Nathan's Feed
Dec 19, 2011

Southeastern fears Olympus board may dilute capital to retain control

TOKYO/LONDON, Dec 19 (Reuters) – A big foreign
investor in Japan’s disgraced Olympus Corp voiced its
concern on Monday that the firm would bring in a major new
investor, in a move that could effectively sink former CEO
Michael Woodford’s campaign to be reinstated.

U.S. fund manager Southeastern Asset Management, which holds
5 percent of the maker of cameras and medical equipment, said in
a statement it was worried the current board may be gearing up
to dilute existing shareholders in a bid to stay in power.

Dec 16, 2011

The masterminds of the Olympus coverup

TOKYO/HONG KONG, Dec 16 (Reuters) – Akio Nakagawa, a
60-year-old semi-retired Japanese banker, had seemingly
vanished.

Nakagawa was at the center of one of corporate Japan’s
biggest scandals: the decades-long cover-up of losses at Olympus
Corp (7733.T: Quote, Profile, Research). Japanese and U.S. investigators wanted to quiz
him about the record $687 million advisory fee his firms had
received on a single deal from the famed maker of cameras and
endoscopes.

Dec 16, 2011

Special Report: The masterminds of the Olympus coverup

TOKYO/HONG KONG (Reuters) – Akio Nakagawa, a 60-year-old semi-retired Japanese banker, had seemingly vanished.

Nakagawa was at the center of one of corporate Japan’s biggest scandals: the decades-long cover-up of losses at Olympus Corp. Japanese and U.S. investigators wanted to quiz him about the record $687 million advisory fee his firms had received on a single deal from the famed maker of cameras and endoscopes.

Dec 15, 2011

Japan’s disgraced Olympus says may rehire ex-CEO

TOKYO (Reuters) – Japan’s disgraced Olympus Corp said on Thursday it would consider reinstating Michael Woodford, the British chief executive it sacked two months ago and who blew the whistle on a fraud that has left it weakened and in need of fresh capital.

Woodford’s return would mark a dramatic climb-down by the existing board of Olympus, which had unanimously fired him in October after he had queried the firm’s dubious book-keeping. The firm later admitted to uncovering a $1.7 billion fraud.

Dec 15, 2011

Disgraced Olympus says may rehire ex-CEO Woodford

TOKYO (Reuters) – Japan’s disgraced Olympus Corp (7733.T: Quote, Profile, Research) said on Thursday it would consider reinstating Michael Woodford, the British chief executive it sacked two months ago and who blew the whistle on a fraud that has left it weakened and in need of fresh capital.

Woodford’s return would mark a dramatic climb-down by the existing board of Olympus, which had unanimously fired him in October after he had queried the firm’s dubious book-keeping. The firm later admitted to uncovering a $1.7 billion fraud.

Dec 15, 2011

Japan’s disgraced Olympus says may rehire ex-CEO Woodford

TOKYO, Dec 15 (Reuters) – Japan’s disgraced Olympus
Corp said on Thursday it would consider reinstating
Michael Woodford, the British chief executive it sacked two
months ago and who blew the whistle on a fraud that has left it
weakened and in need of fresh capital.

Woodford’s return would mark a dramatic climb-down by the
existing board of Olympus, which had unanimously fired him in
October after he had queried the firm’s dubious book-keeping.
The firm later admitted to uncovering a $1.7 billion fraud.

Dec 15, 2011

Shares in Japan’s disgraced Olympus dive on balance sheet worries

TOKYO, Dec 15 (Reuters) – Japan’s disgraced Olympus
Corp said on Thursday it would consider reinstating
Michael Woodford, the British chief executive it sacked two
months ago and who blew the whistle on a fraud that has left it
weakened and in need of fresh capital.

Woodford’s return would mark a dramatic climb-down by the
existing board of Olympus, which had unanimously fired him in
October after he had queried the firm’s dubious book-keeping.
The firm later admitted to uncovering a $1.7 billion fraud.

Dec 14, 2011

Nexon slips after Tokyo IPO, may sting Zynga debut

TOKYO (Reuters) – Online gaming firm Nexon Co slipped on its trading debut on Wednesday following a $1.2 billion (775 billion pound) IPO, Japan’s biggest this year, and may signal a bumpy ride for U.S.-based rival Zynga, which debuts on Nasdaq later this week.

Zynga, which has developed the popular FarmVille and Mafia Wars games for Facebook, has had to trim its near-$1 billion IPO – the largest from a U.S. Internet company since Google Inc in 2004 – because of weak financial markets. It is due to price its offering on Thursday.

Dec 14, 2011

Games company Nexon slips in Tokyo debut

TOKYO (Reuters) – Online gaming firm Nexon Co, an Asian rival to U.S.-based Zynga, slipped lower on its first morning of trading on Wednesday, following its $1.2 billion IPO, Japan’s biggest this year.

Nexon, founded in South Korea almost two decades ago, offers PC-based games for free, while charging users small fees for in-game virtual items such as clothing for avatars — a so-called freemium model that analysts see as relatively recession-proof.

Dec 5, 2011

Zynga rival Nexon’s Tokyo IPO set at $1.2 billion

TOKYO (Reuters) – Online gaming firm Nexon Co fixed the price for its $1.2 billion initial public offering on Monday at the mid-point of a pre-set range, following U.S.-based rival Zynga in settling for a more conservative valuation amid tough stock market conditions.

The public offering, Japan’s biggest this year, was several times oversubscribed, reflecting investor expectations that the firm will continue to expand profits thanks to the increasing popularity of online gaming both domestically and overseas.