Auto warranty firm will issue refunds
Boise Nearly 500 Idaho residents who purchased warranties for service work on their used vehicles from a Utah firm will receive refunds of $20 to $400, according to the state attorney general’s office.
The refunds are the result of a settlement with America 1st Warranty. Until 2003, America 1st sold used motor vehicle service contracts in violation of Idaho law by failing to allow consumers to end the contract, and by failing to allow consumers to complain to a third party about denial of coverage, according to the state. America 1st has stopped selling the contracts in Idaho.
The refunds will total about $140,000, said Idaho Attorney General Lawrence Wasden. Eligible consumers will receive letters from the AG’s office. Under the terms of the settlement agreement, consumers whose contracts were still in effect as of Sept. 1, 2005, will be refunded the balance of their contract premiums.
Krispy Kreme seeks NYSE filing extension
New York Krispy Kreme Doughnuts Inc. is asking the New York Stock Exchange for a three-month extension to file its overdue annual report for 2004. The company is facing a Jan. 30 deadline that could trigger the start of delisting by the Big Board.
Under NYSE rules, the exchange can begin delisting procedures nine months after a company’s filings with the Securities and Exchange Commission are formally due. For Krispy Kreme, that was April 30.
The Winston-Salem, N.C., company automatically received a 15-day extension on the original SEC deadline of April 15, when it notified the commission its report would be late.
Guidant shareholders advised to reject bid
Boston A proxy advisory firm is recommending Guidant Corp. shareholders reject Johnson & Johnson’s latest buyout proposal, a move that comes as J&J weighs whether to sweeten its offer for the medical device maker once again to trump Guidant’s favored suitor of the moment, Boston Scientific Corp.
The Massachusetts company owes its current front-runner status in part to Abbott Laboratories Inc., a third-party player whose offer of cash and other assistance to help Boston Scientific go after Guidant is fueling speculation that the new allies could themselves become merger partners someday.
Institutional Shareholder Services, a 21-year-old firm that holds a virtual monopoly on advising shareholders on proxy votes and governance issues, on Wednesday issued a recommendation against J&J’s bid ahead of Guidant shareholders’ scheduled Jan. 31 vote.