Bank ruling frees Bennett funds as secured status questioned
Judge Derling ruled Marine Midland lacks a secured interest in Bennett Funding Group leases due to misnaming in financing statements, jeopardizing claims by 48 banks seeking 67.2 million. The decision could shift about 55 million to unsecured creditors and boost investor payouts from 20 to about 27 or 28 cents on the dollar, affecting 12,000 investors and other banks in the Chapter 11 case.
MENTIONED IN THIS ARTICLE
Bennett Funding Group
Stephen D. Derling
Marine Midland Bank
Bennett Funding Group Inc
Mine Bennett
U.S. Securities and Exchange Commission
Gerling
Marine
Bennett
Richard C. Breeden
Breeden
Ucci’s
United Northern Federal Savings Bank
Watertown
Bennett Funding
Onondaga County
Alpha Leasing
Marine Midland
Michael Balanoff
Aldi grocery store opens in Mattydale amid no frills pricing
Aldi's plans a 15000 square foot Mattydale store at Route 11 and South Bay Road in Central New York. It will offer Aldi brand products or national brands, cash and food stamps only, bag-your-own groceries, and limited services. The new location follows Cortland and targets Syracuse-area shoppers seeking 40 to 60 percent savings.
MENTIONED IN THIS ARTICLE
Aldi’s
Route 11
South Bay Road
Mattydale
Germany
Gentral
Center Valley
Aldi
Waal
Eisenhut
Aldi's
Cortland
Syracuse
Penn Traffic eyes slow turnaround under new culture push
Penn Traffic executives outlined a gradual turnaround at the Syracuse meeting as Phillip Hawkins, the new CEO from The Vons Cos, pushes a culture based on employee pride to lift sales. The chain, with 265 stores across four states, has posted multi-million losses and cut about 325 jobs to streamline operations, forecasting improvement will take time.
MENTIONED IN THIS ARTICLE
Penn Traffic Co
Syracuse
America
Gary D. Hirsch
Penn Traffic
Hirsch
P&c Foods
Chiashis
Phillip E. Hawkins
Hawkins
Vons Cos. Inc
New York
Pennsylvania
Ohio
West Virginia
Northeast
Onondaga County
Wall Street
Vons Cos
Roy M. Flood
Key indicator's April drop marks first in 15 months
The Conference Board said the Leading Economic Indicators declined 0.6 percent in April to 103.5, easing past forecasts for a small gain. After March's revised 0.3 percent rise, April's decline fuels debate over whether the economy is cooling. Analysts cite special factors like Midwest floods and labor unrest, while workers and consumer confidence show resilience.
MENTIONED IN THIS ARTICLE
New York
Conference Board
Federal Reserve
Fed
Treasury
Anthony Chan
Banc One Investment Advisors
Columbus
Oho
Midwest
Chan
Bank executives reshuffle across Syracuse area offices
Rais Onbank & Trust Co. announces several promotions and hires. Kristen P. Rickert, of Cicaro, named assistant vice president and branch manager at the University Hill office. Stephen A. Sharkey, of Liverpool, promoted to assistant vice president and branch manager at North Syracuse South Main. Jehanpll A. DiGuamagel, a GMC sales rep at Burdick Pontiac GMC Suzuki, earns the GMC 5 Star Award for the 12th time. Debra Patrick of Liverpool named western regional sales manager at MAL Trucking Service. WEMI Guiles of Syracuse joins Northeast Distributors as commercial sales manager overseeing Syracuse, Rochester, Buffalo, Utica, and more trade territory. Néill A. Goldberg of Supersion & to Serve serves a one-year term as president of The institute in Chicago.
MENTIONED IN THIS ARTICLE
Onbank & Trust Co
Kristen P. Rickert
Cicaro
Rickert
University Hill
Stephan A. Sharkey
Liverpool
Sharkey
Bank
North Syracuse South
Debra Patrick
MAL Trucking Service
Patrick
Central Transport International
Syracuse
Wemi Guiles
Northeast Distributors
Elis
Rochester
Buffalo
Utica
Binghamton
Watertown
Néill A. Goldberg
Supersion
Marquardt Switches plans large Nelson plant expansion
Madison County firm Marquardt Switches Inc plans a 2.5 million, 40,000 square foot addition to its Route 20 factory in Nelson to add 40 full time jobs over two years. The expansion, driven by growth in Europe and the Far East, will lift total investment to 6.5 million, with construction by June and a tax incentive package approved by the Madison County Industrial Development Agency.
MENTIONED IN THIS ARTICLE
Madison County
Europe
Far East
Marquardt Switches Inc
Route 20
Nelson
Cazenovia
Michael S. Beckett
Marquardt
Black & Decker
de- Walt
Milwaukee Electric
Jerry Groff
Madison County Industrial Development Agency
Syracuse office leases seal deals for local firms
Langley Jones Associates reports Blue Cross and Blue Shield of Central New York signed for 7,300 square feet in Marine Midland Tower on Warren Street. Nana's Day Care Center leased 7,200 square feet at 518 James Street. Upstate Administrative Services took 15,300 square feet at 600 Erie Place, formerly 723 James Street. Image Express leased 12,600 square feet at Hiawatha Center, 900 B Hiawatha Boulevard.
MENTIONED IN THIS ARTICLE
Syracuse
Langley Jones Associates
Marine Midland
Warren St
Blue Cross
Blue Shield
Central New York
James St
Erie Place
Upstate Administrative Services
Hiawatha Center
B. Hiawatha Boulevard
Image Express
Also Mentioned on This Page
Unarle
Llannagan
Esile
USA
KRAM
Volves
Chuck Purdy
Sutor Acoustical
New
Penn
John Berry
Martin Fox
Rais
Jehanpll
Zuki
Sere
the Defense Research Institute
the Institute
Chicago
Civil Defense
United States
Company
Susan Royal
c/o
Herald- Journal Business Desk
N.Y
Company Matters
WA Spu Vick Oythuet
The
Metropolitan Development Association
Empire State Development Corp
Central New York Regional Planning and Development Board
Niagara Mohawk Power Corp
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