BRIEFCASE HOMESTORE ENDS CENDANT DISPUTE.Byline: - Staff and Wire Services WESTLAKE VILLAGE - Homestore Inc. said Wednesday that it has settled a dispute with Cendant Corp. over its acquisition of Move.com in 2001. Homestore, based in Westlake Village, said in early 2002 that it would have to restate its financial results for 2000 and the first three quarters of 2001. Cendant then accused Homestore of having misrepresented several facts about its financial condition at the time of its purchase of Cendant's Move.com unit. Wednesday's settlement cancels and replaces several agreements between the companies that they had forged at the time of the Move.com deal. One calls for Homestore to register about 18.3 million shares of Homestore common stock that Cendant owns. Homestore also said it will take a one-time, noncash charge Noncash charge A cost, such as depreciation, depletion, and amortization, that does not involve any cash outflow. That is, this is treated as an accounting expense -- not a real expense that demands cash. of $12.2 million for the second quarter. Countrywide deal creates venture CALABASAS - Countrywide Home Loans Inc and Star Real Estate on Wednesday announced the formation of Terra Mortgage, an operating division of Countrywide Mortgage Ventures LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control . The joint venture will enable home buyers and sellers to access a wide array of home-financing programs, while simplifying the process. Star Real Estate is headquartered in Orange County. Stiefler to head Digital Insight CALABASAS - Digital Insight Corp. announced the appointment Wednesday of Jeffrey E. Stiefler as chairman, president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of the online finance company. Stiefler, who formerly served as president of American Express American Express (NYSE: AXP), sometimes known as "AmEx" or "Amex", is a diversified global financial services company, headquartered in New York City. The company is best known for its credit card, charge card and traveler's cheque businesses. and president and CEO of IDS Financial Services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. , will assume his new role in early September. He replaces John Dorman, who announced his retirement earlier this year. Dorman will remain on the board of directors. Herbalife names Probert new CEO Los Angeles-based Herbalife International Inc. announced Wednesday that former Disney executive Gregory Probert was named chief operating officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. , with overall responsibility for the company's business operations Business operations are those activities involved in the running of a business for the purpose of producing value for the stakeholders. Compare business processes. The outcome of business operations is the harvesting of value from assets worldwide. He succeeds Brian Kane, who is relocating to the United Kingdom as president of Herbalife Europe Ltd. Probert was with The Walt Disney Co. for 12 years, ultimately serving as executive vice president and chief operating officer for the $3.5 billion Buena Vista Home Entertainment worldwide business. His Disney tenure included postings in Hong Kong and Paris and running the $1.5 billion international home-video division, managing the operations of 1,000 employees in 65 countries. AMD (Advanced Micro Devices, Inc., Sunnyvale, CA, www.amd.com) A major manufacturer of semiconductor devices including x86-compatible CPUs, embedded processors, flash memories, programmable logic devices and networking chips. buying unit of chip company SAN JOSE - In an effort to further expand its chip offerings beyond personal computers, Advanced Micro Devices Inc. said Wednesday that it's purchasing the information appliance unit of National Semiconductor Corp. Financial details of the deal, which is expected to close later this month, were not disclosed. AMD will acquire intellectual property and other assets other assets Assets of relatively small value. For financial reporting purposes, firms frequently combine small assets into a single category rather than listing each item separately. consisting mainly of the Geode family of microprocessors, which National Semiconductor bet would be the chip of choice for so-called information appliances such as kitchen Web browsers and e-mail readers. |
|
||||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion