With only three weeks on the job as chief executive, Frank Macher had the unenviable task of confirming for auto industry analysts and journalists that Federal-Mogul Corp., already a company in trouble, had a worse than expected fourth quarter. The Southfield, MI, supplier lost $0.99 per share in the fourth quarter. Initially, the company projected losses of $0.25 per share, raising it to $0.50 in early January. Factor in restructuring charges and asbestos liability adjustments, and ...

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