prince

CIT Board Seeking Members May Spell End for Peek, Governance Experts Say

October 5, 2009

By Dakin Campbell Oct. 5 (Bloomberg) — CIT Group Inc. ’s plans to increase the size of its board as part of a $29 billion debt exchange means the company may be preparing to remove Chief Executive Officer Jeffrey Peek , according to corporate governance experts. The 101-year-old lender, which may file for bankruptcy should the exchange fail, hired Spencer Stuart, the executive search firm, to help boost the board to 13 members from 10 and said some directors may resign, according to an Oct. 2 regulatory filing . A steering committee of bondholders who provided the company with $3 billion in July will recommend candidates, CIT said. “New people with new perspectives can change the balance of power” and cost Peek his position, said Claudia Allen, chair of Neal Gerber & Eisenberg LLP’s corporate governance practice group in Chicago. “In many of these troubled financial institutions we have seen board shakeups.” Peek, 62, joined CIT in 2003 after being denied the top job at Merrill Lynch & Co. The New York-based commercial lender lost $5 billion in the last nine quarters as the collapse of the market for subprime mortgages sparked the worst financial crisis since the Great Depression and cut off CIT’s short-term funding. Now, the company is asking bondholders to exchange unsecured obligations for new secured debt maturing in four to eight years and preferred shares. The board extended Peek’s employment contract last month, keeping him at the helm until at least Sept. 2, 2010, according to a Sept. 4 filing. Peek earned $800,000 in base salary last year, and stock and option awards helped bring his total compensation to $5.4 million, according to CIT’s proxy statement . CIT, which finances about 1 million businesses from Dunkin’ Brands Inc. to Eddie Bauer Holdings Inc., will seek court protection through a pre-packaged bankruptcy should the exchange fail, an Oct. 1 filing said. The company posted a second-quarter loss of $1.62 billion as more customers defaulted on loans. Lenders Seeking Control “The lenders are seeking greater control over company management to protect their investment,” said Charles Elson , chairman of the University of Delaware’s corporate-governance center in Newark, Delaware. “It is the lender exercising greater control over the company.” CIT closed last week at $1.17 in New York Stock Exchange composite trading as details of the restructuring plan emerged, down from more than $60 as recently as mid-2007. CIT’s $300 million of 6.875 percent notes maturing on Nov. 1 dropped 13 cents last week to 73 cents on the dollar, according to Trace, the bond-price reporting system of the Financial Industry Regulatory Authority. Lewis, Prince, O’Neal “CIT’s management will continue to work closely with our board of directors, outside advisers and the steering committee of bondholders throughout the restructuring process, which is designed to position the company for future success as it becomes a well-funded bank holding company with a strong capital position and market leading franchises,” Curt Ritter, a spokesman, said in a written statement. Peek wasn’t available for comment, he said. If Peek leaves, he would join a list of CEOs who have departed in the credit crunch, which has caused financial companies to report more than $1.6 trillion in losses and writedowns. Bank of America Corp. CEO Kenneth D. Lewis said Sept. 30 that he would step down at the end of the year, adding to the roster of top U.S. executives who have stepped down from their jobs that includes James Cayne of Bear Stearns Cos., Charles Prince of Citigroup Inc. , Stanley O’Neal of Merrill and Kennedy Thompson of Wachovia Corp. Role of Chairman Lewis, 62, lost his chairman’s role in April. The Charlotte, North Carolina-based bank has seen at least 10 directors depart through resignations or retirements since April with four new members named in June. With Peek, “the one thing to look for is if he continues to serve as chairman,” said Nell Minow , co-founder of The Corporate Library, a research firm in Portland, Maine, that tracks corporate governance issues. If he doesn’t “that is usually one step out the door,” she said. Under Peek, CIT expanded into subprime mortgages and student loans. When CIT was cut off from commercial paper, or short-term IOUs, last year, it got federal approval to convert to a bank holding company and $2.33 billion as part of the Treasury’s industry rescue program. The company turned to bondholders in July after CIT was denied access to the Federal Deposit Insurance Corp.’s Temporary Liquidity Guarantee Program to sell U.S.-backed debt. Now, with the voluntary swap, the company is trying to cut at least $5.7 billion of debt. Newport Beach, California-based Pacific Investment Management Co., Centerbridge Partners LP in New York, Los Angeles-based Oaktree Capital Management LLC, Boston-based hedge fund Baupost Group LLC, Capital Research & Management Co. of Los Angeles, and Silver Point Capital LP in Greenwich, Connecticut, comprise the bondholder steering committee. “There is now more balance between the providers of capital and the managers of the capital,” said Tamar Frankel , a corporate governance professor at Boston University School of Law. “By definition, the CEO’s position is somewhat eroded.” To contact the reporter on this story: Dakin Campbell in San Francisco at dcampbell27@bloomberg.net

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Controversial South African Ad Melds Hitler And James Dean

October 1, 2009

South Africa’s CNA Stores decided having just one celebrity’s image on their latest ad was just not enough. Instead, as AdFreak reports , they decided to meld the faces of Adolph HItler and James Dean into a disturbing image that graces some of their new ad materials If you can believe it, CNA’s Hitler-Dean ad is actually just the first in a series. Also, in the campaign are ads that combine the faces of John Lennon and Albert Einstein (John Einstein); Prince Charles and Buddy Holly (Prince Holly); Queen Elizabeth II and Mother Teresa (Queen Teresa); and Bill Gates and Elvis Presley. Finally, there’s our personal favorite, a mash-up of Elvis Presley and Bill Gates ( Bill Presley ). The ad is sure to generate its share of outrage – and it’s actually not the first Hitler-Dean spot. AdFreak put it this way: “Advertolog credits the work to ad agency Jupiter Drawing Room (Jhb), which should be getting outraged calls any minute, if past reaction to Hitler-themed ads is any indication.” AdFreak has a gallery of all of the portraits here . What do you think? Is the Hitler-James Dean ad offensive? VOTE below. Get HuffPost Business On Facebook and Twitter !

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Marco Pierre White Will Open Fish Eatery in Posh St. James: Richard Vines

September 24, 2009

By Richard Vines Sept. 24 (Bloomberg) — Marco Pierre White , the original rock ‘n’ roll chef, plans to open a Wheelers of St. James eatery, reviving what he called the world’s oldest food brand. White, 47, previously operated a Wheelers fish restaurant in London on Duke of York Street. He wouldn’t disclose the new venue’s location, saying only that it will be in the posh part of St. James and will open in the third week of October. The chef will be Garry Hollihead, White said. Hollihead’s resume includes the Savoy, L’Escargot, Les Saveurs and Geales, a swank fish-and-chip shop in Notting Hill. White talked about his plans during an impromptu interview on Whitecross Street, near the Barbican, where he was attending a press conference at the vegetarian restaurant Carnevale to announce the British Street Food Awards , a new annual event planned by the food writer and broadcaster Richard Johnson. The chef Antony Worrall Thompson also offered his support. Alas, it was more spiritual than practical as he got stuck in traffic and showed up after the event. White spent much of the morning walking up and down Whitecross Street looking at the street food and happily posing for photographs with fans. The singer Beth Orton performed a set for guests, including the chef Fergus Henderson of St. John, at an Action Against Hunger event at Konstam at the Prince Albert. The restaurant’s owner, Oliver Rowe, made the canapes and Taittinger offered the Champagne. The party was to publicize the 12th annual Fight Hunger/Eat Out campaign, which takes place all next month. Diners at participating restaurants may order particular dishes or make a donation. Artists including Tracey Emin , Sam Taylor – Wood and Peter Blake have created postcards to purchase. Cinnamon Kitchen and rugby charity Wooden Spoon are holding a “Scrum Dine With Me” evening where players cook for guests and restaurant critics. Jason Leonard , Martin Offiah and Lee Mears will be among the rugger titans taking part on Oct. 21. Feel free to tackle them if the food’s not good enough. I’m going along but it’s the audience that will decide the winner, not the critics. Chef Vivek Singh will help the players. Ask French chefs in London about British cheeses and they often name Stilton as a favorite. This variety holds European Union Protected Designations of Origin status that excludes the namesake location — a Cambridgeshire village — from making the cheese. Cheese makers argued that Stilton has always been made in Leicestershire, Derbyshire or Nottinghamshire. New research by a Stilton resident, Richard Landy, indicates that a cheese of that name was produced in the village, and Daniel Defoe in the 18th century referred to it as “the English Parmesan.” English Parmesan? There’s one for EU officials to sort out. Caffe Florian , the 18th-century Venetian coffee house, has opened a branch at Harrods. The third-floor venue in the Knightsbridge department store is Florian’s first outside Italy. Apart from coffee, it will serve bruschetta bacala and panini, and desserts such as ricotta cheesecake, tiramisu, and limoncello over lemon raspberry ice cream. The Academy of Culinary Arts took over Le Gavroche last Saturday lunchtime to put candidates through their paces in the final of the Restaurant Management and Service awards. Invited diners — of whom I was one — had to score waiters while enjoying a four-course menu that included warm game pie with wild mushrooms and sweet-pepper sauce as well as shrimp gratin with Champagne and herbs. There are worse ways of spending Saturdays, and I came away even more impressed with the level of skill needed to keep customers happy. Gardeners note: The Restaurant at St. Paul’s is offering a free Sunday roast on Sept. 27 in exchange for your finest produce. All you have to do is fill a shoebox with your fruit and vegetables between midday and 3 p.m. The offerings should find their way onto the menu next week. It’s first come, first served. I was hoping to direct you to more information on the Web site: http://www.restaurantatstpauls.co.uk/restaurant/ . There isn’t any, so you may either pray for enlightenment or try calling +44-20-7248-2469. The annual Brick Lane Curry Festival starts this Sunday and more than 60,000 people are expected to enjoy the cuisine of its 56 restaurants, the Web site says. A healthy green made with the south Asian vegetable turia is being created for the event. Selfridges hosts a “ Tastes of Singapore” promotion from Oct. 1-7, including food tastings and cooking demonstrations. The Gallery restaurant will serve a special Singaporean menu from Sept. 28 through Oct. 9. Other in-store events include Marco Pierre White stepping in on Oct. 6 to sign copies of his friend Keith Floyd’s autobiography, “ Stirred but Not Shaken .” (Floyd died last week, so is unlikely to make an appearance.) Gordon Ramsay is scheduled to sign “ World Kitchen” on Nov. 21. I went to the Blueprint Cafe this week — for the first time since 1995 — to meet the chef Jeremy Lee. As Lee sat down, a customer from California came over to say it was his favorite London restaurant. Outside on the Thames, a huge passenger boat passed by and Tower Bridge rose to let it through. I’m either in “The Truman Show” or it’s a rather special restaurant. ( Richard Vines is the chief food critic for Bloomberg News. Opinions expressed are his own.) To contact the writer on the story: Richard Vines in London at rvines@bloomberg.net .

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Marco Pierre White Will Open Fish Eatery in Posh St. James: Richard Vines

September 24, 2009

By Richard Vines Sept. 24 (Bloomberg) — Marco Pierre White , the original rock ‘n’ roll chef, plans to open a Wheelers of St. James eatery, reviving what he called the world’s oldest food brand. White, 47, previously operated a Wheelers fish restaurant in London on Duke of York Street. He wouldn’t disclose the new venue’s location, saying only that it will be in the posh part of St. James and will open in the third week of October. The chef will be Garry Hollihead, White said. Hollihead’s resume includes the Savoy, L’Escargot, Les Saveurs and Geales, a swank fish-and-chip shop in Notting Hill. White talked about his plans during an impromptu interview on Whitecross Street, near the Barbican, where he was attending a press conference at the vegetarian restaurant Carnevale to announce the British Street Food Awards , a new annual event planned by the food writer and broadcaster Richard Johnson. The chef Antony Worrall Thompson also offered his support. Alas, it was more spiritual than practical as he got stuck in traffic and showed up after the event. White spent much of the morning walking up and down Whitecross Street looking at the street food and happily posing for photographs with fans. The singer Beth Orton performed a set for guests, including the chef Fergus Henderson of St. John, at an Action Against Hunger event at Konstam at the Prince Albert. The restaurant’s owner, Oliver Rowe, made the canapes and Taittinger offered the Champagne. The party was to publicize the 12th annual Fight Hunger/Eat Out campaign, which takes place all next month. Diners at participating restaurants may order particular dishes or make a donation. Artists including Tracey Emin , Sam Taylor – Wood and Peter Blake have created postcards to purchase. Cinnamon Kitchen and rugby charity Wooden Spoon are holding a “Scrum Dine With Me” evening where players cook for guests and restaurant critics. Jason Leonard , Martin Offiah and Lee Mears will be among the rugger titans taking part on Oct. 21. Feel free to tackle them if the food’s not good enough. I’m going along but it’s the audience that will decide the winner, not the critics. Chef Vivek Singh will help the players. Ask French chefs in London about British cheeses and they often name Stilton as a favorite. This variety holds European Union Protected Designations of Origin status that excludes the namesake location — a Cambridgeshire village — from making the cheese. Cheese makers argued that Stilton has always been made in Leicestershire, Derbyshire or Nottinghamshire. New research by a Stilton resident, Richard Landy, indicates that a cheese of that name was produced in the village, and Daniel Defoe in the 18th century referred to it as “the English Parmesan.” English Parmesan? There’s one for EU officials to sort out. Caffe Florian , the 18th-century Venetian coffee house, has opened a branch at Harrods. The third-floor venue in the Knightsbridge department store is Florian’s first outside Italy. Apart from coffee, it will serve bruschetta bacala and panini, and desserts such as ricotta cheesecake, tiramisu, and limoncello over lemon raspberry ice cream. The Academy of Culinary Arts took over Le Gavroche last Saturday lunchtime to put candidates through their paces in the final of the Restaurant Management and Service awards. Invited diners — of whom I was one — had to score waiters while enjoying a four-course menu that included warm game pie with wild mushrooms and sweet-pepper sauce as well as shrimp gratin with Champagne and herbs. There are worse ways of spending Saturdays, and I came away even more impressed with the level of skill needed to keep customers happy. Gardeners note: The Restaurant at St. Paul’s is offering a free Sunday roast on Sept. 27 in exchange for your finest produce. All you have to do is fill a shoebox with your fruit and vegetables between midday and 3 p.m. The offerings should find their way onto the menu next week. It’s first come, first served. I was hoping to direct you to more information on the Web site: http://www.restaurantatstpauls.co.uk/restaurant/ . There isn’t any, so you may either pray for enlightenment or try calling +44-20-7248-2469. The annual Brick Lane Curry Festival starts this Sunday and more than 60,000 people are expected to enjoy the cuisine of its 56 restaurants, the Web site says. A healthy green made with the south Asian vegetable turia is being created for the event. Selfridges hosts a “ Tastes of Singapore” promotion from Oct. 1-7, including food tastings and cooking demonstrations. The Gallery restaurant will serve a special Singaporean menu from Sept. 28 through Oct. 9. Other in-store events include Marco Pierre White stepping in on Oct. 6 to sign copies of his friend Keith Floyd’s autobiography, “ Stirred but Not Shaken .” (Floyd died last week, so is unlikely to make an appearance.) Gordon Ramsay is scheduled to sign “ World Kitchen” on Nov. 21. I went to the Blueprint Cafe this week — for the first time since 1995 — to meet the chef Jeremy Lee. As Lee sat down, a customer from California came over to say it was his favorite London restaurant. Outside on the Thames, a huge passenger boat passed by and Tower Bridge rose to let it through. I’m either in “The Truman Show” or it’s a rather special restaurant. ( Richard Vines is the chief food critic for Bloomberg News. Opinions expressed are his own.) To contact the writer on the story: Richard Vines in London at rvines@bloomberg.net .

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Dell Pays 68% Premium for Perot to Expand in Health Care Technology Market

September 22, 2009

By Connie Guglielmo and Katie Hoffmann Sept. 22 (Bloomberg) — Dell Inc. ’s proposed $3.9 billion buyout of Perot Systems Corp. reflects the second-largest personal-computer maker’s ambitions in the market for health- care information technology. Dell offered $30 a share in cash yesterday for Perot, 31 times its earnings in 2009, according to Ben Reitzes of Barclays Capital in New York. Hewlett-Packard Co. bought Dallas-based EDS last year for $13.2 billion, 14 times that company’s 2008 earnings, Reitzes said. “The Perot deal offers them plenty of opportunities in the health-care and federal space,” said Paul Roehrig, an analyst at Cambridge, Massachusetts-based Forrester Research Inc. “Dell can build a leaner, commodity-based services offering to be an interesting competitor.” With Perot, founded by former U.S. presidential candidate H. Ross Perot , Dell gains a partner to boost sales of computer services as consumers and companies trim PC purchases to cope with the economic slump. Larger services units helped International Business Machines Corp. and Hewlett-Packard withstand the recession better than Dell, whose sales slumped 22 percent last quarter . Perot, whose customers include the Centers for Disease Control and Prevention, gets about half of sales from hospitals, physicians’ practices and health-insurance companies. President Barack Obama’s plan to expand health-care insurance coverage to virtually all Americans, if passed by Congress, could boost Perot’s health care-related business. Electronic Health Records Tighter budgets for hospitals and a shift to electronic health records also will bolster Perot’s sales, according to Reik Read , an analyst at Robert W. Baird & Co. in Milwaukee. The U.S. economic stimulus bill included $20 billion to upgrade health-care information technology, Read said in a report. Dell’s services business will generate annual sales of about $8 billion and the deal will probably boost profit in fiscal 2012, Round Rock, Texas-based Dell said yesterday. Hewlett-Packard’s services revenue was $22.4 billion in 2008, and IBM’s was $58.9 billion. “It doesn’t necessarily make them a contender to IBM and HP,” said Dane Anderson , an analyst at Stamford, Connecticut- based Gartner Inc. “It’s digestible from a size perspective and brings them to a level where they can compete.” “We’ve had services capability and we’ve been trying to grow that organically,” Paul Prince, chief technology officer for Dell’s enterprise group, said yesterday in an interview. “It’s pretty clear that we felt like customers were looking for a bigger picture, bigger solution at a faster pace than we could have done just by growing it organically.” Services Strategy EDS, the world’s second-largest computer-services provider after IBM, helped Hewlett-Packard increase its services revenue 93 percent last quarter as sales at the PC division fell 18 percent. Perot also was the founder of EDS, established in 1962. “The economy is forcing a lot of companies to rethink their services strategy,” said Alexander Motsenigos, director of global services markets and trends for Framingham, Massachusetts-based IDC. The researcher estimates the 2008 global services market at $806 billion. “Whether it’s going to be successful is a different question.” Perot shares jumped $11.65, or 65 percent, to $29.56 yesterday in New York Stock Exchange composite trading. Dell, which ranks second to Hewlett-Packard in PC sales, fell 68 cents, or 4.1 percent, to $16.01 on the Nasdaq Stock Market. Dell already has worked with Perot in the services market for the past two years, the companies said. Once the acquisition is complete, Plano, Texas-based Perot will become Dell’s services unit, headed by Perot’s current CEO, Peter Altabef . Perot Contracts Perot manages customers’ computer systems, data centers, software and Web sites through multiyear contracts. The company reported sales of $2.78 billion last year. Second-quarter net income rose 3 percent even as revenue slipped 11 percent. The company’s revenue was forecast to decline 9 percent this year, according to the average estimate of analysts in a Bloomberg survey . Dell’s revenue will drop 16 percent, analysts project. Michael Dell, 44, called the purchase a “profound” move. “This isn’t a services acquisition. It’s the right services company for us,” he said yesterday in an audio message to both companies’ employees that was included in a regulatory filing. The deal “illustrates pretty clearly how we’re remaking Dell around a clear vision, on our terms.” Cost Cutting Dell, which lost the PC market lead to Hewlett-Packard three years ago, has relied on cost reductions including job cuts to help prop up profit amid the recession. The company, aiming to save $4 billion a year, already has farmed out 40 percent of manufacturing and said it expects to contract out even more. Still, net income dropped 23 percent last quarter. While Michael Dell has predicted a new version of Microsoft Corp.’s Windows operating system for PCs, due next month, should help boost PCs sales, he also said the company doesn’t expect to see a huge uptick in PC upgrades until 2010. Perot’s Chairman, Ross Perot Jr., may join Dell’s board of directors. Goldman Sachs Group Inc. advised Perot on the transaction, and Morgan Stanley advised Dell. Perot agreed to pay a termination fee of $130 million to Dell if it breaches the agreement. Perot is unlikely to get another bid, given that Dell has an established relationship with the company, the offer is all cash and Dell is paying a “significant valuation premium,” Baird’s Read said. Investors say they aren’t concerned that Dell may have to hold off on other purchases, at least for a while. “They have enough on their plate,” said Kimberly Caughey , investment analyst at Fort Pitt Capital Group Inc. in Pittsburgh, which owns about 230,000 Dell shares. “They need to look at their portfolio and see how they are going to market themselves.” To contact the reporters on the story: Connie Guglielmo in San Francisco at cguglielmo1@bloomberg.net ; Katie Hoffmann in New York at khoffmann4@bloomberg.net

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In The Pipeline: CoStar Development and Construction News for Aug. 30-Sept. 5

August 31, 2009

In this week’s issue, we report that Rolls-Royce will kick off construction of a $100 million engine component plant in Prince George County, VA; Equinix unveils a new $95 million data center in El Segundo, CA; Clark Construction receives a $110 million…

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Prince Alwaleed Ranks as Richest Saudi With Assets Valued at $16.3 Billion

August 29, 2009

By Glen Carey Aug. 29 (Bloomberg) — Prince Alwaleed bin Talal , Citigroup Inc.’s largest individual investor, was ranked the richest Saudi national by Arabian Business , even after losing 4.6 percent of his personal wealth in the past year. Alwaleed’s assets are valued at $16.3 billion, compared with $17.1 billion last year, the Dubai-based magazine said today in its 2009 Saudi Rich List , citing the accounts of Kingdom Holding Co., the prince’s investment company. The global credit crisis, lower oil prices and a decline in demand for crude have hurt investment and energy companies operating in Saudi Arabia. Kingdom Holding ’s second-quarter profit slumped 83 percent as returns on Alwaleed’s investments in stock markets and hotels fell. “Today, some of his more ambitious investments are showing the strain of the global economic slowdown,” Arabian Business said. “The depreciation in value of his 5 percent stake in Citigroup, for example, has been well-documented.” Citigroup lost 73 percent of its value in the past 12 months as investment losses eroded its capital. Alwaleed, nephew of the late King Fahd bin Abdulaziz al- Saud , stands out among more than 2,000 Saudi princes because he has made money. After earning a bachelor’s degree from Menlo College near San Francisco, he returned to the Persian Gulf and parlayed an inheritance of less than $1 million into a billion- dollar fortune in the 1980s, mostly through real-estate investments, according to Riz Khan’s biography “Alwaleed: Businessman, Billionaire, Prince”(William Morrow, 2005). Apple, Time Warner The prince, 54, built his fortune by investing in brand- name companies he considered undervalued, including Apple Inc. , News Corp. and Time Warner Inc . Forbes magazine estimated he was worth $13.3 billion in March, ranking him 22nd among the world’s billionaires. This year, Alwaleed’s investments haven’t kept pace with the Saudi benchmark. Shares of Riyadh-based Kingdom Holding have declined 4.3 percent. The Tadawul All-Share Index , the largest market in the Middle East by market value, has gained 19 percent. Kingdom Holding’s assets are valued at $7.26 billion, while the Prince owns $3.18 billion of real estate and $1.56 billion of media assets such as LBC and Rotana Holding, Arabian Business said, citing his financial accounts. Alwaleed’s other major assets, including an Airbus A380, are valued at $1.7 billion. The value of the prince’s cash remains confidential, the magazine said, adding that “we are assured it has not changed significantly since we were allowed to see the verified total figure in December.” To contact the reporter on this story: Glen Carey in Riyadh at gcarey8@bloomberg.net .

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Paramount’s `GI Joe: The Rise of Cobra’ Is Top Weekend Film at $56 Million

August 9, 2009

By Laura Myers and Dan Hart Aug. 9 (Bloomberg) — “G.I. Joe: The Rise of Cobra” opened as the top film in U.S. and Canadian theaters this weekend, taking in $56.2 million in sales for distributor Paramount Pictures. “Julie & Julia” came in second with $20.1 million, researcher Hollywood.com Box-Office said in an e-mailed statement. “G-Force,” the 3-D animated picture from Walt Disney Co., had sales of $9.8 million for third place. “G.I. Joe” marks the third No. 1 film this year for Paramount, which also released “Transformers: Revenge of the Fallen,” the highest-grossing movie of 2009 as of Aug. 2. The Viacom Inc. unit is ranked second among the six major studios this year with $1.17 billion in sales through Aug. 6. “G.I. Joe,” starring Channing Tatum and Sienna Miller , tells the story of an elite military unit that takes on an evil organization led by a corrupt arms dealer. “Julie & Julia” stars Meryl Streep and Amy Adams . The film, from Sony Corp.’s Columbia Pictures, intertwines the life of Julia Child as she learns French cuisine in Paris with that of a young woman who spends a year cooking every recipe in Child’s book, “Mastering the Art of French Cooking.” “Harry Potter and the Half-Blood Prince,” which finished fourth, earned $8.9 million for Time Warner Inc. In “Half-Blood Prince,” Harry and his friends Hermione and Ron must confront the growing menace of Voldemort and his Death Eater allies. The film has taken in $273.8 million since it was released on July 15. To contact the reporters on this story: Laura Myers in New York at lmyers4@bloomberg.net Dan Hart in Washington at dahart@bloomberg.net .

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Blackwater Still Getting Contracts From State Dept

August 7, 2009

Just days before two former Blackwater employees alleged in sworn statements filed in federal court that the company’s owner, Erik Prince, “views himself as a Christian crusader tasked with eliminating Muslims and the Islamic faith from the globe,” the Obama administration extended a contract with Blackwater for more than $20 million for “security services” in Iraq, according to federal contract data obtained by The Nation. The State Department contract is scheduled to run through September 3. In May, the State Department announced it was not renewing Blackwater’s Iraq contract, and the Iraqi government has refused to issue the company an operating license.

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Blackwater Still Getting Contracts From State Dept

August 7, 2009

Just days before two former Blackwater employees alleged in sworn statements filed in federal court that the company’s owner, Erik Prince, “views himself as a Christian crusader tasked with eliminating Muslims and the Islamic faith from the globe,” the Obama administration extended a contract with Blackwater for more than $20 million for “security services” in Iraq, according to federal contract data obtained by The Nation. The State Department contract is scheduled to run through September 3. In May, the State Department announced it was not renewing Blackwater’s Iraq contract, and the Iraqi government has refused to issue the company an operating license.

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Bargain Warhols, Blue Picassos, Secrecy Lure Collectors to Private Sales

July 27, 2009

By Katya Kazakina July 27 (Bloomberg) — Chelsea art dealer Leo Koenig used to negotiate private sales by bringing buyers and sellers together. Now, he has to buy the artwork to make a sale happen. “The super-deals are there for a second,” said Koenig, who owns a gallery on West 23rd Street in Manhattan. “You need to have a check ready to take advantage of them.” He recently pounced on a Gerhard Richter painting being sold by a collector at a 30 percent discount to last year’s prices and two early Warhols going for half of the market’s high.

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Exxon Mobil Has Until July 31 to Respond to Claims of Texas Well Sabotage

July 20, 2009

By Joe Carroll July 20 (Bloomberg) — Exxon Mobil Corp. , the largest U.S. oil company, has less than two weeks to respond to claims by the Texas General Land Office that the company sabotaged wells to prevent other producers from tapping fields it no longer wanted

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