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Pastimes : Rage Against the Machine

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To: Thomas M. who started this subject	5/28/2002 8:20:31 AM
From: James Calladine	of 1296

SOME ITEMS FROM TODAY'S MARKET NEWS (from Briefing) 7:59AM Dynegy CEO/Chairman resigns (DYN) 9.30: -- Update -- The board of directors has appointed ChevronTexaco Vice Chairman, Glenn F. Tilton, as interim Chairman. Board member Daniel L. Dienstbier, who is President of Northern Natural Gas, has been appointed interim CEO. 7:38AM Peregrine terminates new auditor (PRGN) 1.66: Co's board of directors has terminated its engagement of KPMG as its independent auditors after being informed that approx. $35 mln of the questionable transactions it has discovered were with KPMG and KPMG Consulting. Peregrine believes that these transactions compromise the auditor independence. KPMG was selected by Peregrine in April to replace Arthur Andersen as auditor. 7:28AM Microsoft may face European fines for Passport software-- WSJ (MSFT) 53.26: The Wall Street Journal reports that European privacy regulators this week plan to discuss complaints that MSFT's .NET Passport online identification service invades people's privacy; if MSFT is found to have violated EU privacy rules, it could face fines from individual data protection authorities and be ordered to cease any offending activities, and in a worst-case scenario European privacy authorities could order MSFT to pull it from the mkt or stop collecting any data for Passport in Europe. 7:16AM Truck co's accerating purchases of trucks to circumvent EPA rule-- WSJ : The Wall Street Journal reports that trucking co's say they are accelerating their purchases of trucks now to avoid buying new less-polluting engines after new EPA rules go into effect on Oct 1; industry officials fear that the technology will add between $3k-$5k to the current cost of an engine and will make engines costlier to maintain. Also, the EPA and the Dept of Justice earlier this month began an inquiry into whether the nation's seven major truck-engine makers, including CUM and CAT, might be improperly encouraging sales of their existing engines in order to circumvent the environmental rule. 7:09AM Adelphia filing confirms self-dealing-- WSJ (ADLAE) 2.77: The Wall Street Journal reports that ADLAE's late-Friday SEC filing said it paid out hundreds of millions of dollars to the co's founding family to pay for everything from stock purchases to New York apartments, confirming previous reports of widespread self-dealing. 7:05AM Halliburton settles 30 asbestos claims (HAL) 19.10: Co settles a group of 30 mesothelioma and lung cancer cases pending in New York at a value consistent with the co's historical averages for these types of claims. 7:03AM Reliant Resources confirms U.S. Attorneys subpoenas (RRI) 10.25: The subpoenas pertain to certain trading activities that have been the subject of recent publicity. 6:54AM Great A&P Tea delays 10-K due to accounting review (GAP) 25.10: Will delay filing its Form 10-K with the SEC due to co's recent commencement of a review of certain actions in certain of its regions relating to the appropriate timing for the recognition of vendor allowances and the accounting for inventory. GAP currently expects to take a charge to reverse credits which were recognized prematurely as reductions of cost of merchandise sold. 6:44AM Dynegy subpoena by U.S. Attorney's Office (DYN) 9.30: Receives subpoena from the U.S. Attorney's Office in Houston requesting documents relating to the company's transactions, including its buy and sell trades with CMS Energy and its long-term natural gas supply transaction referred to as "Project Alpha."

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