Home builder goes commercial in Long Grove
David Roeder: What's an idled home builder to do while the housing market nurses its hangover? Some are battling off creditors, others are lying low. But Buz Hoffman, president of Lakewood Homes, is selling his knowledge as a developer. A home builder has skills that translate to commercial projects. The home builder knows about land planning, entitlements, construction management and much more. So Hoffman has signed on as the hired developer for a shopping center under way in the picturesque village of Long Grove.
David Roeder: What's an idled home builder to do while the housing market nurses its hangover? Some are battling off creditors, others are lying low. But Buz Hoffman, president of Lakewood Homes, is selling his knowledge as a developer. A home builder has skills that translate to commercial projects. The home builder knows about land planning, entitlements, construction management and much more. So Hoffman has signed on as the hired developer for a shopping center under way in the picturesque village of Long Grove.
Hyatt Hotel's brand name boosts IPO
David Roeder: So far, so good for the Pritzker family's $950 million cash extraction from Hyatt Hotels (H). The Chicago-based company completed its initial public offering Thursday with a 38 million-share sale that opened at $25 each. By the end of the first day, the shares were at $28 and the underwriters bought an additional 5.7 million shares. Friday, they closed again at $28.
David Roeder: So far, so good for the Pritzker family's $950 million cash extraction from Hyatt Hotels (H). The Chicago-based company completed its initial public offering Thursday with a 38 million-share sale that opened at $25 each. By the end of the first day, the shares were at $28 and the underwriters bought an additional 5.7 million shares. Friday, they closed again at $28.
New Regal sale in trouble
David Roeder: Plans to redevelop the landmark New Regal Theater on the South Side -- announced a couple of years ago amid high hopes and promise -- have become bogged down in debt and a lack of business.
David Roeder: Plans to redevelop the landmark New Regal Theater on the South Side -- announced a couple of years ago amid high hopes and promise -- have become bogged down in debt and a lack of business.
SK Hand Tool workers end strike, get health insurance
Union workers at SK Hand Tool Corp. who went on strike over its withdrawal of health insurance said Wednesday they've accepted a company proposal to restore the coverage.
Judge tells BofA, Block 37 developer to get pedway
A Cook Co. Circuit judge on Monday deferred until Nov. 20 a decision on appointing a receiver to run the Block 37 construction project.
CME's got a blizzard-buster
Not that I want to rush the season, but it's time to think about the financial implications of snow. A blizzard is more than an inconvenience or a day off for the kids. The piles of white stuff might as well be stacks of money made or lost for some, especially if you plow it, travel through it or make salt for it. Enter the opportunistic folks at CME Group (CME), owner of the Chicago and New York mercantile exchanges and the Chicago Board of Trade. They have come up with futures and options contracts based on predicted snowfalls.
Not that I want to rush the season, but it's time to think about the financial implications of snow. A blizzard is more than an inconvenience or a day off for the kids. The piles of white stuff might as well be stacks of money made or lost for some, especially if you plow it, travel through it or make salt for it. Enter the opportunistic folks at CME Group (CME), owner of the Chicago and New York mercantile exchanges and the Chicago Board of Trade. They have come up with futures and options contracts based on predicted snowfalls.
Money ball: How the deal was made
Thomas Ricketts spent $845 million for, among other assets, a baseball team that in a good year will record a profit of around $30 million.
South Side projects at risk
David Roeder: A possible federal takeover of Oak Park-based FBOP Corp., a bank holding company, raises doubts about the future of two South Side development projects. FBOP, controlled by billionaire Michael Kelly, is under orders from federal regulators to raise capital to bolster the eight-bank holding company. The Wall Street Journal said that U.S. Bancorp has been examining FBOP's books for a possible sale.
David Roeder: A possible federal takeover of Oak Park-based FBOP Corp., a bank holding company, raises doubts about the future of two South Side development projects. FBOP, controlled by billionaire Michael Kelly, is under orders from federal regulators to raise capital to bolster the eight-bank holding company. The Wall Street Journal said that U.S. Bancorp has been examining FBOP's books for a possible sale.
Wall Street back to old tricks
David Roeder: While reading an article the other day about "dark pools," I saw the light: Wall Street must pay. The big banks pose a threat to our well-being that nearly makes them a national security risk. Just as the nation emerges from a recession brought about by crazed extensions of credit and mortgages, which led to bundling loans into derivatives that even the bank executives didn't understand, along they come with new financial inventions, any of which could precipitate the next crisis.
David Roeder: While reading an article the other day about "dark pools," I saw the light: Wall Street must pay. The big banks pose a threat to our well-being that nearly makes them a national security risk. Just as the nation emerges from a recession brought about by crazed extensions of credit and mortgages, which led to bundling loans into derivatives that even the bank executives didn't understand, along they come with new financial inventions, any of which could precipitate the next crisis.
