InPhonic Trustee Wants Bankruptcy Dismissed
The bankruptcy case of InPhonic, a District wireless-communications services company, should either be dismissed or converted from a reorganization to a liquidation, a U.S. Trustee told a judge.
Kelly Beaudin Stapleton, the U.S. Trustee overseeing the bankruptcy for the government, requested the dismissal or conversion because of the debtor's failure to file monthly operating reports and pay quarterly fees estimated at $1,000.
Slate Publisher to Leave for Law Firm
Slate, the daily online magazine owned by The Washington Post Co., said publisher Cliff Sloan will leave to become a partner in a law firm. John Alderman, vice president of business development at Washingtonpost.Newsweek Interactive, or WPNI, will replace Sloan on April 1, the company said. Sloan will join Skadden, Arps, Slate, Meagher & Flom.
British Firm to Liquidate Carlyle Fund
Carlyle Group's mortgage-bond fund, which defaulted on $16.6 billion of debt, will be liquidated by Begbies Traynor Group of Manchester, England. The firm will assess Carlyle Capital's assets and liabilities so the fund can be closed.
Lenders seized Carlyle Capital's assets after it failed to meet more than $400 million in margin calls on mortgage-backed collateral that had fallen in value.
SRA International Lands Defense Contract
SRA International, a technology contractor in Fairfax, said it has received a contract to provide intelligence analysis and other services to the U.S. defense community.
The five-year "indefinite delivery, indefinite quantity" contract was awarded in December to multiple companies, including SRA, and has a potential value of $1 billion, the company said. Under the Solutions for Intelligence Analysis contract with the Defense Intelligence Agency, SRA will aid fighters, defense policymakers and force planners in the Department of Defense, the company said.
Citing Delays, SI Lowers Outlook
SI International lowered its first-quarter and full-year 2008 outlook, citing unexpected delays in funding of anticipated new work and the award of a major new contract.
Reston-based SI expects first-quarter profit of $3.2 million to $3.6 million on $128 million to $130 million in revenue. In February, it predicted first-quarter profit of $4.2 million to $4.7 million on $133 million to $141 million in revenue.
SI dropped its full-year profit forecast to $18.9 million to $20.2 million from $21.1 million to $22.2 million. The revenue forecast fell to $560 million to $580 million from $575 million to $600 million.
Compiled from reports by Washington Post staff writers, the Associated Press and Bloomberg News.