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Odyssey captain released from Spanish prison

By Times Wires
Published October 18, 2007

MADRID

Sterling Vorus, the captain of the treasure-hunting ship Odyssey Explorer, which was intercepted in a dispute over a $500-million undersea find, was released Wednesday after being held overnight for questioning in the southern Spanish port city of Algeciras. The ship, owned by Odyssey Marine Exploration of Tampa, was seized Tuesday as it sailed into Spanish waters from the British colony of Gibraltar off Spain's southern tip, police said. Vorus refused to let officers board his ship, Odyssey co-chairman Greg Stemm said.

WASHINGTON

Home construction lowest in 14 years

Construction of new homes plunged to the lowest level in 14 years in September as turmoil in credit markets intensified the problems in the housing industry. Consumer prices, meanwhile, rose at the fastest pace in four months, reflecting higher energy and food costs. The Commerce Department reported Wednesday that construction of new homes fell 10.2 percent in September to a seasonally adjusted annual rate of 1.191-million units. The decline pushed activity down to the lowest level since March 1993. Meanwhile, the Labor Department reported that consumer prices rose by 0.3 percent in September.

NEW YORK

S&P downgrades $23B in securities

Standard & Poor's cut the ratings on 1,713 classes of securities, worth some $23.35-billion, backed by mortgages issued in the first six months of this year. The securities downgraded by S&P are backed by subprime, alt-A and home-equity loans, which have gone delinquent and into default at soaring rates in recent months. Subprime loans are for people with bad credit, while alt-A loans are for people who lack the full documentation that traditional borrowers have.

ST. PETE BEACH

Developers sued for loan default

A Philadelphia company that loaned $36.3-million to the developers of a hotel/condo/retail project in St. Pete Beach has sued to foreclose. Rait Partnership LP says that Corey Landings Development LLC failed to repay the principal and accrued interest when the loan matured Aug. 2. The project's partners were already in disarray; earlier this year, Seminole developer William Karns sued a partner over a debt, the property's prior owner sued Karns and others over a $500,000 escrow account, and partner JW Corey Enterprises accused Karns of absconding with its $5.4-million investment.

TAMPA

Company, worker get Goodwill kudos

Today, Goodwill Industries-Suncoast will honor a bay area employer and worker at a luncheon in Tampa. The agency, which is based in St. Petersburg, will honor Viking Cases, a St. Petersburg company that manufactures custom shipping and carrying cases. In the past three years, Viking has hired 36 graduates of Goodwill's substance-abuse and work-release programs. Goodwill will also honor Christa Moreland, a single mom from St. Petersburg, who became a surgical technician and licensed practical nurse after getting help through from Goodwill staff at WorkNet Pinellas.

[Last modified October 18, 2007, 00:32:20]