VideoSay What?
SBC Communications said on Friday that it has agreed with the Federal Communications Commission to either sell its security and fire detection division SecurityLink or pay $1 million to the U.S. government.
The reason: Alleged violations of the 1996 Telecommunications Act by Ameritech Corp., an Illinois-based unit of SBC that owns SecurityLink.
And what was the transgression? SBC and the FCC won't say.
SBC said it has been ordered to either form a pact to sell SecurityLink by Feb. 9, 2001 or pay $1 million to the government.
Hard to believe the reason for the fine is not material information.
Guess they are still in compliance with Reg FD as long as they keep everyone in the world in the dark.
Once More, With DaimlerChrysler
Recalls continue to plague the auto industry.
This time, DaimlerChrysler Corp. is recalling 1.4 million minivans following reports that fuel-rail seals leaked in 43 instances.
The company is quick to point out that this small number of confirmed leaks isn't enough to establish a pattern. However, the cars are being recalled anyway "to give customers the added assurance that future problems will be prevented," says the company.
The recall affects 1996-99 and some 2000 model year Dodge Caravan and Grand Caravan, Plymouth Voyager and Grand Voyager and Chrysler Town & Country minivans with 3.3-liter and 3.8-liter V-6 engines.
DaimlerChrysler said the recall doesn't affect flexible-fuel vehicles and 2000 model year minivans built after September 1999. The new, redesigned 2001 model-year Chrysler and Dodge minivans aren't affected either, the company said.
Water, Water, I Need Water
Enron Corp., a wholesale energy marketer, said it will provide up to $275 million to finance the privatization of its ill-fated water services affiliate Azurix Corp. for $7 per share.
Enron spokesman Mark Palmer told Reuters the plan amounted to Enron offering to loan Azurix's board enough money to purchase Azurix's 38.8 million outstanding publicly traded shares.
Remember, back on Aug. 25 Azurix Chairman and Chief Executive Officer Rebecca Mark resigned after a steep decline in Azurix's stock price since Enron spun the company off in an initial public offering at $19 per share in June 1999.
CFO.com Briefcase
- Palm Inc.'s stock will be added to the NASDAQ 100 index beginning Nov. 6.
- For the past two weeks, more companies pulled their IPOs than registered new ones, according to the Wall Street Journal.
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