Verestar Creditors Sue Bear Stearns
Bear Stearns was sued by creditors of Verestar over allegations that it helped American Tower strip Verestar of assets before its bankruptcy while serving as financial adviser to both companies.
The creditors are seeking at least $150 million in damages from Bear Stearns, including repayment of what Fairfax-based Verestar paid to Bear Stearns for advisory work and damages equal to the Verestar assets transferred to American Tower. American Tower owned 90 percent of Verestar's common shares when it filed for bankruptcy.
Cooley Godward Opening D.C. Office
Law firm Cooley Godward said it will open an office in the District, expanding its technology, life sciences, emerging companies and international trade practices. The firm said Margaret H. Kavalaris, Michael X. Marinelli and Tami J. Howie, formerly at DLA Piper Rudnick Gray Cary, will join the D.C. office as new partners. Several attorneys from Cooley Godward's office in Reston will also move to the District.
BearingPoint to Work With Turkish Cypriots
McLean-based BearingPoint said it has won a three-year, $10 million contract with the U.S. Agency for International Development to help Turkish Cypriots improve their business practices. It will also help Turkish Cypriot banks comply with European Union and international banking regulations.
The company said the contract will further the goal of strengthening the "quality of contract" between Turks and Greeks on Cyprus.
Halifax Swings to Loss
Halifax, an Alexandria-based technology company with primarily federal government contracts, reported a loss of $511,000 (16 cents a share) in its fourth quarter ended March 31, compared with a profit of $3.8 million ($1.24) in the comparable quarter a year earlier. Revenue rose 39.4 percent, to $18.2 million. The company attributed the loss to costs associated with a large enterprise maintenance contract.
For the year, the company lost $1.4 million (46 cents), compared with a profit of $4.2 million ($1.54) a year earlier. Revenue rose 25.2 percent, to $62 million.
Compiled from staff and news service reports.