Weekly News Bulletin: Apr. 20-26, 2005


Allied Waste Reports First Quarter Turnaround

Allied Waste has reported a first-quarter profit of $17 million in net income, or five cents a share, up from a loss last year of $2.4 million, or one cent a share. Revenue for the quarter rose 2.4 percent to $1.31 billion from $1.27 billion; the majority of the growth came from increased volume, with the remainder coming from higher pricing. The company also announced that recycling revenue increased by $3 million...Read More »



Investors Win $200M Judgment against Former Safety-Kleen Officials

A group of institutional investors has won a $200 million judgment against Kenneth Winger and Paul Humphries, former CEO and CFO respectively of Safety-Kleen Corporation (www.safety-kleen.com). In addition, the accounting firm of PricewaterhouseCoopers (www.pwcglobal.com) and outside directors reached a settlement for an aggregate of $84 million. The suit arose from Safety-Kleen's bankruptcy in 2000; the company restated its 1997, 1998 and 1999 financial statements by over $500 million. The case was only the fourth to reach trial since the passage of the Private Securities Litigation Reform Act of 1995. Criminal indictments had already been obtained by the government against certain former Safety-Kleen officers...Read More »



Former Alabama Judge Sentenced In Corruption Case

A federal judge has sentenced former Cherokee County (Ala.) Probate Judge Phillip Jordan to six months in prison and six months of home detention for accepting bribes in a landfill arrangement. Jordan pleaded guilty last year to one count of extortion, taking payments from a landfill developer to help influence a landfill deal. Jordan received more than $65,000 in bribes from the developer and lobbyist Clayton "Lanny" Young, who has agreed to plead guilty in his case...Read More »



Landfill Sues Virginia Authority for Alleged C&D Monopoly

John C. Holland Enterprises of Suffolk, Virginia has charged that the Southeastern (Virginia) Public Service Authority (www.spsa.com) and Bay Disposal Inc. (www.baydisposal.com) have created a monopoly on construction waste disposal, and has filed a $20 million lawsuit against the businesses. The suit accuses the public agency, which operates a regional landfill, and Bay Disposal of striking an illegal pricing deal in 2003. Construction waste had historically gone to smaller private landfills, but since October 2003, the suit charges that SPSA gave Bay Disposal a preferential rate as much as $5 cheaper per cubic yard than other landfills charge...Read More »



WCA Waste Acquires Missouri Collection Company

WCA Waste Corporation (NASDAQ: WCAA) has acquired certain assets of Foster Ferguson Disposal, LLC of El Dorado Springs, Mo. The tuck-in acquisition will become a part of the network serving WCA's Oak Grove Landfill in Arcadia, Kansas...Read More »



Utah Landfill Enjoys Significant Surplus

The Salt Lake Valley (UT) landfill is enjoying a rare problem-too much money. The landfill has $41 million in its reserve fund, and the Salt Lake County district attorney's office has determined that between $6 million and $20 million could be diverted for other uses. Possible suggestions have included everything from an amphitheater to a composting center. Any deal would have to leave enough of a surplus to properly close the landfill under Subtitle D guidelines...Read More »


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