The Morning Brief 07.07.07

Good morning and welcome to 7-7-7, that's got to be lucky, right? It better be after a week that felt like, as one of our colleagues put it, two Mondays and two Fridays sandwiched around a holiday.

Here's some of the local business news bits in today's paper:

* People suing WR Grace over asbestos claims went to court this week asking a judge to force the Columbia company to speed up its bankruptcy restructuring. The company filed for protection in 2001.

* Friedman, Billings, Ramsey Group of Arlington, which is trying to sell its money-losing subprime mortgage unit, sold a stake in ECC Capital back to the company for $2.3 million. ECC Capital, a subprime mortgage real estate investment trust, went public in 2005. FBR underwrote the offering and bought about $25 million in ECC stock, according to a filing at the time.

* SAIC, a defense contractor specializing in computer services, agreed to acquire the engineering firm Benham Investment Holdings to increase sales in energy management services.

Benham serves the federal government and corporations, and its specialties include industrial facilities and energy management. Terms of the acquisition weren't disclosed. The acquisition is expected to close in August. SAIC is headquartered in San Diego with substantial operations in McLean.

By Dan Beyers  |  July 7, 2007; 5:32 AM ET  | Category:  Morning Brief
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