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Miami-Dade Business Briefs - May 2009
CORAL GABLES —
» The Federal Deposit Insurance Corp. lifted a cease-and-desist order that had been in place on Great Florida Bank since 2006. The order was related to anti-money-laundering controls and Bank Secrecy Act compliance. The FDIC also released Bank of Miami from a cease-and-desist order related to the Bank Secrecy Act.
» Spanish-language television, film and music producer and distributor Venevision International launched web portal Novulu, which will distribute films, music, mobile and television content directly to consumers. It also created its own channel on YouTube. The company is a part of Cisneros Group.
DORAL —
» Teva Pharmaceutical Industries, which bought Miami-based Ivax in 2006, announced it will lay off 300 at its plant in Doral.
» National property management firm Lynd Co. acquired 50% of Easton Management, a division of Easton Group; Easton Lynd Management is now subsidiary of Lynd.
 » Carnival Corp. (NYSE-CCL) saw record bookings for the week ended March 1. Chairman and CEO Micky Arison declined his 2008 bonus, citing the company’s stock price and general sensitivities to executive compensation. Meanwhile, a judge found Carnival liable for damages of up to $2 million for violating a federal statue and faxing a travel agent more than 540 unsolicited advertisements during a four-year period. |
FLORIDA CITY —
» Miami-based Ocean Bank won a $7.3-million foreclosure judgment against Florida City-based Delmar Homes IV, which owns a vacant 10-acre agriculture-zoned site in the city.
MIAMI —
» Dade Community Foundation President Ruth Shack, who grew the non-profit’s assets from $4 million in 1985 to an estimated $167 million in 2007, will step down by year’s end.
» Macy’s is closing its Florida headquarters and laying off 375 this month; the retailer’s department store downtown will remain open.
» The Miami Herald plans to cut another 19% of its workforce — approximately 175 jobs — reduce salaries between 5% and 10% and require employees to take one-week unpaid furloughs. It also plans to convert its presses to print a slightly narrower newspaper and stop printing its international edition.
» The Performing Arts Center Foundation of Greater Miami paid off the Adrienne Arsht Center for the Performing Arts’ $14-million bank loan seven years early, leaving it with no bank debt. The Arsht Center and organizations such as the New York Philharmonic and Alvin Ailey American Dance Theater also agreed to co-present 11 of the Concert Association of Florida’s remaining performances after the association filed for Chapter 7 bankruptcy.
» Lennar Corp. (NYSE-LEN) sued several manufacturers, suppliers and installers of Chinese drywall. Gasses emitted by the drywall have been blamed for corroding electrical wires. The company also began offering buyers a protection plan that will cover mortgage payments for up to two years if they lose their jobs.
» Real estate broker Carlos Justo, who specialized in selling mansions, dealt with numerous famous clients and began buying high-end real estate, filed for bankruptcy, citing $20 million in debts.
» The city dropped its bid for a Major League Soccer franchise.
» Medical device maker SafeStitch Medical (OTCBB-SFES) received Food and Drug Administration approval to market its esophageal dilator, which the company says is the first to indicate the pressure being applied to the esophagus — a measurement that should reduce the number of times the esophagus is perforated during endoscopies.
MIAMI BEACH —
» The annual South Beach Wine & Food Festival raised $2 million for Florida International University’s School of Hospitality and Tourism Management and the Southern Wine & Spirits Beverage Management Center. A 12% drop in sponsorship revenue brought that down from last year’s $2.26 million, even with a record $4 million in ticket sales (up from $3.2 million last year).
» Irene Marie Models, a mainstay in the South Beach model booking industry since founder Irene Marie moved it there in 1989, shut down and was considering a bankruptcy filing after seeing revenue fall 90% during 2008.
» After a judge’s ruling, R. Donahue Peebles, the original developer of the Royal Palm Hotel, took back control of the property from current majority owner Guy Mitchell. Peebles had sold all but a 12.5% share of the hotel in 2005 for $128 million, but one of Mitchell’s lenders may seize it after months of missed loan payments.
» Developer Michael A. Stern filed for Chapter 11 bankruptcy.
» Attendance at the 2009 Miami International Boat Show was down 26% this year to 96,736. Attendance at the concurrent Strictly Sail Miami was down 13% to 19,723.
» Brazilian retail developer Mario Valadares da Costa paid $5.5 million for the Marlin hotel, which includes a record studio where artists such as U2 and Shakira have recorded.
» The 243-room Palms South Beach hotel, renamed The Palms Hotel & Spa, is completing a multimillion-dollar renovation and has opened the country’s first Aveda beach resort concept spa.
MIAMI GARDENS —
» Wayne Huizenga completed his sale of the Miami Dolphins NFL team, Dolphin Stadium and surrounding land to New York real estate developer Stephen Ross.
MIAMI LAKES —
» Telecommunications company TelePlus World Corp. filed for Chapter 11 bankruptcy.
NORTH MIAMI BEACH —
» Phyllis Apple, founder and CEO of PR firm The Apple Organization, is retiring after 30 years and shutting down the business.
