Word: settlements
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...idle either. Companies like Verizon, AT&T and SBC have banded together to mount an aggressive attack on MCI. They?ve been primarily concerned that MCI would emerge from bankruptcy with relatively light penalties and the lowest debt load in the business. (Last May, MCI reached a $750 million settlement with the Securities and Exchange Commission, the largest in the agency?s history but a fraction of the amount investors lost to fraud.) The competitors were recently helped by a whistleblower who went to Verizon and told executives there that MCI had been creatively rerouting calls to avoid paying high...
...Robert Greenhill, the veteran investment banker who ran Smith Barney and worked with Prince in the mid-1990s. Prince also wins high praise from his adversary in the stock research dustup, New York Attorney General Eliot Spitzer. Late last December, Spitzer was trying to wind up a $1.4 billion settlement with 10 brokerages (including Citi) that had been accused of misleading clients with faulty stock research. Spitzer feared that the talks were losing steam, so one morning he insisted that the major firms send to his office someone empowered to make an immediate decision. Citi sent Prince and a team...
...former owner. In 2001, a Berlin court handed down the most authoritative ruling to date, awarding all the property to the Claims Conference, saying that it, rather than Karstadt, represented the former Wertheim owners. That decision prompted appeals by both Karstadt and the government; three rounds of settlement negotiations last fall broke down and have yet to resume...
...property it already owned. The Ministry subsequently sold some of the property to a Berlin utility for twice the price per square meter that it had paid. Why did the government make these deals? The Finance Ministry says it won't discuss any details of the case while settlement talks are pending. Karstadt confirms the transactions it was involved in, but says it is up to others to judge whether or not they are usual practice. TLG won't comment on contractual details of its Leipziger Platz plans, which it says have stalled because of the ongoing uncertainty about...
...suit by Principe and her nephew is not directly related to the main battle over who owns the Berlin properties; it rather focuses on the alleged 1951 fraud. But Principe does stand to gain if the Jewish Claims Conference wins, as it usually gives a percentage of any settlement to surviving relatives. This sort of legal morass was exactly what the Germans hoped to avoid after reunification. The government deliberately decoupled unresolved ownership questions from use of the property itself, which enabled large swaths of eastern Germany to be developed even as title to the real estate remained contested...