Business & Finance
The Sept. 11 terrorist attacks inflicted $8.2 billion in losses at the World Trade Center, according to leaseholder Silverstein Properties, up from a previous estimate of $6.5 billion. The latest cost report comes as Silverstein battles with its insurers, seeking $3.5 billion each for the two aircraft that destroyed the twin towers. Insurers, among them Swiss Reinsurance Ltd., maintain the attack was a single event, and deserves only one payout. The two sides are due to present their respective settlement offers in court this week.
The board of directors at The Stanley Works decided not to reincorporate in Bermuda, after all. The proposed move from New Britain, Conn., would have saved the nation's leading toolmaker more than $30 million a year in taxes, but was strongly criticized by some lawmakers and unions as greedy and even unpatriotic. Several bills before Congress would limit or ban US-based companies from relocating in tax havens such as Bermuda. Among those that have done so since 1999 are Fruit of the Loom, Accenture, and Cooper Industries.
An ex-Dynegy executive is suing his former employer, alleging he was fired for refusing to use questionable accounting methods to hide losses from natural gas trades in Britain after being asked to do so by the company president. A Dynegy spokesman said the firm would "vigorously contest" the claims by former senior vice president and controller Bradley Farnsworth. Houston-based Dynegy's accounting is under scrutiny by the Securities and Exchange Commission (SEC) and federal prosecutors.
Martha Stewart Living Omnipedia Inc. is being sued by one of its investors. Conrad Hahn of North Port, Fla., claims that Stewart's alleged involvement in an insider-trading scandal breached her duty to stockholders. Share prices have tumbled from $20.93 in March to $8.55 Friday. Securities officials are investigating Stewart for selling shares in biotech firm ImClone a day before one of its pharmaceuticals was rejected by the Food and Drug Administration.