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Southeast Fla. Business Briefs - Dec. 2009
DELRAY BEACH — Fresh from converting National City banks to the PNC brand following Pittsburgh-based PNC Financial Services Group’s acquisition of National City bank last year, PNC Bank opened new green branches in Delray Beach and Boynton Beach.
FORT LAUDERDALE — Rothstein Rosenfeldt Adler, a fast-growing and prominent Fort Lauderdale law firm, asked for a court receiver and to be dissolved following allegations that co-founder Scott Rothstein, a politically connected high-flier, misappropriated millions of dollars in an investment scam involving legal settlements.
» Three executives of Fort Lauderdale-based Muvico Theaters left the company to form their own theater chain, Paragon Entertainment. Former Muvico CEO Michael Whalen, senior vice president for development Michael Wilson and COO Hank Lightstone plan to open theaters at CocoWalk in Miami and in Chicago and Fredericksburg, Va. Hal Cleveland, a theater industry veteran who previously ran Crown Theatres, a Connecticut-based chain, replaced Whalen as Muvico CEO.
» Stonegate Bank (OTCBB-SGBK) acquired the assets and deposits of failed Partners Bank and Hillcrest Bank Florida, both in Naples, its second and third acquisitions of failed bank assets this year.
FORT PIERCE — The Nuclear Regulatory Commission awarded Indian River State College $150,000 to more than double to 54 the number of students in a power-plant worker training program developed with Florida Power & Light.
JUNO BEACH — The Florida Public Service Commission rejected Florida Power & Light’s proposed $1.5-billion, 300-mile natural gas pipeline connecting Palm Beach and Bradford counties.
JUPITER — Envoy Therapeutics, a drug discovery startup whose founders include Nobel laureate and neuroscience professor Paul Greengard, raised $8 million in a private placement.
» Palm Beach Gardens-based security company G4S Wackenhut decided to keep its headquarters in Palm Beach County and will move to nearby Jupiter in 2011.
» Biotech company Dyadic International, after a tumultuous fight for control of the company in 2008 [“A Matter of Chemistry,” September], reported its first financial results since year-end 2006, bringing its financial reporting current. The company reported an $8.6-million profit on $11.9 million in revenue for the second quarter, up from a $4.2-million loss on $3.2 million in revenue for the 2008 second quarter.
PALM BEACH GARDENS — Nova Southeastern University plans to begin construction in January of a four-story student educational center to be completed in January 2011.
PORT ST. LUCIE — After 17 years as city manager, Don Cooper resigned effective in January.
STUART — TurboCombustor Technology, which employs 375, broke ground on a $1.35-million expansion after receiving
a $60,000 grant from Martin County.
» Liberator Medical Supply (OTCBB-LBMH), citing increased demand, will lease an additional building at Witham Field from Martin County and accelerate previously announced plans to hire 200 employees.
