Block

December 29, 2006 | Corporate Counsel

The SEC's decision to tweak disclosure rules on executive compensation is already under fire from congressional critics. The SEC last week said the new rules would lower the amount of total compensation that companies must disclose next year. Rep. Barney Frank of Massachusetts, the incoming Democratic chairman of the House Financial Services Committee, said Wednesday he is "very disappointed" with the substance of the new rules and with the procedure the SEC used to decide on the changes.

By Donna Block

3 minute read

February 17, 2006 | Law.com

Software giant Oracle Corp. said late Wednesday it expects to book restructuring charges of $725 million to $800 million, mostly in cash, as a result of its recent $5.85 billion acquisition of Siebel Systems Inc. In a report filed with the Securities and Exchange Commission, Oracle said it expects $625 million to $675 million of the charges to be related to its purchase of Siebel, a provider of customer-relationship management software.

By Donna Block

2 minute read

December 02, 2004 | Law.com

The departing 108th Congress has left dozens of venture capital firms scrambling for financing. Lawmakers authorized $4.2 billion for the Small Business Investment Company program, which the Small Business Administration operates. However, the SBA cannot tap the funds since the SBIC is supposed to be self-sustaining, meaning the SBA must offset its expected losses from new investments before it can invest the funding in SBIC participants.

By Donna Block

3 minute read

July 01, 2004 | Law.com

The board was created by Congress two years ago as part of the Sarbanes-Oxley Act. It will review about 5 percent of public company engagements by the Big Four accounting firms, which equates to about 500 audits. It also will examine about 10-15 percent of engagements at midsize firms, and review the audits completed by a select number of small firms.

By Donna Block

2 minute read

June 29, 2005 | Law.com

Amid expressions of bipartisan amity, the Senate approved energy legislation Tuesday that would give dealmakers and other non-energy companies long-awaited entr�e into the U.S. power utility sector. However, the legislation faces considerable opposition in conference committee, where lawmakers will attempt to reconcile the Senate bill with a very different House-approved energy bill. Both bills would repeal the 1935 Public Utility Holding Company Act, but other issues could yet derail a final bill.

By Donna Block

2 minute read

March 27, 2008 | Law.com

Motorola said it will split into two public companies, separating its struggling mobile-phone business from its broadband and mobility-solutions operations. The move comes amid a longstanding battle with investor Carl Icahn, who has been urging the company to shed the handset unit.

By Donna Block

3 minute read

December 27, 2006 | Law.com

The Securities and Exchange Commission is changing newly adopted rules governing the disclosure of executive and director compensation. The agency said it is altering the requirements for disclosing the value of stock option awards and giving firms more flexibility in how they report those expenses. The amended rules will give investors a better idea of the compensation earned by an executive or director during a particular reporting period, the SEC explained.

By Donna Block

2 minute read

January 01, 2003 | Law.com

Accounting industry consolidation has gone too far, according to a recent survey of 159 public companies conducted by the General Accounting Office. About three-quarters of respondents thought there should be between five and eight major accounting firms; 80 percent said four is the bare minimum.

By Donna Block

2 minute read

December 01, 2005 | Law.com

Kentucky regulators have approved Duke Energy's proposed $9.1 billion acquisition of Cinergy, deciding that Duke had demonstrated that it has the technical and financial expertise to manage Cinergy subsidiary Union Light, Heat and Power Co., and that the merger would be in the public interest. Regulators in North Carolina, Ohio and Indiana must still approve the merger. The deal may face its toughest critics in Ohio, where most of the merger-related job losses are expected.

By Donna Block

2 minute read

February 16, 2007 | Corporate Counsel

The SEC is getting closer to recognizing International Financial Reporting Standards, a move that will cut costs for foreign companies that list in the U.S. Currently such companies may prepare regulatory filings based on IFRS, but have to reconcile their results with the U.S. generally accepted accounting principles. On March 6, the SEC will hold a roundtable on its so-called IFRS road map, which SEC Chairman Christopher Cox said will help "identify both opportunities and speed bumps along the way."

By Donna Block

3 minute read