USTaxNetwork.com | October 2006

PartyGaming Scraps Planned Interim Dividend, by Philip Morton, Investors Offshore.com 05/10/2006 Gibraltar-based PartyGaming announced on Tuesday that following the decision taken by its Board to suspend all real money gaming business with US residents upon the Safe Port Act being signed into law by President Bush, which is expected within the next two weeks, the Board has decided to cancel the interim dividend that was due to be paid on 31 October 2006. [ FULL STORY ] > CLICK HERE FOR MORE HEADLINES  Judge Allows Refco To Pay Off Secured Lenders, by Glen Shapiro, LawAndTax-News.com, New York 05/10/2006 Refco's bankruptcy judge Robert Drain last week agreed at a hearing in New York to permit Refco to pay US$642m to secured lenders. The application had been resisted by a group of hedge funds holding 25% of Refco's stock - although they appeared to have acquired their holdings after the company's bankruptcy in October, 2005. [ FULL STORY ] > CLICK HERE FOR MORE HEADLINES  Microsoft Appeals EU Fine, by Ulrika Lomas, for LawAndTax-News.com, Brussels 05/10/2006 It emerged this week that Microsoft has lodged an appeal with the Court of First Instance (CFI) over a fine imposed on it by the European Commission for non-compliance with an earlier antitrust ruling. [ FULL STORY ] > CLICK HERE FOR MORE HEADLINES  Airline Block Exemptions Come Under EC Scrutiny, by Ulrika Lomas, for LawAndTax-News.com, Brussels 05/10/2006 The European Commission has this week adopted a Block Exemption Regulation revising the exemption International Air Transport Association (IATA) passenger tariff conferences have enjoyed from the EC Treaty’s ban on restrictive business practices. [ FULL STORY ] > CLICK HERE FOR MORE HEADLINES  Amaranth Promises Asset Statement Today, by Carla Johnson, Investors Offshore.com 04/10/2006 Troubled hedge fund Amaranth told investors that as of last Friday, the net asset value of its multi-strategy funds had declined approximately 65% to 70% month-to-date and approximately 55% to 60% year-to-date. [ FULL STORY ] > CLICK HERE FOR MORE HEADLINES  New Legislation Exempts CPAs From Privacy Notification Requirements, by Glen Shapiro, for LawAndTax-News.com, New York 04/10/2006 The US Congress has passed a bill which, amongst other provisions, exempts certified public accountants from the Gramm-Leach-Bliley Act’s requirement that CPAs send their clients an annual privacy notice. [ FULL STORY ] > CLICK HERE FOR MORE HEADLINES  NASD To Take Account Of Firm Size When Imposing Sanctions, by Glen Shapiro, LawAndTax-News.com, New York 04/10/2006 The National Association of Securities Dealers (NASD) last week issued modifications to its Sanctions Guidelines to clarify that adjudicators should consider a registered firm's size and available resources when imposing monetary sanctions for misconduct - and may, when appropriate, impose a fine that is below the minimum levels recommended in the guidelines. [ FULL STORY ] > CLICK HERE FOR MORE HEADLINES