May 28, 1997 |
CUC International Inc., a company that specializes in telephone shopping services, plans to merge with Avis and Days Inn franchiser HFS Inc. in a $10.9-billion deal. The combination, announced Tuesday, would create a company that could potentially provide one-call access to a range of services, including shopping-club memberships, travel packages and car and time-share rentals.
April 10, 1997 |
Continuing its shopping binge in the entertainment software industry, Connecticut-based CUC International has agreed to acquire Berkeley Systems Inc., a maker of popular games and computer screen savers. Up to a third of Berkeley Systems' 120 employees will be laid off after the acquisition, according to company spokeswoman Monica Granados. Terms of the deal, which is scheduled to be completed Friday, were not disclosed.
July 8, 2005 |
Former Cendant Corp. Vice Chairman E. Kirk Shelton, who faces 12 to 15 years in prison, asked U.S. District Judge Alvin Thompson to impose a term of probation and community service for his accounting fraud conviction. Shelton deserves leniency because he is devoted to his family, works in the community and has a reputation for integrity, his lawyers said in court papers filed Tuesday in Hartford, Conn.
September 9, 2004 |
E. Kirk Shelton, a former vice chairman at Cendant Corp., testified at his criminal trial that he had no knowledge of fraudulent accounting at a predecessor company or of "cheat sheets" to track false financial results. Prosecutors allege that Shelton helped fabricate profit at CUC International Inc., which merged with HFS Inc. in 1997 to create Cendant, the world's largest hotel franchiser. Shares of New York-based Cendant rose 22 cents to $22.38 on the New York Stock Exchange.
May 27, 2004 |
A former Cendant Corp. executive told jurors she helped ex-Vice Chairman E. Kirk Shelton inflate revenue when they were at CUC International Inc., which merged with HFS Inc. in 1997 to form Cendant.
October 20, 1998 |
B.J.'s Wholesale Club Inc. said it will take a $19.3-million charge and restate earnings for the first half of fiscal 1998 to 27 cents a share from 75 cents, as it adopts new accounting methods. The third-largest wholesale-club chain will begin accounting revenue from its annual membership fees over the life of the membership, typically 12 months, rather than when fees are received. The Natick, Mass.