Daily News (New York, NY) articles from May 2001

Daily News (New York, NY) archives from May 2001

New York City Men's Clothing Store Files for Bankruptcy Protection.
May 1, 2001... May 1--Moe Ginsburg, which sold legions of New York men their first suit at discount prices, plans to file for bankruptcy protection today, a victim of the "casualization" of today's wardrobes. A fixture of 162 Fifth Ave. at W. 21st Street...

Film Executives Meet with Screenwriters Union to Avoid Looming Strike.
May 1, 2001... Byline: David Andelman May 1--Ready, set . . . strike? Faced with a midnight contract deadline for the nation's television and screen writers, TV network and film executives continued nonstop talks yesterday, though Hollywood has been...

Daily News, New York, Media Column.
May 1, 2001... Byline: Paul D. Colford May 1--Groups challenging News Corp.'s bid to continue operating the New York Post after buying a second New York-area TV station charged last night that Rupert Murdoch's media empire has failed to prove the paper...

Properties Firm Sells Investments in Two New York City Buildings.
May 1, 2001... Byline: Eric Herman May 1--Stakes in two buildings with high-rent Manhattan addresses have gone on the block, a tribute to the appetite for owning elite New York City real estate. Brookfield Financial Properties is selling investments...

Bloomberg Signs Deal for New Headquarters in Manhattan.
May 2, 2001... Byline: Eric Herman May 2--Bloomberg signed a deal yesterday morning that will give it a massive new corporate headquarters at Lexington Avenue and E. 59th Street. The deal comes after more than three years of negotiations between the...

Daily News, New York, Media Column.
May 2, 2001... Byline: Phyllis Furman May 2--There's trouble on the troubled set of WCBS News. Channel 2's 11 p.m. co-anchor, Angela Rae, is said to be blaming partner Ernie Anastos for the continuing weakness in the show's ratings, newsroom sources...

Hollywood Writers, Studios, TV Networks Negotiate into the Night.
May 2, 2001... Byline: David Andelman May 2--Hollywood's writers, film studios and TV networks talked into the night as the contract that covers 11,000 writers was set to run out early today. The two sides reportedly were apart on key issues valued...

California-Based Chip Firm's Stock Increases 77 Percent at Initial Offering.
May 3, 2001... Byline: Nancy Dillon May 3--This year's lethargic IPO market got a jump-start yesterday when computer chip company Simplex Solutions vaulted out of the gate and rose 77 percent from its $12 offering price. Simplex shares opened at...

New Yorker Magazine Dominates Publishing Awards Ceremony.
May 3, 2001... Byline: Paul D. Colford May 3--Editor David Remnick traced and retraced his steps to the ballroom stage yesterday to accept an unprecedented five National Magazine Awards won by The New Yorker. The weekly's extraordinary haul at the...

CEO of Long Island City, N.Y.-Based Shoe Company Steps Down.
May 3, 2001... Byline: Judith Schoolman May 3--Legally challenged shoe guru Steve Madden stepped down as CEO of the firm that bears his name to devote more energy to designing, the Long Island City-based company said yesterday. Charles Koppelman, who...

Expectations of Economic Improvement Boost Tech Stocks' Performance.
May 3, 2001... Byline: Judith Schoolman May 3--Investors jumped for tech stocks yesterday, sending the Nasdaq composite index up nearly 2.5 percent as expectations blossomed that new economy bellwethers like Cisco Systems will soon see business improve....

World's Second-Largest Law Firm Fights for New York Office Space.
May 4, 2001... Byline: Eric Herman May 4--The world's second-largest law firm is vying against a global financial powerhouse for the biggest block of office space available in midtown Manhattan, the Daily News has learned. Clifford Chance Rogers &...

FBI Uncovers Spy Ring at New Jersey Lucent Headquarters.
May 4, 2001... Byline: Bill Hutchinson May 4--The FBI has foiled a sticky-fingered spy ring at high-tech giant Lucent Technologies' New Jersey headquarters that sold stolen company secrets to a Chinese competitor, authorities revealed yesterday. ...

Stock Salesman Leaves Merrill Lynch to Start His Own Firm.
May 4, 2001... Byline: Judith Schoolman May 4--John (Launny) Steffens, a master stock salesman who aggressively helped turn Merrill Lynch into Wall Street's No. 1 firm, has quit the financial services company after 38 years to form his own investment...

Daily News, New York, Publishing Column.
May 4, 2001... Byline: Paul D. Colford May 4--Jimmy Carter, who's landed a bunch of his 15 books on best-seller lists, has scored big with his latest, "An Hour Before Daylight." The former president's memoir of his boyhood in rural Plains, Ga.,...

Plan for New York Real Estate Data Base Falls Through.
May 4, 2001... Byline: Eric Herman May 4--Plans to create a data base with comprehensive Manhattan real estate listings available on the Internet have fallen apart, according to brokers involved. "We couldn't come to a consensus on virtually...

Revlon Posts 10th Straight Quarterly Loss.
May 4, 2001... Byline: Nancy Dillon May 4--Cosmetics giant Revlon is still struggling to complete its makeover. The company, controlled by billionaire financier Ronald Perelman, posted its 10th straight quarterly loss yesterday, including a 28...

Jobless Claims and Layoffs Spook Investors, Sending Tech Stocks Down.
May 4, 2001... Byline: Judith Schoolman May 4--Investors sold off tech stocks yesterday after reports that weekly unemployment claims hit a five-year high and surging corporate layoffs reignited fears of a slowing economy. "We had a number of strong...

Analysts Say Hirings Still Exceed Firings in New York.
May 5, 2001... Byline: David Andelman May 5--Though there have been a ton of announced firings in New York, especially in the worlds of dot-com and finance, there were even more hirings last year. Outplacement firm Challenger Gray & Christmas said...

Stock Markets Rise on Bad Employment News as Investors Await Rate Cut.
May 5, 2001... Byline: Judith Schoolman May 5--Stocks soared to a strong finish yesterday after plunging at the opening bell as investors bet the weakest employment figures in 10 years would guarantee another half percentage point interest rate cut later...

Daily News, New York, Guerrilla Investing Column.
May 6, 2001... Byline: Peter Siris May 6--Poor Mr. Whipple. He spent years squeezing the Charmin. He could have done better as a spokesman for hedge fund money managers, begging investors, "Please don't squeeze the shorts," the bets on stocks that pay...

New York Bank Offers to Help Clothing Company Moe Ginsburg Stay Afloat.
May 8, 2001... Byline: Nancy Dillon May 8--Bankrupt men's clothier Moe Ginsburg, famous for selling milestone-marking suits at rock-bottom prices, may have found itself a savior in Sterling National Bank. Bank officials said yesterday they are...

Founder Works to Promote New York-Area Literary Magazine.
May 8, 2001... Byline: Nancy Dillon May 8--Seated on a Bronx bus barreling down Sedgwick Street, literary magazine founder Ron Kavanaugh made a confession. He said when faced with the choice between a glitzy media party or a quiet night spent reading...

Movie Executive Launches Venture To Educate, Entertain Children.
May 8, 2001... Byline: Phyllis Furman May 8--A young movie executive who turned a big profit for Miramax Films by making crude teen flicks like "Scary Movie" is moving in a new direction -- educating kids. Cary Granat, the 33-year-old wunderkind...

Daily News, New York, Publishing Column.
May 8, 2001... Byline: Paul D. Colford May 8--New York would lose a "major independent broadcast voice" if News Corp. is allowed to buy a second local TV station and continue operating the New York Post. That was the argument made to the Federal...

Sources Say Washington Lawyer May Be Next SEC Chairman.
May 8, 2001... Byline: Eric Herman May 8--Harvey Pitt, a Brooklyn-born lawyer who defended Ivan Boesky during the insider-trading trials of the 1980s, is about to be named the security industry's top cop, Washington sources told the Daily News. ...

Daily News, New York, Peter Siris Column.
May 8, 2001... Byline: Peter Siris May 8--Maybe people who've been listening to me think I hate the Internet. Well, it's confession time: I love the Internet. I trade stocks, buy tickets, book trips and buy office supplies on the Web. So, why was I...

Hollywood Talent Management Firm Cuts Staff.
May 9, 2001... Byline: Phyllis Furman May 9--Ex-Creative Artists Agency boss Michael Ovitz has spent a fortune the last two years to launch a new power base in Hollywood. But cost-cutting has been the word lately at Ovitz's production and talent...

Regulatory Commission Indicts Wealthy Mexican Businessman Insider Trading.
May 9, 2001... Byline: Robert Gearty May 9--One of Mexico's wealthiest businessmen was indicted on insider-trading charges for allegedly participating in a scheme that raked in more than $3.5 million, federal prosecutors said yesterday. The...

Office Rents Drop in Manhattan.
May 9, 2001... Byline: Eric Herman May 9--It would have been unthinkable a year ago, but office rents in Manhattan are dropping. A new report shows rents sought by commercial landlords dipped in April from March in each of the three main Manhattan...

Magazine Ad Pages Continue to Drop in April.
May 10, 2001... Byline: Paul D. Colford May 10--The magazine industry generated gloomier numbers last month, demonstrating that the slump in ad pages deepened for many prominent titles. Pages for all magazines were off 9.5 percent from April 2000, and...

WorldCom, Verizon Sell $15 Billion in Bonds.
May 10, 2001... Byline: David Andelman May 10--Two of the country's top telephone companies -- WorldCom and Verizon -- sold an astounding $15 billion in bonds yesterday to bring in new cash. WorldCom, the No. 2 long distance company, weighed in with...

Former New York Hedge Fund Manager Posts Investment Maneuvers on Internet.
May 11, 2001... Byline: Nancy Dillon May 11--Ever wish you could shadow a prominent Wall Street money manager, mimicking his buy and sell orders? Flamboyant former hedge fund manager Jim Cramer, co-founder of TheStreet.com and a lightening-rod...

IBM Executive Says Firm Will Post Stronger Results.
May 11, 2001... Byline: Eric Herman May 11--While a platoon of tech companies have been saying they don't know when profits or sales will rebound, IBM's top exec Lou Gerstner said yesterday his company is on track to post stronger results. IBM...

New York-Based Life Insurance Firm Moves Jobs to Long Island City, N.Y.
May 11, 2001... Byline: Eric Herman May 11--MetLife is set to move nearly 1,000 jobs from Manhattan to Long Island City, Queens, as part of a deal expected soon with government officials. MetLife is negotiating a lease for space at the BridgePlaza...

Daily News, New York, Publishing Column.
May 11, 2001... Byline: Paul D. Colford May 11--THE FATE OF EMAP USA's coveted group of magazines -- titles such as Motor Trend, Teen and Skin Diver -- probably won't be decided at least until June, as suitors wait for detailed information that some...

April Retail Sales Increase More Than 4 Percent.
May 11, 2001... Byline: David Andelman May 11--It was an early spring for retailers and an early Christmas bonus for their shareholders yesterday. April retail sales surged more than 4 percent on average -- and at some chains like the Gap, where sales...

Stock Market Closes Out Problematic Week.
May 12, 2001... Byline: David Andelman May 12--Stocks closed out their worst week in more than a month yesterday on fears that buoyant consumer buying and confidence might dampen Fed rate cuts. "Ten days ago it was a slam dunk for the cutting, now...

Former Sushi Chef Enjoys Success of New York City Sandwich Shop.
May 14, 2001... Byline: Nancy Dillon May 14--Mark Matsuo, who's as comfortable preparing potentially lethal blowfish for lunch as he is slicing Genoa salami, is not your average deli owner. Raised in Sao Paulo, Brazil, the son of Japanese immigrants,...

Federal Reserve Likely to Focus on Consumers with Interest Rate Decision.
May 14, 2001... Byline: David Andelman May 14--It all comes down to shoppers. With three-quarters of the economy depending on consumers, Alan Greenspan and the Fed convenes tomorrow in Washington with at least one central mission -- keeping them...

Daily News, New York, Peter Siris Column.
May 14, 2001... Byline: Peter Siris May 14--Tomorrow is the Big Day: The Fed is going to lower interest rates by a half-point, a quarter-percentage-point -- or, heaven forbid, it might do nothing. The suspense is killing me. I could wait two long hours to...

CNN Brings Back Familiar Anchor to Revitalize `Moneyline' Show.
May 14, 2001... Byline: Phyllis Furman May 14--He looks and acts like a confident CEO, and tonight Lou Dobbs will go back to interviewing the country's most powerful business leaders nightly when he returns to the "Moneyline" anchor desk. But after a...

La Jolla, Calif.-Based Diet Firm Explores Possible Sale, Merger.
May 15, 2001... Byline: Nancy Dillon May 15--Move over tuna salad, weight-loss queen Jenny Craig is putting her entire $33 million diet empire on the table. Craig, who opened her first weight-loss center in 1983, said yesterday she's hired an...

Investors Contemplate Size of Expected Interest Rate Cut.
May 15, 2001... Byline: Judith Schoolman May 15--The output of the nation's factories fell in April for the seventh straight month, but investors spent their energy yesterday betting on the size of Alan Greenspan's expected interest rate cut today. A...

Daily News, New York, Media Column.
May 15, 2001... Byline: Paul D. Colford May 15--NEW YORK-AREA ENTREPRENEURS will pitch their fledgling tech companies to investors at a time when dot-com disasters and uncertainty in the stock market would seem to darken the hunt for cash. But Venture...

Apple Computer to Open 25 Stores Across the Nation.
May 16, 2001... Byline: Judith Schoolman May 16--Apple Computer will open 25 stores nationwide this year, including two in New York City, as it attempts to attract buyers and promote its new iBook laptop. One of the stores will be on Prince Street in...

Former Executive of Home Appliance Maker Faces Charges in New York Area.
May 16, 2001... Byline: David Andelman May 16--Chainsaw Al may be chopped down yet again -- this time by federal prosecutors. Al Dunlap, the corporate exec who acquired his nickname for mass lay-offs at struggling companies, was charged by the...

Federal Reserve Slashes Interest Rates; More Cuts May Come.
May 16, 2001... Byline: Judith Schoolman May 16--Alan Greenspan's Fed slashed interest rates to their lowest level in seven years while leaving open the possibility that there's more to come if the economy continues to falter. The Fed said declining...

Reston, Va.-Based Firm to Buy Internet Consulting Company.
May 16, 2001... Byline: Eric Herman May 16--In a deal that throws the dot-com crash into stark relief, a Silicon Alley Internet consulting firm whose stock once traded for almost $90 a share is about to be purchased for 91 cents a share. Rare Medium...

Talk Magazine Hires New Editorial Director.
May 16, 2001... Byline: Paul D. Colford May 16--Talk editor in chief Tina Brown tinkered again yesterday with the cast of her magazine, luring the well-wired deputy editor of New York, Maer Roshan, to succeed Robert Wallace in the No. 2 position of...

Daily News, New York, Peter Siris Column.
May 16, 2001... Byline: Peter Siris May 16--There is a wonderful scene in the Sherlock Holmes story, "Silver Blaze." As the police try to figure out who stole a horse, Holmes points out that, curiously, the dog did not bark. It was silent because it knew...

Owner of New York-Based Fashion Company Names New CEO.
May 17, 2001... Byline: Judith Schoolman May 17--The new Italian owner of Donna Karan International named one of its own to head the New York fashion company, ousting CEO John Idol who helped saved it from drowning in losses. LVMH Moet Hennessy Louis...

Krispy Kreme Posts Increased Profits.
May 17, 2001... Byline: Nancy Dillon May 17--Doughnut maker Krispy Kreme reported another slam dunk quarter yesterday and said sales through 2003 will be even more golden than previously thought. Investors cheered the news and fattened the stock price...

Lawsuit over N.Y. Building Pits Developer against J.P. Morgan Chase.
May 17, 2001... Byline: Eric Herman May 17--One of the ritziest buildings in midtown is about to become the subject of a courtroom brawl starring a very ritzy lawyer: David Boies. The man who argued in vain on behalf of Al Gore in his Florida...

NBC to Lease Some of its Office Space.
May 17, 2001... Byline: Eric Herman May 17--At Rockefeller Center, the Peacock is trimming some feathers. NBC has decided to lease about 130,000 square feet of office space it now occupies at 30 Rockefeller Plaza, according to real estate executives....

Microsoft Announces Launch Date for Video Game Console.
May 17, 2001... Byline: Rachel Scheier May 17--It may only be spring, but visions of holiday sales are already dancing in the heads of video game console makers. Microsoft announced yesterday that it would launch its long-awaited Xbox on Nov. 8, while...

AOL Time Warner CEO Expresses Wish for Merger with New York Cable Giant.
May 18, 2001... Byline: Phyllis Furman May 18--AOL Time Warner CEO Gerald Levin wants to be New York's one and only cable guy. If Levin had his way, the city's two cable giants -- Time Warner Cable and Cablevision -- would link up to create one cable...

News Corp. Seeks Permission to Keep New York Post, Buy Another TV Station.
May 18, 2001... Byline: Paul D. Colford May 18--Reiterating a claim that the New York Post's financial condition "has been far from smooth sailing," News Corp. is seeking a temporary, two-year waiver of a federal law that would allow the company to keep...

Sony's Latest Computer Also Functions as TV, VCR.
May 18, 2001... Byline: Nancy Dillon May 18--Sony says its latest computer is ready for prime time -- even if you aren't. The new PC, unveiled yesterday, is essentially a PC-TV-VCR. It comes with a built-in TV tuner and the ability to record up to 100...

French Competitor Alcatel Mulls Buying N.J. Telecom Manufacturer Lucent.
May 19, 2001... Byline: Rachel Scheier May 19--Lucent, the troubled New Jersey telecom manufacturer whose stock plunge has weakened many of the biggest mutual funds, could soon be bought by French competitor Alcatel. While Lucent, despite hitting hard...

Daily News, New York, Peter Siris Column.
May 19, 2001... Byline: Peter Siris May 19--Selling a stock that's gone up or down a small percentage is easy because you have no attachment to it. But if you want to beat the market, you must learn how to sell stocks that have been big winners or losers....

Consumers Haven't Felt Effects of Fed's Short-Term Rate Reductions.
May 21, 2001... Byline: Judith Schoolman May 21--When the Fed cut rates last week for the fifth time this year, investors jumped for joy and consumers bathed in a feel-good belief that the cost of borrowing money would immediately drop. But now that...

New York City Employers Expect to Hire Fewer Workers This Summer.
May 21, 2001... Byline: Nancy Dillon May 21--City employers expect to post fewer "Help Wanted" signs this summer compared to last, according to a new poll of employers' hiring plans. The study, to be released today by Manpower, the nation's largest...

High Housing Costs in Manhattan Spread to Nearby Areas of New York City.
May 21, 2001... Byline: Eric Herman May 21--Manhattan may be an island, but its housing costs have a ripple effect. Take Astoria, for example. For the past several years, the historically Greek and Italian middle-class neighborhood in Queens has seen...

Daily News, New York, Peter Siris Column.
May 21, 2001... Byline: Peter Siris May 21--I have seen many bankruptcies in the past year. Some were easy to spot. They were dot-coms like Pets.com, eToys and MarchFirst that were bleeding money. When they ran out of cash, they were history. But other...

Venture Capital Migrates to Later-Stage Companies to Minimize Risk.
May 21, 2001... Byline: Nancy Dillon May 21--Local entrepreneurs listen up: the rules of the Venture Capital Game have changed more than you may realize. Of course, everyone knows the days of closing a deal with a napkin-sketch are no more, and that...

Bank Debuts ATM Machines for Blind Customers in New York.
May 22, 2001... Byline: David Andelman May 22--If you can't read the screen on some Citibank ATM machines, now you can listen to them. That's what five automated teller machines set to go online today are promising. These ATMs for the blind and...

Harrison, N.J.-Based Housewares Retailer Files for Bankruptcy.
May 22, 2001... Byline: Nancy Dillon May 22--Though it cooked up a major cost-cutting plan in February, housewares retailer Lechters is still very low on dough -- pushing it to file yesterday for bankruptcy protection. Execs at the 325-store company...

Daughter of Investment Firm's Chairman Gets Promotion.
May 22, 2001... Byline: Judith Schoolman May 22--Abigail Johnson, the billionaire daughter of Fidelity Investments chairman Ned Johnson, was promoted again yesterday, strengthening her chances to head the world's biggest mutual fund company. The...

Nasdaq Posts 5 Percent Improvement.
May 22, 2001... Byline: Judith Schoolman May 22--Visions of improving corporate profits set off a tech stock rally, sending the Nasdaq soaring 5 percent yesterday to its fifth winning session in a row. Thanks to strong performances by such tech...

New York Times Promotes Editorial Page Chief to Executive Editor.
May 22, 2001... Byline: Paul D. Colford May 22--Howell Raines -- who advanced at The New York Times from national correspondent, to White House reporter, to London and then Washington bureau chief, to editorial page editor -- was named yesterday to the...

AOL Will Raise Rate for Unlimited Internet Service.
May 23, 2001... Byline: Rachel Scheier May 23--America Online, which connects more people to the Internet than any other service, is raising its monthly fee 9 percent, or $1.95, to $23.90. The hike will boost the price of AOL's popular unlimited-use...

Daily News, New York, Media Column.
May 23, 2001... Byline: Phyllis Furman May 23--CNN let "Moneyline" anchor Lou Dobbs keep a speaking engagement with Ford -- but the network put the brakes on more than two dozen speaking gigs booked by his predecessor, Stuart Varney. Jim Keppler,...

New York Times Executive Editor Traveled Different Road than Predecessors.
May 23, 2001... Byline: Paul D. Colford May 23--Howell Raines will rise to the top job of executive editor at The New York Times bearing some of the same bold stripes as his three immediate predecessors: he's won a Pulitzer Prize, written books and...

Corporate Owner Drops Familiar Brokerage's Nomenclature.
May 23, 2001... Byline: Judith Schoolman May 23--Salomon Brothers, for more than 90 years one of the most recognized names in finance, is being shoveled off to the dustbin of Wall Street. Citigroup, which absorbed the renowned investment house when it...

Goldman Sachs to Fire 12 Percent of Investment Bankers.
May 24, 2001... Byline: Judith Schoolman May 24--In a sign the corporate merger business is likely to keep slowing, Goldman Sachs said yesterday it will fire 12 percent of its investment bankers. The prominent Wall Street brokerage, one of the most...

Artist Plans To Build Gallery on Harlem, N.Y., Lot.
May 24, 2001... Byline: Eric Herman May 24--In a sign of the increasing desirability of Harlem real estate, the artist-husband of Bette Midler has purchased a vacant lot on Lenox Avenue and plans to build an art gallery there. Martin von Haselberg --...

Stock of New York-Based Steakhouse Chain Falls Below IPO Price.
May 24, 2001... Byline: Nancy Dillon May 24--Investors skirted stakes in Smith & Wollensky Restaurant Group yesterday, pounding the stock lower in its Wall Street debut. Shares of the Manhattan-based steakhouse chain sank as much as 12 percent from...

Judge Sentences Shoe Magnate to 41 Months, Orders Him to Pay $8 Million.
May 24, 2001... May 24--Shoe magnate Steve Madden, saying he was "bloodied but unbowed," fessed up to civil and federal stock fraud and money laundering charges yesterday, receiving a 41-month jail term and $8 million in fines and restitution. In an...

Republican Party Defection May Create Obstacle for New York Media Firm.
May 25, 2001... Byline: Paul D. Colford May 25--A unexpected obstacle has developed as Rupert Murdoch's News Corp. seeks federal approval of plans to add WWOR-TV/Ch. 9 to its empire while continuing to own the New York Post. Sen. James Jeffords' exit...

Daily News, New York, Publishing Column.
May 25, 2001... Byline: Paul D. Colford May 25--MITCH ALBOM, THE RADIO broadcaster and newspaper columnist whose "Tuesdays With Morrie" has been one of the biggest sellers of recent years, is shopping a two-book package for major money, two top publishing...

Six Long Island, N.Y., Residents Face Charges of Operating Rare Coin Scam.
May 25, 2001... Byline: Barbara Ross May 25--Six Long Island residents were accused yesterday of scamming people out of $25 million by selling them vastly overpriced "rare" coins "guaranteed" to increase in value. From 1993 to 2000, five secretly...

Fed Governor's Words Boost Stock Market.
May 25, 2001... Byline: Judith Schoolman May 25--Bullish words from a Fed official turned a down stock market positive yesterday, as investors tuned out fresh signs of economic weakness and a power shift on Capitol Hill. Fed governor Laurence Meyer...

Senator Reaffirms Support of Cross-Ownership Rule in Media.
May 26, 2001... Byline: Paul D. Colford May 26--The U.S. senator set to gain a stronger hand in government decisions affecting the media reiterated his support yesterday for a rule that would force Rupert Murdoch's News Corp. to unload the New York Post...