Word: bondie
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...better of earlier plans to sell their own shares immediately. But Google's success is an exception: in the past month, Claria, PlanetOut and Nanosys, all based in Silicon Valley, have canceled or postponed their IPOs. Round Two Of The Blame Game First the banks, then the auditors. Enrico Bondi, Parmalat's bankruptcy commissioner, filed a $10 billion suit against Deloitte Touche Tohmatsu and Grant Thornton International, the firms that audited the books of the disgraced Italian food and dairy company. The suit follows others filed against Citigroup, UBS and Deutsche Bank (TIME, Aug. 23), as well as Credit Suisse...
...because they knew how perilous the company's financial situation was? And if so, could those deals be construed as contributing to Parmalat's downfall? The banks' answer is, emphatically, no. They say the deals were proper, and that Parmalat's dire reality was hidden from them. But Enrico Bondi, the Italian turnaround expert who in December was appointed Parmalat's bankruptcy commissioner, alleges that the answer is yes - and this month he filed suit in Parma's court against the two banks, claiming that both transactions were illegal under Italian bankruptcy law and should be revoked. Last month...
DIED. THOMAS GOLD, 84, subversive astrophysicist whose brilliant and often heretical scientific theories dealt with everything from the mechanics of the human ear to the origin of the universe; in Ithaca, N.Y. In 1948, with fellow physicists Fred Hoyle and Hermann Bondi, he proposed the steady-state theory of cosmology, which suggested that the universe is constantly producing matter and infinitely expanding. This philosophy, which flew in the face of the more widely held Big Bang theory, was elegant but ultimately proved flawed. Gold's daring explanation of pulsars, however--that they are rapidly spinning neutron stars--was a winner...
...America and auditing houses Grant Thornton and Deloitte & Touche also face indictment (they deny wrongdoing). Prosecutors hope to skip the preliminary hearing and obtain rapid convictions in a case that has eroded confidence in Italian industry and finance. Another important delivery arrived last week, as state-appointed executor Enrico Bondi presented his bailout plan. He hopes to sell all noncore businesses and reduce Parmalat's brands from 120 to 30 (concentrating on fruit juices and, of course, milk). Prosecutors in Milan are expected to seek more trials, under normal timetables, against other suspects. T-Mobile's Berry Big Deal...
...father's alleged deeds. Investigators claim the younger Tanzis helped divert as much as €400 million into private family accounts to try to salvage the tourism business run by Francesca. The founder's brother, Giovanni Tanzi, was also arrested last week, along with another four Parmalat officials. Enrico Bondi, a corporate bailout wizard installed by the Italian government, is trying to salvage the company. A Parmalat spokesman told TIME that a draft company-restructuring plan will be submitted this week. The Parma soccer team, once run by Stefano, is almost certainly destined for the chop...