Miami-Dade Business Briefs - Oct. 2007

Coral Gables —
» Surgery Partners is buying the Gables Surgical Center from Orlando-based PainCare Holdings for $4.4 million.

» Cargill International plans to build an $11-million warehouse in Miami.

Key Largo —
» The merger agreement between Key Hospitality Acquisition and Cay Clubs International — a Florida Keys developer — has been restructured, according to Securities and Exchange Commission filings.

Miami —
» American Express Bank International, based in Miami, will pay $65 million in penalties to the Federal Reserve and Financial Crimes Enforcement Network for violations of federal anti-money laundering regulations involvingmore than $500 million in suspicious transactions.

» A group of lenders led by Spain-based Bancaja is providing a $172.5-million construction loan to developer Rilea Group for a 35-story building on Brickell Avenue.

» A Miami-Dade Circuit Court jury has ordered BDO Seidman — one of the largest accounting firms in the U.S., to pay $522 million in punitive and compensatory damages to Portugal’s Banco Espirito Santo for negligent audits of E.S. Bankest, a factoring company that defrauded Banco Espirto of $170 million. Hector Orlansky, CEO of E.S. Bankest was sentenced to 20 years in prison. BDO Seidman plans to appeal the ruling.

» FDC Vitamins, owned by Miami-based MBF Healthcare Partners, has merged with Nutri-Force Nutrition, also of Miami.

» Hoodiny Entertainment Group, a Miami-based digital entertainment company and parent of elHood.com, has raised more than $9 million through a private placement of securities.

» Miami-based apparel company Perry Ellis International (Nasdaq-PERY) is on the lookout for acquisitions, company executives told Wall Street analysts.

» The 3rd District Court of Appeal reversed the city’s 2004 rezoning of waterfront industrial land, which would have allowed development of a 1,073-unit condo on land now used as a boat yard.

» Vector Group (NYSE-VGR), the Miami-based parent of Liggett Group, Vector Tobacco and New Valley, has completed a private placement of $165 million in 11% senior secured notes due in 2015.

» The U.S. Attorney’s Office has charged Rita Campos Ramirez, owner of Miami-based R and I Medical Billing, with submitting $170 million worth of fraudulent bills to the Medicare program.

» Private equity group Apollo Management is investing $1 billion in Miami-based NCL Corp., parent company of Norwegian Cruise Line and NCL America.

» The University of Miami announced that the school’s football team will move from the Orange Bowl to Dolphin Stadium for the 2008 season.

Tags: Miami-Dade