Business Briefs

Published: May 1, 2008

NEW YORK — Members of the Rockefeller family took a fight with Exxon Mobil Corp. public Wednesday, challenging the oil giant spawned by their namesake to split the roles of chairman and CEO and focus more on renewable energy.

The family members, who describe themselves as the company's longest continuous shareholders, said they are concerned that Irving, Texas-based Exxon Mobil is too focused on short-term gains from soaring oil prices and should do more to invest in cleaner technology for the future.

Separating the leadership roles, they argue, would better position the company for challenges to come.

"They are fighting the last war and they're not seeing they're facing a new war,” said Peter O'Neill, who heads the Rockefeller Family committee dealing with Exxon Mobil and is the great-great-grandson of John D. Rockefeller.

O'Neill said he had the support of more than 80 percent of family members older than the age of 21. Family representatives said they were not sure how much of the company they own collectively, but that it represented a significant holding.

Mutual funds and other institutional investors, not individuals, are the company's top shareholders.

SAN FRANCISCO — Microsoft Corp.'s directors are meeting to consider raising the software maker's $41.9 billion bid for Yahoo Inc. instead of pursuing a threatened hostile takeover attempt, according to a published report.

Microsoft also is weighing withdrawing its bid for the company. That is a move likely to cause a precipitous drop in Yahoo's stock, which has been bolstered by the 3-month-old takeover bid.

If Yahoo's stock deteriorated during the next few months, Microsoft could return with another bid that would be more difficult to turn down.

Microsoft Chief Executive Steve Ballmer had threatened to oust Yahoo's 10-member board — including Yahoo CEO Jerry Yang — if it didn't relent and agree to a sale.

Yahoo's board maintains the Sunnyvale-based company is worth substantially more than Microsoft's initial bid of $44.6 billion, or $31 per share.

The value of cash-and-stock offer had declined to $29.06 per share Wednesday, reflecting a downturn in Microsoft shares since the saga began.

DENVER — Prosecutors asked for a full appeals court review on Wednesday of a decision giving ex-Qwest chief Joe Nacchio a new trial on insider trading charges, arguing the original ruling could limit judges' authority over expert witnesses.

The prosecution asked the 10th U.S. Circuit Court of Appeals to re-examine whether a district judge may exclude expert testimony under certain conditions. They also requested scrutiny on whether a judge may exclude expert testimony about economic concepts.

A three-judge 10th Circuit panel overturned Nacchio's conviction in March.

"The panel's decision not only departs from precedent but threatens to restrict district judges' traditional and important discretion to exclude unsupported expert opinions and unnecessary commentary,” Justice Department attorney Stephan E. Oestreicher Jr. wrote in the 15-page motion.

Nacchio's attorneys were reading the prosecution's motion Wednesday afternoon and had no immediate comment.

Last month, defense attorney Maureen Mahoney said Nacchio's legal team expected he would be acquitted if he is retried.

MEMPHIS, Tenn. — Power was restored Wednesday to the terminal at Memphis International Airport after a 14-hour outage that led to numerous flight delays and cancelations.

The outage did not affect the airport tower, and some flights continued landings and takeoffs.

Electricity was taken down late Tuesday night for planned maintenance, but when workers tried to restore service about 4 a.m. a part in the main switch gear failed, said Memphis Airport Authority spokeswoman Janice Young.

A generator was brought in to help at the terminal, but airlines had to handle baggage by hand and worked around boarding ramps that had no power, she said. Security checkpoints in the airport were forced to operate on emergency power.

Power was restored shortly after noon Wednesday.

Some 60 flights were canceled and others were delayed.

Northwest Airlines, which operates a hub at the airport and has the most flights, said the average delay was 45 minutes.

The Associated Press

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