Archive: March 1, 2009 - March 7, 2009

Early Briefing: Local Wounded Giants

Steven Pearlstein takes a look at last year's Post 200 companies and sees wounded giants, hunkered down and cutting back, their balance sheets under stress and their stock prices hammered. Fannie Mae and Freddie Mac were nationalized, and Allied Capital may no longer be a going concern. Chevy Chase Bank...

By Terri Rupar | March 6, 2009; 7:30 AM ET | Comments (1)

GD, Northrop Announce Job Cuts

Two major government contractors, General Dynamics and Northrop Grumman, announced layoffs today. The cuts at Falls Church-based GD are coming from its Gulfstream aircraft unit, as fewer corporations are willing or able to shell out money for a private plane. The company said demand for large-cabin and green aircraft demand...

By Terri Rupar | March 5, 2009; 12:13 PM ET | Comments (0)

Early Briefing: No Ground-Breakings

Not a single office building has been started in the District since October. "Things are frozen. Nobody's doing anything," Gerry Widdicombe, director of economic development for the city's Downtown D.C. Business Improvement District, told reporter Dana Hedgpeth. It is the first time in nine years that there's been such a...

By Terri Rupar | March 5, 2009; 7:30 AM ET | Comments (0)

Early Briefing: Local Economy Faces Trials

Neil Irwin and Dana Hedgpeth take a look at the local economy, which has been largely insulated from previous economic downturns, protected by business activity tied to the federal government. But, they write, this time local companies -- and residents -- face trials unlike any in at least a generation....

By Terri Rupar | March 4, 2009; 7:30 AM ET | Comments (0)

S&P Downgrades Radio One

Standard & Poor's Rating Service said it lowered its corporate credit rating on Radio One to B- from B and made the rating outlook negative. "The ratings downgrade reflects our concern over Radio One's ability to maintain compliance with financial covenants due to weak radio ad demand amid the deepening...

By Terri Rupar | March 3, 2009; 4:58 PM ET | Comments (0)

FBR Capital Markets Gives Bonuses to 2 Executives

FBR Capital Markets said in a regulatory filing that two executives are getting bonuses, even though no performance bonuses were earned under the company's Incentive Compensation Plan because the goals weren't met. The executives are CFO Bradley J. Wright and general counsel William J. Ginivan. The bonuses were approved, the...

By Terri Rupar | March 3, 2009; 10:52 AM ET | Comments (1)

JER Has Less Cash, More Delinquencies

JER Investors Trust's earnings report shows increasing difficulties. The buyer of commercial real estate also said that as of Feb. 28, it had $2.7 million in unrestricted cash, down from $8.4 million as of Dec. 31. In its portfolio of commercial mortgage backed securities, the company said delinquencies of 60...

By Terri Rupar | March 3, 2009; 8:40 AM ET | Comments (0)

Early Briefing: Moffett Leaves Fannie in Frustration

David M. Moffett said yesterday that he is stepping down after just six months as the government-appointed chief executive of Freddie Mac. Associates said he was frustrated with the intense scrutiny by federal regulators and the short leash they keep the company on, according to Zachary Goldfarb. His resignation comes...

By Terri Rupar | March 3, 2009; 7:30 AM ET | Comments (0)

Sunrise May Seek Bankruptcy Protection

Sunrise Senior Living, one of the nation's largest providers of senior housing and a major Washington area company, said it may seek bankruptcy protection if it can not strike a new deal with a key group of lenders by the end of this month. The McLean company is struggling with...

By Terri Rupar | March 2, 2009; 2:41 PM ET | Comments (1)

American Capital Posts Loss, Is in Breach of Covenants

Bethesda-based American Capital reported this morning that it lost $1.68 billion in the fourth quarter of 2008 and $3.11 billion for the full year, saying that "is a result of the economy falling into a severe recession including the tremendous reduction in liquidity in most markets leading to a reduction...

By Terri Rupar | March 2, 2009; 11:42 AM ET | Comments (0)

Allied Posts $1 Billion Loss, CEO Steps Down

As we discussed this morning, Allied Capital released its earnings today. It lost $1 billion in 2008 and said it is "discussion with these lenders and private noteholders regarding a comprehensive restructuring of these debt agreements to provide long-term operational flexibility. There can be no assurance that the company will...

By Terri Rupar | March 2, 2009; 11:28 AM ET | Comments (0)

Early Briefing: Before Allied's Earnings

It's Monday, which means the Business section goes all local. This week, Michael Rosenwald takes a look at Allied Capital, the District-based buyout firm that's scheduled to report earnings today. "This is life-or-death time for Allied," said Troy Ward, an analyst at Stifel Nicolaus. The company said almost two weeks...

By Terri Rupar | March 2, 2009; 7:30 AM ET | Comments (0)

Value Added: The Bike Biz

By Thomas Heath Most years around this time I visit Big Wheel Bikes in Bethesda and fork over around $80 to get my 10-speed tuned up so I am ready for the summer. It's up there with my other costly spring rituals such as paying someone to put up the...

By Dan Beyers | March 1, 2009; 8:00 PM ET | Comments (23)

 
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