Beating the press to the punch
Posted on January 31, 2009 at 5:03 pmUnder fire from their docs over belt-tightening measures, the head honchos at Saint Thomas Health Services publish their responses to questions from our friends at 1100 Broadway – before the paper’s story runs.
Among the snippets:
In recent years we have implemented a number of system-wide initiatives successfully. We must do more. We must also grow the services we can and otherwise smartly conserve our resources. As a long-time business reporter, you know that for any organization to grow it must have a consistent, reasonable bottom line which allows it to develop services, improve facilities, maintain quality, keep up with escalating expenses, and more.
We are on track to have a similar margin this fiscal year, but that does not tell the entire story. We’ve seen significant increases in the number of uninsured patients seeking care from us, patients delaying or avoiding care and a drastic reduction in our investment income. All of these forces require that we work quickly to strengthen our health system and protect and expand our mission.
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Weed men from the North
Posted on at 4:47 pmFile this under “Counting on the next housing upswing.” Canada’s largest lawn care provider is making a big franchise push in these parts. The goal: Add 600 locations in the next decade.
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Gas rates to fall again
Posted on at 4:29 pmPiedmont Natural Gas has filed with the Tennessee Regulatory Authority to lower rates by an average of 19 percent. If approved, the cut would go into effect March 1.
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Report: Charter cable firm ready to file for bankruptcy
Posted on January 30, 2009 at 7:46 pmReuters reports that the nation’s fourth-largest cable company missed a debt payment this month and is talking to bondholders about a restructuring. Between Tennessee and Louisiana, Charter has more than 500,000 customers.
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First Acceptance ratings affirmed
Posted on at 7:21 pmInsurance ratings group A.M. Best hasn’t changed its opinion on the Nashville-based company (Ticker: FAC), but does note its leaders are doing some good things that have “positively impacted underwriting leverage and overall risk-adjusted capitalization.” Translation: They’re not sticking their neck way out there anymore.
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Clarksville auto plant part of bankruptcy
Posted on at 7:12 pmMichigan-based car parts maker Contech has filed for bankruptcy protection less than two years after being bought by a private-equity group. The company owns a plant in Clarksville, which it acquired in 2000 and expanded five years later.
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Local manufacturer to sponsor local NASCAR team
Posted on at 6:58 pmState Water Heaters, which has sponsored stock cars since early this decade, is moving its money to Baker Curb Racing.
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FDIC comes down on three TN banks
Posted on at 3:11 pmThree banks in Tennessee – one in Carthage, one east of Memphis, one north of Chattanooga – ‘made’ the Federal Deposit Insurance Corp.’s naughty list for December.
- Mountain Valley Bank in Dunlap has agreed to pay a fine for not getting the proper insurance on loans secured by properties in flood zones.
- Citizens Bank in Carthage will pay a penalty for “its inaccurate submission of mortgage and loan data.”
- By far the most serious case is Oakland Deposit Bank, which the FDIC has issued a cease-and-desist order for running way low on capital because of “unsafe or unsound banking practices.” In short, too many loans are in the tank, the paperwork stinks and no one’s properly minding the store.
For the full list of the agency’s December enforcement actions, click here.
UPDATE: It could be worse.
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Superspeedway owner sells Memphis track
Posted on at 1:50 pmDover Motorsports, which owns the Nashville Superspeedway, has inked a deal with the company building race tracks in South Alabama to sell Memphis Motorsports Park for $10 million.
UPDATE: Three members of the Earnhardt family are key investors in the buying entity.
Baird: Upside in AmSurg
Posted on at 10:53 amRobert W. Baird has begun covering shares of Nashville-based surgery center company AmSurg with a ‘neutral’ rating and a $27 price target. Now trading around $20, AmSurg (Ticker: AMSG) is down about a quarter since the summer.
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When momma ain’t happy
Posted on at 8:36 amBloomberg takes a long look at the sliding fortunes of Fortress Investment Group, which is the majority owner of Brentwood-based Brookdale Senior Living. (Ticker: BKD)
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BioMimetic CEO sells block of stock to biggest investor
Posted on at 7:12 amSam Lynch unloads 50,000 shares in part to cover taxes from exercising options last year. As it has been many times over the past few years, Denmark-based Novo A/S was a willing buyer.
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These Boots were made for pleadin’
Posted on January 29, 2009 at 10:39 pm
The Contra Costa Times says Predators part-owner Boots Del Biaggio will plead guilty next week to some of the fraud charges facing him.
In the federal criminal case, Boots Del Biaggio is accused of using phony collateral to obtain $48 million in loans and $54.9 million in loan guarantees, most reportedly to buy an interest in the Nashville Predators hockey franchise. The single criminal count carries a maximum 25-year prison sentence, although a lighter sentence is expected as part of the plea deal.
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Tennessee Commerce teams with trade group
Posted on at 10:26 pmThe Franklin-based business bank (Ticker: TNCC) will package and sell small business equipment loans and leases, giving other members of the Independent Community Bankers of America the chance to diversify their loan portfolios. The key words: “existing payment track record.”
Under the new initiative of Tennessee Commerce Bank and ICBA Financial Services, packages of previously originated small business equipment loans and leases with an existing payment track record and an average remaining term of generally four years or less are offered for sale to ICBA members. Packages are offered at a yield competitive with other small business lenders, especially given the absence of virtually all origination and servicing costs. Tennessee Commerce retains servicing responsibilities.
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Making up for lost dividends
Posted on at 10:07 pmThe top four officers at Brookdale Senior Living received a combined $1.2 million in dividend payments in 2007, something the nursing home provider’s compensation committee considered to be a core part of their pay packages.
Now, with the company’s dividend sidelined indefinitely, things have changed. From an SEC filing this afternoon:
In establishing the levels of compensation for our named executive officers for 2009, the Compensation Committee considered the impact of the recent suspension of the Company’s quarterly dividend on each executive and, in connection therewith, reviewed the amount of dividends paid to each executive during 2008 on vested and unvested shares of the Company’s common stock.
Individually and in the aggregate (including the impact of dividends on vested and unvested shares paid to each executive in 2008 and excluding incentive compensation), the 2009 adjusted base salaries represent a significant reduction in the named executive officers’ annual cash payments from the Company compared to 2008, constituting a reduction ranging from approximately 23% to 40% individually and approximately 31% in the aggregate.
That explanation helps makes these numbers look a lot less inflammatory, given that Brookdale shares (Ticker: BKD) are down 68 percent in the past year.
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