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NEWS
By Mark Hyman and Mark Hyman,Staff Writer | March 8, 1993
The long-anticipated sale of the Orioles to investors led by Cincinnati businessman William O. DeWitt Jr. has been completed and could be announced by opening day, according to a broadcast report.WBAL Radio reported today that the DeWitt group will buy the team from New York investor Eli S. Jacobs for about $135 million. The new owners have agreed to pay cash for the team and will assume deferred payments to former Oriole players no longer with the team, the station said.The sale would mark the end of months of mostly secret negotiations between Mr. Jacobs and Mr. DeWitt and, more recently, between Mr. DeWitt and creditors of Mr. Jacobs, whose financial empire is deeply troubled.
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NEWS
By Gus G. Sentementes, The Baltimore Sun | April 10, 2012
The parent companies of Bay Bank and Carrollton Bank said Monday that they planned to merge in a deal worth nearly $25 million in cash and stock. Jefferson Bancorp Inc., the Lutherville-based owner of Bay Bank, will pay $15.4 million to Carrollton Bancorp shareholders. It will also repay $9.1 million in Troubled Asset Relief Program funding to the U.S. Treasury. Jefferson Bancorp formed Bay Bank after buying the assets and liabilities of Bay National Bank, which failed two years ago and was taken over by regulators.
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BUSINESS
By Lorraine Mirabella and Lorraine Mirabella,SUN STAFF | November 10, 2000
Rite Aid Corp. will settle a series of class action lawsuits by paying shareholders $45 million in cash and $155 million in new stock, the troubled drugstore chain announced yesterday. The settlement agreement covers a series of class action lawsuits that charged former management with misreporting financial statements that artificially inflated the stock price and with accounting irregularities that resulted in restatements of earnings. The lawsuits are pending in U.S. District Court in Philadelphia and U.S. District Court in Wilmington, Del., which must approve the settlement before it can take effect.
NEWS
By Justin Fenton, The Baltimore Sun | August 30, 2011
A Baltimore criminal defense attorney has been charged in U.S. District Court with tax evasion and other financial crimes, according to records unsealed Tuesday, more than four months after his home and office were raided. Stanley Needleman, 69, is accused of “hoarding” $1.3 million in cash payments from criminal defense clients over a six-year period in order to conceal his income from the IRS. Needleman was charged by criminal information on Aug. 16. It is common for prosecutors to charge a person by criminal information if they expect the defendant to plead guilty.
BUSINESS
December 12, 2007
Smith Micro Software Inc. Shares rose 96 cents to $8.67. The wireless communications software maker will buy PCTEL Inc.'s cell phone and wireless Internet software unit for $59.7 million in cash.
BUSINESS
By New York Times News Service | December 14, 1993
V. F. Corp., the Wyomissing, Pa.-based leader of the domestic blue jeans market, made another push yesterday into the fast-growing licensed sports apparel business by agreeing to buy Nutmeg Industries for $325.5 million in cash.The acquisition of Tampa Bay, Fla.-based Nutmeg, which makes and sells adult-sized T-shirts and sweat shirts with sports team logos, follows V. F.'s recent agreement to acquire H. H. Cutler, a licensed maker of sports apparel for youth.That deal, for $160 million in cash, is expected to close Jan. 3. V. F.'s tender offer for Nutmeg's 18.6 million shares for $17.50 each is expected to close in mid-January.
SPORTS
By Jeff Zrebiec and Jeff Zrebiec,Sun reporter | November 12, 2006
The Orioles have agreed to trade reliever Chris Britton to the New York Yankees for starting pitcher Jaret Wright and cash, according to two team sources. While the specifics of the deal have been worked out, the trade won't be official until it gets the commissioner's approval, which is necessary when more than $1 million in cash exchanges hands in a deal. That could happen as early as today. Nationals Acta expected to be named manager, report says. Pg 4d
BUSINESS
By M. William Salganik and M. William Salganik,SUN STAFF | March 18, 2003
Antex Biologics Inc., a Gaithersburg biopharmaceutical company that is running out of money, announced yesterday an agreement to sell its assets to BioPort Corp., a Michigan maker of anthrax vaccine. Kimberly Brennen Root, BioPort's director of communications, said that while plans are not complete, the acquiring company expects to continue operating Antex's Maryland facility and to offer jobs to its 38 employees. BioPort would pay $3 million in cash or $3.6 million in cash and notes, roughly equal to Antex's recent market capitalization.
NEWS
By Liz Atwood and Liz Atwood,SUN STAFF | February 8, 1996
Offering a preview of 1996-1997 spending plans, Baltimore County Executive C. A. Dutch Ruppersberger IIIhas repeated his pledge not to raise taxes, despite income tax receipts that his budget chief calls "abysmal."And what money there is in the capital budget will be directed toward schools, public safety, economic development and revitalizing older neighborhoods, Mr. Ruppersberger said.The executive should get no argument from the County Council."I think the council shares the executive's priorities in these areas and I think there is no sentiment to raise taxes," council Chairman Kevin Kamenetz said yesterday.
BUSINESS
By Julie Bell and Julie Bell,SUN STAFF | February 26, 2003
Gene Logic Inc., a marketer of genetic information used by drug researchers, said yesterday that it has agreed to acquire TherImmune Research Corp. for $52 million in cash and stock. The Gaithersburg-based company said the acquisition will broaden its customer base that now consists primarily of large pharmaceutical companies. Privately held TherImmune, also of Gaithersburg, handles drug discovery experiments, animal studies and early-stage clinical trials under contracts with small and medium-size biotechnology companies.
BUSINESS
By Lorraine Mirabella and Lorraine Mirabella,lorraine.mirabella@baltsun.com | April 8, 2009
The head of a financing company planning to acquire Towson-based AmericasBank Corp. and inject the bank with more than $35 million in cash and assets said Tuesday that he sees a growing need for community banks in Maryland. Jack Dwyer, owner of Baltimore-based Capital Funding Group, said the next step for his company is to become a bank. Dwyer formed Capital Funding Bancorp Inc. this year and he announced Tuesday the acquisition of AmericasBank, a small Maryland bank hit hard by mortgage-lending losses last year.
BUSINESS
December 12, 2007
Smith Micro Software Inc. Shares rose 96 cents to $8.67. The wireless communications software maker will buy PCTEL Inc.'s cell phone and wireless Internet software unit for $59.7 million in cash.
SPORTS
By Jeff Zrebiec and Jeff Zrebiec,Sun reporter | November 12, 2006
The Orioles have agreed to trade reliever Chris Britton to the New York Yankees for starting pitcher Jaret Wright and cash, according to two team sources. While the specifics of the deal have been worked out, the trade won't be official until it gets the commissioner's approval, which is necessary when more than $1 million in cash exchanges hands in a deal. That could happen as early as today. Nationals Acta expected to be named manager, report says. Pg 4d
BUSINESS
By Stacey Hirsh and Stacey Hirsh,Sun reporter | October 11, 2006
SafeNet Inc., the Harford County technology company whose stock option grants are under federal investigation, said yesterday that it may have to accelerate payment of a $250 million loan because of a further delay in releasing its second-quarter results. The company said the financial statement likely won't be released until later in the fourth quarter, which ends Dec. 31. The company previously had said it expected to file results for the second quarter by early this month. SafeNet said in a news release that it expected Citibank to demand repayment of subordinated convertible notes due in 2010, because the company had failed to meet a 60-day deadline for filing the report after the initial delay.
BUSINESS
By BLOOMBERG NEWS | August 17, 2005
JPMorgan Chase & Co. and Toronto-Dominion Bank agreed yesterday to pay a total of $480 million in cash to settle claims that they helped Enron Corp.'s former management engage in fraud. Enron said that JPMorgan, the third-largest U.S. bank, will pay $350 million and drop claims against the company valued at $660 million. Toronto-Dominion, Canada's second-largest bank, said it will pay Enron $70 million in cash and an additional $60 million for claims against Enron the bank sold to other investors.
BUSINESS
By Jay Hancock | November 10, 2004
IN THE quarter-century since a few Conoco executives awarded themselves millions in exit prizes when DuPont took over their company, the "golden parachute" has evolved into a common and highly refined means of instant executive enrichment. But never let it be said that executive-pay technology has stalled. The $170 million-plus of "change in control" benefits triggered by Lyondell Chemical's buyout of Hunt-Valley based Millennium Chemicals display several cutting-edge ways for bosses to pull the ripcord.
BUSINESS
By Kristine Henry and Kristine Henry,SUN STAFF | July 4, 2001
Bethlehem Steel Corp. said yesterday that its banks and other lenders agreed to waive a requirement that the steelmaker maintain a certain net worth in order to be considered in compliance with its loan covenants. The waiver applies to a $320 million inventory credit agreement and three other secured-financing agreements that had similar net worth requirements. The company has not disclosed what net worth it is required to maintain. "Securing these waivers and standstill agreements is an important step," spokesman Gary Millenbruch said.
BUSINESS
By JAY HANCOCK | August 18, 2002
ONE DOESN'T often get the chance to buy a dollar bill for 43 cents, but that's basically the deal with Corvis Corp. and its amazing penny stock. Corvis, a maker of telecommunications components based in Columbia, is hoarding $580 million in cash and near-cash, enough to operate for five years, and has no debt to speak of. Yet the stock market values the company at only $250 million. Corvis stock trades at 65 cents a share, yet the company's cash is worth $1.50 a share. Value-investment opportunities rarely get more obvious or mouth-watering than this.
BUSINESS
By Bill Atkinson and Bill Atkinson,SUN STAFF | July 17, 2004
PNC Financial Services Group Inc.'s $779 million deal to buy embattled Riggs National Corp., Washington's biggest bank, could signal a major shift in the competitive landscape in the Mid-Atlantic. The deal gives the Pittsburgh banking company entree into the wealthy Washington area - including its Maryland suburbs. It also marks the second time that a regional bank has been sold after becoming mired in scandal. Riggs is under congressional investigation for allegedly failing to prevent, and in some cases aiding, a money laundering scheme involving foreign governments and diplomats.
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