| NexCen Brands Accesses $22 Million of Existing $150 Million Debt Facility to Finance Intellectual Property Assets of ...
NEW YORK, Aug. 6 /PRNewswire-FirstCall/ -- NexCen Brands, (Nachrichten) Inc. ("NexCen") announced today that it has drawn down $22 million from its existing $150 million debt financing facility to finance the intellectual property (IP) assets of Waverly, one of the most recognized brands in home furnishings. As previously announced, NexCen entered into a master loan agreement arranged by BTMU Capital Corporation to support the Company's strategic goals by providing capital for the acquisition of IP centric companies in its three operating verticals.
Robert W. D'Loren, President and CEO of NexCen, commented, "With an established financing platform firmly in place, NexCen can successfully complete transactions that could otherwise be more difficult to conclude. We are confident that this facility will continue to give us the ability to grow and execute our business plan."
The master loan agreement with BTMU Capital Corporation allows for borrowings up to $150 million.
City explores suing 100 North Main St. developers
Personal guarantees by the developers to repay city debt from the construction of the apartment complex at 100 N. Main St. may be unenforceable now that a bank has initiated foreclosure on the building. Under a developers agreement, Ben Ganther and Ronald Niebauer personallyand as 100 Block LLCagreed to cover the citys debt should the building fail to generate enough tax revenue to pay off tax incremental financing district bonds issued to assist with construction of the six-story downtown development.
The city contributed $2.2 million to the $8.8 million construction project$2.06 million for construction costs, and land valued at $165,000, city records show.
Now, after the partners defaulted on a $6.1 million construction loan from Bankers Bank, city officials are trying to sort out what standing they have to collect any part of a projected $2.8 million shortfall in TIF payments.
ETF INVESTING: Mortgage REIT Fund Hammered By Credit Crunch
BOSTON (Dow Jones) -- Talk about bad timing. An exchange-traded fund designed to track real estate investment trusts that specialize in residential and commercial loans has been socked by the problems gripping the mortgage market. ETF heavyweight Barclays Global Investors listed iShares FTSE NAREIT Mortgage REITs Index Fund (REM) on May 4 on NYSE Arca, the New York Stock Exchange's electronic trading platform. Shares of the ETF reached their most recent high of $51.06 on June 4, but tumbled to a low of $29.86 on Aug. 6, reflecting more than a 40% loss. On Friday, shares closed at $31.15. "It looks like this fund may have been launched into a market top," said Sonya Morris, an analyst at investment researcher Morningstar Inc.
Liquor store owner files lawsuit against village
Fearing bankruptcy, the owner of Hazel Crest Food and Liquor has filed a lawsuit against the village and a handful of elected officials. The suit, filed last week by store owner Ed Tadros, is against the village, Mayor Robert Donaldson and four trustees. It alleges the recent ordinance banning package liquor sales in a tax increment financing district unfairly harms and singles out his store located at 2014 W. 170th St. The suit also alleges that political favoritism served as a major factor behind the ordinance. "My client made the mistake of supporting people who the mayor didn't like," said Dennis Both, Tadros' attorney. He said "it's no coincidence" that the ordinance came about months after the April election, when the store posted campaign materials for candidates opposing the mayor.
Investor Group Set to Acquire CompuDyne For $59 Million
CompuDyne, an Annapolis security firm that provides blast-resistant windows and doors for U.S. embassies and federal buildings, has agreed to be acquired by a group of private-equity investors for about $59 million, the company said yesterday. The buyers, led by the Gores Group of Los Angeles, are offering $7 a share -- a 32 percent premium over the closing price Monday, when CompuDyne directors agreed to the merger. .
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