BUSINESS BRIEFS
Bullard becomes Black's partner
Advertiser Staff
Honolulu-based Gib Black Advertising Group has changed its name to Bullard & Black to reflect the addition of Patrick Bullard as an equity partner in the company.
Bullard joined Gib Black a little over a year ago after leaving ADWorks. He became an equity partner in Gib Black in September.
"The name change and partnership clearly recognize his value and commitment to the agency," said Gib Black.
The agency, founded by Black and his wife in 1972, has seven full-time employees and does nearly $5 million a year in capitalized billing.
GM OVERSTATED 2001 EARNINGS
General Motors Corp. overstated 2001 earnings from continuing operations by $300 million to $400 million by incorrectly booking credits from suppliers, the company said yesterday.
The Securities and Exchange Commission began investigating the accounting maneuver earlier this year.
GM's accounting problems are likely to shake investor confidence in a sector already reeling from weakening sales, growing competition and high labor and commodity costs.
DELTA PILOTS REVEAL PROPOSAL
The pilots union at bankrupt Delta Air Lines Inc. said in a court filing that it is offering the carrier an average of nearly $91 million a year in concessions, which the union contends is sufficient to help Delta trim labor costs to a competitive level.
The disclosure came in an objection the Air Line Pilots Association filed in response to Delta's request to void its pilot contract. If granted, Delta is likely to impose $325 million in concessions, including a 19.5 percent pay cut, and changes in benefits and work rules.
BLACKSTONE TO BUY LA QUINTA
Reflecting private investors' renewed interest in hotels, mid-priced chain La Quinta said yesterday that it has agreed to be bought by Blackstone Group for about $2.3 billion.
Blackstone will pay $11.25 a share in cash, or 37 percent more than La Quinta's Tuesday close of $8.22. It also will assume about $1.1 billion of La Quinta debt.
