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Talk of the bay: Walter hints at becoming homeless

By Times Staff
Published February 20, 2008

Is Walter Industries finally going to deep-six its ailing home-building unit? While issuing a glowing update on its coal-mining business Tuesday, the Tampa company said it is closing dozens of underperforming home-sales centers, laying off about 25 percent of related staff and planning to "separate" the housing and mortgage units from Walter by year-end. Would Walter consider closing, selling or spinning off housing and mortgage? "Whatever creates more shareholder value," spokesman Michael Monahan said in an interview. Walter execs have talked for years about jettisoning the low-cost housing business, which founder Jim Walter began in 1946. Apparently this time they're serious: The company said it reassigned CFO Joe Troy to work full time on housing's exit strategy.

Tampa streetcar seeks cash avenue

The endowment bankrolling losses for Tampa's streetcar could run dry in three years, leaving the city to pick up the tab. Mayor Pam Iorio is looking for "partners" to help out in that eventuality. She thinks tourists, or at least the tax they pay on hotel rooms in Hillsborough, might be a good place to start. "The streetcar is all about tourists," she said Tuesday. "On our trips to get the Super Bowl or the Women's Final Four to Tampa, the streetcar is always front and center" in their pitch. City officials found no legal reason the "bed tax" money couldn't support the streetcar that runs from the Tampa Convention Center to Ybor City. But Iorio said she hadn't discussed the idea yet with Hillsborough's Tourist Development Council or county commissioners, both of which would need to approve the expenditure.

Title company CEO slams door on deal

William Baumgart is breaking ties with the California giant that acquired his Clearwater title company two years ago. Two days after Baumgart sold TransContinental Title Co. to publicly traded First American Corp. in 2006, the Santa Ana company issued him a five-year, $31.6-million promissory note. But Baumgart recently left his job as CEO of TransContinental, and earlier this month he sued First American for allegedly defaulting on the note. Attempts to reach the Tarpon Springs resident and First American for comment Tuesday were unsuccessful.

[Last modified February 19, 2008, 22:59:31]