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Business Today

Pan Am won't resume local flights

By wire services
Published October 13, 2005

Pan Am Clipper Connection, which suspended flights from St. Petersburg-Clearwater International Airport last month, said Wednesday it won't resume service at the local airport.

The airline has not shut down but decided to stop flying jets from all U.S. cities except Sanford, outside Orlando, said Noah Lagos, director of St. Petersburg-Clearwater International. Customers with tickets should call the airline at 1-800-359-7262.

About 200 workers at a Plant City cookie manufacturing plant scheduled to close in December will lose their jobs unless a buyer for the facility can be found. Archway & Mother's Cookie Co. Inc. said the work that 190 full-time and 11 part-time employees perform would be transferred to plants in Oakland, Calif.; Ashland, Ohio; and Kitchener, Ontario, Canada.

The former chief executive of commodities brokerage Refco Inc. was charged with securities fraud Wednesday for hiding up to $545-million in bad debts from federal regulators and investors. Phillip Bennett, 57, of Gladstone, N.J., was arrested Tuesday and charged in a criminal complaint unsealed in U.S. District Court in Manhattan, said U.S. Attorney Michael Garcia.

A New York state judge on Wednesday dismissed unresolved criminal charges against a former Bank of America Corp. broker, who agreed to pay a $200,000 fine to settle charges of defrauding mutual fund shareholders by allowing a favored customer to make illegal after-hours trades. The moves ended the government cases against Theodore Sihpol III, the first person to go on trial as a result of an investigation of trading abuses in the $8-trillion mutual fund industry.

Delphi Corp.'s hourly workers could see wage and benefit cuts as early as this spring, officials from the auto supplier, which sought bankruptcy protection last weekend, said Wednesday. Delphi chairman and chief executive Robert Miller said the company plans to propose cuts to its unions Oct. 21.

Northwest Airlines Corp. asked a bankruptcy judge on Wednesday for permission to reject union contracts, starting a countdown for workers to make a deal or live with pay cuts imposed by the company. Union leaders had expected the move and have said they will negotiate rather than let the company impose its terms.

Billionaire investor Kirk Kerkorian has increased his stake in General Motors Corp. to nearly 10 percent, according to a company filing released Wednesday.

[Last modified October 13, 2005, 01:10:16]