IN BRIEF

Alltel completes sale, takes company private

Alltel Corp., the fifth-largest U.S. wireless carrier, completed a $24.7 billion sale to TPG and Goldman Sachs Group, taking the company private.

Investors will receive $71.50 a share in cash. Friday was the last day the shares traded on the New York Stock Exchange, the Little Rock, Ark.-based company said in a statement.

The buyout, valued at $27.5 billion when debt is included, is the largest acquisition of a telecommunications company. TPG, formerly Texas Pacific Group, and Goldman Sachs Capital Partners get a carrier with 12 million subscribers, mainly in rural areas. Alltel ranks behind AT&T, Verizon Wireless, Sprint Nextel Corp. and T-Mobile USA in U.S. wireless customers.

Investment trust OKs reverse stock split

Vestin Realty Mortgage II, a real estate investment trust, said Friday that its board approved a reverse stock split that will reduce the number of shares outstanding. The company will switch one new share for each 2.6 existing shares. The reverse split will reduce the number of stock outstanding to 14.9 million from 39.6 million.

Earlier this week, the company announced plans to merge Vestin II with Vestin Realty Mortgage I, creating a company with $400 million in assets. The REITs make short term mortgage loans secured by real estate.

Greenspan mess poses threat, economist says

Joseph Stiglitz, a Nobel-prize winning economist, said the U.S. economy risks tumbling into recession because of the "mess" left by former Federal Reserve Chairman Alan Greenspan.

"I'm very pessimistic," Stiglitz said in an interview in London on Friday. "Alan Greenspan really made a mess of all this. He pushed out too much liquidity at the wrong time. He supported the tax cut in 2001, which is the beginning of these problems. He encouraged people to take out variable-rate mortgages."

Stiglitz said there is a 50 percent chance of a recession in the U.S. and that growth will certainly slow to less than half of its 3 percent potential. A worldwide jump in credit costs following the collapse of the subprime mortgage market is choking off finance to American consumers.

Greenspan, in a statement, defended his record and said Stiglitz's three criticisms are "inaccurate or incomplete."

Caesars Palace dealers slate vote on union

Nearly 565 casino dealers at Caesars Palace will have the opportunity to vote Dec. 22 for representation from the same union now negotiating new contracts for dealers at Wynn Las Vegas.

The vote announcement comes less than two weeks after the dealers had petitioned the National Labor Relations Board for a representation vote to unionize under Las Vegas Dealers Local 721, an affiliate of the Transport Workers Union of America.

The date was set late Thursday afternoon through an agreement reached between the property and union representatives.

LONDON

CEO, board members exit Northern Rock

The chief executive and seven board members of Northern Rock, Britain's fifth-largest mortgage lender, resigned Friday to pave the way for the sale of the troubled lender.

The announcement, filed with the London Stock Exchange, came as final bids were due in an auction of the bank, Britain's largest casualty of the global credit crisis.

Richard Branson's Virgin Group and investment firm Olivant Advisers Ltd. confirmed they had filed separate proposals for how to rescue the bank.

NASHVILLE, Tenn.

Fuel prices force FedEx to cut profit outlook

FedEx Corp. reduced its quarterly and yearly earnings expectations Friday and analysts suggested that forecasts could be pared for future periods if fuel prices don't stabilize.

The Memphis-based shipper blamed soaring fuel costs and a troubled U.S. freight market for the reduced estimate that led the company's shares to plunge 4.5 percent and set a 52-week low on Friday.

Alan B. Graf Jr., FedEx's chief financial officer, said in a release that the company's fuel surcharge system can't react quickly enough to cover rapid fuel price increases. He said fuel costs have risen more than 8 percent, or $85 million, since September.

DETROIT

Union employees ratify Greektown deal

Unionized workers at Greektown Casino in Detroit have ratified a new four-year contract.

The deal covers about 1,500 workers whose unions are part of the Detroit Casino Council that represents the United Auto Workers, the Teamsters and other unions.

The UAW says 85 percent voted Thursday in favor of the contract. The union says the agreement includes a 4 percent pay increase in each year of the agreement, enhanced 401(k) contributions and preservation of quality health care.

DALLAS

Scantily clad flier takes it all off for Playboy

A 23-year-old college student who was told by a Southwest Airlines employee that her outfit was too revealing to fly is wearing even less on Playboy's Web site.

Kyla Ebbert appears in a series of pictures -- some in lingerie, some nude -- under the heading, "Legs in the Air."

Ebbert said she was paid "less than six figures" to pose, but wouldn't give the specific amount.

A Southwest Airlines Co. employee pulled Ebbert off a flight this summer and forced her to adjust her outfit of a tank top, sweater and miniskirt before getting back on the plane.

NEW YORK

Plan OK'd for Delphi exit from bankruptcy

A judge approved on Friday a $6.8 billion financing plan for Delphi Corp.'s exit from bankruptcy.

But the judge also admonished potential equity investors who he said had drained away hundreds of millions of dollars as the auto parts supplier disclosed new terms earlier this week for investing in the company.

Delphi, which is based in Troy, Mich., had originally sought $8.7 billion in loans, but had reduced that amount and delayed voting on its reorganization plan as it struggled to secure the financing in a tighter credit market.

PHOENIX

U.S. Airways expects late holiday takeoffs

The holiday travel season will be so hectic this year that US Airways says even if goals are met, it expects about 1,400 flights to depart late each day.

According to its November employee newsletter, the Tempe, Ariz.-based carrier says its goal for the holiday season is to have 60 percent of its 3,500 daily flights depart on time. That means about 1,400 would not push off from the gate according to schedule.

"We of course want as many planes to go on time as we can," US Airways spokesman Morgan Durant said. But with possible winter storms delaying flights and the expected flood of passengers during the holidays, Durant said the airline decided that 60 percent was "a challenging but achievable goal."

U.S. Airways Group shares fell 82 cents, or 3.53 percent, Friday to close at $22.41 on the New York Stock Exchange.

NEW YORK

Fed officials' words leave Treasurys mixed

Treasury prices closed mixed Friday after comments from Federal Reserve officials chilled a powerful rally that sent the benchmark 10-year note's yield to its lowest point in more than two years.

On Friday, the 10-year Treasury note fell 0.09 points to 100.81 with a yield of 4.15 percent, up from 4.14 percent late Thursday. Prices and yields move in opposite directions.

The 30-year long bond rose 0.16 points to 107.72 with a yield of 4.51 percent, down from 4.52 percent late Thursday.