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Tag: Lockheed Martin
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Ellison in court over America’s Cup
The battle for the America’s Cup is being fought not on the high seas but in New York State Supreme…
Oracle CEO Larry Ellison, whose team lost the race this year, has accused winner Ernesto Bertarelli of manipulating the rules governing the next cup.
The court case, filed by the Golden Gate Yacht Club, charges that Bertarelli’s team has accepted a challenge from a team with no standing, and has refused to disclose design specifications for boats sailing in the race. Bertarelli’s group, Societe Nautique de Geneve, has turned the competition into a “Defender’s Cup,” the suit charges.
Justice Herman Kahn has scheduled a hearing for Oct. 22.
Ellison is known not only for his love of sailing, but for his fierce competitiveness. He owns the world’s second-largest private yacht, the 454-foot Rising Sun, which was designed to be longer than Microsoft billionaire Paul Allen’s yacht, Octopus.
However, as Robert Frank has noted in the Wall Street Journal Wealth Report, Ellison is building a new boat. The Rising Sun, it turns out, is too big to park at most of the world’s marinas.
On the web
New York Supreme Court sets October hearing date on America’s Cup lawsuit – International Herald Tribune
Billionaire Boat Battle – Forbes
Ellison’s New Yacht – Wall Street Journal -
A Change of Course for Indymac
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New School Touched by Hsu Scandal
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Murdoch Gets Taste of His Own Medicine
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Judith Miller Joins Think Tank
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Plum Tv Courts the Elite
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Thompson Announces Candidacy
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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 -
Google Signs Deal With Wire Services
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