Monday, September 27, 2004|
Corporations and securities brief ~ Time Warner and Comcast consider joint bid for Adelphia
Amit Patel at 5:07 PM ET
In Monday's corporations and securities law news, Time Warner Inc. and Comcast Corp. have indicated that they may make a joint bid for bankrupt cable-television operator Adelphia Communications Corp. The bid may allow Time Warner to swap Adelphia assets in exchange for Comcast's interest in Time Warner Cable. Comcast also announced a new plan which will reduce Comcast's interest in Time Warner Cable in exchange for stock of a subsidiary that will hold cable systems and cash. Read the Comcast press release relating to the new plan here. Bloomberg has more.
In other news...
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- Michael Kopper, the first former Enron executive to strike a plea bargain with prosecutors and an aide to Enron's former chief financial officer Andrew Fastow, testified that Fastow said "that making Enron's books look good would turn him into a hero with Enron's CEO, Jeff Skilling." The comments were made in connection with the partership in Nigerian barges that helped Enron cook its financial statements. Read the indictment in the Nigerian barge deal here [PDF]. Read the indictment against Andrew Fastow here [PDF]. The Houston Chronicle has more.
- German officials are investigating Deutsche Bank, Germany's largest bank, on the suspicion it may have manipulated its balance sheet. BBC has more.
- As reported earlier on JURIST's Paper Chase, Microsoft chief counsel Brad Smith indicated that he remains hopeful that the company can still settle with the European Commission after its finding some months ago that Microsoft had abused its "dominance of PC operating systems." JURISTs Paper Chase has extended coverage of Microsoft's legal troubles. Reuters has more.
- Home mortgage financier Fannie Mae has agreed to boost its reserve capital by several billion dollars and take other actions, including tightening internal controls, to correct its accounting problems. Read the Fannie Mae agreement here [PDF]. AP has more.
- Citigroup announced a straight swap of its top executives as Sallie Krawcheck will take over as chief financial officer at the company and that Todd Thomson will become head of Smith Barney. Read the Citigroup press release announcing the move here. The Financial Times has more.
- Tommy Hilfiger Corp. announced a federal grand jury has subpoenaed documents from its US unit regarding commissions paid to a subsidiary outside the United States. The investigation is said to focus on whether the commission rate was appropriate. Read the Tommy Hilfiger press release announcing the subpoena here. Reuters has more.
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