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.
January 28, 1998 |
Cendant Corp. said it offered to buy American Bankers Insurance Group Inc. for $2.7 billion in cash and stock, topping a $2.2-billion bid from American International Group Inc. Cendant, formed last year by the $13.5-billion merger of CUC International Inc. and HFS Inc., proposed a two-step takeover that values American Bankers at $58 a share, a 23% premium above the $47-a-share price announced by AIG and American Bankers on Dec. 22. Cendant, with offices in Stamford, Conn., and Parsippany, N.J.
June 12, 1998 |
The California Public Employees' Retirement System and a number of pension funds in New York said they had filed suits against Cendant Corp., alleging the business and consumer services company misled investors about its financial results. In a statement, CalPERS, New York State Common Retirement Fund and several New York City pension funds said the suits were filed in U.S. district courts in New Jersey, Connecticut and Pennsylvania. The funds estimate they have lost $89 million as a result.