August 12, 2002 |
WorldCom Inc.'s use of so-called cookie jar accounting--inflating provisions for expected expenses and later reversing them to boost earnings--is the largest among numerous cases of misuse of reserves. Companies set reserves to cover the estimated costs of taxes, litigation, bad debts, job cuts and acquisitions. Once the costs are incurred, the excess amount in the reserve can be reversed to boost earnings.
March 22, 2007 |
Morgan Stanley won a major victory Wednesday when a divided Florida state appeals court threw out a $1.58-billion award to billionaire Ronald Perelman over his 1998 sale of camping equipment company Coleman Co. to Sunbeam Corp. Perelman had accused Morgan Stanley of fraud in helping Sunbeam, an appliance maker, hide its shaky finances while arranging the $1.5-billion Coleman purchase.
August 13, 1997 |
Sunbeam Corp. and the American Medical Assn. on Tuesday signed a five-year agreement that will allow the company to put the AMA's name on its home-health-care products. Delray Beach, Fla.-based Sunbeam will also package educational material from the AMA with its products. In addition, Sunbeam and the AMA will create a physicians advisory panel that will assist in the development of new Sunbeam health-care products.
April 4, 1998 |
Sunbeam Corp. said Friday that it expects to report a loss for the first quarter and has fired a top executive in charge of consumer products, sending its stock into a tailspin. The home appliance maker's stock lost 25% of its value, closing at $34.38, down $11.19, in composite trading on the New York Stock Exchange, where it was the biggest percentage loser and the most active issue with more than 16 million shares traded. The Delray Beach, Fla.
November 17, 2002
Scott Adams, the creator of the "Dilbert" comic strip, invited visitors to his Dilbert.com Web site to vote on "the weaseliest individuals and organizations of 2002." Adams says 116,000 votes were cast in six weasel categories: Weaseliest organization -- Democratic Party ...
February 7, 2001 |
Sunbeam Corp., burdened by heavy debt, shareholder lawsuits and a probe into its accounting practices, filed Tuesday for Chapter 11 bankruptcy protection. The maker of Sunbeam appliances, First Alert smoke alarms and Coleman camping gear said it does not anticipate any work force reductions or plant closings as it reorganizes. "This was a difficult, but absolutely necessary decision for us to make," Chairman and Chief Executive Jerry Levin said.
August 22, 1997 |
The American Medical Assn., saying it made a mistake, on Thursday backed away from a product endorsement scheme with Sunbeam Corp. that critics had condemned as a sellout of the physicians group. The nation's largest medical group issued a statement signed by the chairman of its board, Thomas Reardon, and the executive vice president, P. John Seward, saying the decision to approve the pact with Sunbeam "was an error." "As a result, our credibility was called into question.
August 7, 1998 |
Sunbeam Corp. on Thursday said it will restate results for part of 1998, all of 1997 and possibly 1996 because of improper accounting practices during the tenure of fired Chairman Al Dunlap. The largest U.S. maker of small appliances also said Dunlap and an ally, Russell Kersh, had resigned from the appliance maker's board. Kersh was fired as Sunbeam's chief financial officer a few days after Dunlap left the company.
October 24, 1997 |
Declaring the yearlong restructuring of Sunbeam Corp. complete, Chairman Al Dunlap on Thursday opened the door to deal makers, saying he is interested in selling, merging or buying big early next year. The home-appliance maker hired Morgan Stanley Group Inc. as its investment banker, and Dunlap said he will consider "any and all types of transactions."
March 19, 1995 |
"Business is not a social experiment," says Albert J. Dunlap, who came to Scott Paper Co. as chairman and chief executive last April and since then has cut one-third of the employees--11,200 people--sold assets worth more than $2 billion and boosted the 115-year old company's stock price from $37.75 a share to $84.625. "Dunlap should be cloned," says one of America's foremost experts on corporations and shareholder value. But should he really?