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ENERGY
Ford Offer Draws Big Response
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Ford investors flocked to Kirk Kerkorian's offer to buy 20 million additional shares of the company, a move that will help the billionaire investor increase his stake in Ford to about 5.5 percent.
Kerkorian's Tracinda said its tender offer of $8.50 a share drew overtures of more than 1 billion of the company's shares, or nearly half of Ford's outstanding stock. Tracinda will buy 20 million shares for about $170 million.
TECHNOLOGY
IPhone Buyers Can Trade Up
AT&T said customers who bought Apple's iPhones at its stores on or after May 27 could exchange the handset for the faster, cheaper new model and get some money back.
Apple said it would offer two new versions of the iPhone on July 11. Each costs $200 less than its predecessor. Customers would get a refund for the price difference, minus a 10 percent restocking fee, a spokesman for AT&T said.
CONTRACTING
Guilty Plea in Bribery Scheme
A retired Army lieutenant colonel has pleaded guilty to steering a contract to build warehouses in Iraq to a contractor in return for $4,000 cash and a $5,000 trip to Thailand.
Levonda J. Selph pleaded guilty in federal court to bribery and conspiracy in a plea bargain with the government in which she agreed to cooperate with the investigation. The contracting firm involved was not identified in court papers. She also agreed to pay the government $9,000 in restitution and serve a prison term set by the court.
The government said that in 2005 Selph served in Baghdad as head of a board that picked the winner of an annual $12 million contract to build and operate Defense Department warehouses.
LEGAL
Convicted Fund Manager Missing
Law enforcement officials are searching for a former hedge fund manager who cheated investors out of more than $400 million and once considered suicide, after finding his car on a New York bridge, police said.
Police began to suspect that Samuel Israel III might have killed himself to avoid a 20-year prison sentence after he failed to turn himself in at the prison outside of Boston and his abandoned vehicle was found on the Bear Mountain Bridge, which crosses the Hudson River at its deepest point. The words "Suicide is Painless" were etched onto the vehicle.
However, after more than a full day of searching for a body, police had found nothing, prompting the U.S. Marshals Service to launch its own search for Israel, police said.
Prosecutors said he and two other men persuaded investors to put $450 million into the Stamford, Conn.-based company by announcing nonexistent profits and providing fake audits.
Compiled from reports by Washington Post staff writers, the Associated Press, Reuters and Bloomberg News.
