The company had cash and short-term investments of $747 million at the end of last quarter, with debt of $694 million. The Ochs-Sulzberger family, which controls Times Co. through its Class B shares, has pressured the company to resume dividends that used to supply it with as much as $20 million annually. If the dividend remains at 4 cents a share, the familys 13 percent stake in the company would give it $774,163 each quarter, or $3.1 million annually from the dividends. Times Co. stopped paying its dividend five years ago as it coped with a decline in revenue from print advertising as readers turned to the Internet. The company has boosted circulation sales by asking online readers to pay for access to its news articles. The strength of our balance sheet justified the restoration of a dividend, Chief Executive Officer Mark Thompson said in the statement. Given the expectation of continued volatility in advertising revenue and the fact that our growth strategy is at an early stage of development, we will maintain a prudent view of both the balance sheet and free cash flow . The dividend will be paid to shareholders of record as of Oct. 9, the company said. Times Co. gained less than 1 percent to $11.54 yesterday in New York before the dividend was announced.
Burmese pythons are illegal in New York, and Parrinello’s were taken from the house to a reptile sanctuary in Massachusetts while the rest of the snakes are still in his garage, according to Jack Krieger, communications director for the Town of Brookhaven on Long Island. Gross said all the snakes appeared to be in good health and there was no animal abuse or neglect. “It was a well-maintained facility, it was very clean and organized, it was a business,” Krieger said. By the numbers: Pets Parrinello kept an online website, “Snakeman’s Exotics,” which advertised a collection of pythons, boa constrictors and hognose snakes available for sale both domestically and internationally. After weeks of investigation into alleged workers compensation fraud, the town of Brookhaven, the U.S. Fish and Wildlife Service, the New York State Department of Environmental Conservation, Suffolk County Police and the SPCA executed a search warrant in Parrinello’s home, where he lives with his wife and 10-year-old son, according to a news release from Brookhaven. Undercover investigators spoke to Parrinello, who claimed to have $500,000 in inventory stored on the premises, including snakes, turtles and turtle eggs, the news release said. Authorities also say they found a few tarantulas and a couple of freezers with frozen mice and alligator carcasses. Krieger said Parrinello wasn’t arrested or charged with any criminal activity, but he was running a business out of his residence in a residential area, which is a violation of the town code. Town Law Department officials are still investigating and will likely issue numerous violations in the coming days. When reached by telephone, Parrinello declined to comment.
New York businessman leading group purchasing Florida Panthers
A link has been sent to your friend’s email address. 4 To find out more about Facebook commenting please read the Conversation Guidelines and FAQs Tentative deal in dispute over New York heiress’ will AP 3:18 p.m. EDT September 21, 2013 A tentative settlement has been reached over copper mining heiress Hugette Clark’s will, which will give money to her distant relatives. Huguette Clark, a copper magnate from Montana, poses for a photo in Reno, Nev. ) (Photo: AP) Story Highlights The trial is over the validity of a will from April 2005 that cut out distant relatives The deal would give relatives $34.5 million after taxes Clark’s nurse would have to return $5 million and a doll collection SHARE 37 CONNECT 39 TWEET 4 COMMENTEMAILMORE NEW YORK (AP) A tentative deal has been reached in a New York court fight over the will of a reclusive Montana copper mining heiress that would give more than $30 million of her $300 million estate to her distant relatives, a person familiar with the case said Saturday. The breakthrough in the fight over Huguette Clark’s estate comes after jury selection started in a trial pitting nearly two dozen of her half-siblings’ descendants against a goddaughter, a hospital where she spent the last 20 years of her life, a nurse, doctors, a lawyer and others. A will from April 2005 cut out her distant relatives. Another will, six weeks earlier, left them most of her money. The tentative settlement will give the relatives about $34.5 million after taxes under the deal, while her nurse would have to turn over $5 million and a doll collection valued at about $1.6 million, the person told The Associated Press. Her lawyer would get nothing. The person spoke to the AP on condition of anonymity to discuss the settlement because it hasn’t yet been made public. News of the tentative settlement was first reported by the New York Times and WNBC. Several of the many lawyers involved with the case declined to comment or didn’t immediately return calls. The New Caanan, Conn., estate of Huguette Clark, a copper magnate from Montana.
850 snakes part of New York man’s home business, authorities say
Sunrise Sports & Entertainment, which operates the arena, is the profitable arm of the Florida Panthers family of companies and is said to be part of the transaction. The team had no comment after the New York Post first reported a group of unidentified New York-based investors were buying the team. The Panthers have been losing more than $20 million per season in recent years, the source said. A source close to the team confirmed the sale was in the works and said general manager Dale Tallon has been telling players interested in coming to the Panthers such as former All-Star goalie Tim Thomas that a new owner would be in place soon. An announcement could be coming in the next few weeks. Captain Ed Jovanovski, who said he heard reports of a new owner on a weekly basis while with the Phoenix Coyotes, said word of a new owner shouldnt affect the team at all. For the most part, you have a bunch of guys who just want to play hockey, Jovanovski said. Whatever happens on the ownership side will be taken care of by the executives in place. I think for us, we just wait and see. Were trying to be in the right frame of mind for the start of the season. But someone new coming in must be eager to take over the team. You have to look at that as a positive. Well see. Anytime you have an ownership group that wants to win and wants to spend money, thats exciting for a player. Viola is a successful commodities dealer who previously was chairman of the New York Mercantile Exchange and is now chairman of Virtu Financial, an electronic commodities trading company.