Daily Briefing


April 14, 2009

Bond Transfer files for bankruptcy

Bond Transfer Co. Inc., a 61-year-old, family-owned trucking business in Baltimore, has filed for Chapter 7 bankruptcy protection, listing $3.3 million in debts and $220,000 in assets. Company officials could not be reached Monday. Under Chapter 7, businesses typically shut down and liquidate assets. The company's Web site says it employs about 100 drivers who operate about 90 tractors and 275 trailers. The business specialized in next-day deliveries to metro areas including New York and Philadelphia. The April 10 filing in U.S. Bankruptcy Court shows the company owes about $188,000 in wages to 76 employees as well as unemployment, withholding and payroll taxes. The company has been owned by the Constantine family since 1948, when William Constantine Jr., one of the owners of the now-defunct Liberty Transfer Co., purchased Bond Transfer, according to the company's Web site.

Lorraine Mirabella

3 neighborhoods due rehab grants

Three central Baltimore neighborhoods that have struggled with disinvestment and vacancies will receive grants totaling $410,000 to go toward rehabilitation and work force development projects, the Central Baltimore Partnership is set to announce Tuesday. The partnership of community groups, local government and colleges is receiving grants through the Maryland Community Legacy program and the Annie E. Casey Foundation. Community Legacy grants totaling $235,000 will help with renovation of the historic North Avenue Market and facade restoration of artist studio Load of Fun, both in Charles North; upgrades to Baltimore Montessori Public Charter School in Greenmount West; and a revolving loan fund for the nonprofit People's Homesteading Group to rehabilitate six vacant houses in Barclay. Jubilee Baltimore said it will use an additional $125,000 in community legacy grants to redevelop the Greenmount West Community Center. A $50,000 Casey Foundation grant will be used for a pilot program to involve faculty and students from Goucher College, the Johns Hopkins University, Maryland Institute College of Art and the University of Baltimore in work force and business development efforts in the neighborhoods.

Lorraine Mirabella

Goldman far exceeds expectations

NEW YORK: Goldman Sachs announced first-quarter earnings Monday that were far better than analysts expected and said it would raise $5 billion through a stock offering in order to repay taxpayer funds. Goldman, which received $10 billion in federal rescue funds, said it would use the money from the stock sale "plus additional resources" to return the full amount of the government investment "after the completion of the stress assessment, if permitted by our supervisors and if supported by the results of the stress assessment." The stress testing of 19 large banks by the government is to be completed later this month. Goldman is widely expected to pass. While six smaller banks have returned federal funds, analysts say Goldman's move to exit from the Troubled Assets Relief Program will put pressure on other large banks to follow suit. Separately, Goldman said its profits were $1.8 billion, or $3.39 a share, compared with $1.5 billion, or $3.23 a share in the same period a year earlier. That was more than double the $1.60 a share analysts had been expecting on average.

Washington Post

Pepsi is suing Coca-Cola over ads

NEW YORK: PepsiCo is suing Coca-Cola over ads for a new version of Coca-Cola's sports drink Powerade, saying the campaign makes false claims that could hurt its Gatorade brand. The Purchase, N.Y.-based company filed the lawsuit Monday in U.S. District Court in the Southern District of New York. PepsiCo says that Coca-Cola's new advertising campaign for Powerade ion4 is false in saying that it is the "complete" sports drink, better than Gatorade because that drink is missing two electrolytes - magnesium and calcium. PepsiCo says there is no evidence that the new Powerade is better than Gatorade. The company says Powerade has the extra electrolytes only in trace amounts. Coca-Cola spokesman Scott Williamson says the company has to review the case before it can comment.

Associated Press

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