Okun Sentenced to 100 Years for Defrauding Clients of Millions of Dollars Held in 1031 Exchange Trusts
August 26th, 2009Before there was Bernie Madoff, there was Edward H. Okun, the former owner of The 1031 Tax Group LLP. Now Okun, like Madoff, has been sentenced to a century in prison for his leading role in a scheme to defraud and obtain approximately $126 million in…
Bank Watch: Two Repeat Bank Watch Institutions Fail
August 26th, 2009Colonial Bank Fails; BB&T Takes Over
Colonial Bank in Montgomery, AL, (repeatedly mentioned in Bank Watch) was closed this past week by the Alabama State Banking Department, which appointed the Federal Deposit Insurance Corp. (FDIC) as receiver. To protect…
Lease Cancellations: Bashas’ Lease Cancellations Surface
August 26th, 2009On July 12, Bashas’ Inc. filed Chapter 11 with the District Court of Arizona. At the time of the filing, America’s 15th-largest privately held supermarket chain said it would close 10 stores by July 21. The company is now asking courts for permission…
Layoffs & Closures: Accenture Reducing Global Real Estate Footprint
August 26th, 2009Accenture a New York-based global management consulting, technology services and outsourcing company is taking steps to reduce excess real estate capacity and to realign its workforce. These actions will result in a pre-tax restructuring charge of approximately…
Now Malibu Finally Has a City Hall
August 26th, 2009Many communities have been laid low by the financial crisis and housing bust, but in Malibu, Calif., it has presented a golden opportunity.
Hotel Receivers Earn Rich Rewards
August 26th, 2009The growing wave of U.S. hotels defaulting on their debt has spawned a growth industry for companies that oversee and operate hotels seized by lenders.
Hotel Stimulus
August 26th, 2009Hotel construction starts have declined by half in the past year because of the industry’s downturn, but Dallas has plans to build a 1,000-room convention hotel.
Takeovers & Tenancy: PGI Slims Down, Herbalife Expands
August 26th, 2009In this week’s issue:
PGI sells FabPro to Tricor
Herbalife acquires certain assets of Micelle
PGI Narrows its Focus
Polymer Group Inc. (PGI) said Monday that it is selling its subsidiary FabPro Oriented Polymers LLC to Tricor Pacific Capital.
PGI…
The Lease Up (Aug. 23-29): Mogul Mind Studios is Unstoppable in Pittsburgh
August 26th, 2009Editor’s Note: Expansions Relocations & Extensions is now The Lease Up. Here you will find news on companies that are bucking the trend of the recession by expanding, or taking advantage of the market by relocating. You will also find stories on businesses…
U.S. Investors Abandon Europe
August 26th, 2009At the peak of the real-estate boom, U.S. investors dominated the game in European property. Now, with a few exceptions, the Americans have retracted.
