May 27, 2014 |
FormDs.com helps keep tabs on growing businesses, hedge funds, and private-equity firms. One shop we noticed on its radar is Hirtle, Callaghan & Co., the West Conshohocken investment advisory firm that pioneered the "outsourced chief investment officer. " Hirtle Callaghan supervises $24 billion for families, endowments, foundations, pension funds, and health-care organizations. Rather than pick stocks, it picks portfolio managers and allocates capital. Jonathan J. Hirtle, cofounder and chief executive officer, confirmed that his shop has a number of new vehicles, such as Hirtle Callaghan Special Opportunities SPC Closed-End Segregated Portfolio.
May 21, 2014 |
A Chester County company was charged Monday with defrauding Philadelphia of more than $500,000 through inflated billings for unapproved products, federal prosecutors said. Airmatic Inc. of Malvern, which had contracts with the city to supply industrial products and repair parts, is charged with one count of mail fraud. The company was charged in an information, which generally indicates a defendant is expected to plead guilty. Airmatic faces a maximum sentence of five years' probation, court-ordered restitution, a fine of $500,000 or twice the company's alleged illegal profit, and a $400 special assessment.
May 20, 2014 |
The college class of 2014 numbers 1.6 million. And as these students graduate this month and next, many will be carrying tens of thousands of dollars in debt, contributing to the $1 trillion in total outstanding U.S. student loan debt. "It's almost unethical," said Thomas P. Nerney, 59, chairman, president, and chief executive officer of U.S. Liability Insurance Group in Wayne. "We have all but mandated a college degree for the majority of entry-level positions," Nerney wrote in a recent opinion piece.
May 19, 2014 |
Radian Group Inc.'s plan to buy Clayton Holdings for $305 million gives the Philadelphia mortgage insurer several new services for the mortgage sector - but one of them could be especially lucrative. During the housing boom a decade ago, Clayton, of Shelton, Conn., was a major provider of third-party "due diligence" services to Wall Street firms that packaged mortgages into what are called private-label residential mortgage-backed securities. The "private" portion of that unwieldy name distinguished them from similar bundles of mortgages sold by government-backed mortgage giants Fannie Mae and Freddie Mac. At the peak of the market in 2006, $725 billion in private-label mortgage securities were issued.
May 17, 2014 |
A West Deptford plastics company has agreed to test a number of private wells as officials investigate contamination that has prompted scrutiny at all levels of government. Solvay Specialty Polymers, headquartered on Leonard Lane, said Thursday that it would test at least 90 wells in the township and in East Greenwich to determine the spread of perfluorinated compounds (PFCs), specifically perfluorononanoic acid (PFNA). Residents whose wells will be tested can receive free, delivered bottled water from the company, because the testing "may generate concern," Solvay said.
May 17, 2014 |
Managers of law firms have seen the future, and the future looks lean. Big firms - and many small ones, too - still sport hefty profits almost six years after the financial market meltdown unleashed tumultuous changes, from downsized firms and law schools to severely curtailed career dreams. But pricing pressure from clients and the corresponding need to cut costs have become lasting features of the legal landscape. That is the major takeaway from a survey by legal-consulting firm Altman Weil of managing partners at more than 300 U.S. law firms with 50 or more lawyers.
May 16, 2014 |
Harry V. Schreiber Jr., 88, of Hainesport, a former designer and salesman for the Wheaton Glass Co. in Millville, N.J., died of chronic obstructive pulmonary disease Friday, May 8, at his home. Born in Collingdale, Delaware County, Mr. Schreiber graduated from Collingdale High School in 1943 and worked briefly for the Baldwin Locomotive Works before serving as a Navy aviation machinist in the South Pacific during World War II. He returned to earn a bachelor's degree in engineering in 1956, taking night classes at what is now Drexel University, where he later earned a master's in business in 1968, said a daughter, Sandra Huppman.
May 7, 2014 |
So this is what history looks like in real time. For nearly 231 years, lawyers for Rawle & Henderson L.L.P. have been plying courthouses in Philadelphia for clients with urgent legal needs, and that would make it the oldest law firm in the United States. Fittingly, its offices at 13th and Chestnut Streets are redolent of its deep ties to the past. An oil portrait of name partner Joseph Henderson, a onetime president of the American Bar Association, hangs prominently. On display nearby is a letter from Secretary of the Treasury Alexander Hamilton to firm founder William Rawle, delicately inquiring about progress in a case.
May 2, 2014 |
DOUGLASS TWP. A controversial Montgomery County mulch operation has agreed to relocate from a parcel of preserved farmland in Douglass Township, under a court settlement with the municipality and residents. The township and residents sued Mountain Mulch last year, accusing the Sassamansville Road company of violating zoning laws by operating a large commercial business on preserved farmland. The settlement, signed April 24 in Montgomery County Court, calls for the company to relocate and for the township to take no further legal action.
May 1, 2014 |
DAVID STERN was a great commissioner who guided the NBA from a struggling league to one of global recognition. Still, it took him more than a decade to solidify his power base to where his will became like law in the NBA. Newbie commissioner Adam Silver caught up to Stern in just about 3 months. Thanks to the loose lips of Los Angeles Clippers owner Donald Sterling, Silver took the biggest crisis the NBA has faced since the leaguewide drug scandals of the 1980s and quashed it in one 20-minute news conference.