Buyout cancels settlement money
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An NC Business Court judge&#39;s ruling this week frees tobacco companies from making end-of-year payments to farmers. Judge Ben Tennille ruled Thursday that the four major tobacco
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Bank of New Zealand has frozen all accounts held in the name of Access Brokerage, which was yesterday placed in liquidation after a client fund shortfall of around $5 million was discovered.
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Buyout firms have drawn upon a seemingly bottomless wellspring of investorsâ money and extraordinarily lenient lending terms to close ever-larger deals.
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The $850 million settlement Marsh &amp; McLennan Cos. reached with New York Attorney General Eliot Spitzer yesterday will have a small but positive effect on its mutual-fund subsidiary, Putnam Investments, but is unlikely to resolve whether the Boston firm should split from its corporate parent, analysts said yesterday.
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Business & money: Â·  Payout comes despite claims of price-fixing Â·  Airline cites 'contractual obligations' for move
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One of the largest private takeovers in history -- the $25.3 billion buyout for college loan giant Sallie Mae -- unraveled yesterday after its buyers balked at the price, citing turmoil in the credit markets and federal legislation to cut subsidies to student lenders.
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Microsoft and Sendo announced a settlement has been reached regarding all claims in the litigation between the two companies, resulting in Microsoft surrendering its once-$12 million shareholding in Sendo.
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Business & money: Â· Buyout firms blamed for collapse of schemesÂ· Labour donor linked to Â£81m of deficits
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Ambac Financial, which insures against sub-prime losses,  abandons share sale
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Providence Equity Partners said Sunday it was ''surprised and disappointed'' by a lawsuit filed Friday by Clear Channel Communications Inc. to force the private-equity firm to close a purchase of Clear Channel's television stations. Clear Channel said in the lawsuit that Providence has dragged its feet in the $1.2 billion deal for the TV stations, [...].
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Insurance broker Marsh &amp; McLennan Cos. said yesterday it is renegotiating terms of $2.8 billion of backup bank financing after New York Attorney General Eliot Spitzer sued the company last week. The move is likely to raise the company's borrowing costs.
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Harman International Industries Inc  said its private equity buyers are pulling out of their $8 billion buyout deal, a severe blow to the company whose shares fell more than 25 percent on Friday.
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Business & money: Oil giant agrees to withhold Â£1.5m owed to former chief executive while a court case is resolved.
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US equity fund Newbridge Capital Ltd., which is selling Korea First Bank, yesterday postponed its anouncement of a preferred bidder, indicating that it is having difficulty setting the sale price with HSBC Holdings Plc and Standard Chartered Plc.
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3Com said Wednesday that it has withdrawn a $2.2 billion offer for the network equipment maker from consideration by a federal national security regulator, marking the potential demise of yet another private equity deal. It crystallizes months of fears and skepticism by investors that the buyout, by Bain Capital and China's Huawei Technologies, would fail because [...].
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Harman International has reached a compromise with a pair of buyout firms that will allow them to terminate a planned takeover of the company in return for a $400 million investment -- avoiding litigation that both sides viewed as too costly.
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Access Brokerage liquidators said today they had discovered a $5 million shortfall in the share trader&#39;s accounts and the Bank of New Zealand said it has frozen all accounts in the name of Access Brokerage Ltd, including trust accounts.