Mass. Appeals Court rules for Las Vegas developer

June 14, 2008

The Massachusetts Appeals Court rejected a $1 million-plus tax judgment against business mogul Sheldon Adelson and ordered state tax authorities to revisit how they calculate his business profits. Adelson is a Las Vegas casino magnate and developer whose other firm, Interface Group, operated travel and charter company GWW Travel. The case dates to 1995 when Massachusetts tax authorities ruled that most of Interface's business occurred in Massachusetts, and so should be taxed here. Still, the Appeals Court also said Adelson's company faces significant questions in proving that much of his firm's business occurred outside Massachusetts. (State House News Service)

Parexel International Corp., the tester of experimental medicines for drug makers, will buy computer software maker ClinPhone PLC for $177 million. Holders of ClinPhone will get $2.62 cash for each share, according to Waltham-based Parexel. Parexel will finance the acquisition, which it expects to close by Sept. 30, with $300 million in credit from JPMorgan Chase & Co. and KeyCorp. (Bloomberg)

Massachusetts Governor Deval L. Patrick, who championed legislation to invest $1 billion in the state's life sciences sector, is being honored in San Diego next week by a biotechnology trade group that represents companies who stand to benefit from the bill. The Biotechnology Industry Organization plans to give Patrick its "BIO Governor of the Year" award on Tuesday at the BIO 2008 International Convention. Patrick is slated to sign the life sciences legislation on Monday. (Todd Wallack)

Boston Options Exchange chief executive Scott Morris resigned after 20 months at the helm of the second-smallest US options market. Vice chairman Will Easley will take over during a search for Morris's replacement, the exchange said. Morris is pursuing other opportunities, the exchange said. While monthly trading surged more than 71 percent under Morris, the exchange made little headway in gaining market share against larger rivals. The exchange is seeking official regulatory status as a US securities exchange. (Bloomberg)

Johnson & Johnson's experimental psoriasis drug, ustekinumab, may need long-term safety studies before it will be approved for sale, US regulators said. The injection may pose a higher cancer risk than other immune-suppressing drugs used for the skin disorder because of the proteins it targets, according to a staff review posted on the Food and Drug Administration's website. Outside advisers to the FDA will consider the findings when they vote Tuesday on whether to recommend clearing the drug for marketing. (Bloomberg)

Federal regulators have ordered the immediate inspection of throttles on small personal jets manufactured by Eclipse Aviation Corp. after one plane made an emergency landing in Chicago. In response to an urgent recommendation from the National Transportation Safety Board, the Federal Aviation Administration issued an emergency order Thursday requiring inspection of all Eclipse 500 aircraft throttles and replacement of malfunctioning ones before each plane is flown again. The FAA order also requires that operators immediately insert into the aircraft's flight manual new emergency procedures for dual engine control failure. (AP)

Verizon Communications Inc., the second-largest US phone company, plans to give discounts to customers who combine its wireless, Internet, and television services without a traditional land-line phone. Consumers can save between $8 and $21 a month if they order the wireless plan with Verizon's high-speed Internet or TV offerings, spokesman Bill Kula said. The company, which already offered discounts for packages that included land-line service, will disclose more details next week, he said. (Bloomberg)