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BUSINESS
By Bill Atkinson and Bill Atkinson,SUN STAFF | July 1, 1998
Directors and employees of Alex. Brown Capital Advisory & Trust Co. led a buyout of the company yesterday from parent Bankers Trust New York Corp. for an undisclosed price.Michael D. Hankin, president and chief executive of Brown Capital, said nine directors and 70 employees raised the money to buy the Baltimore-based company, which manages $2.9 billion in assets for institutions and wealthy families."It is a good story," Hankin said. "It is kept local, and the employees end up owning a meaningful part" of the company.
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BUSINESS
November 24, 1994
Penril DataComm reports lossPenril DataComm Networks Inc. said yesterday that delays in shipping some of its electronic products contributed to a net loss of $974,000 on sales of $15.4 million in its fiscal first quarter, which ended Oct. 31.The performance was down significantly from last year's first quarter, in which the company earned $507,000 on sales of $18.5 million.Chairman Henry Epstein said the Gaithersburg-based company would be restructuring over the next several weeks and take a charge in the second quarter.
BUSINESS
By Bill Atkinson and Bill Atkinson,SUN STAFF | April 4, 1997
Shares of Alex. Brown Inc.'s stock jumped 7.9 percent yesterday on speculation that it is in merger talks with Bankers Trust New York Corp., the nation's seventh largest banking company.The Baltimore-based brokerage and investment banking firm's stock ended the day up $3.25 a share to close at $44.625. Wednesday the stock closed at $41.375 a share, a low for the year.A. B. "Buzzy" Krongard, Alex. Brown's chairman and chief executive, and Mayo A. Shattuck III, president and chief operating officer, were said to be traveling and could not be reached for comment.
BUSINESS
By Kevin L. McQuaid and Kevin L. McQuaid,SUN STAFF | July 22, 1997
Host Marriott Corp. rung up a 63 percent gain in earnings in the second quarter of 1997, thanks to the performance of its upscale hotels amid a continued nationwide demand for rooms and a lack of new construction, the company said yesterday.The Bethesda-based lodging owner's $174 million in earnings before interest expense, taxes and noncash charges -- a standard measure of financial viability for real estate owners -- dovetails with one of the biggest hotel booms of this century.Host Marriott's net income more than tripled in the quarter ended June 20 quarter to $26 million, or 13 cents per share.
BUSINESS
By Kevin L. McQuaid and Kevin L. McQuaid,SUN STAFF | April 22, 1997
Alex. Brown Inc. will light up the exterior of its new 30-story headquarters tonight, becoming the latest downtown landmark to become aglow after dark.The investment firm's decision to illuminate the 1 South St. skyscraper comes roughly three months after it consolidated more than 900 employees from eight downtown offices to the $90 million office tower. Just several weeks ago, the investment bank recently agreed to merge with Bankers Trust New York Corp."We had originally planned to put the Alex.
BUSINESS
By Bill Atkinson and Bill Atkinson,SUN STAFF | August 15, 1997
Alex. Brown Inc. expects its merger with Bankers Trust New York Corp. to be completed by Sept. 1, Brown's chairman said yesterday.A. B. "Buzzy" Krongard, chairman and chief executive of the Baltimore-based brokerage and investment banking firm, said the company has passed all regulatory hurdles."
BUSINESS
By Bill Atkinson and Bill Atkinson,SUN STAFF | April 26, 1997
Three weeks after it announced its plans to acquire Baltimore-based Alex. Brown Inc., Bankers Trust New York Corp. signed a definitive agreement yesterday to buy NationsBank Corp.'s $133 billion-asset institutional trust business.The deal will increase Bankers Trust's global assets under custody to nearly $2 trillion. Bankers Trust will gain 465 institutional customers, including corporations, nonprofit organizations, public agencies and union pension plans.Terms of the transaction were not released.
NEWS
By Suzanne Loudermilk and Suzanne Loudermilk,SUN STAFF | May 28, 1998
A. B. "Buzzy" Krongard -- who recently traded in a career in high finance for the mystique of the Central Intelligence Agency -- urged Towson University graduates yesterday to strive for integrity and commitment in their lives."
BUSINESS
By BLOOMBERG NEWS | August 18, 2006
NEW YORK -- Former financier Martin Armstrong, who has spent six years in jail for defying a judge's order, pleaded guilty yesterday to federal charges that he conspired to defraud Japanese investors out of millions of dollars. Armstrong, the former money manager and founder of Princeton Economics International Ltd., faces up to five more years in prison after admitting that he lied to investors about losses incurred by his fund in commodities futures trades. "By falsely representing to investors that my trading performance was better than it actually was, what I was doing was wrong and improper," Armstrong, 57, told U.S. District Judge John Keenan in New York.
BUSINESS
September 15, 1995
Ford to suspend productionFord Motor Co. said yesterday that it will suspend production for a week at six North American assembly plants because of a shortage of a part used in 1996 vehicles.The suspension will affect 12,950 hourly workers and will result in the loss of 20,600 units for the week beginning Sept. 18. Ford did not specify what the component was.Ford and its suppliers are working closely to resolve the shortage, the automaker said.The plants suspending production are in Dearborn, Mich.
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