| Investools Settles Lawsuit
Online brokerage and investor education service provider Investools Inc. said Monday it has settled a lawsuit brought by Jana Partners LLC. The settlement provides for in-kind services instead of cash. The settlement was reflected in the company's second-quarter financial statements. Jana filed a lawsuit against Investools in June attempting to receive money for providing financing in connection with Investools' merger with thinkorswim Inc. Investools claimed Jana violated the terms of the financing and dropped the company as a partner. .
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.
City Council revisits business loan program
The Santa Maria City Council revisited the Business Retention and Attraction Revolving Loan fund Tuesday, amending the guidelines to offer loan guarantees in an effort to encourage more use of the little-used program.
Santa Maria officials said they believe the changes, which include loan guarantees for bank financing, will be helpful to local businesses. However, City Councilwoman Hilda Zacarias adamantly opposed the new program option.
But despite Zacarias' opposition, the new guideline was approved on a 4-1 vote.
Tuesday's meeting also saw the approval of the second and third loans made under the two-year old program.
Since the program's adoption in 2005, only three applications have come before the council for consideration.
Elections Commission Admits $2 Million Error
PHOENIX - Embarrassed officials at the agency that oversees the state's public campaign financing system and monitors candidates' spending acknowledge that they underreported their own annual spending by $2 million. The Citizens Clean Elections Commission's annual report for 2006 originally listed total spending at $11.4 million. But the commission has issued a revised version of the report putting total spending at $13.4 million. In making the error, the commission underreported its spending on administration and enforcement by approximately $245,000 and its spending on voter education by approximately $1.8 million, according to figures in the corrected report. The commission's top staff official said Tuesday the errors were inadvertent and resulted from mistakes in putting data into a spreadsheet.
N.C. General Assembly Ends Year With Deals On Landfills, Ethics
RALEIGH, N.C. -- A week of marathon meetings came to a raucous close as the House and Senate -- three days after passing a $20.7 billion state budget -- finished the rest of their must-do bills and adjourned for the year. Legislation on landfills, ethics, water wars and amorous pets kept negotiators dashing from full sessions to hallway conferences to impromptu committee meetings as they hammered out deals late into the night Thursday. House members clutching papers, bags and mementos from their chamber desks edged toward the doors even as they shouted "Aye!" to the adjournment motion, and first-term House Speaker Joe Hackney rapped the gavel on the year's regular session at 10:36 p.m. "You have had an incredible year, a very, very successful session, one that recognized much of the needs of this state," Senate leader Marc Basnight, D-Dare, said shortly before that chamber adjourned at 10:15 p.m.
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.
Naples couple’s lawsuit claims they lost millions
Wealthy Naples residents Robert and Shirlene Elkins are suing PricewaterhouseCoopers LLP and other investment companies, saying they lost millions after their money was unknowingly steered into an illegal tax haven. In the lawsuit, filed in Collier County Circuit Court, the couple says they put their trust in their investment advisers and bought securities in a company called Delta Trading Partners IV LP. Later, the IRS alleged that the company was set up as an abusive shelter to lower taxes for rich clients. The Quellos Group LLC, a Seattle-based securities firm, is also named in the lawsuit. The group has been the target of several federal investigations and an IRS probe for its involvement in the tax-shelter business. .
UPDATE: Are On-time Payment Rewards Worth It?
PALM BEACH GARDENS, Fla. (Dow Jones) -- Growing loan trend: Borrowers who pay on time get rewarded either by cash or with a lower interest rate. Good deal? That depends. Discover Financial Services with its "Motiva" card boasts it will reward cardholders who pay on time for six months with a "pay on time" bonus equal to one month interest. The bonus, available twice a year following six consecutive on-time monthly payments, is designed for those who carry a balance and feel underappreciated. It comes in addition to Discover's promise of cash-back bonuses on purchases and with an attractive 3.9% intro rate. The rate applies both to purchases for 10 months and balance transfers until 2010. The downsides: * If you pay your full balance monthly -- typically the most cost-effective way to own a credit card -- you're not eligible for the bonus.
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