BRIEFCASE NEW CFO NAMED AT UNIVERSAL FILMS.Byline: - Staff and Wire Services UNIVERSAL CITY - William A. Sutman was named executive vice president and chief financial officer of Universal Pictures, the studio announced Wednesday. Sutman returns to Universal after serving as executive vice president, finance, for the CANAL+ Group during the integration of the two companies within Vivendi Universal. Sutman succeeds Frederick D. Huntsberry, who was recently promoted to executive vice president and CFO See Chief Financial Officer. of Vivendi Universal Entertainment. Sutman will be responsible for all global finance activities, including performance monitoring, accounting and reporting for Universal Pictures and all of its divisions. Officials approve bank's stock split GRANADA HILLS - First State Bank of California The Bank of California was founded in San Francisco, California on July 5, 1864 by William Chapman Ralston. It was the first commercial bank in the Western United States, the second-richest bank in the nation, and considered instrumental in developing the American Old West. announced Wednesday that the Department of Financial Institutions has approved the two-for-one stock split of the bank's common stock. One additional share of the bank's common stock will be issued to shareholders for each share held of record at the close of business Monday. As of March 31, the bank's total assets were $126 million versus $94 million a year earlier, a 34 percent increase. Over the same period, total deposits increased from $84.4 million to $114.5 million. First State Bank is headquartered in Granada Hills and also has a branch in Burbank. Firm's board loses power, drops plan WOODLAND HILLS - Advanced Biotherapy biotherapy /bio·ther·a·py/ (-ther´ah-pe) biological therapy. bi·o·ther·a·py n. Treatment of disease with biologicals, such as vaccines. Inc. announced Wednesday that its board has relinquished its authority to implement a reverse stock split. The board ``determined that a reverse stock split would not presently be in the best interests of the stockholders of the company,'' according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. a statement. As a consequence of the decision, the board will not have the authority to implement a reverse stock split unless a specific proposal is presented to, and approved by, the company's stockholders or unless otherwise permitted by law. The company said it has no current plans to present such a proposal to its stockholders. ValueClick offers purchase rights WESTLAKE VILLAGE - ValueClick Inc. announced on Wednesday the adoption of a Stockholder Rights Plan, in which preferred stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. purchase rights will be granted as a dividend at the rate of one right for each share of common stock held of record as of the close of business June 14. ValueClick said its board's adoption of the rights plan, which is similar to plans adopted by more than 3,000 publicly traded companies publicly traded company A company whose shares of common stock are held by the public and are available for purchase by investors. The shares of publicly traded firms are bought and sold on the organized exchanges or in the over-the-counter market. , is designed to ensure that stockholders ``receive fair and equal treatment in the event of an unsolicited attempt to take control of the company and to deter coercive or unfair takeover tactics by potential acquirers.'' The rights are not being distributed in response to any specific effort to acquire control of ValueClick, and the board of directors is not aware of any effort by a third party to acquire control of ValueClick, according to a company statement. Insurers complain of water damage Insurance payments to homeowners for water damage have doubled in California in the past four years and threaten to constrict con·strict v. To make smaller or narrower, especially by binding or squeezing. the market, an industry survey released Wednesday said. According to the Insurance Information Network of California trade group, water-related claims make up about one-third of all homeowner insurance claims filed last year in the state and accounted for about 40 percent of payments. The trade group polled companies representing 63 percent of California's homeowner insurance market. It found that their water claims increased to $430 million last year, up from $206 million in 1997. Overall, insurers paid out as much as $2.5 billion for water-related claims between 1997 and 2001, the report estimated. The numbers justify insurer attempts to raise homeowner premiums and to seek an exemption from covering claims for household mold, the industry said. Several insurance firms, including Allstate and State Farm, recently won regulatory approval for double-digit rate hikes. Grand jury indicts currency trader BALTIMORE - A U.S. currency trader accused of hiding $691 million in trading losses The following contains a list of trading losses which eventually forced major corporations to go bankrupt or restructure parts of their organisation. This list is not exhaustive. at Allfirst Financial Inc. was indicted INDICTED, practice. When a man is accused by a bill of indictment preferred by a grand jury, he is said to be indicted. Wednesday by a federal grand jury. John Rusnak John Rusnak was a former currency trader at Allfirst bank, then part of AIB Group, in the United States. On January 17, 2003 he was sentenced to 7 1/2 years in prison for hiding US$691 million in losses at the bank, after bad bets snowballed in one of the largest ever cases of bank was indicted on charges of bank fraud, false entry in bank records, and aiding and abetting a·bet tr.v. a·bet·ted, a·bet·ting, a·bets 1. To approve, encourage, and support (an action or a plan of action); urge and help on. 2. , said deputy clerk Agnes Finney. The indictment followed a four-month investigation into trading from 1997 to 2001. Allied Irish Banks Allied Irish Banks, p.l.c. (AIB) (Irish: Bainc-Aontas Éireann),ISEQ: ALBK, LSE: ALBK, NYSE: AIB, FWB: AIB is a commercial bank based in Ireland not to be mistaken for Anglo Irish Bank. AIB is one of the so called Big Four commercial banks in Ireland. PLC, Allfirst's parent company, has accused Rusnak of covering up huge losses by fabricating purchases of options contracts - which are designed to provide insurance for potential losses on currency purchases - chiefly in Japanese yen “Yen” redirects here. For the other use, see Yen (disambiguation). “JPY” redirects here. For the Australian singer with the same moniker, see John Paul Young. . |
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