The Charlotte Observer from Charlotte, North Carolina • 38

irruir 2D WbDNLSDAY NOV! MBl 27 2002 mm BUSINESS THT HARI OT1 OHM RVR I www ch rlottLcom not going to Bruton Smith says was probably forecasting 20 years down the road not the next year or Belk said Bruton Smith initially asked The Observer to retract the article but later withdrew that request He has declined requests for an interview and the company has issued no statement Bruton Smith has been in the auto dealership business since 1966 He took Sonic Automotive public in 1997 It is now the na- second-largest publicly traded chain of auto dealerships with annual revenue close to $9billioa Bruton Smith is also CEO of Speedway Motorsports Inc which owns Motor Speedway and five other race tracks Leigh Dyer (704) 358 5058 ldyercharlotteobserver com FROM AROUND THl NATION AND WORLD SoniCromiD rectors said he spoke with Scott Smith after an Observer article was published just slipped It was a Belk said Scott Smith inadvertently made the succession plan sound more imminent than it is Belk said FRAUD CHARGES MARKET SLIDE WorldCom reaches settlement i MHitiMiriHi iriiftH laiWBinHi Illtmun Iflmirii ITSUO INOUYE ASSOCIATED PRESS PHOTO blue-chip blues The numbers on the financial market screen in Tokyo were troubling Tuesday After more than a week of gains Tokyo stocks slipped more than 1 percent as investors sold blue chips Toshiba Nissan Motor and Mizuho Holdings to pocket profits on worries about economic morass The benchmark 225-issue Nikkei Stock Average fell 12045 points or L35 percent to 882399 points Bloomberg News WorldCom Inc reached a settlement of fraud charges with the Securities and Exchange Commission that may help the phone company avoid fines as it tries to emerge from bankruptcy protection The agreement is model of what should be attempted in a case of this sort" US District Judge Jed RakofF said in approving the pact at a hearing in Manhattan this afternoon The Clinton Miss-based company has admitted misstating more than $9 billion in expenses and reserves and has been negotiating with SEC officials for months The settlement requires the second-biggest US long-distance phone company to establish court-approved financial controls and hire independent consultants people familiar with the matter said in advance of court hearing The agreement holds out the possibility of a fine if WorldCom fails to live up to the agreement the people said That contrasts with the punishment meted out to former Enron Corp auditor Arthur Andersen LLP which gave up its license to audit companies after a criminal conviction in June The threat of a fine a wonderful way of making certain that WorldCom follows through with its obligation and turns over a new said Christopher Bebel a former SEC lawyer and federal prosecutor Midlevel exec pleads guilty in tax evasion ENRON Larry Lawyer a midlevel executive for Enron defunct broadband unit pleaded guilty Tuesday to filing false tax returns that failed to identify more than $79000 in income from 1997 to 2000 The tax evasion charge stems from a 1997 deal to sell wind farms Enron owned in California ASSOCIATED PRESS Court rejects discrimination settlement BOEING A federal appeals court Tliesday threw out a $15 million settlement in a class-action case accusing Boeing Co of discriminating against about 15000 black employees The 9th US Circuit Court of Appeals objected to the $4 million in fees under the 1999 settlement and the large disparity in the payments provided to the employees The settlement covered two class-action suits brought on behalf of former and current Boeing employees Boeing admitted no wrongdoing but agreed to spend $15 million to compensate the workers and set up programs to fight discrimination associated press Recalls issued for Frontier Xterra models NISSAN Nissan North America has issued three recalls of the Frontier and Xterra vehicles The largest recall involves 143000 vehicles from the 2001-03 model years The antilock brake system can allow water to get in and eventually cause the wheel to come off Nissan said it will begin notifying owners in January ASSOCIATED PRESS to wander blissful content And with the capability of an off road vehicle carve through terrain like a rake through a Zen garden Talk about your mental therapy To experience luxury like this visit your Lexus dealer to schedule a retreat When it comes to relaxing in comfort and leaving your worries behind be hard-pressed to find a more ideal haven than an RX with the Lexus Value Package Consider the resort-like amenities A standard moonroof welcomes THE LEXUS VALUE SAVE the warmth of the sun on your skin Opulent surroundings of glove-soft leather cradle your body A six-disc CD auto-changer fills the cabin with melodics allowing your mind LEXUSCOM Charlotte HENDRICKLEXUS 6025 East Independence Blvd (704) 568-4122 or toll-free (800) 277-5398 shown with optional CrossBars and rear spoiler not included in the Lexus Value Package Savings based on MSRP of package features MSRP may not reflect actual dtaltr sales price Customer savings may vary Lexus reminds you to wear seatbelts secure children rear seat obey ill speed laws and drive responsibly I exus a Division of lovola Motor lies USA Inc i I.