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Sep 19, 2008 -- Beacon Redevelopment Industrial Corporation (OTCBB: BCND | Quote | Chart | News | PowerRating) today announced that they have received and agreed to a winning bid for the dismantling and salvage of its Westmoreland glass property. The company has accepted a bid and now has its corporate attorneys reviewing said company's bid for financial ability, proper insurances and licensing requirements. If all is in order, the company will execute all the required formal contracts immediately and announce the terms and winning bidder early next week. "I am relieved that this process is over as it took longer then expected, as in any business process while being the head of this company it is my responsibility to get the best deal possible and this was a long battle. At the end of the day I believe we received the most money possible and I am proud of my team's hard work and look forward to the next deal," said Adam Marek, President & CEO.
Sep 19, 2008 -- Grubb & Ellis Apartment REIT, Inc. (NYSE: GBE | Quote | Chart | News | PowerRating) today announced the acquisition of Canyon Ridge Apartments, a 350-unit multifamily community in the Nashville suburb of Hermitage, Tenn. Located at 3868 Central Pike, Canyon Ridge Apartments consists of approximately 341,000 rentable square feet situated on roughly 22.5 acres. Built in 2005, the gated community comprises 13 three-story buildings offering one-, two- and three-bedroom apartments as well as a community clubhouse. There are six floor plans available that vary in unit size from approximately 750 square feet to roughly 1,184 square feet. Property amenities include a fitness center, cyber cafe, lap pool with surround sound and two tanning salons. Unit features may include island kitchens with granite counter tops, full-size washer and dryer connections, ceiling fans, walk-in closets and fireplaces. Canyon Ridge Apartments offers easy access to Interstate 40, is in close proximity to Nashville International Airport, and is surrounded by residential developments as well as retail outlets, including Kroger, Wal-Mart and Home Depot. The property is currently 94 percent leased and provides parking for 660 passenger vehicles, split between attached and detached garages, carports and surface parking spaces. "The acquisition of Canyon Ridge Apartments further diversifies the Grubb & Ellis Apartment REIT portfolio and is consistent with our investment strategy to acquire assets in growing markets with strong economies," said Grubb & Ellis Apartment REIT Chief Executive Officer Stanley J. Olander Jr.
Sep 18, 2008 -- Praxair, Inc. (NYSE: PX | Quote | Chart | News | PowerRating) announced today that North West Upgrading Inc. (NWU), has selected Praxair Canada Inc., the largest industrial gas supplier in Canada, to provide the industrial gases needed for its heavy oil Upgrader in Sturgeon County, Alberta, Canada. North West's process eliminates production of coke, uses gasification to make hydrogen from the heaviest components of bitumen, and enables the capture of pure carbon dioxide. Under the agreement, Praxair will build a large state-of-the art air separation plant, equipped with advanced process controls and energy-efficient process cycles. "NWU is pleased to select Praxair as its partner for meeting its industrial gases requirement for this project," said Rob Pearce, senior vice president, corporate development, North West Upgrading. "This signifies another important step in bringing North West's project to fruition."
Sep 18, 2008 -- PolyOne Corporation (NYSE: POL), a premier global provider of specialized polymer materials, services and solutions, along with Olin Corporation, declared a force majeure for caustic soda shipments from the SunBelt Chlor Alkali Partnership plant located in McIntosh, Alabama until further notice. The force majeure was declared primarily due to the continuing effects of Hurricanes Gustav and Ike, which caused SunBelt to temporarily shut down because it has no orders for chlorine due to a force majeure declaration by Oxy Vinyls, LP, SunBelt's sole chlorine customer, and caused Union Pacific Railroad to declare an embargo on chlorine shipments to all areas between Dayton, Texas and Brownsville, Texas. The impacted Oxy Vinyls, LP facility is located in La Porte, TX, which is within the area for which Union Pacific Railroad declared an embargo.
Market Wrap for September 19th, 2008 The Bush administration's multi-pronged efforts to battle the meltdown in financial markets gave Wall Street hope Friday, and a war on short-sellers had traders scrambling to close positions, giving the rally some extra juice. In afternoon trading the Dow was up 359 points, or 3.3%, to 11,379; the S&P 500 gained 45 points, or 3.7%, to 1,251; and the Nasdaq added 56 points, or 2.5%, to 2,255. Investors stopped barreling into safer investments like gold, which fell $24.10 to $872.90 an ounce, and U.S. government debt. The 10-year Treasury note yield, which moves inversely to its price, climbed to 3.77%, from 3.44% Thursday, while the two-year yield was up to 2.15%, from 1.61%. The one-month T-bill, which briefly had a negative yield earlier in the week, was offering 0.61%. Treasury Secretary Henry Paulson proposed a bold plan to relieve financial firms of the toxic assets infecting their balance sheets, with intentions to hammer out a legislative framework this weekend that Congress could pass as soon as the beginning of next week. The cost to taxpayers is still unclear, but Paulson said Friday the package must be "big enough to make a real difference, hundreds of billions of dollars." A new provision banning short-selling in hundreds of financial firms also had a hand in the day's gains. The SEC released a list of 799 stocks in which it will ban the practice until Oct. 2, and that list appeared likely to grow with several excluded companies pushing the commission for inclusion. Financial stocks roared on Friday's flood of news, with embattled Morgan Stanley among the leaders. The firm, which has blamed short-sellers for its sliding stock price in recent weeks, jumped $5.00, or 22.2%, to $27.55. Rival Wall Street firm Goldman Sachs added $20.97, or 19.4%, to $128.97. Shares of American International Group leaped $1.37, or 50.9%, to $4.06. TradeTheNews.com cited reports that said several of the insurer's biggest shareholders are considering helping the firm pay back the Federal Reserve's $85.0 billion loan, which carries interest of the London interbank offered rate plus 850 basis points, in order to keep the central bank from taking its 79.9% equity interest in the company.
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