Archive for Saturday, September 06, 2008
GE may face SEC action over accounting changes
GE says it may face civil action
General Electric Co. said it had been informed that the Securities and Exchange Commission might recommend fines and other action for possible violations of securities law related to accounting changes by the company.
GE said in a regulatory filing that the notification, called a Wells notice, was related to issues dating to several years ago concerning GE’s accounting for certain derivatives used for hedging interest rate risk as well as other transactions.
The company says it disagrees with a recommendation for civil action and is cooperating with the SEC.
McClatchy CEO quits trusts
McClatchy Co. Chief Executive Gary Pruitt resigned from family trusts that control about 41% of the newspaper company’s voting power.
The trusts hold 12.5 million of the Class B shares that carry 10 votes each, the Sacramento company said in a regulatory filing. Pruitt owns 1.2% of the Class A shares that have one vote.
The 51-year-old executive’s departure as co-trustee could be a sign that the founding McClatchy family plans to review its options for the company, said Ken Doctor, an analyst at media consulting firm Outsell Inc. McClatchy, owner of the Sacramento Bee, has lost 93% of its market value since March 2006.
Continental to charge for 1st bag
Continental Airlines Inc. said it would charge some coach customers $15 for the first checked bag after determining that the fee didn’t erode demand at other carriers and would help counter elevated fuel costs.
The policy applies to travel starting Oct. 7, the Houston-based airline said. It also reduced some mileage awards for frequent fliers.
Continental’s move adds to the number of fees and price increases carriers are tacking on to cover a 49% jump in the cost of jet fuel, the industry’s largest expense, during the last year.
FCC chief seeks new airwave sale
Federal Communications Commission Chairman Kevin J. Martin proposed putting a nationwide swath of public-safety airwaves up for sale again after cutting the minimum price by 42%.
The plan calls for a $750-million starting bid, compared with a previous minimum of $1.3 billion, Martin said. If the FCC approves the plan this year, the auction may start as soon as April, he said.
The airwaves, known as the D-block, failed to draw the minimum at the last auction in March. The D-block buyer was required to build a nationwide network that emergency personnel would share with commercial users.
Televisa in soccer dispute
Mexican media giant Grupo Televisa asked a Los Angeles County Superior Court judge to decide whether Univision Communications Inc. has the rights to Mexican League soccer telecasts beyond Sept. 28.
Televisa, which owns three soccer teams, contends that its deal with Univision ends this month, allowing it to shop the TV rights to another broadcaster. Univision says it is entitled to the Mexican League games through 2017.
Separately, Televisa’s battle to terminate its long-term programming pact with Univision is scheduled to go to trial Oct. 14 in Los Angeles.
From Times Wire Services
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