Moving from land phone lines to other types of business, Verizon Communications Inc. Wednesday said it’s selling all its Washington land line customer accounts to Frontier Communications Corp. in a deal valued at $8.6 billion in stock and cash.
Verizon will spin off 4.8 million land lines – more than 570,000 in Washington – and merge them with Frontier’s 2.3 million lines. The sale impacts all small business customers and about 579,000 residential customers in Washington. The sale has no effect on Verizon Wireless customers.
Those residential customers are mostly in rural areas and include residents in Pullman, Newport, Richland, Kennewick, Wenatchee, Chelan, Quincy and Republic. Some North Idaho customers are also affected, said Jonathan Davies, a Verizon spokesman.
He said the sale will take a full year for approval and transfer of the accounts.
“We are planning to focus on the growth of broadband and wireless services elsewhere,” said Davies.
SEC considers civil fraud charges against former Countrywide CEO
The Securities and Exchange Commission’s staff has recommended the filing of civil charges of fraud and insider trading against Angelo Mozilo, the co-founder and former chief executive of Countrywide Financial Corp., a person familiar with the investigation said Wednesday.
Mozilo already faces private lawsuits accusing him of improperly selling his stock in the mortgage giant as its financial condition soured.
A decision on whether to bring civil charges of insider trading and failure to disclose Countrywide’s troubles to shareholders must be made by the five SEC commissioners.
Calls to Mozilo’s home and to the office of one of his attorneys, David Siegel, were not immediately returned.
Countrywide, which was based in Calabasas, Calif., northwest of Los Angeles, was the nation’s largest mortgage lender before surging defaults threatened to capsize it last year. Bank of America Corp. acquired it July 1 and recently changed the name of the operation to Bank of America Home Loans.
Los Angeles Times
Boeing, partner land deal to supply helicopters to Italy
Boeing Co. and AgustaWestland will supply the Italian Army with 16 Chinook helicopters under a contract worth about $1.23 billion, the companies said Wednesday.
Under the contract, Boeing will be the prime subcontractor to AgustaWestland, a unit of Italian military contractor Finmeccanica, for the ICH-47H Chinook helicopters.
Boeing will build fuselages for the aircraft at its facility in Ridley Park, Pa., while AgustaWestland will handle design and systems integration, final assembly and delivery.
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