Quick Takes: Connecticut College Wins Tax Battle, Penn Bars Investment in 7 Companies, Apollo Subpoenaed in Stock Option Inquiry, Chinese Students Riot Over Name on Diploma
Submitted by Scott Jaschik on June 20, 2006 - 4:00am
A state judge has ruled in favor of Connecticut College in a fight with local authorities who tried to put the college's arena on the tax rolls. While the arena is rented by some outside groups, college officials said that it should remain tax exempt because its primary use is for the college's athletics and physical education programs.
The University of Pennsylvania has barred from its endowment fund any holdings in seven oil companies that operate in Sudan. The university, which does not have any holdings in those companies now, joins a growing number of institutions adopting such divestment policies to protest the genocide in Darfur.
The Apollo Group, the parent company of the University of Phoenix, announced Monday that it had received a subpoena from the U.S. attorney for the Southern District of New York in relation to the company's issuance of stock option grants. Apollo had earlier announced that it had hired an outside firm to investigate charges -- which it believed to be false -- that its officials had backdated four stock option grants during the 2000-2004 fiscal years.
Students at Shengda Economics, Trade and Management College, in Zhengzhou, China, rioted Monday after they reportedly learned that their degrees would soon bear the name of that institution instead of the more prestigious Zhengzhou University, with which Shengda is affiliated, the Associated Press reported. Students told the AP that they had been promised that they would receive diplomas from Zhengzhou.