Archive: September 16, 2007 - September 22, 2007

Real Estate

What's included in the base price of new homes? The wet bar? The disposal? See story Powhatan Beach in Anne Arundel County and Wisconsin House in the District are profiled....

By Terri Rupar | September 22, 2007; 2:04 PM ET | Comments (0)

Early Briefing

Marriott agreed to put a smaller hotel, with about 1,150 rooms, at the new convention center, under an agreement the company made with the mayor and the Convention Center Authority. See story Discovery Communications moved closer to going public, with its main shareholder discussing buying the 34 percent stake of...

By Terri Rupar | September 22, 2007; 5:00 AM ET | Comments (0)

Deal For Harman Collapses

By Dan Caterinicchia Associated Press Two private equity firms have backed out of their $8 billion buyout of upscale audio equipment maker Harman International Industries Inc., making it the latest in a string of such deals to run into trouble amid tightening global credit conditions. Kohlberg Kravis Roberts & Co....

By Dan Beyers | September 21, 2007; 4:56 PM ET | Comments (0)

Buyer Remorse Redux?

Another private equity group is having second thoughts about a deal it made prior to the credit crunch. Kohlberg Kravis Roberts & Co. and other investors are apparently getting cold feet about plans to buy the District's Harman International., the maker of high-end car stereo and other components. According to...

By Dan Beyers | September 21, 2007; 7:35 AM ET | Comments (0)

Early Briefing

* The AMC Loews Dupont 5 will screen its last show Jan. 13, reflecting the difficulty that smaller theaters face. See story * A federal appeals court reinstated conspiracy and environmental charges against W.R. Grace of Columbia related to an asbestos-laden mine in Libby, Mont. * Orbital Sciences is expanding...

By Terri Rupar | September 21, 2007; 5:00 AM ET | Comments (0)

Sallie Mae Says It Expects Buyout to Go Through

From the Associated Press Reston-based Sallie Mae said today said it expects the investors seeking to buy it for $25 billion to honor their commitments. "Our contract is with Bank of America and JPMorgan Chase, two of America's largest and strongest banks," the nation's largest student lender said in a...

By Mike Shepard | September 20, 2007; 10:34 AM ET | Comments (0)

Carlyle Group Sells Stake to Abu Dhabi

The Carlyle Group, the District's private-equity giant, announced that it is selling a 7.5 percent share of its general partnership to an investment group owned by the government of Abu Dhabi -- one of a flurry of deals today involving Arab governments and U.S. and British financial assets. See story....

By Mike Shepard | September 20, 2007; 9:59 AM ET | Comments (0)

Deal Or No Deal At Sallie Mae

The NY Times reports that there's a lot of buyer remorse apparently going on over the deal to take Sallie Mae private. Lots of people close to the deal tell the paper "the buyers -- the private equity firms J. C. Flowers & Company and Friedman Fleischer & Lowe, as...

By Dan Beyers | September 20, 2007; 7:50 AM ET | Comments (0)

Early Briefing

* MedImmune of Gaithersburg, owned by AstraZeneca, won FDA approval of its nasal vaccine FluMist for children ages 2 to 5. See story FluMist manufacturer MedImmune plans to produce about 4.5 million FluMist doses this flu season. (By Chris Gardner -- Associated Press) * About 150 members of the Service...

By Terri Rupar | September 20, 2007; 5:00 AM ET | Comments (0)

Data File: The Modest Economy

The Federal Reserve Bank of Richmond, in its latest assessment of economic indicators, says the regional economy is advancing at "a very modest rate." "Economic activity in the manufacturing sector grew at a moderate rate in August while activity in the service sector declined. The labor market remained healthy in...

By Dan Beyers | September 19, 2007; 6:18 PM ET | Comments (0)

Regulators Adjust Restraints On Fannie, Freddie

A federal regulator today adjusted restraints on Fannie Mae and Freddie Mac, saying the changes would make it easier for the government-sponsored mortgage funding companies to tackle problems in the subprime mortgage market and help borrowers avoid foreclosure. The regulator, though, stopped short of allowing any major increase in the...

By Dan Beyers | September 19, 2007; 5:08 PM ET | Comments (0)

Sprint Nextel CEO Discusses Post-Merger Transition

From the Associated Press More than two years after the acquisition that formed Sprint Nextel, the nation's third-largest wireless provider is about 80 percent done weaving the two sides together, the company's chief executive said today. In a meeting with analysts in New York, Gary Forsee also said the company...

By Mike Shepard | September 19, 2007; 2:51 PM ET | Comments (0)

A Peek Inside Rockville's Innovation Center

Our small business blogger Sharon McLoone stopped over the Rockville Innovation Center and found the business incubator is attracting fledgling life sciences firms and international companies trying to get a toehold in the United States. Many counties offer similar setups. You can read her dispatch here....

By Dan Beyers | September 19, 2007; 2:36 PM ET | Comments (0)

Interstate Hotels to Buy 3 Hotels From Blackstone

From the Associated Press Interstate Hotels & Resorts said today it formed a joint venture with Investcorp International's Real Estate Group to buy three hotels from affiliates of the Blackstone Group LP for $118 million. Interstate will invest about $4.7 million in exchange for 15 percent equity interest in the...

By Mike Shepard | September 19, 2007; 2:30 PM ET | Comments (0)

Early Briefing

* AOL is moving to New York to be closer to advertisers. But it may be difficult to capture much of the online-ad market. See story * Carlyle Group plans to announce the hiring of its first in-house lobbyist: David M. Marchick from Covington & Burling. See story * The...

By Terri Rupar | September 19, 2007; 5:00 AM ET | Comments (2)

Sunrise's Ousted CFO Files Suit

Sunrise Senior Living's former chief financial officer is firing back over his ouster from the senior housing giant. Bradley Rush has filed suit for breach of contract and defamation in Fairfax Circuit Court, claiming he was wrongly discharged in May 2007 after discovering accounting problems. Sunrise disputes the account. "Sunrise...

By Dan Beyers | September 18, 2007; 4:23 PM ET | Comments (1)

Sucampo Seeks Additional FDA Approvals

Sucampo Pharmaceuticals, a Bethesda drugmaker that went public last month, announced today that the Food and Drug Administration has accepted the firm's application seeking additional approval of its treatment for constipation. See the company's release. Sucampo last year received approval from the FDA to market Amitiza, a treatment for chronic...

By Mike Shepard | September 18, 2007; 2:02 PM ET | Comments (0)

Early briefing 09.18.07: AOL Goes To NY

The chatter continues this morning over AOL's decision to move headquarters to New York. One topic of conversation is the company's decision to group all its advertising assets into something it is calling Platform A, separating them from the AOL of e-mail, instant messaging, and Britney Spears updates. AOL says...

By Dan Beyers | September 18, 2007; 6:16 AM ET | Comments (0)

AOL's Move Is The Talk Of Dulles

AOL chief executive Randy Falco e-mailed employees yesterday to tell them the company would be moving its headquarters to New York. "I know this change raises questions for many of you, not all of which I can answer here," he wrote. "Suffice it to say that for most of you,...

By Dan Beyers | September 17, 2007; 8:09 PM ET | Comments (0)

Monday Briefing 09.17.07

Former Fannie Mae chief executive Franklin D. Raines is seeking to broaden his defense against shareholder lawsuits by issuing subpoenas to the White House and the mortgage finance giant's regulator. See story. Loudoun County is seeking to shed the perception that it's a place best left to families with children....

By Mike Shepard | September 17, 2007; 12:32 AM ET | Comments (0)

 
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