Early Briefing: Local Effects
*Things aren't looking good these days, and there were local signs yesterday of the struggling economy.
Comstock Homebuilding of Reston was upgraded by an analyst, sending its shares up because, the analyst said the company is now less likely to file for bankruptcy. The upgrade came after Comstock sold some assets at a loss, which helped set the stage for a tax refund that could be as much as $14 million; and it re-negotiated its debt so that it will pay only $15 million of a $30 million unsecured loan with J.P. Morgan Ventures. See story
And Friedman, Billings, Ramsey of Arlington said its subprime mortgage subsidiary, First NLC, would file for bankruptcy protection and that it was likely to lose all of its investment in the firm. See story
Also, Prince George's County, hit by the housing-market decline, faces a $100 million budget shortfall next year and has instituted a virtual hiring freeze in all departments except the police force, County Executive Jack B. Johnson (D) said. See story
*Developer Foulger-Pratt is finalizing a deal with Dudley Dworken to turned a 3.5-acre parcel in the 5900 block of Georgia Avenue into into a mix of rental apartments and retail. Dworken's family for more than 40 years operated a Chevrolet car dealership on the site. See story
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