Also. . .
* Former corporate raider Saul P. Steinberg’s Reliance Group Holdings said its third-quarter net loss widened to $546.5 million, or $4.76 a share, from $15 million, or 13 cents, a year ago. The New York-based insurer, which continues to talk with creditors and regulators, said in a Securities and Exchange Commission filing that its total revenue fell to $582.9 million from $866.7 million, while claims and settlement expenses rose to $754.5 million from $548.7 million. Reliance currently has $711.4 million of debt outstanding.
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* Priceline.com Inc. said it will have a fourth-quarter charge of $3.3 million, mainly because it is not collecting a $3-million loan to Heidi Miller, its former chief financial officer. The Internet seller of travel and other services made the disclosure in a filing with the Securities and Exchange Commission. Miller resigned earlier this month after joining the company in February. She had been the highest-ranking woman executive at Citigroup Inc. as CFO. Priceline.com gave Miller a five-year contract, a base salary of $300,000 and options to buy 2.5 million shares of stock, as well as the loan. Wiping out the loan was part of Miller’s employment agreement, a Priceline.com spokesman said.
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* A South Korean court froze the assets and liabilities of Daewoo Motor Co. as that nation’s third-largest car maker struggled to restructure itself under receivership. Operations at Daewoo’s main assembly plant in Bupyong, 18 miles west of Seoul, were paralyzed for a fourth straight day because parts suppliers have halted shipments. Production at another Daewoo Motor factory--the Kunsan plant on the nation’s west coast--also ground to a halt after it ran out of key components.
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* British American Tobacco’s Imperial Tobacco unit, Canada’s largest cigarette maker, said it had sold its cigar business to ST Cigar Group, which plans to transfer production to Europe. Imperial, also Canada’s dominant cigar maker, did not disclose the value of the transaction. Imperial holds some 70% of Canada’s cigarette market, with brands such as Players and Du Maurier. It also has a 52% share of the Canadian cigar market. ST Cigar Group is the cigar division of Skandinavisk Tobakskompagni of Denmark.
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* Armor Holdings Inc., which sells security products such as body armor and pepper spray, said it hired Bear, Stearns & Co. to help it review strategic alternatives. Armor said options may include alternatives related to the company’s acquisition program or changes to its capital structure. No other information was given in a news release distributed by PR Newswire. Armor officials could not immediately be reached for confirmation.
