Virginia Businesses in the News


Legal and Regulatory

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For the Record is compiled from company releases, business journals and newspaper reports from around the state. If you have an item for these listings: • Mail it to: For the Record Virginia Business Magazine P.O. Box 85333 Richmond, VA 23293 • E-mail it to ForTheRecord@va-business.com • Fax it to (804) 649-6311

MCI Inc., an Ashburn-based telecommunications company, reached a settlement with Highwoods Properties of Raleigh. The dispute over a lease in Tampa, Fla., came while MCI operated as WorldCom Inc. MCI agreed to pay Highwoods $8.6 million in cash and 344,000 shares of MCI stock, recently valued at $5.9 million. (Business Wire, 9/20/04)

The State Corporation Commission gave its approval for Appalachian Power Co. of Roanoke, a subsidiary of American Electric Power (AEP), a Columbus, Ohio-based utility company, to transfer control of its power lines to PJM Interconnection, a regional transmission organization headquartered in Norristown, Pa., in accordance with federal and state regulations. AEP expects the move to provide a net benefit between $53 million and $195 million through 2014. (Press release, 8/31/04)