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.
* 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.