Archive for April, 2005

>General Motors Corp. is recalling more than 2 million vehicles, including nearly 1.5 million sport utility vans and pickup trucks that have problems with their seat belts.

The company said Monday a few minor injuries were associated with the six separate recalls and owners would be notified of the problems by mail.

Among the vehicles affected were 1.48 million SUVs and pickups from the 2003-2005 model years, including the Chevrolet Silverado Crew Cab, Suburban, Tahoe, Avalanche; Cadillac Escalade, Escalade ESV, Escalade EXT; GMC Sierra Crew Cab, Yukon XL, Yukon; and the Hummer H2s. Full story…

>Retirees Bill and Martha Slate drove to Point Mallard from their Hartselle home to enjoy a week of bike riding and visiting with friends from their motor-home club. The couple still travels by motor home at least once a month, though they’re more likely to opt for closer destinations these days.

“People are watching it now that used to not pay attention,” Martha Slate said. “We just canceled our long trip. This year we had planned to go to Maine, but it looks like it (fuel) is going higher.” Full Story…

>The DIRECTV Group, Inc. and SkyTerra Communications, Inc. an affiliate of Apollo Management, L.P., a New York-based private equity firm, today announced the completion of transactions that resulted in SkyTerra acquiring a 50 percent interest in a new entity, Hughes Network Systems LLC (HNS LLC), that in turn had acquired substantially all of the remaining assets of Hughes Network Systems, Inc., a wholly-owned subsidiary of The DIRECTV Group.

HNS LLC is primarily focused on providing broadband satellite networks and services to enterprises via its core enterprise Very Small Aperture Terminal (VSAT) business. Its other businesses include Consumer DIRECWAY, Mobile Satellite and Carrier Networks, as well as the portion of the Spaceway satellite platform that is under development and that will not be used in DIRECTV’s direct-to-home satellite video broadcasting business. Approximately 1,360 HNS employees transferred to HNS LLC. In connection with the transactions, SkyTerra will be responsible for day-to-day management of HNS LLC.

The DIRECTV Group received approximately $246 million in cash at closing, and 300,000 shares of SkyTerra common stock, and will retain a 50 percent interest in HNS LLC.