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Bidding

NEWS
August 9, 2014 | By Carolyn Davis, Inquirer Staff Writer
The Montgomery County District Attorney's Office dropped plans Thursday to pursue the death penalty in the trial of an Upper Merion man accused of killing his parents and twin brother in 2011. Prosecutors withdrew the death-penalty notice after Joseph McAndrew Jr. waived a jury trial and agreed to have his case heard by a judge. McAndrew, 27, contends that he was insane when he used a sword to stab his father, landscaping business owner Joseph McAndrew Sr.; his mother, Susan; and brother James in their Holstein Road home in March 2011.
BUSINESS
August 9, 2014 | By Andrew Maykuth, Inquirer Staff Writer
UIL Holdings Corp. spent an additional $5 million on its quest to acquire Philadelphia Gas Works, depressing the Connecticut company's second-quarter earnings. UIL has spent $11.9 million so far on its $1.86 billion acquisition of PGW, which Mayor Nutter announced March 3, but which has stalled while Philadelphia City Council awaits of a consultant's report on the sale. UIL president James Torgerson told investment analysts Thursday that the company continued to pursue the sale despite a provision that allowed it to pull out after July 15 if Council had not approved the sale.
BUSINESS
August 7, 2014 | By Harold Brubaker, Inquirer Staff Writer
There has been no word so far this week on bids for the bankrupt Revel casino, which were due Monday in preparation for an auction Thursday if more than one qualified bid was received. But a U.S. Bankruptcy Court filing Tuesday in Camden by the investment bank Moelis & Co. L.L.C., charged with finding a buyer for Revel, revealed some details. In the filing, Moelis said it was owed $150,000 in fees, plus $5,950 in expenses, for its work on the sale of Revel, which it calls "Project Redwood.
BUSINESS
July 30, 2014 | By Harold Brubaker, Inquirer Staff Writer
A New Jersey investment firm has agreed to pay $30.25 million for Northeast Philadelphia's Deer Meadows Retirement Community, which filed for bankruptcy protection in April. Investment 360 L.L.C., of Lakewood, will function as a "stalking horse bidder" at an auction next month, setting a baseline price, according to a bankruptcy court filing. U.S. Bankruptcy Judge Eric L. Frank on Monday scheduled a hearing for Aug. 11 on a proposed breakup fee that would pay 2.5 percent of the purchase price, or $756,250, to Investment 360 if the deal does not close or a higher bidder emerges.
NEWS
June 30, 2014 | BY CHRIS BRENNAN, Daily News Staff Writer brennac@phillynews.com, 215-854-5973
U.S. REP. Bob Brady's dream of a Philadelphia casino to help fund the city's public schools and municipal pensions is dead. Penn National Gaming announced yesterday that it is pulling the plug on its application to build a $480 million casino at 7th Street and Packer Avenue in South Philly. "A contributing factor in our decision to withdraw our proposal was the city of Philadelphia's vocal support for a Center City casino location, despite the fact that two-thirds of the profits from our proposed casino were dedicated to the city's education and pension fund liabilities," Timothy J. Wilmott, president and CEO of Penn National Gaming, said in a company news release.
NEWS
June 29, 2014 | By Joseph A. Slobodzian, Inquirer Staff Writer
Demolition contractor Griffin Campbell will remain in prison pending trial in last June's disastrous Center City building collapse, a Philadelphia judge ruled Friday. Common Pleas Court Judge Benjamin Lerner said the Pennsylvania constitution did not give him discretion to grant the bail motion filed by Campbell's attorney, William D. Hobson. The constitution permits bail for all crimes except where the possible penalty is death or life in prison. Although Campbell, 50, is charged with six counts of third-degree murder, state sentencing law includes a provision for mandatory life in prison without parole for someone convicted of two or more counts of third-degree murder.
BUSINESS
June 29, 2014 | By Harold Brubaker, Inquirer Staff Writer
Penn National Gaming Inc. has dropped its bid to build a $480 million Hollywood casino in South Philadelphia, the Wyomissing, Pa., company said Friday. "A contributing factor in our decision to withdraw our proposal was the City of Philadelphia's vocal support for a Center City casino location, despite the fact that two-thirds of the profits from our proposed casino were dedicated to the city's education and pension fund liabilities," said Timothy J. Wilmott, Penn National's president and chief executive.
BUSINESS
June 25, 2014 | By David Sell, Inquirer Staff Writer
Drugmaker Shire P.L.C., which is trying to fend off a $46.5 billion takeover offer from AbbVie, told investment analysts Monday that it hopes to double its revenue by 2020. Shire is officially headquartered in Ireland, but has operations in Wayne and Exton. The Irish base is a big part of why Shire is being pursued by AbbVie. Companies, especially in health care, have been scrambling of late to buy other companies so they can reregister in Ireland, which has lower corporate tax rates than the United States.
BUSINESS
June 22, 2014 | By David Sell, Inquirer Staff Writer
Drugmaker Shire P.L.C., which is based in Ireland but has operations in Wayne and Exton, said Friday that its board has rejected a $46.5 billion takeover offer from AbbVie Inc. Like some other pharmaceutical companies, AbbVie wants to buy a company that would allow it to shift its official residence to Ireland and avoid the higher corporate tax rate that exists in the United States. In most cases, relatively few employees move to Ireland. AbbVie was spun off last year from Abbott Laboratories and became a separate drugmaker, while the new Abbott focused on the medical products side of the business.
NEWS
June 20, 2014 | By Jessica Parks, Inquirer Staff Writer
U.S. District Judge John E. Jones III on Wednesday denied a county row officer's request to intervene and appeal his ruling that overturned Pennsylvania's same-sex marriage ban. Schuylkill County Register of Wills Theresa Santai-Gaffney had asked Jones to halt same-sex marriages in the state until the U.S. Supreme Court weighs in on the issue. She argued that marriage is for states to decide and said Jones' May 20 ruling - which declared Pennsylvania's marriage ban unconstitutional - left her duties as Schuylkill County's issuer of marriage licenses unclear.
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