Local firm in on Birmingham apartments acquisition
Posted on November 19, 2009 at 10:50 am
Low-profile investment firm Carter-Haston has partnered with an Ohio company to acquire a 414-unit apartment complex on the south side of Birmingham. The two companies paid Colonial Properties Trust almost $25 million for the 15-year-old property.
permalink | Comment on this post
Rash’s target sets a timeline
Posted on November 16, 2009 at 10:55 am
Coffee Health Group, the holding company for some North Alabama hospitals former Province CEO Marty Rash wants to buy, has hired Shattuck Hammond to help it hammer out a plan and a timeline that will focus on “marrying the ideals of Coffee to potential buyers.”
permalink | Comment on this post
CHS recruits Alabama sports medicine group
Posted on November 3, 2009 at 10:30 amTrinity Medical Center, a 534-bed Birmingham hospital run by Community Health Systems, has recruited a 22-person sports medicine and orthopedics practice. The doctor running the group – who also is medical director of the new United Football League and Major League Soccer – already is looking to expand across Alabama.
permalink | Comment on this post
Rash, Rutledge surface with Alabama bid
Posted on October 15, 2009 at 8:29 am
After a couple of quiet months, RegionalCare Hospital Partners, the latest venture headed by serial health care entrepreneur Marty Rash, has offered to buy an Alabama health system whose 2008 revenues fell short by $8 million and is tightening its belt big time.
The board has approved a $172 million budget for the fiscal year, which began July 1, and hospital administrators laid off between 65 and 70 full-time employees in July to reduce its personnel expenses.
Rash launched RegionalCare in July with fellow Province alum John Rutledge and $300 million in Warburg Pincus backing. Until now, the company had been conspicuously invisible.
SEE ALSO: Our recent story on the gathering hospital M&A wave
permalink | Comment on this post
Former federal prosecutor joins Waller
Posted on October 12, 2009 at 8:16 am
The Birmingham office of Waller Lansden earlier this month welcomed ex-federal prosecutor William Athanas to its ranks. Athanas spent eight years with the Justice Department, most recently as an Assistant U.S. Attorney in Alabama’s Northern District.
permalink | Comment on this post
Santa Fe shrinking
Posted on October 5, 2009 at 7:37 am
The bankrupt restaurant chain Santa Fe Holding has closed at least 10 of its almost 30 roadhouse-style eateries since filing to restructure its finances in July. In Columbus, Miss., things appear to have gone smoothly enough, but in Tuscaloosa, Ala., the process of winding up shop last week included some weapon brandishing that called for law enforcement intervention.
“He started running his mouth at me,” Pate said, “and that’s when I went to my truck and got my shotgun, requesting strongly that he should leave my property.”
SEE ALSO: Our July story on Santa Fe’s Chapter 11 filing
permalink | Comment on this post
Local home health venture buys SunLink assets
Posted on September 14, 2009 at 2:45 pmIn a tale of two suns, Madison-based Suncrest Healthcare has signed a deal to buy three home health care businesses from SunLink Health Systems for $3.3 million. The deal with Atlanta-based SunLink (Ticker: SSY) will lift SunCrest’s locations to more than 20.
permalink | Comment on this post
BB&T said to be Colonial buyer
Posted on August 14, 2009 at 1:47 pm
Bloomberg reports that Alabama’s floundering Colonial BancGroup is about to be snapped up by regional powerhouse BB&T (Ticker: BBT). With $26 billion in assets, Colonial’s expansion into Florida, Nevada and elsewhere may well turn out to be a case study in how banks got in over their heads during the housing boom.
Investors like the look of the deal, which — of course — comes with a loss-sharing guarantee from the FDIC.
BB&T may gain $830 million, or $1.28 per share, in the third quarter from the acquisition, analyst Chris Marinac of FIG Partners LLC in Atlanta said in a report today that assumes the FDIC will absorb 80 percent of Colonial’s loan losses. BB&T is likely to mark down Colonial’s loans by 12.5 percent to account for likely losses, Marinac said.
permalink | Comment on this post
Ala. court reporting firm expands here
Posted on August 6, 2009 at 7:43 amFreedom Court Reporting has set up shop on West End and in Cool Springs.
permalink | Comment on this post
New bus service ready to run
Posted on July 26, 2009 at 11:31 pmAnchor Trailways is wrapping up preparations for the launch of the A.T. Runner, which will connect Nashville with Florence, Ala., and point in between. Funding for the venture is coming from state and federal sources.
permalink | Comment on this post
Ala. county prepares to sue local materials company
Posted on May 21, 2009 at 8:15 amLimestone County officials say that, despite the passage of several laws aimed at stopping its activities, the Rogers Group continues to run a rock quarry in the area.
permalink | Comment on this post
From a PR standpoint, getting sued by a judge has to be close to the bottom
Posted on May 18, 2009 at 10:27 pmBut that’s what Regions Bank is facing in its hometown, where Circuit Court judge David Lichtenstein has accused CEO Dowd Ritter and his senior team of not doing enough to prevent the bank’s stock price (Ticker: RF) from collapsing.
The suit is a so-called “derivative action,” filed on behalf of all Regions shareholders. Any financial relief would go to the company, not shareholders, Baddley said.
“We want the unfair bonuses and any damages received to go back to the corporation, which would boost the bank’s finances and benefit the stockholders,” Baddley said.
Regions spokesman Tim Deighton promised that the bank would fight the suit. “We believe the case is without merit and we plan a vigorous defense,” he said.
permalink | Comment on this post
Brentwood’s Bell Construction accused of shoddy work
Posted on April 20, 2009 at 5:14 pmFrom the Press-Register:
Birmingham-based AIG Baker and the general contractor it hired to build the Levin’s Bend tower at The Wharf in Orange Beach have become embroiled in a multimillion-dollar battle in which the developer claims that blown deadlines and shoddy work by Ray Bell Construction Co. Inc. “jeopardized the success and viability” of the project.
AIG Baker originally sued Tennessee-based Ray Bell Construction in Shelby County Circuit Court in February, but the case was moved this month to Birmingham’s federal court.
(FT: BTN)
Superspeedway owner sells Memphis track
Posted on January 30, 2009 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.
Local contractors snag Birmingham job
Posted on January 26, 2009 at 11:11 pmThe Nashville office of Kansas City-based Garney Construction was the low bidder for a water line south of Alabama’s largest city.
Recent Comments
In our good state a select few run the place, 20 yrs ago and today....
Southernindie…Unfortunat ely you have suffered a dibilitating...
And…Karl (Marx) Dean is spending one billion dollars...
Someone explain the difference between short stay and observation...
Watching the Chairman of Starwood Hotels yesterday on CNBC...
Funny how the Union’s feel about taxes. They complained about their...
Where is it?
An absolutely ugly structure, which I have always thought did not take...
Too bad that ATT changed the look of the building so that it no longer...
Yeah, well, look at the TN Legislature of good ol’ boys and the...
As long as the red rules, we will be far behind other states. The GOP does...
Nissan CEO Carlos Ghosn: I don’t know what...