Category: corporate buzz

Yahoo!/AP: Krispy Kreme Board Ousts Top Executive. Krispy Kreme Doughnuts Inc. board of directors ousted its top executive on Tuesday and replaced him with a turnaround specialist it hopes can save another company beset by allegations of corporate deceit.

“Ousts” is a pretty harsh term, especially if you read the Consulting Agreement between Krispy Kreme Doughnuts and Scott Livengood, dated January 18, 2005. According to the agreement, Mr. Livengood “retired” from Krispy Kreme Doughnuts and will now serve a renewable six-month term as a consultant for…$45,833.34 per month.

The Oregonian: Movie Gallery May Rival No. 1 Chain. With a deal to buy Hollywood Entertainment Corp., an Alabama-based video rental company that has spent the past 10 years gobbling up largely rural mom-and-pop chains has positioned itself to rival No. 1 player Blockbuster Inc.

I just posted Hollywood Entertainment contracts, Blockbuster contracts, and Movie Gallery contracts on the web site. This includes the recent merger agreement between Movie Gallery and Hollywood Entertainment. You can also find Netflix contracts here too.

Boston.com: Krispy Kreme leaves a Hole in Her Heart. After all the hullabaloo in the last couple of years about its expanding nationwide, the North Carolina-based doughnut chain’s sales and stock price have gone stale. Late last year, the company reported a $3 million quarterly loss. More ominous still, management is under investigation by the Securities and Exchange Commission over its financial reporting, and shareholders have filed suit in federal court alleging the company cooked the books to show healthy profits, even though it knew sales were crashing. Yesterday, the company announced it would lower reported profits for the last three quarters of the year ending February 2004.

Looks like more than just major league baseball players were using the Kreme to juice their numbers. Will MLB be restating their inflated statistics for the past few years? Not unless there’s a Sarbanes-Oxley Act for Sports. In the mean time, you can feast your eyes on Krispy Kreme contracts.

Yahoo/Reuters: Fannie Mae Ousts CEO, CFO Over Accounting. U.S. mortgage finance giant Fannie Mae dismissed Chief Executive Franklin Raines and Chief Financial Officer Timothy Howard after accounting errors that will force a massive earnings restatement, sources said on Tuesday.

Fannie Mae contracts on the web site include the latest Franklin Raines Employment Agreement and Timothy Howard Employment Agreement.

Forbes/AP: Secure Computing President Steps Down. Secure Computing Corp., a maker of network security products, said Monday that president and chief operating officer Timothy P. McGurran has resigned as a director and has been removed as an officer of the company, effective immediately.

I’ve added Secure Computing contracts, including Timothy P. McGurran’s Employment Agreement, to the web site.

eWeek: Oracle to Buy PeopleSoft for $10.3 Billion. It’s an early Christmas for Oracle Corp.–and PeopleSoft Inc. shareholders. The two companies announced early Monday morning a definitive merger agreement whereby Oracle will acquire PeopleSoft for $26.50 per share, or $10.3 billion. The final buying price is $2.50 per share, or about $1.2 billion, over Oracle’s “best and final offer” from last month.

So, the “best and final offer” ended up being just the “second to best and final offer.” Luckily, for PeopleSoft shareholders, they didn’t accept the second to best offer. I’ve posted the Agreement and Plan of Merger between PeopleSoft Inc. and Oracle Corp. on the web site for those interested in the full details..

Reuters: Army Rushes to Harden Iraq-Bound Vehicles. The army is seeking more production of the most fully armor-protected “Humvee” military vehicles, defense officials said on Friday, after a soldier’s complaint to Defense Secretary Donald Rumsfeld that troops had to use scrap metal to protect vehicles in Iraq. U.S. Army Secretary Francis Harvey “has been on the telephone personally today” with Armor Holdings Inc., a Jacksonville, Florida, company that is the Army’s sole supplier of the most heavily armored Humvee models, one official said.

Armor Holdings contracts are on the web site. Mostly employment agreements though.

Financial Times: Gutierrez Success Story from Cuba to Cabinet. A weeping mother stood up among thousands of concerned shareholders to face Carlos Gutierrez in the spring of 2000. Less than a year after taking over as chief executive at Kellogg, Mr Gutierrez had decided to close the cereal maker’s Corn Flakes plant in Battle Creek, Michigan, throwing more than 500 people out of work in the town that Kellogg built.

I’ve added Kellogg contracts to the site, including Carlos M. Gutierrez’s employment agreement.

Detroit Free Press: Stewart Gets Millions on Kmart-Sears Deal. Martha Stewart might be making pennies an hour while serving time in federal prison, but she made a cool $32.7 million on paper Wednesday in the wake of the Kmart-Sears deal.

What do you get when you merge one struggling retailer with another struggling retailer? A very, large struggling retailer. At least you can pick up a Martha Stewart Medallion Matelasse Coverlet the next time you’re shopping for a Kenmore appliance. I wonder whether that range comes in hazelnut or sea kelp? I’ve added Kmart contracts to the web site. You can also find Martha Stewart Living Omnimedia contracts online.

SmartMoney.com: White House Blues. John Kerry wasn’t the only loser in this year’s presidential race. Shares of stem-cell researchers tumbled Wednesday on concerns that the re-election of George Bush, an opponent of the use of embryonic stem cells, would put a damper on this controversial corner of the biotechnology sector for another four years.

I’ve just added StemCells Inc. contracts to the web site. Features employment agreements, consulting agreements, license agreements and more.