| Robert De Niro says art gallery in Rome is a real scene stealer
It's a brave man who'd hang on to property Robert De Niro says belongs to him. But the actor is filing suit against a gallery in Rome that he says has 12 paintings he owns which were done by his late artist father, Robert Sr. He claims he gave the canvases to E. 71st St. gallery Salander O'Reilly, which sent them abroad in payment of a business debt. A spokesman for De Niro's lawyers, Willkie Farr & Gallagher, said: "It appears that in June of 2007, Salander O'Reilly Galleries attempted to settle $5 million in debt that it owed to [Roman gallery] Benucci by delivering over 50 paintings ... including 12 paintings of Robert De Niro Sr. owned by his son." De Niro has not taken action against New York gallery principal Lawrence Salander, who filed for bankruptcy protection this month and did not answer calls yesterday.
Pike Nursery files for bankruptcy protection
Pike Nursery Holding LLC on Nov. 14 filed for Chapter 11 protection in federal court in Atlanta, blaming the severe drought. The company has landed an $11.75 million debtor-in-possession financing facility to fund its operations, including payment of employee wages and benefits, during the reorganization process. According to the court filing, Pike Nursery Holding owes nearly $5.6 million to its 20 largest unsecured creditors. It owes $716,779 to its top creditor, Monrovia, a leading ornamental plant grower based in California. Other creditors include Pennington Seed Co. in Madison, Sunbelt Greenhouses in Douglas, Baskin Nursery Inc. in Loganville, Ga., and Coweta Greenhouses Inc. in Newnan, Ga. The company said a restructuring would allow it to cut its debt, improve its balance sheet and align its business strategy and operational structure with the current climate and market conditions.
Aleris International to sell its zinc business
Aleris International Inc. of Beachwood has reached a definitive agreement to sell its zinc business to affiliates of Votorantim Metais Ltda. of Sao Paulo, Brazil, for about $295 million. KeyBanc Capital Markets advised Aleris on the deal. Proceeds will be used to reduce debt. Aleris' U.S. Zinc operations recycle zinc metal for use in galvanizing steel and produce zinc oxide and zinc dust for use in vulcanizing rubber products, making corrosion-resistant paint and other applications. The sale allows Aleris to focus on its core aluminum business. RETAIL Plenty of options for shoppers Bargain hunters have plenty of options on Thanksgiving and the day after. Kmart stores will be open from 7 a.m. to 9 p.m. Thanksgiving Day. CompUSA in Fairlawn will serve pumpkin pie before opening Thanksgiving night from 9 p.m.
Bankruptcy puts W. Austin's One World Theatre up for sale
A dispute between business partners has led to a Chapter 11 bankruptcy filing and a move to sell the venue known as One World Theatre. In early October, Barton Creek Art Center Ltd., the property's owners, filed a Chapter 11 petition to reorganize its debt in the Western District of Texas U.S. bankruptcy court to avoid foreclosure. On Nov. 7, a judge approved selling the 300-seat venue at 7701 Bee Caves Road in order to pay creditors. Business partners Gary "Julian" Goldstein and Hartt Stearns are equal partners in the Hill Country venue located about 15 minutes from downtown. Ascending Arts LLC has a 1 percent interest in the partnership, according to court filings. The bankruptcy occurred because Goldstein and Stearns disagreed on how the venue should be used, according to attorneys representing each partner.
Who Built the Debtors' Prisons?
Consumer debt is a divisive issue, judging by the reactions to "Prisoners of Debt" (Cover, Nov. 12). The article described a growing business in pressuring individuals to pay obligations they no longer legally owe--debts forgiven by bankruptcy courts but still purchased in the secondary market by outfits hoping to collect payments. Many readers were disturbed by the practice--"a gross injustice," one wrote. Some who responded focused on lax regulatory enforcement and the holes in the law that allow such collectors to operate. But others sided with the creditors, saying indebted consumers are shirking their responsibilities by seeking bankruptcy protection in the first place.
The actions of Capital One [which, the article said, failed to report a discharged debt to credit bureaus] may have been improper.
European govt bonds higher on stock market weakness, liquidity concerns
LONDON (Thomson Financial) - European government bonds remained higher as stock markets around the world fell lower on continued fears over financial write-downs and liquidity concerns. Equity markets continue to dominate investors' risk appetite, with any drop immediately boosting government debt prices. "Spill-over effects from the subprime crisis, the credit crunch and worries about economic downturn are beginning to play on consumer confidence," said David Brown at Bear Stearns. Whereas central banks continue to stress the risks of higher inflation, short-term interbank lending has dried up once again, posing renewed liquidity problems to the financial sector. Brown said this is filtering through to the rest of the economy, putting pressure on not only business confidence, but consumers as well ahead of the Christmas season.
Sumitomo Trust, Aozora Bank to form broad business tie-up
Sumitomo Trust & Banking Co. and Aozora Bank announced Tuesday they will form a comprehensive business tie-up in the three fields of real estate, trust and asset management. The two banks made the decision to survive intensifying competition from megabanks, but they stressed they will not form a capital tie-up. By offering services and financial products to each other's customers, the two banks plan to strengthen their foundation for higher profitability. The two banks said they will first set up a "tie-up promotion committee" consisting of senior officials of both banks. The committee will decide on the details of the tie-up by March next year, including a possible expansion of the alliance beyond the three fields. According to the agreement between the two banks, an Aozora group company with strength in collecting debts will support the rehabilitation of Sumitomo Trust's debt-ridden client companies using their real estate.
The combined library system will be a
$1.2B Outstanding GOs 09/11/2007 21:16:00 Business Wire US0934421019 Fitch Ratings has assigned an AAA rating to the City of Minneapolis, Minnesota s (the city) $5,400,000 general obligation (GO) improvement bonds, series 2007.
Fitch has also affirmed the long-term AAA rating on $1.2 billion of outstanding GO debt.
The Rating Outlook is Stable.
The bonds will sell competitively on Nov.
14, 2007, with Springsted Inc.
serving as financial advisor.
The city pledges its full faith and credit and unlimited ad valorem taxes in repaying the bonds, but special assessment payments are expected to be the primary source of debt repayment.
The city s AAA rating reflects a broad economy having limited volatility, strong and consistent budgetary performance, ample financial flexibility and moderate tax-supported debt levels.
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