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Business Today

Walter shareholder's investors get shares

By wire services
Published June 25, 2005

Walter Industries' top shareholder, hedge fund Appaloosa Partners, said Friday it will distribute about two-thirds of its 15 percent stake to its investors and let them keep or sell the shares as they wish. Appaloosa said in a regulatory filing that doing so will reduce its "concentration of risk in one issuer," though the fund has no plans to sell its remaining 4.96 percent stake in the Tampa company. Separately, it was reported that Walter will assume $1.7-billion in loans to fund its purchase of hydrant-maker Mueller Water Products Inc. Walter's stock closed Friday at $43.22, down $1.90 per share, or 4 percent.

Enterprise Florida CEO steps down

Enterprise Florida president and CEO Darrell Kelley told his board Thursday he is stepping down after three year's running the state's economic development agency. Kelley, 63, said he wants to spend more time with his wife, Carole. Kelley notified Gov. Jeb Bush of his decision last month, saying he did not want to enter into negotiations to replace his contract, which expires in August.

Ernst & Young honored two Tampa Bay area entrepreneurs Thursday in its annual Florida award competition. Dr. Kiran Patel, who built managed care company WellCare in Tampa into a $1-billion business before selling it in 2002, was given the Community Giving award for his philanthropic activities. Geoffrey Dyer, chief executive of LifeStyles Family Fitness in St. Petersburg, was named winner in the retail division.

Segmentz Inc., a Tampa provider of transportation and logistics management services, named Mike Welch, president since 2004, as chief executive officer.

Grocer Winn-Dixie Stores Inc. said Friday in a regulatory filing that chief executive Peter Lynch is eligible to receive severance pay equal to twice the sum of his annual base salary, plus a target bonus, under a recently approved retention and severance program.

A judge added $130-million to the $1.45-billion verdict a jury awarded financier Ron Perelman in his fraud lawsuit against Morgan Stanley. Circuit Court Judge Elizabeth Maass took off about $84.5-million from the verdict because of related settlements Perelman had previously received. But she added more than $208-million in interest to increase the verdict by nearly 10 percent to $1.58-billion, according to a written ruling.

Business software maker Oracle Corp. on Friday tapped former Microsoft Corp. executive Gregory Maffei to be its new president and chief financial officer. Maffei, 45, joins Safra Catz and Charles Phillips in the role of president, and the company said he will be responsible for its legal department, human resources, manufacturing and distribution, and global real estate. He replaces Catz, who was filling the position on an interim basis after Harry You resigned in March.

Shareholders voted overwhelmingly Friday to approve security software maker Symantec Corp.'s acquisition of Veritas Software Corp.

[Last modified June 25, 2005, 00:34:16]