Finance and Commerce Daily Newspaper, MN articles from February 2002

Finance and Commerce Daily Newspaper, MN archives from February 2002

U.S. Bank builds mortgage business.
February 1, 2002... Byline: Mark Anderson With its latest deal, U.S. Bank Home Mortgage is signaling that it is serious about becoming one of the nations leading mortgage lenders. The Bloomington-based U.S. Bancorp subsidiary announced on Jan. 18 that it...

Union says company wants to close Fingerhut Cos.
February 1, 2002... Byline: Dave Price Fingerhut Cos. employees are increasing their pressure on the companys owners, chiding Federated Department Stores of starting to dismantle the catalog retailer before a potential buyer can be found.Chief among their...

IPI sells Insty-Prints franchise, delists its stock.
February 1, 2002... Byline: F&C Staff Minneapolis-based IPI Inc. (AMEX:IDH), the parent company of Insty-Prints Inc., franchisor of Insty-Prints printing centers, announced Thursday it sold its Insty-Prints franchise business to Allegra Holdings LLC.IPI also...

PepsiAmericas names new president.
February 1, 2002... Byline: F&C Staff Minneapolis-based PepsiAmericas Inc. (NYSE:PAS) announced that Kenneth E. Keiser has been promoted to president and chief operating officer, with responsibility for PepsiAmericas worldwide operations.Previously, Keiser...

Bemis Co. Inc. elects new director to board.
February 1, 2002... Byline: F&C Staff Minneapolis-based Bemis Co. Inc. (NYSE:BMS) Thursday announced that its board of directors elected Barbara L. Johnson, vice president and treasurer of Carleton College in Northfield, as a director of the company.I am very...

MN family's fund mgmt. firm stays close to home.
February 2, 2002... Byline: Mark Anderson If Frank Capra had created a celluloid mutual fund family, his managers might have looked a lot like the Perkins of Wayzata. Richard W. Perkins, the patriarch of the family and Perkins Capital Management, along with...

Abra Auto Body acquires WI auto body business.
February 2, 2002... Byline: F&C Staff Brooklyn Center-based Abra Auto Body and Glass said Friday that it has acquired Mark's Auto Body in Delafield, Wis. Terms of the deal were not disclosed.Abra said the repair center will be the company's eighth outlet in...

The cost of living in the Twin Cities continues to rise.
February 2, 2002... Byline: F&C Staff According to the 2001 American Chamber of Commerce Research Association, the Twin Cities cost of living index for the third quarter of 2001 was 108.6, with the national average at 100.Although the cost of living in the...

Commuter rail bill introduced, hearings begin Monday.
February 2, 2002... Byline: F&C Staff Minnesota Sen. Jane Krentz (DFL-May Township) and Rep. Kathy Tingelstad (R-Andover) introduced legislation Friday that would authorize $120 million in state bonding for the proposed Northstar commuter rail line from...

Builders and federal regulators locking horns over revised wetland regulations.
February 5, 2002... Byline: Brian Johnson In a showdown over newly revised wetland development rules, the National Association of Home Builders says the U.S. Army Corps of Engineers isn't doing enough to streamline environmental approvals for construction...

HighJump Software secures $10 million investment.
February 5, 2002... Byline: F&C Staff Eden Prairie-based HighJump Software, a provider of supply chain execution software, announced Monday it has closed on a $10 million equity investment with St. Paul Venture Capital of Bloomington and Gemini Investors of...

Benchmark Learning and MindSharp Learning merge.
February 5, 2002... Byline: F&C Staff Edina-based Benchmark Learning has acquired another technology training firm, Minneapolis-based MindSharp Learning. The combined company, now under the Benchmark Learning name, has 62 employees.Benchmark is a $6 million...

Norstan signs agreement to sell its Norstan Network Services subsidiary.
February 5, 2002... Byline: F&C Staff Minneapolis-based Norstan Inc. (Nasdaq:NRRD), a provider of business communications software and services, announced Monday that it has signed a definitive agreement to sell Norstan Network Services Inc. to Tampa,...

NY company appoints Minneapolis man as CEO.
February 5, 2002... Byline: F&C Staff Minneapolis businessman John L. Erb has been named chief executive officer and board member of New York-based CHF Solutions Inc., a private medical device manufacturer.Most recently, Erb was president, CEO and director of...

GMAC-RFC acquires French and German operations.
February 5, 2002... Byline: F&C Staff Minneapolis-based Residential Funding Corporation, a wholly owned subsidiary of General Motors Acceptance Corporation, announced that its European subsidiary GMAC-RFC Europe Ltd. has acquired the mortgage distribution...

St. Paul firm closes on $12 million in equity financing.
February 6, 2002... Byline: F&C Staff Data Sciences International Inc., a St. Paul firm that specializes in developing monitoring devices for laboratory animals, has received $12 million in equity financing to bring a new clinical product to market.Company...

KKE Architects principal receives national award.
February 6, 2002... Byline: F&C Staff The American Institute of Architects (AIA) has selected Mohammed Lawal, a principal with Minneapolis-based KKE Architects, as one of four architectural professionals in the United States to receive the 2000 Young...

Two executives leave Stockwalk Group.
February 6, 2002... Byline: Dave Price John E. Jack Feltl, the former CEO and principal shareholder of R.J. Steichen & Co. in Minneapolis until its August 2000 merger with Stockwalk Group, has resigned his board seat at Stockwalk and has left the company.Also...

Impres Medical Inc. adds new member to board.
February 6, 2002... Byline: F&C Staff Minneapolis-based Impres Medical Inc. this week added Lee A. Jones to the board of directors. Jones is the chief executive officer of Minneapolis-based Inlet Medical, a medical device company that specializes in minimally...

Carlson School offers awards in business plan contest.
February 6, 2002... Byline: F&C Staff The Carlson School of Managements Center for Entrepreneurial Studies at the Minneapolis campus of the University of Minnesota announced that its fifth annual Gopher the Gold business plan competition will award aspiring...

Next chapter for a troubled Stockwalk is bankruptcy.
February 7, 2002... Byline: Dave Price In less than three years, Stockwalk Group Inc. will have traveled full circle, rising from a small, private regional brokerage into an up-and-coming public company riding the dot-com boom, before going back down...

Sun Country near new funding, slates flights.
February 7, 2002... Byline: F&C Staff Sun Country Airlines said Wednesday it expects to resume scheduled service by the end of the month, flying to 11 cities starting on Feb. 27. The Mendota Heights-based airline had suspended most flights in early December...

Acquisition of Fargo Electronics delayed.
February 7, 2002... Byline: F&C Staff Eden Prairie-based Fargo Electronics Inc. (Nasdaq:FRGO) and Vernon Hills, Ill.-based Zebra Technologies Corp. announced they have delayed a weeklong period when Fargo has the right to terminate its acquisition by Zebra....

eNetpc signs agreement and merger plan with e-Site.
February 7, 2002... Byline: F&C Staff Eden Prairie-based eNetpc Inc. (OTC Bulletin Board:ETPC), an application service provider specializing in business-to-business software, electronic commerce and virtual distribution, announced Wednesday that it signed an...

Local ad firm writes score for major movie.
February 8, 2002... Byline: F&C Staff If you can write music for a talking Chihuahua, you can write music for Billy Bob Thornton and Halle Berry.Minneapolis composing firm Asche & Spencer scores some 200 commercials a year, including spots for Taco Bell and...

Fire at U of MN leads to tighter security measures.
February 8, 2002... Byline: Brian Johnson The University of Minnesota is beefing up security at a construction site on its St. Paul campus in the aftermath of a recent fire that appears to have been started intentionally. An environmental activist group, the...

MN-based info. tech. firm names new CEO.
February 8, 2002... Byline: F&C Staff Eagan-based Wam!Net, a provider of information technology infrastructure and shared content delivery and hosting systems, announced Thursday it has named Michael Williams to the position of chief executive...

Artspace Projects withdraws state funding request.
February 8, 2002... Byline: F&C Staff Minneapolis-based Artspace Projects has withdrawn its $10 million request in state bonding assistance for the Minnesota Shubert Performing Arts and Education Center. Minneapolis Mayor R.T. Rybak asked Artspace to withdraw...

3M's East Side St. Paul site to reduce operations, cut 500 jobs.
February 8, 2002... Byline: F&C Staff Maplewood-based 3M announced Thursday that it will phase out most of its production operations on St. Pauls East Side over the next year. The company also announced plans to develop a technology resource center at the...

City-County Federal Credit Union opens new office.
February 9, 2002... Byline: Mark Anderson Phillips neighborhood leaders hailed the opening of the new City-County Federal Credit Union office at 1113 E. Franklin Ave. last week as a boon to their community, which is home to the regions largest concentration...

Multi-family housing surge continues in January.
February 9, 2002... Byline: F&C Staff A surge in multi-family construction permits in January fueled another strong month for local homebuilders, according to permit data released Friday by the Builders Association of the Twin Cities. While total permits were...

Sterion Inc. acquires local medical supply company.
February 9, 2002... Byline: F&C Staff Sterion Incorporated, a Minneapolis-based medical products company, announced Friday that it has acquired substantially all of the assets of Mendota Heights-based Bellingham Medical, a manufacturer and marketer of wound...

Xcel Energy plans to raise $1.4 billion.
February 9, 2002... Byline: Dave Price Minneapolis-based Xcel Energy plans to issue up to $1.4 billion in new stock and debt, primarily using the proceeds to fund operating units and subsidiaries, including NRG Energy Inc.The company on Friday also broke a...

KKE Architects expands despite risky economy.
February 12, 2002... Byline: F&C Staff As the economy tightened last year, companies in all industries shelved expansion plans and trimmed their staffs and expenses.KKE Architects Inc. took a different approach."We think it's a good time to expand," KKE...

GMAC-Residential Funding marks 41% loan increase.
February 12, 2002... Byline: F&C Staff Minneapolis-based GMAC-Residential Funding Corporation, a wholly owned subsidiary of General Motors, Monday announced its total mortgage-backed securities and asset-backed securities issuance in 2001 reached $26.4...

Subcontractors Assn. of MN presents awards.
February 12, 2002... Byline: F&C Staff The American Subcontractors Association of Minnesota presented the General Contractor of the Year TOPS award to Kraus-Anderson Construction Co.-St. Paul Division. John Schletty, senior vice president of the division,...

Spinoff effect of Fingerhut closing: 682 jobs.
February 12, 2002... Byline: Mark Anderson The tally of job losses related to Fingerhuts threatened closing in St. Cloud keeps climbing.Economists Jamie Partridge, a professor at St. Johns University in Collegeville and the College of St. Benedict in St....

JB Oxford Holdings buys Stockwalk.com.
February 12, 2002... Byline: Dave Price Stockwalk.com is heading for the hills. Beverly Hills, that is.After months of talks, cash-strapped Stockwalk Group Inc. early Monday said it has reached a definitive agreement to sell its online-trading subsidiary to JB...

Networking manufacturer seeks $125M from note sale.
February 12, 2002... Byline: F&C Staff CNT Inc. formerly Computer Network Technology announced Monday plans to sell up to $125 million in five-year, convertible subordinated notes.Under terms of the private placement, the storage area networking manufacturer...

R2 Corp. assets acquired by North Carolina concern.
February 12, 2002... Byline: F&C Staff Raleigh, N.C.-based Tekserve POS LLC, a wholly owned subsidiary of Tekserve Inc., Monday announced the acquisition of substantially all the assets formerly owned by R2 Corp., a Minnesota-based corporation.Tekserve Inc....

From Ada to Zapata, Stockwalk creditors are easy to locate.
February 13, 2002... Byline: Dave Price ***** CORRECTION: The name of a Texas city was incorrectly spelled in a story and headline on Wednesday, Feb. 13, about the bankruptcy of Stockwalk Group. The correct spelling of the city is Zapata. ***** ...

Software depicts completed construction projects.
February 13, 2002... Byline: Brian Johnson During Vincent Whitted's 20 years in the construction materials business, he often struggled with the challenge of showing accurate representations of his products in the context of the finished building project....

Lutheran corporate financial giants unveil a new name.
February 13, 2002... Byline: Mark Anderson As in most marriages, the partners finally decided the hyphenated name was just too much of a mouthful.So Aid Association for Lutherans/Lutheran Brotherhood on Tuesday became Thrivent Financial for Lutherans, a $59...

Minnesota Life posts new sales record for the year.
February 13, 2002... Byline: F&C Staff St. Paul-based Minnesota Life Insurance Co. reported sales of $2.5 billion in 2001, setting a new record and driving insurance in force to a record high of nearly $300 billion. Due to the declining stock market, however,...

General Mills' Pet Inc. announces cash tender offer.
February 13, 2002... Byline: F&C Staff Pet Inc., an indirect, wholly owned subsidiary of Minneapolis-based General Mills Inc. (NYSE:GIS), Tuesday announced it began a cash tender offer for any and all of its outstanding $91,500,000 aggregate principal amount 6...

Former CEO tries to regain control of Fingerhut.
February 14, 2002... Byline: Dave Price Stop us if youve heard all this before. President Bush is soaring in the public opinion polls and making noise about taking on Saddam Hussein on his home turf. Elsewhere, stock prices are floundering and the market for...

Innovex Inc. elects new director to board.
February 14, 2002... Byline: F&C Staff Maple Plain-based Innovex Inc. (Nasdaq:INVX) Wednesday announced Raj K. Nooyi was elected a director by its shareholders. Innovex is a manufacturer of high-density flexible circuit-based electronic systems that enable...

International Airport garners top honors for concessions.
February 14, 2002... Byline: F&C Staff Minneapolis-St. Paul International Airport ranks first among large airports in all five categories of the 2002 best concession poll conducted by World Airport Retail News.This is the second consecutive year the airport...

The class of 2000: Three banks tell their stories.
February 15, 2002... Byline: Mark Anderson During the last several years, new banks cropped up in Minnesota like mushrooms in spring. Twenty-one banks have either opened their doors for the first time or obtained charters since January 2000, most of them in...

Buyer emerges for Sun Country Airlines.
February 15, 2002... Byline: Dave Price A group led by a Burnsville attorney who helped engineer the original purchase of Sun Country Airlines nearly two decades ago emerged Thursday with a deal that would keep the struggling carrier flying as a four-plane...

Houston firm purchases Roseville-based Colonial Craft.
February 15, 2002... Byline: F&C Staff Quanex Corporation, a Houston-based manufacturing company, announced Thursday that it has purchased Roseville-based Colonial Craft, a provider of valued-added wood products for the building products industry. Colonial...

Xcel makes last-ditch effort to save NRG Energy.
February 16, 2002... Byline: Dave Price Xcel Energy Inc. said on Friday it plans to re-acquire NRG Energy Inc., its independent power producing subsidiary that went public less than two years ago.Officials of the Minneapolis-based energy holding company said...

Insulation products co. announces mgmt. changes.
February 16, 2002... Byline: F&C Staff Metalclad Corporation, a provider of insulation products and related materials, announced several management changes Friday, including the election of Wayne W. Mills as president and chief executive officer.Mills'...

St. Thomas breaks ground on $33 million School of Law building.
February 19, 2002... Byline: Monte Hanson The University of St. Thomas will break ground on Thursday on a $33 million School of Law building, near Harmon Place and 12th Street in downtown Minneapolis.The five-level building will blend the university's...

Prime Therapeutics names interim president, CEO.
February 19, 2002... Byline: F&C Staff St. Paul-based Prime Therapeutics Inc. has named Philip Olson its interim president and CEO, effective March 1.Steven S. Martin, current president and CEO, has been appointed CEO of Blue Cross and Blue Shield of Nebraska....

Contractors face tighter bidding market.
February 19, 2002... Byline: Brian Johnson Oakdale City Administrator Craig Waldron could hardly believe what he was seeing when city officials opened bids for the city's north fire station project earlier this month. "I have never seen, in my whole career, a...

Rottlund Co. settles lawsuit, increases stock tender offer.
February 20, 2002... Byline: Dave Price Resolving a potential snag in its bid to become a private firm again, Rottlund Co. Inc. said Tuesday it will bump up the purchase price of the companys self-tender offer in response to a shareholder class-action...

Three local economists declare U.S. recession is already over.
February 20, 2002... Byline: Mark Anderson Three influential Twin Cities economists on Tuesday joined a growing chorus of financial experts who are saying a modest economic recovery is already under way, ending one of the mildest recessions in U.S. history....

Changes expected in wake of Enron.
February 20, 2002... Byline: Dave Price Ever since Enron finally owned up to years of financial tomfoolery last October, regulators and Congress have been racing to come up with ways to protect investors from similar meltdowns in the making.The Securities and...

Ontrack Data International chairman to retire.
February 20, 2002... Byline: F&C Staff Minneapolis-based Ontrack Data International Inc. (Nasdaq:ONDI), a provider of data availability software and services, Tuesday announced that Michael W. Rogers, chairman of the board, will retire and not stand for...

ApplianceSmart to open tenth store in mid-March.
February 20, 2002... Byline: F&C Staff Minneapolis-based Appliance Recycling Centers of America Inc. (OTC Bulletin Board:ARCI) announced that it will open a 30,000-square-foot ApplianceSmart superstore factory outlet in March in Columbus, Ohio. The store is...

The St. Paul Cos Inc. announces VP appointments.
February 21, 2002... Byline: F&C Staff The St. Paul Cos. Inc. (NYSE:SPC) announced Wednesday that Kevin Rehnberg, 38, has been named senior vice president, Specialty Commercial. He will report to Mike Miller, executive vice president, Specialty Commercial. The...

Bloomington-based WHY USA acquires Discover Mortgage Corp.
February 21, 2002... Byline: F&C Staff Bloomington-based WHY USA Financial Group Inc. (OTC Bulletin Board:WUFG), a national provider of real estate franchise and mortgage banking services, Wednesday announced it signed an agreement to acquire locally based...

MN-based Metalclad names chief financial officer.
February 21, 2002... Byline: F&C Staff Minneapolis-based Metalclad Corp. (Nasdaq:MTLC) announced this week that it has appointed Brian Niebur chief financial officer. He replaces Anthony C. Dabbene, who resigned last week from the insulation products...

Second buyer bids for Fingerhut.
February 22, 2002... Byline: Dave Price Even as Federated Department Stores was announcing Thursday that Twin Cities turnaround specialist Peter Lytle has put forward a letter of intent to buy Fingerhut, another potential buyer also submitted a bid for the...

Xata Corp. names two new top officers.
February 22, 2002... Byline: F&C Staff Minneapolis-based Xata Corp. (Nasdaq:XATA), a supplier of mobile information systems for transportation companies, this week named new top executives. William P. Flies is the new chairman and chief technology officer, and...

MN native sworn in as Fed. Reserve Board governor.
February 22, 2002... Byline: Mark Anderson Fergus Falls native Mark W. Olson took the oath as a Federal Reserve Board governor in December, achieving the high point of a career that has touched just about all the professional bases open to a banker. The son of...

Xcel Energy stock offering pricing set.
February 22, 2002... Byline: F&C Staff Xcel Energy expects to price its upcoming offering of stock on Monday, with most of the proceeds used to help shore up the balance sheet of its majority-owned NRG Energy subsidiary.Minneapolis-based Xcel last week...

Zomax Inc. to buy bankrupt e-services provider.
February 22, 2002... Byline: F&C Staff Zomax Inc. Thursday said it plans to acquire most of the assets of Software Logistics Corp., a supply-chain services provider doing business globally as iLogistix.The deal is expected to boost Zomax sales by $225 million...

Retail, Restaurants, Apparel Conference planned.
February 22, 2002... Byline: F&C Staff Ron Marshall, president and chief executive officer of Edina-based Nash Finch Co. (Nasdaq:NAFC) will participate in the Bear Stearns Retail, Restaurants and Apparel Conference next week in New York. In his presentation,...

Dow Jones & Co. sells The Free Press of Mankato.
February 22, 2002... Byline: F&C Staff South Brunswick, N.J.-based Dow Jones & Co. announced Thursday that it has entered into a definitive agreement to sell four of its Ottaway Newspapers Inc. properties to Community Newspaper Holding Inc. The Free Press of...

Debt downgrade could cost NRG up to $1.45B in 2002.
February 23, 2002... Byline: Dave Price NRG Energy could be on the hook for up to $1.45 billion in additional collateral by the end of the year if its unsecured debt drops below investment grade with the major credit-rating agencies. NRG's credit rating...

'Guy next door' is poised to take over Fingerhut company's future.
February 23, 2002... Byline: Brian Johnson Although he may be viewed as "The Man Who Would Save Fingerhut," Peter Lytle didn't ride a white horse to a Friday morning press conference about his plans to buy the struggling catalog business. And he certainly...

Minnesota Brewing files Chapter 11 bankruptcy.
February 23, 2002... Byline: F&C Staff Financial struggling Minnesota Brewing this week filed for bankruptcy protection while its corporate parent, MBC Holding Co., seeks additional investors. Thursday's filing ended several weeks of speculation that the...

MN-based fluid tech. supplier declares dividend.
February 23, 2002... Byline: F&C Staff Minneapolis-based Graco Inc. (NYSE:GGG) declared a regular quarterly dividend of 11 cents per common share payable on May 1 to shareholders of record on April 15. In a separate action, the board authorized a plan for the...

Zebra Technologies extends tender offer to March 8.
February 26, 2002... Byline: F&C Staff Vernon Hills, Ill.-based Zebra Technologies Corp. (Nasdaq:ZBRA) and Eden Prairie-based Fargo Electronics Inc. (Nasdaq:FRGO) Friday announced an extension of Zebras tender offer for all outstanding shares of common stock...

Securian Financial Group closes trust purchase.
February 26, 2002... Byline: F&C Staff St. Paul-based Securian Financial Group Inc., a wholly owned subsidiary of Minnesota Mutual Cos. Inc., announced Monday it closed its purchase of the trust and investment division of Midway National Bank of St. Paul. The...

President of Alliant Techsystems resigns post.
February 26, 2002... Byline: F&C Staff Scott Meyers, a six-year veteran at Alliant Techsystems (ATK), Monday resigned as president of the Edina-based defense and aerospace company and will be replaced by Paul Ross, effective April 1.The move was among several...

MN firm announces sale of Bowman Tool, Machining.
February 26, 2002... Byline: F&C Staff Minneapolis-based WSI Industries Inc. (Nasdaq:WSCI) Monday announced that it has completed the sale of its Bowman Tool and Machining Inc. subsidiary in Rochester. The company said sale proceeds totaled about $7.1 million...

Construction firms learning benefits of recycling.
February 26, 2002... Byline: Brian Johnson What does an old rental-car ramp at the Minneapolis-St. Paul International Airport have in common with Seattle's Kingdome and the Stapleton International Airport in Denver? Each is an example of the construction...

Toro forms financing arm for commercial equipment.
February 26, 2002... Byline: F&C Staff Bloomington-based Toro Co. (NYSE:TTC) announced Monday it formed Toro Financing to offer financing for golf courses, municipalities and sports fields to acquire irrigation systems and maintenance equipment.Offered in...

Air freight industry enters a new era.
February 27, 2002... Byline: F&C Staff While nearly every business sector was affected by the poor economy and the Sept. 11 terrorist attacks last year, no industry took a harder hit than air transportation. U.S. passenger airlines, in particular, struggled...

MN-based nutraceuticals firm plans liquidation.
February 27, 2002... Byline: Dave Price GalaGen Inc., the Land O'Lakes spinoff that once hoped to mass market dietary supplements using antibodies in cow's milk, has closed up shop for good. The Minnetonka-based nutraceuticals firm filed for Chapter 7...

Minneapolis-based Analysts International founder to retire this spring.
February 27, 2002... Byline: F&C Staff Minneapolis-based Analysts International (Nasdaq:ANLY) announced Tuesday that Frederick W. Lang, founder, chief executive officer and chairman of the board, plans to retire as CEO effective at the end of April. ...