Roundup: Flo, CSC, Sallie Mae, BearingPoint

From staff and wire reports

*Flo, a Chantilly-based start-up, said it bought the technology it needs to operate its speedy airport security lanes for $5.25 million.

Launched last year, Flo has slowly been pushing its way into the "registered traveler" business, offering expedited airport security screening to passengers who voluntarily undergo a Transportation Security Administration background check. Fliers have their personal data, plus iris and fingerprint scans, put into smart cards, and at certain airports this pre-screening allows them to skip the long security lines.

In October, Flo had agreed to purchase its partner Unisys Corp.'s rtGO platform, which manufactures the smart cards and the equipment to read them. Separating itself from its parent company, IdentiPHI, and raising sufficient funds had delayed the purchase until now.

*Computer Sciences Corp., which manages networks for NASA and the Navy, agreed to pay $1.4 million to settle allegations that it solicited improper payments in connection with government contracts. The company, based in Falls Church, received the kickbacks from other companies with which it had business relationships, the Justice Department said. The civil case was first brought by whistle-blowers who will receive a share of the settlement, the government said.

*Sallie Mae chief executive Albert L. Lord was awarded 100,000 shares of restricted stock and 530,000 stock options last week, according to a disclosure filed yesterday with the Securities and Exchange Commission. The awards by the Reston student loan company could lay the foundation for a personal financial recovery by Lord; in December, a bank forced the liquidation of 96.7 percent of Lord's more than 1.3 million Sallie Mae shares.

*Shares of McLean-based BearingPoint fell 25 cents, or 13.4 percent, to $1.61, after it reported a first-quarter loss Monday and an analyst downgraded the shares to "hold" on Tuesday.

By Terri Rupar  |  May 13, 2008; 4:51 PM ET  | Category:  Roundup
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Interesting juxtaposition of the news about Sallie Mae granting RSUs and stock options to Al Lord and the BearingPoint loss. Al Lord is a major holder of BearingPoint stock.

Posted by: Mark | May 13, 2008 11:45 PM

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