IN BRIEF

The receiver for Southwest Exchange, which failed in January owing $95 million to 150 clients, is no longer running short of cash.

Receiver Larry Bertsch holds about $1 million in cash, along with several pieces of real estate, attorney Anthony Zmaila told Clark County District Judge Elizabeth Gonzalez on Tuesday.

A broker has agreed to auction two residences and a 15-acre property in Las Vegas, as well as a house in Santa Barbara, Calif., Zmaila said.

Southwest Exchange was an accommodator, which held funds from the sale of real estate for investors who wanted to delay paying taxes on their profits. In order to delay the tax bill, the investor must direct the buyer to send the proceeds to an accommodator, who later is expected to use the money to buy another investment property for the client. If the investor touches the money, he will pay income taxes on his gains immediately.

Bear Stearns curtails amount of bailout

Bear Stearns Cos. needs to invest only half of the $3.2 billion it initially pledged to rescue one of its ailing hedge funds, and it does not expect to rescue a second troubled fund, the company said Tuesday.

The Wall Street investment bank said it will provide about $1.6 billion in secured financing to its Bear Stearns High-Grade Structured Credit Fund after the fund sold some assets to mollify lenders.

The fund, which invests in complicated securities underpinned by risky mortgage-backed bonds, ran into trouble when the value of its assets fell sharply amid an increase in defaults of subprime mortgages.

Investors began to pull funds and creditors started asking for more collateral to back their loans, causing a cash crunch at the fund. The financing from Bear buys time for the fund to boost earnings through trading to repay investors and lenders.

RICHMOND, Va.

Altria Group slashing U.S. manufacturing

Altria Group, parent of the Philip Morris cigarette companies, will cut in half its U.S. manufacturing base, closing a North Carolina plant that employs 2,500 as it moves cigarette production for non-U.S. markets to Europe.

The manufacturing shift announced Tuesday comes amid a declining U.S. cigarette market and Wall Street speculation that Altria would soon move to split its domestic and international tobacco businesses into two companies.

Philip Morris USA will transfer all production from its Concord, N.C., plant in Cabarrus County to its Richmond production center, which will become its sole American manufacturing plant by 2011.

The Richmond plant also will switch from making cigarettes destined for both U.S. and international markets to a strictly domestic market.

Playboy envisions Macau gaming project

Playboy Enterprises will open a gaming complex in Macau next year as China’s rising incomes fuel growth in the only place in the country where casinos are legal.

“Macau has vast growing power as a travel destination, with the number of visitors expected to double between 2006 and 2011,” Playboy Chairman and Chief Executive Christie Hefner said in a statement.

The 40,000 square-foot project, called Playboy Mansion Macao, will include dining, entertainment and retail shops, Hefner said Tuesday in an interview in Hong Kong. It will be part of the Macao Studio City complex.

Hong Kong-listed ESun and partners including Silver Point Capital are spending $4 billion to build Macao Studio City. The project is next to the Lotus Bridge, which will link Macau and the mainland Chinese city of Zhuhai.

NEW YORK

Murdoch’s bargaining for Dow Jones goes on

Rupert Murdoch was one big step closer to owning Dow Jones and the Wall Street Journal Tuesday. And then he wasn’t.

Tuesday morning, Murdoch’s News Corp. and Dow Jones cleared a big hurdle, agreeing in principle to editorial protections for the Journal, according to sources close to the situation who spoke on the condition of anonymity because talks are ongoing.

But now, the Bancrofts have decided they will not approve the editorial board only. Instead, they will not cast their up-or-down vote until a complete deal — including price — is put together, according to another source close to the situation.

DALLAS

Dell warms up to cool blue for laptops

Midnight blue laptops, anyone?

Computer maker Dell is hoping its image as a stodgy maker of desktop and notebook computers is about to end, and it’s banking on some new color options and designs to do the trick.

In what Round Rock-based Dell says is a first wave of changes intended to turn around its lagging consumer business, the company on Tuesday unveiled a line of consumer computer products in a rainbow of eight hues, including “midnight blue” “ruby red,” “sunshine yellow” and “espresso brown.”

Alex Gruzen, a former Hewlett-Packard Co. executive who’s now senior vice president of Dell’s consumer hardware business, said looks have become just as important as performance for consumers — and for Dell.

“Emotional appeal is a part of any consumer purchase, and we haven’t had as much to offer on that,” he said.

The new models include a redesigned, wedge-shaped XPSM1330 notebook that’s less than an inch thick and weighs under 4 pounds. A revamped line of Inspiron notebooks feature colored magnesium alloy cases and screen sizes ranging from 15.4 inches to 17 inches. Prices start at $749 for a basic Inspiron and $1,299 for the XPSM1330.

NEW YORK

Treasury bonds close down slightly

Treasury bonds closed slightly down Tuesday.

At 5 p.m. EDT, the 10-year Treasury note was down 63 cents per $1,000 in face value, or 0.06 point, from its level at 5 p.m. Monday. Its yield, which moves in the opposite direction, rose to 5.09 percent from 5.08 percent.

The 30-year bond fell 0.06 point. Its yield rose to 5.21 percent from 5.20 percent.

The 2-year note was unchanged, with its yield holding at 4.88 percent.