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Talk of the bay: Progress Energy shedding three divisions

By Times Staff
Published December 25, 2007

Back to the straight and narrow for energy company Progress Energy. On Christmas Eve, the North Carolina company -parent of Progress Energy Florida - said it is selling three divisions for $94-million. The sale, says CEO Bill Johnson, strengthens Progress Energy's bottom line and reduces "the overall risk profile of the company." Units to be sold are Powell Mountain Coal Co. and Dulcimer Land Co., made up of 30,000 acres and 40-million tons of coal reserves in Lee County, Va., and Harlan County, Ky. Also to be sold is Kanawha River Terminals, used for shipping and storing coal on the Ohio River. The buyer is an investor group made up of Pegasus Capital Advisors LP, Kelso & Co., Resource Capital Funds and Traxys Projects. Since buying St. Petersburg-based Florida Progress Corp. in 2001 and doubling its size, Progress Energy has sold more than $4-billion in assets, including a railway, telecommunications company and natural gas operations.

Realtors group not so rosy anymore

Often accused of being a cheerleader for its industry, the Florida Association of Realtors issued a harsh assessment of the housing market for the year about to end. Reflecting on the last housing boom, ignited partly by "real estate investors with more money than common sense," the association found scant room for optimism in 2008. Among the wild cards that could deal a blow to the market: builder bankruptcies, rising foreclosures and a condominium glut. On the plus side were upcoming bills and referenda to deal with high property taxes and homeowners insurance. "The market will turn - slowly, doggedly, yet evenly - barring any new housing-related crises," the association's report said.

Rays ownership shrinks by three

Call it the Mysteriously Shrinking Ownership Group. Three of the 23 people listed as owners of the Tampa Bay Rays in the team's 2007 media guide are no longer shareholders. Dropped from the owners' list are Ohio corporate executive Joseph Chlapaty, his colleague Frank Eck (who passed away this month at age 84) and an entity called the Van Beuren Trust. A team spokesman declined to explain the deletions.

[Last modified December 24, 2007, 18:23:42]