Thursday, July 2, 2015

Archive: September, 2008

POSTED: Thursday, September 25, 2008, 2:25 AM

As the debate goes on over whether Congress should approve a $700 billion bailout for the financial industry, I think we need to be clear on one thing:

This is not a plan to fix the U.S. economy. This is a plan that’s intended to stem the credit crisis.

The credit markets are certainly an important subset of the $14 trillion U.S. economy. But even if Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke convince Congress to OK some sort of bailout, the U.S. economy will remain weak.

Mike Armstrong @ 2:25 AM  Permalink | 0 comments
POSTED: Wednesday, September 24, 2008, 1:05 PM

As the debate goes on over whether Congress should approve a $700 billion bailout for the financial industry, I think we need to be clear on one thing:

This is not a plan to fix the U.S. economy. This is a plan that's intended to stem the credit crisis.

The credit markets are certainly an important subset of the $14 trillion U.S. economy. But even if Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke convince Congress to OK some sort of bailout, the U.S. economy is still weak.

Mike Armstrong @ 1:05 PM  Permalink | 0 comments
POSTED: Wednesday, September 24, 2008, 2:30 AM
Filed Under: Executive Pay | Technology

A Cherry Hill maker of testing equipment used by the semiconductor industry is cutting costs and closing two European operations.

Among the actions inTest Corp. said it is taking: closing its manufacturing site in Amerang, Germany, and its engineering and sales office in the United Kingdom.

It will also enact “temporary salary reductions” for certain workers in two of its three business units, according to a filing with the Securities and Exchange Commission. Seven workers will lose their jobs, employee benefits plans will be altered starting Jan. 1, and even board members will see their fees cut.

Mike Armstrong @ 2:30 AM  Permalink | 0 comments
POSTED: Tuesday, September 23, 2008, 4:49 PM
Filed Under: Management, workplace

In July, Dorrit J. Bern was ousted as CEO of Charming Shoppes Inc. and it was hard for some to not to see the coup as a step backward for female executives in the region.

She'd been at the helm of the Bensalem retailer for 13 years and had overseen its rescue and later expansion. And Philadelphia has only a handful of women as CEOs of the area's public companies.

Today, the region is looking practically progressive. A week after Bern was out, Sunoco Inc. named Lynn Laverty Elsenhans as its CEO, succeeding John G. Drosdick. She assumed the CEO title for the oil refiner and marketer as of Aug. 8.

Mike Armstrong @ 4:49 PM  Permalink | 0 comments
POSTED: Tuesday, September 23, 2008, 2:30 AM

Board members come and go at companies. Most often when they leave, they blame the demands on their time.

Earlier this month, a departing director at Encorium Group Inc. offered a rare glimpse inside the boardroom when directors and the CEO don’t see eye to eye.

Christopher F. Meshginpoosh resigned from the board of the publicly traded clinical research organization as of Sept. 5. He did so in a letter to then-CEO Kai Lindevall.

Mike Armstrong @ 2:30 AM  Permalink | 0 comments
POSTED: Monday, September 22, 2008, 12:54 PM
Filed Under: Pharma, Biotech

It's all about credit, lately.

And one of the big credit rating agencies views the outlook of the pharmaceutical sector as negative for the next 12 to 18 months.

Moody's Investors Service cites, what else, those long-time-in-coming expirations of the patents of some of the industry's biggest-selling drugs from 2010 through 2013.

Mike Armstrong @ 12:54 PM  Permalink | 0 comments
POSTED: Monday, September 22, 2008, 2:30 AM

The daily alarm bells set off by the global credit crisis last week drowned out any announcement made by a company that didn’t involve imminent collapse.

For example, Hemispherx Biopharma Inc. was scheduled to hold its annual shareholders meeting on Sept. 17. But in a rare move, the Philadelphia drug company had to adjourn the meeting because a quorum of shares was not present.

Dianne Will, an outside consultant who handles investor relations for Hemispherx, said they needed to have 50 percent of the outstanding shares, plus one, in order to have a quorum. As of the July 21 record date, there were more than 74.8 million shares entitled to vote.

Mike Armstrong @ 2:30 AM  Permalink | 0 comments
POSTED: Saturday, September 20, 2008, 2:30 AM
Filed Under: Technology

One local company that the SEC found was a victim of stock manipulation several years ago, including by investors involved in “naked” short-selling of its stock, is Sedona Corp., of King of Prussia.

Short-selling occurs when an investor, thinking a stock price will fall, borrows shares from a brokerage, for example, and sells them. Then he buys shares when the price has fallen, returning the shares to the brokerage and pocketing the profit.
In naked short-selling, the investor doesn’t actually borrow the shares. It’s considered an abusive practice because it’s possible that more shares can be sold into the market than actually exist.

The Inquirer examined the software company’s case in a story in April 2006 as its CEO, Marco A. Emrich, detailed how its financial backers were apparently profiting from its demise rather than its growth.

Mike Armstrong @ 2:30 AM  Permalink | 0 comments
About this blog
Mike Armstrong blogs about Philadelphia corporations and business-related topics. Contact him at 215-854-2980. Reach Mike at marmstrong@phillynews.com.

Mike Armstrong Inquirer Columnist
Also on Philly.com:
letter icon Newsletter