million Ponzi scheme. He was also charged with one count of mail fraud. What if he do...
Its an end to Dynegy Inc's love affair with LS Power Associates Joint Venture
News like this only makes our electricity rates go higher. Power producer Dynegy Inc. said it would dissolves a joint venture with LS Power Associates, L.P. LS Power will receive $19 million in cash during the first quarter to reflect the relative valu...
December 2008
Zones Inc. shareholders OK to purchase of their company by CEO Firoz Lalji
Zones, Inc. (the “Company,” “Zones“™) (Nasdaq: ZONS) announced that its shareholders, at a special meeting held today, voted to approve the going-private transaction pursuant to which Zones will become a private company wholly...
What is Ex-Willbros James K. Tillery U.S. Bribery Conspiracy?
I am curious as to how the Feds plan to prove this case James K. Tillery, 49, the former President of Willbros International, Inc., a unit of Willbros Group Inc., the Panama-based provider of oil and natural-gas services, based in Houston, Texas, was c...
Charles “Chuck” Jeannes to replace Kevin McArthur at GOLDCORP INC.
GOLDCORP INC. (TSX: G, NYSE: GG) today announced that Kevin McArthur will retire as the Company’s President and Chief Executive Officer, effective December 31, 2008. McArthur will serve through 2009 as Advisor to the CEO and remain as a director on...
Novellus to cut Richard S. Hill pay by 50 and workforce by 10 percent!
I guess Unemployment hasnt bottomed yet! Novellus Systems Inc. announced it will cut CEO Richard S. Hill’s pay by 50 percent as the company begins a 10 percent reduction in its workforce due to slumping revenue. The job cut was made in response t...
November 2008
Nomura CEO Kenichi Watanabe: Not Planning Job Cuts!
Nomura Holdings Inc., Japan’s biggest brokerage, chief executive said his company doesn’t plan to cut jobs following the takeover of Lehman Brothers’ investment banking and equity operations in Europe and Asia. “There are no spe...
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