Roundup: Presidential Golf, Discovery, Sallie, Circuit City
From staff and wire reports
*Presidential Golf Partners, which owns and operates the Presidential golf club in Dulles, filed for Chapter 7 bankruptcy in the U.S. Bankruptcy Court for the Eastern District of Virginia. The Loudoun County club, which opened its corporate-only facility in May, abruptly closed Monday. More than a dozen unpaid contractors have filed liens totaling $3.4 million against the property.
*Discovery Communications, owner of the Discovery Channel, begins trading tomorrow on the Nasdaq Stock Market following the agreement by Discovery Holding and Advance/Newhouse Communications to combine their stakes in a new company. For every two shares of Discovery Holding, investors will get one common share and one non-voting share, according to a regulatory filing. Discovery Communications of Silver Spring will trade under the symbols "DISCA," "DISCB" and "DISCK." Starting tomorrow, the stocks will temporarily trade as "DISAD" and "DISBD."
*Reston-based Sallie Mae filed a complaint last month with the Government Accountability Office over the Education Department's award of a no-bid contract for servicing loans to Affiliated Computer Services, Sallie Mae spokesman Tom Joyce said.
Separately, the cost of default protection on Sallie Mae soared to the highest since March, according to traders of credit-default swaps. Credit-default swaps are financial instruments based on bonds and loans that are used to speculate on a company's ability to repay debt.
*Shares of Circuit City Stores fell after a major shareholder dropped more than 7 million shares and rival Best Buy posted a lower second-quarter profit. Shares closed the day down 27 cents, or 15 percent, at $1.54. HBK Investments said in a Securities and Exchange Commission filing that it lowered its stake to 8.7 percent. HBK had held 9.15 percent of Circuit City's shares as of June 30.
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