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News Corp. to sell 8 TV stations for $1.1 billion
Business |
2007/12/23 11:56
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News Corp., the media company controlled by Rupert Murdoch, will sell eight of its Fox network-affiliated television stations in the U.S. to Oak Hill Capital Partners for about $1.1 billion in cash. The sale in small markets will leave News Corp. with 27 stations in major markets including New York, Boston and Los Angeles. The media conglomerate, which owns the New York Post, a controlling stake in BSkyB satellite TV service, and 20th Century Fox movie studio, recently closed a $5.6 billion deal to buy the Wall Street Journal publisher, Dow Jones. The sale will probably be completed in the third quarter, News Corp. said in a statement Saturday. The purchase will help Oak Hill, the buyout firm founded two years ago by Robert Bass, a Texas oil billionaire, create a broader U.S. network. In May it paid $575 million to acquire stations in Oklahoma, Pennsylvania, Iowa and Arkansas from The New York Times Co. "It is part of News Corp.'s strategic decision to shed low-growth, noncore assets," said Richard Dorfman, managing director of the investment firm Richard Alan. |
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Lottery Ticket Dispute Heads to Court
Court Watch |
2007/12/23 10:00
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What was supposed to be a festive New England Christmas tradition has turned sour for two former friends who are taking their fight over a $200,000 winning lottery ticket to court. Brenda White, 55, of Plaistow, N.H., won the $200,000 on a Massachusetts State Lottery $5 scratch ticket appropriately called "Bah Hum Bucks" during a Yankee swap party on Dec. 15 in Haverhill. In a Yankee swap, participants have the option of either keeping a gift they choose, or swapping for a gift selected by someone who preceded them. White swapped for the lottery ticket originally selected by Franco Sapia, 39, of Derry, N.H. Before scratching the ticket, she promised to split any winnings with Sapia, according to a complaint Sapia filed in Essex Superior Court. She didn't, and Sapia is claiming half the jackpot in his lawsuit, saying there were several witnesses to the promise. A judge has agreed to freeze the jackpot until the matter is resolved. |
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Weston Hurd snaps up Beachwood law firm
Legal Marketing |
2007/12/23 01:50
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Cleveland law firm Weston Hurd LLP has acquired Persky, Shapiro & Arnoff Co. L.P.A. of Beachwood for undisclosed terms.
Persky Shapiro employs seven attorneys, and the acquisition will bring Weston Hurd’s headcount to about 60 attorneys.
Weston Hurd managing partner Carolyn Cappel said the acquisition was attractive in part because it has added a tax practice group to her firm. |
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SKorea's Samsung reports orders worth 2.4 billion dollars
World Business News |
2007/12/23 01:23
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South Korea's Samsung Heavy Industries, the world's second largest shipbuilder, said Monday it has secured new orders worth a total of 2.41 billion dollars. The company said it won a 1.15 billion dollar contract to build two semi-submersible floating drilling rigs by September 2010 for an unidentified Russian client. Separately, clients in Africa and in the Americas ordered two oil drilling ships worth 1.26 billion dollars which will be delivered by May 2011, it said. South Korea, home to seven of the world's top 10 shipyards, clinched record orders last year because of strong demand for crude carriers and offshore exploration equipment as oil prices remained high. The trend continued in the first six months of this year, when local shipbuilders secured a record 33.2 billion dollars' worth of orders -- up 51.3 percent from a year earlier. |
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IRS Manager Nabbed in D.C.Tax Scandal
Legal Business |
2007/12/22 17:09
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A Washington, D.C., tax corruption case that has resulted in tens of millions of dollars being stolen from D.C. government coffers now allegedly involves an IRS manager who is said to have been involved in the fraud scheme. Robert Steven and his wife, Patricia Steven, were arrested in Maryland Thursday and charged with receiving stolen property and aiding and abetting in the fraud. According to an affidavit prepared by FBI Agent Matthew Walsh, Robert Steven had an apparent affinity for Jaguars, saying, "Records obtained from a local automobile dealership indicate that between 2003 and the present, Robert O. Steven purchased four Jaguar automobiles for a total of $257,866, the most recent being a 2007 Jaguar convertible for $96,770.95." The affidavit also notes that Steven worked as a division director for the Modernization Information Technology Systems at the IRS and had an annual salary of $143,471. The case came to light when a bank employee tipped off the FBI to an alleged scheme run by Harriette Walters, a manager at the D.C. Real Property Tax Administration Adjustments unit and Diane Gustus at the D.C. Office of Tax Revenue. The pair allegedly approved and issued fraudulent property tax refund checks that averaged $388,000 per check. Investigators say the funds were used to buy luxury goods, including jewelry, homes and clothing. According to affidavits filed in the case, Walter's annual salary as a District of Columbia employee was $81,000, but from September 2000 to the present, she is said to have spent more than $1.4 million at Neiman Marcus. Court records and an affidavit filed in the case allege that 11 checks totaling almost $2.8 million were issued and deposited into a bank account held and used by Robert and Patricia Steven. The documents claim that a check authorized by Walters on June 30, 2006, for the sum of $490,000 was deposited into the Steven's bank account July 10, 2006. "Agents and prosecutors in Washington, D.C., and Maryland are working diligently to trace every dollar that was stolen from the D.C. Tax Office. My advice to anyone who profited from this scheme is to call the FBI today, and don't wait for us to contact you," said Rod Rosenstein, U.S. attorney for Maryland. The case has been prosecuted by the U.S. Attorneys for Maryland and District of Columbia working with agents from the FBI and IRS Criminal Investigation. Court documents filed in November revealed that in addition to allegedly spending more than $1.4 million at Neimen Marcus, Walters also purchased several properties, including a $420,000 house in Washington and two homes in New Jersey. The New Jersey homes include a $389,000 home in Washington and a $855,000 property in Bridgeport purchased by Walters. |
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Boys’ Kidnapper Gets 170 Years More
Criminal Law |
2007/12/22 17:04
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Michael Devlin received one final sentence Friday — 170 years — for making pornography of a boy he kidnapped and sexually assaulted over four years. Devlin is already serving multiple life terms for kidnapping and assaulting Shawn Hornbeck and another Missouri boy, Ben Ownby. This time around, a federal judge went well beyond the sentencing guideline of 30 years. The sentence came on a guilty plea in October from Devlin to four counts of making pornographic photos and videotapes of Shawn, who was abducted at age 11 in 2002, and two counts for taking Shawn across state lines on trips to Illinois and Arizona with the intent of sexually assaulting him. The Associated Press generally does not identify victims of sexual assaults, but the identities of Devlin's victims became widely known in the coverage of his arrest and prosecution. Devlin, 42, was sentenced to multiple life sentences in October after admitting to crimes in Franklin, Washington and St. Louis counties connected to the abductions of Shawn and 13-year-old Ben Ownby in January. Both boys were found four days after Ben was abducted at Devlin's apartment in the St. Louis County town of Kirkwood. At the federal sentencing hearing Friday, Devlin appeared thinner, with a heavier beard. He showed no emotion, except for an occasional twitch of his shackled hands. Shawn's parents, Craig and Pam Akers, were at the hearing. Craig Akers appeared noticeably pained when Devlin's attorney, Michael Kielty, told the judge that by pleading guilty, Devlin spared the boys and their families "the torture of going to trial." The Akers told the judge Devlin had shown their son, and those who love him, no mercy and spoke of how they were without him for 1,558 days. "I don't think any parent can bear the thought of their child being tortured for one day, yet alone four years," Pam Akers said. Authorities still haven't determined where Devlin will serve his time. Missouri prison officials are so concerned about his safety because of the nature of his crimes that they have said he may be moved to an out-of-state prison or placed in protective custody. Despite news reports that Devlin might be provided a different identity, Department of Corrections spokesman Brian Hauswirth said that had never been planned and questioned whether it would be legally permitted. |
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High Court Asked to Review Congress Raid
Court Watch |
2007/12/22 17:02
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The Justice Department has asked the Supreme Court to toss out a lower court ruling that says the FBI was wrong to raid Democratic Rep. William Jefferson's office, a decision the Bush administration argues will hinder corruption investigations of Congress. In an appeal filed this week, government lawyers said that only the nation's highest court can decide whether the 18-hour raid was an unconstitutional breach of congressional authority or a proper tactic in a lengthy corruption inquiry. "Only this court can resolve this important question," the Justice Department wrote in its 28-page appeal, filed Wednesday. "Until it does so, investigations of corruption in the nation's capital and elsewhere will be seriously and perhaps even fatally stymied." Jefferson's attorney, Robert P. Trout, declined comment Friday. The Constitution prohibits the executive branch from using its law enforcement powers to interfere with the lawmaking process, and the FBI should have given Jefferson a chance to argue that some of the documents involved legislative business, according to the August ruling by the U.S. Court of Appeals for the District of Columbia Circuit. The May 2006 raid was part of a 16-month international bribery investigation of Jefferson, a nine-term Democrat from New Orleans. He is accused of accepting $100,000 from a telecommunications businessman, $90,000 of which was later recovered in a freezer in the congressman's Washington home. Jefferson pleaded not guilty in June to charges of soliciting more than $500,000 in bribes while using his office to broker business deals in Africa. In its August ruling, the federal appeals court held that the raid itself was constitutional. But it ordered the Justice Department to return any legislative documents it seized from Jefferson's office on Capitol Hill. Still undecided is whether prosecutors can use other records it confiscated as part of their bribery case against Jefferson. Justice Department attorneys said the ruling "fundamentally misinterprets" constitutional guarantees that allow the executive branch to investigate and prosecute corruption in Congress. "Although this case involves a search of a Capitol Hill office (a concededly extraordinary event), the court's decision threatens to impede searches of Members' homes, vehicles, or briefcases," government attorneys wrote in their appeal to the Supreme Court. In addition to Jefferson, the Justice Department is investigating disgraced lobbyist Jack Abramoff's dealings with Reps. John Doolittle and Jerry Lewis, both California Republicans; former Rep. Tom DeLay, R-Texas; and former Sen. Conrad Burns, R-Mont. A dozen people — including former Rep. Bob Ney, R-Ohio, former Deputy Interior Secretary Steven Griles and former White House official David Safavian — have been convicted in the Abramoff probe. In a Thursday hearing on the Jefferson case, an FBI agent testified that investigators had information about potentially shady business deals involving Jefferson going back the late 1990s. During a pretrial hearing in federal court in suburban Virginia, FBI agent Timothy Thibault said he found a bureau document from the late 1990s questioning Jefferson's business deals with a sugar company. |
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