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LEGAL
W.R. Grace Asks High Court To Review Asbestos Ruling
W.R. Grace asked the U.S. Supreme Court to hear an appeal in a criminal case charging the company and six former executives with releasing asbestos that killed and injured residents of Libby, Mont.
If convicted, Columbia-based Grace, which makes specialty chemicals, may face a fine of as much as $280 million, according to securities filings. The individual defendants may be sentenced to as much as 15 years in prison.
Grace, also charged with interfering with a government cleanup, asked the high court to overrule a lower court ruling that adopted a government definition of "asbestos" under the federal Clean Air Act. Grace claimed that only about 5 percent of the material prosecutors said was released in Libby falls within the definition.
BANKRUPTCY
InPhonic Files Plan For Its Liquidation
InPhonic, a wireless service provider based in the District, filed a liquidation plan that includes the formation of a trust to administer its remaining assets. Under the plan, holders of unsecured claims totaling $106.5 million would receive a share of an unspecified amount of cash to be distributed by the trust. The trust would get the money from cash on hand, sales of some assets, litigation proceeds and funds provided by buyer Adeptio INPC Funding.
CONTRACTING
Lockheed Martin Wins Order for Fighter Jets
Lockheed Martin, the world's largest defense contractor, won Pentagon funding to produce 12 F-35 Lightning II fighter jets valued at about $2.6 billion. The Defense Department decided on April 8 to pay for six jets for the Air Force and six for the Marine Corps, a Pentagon official said.
CACI Wins $54.8 Million In Defense Logistics Work
Information technology services provider CACI International, based in Arlington, said it received a $54.8 million contract from the Defense Logistics Agency to help manage medical supplies and services for global military forces.
INTERNET
AOL Buys Sphere For Its Search Technology
AOL, Time Warner's Internet unit, bought Sphere to gain technology that lets users search for articles and blog posts as well as integrate the related content onto their own Web sites. Sphere, which is closely held, was founded in 2005 and is based in San Francisco. AOL recently moved from Dulles to New York. Terms of the acquisition were not disclosed.
ANTITRUST
