ENRON SENTENCINGS DELAYED: Sentencing hearings for two former Enron Corp. executives who have pleaded guilty to various charges that had been set for February and March have been postponed. David Delainey, 38, a former chief executive of Enron's defunct trading unit, pleaded guilty in October to one count of insider trading for selling $4.25-million worth of stock when he knew about internal scams to manipulate earnings and hide losses. His sentencing, set for Feb. 2, was postponed to Sept. 20. Larry Lawyer, 35, a former midlevel executive, pleaded guilty in November 2002 to filing false tax returns that failed to identify more than $79,000 in income from 1997 to 2000. His sentencing scheduled March 8 has been postponed to Sept. 13.
FIORINA TOOK PAY CUT: Hewlett-Packard Co. reduced the pay of chief executive Officer Carly Fiorina by 38 percent in the fiscal year following the company's $18.9-billion purchase of Compaq Computer Corp. Hewlett-Packard also said three directors _ former Boeing Co. CEO Philip Condit, Compaq co-founder Thomas Perkins and former Vodafone AirTouch PLC chairman Sam Ginn _ won't stand for re-election. The board will be cut to nine members from 11, the company said. Fiorina's pay, including salary, bonus and options, fell to $6.64-million, from $10.7-million in fiscal 2002, according to a Securities and Exchange Commission filing.
FERC OKAYS GAS PIPELINE: A pipeline that would carry natural gas from the Bahamas to South Florida is one step closer after the Federal Energy Regulatory Commission gave the project final approval. The commission voted 4-0 Thursday to approve the Ocean Express pipeline, which would carry natural gas from Ocean Cay in the southern Biminis to Broward County, where it would serve as fuel for power plants. The pipeline still needs approval from the government of the Bahamas, where environmentalists say they will continue to fight it.
DELIVERY EXEC GETS 20 YEARS: The president of Link Express Delivery Services, a package delivery business in West Palm Beach, was sentenced to 20 years in prison Thursday for stealing most of $19-million raised for the company's expansion. Prosecutors said Paul Johnson spent much of the money on gambling debts, a waterfront home and an investment in a nightclub. The 450 investors who bought securities from him were unaware that much of the money would go directly to Johnson, they said. Johnson was convicted in October on 28 counts, including securities fraud and money laundering. An appeal is planned.
WAL-MART SCREENS REFRIGERANTS: Wal-Mart Stores Inc. agreed Thursday to pay a $400,000 penalty and stop selling refrigerants that contain ozone-depleting substances. The consent decree filed in federal court settles nationwide violations of the Clean Air Act by various Sam's Club stores, which are owned by Wal-Mart, said U.S. Attorney Todd P. Graves. Wal-Mart was cited for 20 violations of the Clean Air Act, which restricts sales of certain ozone-depleting refrigerants to technicians who are certified to use them.
AMC, LOEWS END TALKS: AMC Entertainment Inc. and Loews Cineplex Entertainment Corp. have ceased talks about a merger that would have created a theater chain giant. AMC and Loews' parent company, Onex Corp., offered no explanation in statements Thursday of why the talks had broken off. The merged operation would have had 6,342 screens, surpassing the current leader, Regal Entertainment Group, which has 6,119 screens.