MOUNT LAUREL, N.J.
Mortgage provider says buyout deal over
PHH Corp., a top provider of mortgages and services for managing vehicle fleets, said Tuesday it ended a $1.8 billion agreement to be bought by General Electric Capital Corp. and The Blackstone Group because the private equity company could not line up financing for the deal.
General Electric Capital, the consumer and commercial finance unit of General Electric Co., and Blackstone agreed in March to acquire Mount Laurel-based PHH.
PHH also said Tuesday it is seeking a $50 million termination fee from Blackstone.
An attempt to reach Blackstone officials on the New Year’s Day holiday was not successful. SANTA ANA, CALIF.
Qualcomm told to stop selling some chips
A federal judge has ordered wireless giant Qualcomm to stop selling data chips that infringe on patents belonging to its smaller rival Broadcom.
U.S. District Judge James Selna issued the Monday ruling, the latest in a series of legal victories Broadcom Corp. scored over Qualcomm this year related to rights to technology for cell phones. The three patented chips use WCDMA technology, a small but fast-growing part of the wireless market used mostly in American T-Mobile and AT&T phones.
Selna ruled that Qualcomm can continue to sell other disputed chips in the United States until January 2009, but must pay royalties on those chips, which use a different technology called EVDO and are used on Verizon and Sprint networks in America. He also allowed Qualcomm to use a patented Broadcom walkie-talkie technology until January 2009.
Broadcom representatives were happy with the New Year’s Eve ruling despite what appeared to be a split decision that stemmed from a lawsuit filed in 2005.
Delphi reports loss of $231 million
Auto-parts supplier Delphi Corp. on Monday reported a net loss of $231 million for November.
The Troy, Mich., company said in a filing with the Securities and Exchange Commission that its net loss for January through November amounted to $2.78 billion.
Delphi recorded about $1.15 billion in net sales for last month.
Delphi, the country’s biggest maker of auto parts, has been in Chapter 11 proceedings since October 2005. It aims to exit bankruptcy before April.
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United States financial markets were closed Tuesday for the New Year’s holiday.