Daily Briefing


November 04, 2008

PSC to set review of Constellation sale

The Maryland Public Service Commission said yesterday it will issue an order shortly that will outline a schedule for the review of the $4.7 million sale of Constellation Energy Group to Warren Buffett's MidAmerican Energy Holdings Co. A proposed schedule submitted by the agency's staff calls for testimony to be filed by early January and the decision to be made by April 15. The PSC also approved yesterday petitions to intervene in the case by numerous parties, such as Constellation's largest shareholder, Electricite de France; the International Brotherhood of Electrical Workers; and Severstal Sparrows Point. The state regulatory agency is also expected to schedule public hearings on the deal. Separately, Constellation said yesterday that the waiting period required under the federal antitrust law was terminated, which means the buyout has cleared one regulatory hurdle. The transaction also requires shareholder approval.

Hanah Cho

Long & Foster names new CEO

Long & Foster Cos. said it has appointed David H. Stevens, 51, as the company's president and chief operating officer, replacing Brenda Shipplett, who has served as president since 2004. Stevens had been president of Long & Foster's affiliated businesses, mortgage, title and insurance. P. Wesley Foster Jr., Long & Foster's founder, chairman and chief executive, said Stevens was tapped for his financial background "to lead Long & Foster forward into the new reality imposed upon our industry by the nationwide liquidity and credit crisis."

FOR THE RECORD - A brief article on yesterday's business page about Constellation Energy Group incorrectly stated the purchase price of the Baltimore company's proposed sale to Warren Buffett's MidAmerican Energy Holdings Co. The transaction price is $4.7 billion.
The Baltimore Sun regrets the error.

Lorraine Mirabella

Carrollton bank eyes 'additional capital'

Carrollton Bancorp of Baltimore said it is considering what it called "an opportunity ... to obtain additional capital to solidify our capital structure." It did not elaborate. The bank also said it plans to move its headquarters and operating center to Columbia in the first quarter of 2009 to cut costs. Carrrollton's third-quarter profit fell to $51,000, or 2 cents a share, from $813,000, or 29 cents a share, as it recorded a $799,000 provision for loan losses.

Business park planned for Linthicum

St. John Properties Inc. plans to start work on a business park in Linthicum that will contain more than 260,000 square feet of space for research and development, offices and shops, the company said yesterday. The BWI Technology Park II will be St. John's second project at the Route 295 and Nursery Road interchange site in Anne Arundel County, and it will complement an existing 600,000-square-foot office project, according to the company.

Lorraine Mirabella

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