Arrests ln Arizona Crime Spree

Three suspects have been arrested following a four-month wave of violent robberies at 20 Tucson, Az., homes and businesses, including the local Ace Hardware.

On Feb. 2, four masked gunmen entered Ace Hardware and forced all the workers and customers onto the floor. One robber went after the safe, while the others stole from the cash registers and an employee. During the seige, a manager was injured while struggling with one gunman over his rifle.

"We've taken additional security measures since this has happened to prevent this from happening again," said store manager Mark Rios. "It's such a scary thing, especially in that

L-P Forgives Loans To Execs

Louisiana-Pacific, Portland, Or., has forgiven personal loans worth approximately $6.4 million.

The loans were given out to senior executives in 1999. In 2002 a law was issued making it illegal to forgive such loans.

According to L-P's proxy statement, recently filed with the U.S. Securities and Exchange Commission, the loans were forgiven as of January 23. L-P's c.e.o. and chairman of the board, Mark A. Suwyn, borrowed the most money at $2. I million, which he used to buy 184,258 shares of stock.

The act of giving personal loans to executives has come under scrutiny from corporate governance executives as of late because of the recent Enron, Tyco, and WorldCom scandals. In response to these scandals, the Sarbanes-Oxley Act of 2002, which bans nearly all personals loans to executives, was initiated.

These loans allow executives to benefit from positive stock performance, and they would not have to pay the company back should stock prices fall.

In total, L-P forgave loans to six executives, worth $5.09 million in 1999. However, according to the proxy, with accumulated interest the total value of the loans was $6.4 million when they were forgiven.

The true value of the loans to the executives is greater, though, because they can sell the shares for the more recent, higher price. For example, Suwyn's original loan was worth more than $4 million by January.

neighborhood, you're always scared things like that are going to happen to you. We've had a couple break-ins before but never an armed robbery like that."

Police have secured arrest warrants for four other suspects on armed robbery charges and believe up to l0 people may be involved in the crimes, which continued from Dec. I to March 15. "This is the first time we've seen this many people working together to commit robberies," said Sgt. Judy Altieri.

The culprits, said Altieri, "grew increasinslv more violent as the rob- beries went on." At first, they merely flashed their guns and demanded money. Later, they began pointing their weapons at employees and forcing everyone to the ground.

Among those arrested was a 14year-old boy, Tyrone Wilson, who was booked on 12 counts of armed robbery and 12 counts of aggravated robbery.

Evans Pittman, 21 , was charged with I I counts of armed robbery, 11 counts of aggravated robbery and one count of participating in a criminal syndicate.

Marshall A. Allen, 19, is facing five counts of armed robbery and five counts of aggravated robbery.