Conrad Black, former media mogul, granted bail
Jailed former newspaper magnate Conrad Black was granted bail yesterday by a federal appeals court in Chicago, weeks after the U.S. Supreme Court kicked his 2007 fraud conviction back to a lower court. The British baron has served more than two years of a 61/2-year sentence at a federal prison in Coleman, Fla. It was unclear when Black, 65, might be released. He was convicted of swindling shareholders of the Hollinger International media empire, which once owned the Chicago Sun-Times and hundreds of U.S. and Canadian papers, out of $6.1 million.
U.S. watchdog criticizes handling of car dealers
The Treasury Department failed to consider the economic fallout when it told General Motors and Chrysler to quickly shutter many dealerships as part of government-led bankruptcies, a federal watchdog has found. An audit released Sunday by Neil Barofsky, the special inspector general for the Troubled Asset Relief Program, raised questions about whether the Obama administration's auto task force considered the job losses from the closings while pressuring the companies to reduce costs. Obama administration officials said they strongly disagreed with the findings and said the audit focused solely on one element of a painful restructuring.
Parent company of LI hotel seeks bankruptcy
Innkeepers USA Trust, a hotel company, filed for bankruptcy protection yesterday. The company, based in Palm Beach, Fla., and its affiliates in bankruptcy owe creditors more than $1 billion, according to Chapter 11 documents filed yesterday in U.S. Bankruptcy Court in Manhattan. The company has stakes in 72 hotels in 19 states and the District of Columbia, including the Hampton Inn Islandia. Its restructuring plan would convert all of the debt into equity and help Innkeepers to keep its portfolio of properties. KAITLYN DEFOTO
Stocks see moderate rebound
The stock market is fulfilling predictions of an uneasy trek through second-quarter earnings season. Stocks ended a choppy day yesterday with a moderate rebound. The Dow rose 56.53 points, or 0.6 percent, to 10,154.43. The Standard & Poor's 500 index rose 6.37, or 0.6 percent, to 1,071.25, while the Nasdaq composite index, lifted by a rally in tech stocks, rose 19.18, or 0.9 percent, to 2,198.23.
Toyota and Fla. company settle patent dispute
Toyota has settled a six-year patent dispute with a U.S. company that had been claiming the Japanese automaker used its hybrid engine technology without permission for use in popular models like the Prius. Toyota Motor Corp. and Paice Llc, based in Bonita Springs, Fla., say they agreed to have all lawsuits dismissed. Terms were not disclosed. Staff and wire reports