Closed Upper Crust pizza shops set for auction

Auction plans are in the works for Upper Crust's 10 company-owned restaurants.

The trustee overseeing the Boston pizzeria chain's bankruptcy case has received inquiries from about 50 companies, both local and national, interested in buying all, some or one of the stores.

Trustee Mark DeGiacomo plans to file documents on Monday or Tuesday for the bankruptcy court's permission to conduct the sale.

"We were not able to find anyone who was willing to put up the funds to reopen the stores, so we're still holding out hope that that could happen," DeGiacomo said. "But, meanwhile, were marching forward with the sale of the stores so we can get new owners in there who we hope will hire some or all of the employees."

The highest bidders will prevail in the auction, according to DeGiacomo.

"Whoever is the highest bidder will get the most money for creditors," he said.

DeGiacomo has no estimate of the value of the chain, saying it's "whatever people are willing to pay."

The trustee closed the 10 Upper Crust restaurants last week because there were insufficient funds to continue their operation. The company had about 170 employees.

Upper Crust filed for Chapter 11 bankruptcy protection last month. The chain, which was the target of a U.S. Department of Labor investigation and a class-action lawsuit filed by employees, has up to $4 million in debt.

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Toshiba shows four-legged robot for nuke disaster

YOKOHAMA, Japan — Toshiba Corp. unveiled a robot Wednesday that the company says can withstand high radiation and help in nuclear disasters. But it remains unclear what exactly the new machine will be capable of doing if and when it gets the go-ahead to enter Japan's crippled Fukushima Dai-ichi nuclear plant.

The four-legged robot can climb over debris and venture into radiated areas off-limits to human workers. One significant innovation, Toshiba said, is that its wireless network can be controlled in high radiation, automatically seeking better transmission when reception becomes weak.

But the machine, which looks like an ice cooler on wobbly metal legs, also appears prone to glitches. The robot took a jerky misstep during a demonstration to reporters, freezing with one leg up in the air. It had to be lifted by several people and rebooted.

The robot was also notably slow in climbing a flight of eight steps, cautiously lifting its legs one by one, and taking about a minute to go up each step.

With obstacles that aren't as even and predictable as steps, such as the debris at the plant, it may need as much as 10 minutes to figure out how to clear the object, Toshiba acknowledged.

And if it ever falls, it will not be able to get up on its own.

Still, Tokyo Electric Power Co. said it might use the robot to inspect the suppression chamber of the Fukushima plant, where a devastating meltdown took place after a mammoth tsunami slammed into northeastern Japan on March 11, 2011.

Toshiba began developing the robot after the disaster with hopes it would prove useful in helping to decommission the plant. No human has been able to enter the highly radiated chamber since the tsunami disaster.

"We need this to go in and first check what is there," said Toshiba Senior Manager Goro Yanase.

It was unclear when a decision on the robot's use would be made, according to TEPCO, which operates the nuclear plant.

Although what Toshiba showed was top-notch robotics, what the machine might be able to do appeared limited in the face of the disaster's magnitude and complexity.

Japan boasts among the world's most sophisticated robotics technology, exemplified in the walking, talking human-shaped Asimo robot from Honda Motor Co. The inability of such gadgetry to help out with the Fukushima disaster was widely criticized.

Part of the reason is that robots, although suited for tasks such as greeting visitors at dealerships, are too delicate. Their wireless remote-controlled networks are not designed to endure high radiation. Honda has acknowledged Asimo would not have been able to withstand the environment at Fukushima, as some had suggested.

Toshiba's Yanase said the new robot, which has a dosimeter to measure radiation and six cameras, can stay in a 100 millisievert environment for about a year and can tolerate even higher radiated areas for shorter periods. At 100 millisieverts, the rise in cancer cases caused by radiation becomes statistically detectable, although even lower dose radiation is not advisable for people.

The suppression chamber was 360 millisieverts the last time it was measured, TEPCO said.

Decommissioning Fukushima Dai-ichi is expected to take decades.

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National Grid sued over missing pay

A group of 10 local unions are suing National Grid after thousands of workers haven't been paid some of their hard-earned wages for nearly a month, even forcing some to miss mortgage payments, according to court papers filed yesterday accusing the utility giant of dragging its feet on fixing a payroll glitch.

Local branches of the Utility Workers Union of America and United Steel Workers filed suit in Middlesex Superior Court, claiming National Grid breached their collective bargaining agreement after failing "for approximately 30 days to pay wages due," paying some workers late or partial amounts, and neglecting "to take steps to correct the problems with its payroll system."

It's forced some workers to miss mortgage and child support payments in addition to absorbing "non-payment" fees, according to the complaint.

The Herald reported last week that a new payroll system installed at National Grid experienced what company officials called "software errors," robbing part of its 17,000-employee workforce — including hundreds of Bay State workers pulling 18-hour shifts in other states to clean up superstorm Sandy's mess — of their proper paychecks.

National Grid officials said in a statement yesterday they take "the timely and accurate compensation of its employees very seriously" and called fixing the problems a "top priority."

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Expert sees a gathering storm for top fund manager

NEW YORK — The arrest of a former hedge fund portfolio manager in what prosecutors are calling one of the most lucrative insider trading schemes ever indicates that prosecutors may be setting their sights higher — toward a wealthy business leader the suspect's firm was connected to, an expert says.

Mathew Martoma made an arrangement to obtain secret, advance results of tests on an experimental Alzheimer's drug that netted more than $276 million for his fund and others, according to charges filed in U.S. District Court in Manhattan.

He was arrested Tuesday on allegations that he used the information to advise other investment professionals to buy shares in the companies developing the drug, then later to dump those investments and place financial bets against the companies when the tests returned disappointing results.

Martoma's trades helped reap a hefty profit from 2006 through July 2008, while he worked for CR Intrinsic Investors LLC of Stamford, Conn., an affiliate of SAC Capital Advisors, a firm owned by Steven A. Cohen, one of the nation's wealthiest hedge fund managers.

The government has been scrutinizing SAC since at least November 2010, when the FBI subpoenaed SAC and other influential hedge funds. Martoma is the fourth person associated with SAC Capital to be arrested on insider trading charges in the past four years.

Martoma will have great incentive to cooperate with the government because the size of the gains would add years, if not decades, to any potential sentence upon conviction, said John Sylvia, co-chairman of the securities litigation practice at the Mintz Levin law firm in Boston.

It was clear from the court papers that Cohen was referenced frequently and was a likely target of investigators, he said, though they might not be able to build a sufficient case against him.

"There's little doubt as to where the government's sights are," Sylvia said. "I don't think it takes Sherlock Holmes to figure it out."

Martoma was arrested at his home in Boca Raton, Fla., and made an initial appearance in federal court in West Palm Beach, Fla., where he was released on $5 million bail on charges of conspiracy to commit securities fraud and securities fraud. He was scheduled to return to court Monday in Manhattan.

Martoma's attorney, Charles Stillman, called his client "an exceptional portfolio manager who succeeded through hard work and the dogged pursuit of information in the public domain. What happened today is only the beginning of a process that we are confident will lead to Mr. Martoma's full exoneration."

SAC spokesman Jonathan Gasthalter said the company and Cohen "are confident that they have acted appropriately and will continue to cooperate with the government's inquiry."

The Securities and Exchange Commission filed civil papers in the case against CR Intrinsic Investors, Martoma and Dr. Sidney Gilman. The civil complaint said the illegal money was earned in July 2008, when various hedge funds traded ahead of a negative public announcement involving the clinical trial results of an Alzheimer's drug being jointly developed by Elan Corp. and Wyeth, both pharmaceutical companies.

The SEC complaint said that Martoma carried out the scheme with Gilman, an 80-year-old professor of neurology at the University of Michigan Medical School who served as chairman of a safety committee overseeing the clinical trial. Gilman was selected by Elan and Wyeth to present the final clinical trial results at a July 29, 2008, medical conference.

Messages left with the University of Michigan Medical School were not immediately returned.

Gilman's lawyer, Marc Mukasey, said his client is cooperating with the SEC and the U.S. attorney's office, and has entered into a non-prosecution agreement with federal prosecutors.

A copy of the agreement released by federal prosecutors Tuesday showed that Gilman will forfeit nearly $187,000 that he received from Elan for consulting work in 2007 and 2008 and from an expert networking firm for consultations between 2006 and 2009 with Martoma's hedge fund.

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UK still borrowing more than planned

LONDON — The British government continued to borrow more than planned in October as corporation tax collections fell sharply in the wake of a nine-month recession, official figures showed Wednesday.

The Office for National Statistics said borrowing in October was 8.6 billion pounds ($13.7 billion), up from 6 billion pounds a year earlier. Corporation tax revenue was down 10 percent, a sign that businesses continue to struggle — Britain only emerged from its latest recession in the third quarter of the year, with growth up a quarterly rate of 1 percent, largely on the back of a boost from the Olympic Games.

For the first six months of the fiscal year through October, the agency said the government's borrowing stood at 73.3 billion pounds, 5 billion pounds more than a year earlier. The increase comes despite a tough debt-reduction program which is the centerpiece of the government's economic strategy.

If that trend continues, full-year borrowing would be about 130 billion pounds ($207 billion), or 10 billion pounds above the government target.

Treasury chief George Osborne will give Parliament an update on his budget plans on Dec. 5 and investors will be keen to see if he revises up his borrowing projections.

Elsewhere, minutes of the last meeting of the Bank of England's rate-setting committee showed that one member backed another monetary stimulus. David Miles argued that there was enough slack in the economy that another 25 billion pounds injection into Britain's financial system would not stoke inflation.

So far the Bank of England has already plowed 375 billion pounds ($597 billion) into the purchase of bonds from financial institutions. The program, known as quantitative easing, is intended to push up the supply of money in the economy and raise lending.

However, the other eight members of the Monetary Policy Committee opted against another increase and noted encouraging signs, including lower than expected corporate insolvencies.

The panel also discussed dropping the base rate from half a percent, but unanimously voted for no change, the minutes showed.

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Gambling company would let Massachusetts workers unionize

PALMER -- A company hoping to open a casino in western Massachusetts has reached a deal with a federation of about 50 labor unions to allow future employees to form a union and negotiate contracts.

The Mohegan Tribal Gaming Authority finalized the agreement with the Pioneer Valley AFL-CIO to cover employees at a casino it wants to build on a 150-acre site just of the Massachusetts Turnpike in Palmer.

The move could give the authority, which runs the Mohegan Sun casino in Connecticut and another in Pennsylvania, an advantage in the pursuit of the only casino license in western Massachusetts.

The Republican reports that the Mohegan authority's chief executive says his company recognizes "the importance of preserving worker rights to organize."

At least three companies have proposed a casino in Springfield.

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Rock band AC/DC releases entire catalog on iTunes

NEW YORK — AC/DC is finally releasing its music digitally on iTunes.

Columbia Records and Apple announced Monday that the classic rock band's music will be available at the iTunes Store worldwide.

Sixteen studio albums will be released, including "High Voltage" and "Back in Black," which is already in the Top 30 on iTunes' top albums chart. Two of the group's albums are also in the Top 100 and several of the Australian band's songs are in the Top 200.

AC/DC was one of the few acts that would not release music through the digital outlet. Two years ago Apple struck a deal with The Beatles' record label, EMI Group, and management company, and began selling the group's music. Kid Rock, who had also been against selling his music through the digital retailer, is releasing a new album, "Rebel Soul," on Monday and it's available on iTunes.

Silvio Pietroluongo, Billboard's director of charts, said AC/DC's decision isn't shocking.

"It's something that I think artists realize they need to do in order to get their music into the hands of their fans and to make more money," he said. "Right now with CD sales being what they are, touring is the main source of income and not every band is equipped to be out on tour 200 days a year to make the kind of money the need to make, or want to make."

Garth Brooks, however, has yet to release his music on iTunes. Pietroluongo said he believes the country star will come around, but he's not sure when that will be.

Four of AC/DC's live albums and three compilation records are also available. The statement said the songs have been mastered for iTunes "with increased audio fidelity."

The group's first live album in 20 years, "Live at River Plate," is out Tuesday.

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San Diego media figure dies after car crash

SAN DIEGO -- David Copley, owner and publisher of The San Diego Union-Tribune until it was sold in 2009, died Tuesday after crashing his Aston Martin near his home in La Jolla.

Copley, 60, was found slumped in the front seat of his car early in the evening and rushed to Scripps Memorial Hospital, where he was pronounced dead.

He had left a board meeting of the Museum of Contemporary Art San Diego, saying he did not feel well. The cause of death was an apparent heart attack; Copley had received a heart transplant in 2005.

Copley's family influenced nearly every facet of life in the San Diego region during the eight decades of newspaper ownership, with its endorsement of select politicians and support of economic development projects and educational ventures such as the establishment of UC San Diego. His mother, Helen, married James Copley, then the publisher, in 1965.

For several decades, the Copley Press published The San Diego Union and the Evening Tribune; in 1992 the papers merged. After James Copley died in 1973, Helen Copley assumed control of the newspapers. David Copley became publisher in 2001, three years before his mother's death.

But as the newspaper industry's economic fortunes waned, David Copley sold the newspapers and, in effect, retired from public life.

The Copley family used the editorial pages of its newspapers to spread its conservative, pro-business views. The Copley name adorns the downtown symphony hall and a plaza in Balboa Park.

David Copley financed Broadway musicals and art projects by the artist Christo. Shy and uncomfortable in public settings, he nonetheless enjoyed world travel, particularly on his yacht, and entertained lavishly at his home in La Jolla.

With David Copley as publisher, the newspaper won a Pulitzer Prize in 2006 for exposing the corruption of a leading Republican, Rep. Randall "Duke" Cunningham.

In 2009, David Copley sold the remaining newspaper interests to a private equity group, which later sold it to developer-hotelier "Papa Doug" Manchester, who renamed the paper the U-T San Diego.

Karin Winner, retired Union-Tribune editor, told the U-T that David Copley "had an enormous capacity for humor and an uncanny ability to understand the bigger picture...."

She added: "I'm really glad that he had the past few years to live his life the way he wanted to. I know that it was very hard on him to let the paper be sold, but he thought it was what was best for the community and the employees at the time."

---

Visit the Los Angeles Times at www.latimes.com

(c)2012 the Los Angeles Times. Distributed by MCT Information Services

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Walmart making wait worth it by guaranteeing sale items

Walmart is bracing for protests on Black Friday, but not from shoppers who will get an in-store guarantee on select items for the first time this year, an attempt by the retailer to ensure that long waits in line won't be in vain.

The three items — an iPad 2, Emerson 32-inch HDTV, and LG Blu-ray Player — are middle-of-the-road gifts. Walmart is guaranteeing that anyone waiting in line during the first hour of the store's opening (1 a.m. in the Bay State) will get those devices at Black Friday prices, even if the store sells out of those items.

"This is our Super Bowl," said Walmart spokesman William C. Wertz. "We prepare for this all year-round."

The 16GB iPad 2 comes with a $75 gift card on Black Friday, and is being sold at the regular price of $399. The Emerson TV is $148, about half off the regular retail price, and the Blu-ray player is more than half-off the retail price at $38.

If Walmart sells out of the guaranteed items, shoppers in line within the first hour will be able to receive the item in the mail before Christmas.

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Stocks slightly higher at the open on Wall Street

NEW YORK — Stocks opened slightly higher Wednesday on Wall Street ahead of the Thanksgiving holiday.

In the opening minutes of trading, the Dow Jones industrial average was up seven points at 12,795. The Standard & Poor's 500 index was up a point at 1,389. And the Nasdaq composite index was up five at 2,922.

Deere, the maker of tractors and other farm and construction equipment, opened down 3 percent. It reported a quarterly profit of $1.75 per share, missing Wall Street expectations of $1.88.

Chipotle Mexican Group, the restaurant chain, climbed 2.4 percent. It announced late Tuesday that it would buy back an additional $100 million of its own stock. It had announced a $100 million buyback plan Oct. 18.

The quiet open Wednesday followed an uneventful finish Tuesday. The Dow dropped as much as 94 points after a warning from Federal Reserve Chairman Ben Bernanke about federal budget talks, then recovered to close down seven points.

The stock market will be closed Thursday for Thanksgiving and will close early Friday.

The price of oil climbed 95 cents to $87.70 per barrel. It fell $2.53 on Tuesday because of signs that Israel and Hamas were close to a cease-fire to end Israel's weeklong assault on the Gaza Strip, but a cease-fire remained elusive Wednesday.

In the bond market, the yield on the benchmark 10-year U.S. Treasury note rose 0.01 percentage point to 1.68 percent.

European markets were modestly higher. Stocks climbed 0.3 percent in France and 0.1 percent in Germany. Asian markets fared better. The Nikkei index in Japan climbed 0.9 percent and the Hang Seng in Hong Kong 1.4 percent.

© Copyright 2012 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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