|Page 2 of 2 <|
Former CEO Declared a Fugitive
Former Comverse Technology chief executive Jacob "Kobi" Alexander was declared a fugitive by the FBI, which issued an alert calling for his arrest. An international manhunt was launched late last month, shortly before authorities unsealed a criminal complaint accusing Alexander and two other former top executives of secretly manipulating stock options for personal profit, the FBI said.
Alexander, a native of Israel, has dual U.S. and Israeli citizenship. Before he disappeared, he transferred $57 million to Israel, fueling speculation he may have fled there, authorities said. Alexander's lawyer, Robert Morvillo, said he had not had any contact with his client and did not know his whereabouts.
Lay's Estate Becomes Defendant
The estate of Enron founder Kenneth L. Lay, who died six weeks after being found guilty of spearheading a fraud that destroyed the company, will take his place as defendant in the criminal prosecution, U.S. District Judge Simeon T. Lake III ruled. Lay's widow, Linda, is expected to ask the court to vacate Lay's conviction.
H&R Block Loans Challenged
H&R Block directors have agreed to talk about the company's loan policies with officials from three powerful state pension funds that own 1.6 million shares in the tax-preparation company.
Officials from North Carolina, New York and Connecticut say the loans -- which H&R Block makes to customers expecting federal tax refunds -- are abusive because they say they are targeted to low-income filers and carry excessively high interest rates that, on an annual basis, are as high as 700 percent. A company spokeswoman said she did not know why the states were targeting H&R Block.
MERGERS & ACQUISITIONS
Monsanto to Buy Delta & Pine
Monsanto agreed to buy cottonseed producer Delta & Pine Land for $1.5 billion, ending a six-year dispute that began when their previous merger agreement fell through.
Delta & Pine Land stockholders will get $42 a share. Shares closed at $40.43, up $4.10.
Delphi said it lost $2.6 billion in the first half of 2006, mostly from the cost of employee buyout and early retirement packages that are key to the company's bankruptcy reorganization. The loss included $1.9 billion in buyout and retirement costs. Revenue rose slightly, to $14 billion.
Staples said second-quarter profit rose 19 percent from the second quarter of 2005, to $161.2 million, as it picked up customers of newly closed OfficeMax stores. Revenue rose 12 percent, to $3.88 billion.
Home Depot said second-quarter profit rose 5 percent, to $1.86 billion. Revenue for the quarter ended July 30 rose 17 percent, to $26.03 billion.
Compiled from reports by Washington Post staff writers, the Associated Press and Bloomberg News.