A Dec. 24 story, Consumer Debt Looks Set to Keep Soaring, incorrectly stated that Americans racked up $724 million in unsecured debt. In fact, the correct figure is $724 billion.
TheStreet.com regrets the error. (corrected Dec. 30)
In a Dec. 12 Arne Alsin column, Looking for the Full SPX Story, a lawsuit against Weil McLain, among other defendants, was not fully explained. As now noted in the story, Weil McLain, a division of SPX (SPW:NYSE), was a defendant in an asbestos-related lawsuit, since settled in New York County Supreme Court. There never was a verdict on liability; as to damages, the verdict was collective, and did not ascribe a damages amount specifically to Weil McLain. The column has since been changed to reflect that. As well, the reference to the use of asbestos as an insulating material in prior years has been deleted.
TheStreet.com regrets the error. (corrected Dec. 24)
A Dec. 13 Arne Alsin column, Focus on Quality of Earnings at SPX, has been corrected. First, a reference to SPX's 10-Q in the second paragraph has been deleted. Second, Weil McLain, a division of SPX (SPW:NYSE), was a defendant in an asbestos-related lawsuit, since settled in New York County Supreme Court. There never was a verdict on liability; as to damages, the verdict was collective, and did not ascribe a damages amount specifically to Weil McLain. Since the defendants in this case settled the case before any determination of liability was made by the jury, calling it a "case that was lost" was incorrect.
TheStreet.com regrets the error. (
corrected Dec. 24
A Dec. 12 story, originally titled Why Are Insiders Leaving an AIDS Vaccine Company? inaccurately listed an institutional shareholder, the Halifax fund, as a VaxGen (VXGN) insider. In fact, the fund held just a 9.2% stake in the biotech firm, putting it below the Securities and Exchange Commission's 10% ownership threshold for insiders.
To reflect that fact and the fact that billionaire shareholder Paul Allen isn't divesting himself of all his VaxGen holdings, the headline on the article has been changed to Billionaire Insider Lightening Up on VaxGen Stake.
TheStreet.com regrets the error. (corrected Dec. 18)
A Dec. 14 story, The Coming Week: Geopolitical Worries Mount, inaccurately said the Nasdaq Composite ended the week at 1422. The Nasdaq finished the week at 1362. The story also mistakenly said the S&P 500 closed at 912. In fact, it closed at 889. TheStreet.com regrets the error. (Corrected Dec. 16)
In a Dec. 10 story, UAL Leaves AT&T, Boeing and Banks on the Hook, UAL's list of 20 largest creditors inaccurately portrayed the relationship between some of the banks and the bankrupt carrier. While the list of creditors ran as presented in UAL's bankruptcy filing, some of the banks were in fact trustees for other lenders and not creditors themselves.
Specifically, the Bank of New York (BK) - Get Report has a trustee relationship, not a creditor relationship, with UAL. This means that Bank of New York holds the debt on behalf of others, but isn't necessarily responsible for the $1.6 billion in debt UAL listed in its bankruptcy filing. According to a Bank of New York spokesperson: "The bank of New York is a trustee on all the claims listed in that filing. We are the administrators between the people who issue the bond and the bondholders. And the bondholders are on the hook for this one, in terms of that filing from UAL."
Furthermore, since that story published, some companies have altered their relationship with regard to UAL's debt. After the filing, Bank One (ONE) - Get Report announced that it resigned as trustee of the nearly $1 billion in debt and said it will take a $45 million charge in the fourth quarter. The bank has also joined the cadre of banks providing the carrier with debtor-in-possession lending to help it pay bills during bankruptcy. TheStreet.com regrets the error. (Corrected Dec. 11)
A Dec. 6 Brian Gilmartin column, Drumming Up Support for Dell, mischaracterized Dell's put liability. Dell buys stock from the put owner at $45 per share, and does not deliver the shares. TheStreet.com regrets the error. (Corrected Dec. 6)
A table in a Nov. 27 column, " Bottom of the Barrel: Giving Thanks, Naming Turkeys," contained two errors. First, Endocare's (ENDO:Nasdaq) stock prices were reversed, making it look like the stock was up 631%. Its current price is $2.49 and the mention price was $18.21, yielding a loss of 86.33% Second, Chattem's (CHTT:Nasdaq) current and mention prices were slightly off, but they have since been updated, resulting in a 4.39% gain instead of a 5.88% gain. TheStreet.com regrets the error. (Corrected Dec. 2)
A Quote of the Day on Dec. 3 misidentified the title of and misspelled the name of AOL (AOL:NYSE) Vice Chairman Ted Leonsis. TheStreet.com regrets the error. (Corrected Dec. 3)