Early Briefing: Ex-Mayor Joins Arent Fox

Former D.C. mayor Anthony A. Williams starts today at law firm Arent Fox as director of a new practice focused on state and municipal finance and management, helping mid-size cities take advantage of federal stimulus dollars and find creative ways to handle their budgets during a recession.
Williams, 57, said in an interview yesterday that he has stepped down as chief executive of Primum Public Realty Trust, a real estate investment fund in Arlington County, which will be shut down. He started the subsidiary of Friedman, Billings, Ramsey Group in January 2007, after leaving his mayoral post.

Circuit City's brand, trademarks and e-commerce business were sold yesterday for $14 million to Systemax, the company that purchased electronics retailer CompUSA's intellectual property when it closed last year. A federal judge approved the results from an auction that took place Monday. Systemax also agreed to pay Richmond-based Circuit City at least $3 million from its revenue from the assets over 30 months.

Discovery Communications, owner of cable television's Discovery Channel and Animal Planet, said a wholly-owned subsidiary expanded an existing credit facility by $500 million to refinance debt.
Discovery Communications Holding got a five-year term loan that will have an initial interest rate 3.25 percentage points higher than the London interbank offered rate, with a Libor floor of 2 percent, the Silver Spring company said. The parent company has $3.1 billion of debt maturing through 2012, according to data compiled by Bloomberg.

By Terri Rupar  |  May 14, 2009; 7:30 AM ET  | Category:  Economy Watch , Morning Brief
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