In the Region Ellicott City couple bought house built...

BUSINESS DIGEST

May 05, 2001

In the Region

Ellicott City couple bought house built by lottery winners

An Ellicott City couple bought the 23-room Ellicott City mansion built by a couple who won a multimillion-dollar Powerball lottery game in 1994, according to state property and assessment records.

Howard County property records show that Thomas C. and Patricia A. Buescher bought the home, which was sold at auction last month, for $2,528,400 - several hundred thousand less than its assessed value - from the lottery winners, Alonza J. and Shirley A. Richardson. The Bueschers declined to be interviewed.

The Romanesque-style home at 11055 Gaither Farm Road, built in 1998, is in a neighborhood where homes normally sell for $500,000 to $1 million. The home was criticized for being overbuilt and overpriced.

Essex loses $948,000 vs. $9,000 last year

Essex Corp. reported yesterday that it lost $948,000, or 16 cents a share, in the first quarter as it shifted employees away from contract work and into the development of its fiber-optics devices. The company lost $9,000 during the same quarter last year, roughly breaking even for shareholders.

The Columbia company is developing products that use lasers, lenses and mirrors to increase bandwidth in fiber-optic lines, thus enhancing their use for electronic communication. It expects to begin demonstrating prototypes to customers this summer.

The company reported first-quarter revenue of $413,000, compared with $975,000 in the year-earlier quarter. Research and development expenses were $582,000 for the quarter, compared with $117,000 last year.

Annapolis National profit rises 7% to 7 cents a share

Annapolis National Bancorp said yesterday that its profit rose 7 percent to $152,000, or 7 cents per diluted share, in the first quarter that ended March 31, compared with a profit of $142,000, or 6 cents per diluted share, in the first quarter a year earlier.

The parent of BankAnnapolis also said it will double its quarterly dividend per share from a penny to 2 cents for shareholders of record April 30.

As of March 31, Annapolis National's assets had increased 8.6 percent to $148.8 million.

Elsewhere

GM moves to block resale of coupons for discounts on cars

General Motors Corp. asked the Louisiana First Circuit Court of Appeal yesterday to immediately block a lower court's ruling last week that would allow lawyers to resell discount coupons on the purchase of a new vehicle that were issued to settle a massive class-action lawsuit.

GM is giving 5.8 million owners of 1973-1991 GM full-size pickup trucks - fitted with side-mounted gasoline tanks allegedly prone to explode in collisions - a certificate good for up to $1,000 off the price of many new GM vehicles.

But if resold, the certificates are good for $500 off the price of a new GM car or truck.

Comair accepts proposed contract; pilots to vote

Comair said yesterday that it will accept a settlement offer recommended by federal mediators in its labor negotiations with pilots, moving to end a lengthy strike.

Comair said the Air Line Pilots Association will submit the settlement offer recommended by the National Mediation Board to members for ratification.

Pilots' voting should take about a week, Comair said.

Spartan Textile closes, putting 1,200 out of work

Spartan International, a textile company that has operated in Spartanburg, S.C., for more than a century, closed suddenly yesterday, putting 1,200 workers in the Carolinas and Georgia out of work.

General Electric Capital Corp. seized the assets of the former Spartan Mills after defaults on financial agreements, a GE spokesman said.

This column was compiled from reports by Sun staff writers, the Associated Press, Bloomberg News and Reuters.

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