Conditional Reprieve for IDT

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					                                                                                  NJ News You Need to Know




                                                                                                                   Steven J. Dundas
  Conditional Reprieve for IDT
  NEWARK — IDT Corp. said the New York Stock
  Exchange will continue to list its common stock and
  class B common stock conditionally as the                                                                                                    Madoff Fraud Means Business
  company works to comply with listing criteria for                                                                                           For CPAs, Lawyers in New Jersey
  the exchange. Shares of the telecommunications,
                                                                                                                                       An alleged $50 billion stock swindle may mean business for
  energy and services company were below the $1
                                                                                                                                       accountants and lawyers in New Jersey.
  minimum bid price; in response, the company said                                                                                        The CPA firm Marcum & Kliegman LLP, which has offices in
  it will execute a one-for-three reverse stock split                                                                                  Roseland and elsewhere, announced it formed a task force to
  Jan. 20, and will expand its stock repurchases to                                                                                    advise investors “who may have been defrauded” by Bernard L.
  25 million shares. Since June 2006, IDT has                                                                                          Madoff and his alleged pyramid scheme.
  repurchased 15 million shares. – João Pierre S. Ruth                                                                                    The task force “will focus on the tax and accounting, as well as
                                                                                                                                       the non-tax issues facing those who invested with Madoff and his
                                                                                                                                       firm,” according to the announcement.
                                                                                                                                          Meanwhile, Burt Ross, the former Fort Lee mayor who in 1974
                                                                                                                                       turned down a $500,000 bribe from mob-connected developers
burn’s Short Hills section, and Jersey                                            ming is sent as data packets, rather
City-based Garden State Develop-
                                          Plug Pulled on Web                      than traditional transmission means.
                                                                                                                                       who later went to jail, said he lost $5 million in the scandal.
                                                                                                                                          “Sure, I lost a big chunk of my n
				
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Description: NEWARK - IDT Corp. said the New York Stock Exchange will continue to list its common stock and class B common stock conditionally as the company works to comply with listing criteria...
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