Hyatt Hotel's brand name boosts IPO
David Roeder: So far, so good for the Pritzker family's $950 million cash extraction from Hyatt Hotels (H). The Chicago-based company completed its initial public offering Thursday with a 38 million-share sale that opened at $25 each. By the end of the first day, the shares were at $28 and the underwriters bought an additional 5.7 million shares. Friday, they closed again at $28.
David Roeder: So far, so good for the Pritzker family's $950 million cash extraction from Hyatt Hotels (H). The Chicago-based company completed its initial public offering Thursday with a 38 million-share sale that opened at $25 each. By the end of the first day, the shares were at $28 and the underwriters bought an additional 5.7 million shares. Friday, they closed again at $28.
New Regal sale in trouble
David Roeder: Plans to redevelop the landmark New Regal Theater on the South Side -- announced a couple of years ago amid high hopes and promise -- have become bogged down in debt and a lack of business.
David Roeder: Plans to redevelop the landmark New Regal Theater on the South Side -- announced a couple of years ago amid high hopes and promise -- have become bogged down in debt and a lack of business.
SK Hand Tool workers end strike, get health insurance
Union workers at SK Hand Tool Corp. who went on strike over its withdrawal of health insurance said Wednesday they've accepted a company proposal to restore the coverage.
Judge tells BofA, Block 37 developer to get pedway
A Cook Co. Circuit judge on Monday deferred until Nov. 20 a decision on appointing a receiver to run the Block 37 construction project.
CME's got a blizzard-buster
Not that I want to rush the season, but it's time to think about the financial implications of snow. A blizzard is more than an inconvenience or a day off for the kids. The piles of white stuff might as well be stacks of money made or lost for some, especially if you plow it, travel through it or make salt for it. Enter the opportunistic folks at CME Group (CME), owner of the Chicago and New York mercantile exchanges and the Chicago Board of Trade. They have come up with futures and options contracts based on predicted snowfalls.
Not that I want to rush the season, but it's time to think about the financial implications of snow. A blizzard is more than an inconvenience or a day off for the kids. The piles of white stuff might as well be stacks of money made or lost for some, especially if you plow it, travel through it or make salt for it. Enter the opportunistic folks at CME Group (CME), owner of the Chicago and New York mercantile exchanges and the Chicago Board of Trade. They have come up with futures and options contracts based on predicted snowfalls.
Money ball: How the deal was made
Thomas Ricketts spent $845 million for, among other assets, a baseball team that in a good year will record a profit of around $30 million.
South Side projects at risk
David Roeder: A possible federal takeover of Oak Park-based FBOP Corp., a bank holding company, raises doubts about the future of two South Side development projects. FBOP, controlled by billionaire Michael Kelly, is under orders from federal regulators to raise capital to bolster the eight-bank holding company. The Wall Street Journal said that U.S. Bancorp has been examining FBOP's books for a possible sale.
David Roeder: A possible federal takeover of Oak Park-based FBOP Corp., a bank holding company, raises doubts about the future of two South Side development projects. FBOP, controlled by billionaire Michael Kelly, is under orders from federal regulators to raise capital to bolster the eight-bank holding company. The Wall Street Journal said that U.S. Bancorp has been examining FBOP's books for a possible sale.
Wall Street back to old tricks
David Roeder: While reading an article the other day about "dark pools," I saw the light: Wall Street must pay. The big banks pose a threat to our well-being that nearly makes them a national security risk. Just as the nation emerges from a recession brought about by crazed extensions of credit and mortgages, which led to bundling loans into derivatives that even the bank executives didn't understand, along they come with new financial inventions, any of which could precipitate the next crisis.
David Roeder: While reading an article the other day about "dark pools," I saw the light: Wall Street must pay. The big banks pose a threat to our well-being that nearly makes them a national security risk. Just as the nation emerges from a recession brought about by crazed extensions of credit and mortgages, which led to bundling loans into derivatives that even the bank executives didn't understand, along they come with new financial inventions, any of which could precipitate the next crisis.
B of A on city hot seat after Block 37 foreclosure filed
By filing to foreclose on downtown's Block 37 construction site, Bank of America Corp. has irritated one of the project's principal partners -- the City of Chicago. And the city isn't your average customer mad at a bank. It has pledged $65 million in subsidies to Block 37, which is between the Daley Center and Macy's State Street flagship. Bank of America executives have held meetings with Mayor Daley and aides to defend the foreclosure suit filed late Monday.
By filing to foreclose on downtown's Block 37 construction site, Bank of America Corp. has irritated one of the project's principal partners -- the City of Chicago. And the city isn't your average customer mad at a bank. It has pledged $65 million in subsidies to Block 37, which is between the Daley Center and Macy's State Street flagship. Bank of America executives have held meetings with Mayor Daley and aides to defend the foreclosure suit filed late Monday.
Brit gets discount on old post office
The third time and a discounted price were the charms Wednesday as British investor Bill Davies was again declared the buyer of the old Chicago Main Post Office. The U.S. Postal Service identified Davies as the purchaser after reviewing sealed bids solicited last week.
The third time and a discounted price were the charms Wednesday as British investor Bill Davies was again declared the buyer of the old Chicago Main Post Office. The U.S. Postal Service identified Davies as the purchaser after reviewing sealed bids solicited last week.
Block 37 developer facing foreclosure
David Roeder: Bank of America Corp. and a consortium of lenders have filed a foreclosure suit against the developer of the Loop's Block 37 project. The suit was filed late Monday in Cook County Circuit Court. The action could herald new financial trouble for property that has been dogged by false starts and missteps for two decades.
David Roeder: Bank of America Corp. and a consortium of lenders have filed a foreclosure suit against the developer of the Loop's Block 37 project. The suit was filed late Monday in Cook County Circuit Court. The action could herald new financial trouble for property that has been dogged by false starts and missteps for two decades.
Falling dollar a bogus crisis
The dollar is falling and can't get up, and President Obama is to blame. This is the chorus from economic blogs and conservative critics, but is it true?
High bidder defaults on deal to buy old Chicago Post Office
In 1966, the old Chicago Main Post Office, 433 W. Van Buren, was the site of an equipment breakdown that delayed mail across the country for three weeks. The same old building now has the U.S. Postal Service in a fix that's nearly as bad. The cash-strapped agency needs to sell the expensive, vacant hulk that straddles the Eisenhower Expy., and it held an auction to do so.
In 1966, the old Chicago Main Post Office, 433 W. Van Buren, was the site of an equipment breakdown that delayed mail across the country for three weeks. The same old building now has the U.S. Postal Service in a fix that's nearly as bad. The cash-strapped agency needs to sell the expensive, vacant hulk that straddles the Eisenhower Expy., and it held an auction to do so.
Baker & McKenzie making move to Blue Cross building
The law firm Baker & McKenzie LLP confirmed today it is negotiating to lease 240,000 square feet in floors being added to the Blue Cross Blue Shield Building at 300 E. Randolph.
Postal authorities discuss plan for Main Post Office
In 1966, the old Chicago Main Post Office, 433 W. Van Buren, was the site of an equipment breakdown that delayed mail across the country for three weeks. The same old building now has the U.S. Postal Service in a fix thats nearly as bad.
In 1966, the old Chicago Main Post Office, 433 W. Van Buren, was the site of an equipment breakdown that delayed mail across the country for three weeks. The same old building now has the U.S. Postal Service in a fix thats nearly as bad.
