In brief: Black leaves prison pending appeal
CHICAGO — Former media mogul Conrad Black quietly left a federal prison in the blazing central Florida heat Wednesday, free on bond after serving just two years of a 61/2-year sentence for defrauding investors, officials said.
Earlier in the day, U.S. District Judge Amy St. Eve in Chicago set his bond at $2 million and ordered him not to leave the country, pending the outcome of the appeal of his 2007 conviction.
In 2007, Black and three former Hollinger International Inc. executives were convicted of defrauding shareholders out of $6.1 million. Black also was convicted of obstruction of justice.
The U.S. Supreme Court last month left it to the 7th Circuit to determine whether to overturn Black’s conviction in whole or in part. The appeals court Monday granted Black’s motion for bail as he appeals his fraud conviction.
Associated Press
Lincoln prices hybrid same as gas version
DEARBORN, Mich. — For the first time, an American automaker plans to sell a hybrid car for the same lower price as its gas-powered counterpart, removing at least one obstacle for drivers who want a greener ride.
At a little more than $35,000, the 2011 Lincoln MKZ sedan won’t be cheap, but the decision to match the prices of the two styles could lead competitors to follow suit with future models.
The hybrid MKZ, debuting this fall and running on both gas and electric power, will be a bargain after factoring in savings at the pump. It gets more than double the mileage of the traditional version in city driving.
Associated Press
Briefcase
From wire reports
• Corning Inc. says it will invest $800 million to build a factory to make liquid crystal display glass in Beijing. The world’s largest maker of LCD glass for televisions and computers cited strong market demand in its decision to ramp up investment in China.
• The Securities and Exchange Commission voted to revamp fees that most mutual funds charge to cover sales and distribution costs. Revenue from so-called “12b-1” fees can be used for a wide range of fund services beyond upfront sales costs, and an investor can pay the fees for years after they’ve gotten into a fund, eroding returns. Even industry pros find 12b-1s confusing, because funds can use the fee revenue in so many different ways beyond compensating brokers selling funds. The commission voted unanimously to adopt changes proposed by the SEC staff to limit investor costs and improve fee disclosure. The rules are subject to a 90-day public comment period.