-
UPDATE 1-Ross-backed Assured Guaranty restates results
Oct 18 (Reuters) - Billionaire Wilbur Ross-backed Assured Guaranty Ltd said it was restating its net profit for 2011 quarters and the last two years to fix errors in the elimination of certain transactions related to financial guaranty variable interest entities.The Bermuda-based bond insurer said the estimated impact of the restatement on net income was a decrease of $11.2 million for 2009, $55.2 million for 2010, and an increase of $30.3 million for the first two quarters of 2011.The adjustments … will have no impact on cumulative operating income over the affected periods or on operating shareholders’ equity or adjusted book value as of June 30,” Chief Financial Officer Robert Bailenson said.The restatements will reduce consolidated shareholders’ equity by $36.1 million, which is less than 1 percent, Bailenson said.On Monday, Assured sued Credit Suisse Group AG for allegedly misleading it about the quality of mortgage loans underlying securities it insured, exposing it to hundreds of millions of dollars in potential claims.Shares of Assured closed at $11.88 on Monday on the New York Stock Exchange. -
UPDATE 1-USA Technologies suspends CEO
* Names COO Stephen Herbert interim CEO* Says Jensen’s actions do not impact past financial resultsOct 12 (Reuters) - USA Technologies Inc said it suspended Chief Executive George Jensen pending an investigation into certain posts regarding the company that he made on an Internet message board.On Oct. 5 the company, which provides point of sale terminals used for retail transactions, appointed Chief Operating Officer Stephen Herbert as interim CEO, USA Technologies said in a regulatory filing on Wednesday.Jensen, who has served as CEO for USA Technologies since January 1992, will resign his positions as chairman, CEO and board member in the near future, the company said.Jensen’s actions do not impact historical financial results and audited financial statements of company, USA Technologies said.USA Technologies shares closed at $1.42 on Wednesday on Nasdaq.
Likes
-
€1000 Euro Jonna Lee Album Leak
Yes thats correct €1000 for Jonna’s new album.
This is how it...
-
The $0.69 iPad Stand
Bought a wireless keyboard today to eventually replace the iPad Keyboard...
-
Grilled Pork Chops with Tomatillo-Apple Sauce
This is the first in a series of guest posts by some...
-
Ambient Media: Volkswagen Touareg.
