Saturday, August 31, 2002
Tristate summary
Broadwing may get downgrade
Standard & Poor's, the credit rating agency, said it is considering Broadwing Inc. for a possible credit downgrade, a step that could make the company's future borrowings more expensive.
S&P said the parent of Cincinnati Bell might find it difficult to make scheduled bank debt payments next year and in 2004 without an infusion of new capital or changes in its bank credit agreement.
Broadwing, which was the focus of similar credit concerns by stock analysts last spring, has said it is in compliance with its debt covenants, has paid down some of its bank debt this year and expects to refinance a portion of its bank debt by next year.
The company has about $2.6 billion in debt outstanding.
Fiorini report may track money
If the package dropped off Friday afternoon at Deloitte & Touche contains what it's supposed to, customers of George Fiorini's 10 Percent Income Plus Plan could soon find out where their missing money went.
Mr. Fiorini beat the deadline set by Hamilton County Common Pleas Court Judge Robert Ruehlman, who vowed to throw the former insurance agent in jail if he didn't comply with a year-old order to produce a detailed accounting of the money he took from investors.
The Ohio Division of Securities, which forced Mr. Fiorini out of business in 2001, said the package of documents was delivered to Deloitte's Cincinnati office about an hour before the judge's 5 p.m. deadline.
A Division of Securities spokesman said Deloitte will examine the documents and notify Mr. Ruehlman of their adequacy next week.
The judge will decide Thursday if Mr. Fiorini has finally complied with his September 2000 court order, which would spare him an indefinite jail term for contempt of court.
With the help of the late entertainer/promoter Bob Braun, Mr. Fiorini helped raise an estimated $13.5 million for Guardian Investments until 2001.
Guardian lost most of the money to a convicted felon in Los Angeles.
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