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Talk of the Day

Here's the buzz.

By TIMES WIRES
Published June 2, 2006

Sorry, folks, you can't buy Chicago's Tribune Tower

Tribune Tower isn't for sale despite Wall Street speculation to the contrary, according to Tribune Co., the media company that owns and occupies the iconic building in downtown Chicago. Talk that the neo-Gothic landmark could be sold spread this week when Tribune disclosed plans to sell at least $500-million in noncore assets as part of an effort to boost its sagging stock price. But Gary Weitman of Tribune said, "Tribune Tower is not for sale."

You bought the shares, Vonage says, so pay up

Vonage Holdings Corp., the Internet phone company that went public last week, risks alienating 10,000 customers by insisting they honor commitments to buy shares that have dropped 29 percent. The demand signals Vonage is concerned customers may balk at paying the IPO price of $17 a share. The company is obligated to cover any shareholders who back out of agreements to buy the stock. Customers bought 4.21-million shares, worth about $72-million. "The goal was to reward customers and drive loyalty, and it appears to be in some cases having the opposite effect," said Richard Greenfield, an analyst at Pali Capital in New York. But customers who want to back out may have a legal basis for doing so. Vonage has said little about notices that the company sent out before the IPO that may have violated federal securities laws. These technical errors, outlined on Page 140 of the offering documents one day before the IPO, may give customers the right to force Vonage to buy back their shares, according to Vonage's documents.

Other chatter

Greenpeace storms Madrid exchange: Environmental activists in Spain announced "green takeover" and demanded the Spanish government allow consumers to choose to consume renewable energy. Ten members entered the stock exchange clad in green ties and jackets and carrying a sign that said, "We want to choose clean energy: join the green takeover."

Information from the Associated Press and Bloomberg News was used in this report.

[Last modified June 2, 2006, 06:15:07]