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BUSINESS
June 2, 2016 | By Jeff Gammage, Staff Writer
A cofounder of one of the nation's most active venture capital firms has been named board chairman of Philadelphia Media Network, which operates the Inquirer, Daily News, and Philly.com. Josh Kopelman, 45, perhaps best known as creator of Half.com, the giant used-book, movie, and music website, takes over as the company begins an ambitious effort to identify new ways of storytelling and new streams of revenue. "Great cities need a great independent source of journalism," Kopelman said Tuesday night.
BUSINESS
May 27, 2016 | By Jacob Adelman, Staff Writer
A New York-based financial firm's plan to sell ownership shares of a waterfront apartment complex in Northern Liberties on the stock market has fizzled, the third misfire for the company's unconventional financing scheme in as many cities. ETRE Residential L.L.C. said in a filing last Thursday with the Securities and Exchange Commission that it was withdrawing its application to take developer Michael Samschick's Penn Treaty Village Pennthouses public "because of unfavorable market conditions.
BUSINESS
May 27, 2016 | By Harold Brubaker, STAFF WRITER
The Pennsylvania Insurance Department on Wednesday released preliminary rate requests for 20 small-group health plans and 18 individual plans that will be offered under the Affordable Care Act for next year. The requests for increases now under reveiw by the insurance department averaged 7.9 percent for small group plans and 23.6 percent for individual plans, but the final rates that will be posted in October could be lower. In addition, 75 percent of the Pennsylvanians who purchased insurance for this year on the exchange received a federal subsidy that reduces their cost.
BUSINESS
May 25, 2016 | By Jacob Adelman, STAFF WRITER
Resource America Inc., a Philadelphia real estate investment and finance firm, has agreed to be acquired by C-III Capital Partners LLC of Texas, according a statement posted Monday on both companies' websites. Under the agreement, Resource America stockholders will receive $9.78 per share in cash, a total of about $207 million. The combined company will manage over $25 billion of gross assets, and will be the owner or manager of over 70,000 apartment units across the U.S., the companies said.
BUSINESS
May 23, 2016 | By Diane Mastrull, Staff Writer
Betting on a hard-driving, tough-bargaining mother of two who left the lucrative field of pharmaceutical sales to start a business in the far-less-glamorous wilds of commercial cleaning, Philadelphia's Enterprise Center has debuted a new funding offering. The assistance agency for high-potential minority entrepreneurs has made its first equity investment since its founding by the Wharton Small Business Development Center in 1989. The approved recipient of that $211,000 infusion is Pat Claybrook, 54, of Medford, who started Jidan Cleaning L.L.C.
NEWS
May 21, 2016 | By Jacob Adelman, STAFF WRITER
Public relations and advertising firm DDCworks has moved its headquarters from Conshohocken into a 5,000-square-foot space in the Cast Iron Building at 718 Arch Street, the company said Thursday. The 48-year-old company moved to Center City to take advantage of the area's business and networking opportunities, chief executive officer Mike Diccicco said in the release. The company employs 12 at the site, with plans to hire three more in the coming weeks, it said. jadelman@phillynews.com 215-854-2615 @jacobadelman  
BUSINESS
May 21, 2016 | By Chris Mondics, Staff Writer
Demand for legal services has failed to return to pre-2008-09 recession levels, and many firms say they don't have enough work to keep all of their lawyers busy, a new survey has found. Law firms cited varying reasons for the tepid work flow, but chief among them is a growing tendency of clients to take work in house, according to the survey by Altman Weil, a Newtown Square-based legal consulting firm. Firms that specialize in litigation support such as electronic discovery also have been siphoning off work.
BUSINESS
May 21, 2016 | By Jane M. Von Bergen, Staff Writer
Two stucco companies hired to build 31 Brewerytown, described as "Philadelphia's Hottest Place to Live" by its developer, have been fined $236,000 for failing to protect construction workers from falling. Although Westrum Development Co., the general contractor of the apartment project on West Thompson Street, was not cited, the director of the U.S. Labor Department's Occupational Safety and Health Administration office in Philadelphia blamed Westrum for creating a situation that led to the citations.
NEWS
May 21, 2016 | By Jacob Adelman, STAFF WRITER
German maintenance-technology firm Pruftechnik Inc. has selected Philadelphia for its U.S. headquarters, a move that will create 35 new specialized full-time jobs, according to Gov. Wolf's office. The company, which supplies high-end testing and measuring systems for industrial maintenance, will lease 9,000 square feet of warehouse and distribution-center space at 7821 Bartram Ave. near Philadelphia International Airport, state Department of Community & Economic Development spokeswoman Lyndsay Kensinger said said in a email Thursday.
NEWS
May 20, 2016 | By Martha Woodall, Staff Writer
The day before the Philadelphia School Reform Commission is scheduled to vote on several charter school renewals, the city controller on Wednesday released a report criticizing the financial management of two charter operators. The Controller's Office outlined problems it found when it examined the operations of Aspira of Pennsylvania and Kenny Gamble's Universal Companies. Among other things, the report found questionable financial transactions among related entities, including loan guarantees; school-lease arrangements with parent organizations; and charter board members serving on boards with ties to the schools.
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