Battle erupts over Philip losses
Article Abstract:
Philip Services Corp., a leading industrial waste recycling company in North America, has filed a $200-million lawsuit against Robert Waxman, the former head of its metals division, and two other former employees alleging that they defrauded Philip at least $25 million through false copper dealings. Waxman, who resigned from Philip in Jan. 1998, denied the claims and countercharged that senior executives of Philip have misrepresented the company's financial situation in the past two years. Among the charges against Waxman, together with two former Philip copper traders, is that he engaged in copper trading with companies he owned for his benefit which resulted to huge losses for Philip.
Comment:
Files a $200-mil lawsuit against former employee Robert Waxman & 2 others charging they defrauded the firm by at least $25 mil
Publication Name: Globe & Mail (Toronto, Canada)
Subject: News, opinion and commentary
ISSN: 0319-0714
Year: 1998
User Contributions:
Comment about this article or add new information about this topic:
Crown Life to have few insurance assets
Article Abstract:
Crown Life Insurance Co. of Regina, Saskatchewan will transfer most of its insurance assets to Canada Life Assurance Co. amounting to around $5 billion. The firm will design a fresh business plan over the next three years, according to Crown Life chairman Paul Hill. The transfer to the Toronto, Ontario-based Canada Life will reportedly have minimal effect on Crown Life shareholders since the book value of Crown Life is expected to rise due to increased surplus capital following its transfer of insurance liabilities. Crown Life's book value is expected to increase to $110 per share following the transaction from $93 per share.
Comment:
Will acquire most of the insurance assets of Crown Life Insurane Co amounting to around $5 billion
Publication Name: Globe & Mail (Toronto, Canada)
Subject: News, opinion and commentary
ISSN: 0319-0714
Year: 1998
User Contributions:
Comment about this article or add new information about this topic:
Sun Media targets Southern Ontario
Article Abstract:
Sun Media Corp. has acquired four more daily newspapers from Southam Inc. particularly in Hamilton, Guelph, Cambridge and Kitchener-Waterloo to become the dominant daily newspaper chain in the Southern Ontario market. Considerable resources have been invested by Sun Media's rival Torstar Corp. in the rapidly growing Greater Toronto Area aimed at expanding circulation of The Toronto Star, the largest newspaper in Canada. Toronto Star has an average daily circulation of 515,000 copies compared to Sun Media's daily circulation of about 583,000 in Southern Ontario.
Comment:
Acquires 4 more daily newspapers from Southam Inc in Hamilton, Guelph, Cambridge and Kitchener-Waterloo, Ontario
Publication Name: Globe & Mail (Toronto, Canada)
Subject: News, opinion and commentary
ISSN: 0319-0714
Year: 1998
User Contributions:
Comment about this article or add new information about this topic:
- Abstracts: Bidders expected to eyeball Philip assets. TSE chairwoman a natural trail-blazer. Le Pan exit comes as a surprise
- Abstracts: Peers pressured. Spinning out of control. Leading her majesty from one step behind
- Abstracts: Satellite's death puts millions out of touch. Sprint system similar to Internet technology. Loss shows key role of satellites
- Abstracts: GM's Saturn plant opts for vote on strike. Strike keeps parts from GM plants. Workers set strike deadline at key GM plant
- Abstracts: Mpact soars with buyer in wings. Discreet Logic boss steps down for second time. Newbridge posts fiscal year loss