| Neumann Homes files for bankruptcy
Warrenville-based Neumann Homes Inc. filed for Chapter 11 bankruptcy protection on Thursday (Nov. 1), the biggest financial collapse in the Chicago area due to the slowdown in housing sales. Neumann, which the week before announced its intention to seek bankruptcy and closed most of its operations, estimated it owes more than $100 million collectively to up to 5,000 creditors. Its filing in U.S. District Court in Chicago also listed assets of more than $100 million. A 2006 Sun-Times ranking showed Neumann was the ninth-largest builder in the Chicago-area. The largest creditor is Residential Funding Corp, which by Neumann's reckoning is owed $75 million for a bank loan. Other significant creditors were owed for surety bonds, title insurance or legal fees. The company's chief executive, Kenneth Neumann, could not be reached for comment.
EDINBURG — Hidalgo County sheriff’s deputies arrested a Texas Department of Public Safety trooper Friday morning in ...
EDINBURG � Hidalgo County sheriff�s deputies arrested a Texas Department of Public Safety trooper Friday morning in connection with an alleged auto insurance scam. Justice of the Peace Rosa Trevi�o arraigned Trooper Jesus Saul Barron, 32, on charges of insurance fraud and securing execution of a document by deception, both third-degree felonies. Barron was released on two $10,000 personal recognizance bonds. He has signed a confession to the charges, according to a probable cause affidavit. The case dates back to Sept. 12, when Barron reported his 2006 Ford F-150 stolen from a parking lot at a flea market in Donna. Sheriff�s deputies took a stolen vehicle report that day from Barron, court documents show. Barron then received a $28,051.05 check from his insurance company for the value of the truck.
Children's Hospital approved for $150 million in bonds
Children's Hospital of Wisconsin received approval for $150 million in tax-free financing and new bonds from the Wisconsin Health and Educational Facilities Authority to fund an expansion of the Wauwatosa pediatric hospital. The $165 million project will be financed by $100 million from the bond issue. The hospital will fund the rest of the project with cash reserves. The additional $50 million in the bond issue will be used to refinance 1998 bonds at a lower interest rate. The Brookfield-based authority, which helps educational and health care institutions gain access to low-cost private capital financing and bonds exempt from federal taxes, approved the new and refinanced bonds on Nov. 12, said Larry Nines, WHEFA executive director. The project previously was reported to cost $117 million, which was strictly the construction costs and did not include architect fees, equipment and furnishings, planning fees or insurance.
November 19 - Ask Gordon Pape: Q & A
Q - I understand that the CDIC (Canada Deposit Insurance Corporation) insures up to $100,000 in GICs that are in an RRSP for no more than a five-year term. Is that per member? In other words, if we had $400,000 in RRSPs and put around $70,000 into a five-year GIC in six different CDIC member banks or financial institutions, would the money be fully insured as well as the gain achieved over five years? - Mary M. A - You are partially correct. Coverage is per member company so if you spread your money around in the way you describe you would have full protection. However, that covers only principal and accrued interest. It does not cover unearned interest for the balance of the term. If a company is wound up, the CDIC can immediately redeem all of its outstanding GICs, and has done so in the past.
Ethiopia: EIC Board Rejects Varnero as Finalist
It will take yet another cycle of selection process before the state insurance firm sees the erection of its seventh building on this plot located in front of Ambassador Theater. The Board of Directors of the state-owned Ethiopian Insurance Corporation (EIC), chaired by Mesay Girma, rejected last week the selection of Luigi Varnero Impresa Costruzioni, a.k.a. Varnero, to build a multifunctional structure, while terminating the firm's relationship with the consulting company, Seleshi Consulting Architects and Engineering. .
Progressive chops 341 jobs, mostly in Northeast Ohio
On the same day it reported its profit was down 26 percent for the year, insurance giant Progressive Corp. said Thursday that it is eliminating 341 employees, most of them in Cleveland. The Mayfield company, one of the region's largest employers with nearly 10,000 local workers, said the cuts are part of the company's efforts to reduce expenses and offer more-competitive pricing. The job cuts affect 263 people in the information-technology department and 78 people in the personal-lines group. The layoffs represent about 7 percent of the IT workforce nationwide and 1 percent of the personal-lines group. Most of the layoffs in personal lines were supervisors and managers in the sales and customer service call centers. The cuts are effective Nov.
Northern hits rock bottom on bids blow
SHARES in Northern Rock are set to remain under pressure - having plunged 21 per cent to an all-time low yesterday - after the stricken mortgage bank said interest from potential bidders valued it at "materially below" Friday's closing price. It came as the Treasury said it would consider requests for help from would-be rescuers of Northern, potentially triggering a controversy about taxpayers' money being used to bail out the bank. .
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