Yahoo shareholder wants records on CEO's hiring
SAN FRANCISCO (AP) -- A major Yahoo shareholder has made a legal demand for internal records about the embattled Internet company's hiring of CEO Scott Thompson.
Activist hedge fund Third Point LLC took the unusual step Monday as part of its effort to oust Thompson for an inaccuracy about his academic credentials.
After exposing the fabrication last week, Third Point set a noon Eastern Time deadline Monday for Yahoo to fire Thompson for unethical conduct. That deadline passed without any change in Thompson's status.
Third Point wants to review Yahoo Inc. documents that may explain how much research the company's board did about Thompson before hiring him in January. The fund contends it's entitled to the records under the laws of Delaware, where Yahoo is incorporated.
Yahoo didn't immediately respond to a request to comment.
Kodak Gallery shuttering
NEW YORK (AP) -- Kodak will close its online photo service July 2 after a federal bankruptcy judge approved a $23.8 million sale of the business to Shutterfly.
Shutterfly Inc. emerged last month as the sole bidder for Eastman Kodak Co.'s Kodak Gallery business. The judge approved the sale last week. Kodak, which filed for bankruptcy protection in January, is selling it to generate cash and to narrow its focus.
In an email to Kodak Gallery users Monday, the company said people who do not want their photos transferred will have to inform the Kodak by May 28. Shutterfly will contact users in June on how to link a Kodak Gallery account with one on Shutterfly. After photos are transferred in July, they will no longer be accessible on Kodak Gallery.
Wives added to Madoff suit
The trustee liquidating Bernard L. Madoff Investment Securities revised a lawsuit to add the spouses of Bernard Madoff's two sons as defendants on $57.5 million in claims.
The new claims, filed May 4, are part of Irving Picard's existing $255 million complaint against the Madoff family seeking to recoup money taken out of the Ponzi scheme. The revised complaint adds Stephanie Mack, Mark Madoff's widow, and Deborah Madoff, Andrew Madoff's wife, as defendants on $54.5 million in claims for unjust enrichment. Picard also is suing for $3 million that allegedly was transferred to the two women and to Susan Elkin, Mark Madoff's first wife.
-- Bloomberg News
Mall operator tops index
INDIANAPOLIS (AP) -- The nation's largest shopping mall operator, Simon Property Group Inc., is now also the world's largest real estate company.
Indianapolis-based Simon Property this month is listed at No. 1 on the FTSE EPRA/NAREIT Global Real Estate Index. John Barwick of the National Real Estate Investment Trust said Monday that's based on the company's market capitalization of $45.9 billion as of May 4. The market cap is the total market value of a company's outstanding shares. Simon Property once owned Eastern Hills Mall in Clarence.
ALDI recruiting workers German discount grocery chain
ALDI will be holding a recruitment event to hire employees for its Buffalo-area stores Friday.
The company has openings at its Buffalo, Amherst, Hamburg, Springville, West Seneca and Blasdell stores. ALDI is hiring full- and part-time cashiers, which start at a rate of $11 per hour. Shift managers are also being hired, with wages starting at $11 and rising to $15.25 after training.
Company representatives will meet with applicants Friday from 7 to 11 a.m. and 4 to 7 p.m. in the ALDI at 1685 Walden Ave., Cheektowaga. Job seekers must be available to work between the hours of 6 a.m. and 11 p.m., able to lift 45 pounds and pass a drug screening and background check.