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Mormon News: All the News about Mormons, Mormonism and the LDS Church
Posted 24 Feb 2001   For week ended March 19, 2000
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Business News

 Tribune Purchase Of Times-Mirror Leaves LDS CEO Rich But Tainted
The $6.5 billion purchase of Times Mirror, parent of the Los Angeles Times by the Chicago-based Tribune Co., parent of the Chicago Tribune, leaves Times Mirror CEO Mark Willes, a member of the LDS Church and nephew of President Gordon B. Hinckley, without a job after five years of trying to change the way the Times is run. Willes leaves Times Mirror a multimillionaire, if he wasn't before, with his stock alone valued at more than $46 million. But the deal also leaves Willes somewhat tainted, both because of his controversial attempts to break down the 'chinese wall' between the editorial and business sides of the newspaper publishing business and because he failed to meet his goal of raising the circulation of the Times by 500,000 or 1 million subscribers and increase revenue.

 Will Zions-First Security Merger Fall Apart?
In the wake of a poor earnings report from First Security Corp. and the subsequent stock drop, Goldman Sachs Group, Inc. announced Monday that investors could no longer rely on its February 17th opinion that the merger is a good deal for Zion's shareholders. The announcement puts the merger in doubt and may require that it be reconfigured if not cancelled.

 World's Largest Genealogy Site Grows....Again
LavaStorm, Inc., the Waltham, Massachusetts Internet web site designer and manager the LDS Church employed to run its FamilySearch website announced yesterday that it has expanded the site's capacity again, for the second time in less than a year. The site debuted in May 1999, getting a heavy load from its first day. Recently traffic has averaged about eight million hits (file requests) a day.

 IPO Of Orem-based Caldera, Employer Of LDS Members, Is A 'Smash Hit'
A Smash Hit is coming to Orem Utah! A software company based in Orem, Utah and a major employer of LDS Church members is expected to take the software market by storm. The company, Caldera Systems Inc, sells Linux-based software for businesses. This software is based on "open source technology" and has begun taking business away from competitors Microsoft and UNIX. Caldera launched its IPO Tuesday, selling approximately 5 million shares on NASDAQ for between $8 and $10 per share, up from last week's estimated price of $7 to $9 per share. In its first day of trading, shares more than doubled!

 LDS Missionaries Help Support Utah Ethnic Markets
This article focuses on the Yang family who recently took ownership of a grocery store in Salt Lake City, purchased for them by their daughter. The daughter, who lives in Utah, finally persuaded her parents, both respected, busy doctors in China, to come to Utah and run the grocery store.

Other Business News

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