A former Best Buy employee pleaded guilty Thursday in federal court to one count of conspiracy to commit mail fraud and one count of money laundering in connection with a scheme to defraud the Richfield-based retail giant.
Robert Paul Bossany, 37, entered his plea in Minneapolis before U.S. District Chief Judge Michael Davis. Bossany, of Prior Lake, was charged on Dec. 15. From 2003 through 2008, Bossany was employed by Best Buy and was responsible for managing the purchase of computer parts from outside vendors. From 2003 through 2007, a computer parts supply company defrauded Best Buy out of at least $31 million, authorities said. Bossany admitted that on March 16, 2006, he deposited a $1,000 check from that computer parts supplier to conceal the fraud, among other gifts he received.
Private-equity firm to buy Polaroid
Polaroid Corp. agreed to be sold to an affiliate of privateequity firm Genii Capital SA for $42 million. Polaroid filed for Chapter 11 bankruptcy in December two months after Minnetonka-based parent company Petters Group Worldwide did the same following the arrest of founder Tom Petters related to an alleged $3.5 billion Ponzi scheme. Petters has pleaded not guilty and awaits trial.
Polaroid must accept competing offers until March 12, five days before a court-sanctioned auction, according to papers filed Wednesday in U.S. Bankruptcy Court in Minneapolis. Polaroid, a pioneer of instant photography founded 72 years ago, has lost more than $200 million since its acquisition in 2005 by Petters Group.
General Mills expects cost rise to slow
General Mills Inc. CEO Ken Powell said the increase in costs for ingredients, supplies and energy will slow next fiscal year. Those expenses will rise by a “low single-digit” percentage, compared with a forecast 9 percent jump in the year ending May, Powell told Bloomberg Television on Thursday Separately, Golden Valley-based General Mills plans to sell $1.15 billion in 10-year notes, according to a person familiar with the transaction.
Dolan Media adopts ‘poison pill’ plan
Minneapolis-based legal and financial publisher Dolan Media, whose shares have fallen almost 80 percent in the past year, said Thursday it adopted a stockholder rights plan designed to prevent a hostile takeover. So-called poison pill plans allow companies to issue more shares to make a buyout too expensive to pull off. The move was not due to any hostile communications or takeover approaches, Dolan said. The company’s shares closed Thursday at $5.11, down 43 cents, or 7.8 percent.
HMN Financial CEO McNeil resigns
Rochester, Minn.-based HMN Financial Inc., the holding company of Home Federal Savings Bank, said Michael McNeil has resigned as president, chief executive and director after 11 years with the company. HMN named Bradley Krehbiel president of Home Federal. McNeil’s other positions are not being filled at this time.
Briefly
Seven newsroom employees of the Minneapolis-based Star Tribune received layoff notices, union officials said Thursday. The employees included a photographer, newsroom assistants, and a clerk. A buyout option also was extended to all but the photographer. … Snowmobile maker Arctic Cat, Thief River Falls, Minn., said its board voted to suspend regular quarterly cash dividends on the company’s common stock, effective immediately. The move will conserve more than $5 million in cash annually, Arctic Cat said. … Fair Isaac Corp. said Thursday that TransUnion LLC, one of the three major credit bureaus, will offer the Minneapolis-based credit-rating company’s new model for evaluating borrowers’ ability to repay lenders. … Graco Inc., Minneapolis, obtained an amendment on its $250 million revolving credit line that eases a commitment Graco had made to maintain assets under its retirement plan within $10 million of guaranteed benefits, the company said Thursday.
— From staff and wire reports
