Filed under: Ripoffs and Scams, Transportation, Fraud

Just when you finished setting up the final Viagra and ED related keyword filters on your inbox, the scamming spammers have found a new ruse to part fools with their money. The new scam claims to offer a discount of 70 cents on each gallon of gas and originate for now anyway, from an individual representing himself as “Gas Saver.” According to McAfee, a security and anti-virus company, in terms of volume gas related spam is still relatively low, but it has the potential to skyrocket over the summer in tandem with gas prices.

Next time you sit down with a friend or relative, do your part; remind them that they shouldn’t buy medication, gas or lottery winnings from an email. It seems to have been said again and again but just like the MPAA and the RIAA run their public service announcements before movies; maybe we need to have an announcement before sending money from your bank to another account. Remember, if it sounds too good to be true, it probably is, especially when it comes to reduced gas prices.

I truly wonder how many times local news stations and papers need to run the story of an individual scammed out of their life savings due to an email that touted a too-good-to-be-true scheme. At the very least, it seems these email-armed con men are on the ball when it comes to identifying consumer needs, or perceived needs anyway. I hear later this year they’re coming out with a reprinted version of Dante’s Inferno which has been updated to include a new circle of hell specifically for spammers. Until then, be sure to check out how to get gas for $2.99 a gallon for the next three years legitimately.

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Filed under: Ripoffs and Scams, Transportation, Fraud

Just when you completed setting up the final Viagra and ED related keyword filters on your inbox, the scamming spammers have found a new ruse to part fools with their money. The new scam claims to offer a discount of 70 cents on each gallon of gas and originate for now anyway, from an individual representing himself as “Gas Saver.” According to McAfee, a security and anti-virus company, in terms of volume gas related spam is still relatively low, but it has the potential to skyrocket over the summer in tandem with gas prices.

Next time you sit down with a friend or relative, do your part; remind them that they shouldn’t purchase medication, gas or lottery winnings from an email. It seems to have been said again and again but just like the MPAA and the RIAA run their public service announcements before movies; maybe we need to have an announcement before sending money from your bank to another account. Remember, if it sounds too good to be true, it probably is, especially when it comes to reduced gas prices.

I truly wonder how many times local news stations and papers need to run the story of an individual scammed out of their life savings due to an email that touted a too-good-to-be-true scheme. At the very least, it seems these email-armed con men are on the ball when it comes to identifying consumer needs, or perceived needs anyway. I hear later this year they are coming out with a reprinted version of Dante’s Inferno which has been updated to include a new circle of hell specifically for spammers. Until then, be sure to check out how to get gas for $2.99 a gallon for the next three years legitimately.

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Filed under: Ripoffs and Scams, Fraud

Recently we discussed the LifeLock identity theft protection services, and whether or not the services offered are nothing more than a scam. Our readers have varying opinions, and I ultimately came to the conclusion that what LifeLock sells is not worth the money. There’s very little actual protection, and the company’s “guarantee” doesn’t seem to be worth the paper it’s printed on.

Now Lifelock has announced two new service offerings. The company says it is approaching one million “members” and these services “… will further secure LifeLock’s position as the industry leader in identity theft protection.” The new “eRecon” service is billed as a technology solution that monitors over 10,000 websites, bulletin boards and chat rooms used by criminals to sell and trade identities. If your information is found, the company state it will call and tell you. The “TrueAddress” service is billed as a technology solution that monitors address databases and notifies you if your address is changed in one of them.

Sounds like a lot of hype and little substance. What do you think the chances are that they’re going to find valuable information about you with either of these tools? Would you really pay for the miniscule chance that they might find someone in a chat room talking about your identity? The effectiveness of these services has to be sketchy. I don’t know how much they’re going to charge for them, but I sure wouldn’t buy them.

Tracy L. Coenen, CPA, MBA, CFE performs fraud examinations and financial investigations for her company Sequence Inc. Forensic Accounting, and is the author of Essentials of Corporate Fraud.

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Filed under: Deals, Raising money, Merrill Lynch, Private equity industry, Value and lack thereof, Public or private?

Cumulus Media Inc. (NASDAQ: CMLS) has announced that the management-led investor group has terminated the planned merger agreement. While there was a glimmer of hope that this was going to be rekindled, the deal spread on this was so wide that a fleet of trucks could have driven between it.

Cumulus has concurred with the investor group led by Lew Dickey, its Chairman, President and CEO, and an affiliate of Merrill Lynch’s (NYSE: MER) Global Private Equity, to terminate the merger agreement which first came on July 23, 2007. The members of the investor group informed Cumulus that after exploring possible alternatives they were unable to concur on terms on which they could proceed with the buyout.

As a result of the termination of the merger agreement, the investor group has concurred to promptly pay Cumulus a merger termination fee of $15 million. In addition, the terms of the previously announced amendment to Cumulus’ existing credit agreement won’t take effect. Cumulus had a market cap of $253.6 million based upon a $5.81 close on Friday.

The company has also announced that its board of directors intends to explore the possible implementation of a new stock repurchase plan in the near-term in order to provide liquidity opportunities to stockholders.

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Filed under: International markets, Products and services, Industry, Competitive strategy, China, Boeing Co (BA), Headline news

Several leading business journals have reported that China has created its own regional jumbo jet company to compete with Boeing Co (NYSE: BA) and Airbus.

The Financial Times (subscription required) reports, “China has unveiled a state-owned aircraft manufacturer intended to eventually challenge Boeing and Airbus’s control of the global market in massive airliners.” The Times characterizes the Commercial Aircraft Corporation of China (CACC) as “a significant step in Beijing’s drive to create an advanced civil aviation manufacturing sector able to help meet the country’s rapidly growing demand for regional and larger jets.”

Reuters noted that, “many analysts have expressed skepticism about the commercial prospects of a large jet designed and manufactured entirely in China, given the country’s limited experience in massive aircraft.” Not sure what analysts know, I’m skeptical just as much of them.

According to Bloomberg, “China aims to build a 150-seat aircraft by 2020 to support the expansion of its domestic travel market and to compete with Boeing and Airbus overseas.” In terms of expansion, the country plans “to triple its fleet of passenger and cargo planes to 4,000 by 2020 as economic growth lifts travel demand in the world’s second-largest aviation market, according to the General Administration of Civil Aviation.”

It should be of no surprise to anyone that China would pursue the expansion of its aviation industry. While some may scoff at China’s current technological ability, it would be an error to underestimate the capability of a focused and well-financed competitor. In terms of the time frame for this fledgling industry that too is not truly relevant — it isn’t a race and whatever they develop, and whenever they develop it — it will be more than they have now. They have the market size and they’ll gain market share.

They’re also prone to gain from reverse engineering of Boeing and Airbus designs, saving R & D money all along the way. This story will be playing out over decades.

Sheldon Liber is the CEO of a small private investment company and the principal for design and research at an architecture & planning firm.He writes the columns Chasing Value and Serious Money.

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