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Aerosonic buys back $2.5-million in shares

Wine labels have

By Times Staff
Published March 21, 2006

Aerosonic Corp. on Monday said it has repurchased 365,524 shares of its common stock from First Commercial Bank for $2.5-million in cash. The repurchased shares, which represent 9.31 percent of the Clearwater company's outstanding shares, were bought for $6.75 a share. First Commercial, which had been Aerosonic's largest shareholder, also sold its remaining 731,048 shares in the company to unaffiliated investors. David Baldini, Aerosonic's president and chief executive, said the company did not take on more debt to make the stock repurchase. Aerosonic makes precision flight instruments for commercial, business and military aircraft.

BVT, the German investment fund that took over the struggling Centro Ybor complex after its development partners pulled out in January, has hired Cushman & Wakefield to market the historic Tampa entertainment complex for sale. The investment partners were unable to generate a profit from the Ybor City complex through its first five years and have been in default since 2004 on a loan guarantee put up by the city of Tampa.

Florida businesses, nonprofit organizations and government entities that bought insurance from Zurich American Insurance Co. could receive refunds following the settlement of a class-action lawsuit. Florida and eight other states allege that New York-based Zurich conspired with insurance brokers in a pay-to-play scheme that overcharged customers for commercial insurance policies. The settlement, which is subject to court approval, provides $171.7-million in restitution to policyholders in the nine states. Florida's share is about $8-million. The states allege the scheme was devised by New York broker Marsh & McLennan, which agreed last year to pay $850-million in restitution to policyholders nationwide.

Britain's minimum wage for workers 22 and older will increase by 30 pence, or nearly 6 percent, to 5.35 pounds ($9.40) per hour in October, the government announced Monday. The minimum for workers younger than 22 also was raised. The increases are in line with recommendations of the Low Pay Commission.

Interest rates on short-term Treasury bills were mixed in Monday's auction, with the rate on three-month bills rising and the rate on six-month bills edging down. The Treasury auctioned $20-billion in three-month bills at a discount rate of 4.545 percent, up from 4.510 percent last week. An additional $17-billion in six-month bills was auctioned at a discount rate of 4.610 percent, down from 4.645 percent.

[Last modified March 21, 2006, 02:30:40]