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Business Today

Coldwell Banker combining operations

By wire services
Published February 9, 2006

Coldwell Banker Residential Real Estate Inc. is combining its east and west Florida operations.

One of the biggest realty agencies in the state with 7,500 agents in 172 offices, Coldwell has appointed Budge Huskey to run operations from Sarasota. Coldwell has 22 Tampa Bay area offices.

Precise Technology Inc.'s injection molding plant in St. Petersburg will close by the middle of the year as part of a restructuring announced Tuesday by London-based Rexam, a beverage-can maker that acquired the company in December. The number of job cuts was not specified. Precise plants in North Versailles and State College, Pa., also are closing. The St. Petersburg plant at 2701 75th St. N, which houses 32 injection molding machines, was described by Precise's former chief executive as a "lower-used facility." Officials were unavailable for comment Wednesday.

The U.S. Small Business Administration has approved a record $4.1-billion in disaster loans to Gulf Coast residents and business owners affected by hurricanes Katrina, Rita and Wilma, the agency said Wednesday. The total includes $107-million in loans to Floridians. Louisiana had the most disaster loan approvals at $2.4-billion, followed by Mississippi ($1.4-billion), Florida, Alabama ($82-million) and Texas ($78-million). The previous record was set after the Northridge earthquake in 1994.

Shareholders of bankrupt supermarket chain Winn-Dixie Stores Inc. will likely lose most of their investment in the company after a federal bankruptcy judge denied a motion to reappoint a committee representing their interests. The reasons for the denial were unavailable because U.S. District Bankruptcy Judge Jerry Funk filed his order under seal.

Federal and state regulatory authorities are expected to announce a $1.6-billion settlement today with American International Group Inc., which has been accused of involvement in an insurance bid-rigging case and the use of deceptive accounting practices. The settlement will be split by the Securities and Exchange Commission, which will receive about $800-million to compensate injured investors, and New York regulators who brought a civil case against AIG last summer.

Interest rates on 10-year notes rose in Wednesday's auction to the highest levels since November. The Treasury Department auctioned $13-billion in 10-year notes at a yield of 4.54 percent, up from 4.49 percent at the last auction in December. It was the highest yield for 10-year notes since they brought 4.578 percent Nov. 10.

LOS ANGELES - Spanish-language broadcaster Univision Communications Inc. said Wednesday its board of directors has decided to explore a possible sale of the company.

The Los Angeles company said it had retained the UBS investment bank to advise it as it considers its options.

Analysts said likely suitors for the nation's largest Spanish language media company would include News Corp., Time Warner Inc. and CBS Corp.

Later Wednesday, News Corp. chairman and chief executive Rupert Murdoch said he would take a look at the company, but added: "We don't have any specific intentions for it at all."

Univision said it would also consider other options to raise capital, including selling more shares, selling parts of the company or even an acquisition.

NEW YORK - Vonage Holdings Corp., the country's largest Internet telephone service, on Wednesday filed for an initial public offering worth up to $250-million.

The company also appointed Mike Snyder chief executive, succeeding founder Jeffrey Citron, who will remain chairman and take the new title "chief strategist."

NEW YORK - Telecom-equipment maker Nortel Networks Corp. said Wednesday it has reached a tentative agreement to pay $2.47-billion in cash and stock to settle two shareholder class-action lawsuits over the company's accounting scandal.

Nortel, which has been working to recover from the scandal that forced it to restate previous financial results and fire several senior executives, said it wants to avoid being tied up in prolonged litigation. Shareholders filed numerous lawsuits against Nortel for allegedly violating U.S. and Canadian securities laws after it issued revised financial expectations for the 2001 fiscal year.

Under the proposed settlement, Nortel said it would pay $575-million in cash, issue 628.7-million shares, or 14.5 percent of its equity, and contribute half of any money it recovers from suits against former senior officers whom the company fired in April 2004.

NEW YORK - Morgan Stanley on Wednesday named Zoe Cruz and Robert Scully as co-presidents of the financial-services company.

Cruz has served as acting president since July 2005, while Scully most recently served as chairman of Morgan Stanley's global capital markets and vice chairman of investment banking.

WASHINGTON - Shares of shoe manufacturer Crocs Inc. leaped in their trading debut on the Nasdaq Stock Market.

Stock of the Niwot, Colo., company rose $7.55, or 36 percent, to $28.55 in Nasdaq Stock Market trading, after earlier rising as much as $11.50. Crocs lifted its expected price by 39 percent. It raised $207.9-million.

The company's IPO is the largest ever from a footwear manufacturer, according to data from Thomson Financial. It's also only the third time that a shoe maker's shares have priced above the expected range. Converse Inc. was able to do it in 1983, and K-Swiss Inc. was able to in 1990, Thomson said.

BLOCKBUSTER INC.: The nation's largest chain of video stores plans to cut 300 jobs as part of a $75-million cost-cutting campaign, the second round of layoffs in less than a year for the company. Blockbuster said Wednesday it would lay off 200 corporate employees over the next two weeks and won't fill 100 vacant jobs.

LIZ CLAIBORNE INC.: The maker of Dana Buchman and Juicy Couture clothing will cut 500 jobs and may close or rebrand about 20 stores amid a slide in sales growth. The company will also divide its more than 40 brands to five groups by customer and shopper to save as much as $65-million a year starting in 2007.

[Last modified February 9, 2006, 01:29:11]