The Yonkers Downtown Business Improvement District will sponsor a free program on obtaining access to credit and cash on Tuesday morning, Feb. 10 from 8-9 a.m. at the Yonkers Riverfront Library, 1 Larkin Center.
Scheduled to speak are Bruce Davison, vice president of commercial banking at Citibank, and Niall Henry, assistant vice president at Hudson Valley Bank. Peter G. Klein, vice president of Fidelco Group, will moderate.
The program is part of the Yonkers Downtown BID’s new Sunrise Seminar Series to provide local business owners with tips and guidance during the current recession. For more information, contact the BID at 914-969-6660 or Frank Pagani of Thompson & Bender at 914-762-1900, extension 24.
Churchill Ventures Ltd. of Scarborough said its shareholders voted today to dissolve the company after it was unable to consummate a business deal for which it was created. Formed in June 2006, Churchill Ventures raised $107.5 million to buy an operating business in the communications, media or technology industries within an 18- to 24-month period.
The debt-strapped owner of more than 650 U.S. shopping malls, including the Cortlandt Towne Center and seven other plazas in the Lower Hudson Valley, appears ready to turn over control of most of the company to lenders under a tentative refinancing deal announced this week.
Centro Properties Group of Melbourne, Australia said it has obtained a one-month extension of its credit contracts that were due to expire yesterday while the refinancing deal is under review.
Centro is struggling with $3.35 billion in debt that it accumulated in the course of expanding its retail holdings around the world in recent years. Its stock sells for pennies a share.
It had planned to sell a portfolio of American malls earlier this year that might have included some regional property, but commercial real estate values have fallen. In September, Centro said the deal was canceled but talks were continuing.
This week Centro said the current refinancing deal calls for part of its debt to be changed to securities that in turn could be converted into the equivalent of 90 percent of Centro’s equity.
The company’s office in Manhattan declined to elaborate on the latest announcement.
Centro has more than 1.26 million square feet of gross leasable space in Westchester and Rockland counties. In addition to the Cortlandt Towne Center, its portfolio includes Rockland Plaza in Nanuet, Dalewood Shopping Center in Hartsdale, Highridge Plaza in Yonkers, North Ridge Plaza in New Rochelle, A & P Mamaroneck, Village Square in Mamaroneck, and a plaza on North Central Avenue in Hartsdale.
Nutrition 21 Inc. of Purchase said it has a dispute with an investor in its preferred stock and warrant offering that raised $17.8 million for the nutritional supplement company last fall.
In a filing with the Securities and Exchange Commission, the company said that the investor claimed that certain breaches of covenants in the offering had occurred that would require the company to buy back the preferred stock, at an estimated cost of $23.4 million.
The investor was not identified. In the filing, the company denied that any such breaches had occurred. Nutrition 21 also said the investor had asserted that option grants to the companyâ€™s co-chief executive officers, Gerard Butler and Michael Fink, had triggered anti-dilution adjustments in the conversion price of the preferred stock. The company said no adjustment is required.
Nutrition 21 stock closed yesterday at 45 cents a share, down 6.8 cents.
Debt Resolve Inc. of White Plains said itâ€™s prepared to hold a potential investor to an agreement to buy $7 million in the companyâ€™s stock after the investor said it needs more time to complete the deal.
Harmonie International LLC reconfirmed its intent to buy the stake in Debt Resolve under a deal dated March 31, Debt Resolve said. A date for concluding the deal was not announced.
â€œWhile Harmonie has reconfirmed, they have offered no real specific proof of their ability to perform, and, accordingly, we cannot continue to grant formal extensions,â€ Debt Resolve Chief Executive Officer Ken Montgomery said in a statement. â€œWe hope they will fund in a short period of time but we must will protect our company, which includes an action for specific performance and damages if they do not.â€
Debt Resolve runs an online consumer debt settlement service. Its stock closed at $1.09 a share, down 23 cents.
The company said Harmonie CEO William Donahue sent them a letter dated Monday that said, in part, â€œEven though the economic climate has greatly affected our ability to rely on the primary institutions that generate our investment revenue, we believe the alternative sources meticulously put together will allow Harmonie to continue its investmentâ€ in Debt Resolve.
EpiCept Corp., a pharmaceutical company at The Landmark in Eastview, said it will offer 8 million shares of its common stock to the public for 25 cents a share. The company will also offer five-year warrants to buy another 8 million shares at an exercise price of 39 cents a share. The company expects to make $1.9 million from the offering. It said it will use the money for working capital, general corporate purposes, and to pay fees owed to a secured lender. The price of its stock dropped by 10.5 cents a share today, closing at 28.5 cents.
Alpine Capital Bank of Manhattan has made its first major investment in Westchester County by lending $15 million toward the construction and permanent financing of the new Pound Ridge Golf Club, bank spokeswoman April Rudin said. Alpine has assets of $250 million and headquarters on Fifth Avenue. Golf club owner Ken Wang and his family have known the bank for some time, an Alpine statement said. The golf course, which cost an estimated $50 million, opens to the public Wednesday.
Acorda Therapeutics Inc. plans to sell 2.67 million shares of its common stock in a public offering, it said today.
In addition, the Hawthorne-based biotechnology company plans to offer 83,000 shares on behalf of a selling shareholder.
Acorda also plans to use the proceeds from the offering to fund further research into its Fampridine-SR drug for treatment of multiple sclerosis.
Additionally, the company will use the funds to assist with costs associated with bringing the drug to market, should it receive regulatory approval, and for general corporate purposes, it said.
J.P. Morgan Securities Inc. and Deutsche Bank Securities are the offering’s joint underwriters.
Under terms of the proposed offering, underwriters will have a 30-day option to purchase up to an additional 412,500 shares at the public offering price, which has yet to be determined.
Shares of the company were lower in trading this afternoon, down $2.33, or 8.9 percent, to $24 a share.
Starwood Hotels & Resorts Worldwide of White Plains said that its board of directors has authorized the repurchase of an additional $1 billion worth of stock. In the first nine months of the year, Starwood bought back 19.2 million shares at a cost of $1.22 billion.
EpiCept Corp., which develops drugs to treat cancer, expects to raise $7.3 million from the sale of 4.26 million shares of stock at a price of $1.88 a share, the company said today.
Additionally, the Eastview-based company said five-year warrants, to purchase up to about 2.13 million shares of common stock, were priced at $1.88 a share.
EpiCept intends to use the net proceeds for general corporate purposes, it said.
Clickable Enterprises Inc., an Internet-based supplier of home-heating oil, announced today that it has closed on a deal to sell $800,000 in secured convertible notes in a private placement. The transaction closed May 31, the Larchmont-based company said. In addition to the notes, Clickable issued warrants exercisable for 10 million shares of common stock, it said.
Acorda Therapeutics Inc., a biotechnology company based in Hawthorne, announced today that it plans to sell 3.38 million shares of common stock in a public offering. Final terms of the offering will be disclosed in a future filing with the Securities and Exchange Commission, the company said. Acorda intends to use proceeds from the offering to complete a second Phase 3 trial of Fampridine-SR, a treatment for multiple sclerosis, and other business purposes. Banc of America Securities LLC and Deutsche Bank Securities are managing the offering, Acorda said.
Acorda Therapeutics Inc., a biotechnology company in Hawthorne, said the public will have the opportunity to buy up to $150 million worth of stock and debt. Acorda, which is developing a drug to help people with multiple sclerosis walk, said in a filing with the U.S. Securities and Exchange Commission the offering may include up to $1.37 million shares of common stock. That would be 5.7 percent of the companyÃ¢â‚¬â„¢s outstanding shares. The companyÃ¢â‚¬â„¢s shares are listed on the Nasdaq and were trading at $20.35, down 15 cents, just after the stock market opened this morning. The filing lists the selling shareholders as Saints Capital, Cross Atlantic Partners and Vector Fund Management.
PepsiCo Inc., the Purchase-based beverage and snack food giant, said that it expects to sell five-year senior notes to help lower its short-term debt. The net proceeds from the offering, which are undetermined, will be used primarily for general corporate purposes and for the repayment of $500 million of debt bearing interest at 3.2 percent per year, which matured on Tuesday, according to a company filing with the Securities and Exchange Commission. The sale of the notes will be managed by Merrill Lynch & Co., JPMorgan Chase & Co. and UBS Investment Bank.
Pleasantville resident George CigaleÃ¢â‚¬â„¢s Tutor.com, a New York-based provider of online tutoring services, announced that Intel Capital and other venture capital firms have made new investments of $13.5 million. The money will help fund expansion of Tutor.com Direct, the companyÃ¢â‚¬â„¢s online tutoring service for students and families.
Ã¢â‚¬Å“This investment will help Tutor.com build upon our successful institutional business to execute an aggressive marketing campaign and establish strategic partnerships to grow our subscriber base,Ã¢â‚¬? Cigale, founder and chief executive officer of Tutor.com, said in a written statement. Ã¢â‚¬Å“There is an untapped market of millions of families with school age children who will benefit from on demand access to the largest professional tutor network available.Ã¢â‚¬? The site offers a network of more than 1,300 professional tutors who have delivered more than 2 million one-to-one tutoring sessions.
Privately held Arcadian Networks Inc. announced today that investment-banking firm Goldman Sachs has invested $30 million in the wireless telecommunications company, raising the amount of capital its has secured in the past year to $90 million.
The Valhalla-based wireless telecommunications carrier, which employs 25 workers, is using the funds to build a network to enable wireless communications in rural parts of the United States.
The 1-year-old company is building the Ã¢â‚¬Å“mission-criticalÃ¢â‚¬? network, which allows organizations to communicate over a 700 megahertz frequency, in 23 states in the South, Midwest and West, as well as the Gulf of Mexico, where it has been granted a license by Federal Communications Commission.
The network allows electric, gas, oil and coal producers to augment or replace current communications systems with broadband and wireless communications systems, among other technologies.
Such a network would have allowed, for example, ConEd to better ascertain the extent of electrical outages in New York City last July when the utility company had to go door-to-door to find out which homes and businesses were affected.
Had a system been in place in Queens, said Arcadian spokesman Joseph Zarb, automated meter readers would have been to communicate with a central office, detailing which locations were affected.
EVCI Career Colleges Holding Corp., an operator of career colleges including Interboro Institute, announced today that it entered into an agreement with ComVest Group Holding LLC and participating EVCI management that will provide EVCI with $10.1 million.
The pact also allows the Yonkers-based company to secure letters of credit of up to $6.7 million, EVCI said, adding that the deal is expected to close May 24.
The agreement with ComVest has Ã¢â‚¬Å“no conditions other than the wiring of funds and the issuance of the securities,Ã¢â‚¬? EVCI said. EVCI will restructure its bank debt at the same time as the financing is closed, it said.
EVCI also announced that Robert F. Kennedy Jr., son of late Sen. Robert F. Kennedy and a professor at Pace Law School, has joined the EVCI board of directors to head up a new Educational Oversight Committee.
MVC Capital Inc., a Purchase-based company that invests in small businesses, said it has made a $14 million investment in Genevac U.S. Holdings Inc. to finance the purchase of Genevac Ltd. by Riverlake Partners LLC of Portland, Ore., a private equity firm. Genevac Ltd. makes high-performance solvent evaporation systems for drug discovery, molecular biology and life science research. Riverlake will merge Genevac into SP Industries Inc., a company it owns. MVC Capital is a lender to SP Industries, a maker of laboratory equipment.
MasterCard Inc., the Purchase-based credit card giant, plans to allow the financial institutions that own shares of its Class B common stock to sell them earlier than originally planned.
About 41 percent of the companyÃ¢â‚¬â„¢s outstanding common stock is Class B. The companyÃ¢â‚¬â„¢s current certificate of incorporation allows Class B shareholders to convert their shares into Class A shares after May 31, 2010, the fourth anniversary of MasterCardÃ¢â‚¬â„¢s initial public offering. Holders of the Class A shares can then sell them anytime. The current rules also give MasterCard first right of refusal on the shares.
MasterCard proposed to its board of directors an amendment that removes its right of first refusal and allows Class B stock to convert to Class A before the 2010 date. The directors OKÃ¢â‚¬â„¢d the amendment today and approved the conversion of up to 13.4 million shares of Class B stock into Class A stock.
In addition, the board said it would repurchase up to $500 million Class A shares.
EpiCept Corp. of Tarrytown, which is developing drugs to treat pain and cancer, said today that its shareholders have approved a private placement of stock that netted $10 million as well as a standby equity distribution agreement that could provide up to an additional $15 million.
EpiCept, on Dec. 22, issued 6,883,565 shares of the companyÃ¢â‚¬â„¢s stock at a price of $1.46 a share, as well as warrants to purchase up to an additional 3,441,786 shares of stock at an exercise price of $1.47 a share.
In the standby equity distribution agreement, the EpiCept will from time to time issue up to 19.9 percent of its stock at a discount to the current price in an agreement with Cornell Capital Partners. As of around noon, shares were trading at $1.79 a share.