Gina's Feed
Jan 21, 2010

Blockbuster lowers 2009 EBITDA forecast

LOS ANGELES, Jan 20 (Reuters) – Blockbuster Inc <BBI.N> on
Wednesday said a preliminary accounting showed that its fourth
quarter and fiscal 2009 earnings would be sharply lower than
expected due to weak holiday and international sales.

The once-mighty U.S. movie rental chain said it now
anticipates adjusted earnings before interest, taxes,
depreciation and amortization (EBITDA) of $195 million to $205
million for the year ended Jan. 3.

Jan 20, 2010

Samsung, Rambus settle in $900 million deal, shares leap

SAN FRANCISCO (Reuters) – Samsung Electronics Co Ltd <005930.KS> and Rambus Inc <RMBS.O> have ended their legal battles with a settlement worth potentially $900 million that nets Samsung a sizeable stake in the company.

The settlement is expected to apply pressure on Micron Technology Inc <MU.O> and Hynix Semiconductor Inc <000660.KS> — Samsung’s fellow defendants in a Rambus suit accusing them of price fixing — to also settle.

Dec 19, 2009

OneWest buys First Federal as 7 US banks fail

LOS ANGELES/NEW YORK, Dec 18 (Reuters) – OneWest Bank,
formerly failed mortgage lender IndyMac, bought the assets of
First Federal Bank after it was closed by U.S. regulators, in a
deal that may bolster the case for private investment in banks.

California’s First Federal was one of seven U.S. lenders
closed on Friday by regulators, bringing the total number of
U.S. bank failures this year to 140.

Dec 16, 2009

Abu Dhabi fund seeks Citi deal scrapped or $4 billion

NEW YORK/LOS ANGELES (Reuters) – Citigroup Inc said on Tuesday the Abu Dhabi Investment Authority filed an arbitration claim against it, accusing the U.S. lender of misrepresentation over a $7.5 billion investment by the sovereign wealth fund.

The sovereign wealth fund, considered by some the largest in the world, bought securities from the U.S. bank in 2007. In the original deal, the Citigroup bonds must be converted into common stock at a price between $31.83 and $37.24 a share between March 2010 and September 2011.

Dec 16, 2009

Backdating cases against Broadcom execs dismissed

LOS ANGELES, Dec 15 (Reuters) – A U.S. judge tossed out
criminal and civil charges against Broadcom Corp’s <BRCM.O>
co-founder Henry Nicholas III and former Chief Financial
Officer William Ruehle on Tuesday and told the government not
to bother trying to reinstate the stock options
backdating-related cases because of misconduct by prosecutors.

U.S. District Judge Cormac Carney acquitted Ruehle, who was
in the midst of trial in Santa Ana, California, on
backdating-related charges, and dismissed with prejudice the
indictment against Nicholas, whose trial was set for 2010.

Dec 15, 2009

Backdating cases dismissed against Broadcom execs

LOS ANGELES (Reuters) – A federal judge in California on Tuesday dismissed stock options backdating-related charges against Broadcom Corp co-founder Henry Nicholas and former Chief Financial Officer William Ruehle, citing allegations of misconduct by prosecutors.

U.S. District Judge Cormac Carney also ordered prosecutors to explain at a February 2 hearing why they should be allowed to proceed with a separate drug possession trial against Nicholas, set for 2010.

Dec 15, 2009

Americans turn to TV as recession hits spending

LOS ANGELES (Reuters) – More U.S. consumers have turned to the great American pastime of watching television as the recession strained household budgets, a survey set to be released on Tuesday shows.

More than a third of Americans ranked watching TV, either live or using an On Demand feature or digital video recorder, as their favorite media activity, a 26 percent jump over 2008, the survey of U.S. entertainment preferences says.

Dec 12, 2009

Citigroup sued by Terra Firma over EMI deal

LOS ANGELES, Dec 11 (Reuters) – British private equity firm
Terra Firma [TERA.UL] accused Citigroup Inc <C.N> of fraud and
sued the bank for billions in damages in connection with Terra
Firma’s purchase of music business EMI Group [LNDONE.UL] in
2007, court documents filed on Friday in New York showed.

Terra Firma accuses Citigroup of inflating the price it
paid for EMI by failing to reveal that the only other bidder,
Cerberus Capital Management, had withdrawn hours before an
auction for EMI closed, Terra Firma’s attorney Jonathan Sherman
told Reuters.

Dec 10, 2009

U.S. judge mulling acquittal of Broadcom’s Ruehle

LOS ANGELES, Dec 10 (Reuters) – The government’s stock
options backdating case against former Broadcom Corp <BRCM.O>
Chief Financial Officer William Ruehle may implode next week
over allegations of prosecutorial misconduct and doubts about
Ruehle’s intent to commit a crime.

In a surprise move during Ruehle’s trial in Santa Ana,
California on Wednesday, U.S. District Judge Cormac Carney said
he will mull acquittal for Ruehle on Monday after setting aside
a guilty plea and dismissing a charge against one of the case’s
main witnesses — Broadcom co-founder Henry Samueli.

Dec 10, 2009

U.S. appeals court weighs Mattel Bratz case

PASADENA, California (Reuters) – U.S. appeals judges on Wednesday questioned whether a California trial judge went overboard by awarding MGA Entertainment Inc’s Bratz doll franchise to Mattel Inc after MGA lost a copyright infringement trial to its rival in 2008.

The three-judge panel of the Ninth U.S. Circuit Court of Appeals also took aim at Mattel’s employment contract at the center of the dispute over the big-headed, pouty-lipped ethnic doll line during an oral argument in Pasadena, California.