Snyder Backer Has Small Stake in Six Flags
Six Flags investor Tigris Management LLC, which Wednesday backed Redskins owner Daniel M. Snyder's bid to gain control of the theme park company, revealed yesterday that it owns only 4,000 shares -- less than 0.01 percent of all outstanding shares. Snyder, who owns 10.9 million shares, or 11.7 percent, of the company, needs the votes of a majority of shares to succeed.
Flyi Stock to Be Delisted by Nasdaq
Flyi, the parent of Dulles-based Independence Air, said it was notified that its stock will be delisted by the Nasdaq Stock Market. Tuesday will be the final day the company's shares will trade. On Monday, Flyi filed for bankruptcy reorganization and warned that its stock was likely to have no value as a result.
MERGERS & ACQUISITIoNS
Constellation Bids for British Firm
Baltimore-based Constellation Energy Group said it made a "realistic offer" with hedge fund Perry Capital for Drax Group, owner of Britain's biggest power plant. The offer was made in bidding that ended this week and followed the withdrawal of International Power and Mitsui, which had made a competing offers for Drax.
The acquisition of Drax would enable Constellation to expand its European operations beyond a London coal-trading desk, Morley said. She declined to disclose the amount of the bid.
Drax is preparing for an initial public offering of its shares in London on Dec. 15.
GTSI Reports Accounting Errors
GTSI said it would restate its second-quarter results and file its third-quarter results late after finding that it improperly accounted for expenses in both periods.
About $1 million in the second quarter and $600,000 in the third quarter of costs related to worker retention programs were mistakenly expensed instead of amortized, the Chantilly-based government computer wholesaler said.
The errors will delay its third-quarter results until Nov. 14, GTSI said in a filing with the Securities and Exchange Commission.
RCN, a Herndon cable-television company that emerged from bankruptcy protection last year, posted a loss of $42.1 million in the third quarter, compared with a $75.4 million loss in the corresponding period last year, as more customers signed up for Internet services. Sales rose 14 percent, to $138.8 million.
Spherix, a Beltsville company that runs reservation call centers and attempts to develop biotechnology products, reported a profit of $284,938 (2 cents a share) in the third quarter, compared with $293,622 (2 cents). Revenue fell 5 percent, to $6.7 million, which the company attributed to a drop in reservation sales because of hurricanes and gasoline prices, as well as a temporary reduction in a government contract.
Compiled from staff and news service reports.