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Porter Bancorp votes to issue more stock
by Kevin Eigelbach
18 May 2012 at 12:47pm
At its annual meeting of stockholders this week, shareholders of Porter Bancorp Inc., the holding company for PBI Bank, voted to increase the company's authorized shares of voting common stock from 19 million to 86 million and non-voting common stock from 1.3 million to 34 million. The stockholders also defeated a motion from Denver, Colo.-based shareholder activist Gerald Armstrong to adopt a policy that the company's chairman of the board not be an employee or former employee of the company, with...
Golden Sands Canyon Ranch project faces foreclosure
by Brian Bandell
18 May 2012 at 12:40pm
Foreclosure Roundup is hitting the beach this week, first with two hotels and a stalled condo project in Miami Beach, and then to a retail strip in coastal Pompano Beach. An affiliate of Lehman Brothers wants to seize the site where WSG Development Co. hoped to build the Golden Sands Canyon Ranch hotel in Miami Beach. Miami Beach-based WSG, led by Eric Sheppard, lost the main Canyon Ranch Hotel & Spa to Lehman Brothers in 2009 in a deed in lieu of foreclosure. The 0.92-acre site at 6901 Collins...
Psoria-Shield offering oversubscribed
by Margie Manning
18 May 2012 at 12:35pm
Psoria-Shield Inc. raised $1.76 million in a private offering that drew strong investor interest. The medical device company originally planned to raise $750,000 when it launched its offering in January 2011, but later increased the offering size to $1.5 million, according to filings with the U.S. Securities and Exchange Commission. As of May 1, Psoria-Shield had exceeded that by more than $250,000. Twenty-three investors took part in the offering, getting equity, options or warrants, a May 18...
Preparation makes corporate tax audits go more smoothly
by Terri Oen and Mike Dolan
18 May 2012 at 12:13pm
As executives at some Oregon companies may have witnessed first hand, the federal government and state governments have ramped up corporate tax audit activities in their ongoing initiatives to collect more tax revenue to fill budget gaps. To this point, about two-thirds of corporate tax executives say federal tax dispute activity increased in the past year, according to a recent KPMG survey of 890 corporate tax executives. More than one-third say the total number of state tax audits in jurisdictions...
Platt Electric acquired by Rexel for $$382M
by Suzanne Stevens
18 May 2012 at 11:59am
Platt Electric Supply of Beaverton is being acquired by Rexel for $382 million. France-based Rexel is one the U.S.' largest electrical distributors through its subsidiaries Rexel Inc. and Gexpro. It operates close to 300 branches nationwide and provides services to the commercial, industrial and residential construction markets. Platt President Jeff Baker, will add CEO of Platt Electric Supply to his title post-acquistion and will become a vice president of Rexel Inc. The companies hope to close...
As others settle, PNC denying wrongdoing in overdraft fees case
by Jeff Blumenthal
18 May 2012 at 11:53am
PNC Bank customers won court permission to proceed as a class in a lawsuit over what they say are excessive checking account overdraft fees. The lawsuit, part of a multidistrict litigation involving more than 30 different banks, is pending before U.S. District Judge James Lawrence King in Miami. PNC and the other banks are accused of using software to re-sequence customer transactions from chronological order to highest dollar volume to lowest, causing accounts to be depleted faster and triggering...
Lazard hires Houston managing director
by Deon Daugherty
18 May 2012 at 11:30am
Lazard Ltd. (NYSE: LAZ) has hired David Cecil as managing director and head of North American exploration and production. Based in Houston, Cecil most recently worked as managing director and co-head of Scotia Waterous, the oil and gas arm of Scotiabank, where he co-led the U.S. energy investment banking practice. Cecil has advised oil and gas companies on mergers and acquisitions and capital markets transactions since 1998. Prior to joining Scotia Waterous in 2007, he was managing director in...
DHS contracts General Dynamics for communications support
18 May 2012 at 11:20am
General Dynamics Advanced Information Systems has won a $14 million task order for communications support with the Department of Homeland Security, UPI reports. General Dynamics will provide constant and continual watch operations for critical communications to the agency's National Coordinating Center. The Fairfax-based contractor will also provide emergency response support and liaise with communications partners to identify the possible impacts of potentially disruptive events.
CSC's new CEO to cut expenses by $1 billion in coming year
18 May 2012 at 11:20am
Mike Lawrie, CEO at Computer Sciences Corp., vows to turn around the struggling company by cutting expenses by $1 billion over the next 12 to 18 months, according to Reuters. CSC posted an annual loss of $4.2 billion and uncovered about 40 troubled contracts and is in the process of taking steps to remedy those problems. One focus area has been renegotiating a multibillion-dollar contract to implement a system for managing digital medical records for Britain's National Health Service.
Entrepreneurs hope capitalists plant seed money
by Tracey Drury
18 May 2012 at 11:15am
Ranging from university research professors hoping to provide treatments for cancer, to recent college grads hawking digital sheet music, more than 30 entrepreneurs pitched their products to potential investors during a two-day venture forum in Buffalo. The 2012 Venture Forum May 16-17 featured two full days of networking and deal-making, attracting both entrepreneurs from Upstate New York and Southern Ontario together with and venture capital professionals from throughout the state and beyond. In...
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The wonders of technology - Corning Leader

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