Roundup: Media General
From staff and wire reports
*Two former executives at AOL and PurchasePro, a defunct Las Vegas software company, were cleared of civil fraud charges by a jury today. Regulators accused them of concoting sham financial transactions in 2001. Kent Wakeford, a former executive director at AOL's business affairs unit, and Michael Kennedy, who was chief technology officer at PurchasePro, were found not liable on all counts.
Christopher Benyo, who was PurchasePro's senior vice president for marketing, was found liable of aiding and abetting PurchasePro, but not liable of misleading accountants, preparing false books and circumventing accounting regulations. He faces fines and penalties that could exceed $100,000. Because these are civil charges, he is not at risk of any jail time.
The verdicts come more than a year after all three were acquitted at criminal trials stemming from some of the same transactions.
*Hedge fund Harbinger Capital Partners got three of its nominees onto the nine-member board of Media General of Richmond, according to ap reliminary count. The newspaper publisher and television station operator had opposed the nominees. Final results were to be available in the next few days.
*Lockheed Martin of Bethesda plans to submit bids by next week to compete for a jet fighter contract valued at $11 billion for the Indian government. strong>Boeing, Saab and a venture including EADS also plan to submit bids.
The Indian Air Force, the world's fourth biggest, owns 1,700 aircraft and needs new fighters to replace aging Russian MiGs.The winning bidder must form partnerships with Indian companies.
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