Chin up
Posted on April 30, 2009 at 11:55 pmAn East Nashville man is looking at the light side of the downturn with RecessionJunction.com, a Web site hawking various novelty items.
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Belmont to house entrepreneurship group
Posted on at 11:44 pm
The United States Association of Small Business and Entrepreneurship, a “a community of scholars, entrepreneurship program and center directors, government officials, directors of entrepreneurship support organizations and others,” will move to Nashville in 2010 from Wilkes-Barre, Pa.
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More auto dealers wait for the phone call
Posted on at 11:07 pmThat would be the call to from Detroit telling them they have to give up their Chrysler franchise. Much like GM, the auto maker’s reorganization plan includes serious cuts in its dealer network, which includes nine outlets in the Nashville MSA.
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We weren’t crooked… just maybe a little incompetent
Posted on at 12:18 pmHighly embattled feeder fund the Fairfield Greenwich Group, co-founded by hometown boy Walter Noel, has fired back over fraud accusations from Massachusetts regulators for its role in the Bernard Madoff debacle.
The company stands by its monitoring of its now-evaporated Sentry funds and claims PricewaterhouseCoopers consistently turned in clean audit reports when it examined them. They claim they were simply duped like everyone else.
However, judging by conversations we’ve had with hedge fund managers who did not invest with Madoff due to his complete and utter lack of transparency, FGG’s chances of convincing the world it was paying close enough attention are not high.
More detail is available here.
Event firm signs for Green Hills space
Posted on at 12:15 pm
Ovation, which produces live events like conventions and industry gatherings, has inked a deal for almost 10,000 square feet in the Freeman Webb Building in Green Hills.
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Chrysler’s Chapter 11 official
Posted on at 11:59 am
The Obama administration’s auto task force this morning said it will orchestrate a ’surgical’ bankruptcy for the No. 3 U.S. auto maker that includes an alliance with Fiat.
The agreement with Fiat will allow the Italian company to take a 20% stake in Chrysler that will grow as Fiat meets certain milestones, such as building new models in Chrysler plants. In addition to the $3.5 billion in financing to keep Chrysler operating while in bankruptcy, the government will also provide up to $4.7 billion for the new Chrysler once it emerges.
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Local long-term care costs in check
Posted on at 9:03 amA study by financial services firm Genworth says costs at Nashville-area nursing homes and assisted-living centers are rising more slowly than elsewhere in the state and around the country.
LP trimming more mill jobs
Posted on at 8:27 amThe building products supplier (Ticker: LPX) is laying off 40 people at siding and trim mills in Michigan, Minnesota and Wisconsin.
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Browsing Psych Solutions’ Q1 call transcript
Posted on at 6:39 am
Notes from the Franklin-based company’s Wednesday confab with analysts, which helped spur a 26 percent pop in the shares.
- The new Rolling Hills facility in Franklin is quickly headed for break-even. Search for ‘middle of Janaury.’
- CEO Joey Jacobs, “the most optimistic person in the world,” said revenues are growing nicely. “What gives me comfort is that, a third of the quarter is already over with. We have a good visibility on April.”
- The acquisition a year ago of five United Medical Corp. facilities is paying off nicely.
- The team at Riveredge hospital in Chicago, where admissions have been put on hold, are working constructively with regulators, but there’s no outlook on a resolution. Search for ‘maybe.’
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Southern Hills settles discrimination suit
Posted on April 29, 2009 at 9:55 pmThe HCA-owned hospital will pay a Muslim ex-employee $70,000 after denying him vacation to go to Mecca. Which prompted a local pastor to say: “We cannot afford for every Christian doctor to not work on Easter.”
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Part of the show
Posted on at 6:21 pm
Nashville-headquartered Showhomes Management has almost doubled revenues in the past year as many sellers go the extra mile to close the deal. Among the tactics the company and its peers are using: Hiring people to live in empty for-sale homes.
When a real-estate agent phones, Ms. Clavin says, “‘I live here’ — because technically, I do,” and provides a broker’s number before the caller inquires further. She must keep the house spotless between 8 a.m. and 8 p.m. She usually gets only five minutes to light the candles, flip on music and disappear before a showing. If she has more time, she’ll bake cookies to scent the home.
SEE ALSO: The company’s Web site and its listing on BusinessTN’s 2008 Hot 100.
Hotel market set for Q4 rebound
Posted on at 2:40 pmSo say the pros at Smith Travel Research in Hendersonville, who are forecasting a 10 percent drop in revenue per room this year, but see “measurable gains in the fourth quarter.”
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Psych Solutions surges
Posted on at 10:26 am
The company’s positive Q1 earnings surprise has the shares (Ticker: PSYS) up more than 20 percent this morning on heavy volume.
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America Service looks beyond the cell block
Posted on at 9:52 am
The Brentwood-based company, which rang up $500 million in prison health care revenue last year, is mulling the expansion of its telemedicine services into other ‘underserved’ (think rural) markets. The company’s shares (Ticker: ASGR) are up almost 150 percent in the past year.
Word of the initiative first came out on Monday, when telecom equipment provider Polycom said America Service’s Clinical e-Health Solutions unit bought some more of its stuff.
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GDP number suggests inventory bottom
Posted on at 8:22 amThe headline first-quarter GDP number looks bad, but companies’ push to slash inventories may mean a manufacturing bounce later in the year.
Companies trimmed stockpiles at a $103.7 billion annual rate last quarter, the biggest drop since records began in 1947. Excluding the reduction, the economy would have contracted at a 3.4 percent pace.
“This is the combination you want for a turn in the economy — better sales and an inventory correction,” John Silvia, chief economist at Wachovia Corp. in Charlotte, North Carolina, said before the report.
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