OTHER NEWS - Nov. 15, 1994
From Times Staff and Wire Reports
IDB Creates $76-million Legal Reserve: IDB Communications, the Culver City-based telecommunications firm whose controversial accounting practices caused an investor firestorm earlier this year, said in its third-quarter earnings report that it set aside $76 million for potential claims in shareholder lawsuits. IDB said its quarterly loss was $154 million, or $2.08 a share, after the reserve and a $35-million write-off of certain intangible assets. LDDS Communications, which agreed in August to buy IDB after its stock collapsed, said the legal reserve was expected.
