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Category: Business
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Auditor doubts NovaStar’s health
It’s one thing when stock market analysts knock your company’s prospects. Even worse when your auditor does the same.
Subprime lender NovaStar Financial cancelled plans to raise $101 million Tuesday saying its auditor, Deloitte & Touche LLP , wanted to include a statement in the company’s financial disclosures about the “uncertainty of NovaStar’s ability to continue as a going concern.”
Kansas City-based NovaStar also said it was cutting another 275 jobs, dropping the employee count to 600, down from more than 2,000 at the end of 2006.
“We are pulling back to focus on NovaStar’s core strengths and preserve liquidity,” NovaStar CEO Scott Hartman said in a statement.
Scott Valentin, an analyst at Friedman, Billings Ramsey & Co., wrote that “an eventual liquidation of the company is highly probable.”
On the web -
Meyerson leaves Accredited
Accredited Home Lenders, the troubled mortgage company with two former S&L regulators on its board, lost a key director this week.
Click here for help putting maps on your site.Zuckerberg Fights Lawsuit Over Facebook Idea
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At the Robin Hood Foundation the rich take from the rich
Gupta picks home-grown board members
While controversial tech entrepreneur Vinod Gupta widely cultivates political alliances around the country, he stays close to home when he picks board members for his Omaha-based company, infoUSA.
Click here for help putting maps on your site.Whole Foods, but not the whole story
So, now we know how at least one corporate CEO got his kicks. For years, he posted on financial bulletin boards, under an alias, sometimes criticizing the competition.
“I posted on Yahoo! under a pseudonym because I had fun doing it,” Whole Foods CEO John Mackey acknowledged on his company’s Web site last night. “I never intended any of those postings to be identified with me.”
Mackey used the pseudonym “Rahodeb,” a variation on his wife’s name, Deborah, from 1999 until last summer The New York Times reported.
The FTC, which is trying to block Whole Foods’ acquisition of another organic grocer, Wild Oats, disclosed the pseudonym in a footnote in a court document. Using his alias, Mackey had posted about Wild Oats.
Competition on a New Level
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Bearish on Mr. Brooks
Bear Stearns was under tremendous pressure on the weekend of June 17. Two hedge funds managed by the company were near collapse.
What did Richard Marin, chief of the asset management unit that oversees the funds, do? He went to the movies. Then he blogged about the film, Mr. Brooks. (Marin gave it a thumbs down.)
“I had been working 24-7 on this thing. Taking a small amount of time to clear my head seemed reasonable,” he told the New York Times.
We suspect that when the Times discovered the blog, whimofiron.blogspot.com, it was open for public viewing. But by this morning, readership was by invitation only.
Update: Bear Stearns replaced Marin on June 29, naming Jeffrey B. Lane to head the unit. Marin now serves as an adviser to Lane.
On the webA New Genre on Wall St.: Bailout Blog – New York Times (registration required)Sec Chairman Defends Record
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