Financial thoughts

Cott Corp. got the go-ahead from federal regulators for its planned acquisition of Cliffstar Corp.

The U.S. Department of Justice and Federal Trade Commission granted early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act for the deal, Cott said in a statement.

Cott plans to buy Cliffstar in a deal valued at up to $569 million. The closing remains subject to receipt of financing and other conditions. The transaction is expected to close in the third quarter.

Cott (NYSE: COT) is a private label soft drink company with executive offices and a plant in Tampa.

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Community Bank of the Bay raised more than $7.7 million and added five directors to its board.

The Oakland bank, which expanded into Danville and San Jose in recent months, raised the money from local residents, primarily in the bank’s new markets in the greater Bay Area. CEO Brian Garrett didn’t mince words in discussing the challenge community banks face in raising money today.

“It was a herculean effort to raise capital in this environment,” Garrett said. “Most of the capital came from the new markets we have entered. This is a confirmation of the reputation of the bankers who have joined us from these markets.”

The new board members are William Purcell, president of Walnut Creek-based Purcell International, a food importer and brokerage; Dr. Eddie Cheung, a clinical professor at the U.C. Davis School of Medicine; Gunter Unruh, president and owner of Metric Design and Manufacturing in Campbell; Arthur Lund, an attorney with the San Jose law firm Hoge Fenton Jones and Appel and a former director of Greater Bay Bancorp, now part of Wells Fargo; (NYSE: WFC) Tracey Enfantino, general manager of Environmental Systems Inc no faxing payday loans. and a founder of Heritage Bank of Commerce, (NASDAQ: HTBK) serving on that bank’s board from 1994 to 2003.

Community Bank of the Bay (OTC BB: CBYAA.OB) plans to use the new capital to boost lending.

“We anticipate that the additional capital will be used to increase lending to small and medium-sized businesses,” said William Keller, president and chief operating officer of the bank.

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New York Yankees owner George Steinbrenner has died, Bay News 9 is reporting.

The 80-year-old Steinbrenner had been the owner of the New York Yankees since 1973. During that time, the Yankees won 11 pennants and seven World Series titles. Steinbrenner is also known for his philanthropy in the Tampa Bay area paydayloans.

Earlier Tuesday Bay News 9 reported that Tampa Fire Rescue responded to a call at Steinbrenner's house and that someone was transported to St. Joseph's Hospital.

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North Carolina corporate boards have fewer women and minority members than those of the Fortune 100, a fact that hasn’t escaped the notice of state Treasurer Janet Cowell.

As a remedy, Cowell is encouraging lawmakers, business executives and minority leaders to participate in the Director Diversity Initiative, DDI, at the University of North Carolina School of Law.

It’s a joint project of the Center for Banking and Finance and the Center for Civil Rights at UNC Law.

According to a recent survey conducted by the school, female members, in 2009, held 12 percent of NC board seats and minority members 7.1 percent of seats.

By contrast, woman accounted for 17.6 percent of Fortune 100 boards (in a 2006 study) and minorities, 15 pay day advance.4 percent.

North Carolina’s population is 51 percent female and 32 percent minority according 2008 census data.

Cowell says women currently make up 25 percent, and minorities 18 percent, of the various pension system boards and commissions she manages.

“The Department of State Treasurer continues efforts to diversify our own boards,” says Cowell. “Additionally, as institutional investors, we are encouraging North Carolina corporations to have boards that match the diversity of our state.”

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Janet and John Beardsley could retain ownership of the Historic U.S. National Bank Block under a bankruptcy plan slated for approval in August.

The Beardsleys placed the property in bankruptcy on Oct. 9, 2009 in the face of mounting debts over the downtown Portland building, 321 S.W. Sixth Ave. The Chapter 11 reorganization case was filed in U.S. Bankruptcy Court for Oregon.

An amended reorganization plan was filed June 2 and approved by the court June 9. A confirmation hearing is set for Aug. 4, at which point the property would exit bankruptcy.

The reorganization plan anticipates that creditors will be repaid within seven years, if not earlier. The plan claims the property is appraised at $27.9 million. It would need to sell for a minimum of $22.5 million to net enough money to repay creditors at the $20.92 million owed under the plan.

John Beardsley and Janet Beardsley each own 50 percent of the company. They will retain ownership but could be required to invest an unspecified amount of new equity to retain their position bad credit payday advance. The reorganization also would allow them to draw up to $12,000 per month to pay “reasonable” living expenses, including income taxes.

Beardsley filed a separate Chapter 11 case covering other real estate assets. The Fountain Village Development case is pending. A reorganization plan was filed March 19, 2010 but has not been confirmed.

The Fountain Village case covers the Fountain Village block at Southwest Second Avenue near Burnside, the New Market Theater Block at Southwest First Avenue and Ankeny Street, the Loyalty Building, 317 S.W. Alder St., the Hamilton Building, 500 block of Southwest Third Avenue, other buildings in downtown and an airplane hangar in Juneau, Alaska.

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If you lose your job after June 1, you’ll see more than just your paycheck disappear. You also won’t get the 65% federal subsidy to cover your COBRA health insurance premium.

That’s because House Democrats last week opted not to extend the subsidy in order to bring down the cost of a jobs and tax bill winding its way through Congress. Continuing the provision through Dec. 31 would run $7.8 billion.

The loss of the 15-month subsidy leaves hundreds of thousands of newly jobless Americans to shoulder the burden of health insurance coverage on their own. On average, the monthly premium alone eats up 84% of a person’s unemployment check, according to Families USA, a consumer advocacy group.

Dozens of people currently benefiting from the subsidy wrote to CNNMoney.com in recent days to say how crucial it is. Without the extra help, they said they could not afford to pay for their coverage and their treatments for diabetes, cancer, high blood pressure and other ailments.

"I’m unemployed. I don’t have money to pay for medical bills," said Stephanie Kohnke, a St. Paul, Minn. resident who lost her job in May and is waiting to be approved for the subsidy. "This is the worst time to lose that safety net."

House Speaker Nancy Pelosi, D-Calif., said Tuesday that she plans to revisit the COBRA subsidy. However, she noted, it is a controversial provision that could be difficult to pass.

Stimulus subsidy

The subsidy was created in February 2009 as part of the Obama Administration’s $787 billion stimulus program. It was among a number of measures meant to aid Americans suffering during the Great Recession.

Those who lost their jobs between September 1, 2008 and May 31, 2010 were eligible to have the federal government pick up 65% of the monthly premium’s cost if they continued their employer-sponsored insurance under COBRA. Originally scheduled to last 9 months, it was later extended to 15 months.

Just how many people are filing for the subsidy isn’t known. But a recent Treasury Department survey found that between 25% and 33% of eligible jobless New Jersey residents were participating and most of them were middle class.

For a typical family, the subsidy reduced the annual cost of COBRA to about $4,725, down from about $13,500.

"Anyone subsisting on unemployment insurance cannot afford to pay COBRA premiums without getting help," said Ron Pollack, executive director of Families USA.

Ann Bates is thankful that she has the COBRA subsidy that brings her monthly premium down to $181 a month. Without it, she’d have to pay more than $500 a month for coverage, a price she couldn’t afford since she only collects $1,450 in unemployment benefits.

A Cedar Rapids, Iowa resident who lost her office manager job in February, Bates said she must have health insurance or she couldn’t afford the insulin she takes for her diabetes. With insurance, it costs her $75 a month but without it, the price zooms to more than $300. And that doesn’t include the cost of syringes and test strips.

Debbie McBride knows exactly what the newly unemployed are going through. McBride, who lost her administrative assistant position at an aerospace company in February 2009, just exhausted her 15-month subsidy and is now left to fend for herself.

Unable to afford her $390 unsubsidized monthly premium, McBride refilled her five prescriptions last month. She has looked for cheaper health plans but can’t find one, especially now that she has diabetes.

McBride has yet to pay her June premium because she doesn’t have the funds. The La Habra, Calif. resident said she doesn’t know what to do.

"Where are we supposed to get the extra money?" she asked. 

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Work done on the Edward A. Doisy Research Center at St. Louis University has been awarded LEED certification by the U.S. Green Building Council and the Green Building Certification Institute.

The project team implemented green design and construction strategies in the $80.5 million biomedical research building. Environmentally friendly elements include mechanical systems that operate at energy-efficient levels well below the energy code, and the use of 100 percent outdoor-air supply at all times within the building.

The project team also incorporated open space and landscaping with greatly reduced storm water runoff.

The 10-story, 206,000-square-foot building features steel, brick and glass on the exterior; and modular laboratories, animal vivarium, conference rooms and a Clinical Core Lab facility on the interior.
Clayco Inc. was the construction manager on the project and Cannon Design was the architect.

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A little more than a year after the Phoenix Business Journal reported that DeVry University was looking to open a campus in the West Valley, the school has chosen a spot in Glendale’s Westgate City Center.

DeVry will begin offering classes in July in about 18,000 square feet at 6751 N. Sunset Blvd., Glendale. This will be DeVry’s 95th location in 26 states and Canada, and its fourth in Arizona.

Plans call for offering undergraduate degree programs through its colleges of Business & Management and Engineering & Information Sciences.

DeVry’s Keller Graduate School of Management also will offer a number of master’s degree programs in business and technology in Glendale.

DeVry is accredited by the Higher Learning Commission of the North Central Association of Colleges and Schools.

Jeff Blake, who served most recently as dean of Keller’s Phoenix campus and dean of graduate studies for the Phoenix metropolitan area, has been named dean of the Glendale campus. Before joining DeVry in January 2003, he was director of organizational development for Schwab University in Phoenix.

For more: www.devry.edu.

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Five Guys Burgers and Fries, which has four Raleigh-Durham locations, ranked as the fastest-growing restaurant chain in the nation in 2009, according to data compiled by restaurant consulting firm Technomic.

Five Guys had $453 million in 2009 sales, a 50 percent increase over 2008 revenue, led by rapid expansion of its franchise locations. That ranks it No. 1 for sales growth among chains with sales over $200 million.

Tim Hortons ranked No. 2, with $446 million in 2009 revenue, a 23 percent increase. Buffalo Wild Wings Grill & Bar ranked No. 3, with $1.5 billion in sales, up 22 percent from 2008.

The revenue gain among the top 10 chains was 19 percent, an impressive showing when cast against Technomic’s overall report on the restaurant industry in 2009. The 500 largest chains saw annual sales decline an average of 0.8 percent last year after growing by 3.4 percent in 2008.

Five Guys, which opened its first restaurant in Arlington in 1986, grew slowly in its first few years, with just a half dozen Washington, D no fax cash loans.C., locations by 2001. It began franchising regionally in 2002 and then nationally in 2003.

The chain now has 550 locations in 35 states, and opened 300 of those locations in less than five years.

Five Guys Burgers and Fries has two stores in Raleigh and two in Cary.

The rest of the 10 fastest growing restaurant chains in 2009 were Jimmy John’s Gourmet Sandwich Shop, Wingstop, Noodles & Company, BJ’s Restaurant and Brewhouse, Chipotle Mexican Grill, Firehouse Subs and Potbelly Sandwich Works.

In total, the 10 fastest-growing chains had $5.9 billion in 2009 sales. The 500 largest restaurant chains had total 2009 revenue of $230 billion, down almost $2 billion from 2008.

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Though home prices moderated nationally in January, home prices in the Nashville-Davidson-Murfreesboro-Franklin area continued to decline, according to data released today by First American CoreLogic.

Nashville-area home prices declined by 4.21 percent in January compared to one year ago, a deepening of the 3.94 percent reduction witnessed in December 2009. Excluding distressed sales, the January year-over-year decline was 2.46 percent, compared to December’s 3.04 percent decline. First American CoreLogic forecast that Nashville-area home prices, including distressed sales, will tick up 0 cheapest personal loan rates.10 percent over the next 12 months.

National home prices declined by 0.7 percent in January, compared to the national decline of 3.4 percent in December. Nationally, First American CoreLogic expects home prices to rebound 4.5 percent over the next 12 months.

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