A judgment of $1.6 million was entered in favor of a bank on an alter ego and fraudulent misrepresentation lawsuit. Union Planters Bank loaned $2 million to Healthstyle Products International Inc. in 1998. To secure its obligation, the company executed a promissory note and a loan agreement.
An Everett, Wash.-based commercial and military aircraft painting company plans to move its headquarters and about 40 jobs here if the Spokane Airport Board can secure a $3.9 million loan to construct a hangar facility for the company at Spokane International Airport. An SIA staff report submitted to the Airport Board says, "It is AP's intention to relocate their corporate headquarters to Spokane and consolidate their professional positions such as graphic arts from their various operations located throughout the United States to Spokane.
WASHINGTON -- American taxpayers awoke Wednesday to learn they may end up owning one of the world's largest insurers. They might now lose some sleep wondering whether the government's $85 billion loan to American International Group Inc. was a wise investment. If the gamble succeeds, the company nurses itself back to health, unhinged financial markets calm down and taxpayers turn a profit.
Construction delays caused by court injunctions, coupled with a housing market crisis, have added about $180 million to the cost of building the Majestic Star Casino on the North Shore, a company official said Tuesday. Majestic Star officers were in New York trying to secure investors and get a $630 million loan from Credit Suisse, an international financial services company headquartered in Zurich, said Majestic Star's chief operating officer, Kirk Saylor. He hopes to finalize the loan's details within a week and a half.
Delta Inc was formed in 1998 by Thomas Dake and George Roberts. The firm was organized and located in Baltimore, MD. It provided brokerage services for a wide range of financial transactions for businesses in the state of Maryland. Pink Tree Finance, a public company listed on the New York Stock Exchange, was Delta's major business partner. About 60% of Delta's receivables were due from Pink Tree. Delta planned to develop a property on West Baltimore Street into a senior housing facility and commercial spaces. The entire project was estimated to cost $10.5 million. In October 2001, Delta applied to a bank in Baltimore for a commercial loan of $10.5 million to purchase and develop the property. Delta planned to use the outstanding brokerage fees to be collected from Pink Tree to close it...
WASHINGTON - American taxpayers awoke Wednesday to learn they may end up owning one of the world's largest insurers. They might now lose some sleep wondering whether the government's $85 billion loan to American International Group was a wise investment. If the gamble succeeds, the company nurses itself back to health, unhinged financial markets calm down and taxpayers turn a profit.
The government nationalized one of the world's largest insurers Tuesday night. Government officials won't describe it that way, of course, but that's what it amounted to. The Federal Reserve gave American International Group an $85 billion bridge loan so that the company can sell off parts of itself in an orderly fashion. The government threw out management -- a good thing -- and gained rights to 79.9% of AIG stock. The terms of the loan are rigorous, with the government demanding credit-card-like rates. The Fed claims "the interests of taxpayers are protected" because this monster loan is backed by AIG collateral.
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