Interestingly, Ruby Tuesday Inc. knew the delay was coming. On Monday, the company said in a press release it would delay implementing FIN 46 precisely because FASB proposed a delay in the effective date of FIN 46 for certain types of variable-interest entities, including franchisees.

"The company believes it would not be prudent to adopt FIN 46 prior to issuance and review of the final guidance, as it is possible there could be further, unexpected modifications to FIN 46, including modifications that might lead the company to conclude some or all the franchise partnerships should not be consolidated," the company stated at the time.

Practically everyone involved in preparing corporate financial statements "will welcome some more time to try to better understand and analyze the impact of FIN 46," Jim Mountain, a Deloitte & Touche partner, told Dow Jones. "It's a very complicated standard."

Short Takes

• Sears, Roebuck and Company, whose stock has more than doubled since hedge fund manager Edward Lampert became its largest shareholder late last year, said it will spend $3 billion to buy back its shares.
  
  

• Embattled Eastman Kodak Company sold $500 million of 7.25 percent 10-year senior notes and $500 million of 3.375 percent convertible senior notes in private placements. The 10-year notes were priced to yield 7.265 percent. The convertibles have a term of 30 years, with a right by the company to call them on or after seven years and a right by holders to put their notes at various times on or after seven years. They are convertible into Kodak common stock at a price of $31.02, equal to a conversion premium of about 47 percent, based on the closing price of $21.10 on Oct. 7.
  
  

The proceeds from the offerings will be used to repay part of Kodak's commercial paper borrowings and to partly fund Kodak's announced acquisition of PracticeWorks, Inc.

• JetBlue Airways Corp., which earlier this week announced a 3-for-2 stock split, also filed a shelf registration to sell up to $750 million in debt securities, stock, and pass-through certificates. The proceeds will be used to fund working capital and for capital expenditures, the company said.
  
  

• Harvey Wagner resigned as CFO of Mirant Corporation less than a year after joining the bankrupt energy trader. The company said the 62 year-old would stay on in an interim capacity until a replacement is hired. "Harvey believes that at this important time in Mirant's restructuring process, the company deserves to have a CFO capable of making the necessary commitment to see it emerge from Chapter 11 as viable and strong," Marce Fuller, the company's president and chief executive said. "Since he is in the latter stages of his career, this is a commitment he cannot make."
  
  

• FreeMarkets Inc. CFO Joan Hooper resigned to join Dell Inc. as a vice president of finance. FreeMarkets said controller Sean Rollman will take on Hooper's finance responsibilities until a replacement can be found.
  
  

• Texas Capital Bancshares, the parent company of Texas Capital Bank, named Peter B. Bartholow as finance chief of both entities. He will oversee the finance organization and investment activities. Bartholow will also supervise funding initiatives, including BankDirect, the bank's Internet banking division. Further, we will manage relationships with Wall Street and the investment community.
  
  

The company said Bartholow's appointment would allow Greg Hultgren, an executive vice president who had been serving as both CFO and chief operating officer since the bank's inception, to focus solely on operations. Bartholow most recently served as a managing partner of Hat Creek Partners, a Dallas-based private equity firm.

• HealthSouth Corporation said William Owens, one of five former company CFOs who pleaded guilty to accounting fraud, resigned from the board. Owens was fired after he agreed to plead guilty to fraud charges on March 26.
  
  

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