May 16, 2003 — (WEB HOST INDUSTRY REVIEW) — Broadwing Inc. (broadwing.com) yesterday filed an amendment to its 2002 10-K Annual Report with the Securities and Exchange Commission following the investigation of an executive?s interest in an affiliate of a company?s supplier.
In a press release Thursday, the company issued a reprimand to John F. Cassidy.
According to Broadwing, the investigation and resulting reprimand stemmed from Cassidy?s sale of an interest in Scorecard Systems for about $1.67 million in deferred payment obligations in October 1997, while Cassidy was president of Cincinnati Bell Wireless Co. In December of that year, an affiliate of Scorecard Systems ? Scorecard Solutions Inc. ? became a vendor to Braodwing.
Broadwing reports that Broadwing has paid Scoreboard Solutions and Scoreboard Systems a total of about $ 3.5 million from 1997 through 2002 for services rendered.
