BRIEFCASE YOUBET.COM INC. RAISES $2 MILLION.Byline: - Staff and wire reports WOODLAND HILLS - Youbet.com Inc. has closed on $2 million in private-placement financing, officials of the online live event and wagering company, based in Woodland Hills, announced Wednesday. The terms of financing, led by Rice-Voelker LLP LLP - Lower Layer Protocol of New Orleans New Orleans (ôr`lēənz –lənz, ôrlēnz`), city (2006 pop. 187,525), coextensive with Orleans parish, SE La., between the Mississippi River and Lake Pontchartrain, 107 mi (172 km) by water from the river mouth; founded , include a two-year balloon note, carrying a 10 percent coupon, and an obligation to assign to the investors a warrant to purchase 0.667 shares per dollar invested. The funds will be used to provide additional flexibility as the company leverages the growth it has recently experienced in account activity. CSC board to vote on DynCorp deal EL SEGUNDO El Segundo (ĕl sēgŭn`dō), industrial city (1990 pop. 15,223), Los Angeles co., S Calif., on Santa Monica Bay; inc. 1917. Its products include navigation and computer systems, aircraft parts, office machines, telephone apparatus, and - Computer Sciences Corp. officials announced Wednesday that a special stockholders meeting is scheduled for March 7 to vote on a planned merger with DynCorp. CSC officials had announced on Dec. 13 that they intended to acquire DynCorp in a transaction valued at about $950 million. DynCorp, a $2.3 billion company with 550 locations globally and more than 23,000 employees, is among the largest employee-owned technology and outsourcing firms headquartered in the United States. If the merger is successfully completed, CSC expects to derive about $6 billion in annual revenue from the federal government. Sugar succeeds Kresa at Northrop CENTURY CITY - Northrop Grumman Corp.'s directors on Wednesday named Ronald D. Sugar, the company's president and 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. , to replace Kent Kresa as chief executive officer. Kresa, who is also chairman, had planned to retire after reaching the board's mandatory retirement age of 65 for senior executives. He will remain chairman until Oct. 1, Northrop Grumman said. Sugar will become chief executive officer of the nation's second-largest defense contractor on April 1. He will remain president as well. Kresa has been chief executive for 13 years. Oil prices highest since October '90 NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of - The price of oil is nearing levels not seen since 1990 as the U.S. prepares for a potential war in Iraq at a time when crude supplies are extremely tight. The March crude contract rose 20 cents Wednesday to finish the day at $37.16 per barrel, a new 29-month peak. Oil futures on the New York Mercantile Exchange New York Mercantile Exchange (NYMEX) The world's largest physical commodity futures exchange. are just a nickel shy of closing at their highest level since Oct. 16, 1990. Former Tyco CFO See Chief Financial Officer. faces tax charges CONCORD, N.H. - Tyco International Ltd.'s former chief financial officer, already charged with stealing more than $600 million from the company, now faces federal tax evasion The process whereby a person, through commission of Fraud, unlawfully pays less tax than the law mandates. Tax evasion is a criminal offense under federal and state statutes. A person who is convicted is subject to a prison sentence, a fine, or both. charges. Mark Swartz, 45, has been indicted INDICTED, practice. When a man is accused by a bill of indictment preferred by a grand jury, he is said to be indicted. by a federal grand jury in Concord, N.H., on charges of evading almost $5 million in federal income taxes, federal officials said Wednesday. Swartz is accused of failing to include a $12.5 million bonus he received from Tyco in August 1999 on his tax return for 1999. According to the indictment, the bonus was in the form of forgiveness of a $12.5 million debt Swartz owed the company. |
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