Qwest shareholders may get more money
More than $255 million could be added to the $400 million available to pay back defrauded Qwest shareholders, according to a U.S. District Court filing made Friday.
The Denver-based telephone company and four former employees agreed to pay the money as a penalty to resolve a civil financial fraud investigation alleging that Qwest fraudulently recognized more than $3.8 billion in revenue over a three-year period, according to the filing. Defendants did not admit fault in connection with the settlement.
Six other former Qwest executives, including former chief executive Joe Nacchio and former chief financial officer Robin Szeliga, are still being sued by the Securities and Exchange Commission in the civil case.
The court must approve the distribution plan, which is expected to save thousands of dollars in administrative fees.
Qwest shareholders who may be due money can go to the court administrator’s website for more information: www.gilardi.com.
Aspen retail sales soared in X Games
Last month’s ESPN Winter X Games 10 in Aspen generated a direct economic impact of $3.37 million, according to a report compiled by the city’s finance office and the Aspen Chamber Resort Association and released last week.
The January retail-sales summary, which featured responses from 76.6 percent of participating business sectors, found that the X Games increased retail sales in Aspen by an estimated $374,844 daily between Jan. 23 and 31, compared with the same time period in 2005.
A total of 69,650 people attended the five-day extreme sports competition held at Buttermilk Mountain, falling just 100 attendees short of last year’s record of 69,750. ESPN announced during the event it would extend its contract with Aspen Skiing Co. to host the X Games through 2010.
The survey also determined that the annual Winterskol celebration had an estimated total economic impact of $1 million, and Gay Ski Week brought in $1.7 million.
Comcast has brief outage in Lafayette
Comcast high-speed Internet subscribers in Lafayette and surrounding areas experienced service outages for up to six hours Thursday. Comcast spokeswoman Cindy Parsons said that a “minor fiber cut” affected approximately 1,500 customers between 3 p.m. and 6 p.m.
“Crews worked as quickly as possible to get the fiber restored,” she said. “We feel that we restored the services within a timely fashion and people were not without services for more than a few hours.”
Singleton tours Philadelphia papers
William Dean Singleton, the vice chairman and chief executive of ap, the publisher of The Denver Post, recently toured Philadelphia operations owned by Knight Ridder Inc., the San Jose, Calif., newspaper chain that put itself up for sale last year under pressure from shareholders.
A Friday report in the Philadelphia Inquirer stated that Singleton and other representatives from Denver’s Media News Group toured facilities of the Inquirer and the Philadelphia Daily News, which are both owned by Knight Ridder.
MediaNews, which owns 40 daily newspapers throughout the U.S., is reportedly pursuing a bid for Knight Ridder.
Singleton was unavailable for comment Friday.
