Resource America calls "misleading" report that questions its accounting
Article Abstract:
The Philadelphia-based specialty lender Resource America Inc. attacked a consulting firm's negative report on its accounting practices. Off Wall Street Consulting Group Inc. had issued the report Sunday night, and Resource America's shares fell 30% the next day and a further 6.1% on Tuesday. Resource America, which buys and then restructures non-conforming loans, said the report was based on a misunderstanding of its business. Off Wall Street faulted the lender for its use of "gain on sale" accounting, a practice Resource America says is routinely used in the industry.
Comment:
Tries to stem the slide in stock price by protesting a report critical of its accounting practices
Publication Name: The Wall Street Journal Western Edition
Subject: Business, general
ISSN: 0193-2241
Year: 1998
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Pharmacy Fund's bankruptcy petition leaves stores searching for cash sources
Article Abstract:
Pharmacy Fund Inc has filed for bankruptcy protection under Chapter 11, leaving liabilities of approximately $75 million. The Sep 8, 1998 filing affects over 2100 drugstore operators nationwide, affecting about 10% of independents and such large chains as Duane Reade Inc of New York. Pharmacy Fund owes about $10 million to drugstores and leaves them to collect receivables from insurers on their own. The filing could bankrupt many small drugstores, including his own, says Rick Ammirati of the Hoboken, NY independent Friendly Drugs.
Comment:
Files for Chapter 11 bankruptcy protection, leaving liabilities of close to $75 million
Publication Name: The Wall Street Journal Western Edition
Subject: Business, general
ISSN: 0193-2241
Year: 1998
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DQE calls off its planned acquisition by Allegheny Energy, citing regulators
Article Abstract:
Pittsburg-based DQE Inc., citing a recent decision by regulators at the Pennsylvania Public Utility Commission, has called off its planned acquisition by Allegheny Energy Inc. Allegheny Energy issued a statement saying that it will continue with its acquisition plans despite the setback in which regulators ruled to disallow more than $1 billion in stranded costs that Allegheny had been seeking for its West Penn Power Co. unit. Allegheny Energy has filed a suit to reverse the decision by the Pennsylvania Public Utility Commission.
Comment:
Is opposing decision by Pittsburg-based DQE Inc., which wants to call off its planned acquisition by Allegheny
Publication Name: The Wall Street Journal Western Edition
Subject: Business, general
ISSN: 0193-2241
Year: 1998
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