Finance and Commerce Daily Newspaper, MN articles from May 2003

Finance and Commerce Daily Newspaper, MN archives from May 2003

Thrivent Financial to boost sales force.(Thrivent Financial for Lutherans)
May 1, 2003... Byline: Mark Anderson Thrivent Financial for Lutherans announced Wednesday that it will expand its sales force by one-third before the end of the year as part of a continuing effort to build market share among the nation's 10 million...

Appeals court rules in case involving Piper Jaffray founder's estate.(George B. Lane estate)
May 1, 2003... Byline: Dave Price In this clan, adoption isn't only a family decision, it's a critical part of estate planning. Under an opinion released this week by the Minnesota Court of Appeals, the great grandnephew of one of the founders of...

Land O' Lakes closing Research Seeds facility in Missouri.(Brief Article)
May 2, 2003... Byline: F&C Staff Arden Hills-based Land O' Lakes Inc. announced plans on Thursday to close its Research Seeds Inc. facility in St. Joseph, Mo., at the end of June. The cooperative said 27 jobs will be lost, although some employees...

Techne Corp. gets a lift from weak dollar.
May 2, 2003... Byline: Dave Price A weak dollar propelled Techne Corp. to a stronger-than-expected quarter during the first three months of the year and helped spark a 21 percent jump in the company's share price on Thursday. The Minneapolis-based...

Builders association announces top remodeling projects.(Builders Association of the Twin Cities members receive Remodeler of Merit Awards)(Brief Article)
May 2, 2003... Byline: F&C Staff Otagawa-Anschel Design Build of Minneapolis and Wayzata-based Stonehouse Designs were among the big winners in the 22nd Annual Remodeler of Merit (ROMA) awards, which honored outstanding remodeling members of the Builders...

U.S. Bancorp Center sold for $174 million.
May 3, 2003... Byline: Brian Johnson In the first major deal for a downtown Minneapolis office building in six years, an Atlanta real estate investment management firm said Friday that is has purchased the U.S. Bancorp Center for $174 million. Wells...

Student-built homes to be showcased May 8 and 20.
May 3, 2003... Byline: F&C Staff Northeast Metro 916's Construction Occupations class will showcase two student-built homes later this month as part of a grand opening celebration. The homes are located at 70th Street and Harkness Avenue in Cottage...

Canterbury officials playing the odds on racino facility.
May 3, 2003... Byline: Dave Price Although proposals to add casino gambling at Canterbury Park have yet to cross the finish line, a handful of executives at the Shakopee-based horse-racing track are already beginning to cash in winning tickets. ...

Construction officials aren't sold on reverse auctions.
May 6, 2003... Byline: Brian Johnson Reverse auction bidding has been described as "eBay in reverse." But instead of bidding for antiques and sports memorabilia, Minnesota lawmakers are considering using reverse auctions to award contracts for...

CNT acquires Inrange Technologies Corp.(Brief Article)
May 6, 2003... Byline: F&C Staff CNT announced the acquisition of Inrange Technologies Corp. CNT has purchased all outstanding shares of Inrange in an all-cash transaction valued at approximately $190 million, or $2.31 per Inrange share. Thomas G....

The Hartford Group secures financing for Burnsville project.(assisted living project)(Brief Article)
May 7, 2003... Byline: F&C Staff The Hartford Group architectural, development and engineering firm of Eden Prairie said Tuesday that it has secured construction and permanent financing from the U.S. Department of Housing and Urban Development for an...

The St. Paul Companies declares quarterly dividend.(Brief Article)
May 7, 2003... Byline: F&C Staff The board of directors of The St. Paul Companies declared a regular quarterly dividend of 29 cents per share. The company has paid cash dividends without interruption for 131 years. The St. Paul Companies --...

St. Paul program to assist small businesses with loans.(Brief Article)
May 7, 2003... Byline: F&C Staff St. Paul Mayor Randy Kelly joined community partners to announce a new loan program for St. Paul businesses. The Small Business Expansion Program uses partnerships to tap into private resources instead of relying on...

Duluth aquarium looks for help to stay afloat.(Great Lakes Aquarium)
May 7, 2003... Byline: Jim Martyka The Great Lakes Aquarium might have finally found its anchor, or more appropriately, a life jacket to keep it afloat. Duluth's freshwater attraction has struggled financially since its opening, not drawing enough...

Techne Corp. gets a lift from weak dollar.(sales, earnings data)
May 7, 2003... Byline: Dave Price A weak dollar propelled Techne Corp. to a stronger-than-expected quarter during the first three months of the year and helped spark a 21 percent jump in the company's share price on Thursday. The Minneapolis-based...

Beacon Bank sets its sites on the Northland.(Duluth operations)
May 8, 2003... Byline: Mark Anderson Bob Weiss' Beacon Bank isn't exactly taking the road less traveled as it begins to grow out-state. Driving up I-35 to Duluth may actually be the most familiar route in Minnesota, after all. But the Shorewood-based...

Builders Association announces Trillium Award winners.(Lecy Brothers Homes, Scherer Brothers Lumber among top winners)(Brief Article)
May 9, 2003... Byline: F&C Staff Lecy Bros. Homes and Scherer Bros. Lumber were among the top winners at the Builders Association of the Twin Cities' Trillium Awards event. The 14th annual event, which was held April 24 in Minneapolis, recognized...

Alliant Techsystems names new CEO.(Dan Murphy Jr.)
May 9, 2003... Byline: Dave Price There's going to be a new skipper at the helm of Alliant Techsystems. The Edina-based defense contractor announced Thursday that Dan Murphy Jr. will take over as CEO in October, succeeding Paul David Miller who has...

Economist Ford is bullish on business growth.(William Ford)
May 9, 2003... Byline: Mark Anderson The economy isn't as bad as you think, and it's going to get steadily better this year, in the opinion of William Ford, a nationally recognized economist who spoke to a group of west metro community and business...

Deflation already here, many companies say.
May 10, 2003... Byline: Dave Price The Federal Reserve's announcement this week that price deflation -- rather than inflation -- still looms as a real threat to the U.S. economy likely didn't catch too many company executives by surprise. They've been...

Pioneer in Modern architecture to receive honorary degree.(Elizabeth Close)(Brief Article)
May 10, 2003... Byline: F&C Staff Elizabeth Close, one of the first Modern architects in Minnesota, will receive an honorary degree May 17 from the University of Minnesota's College of Architecture and Landscape Architecture. The Doctor of Humane...

Multifamily construction fuels residential building activity.
May 13, 2003... Byline: F&C Staff April was a solid month for residential construction in the Twin Cities thanks to a strong market for multifamily housing, according to building permit figures released Monday by the Builders Association of the Twin...

Welsh Cos. lands contract for Midway complex.(Brief Article)
May 13, 2003... Byline: F&C Staff Bloomington-based Welsh Cos. announced Monday that it has been chosen to manage and lease a St. Paul industrial complex. The company said that it will manage a 1.9 million-square-foot industrial park that contains 19...

Court dismisses involuntary bankruptcy against NRG Energy.
May 13, 2003... Byline: Dave Price NRG Energy is free to pursue a bankruptcy reorganization on its own terms and according to its own timetable. U.S. Bankruptcy Court in Minneapolis on Monday dismissed an involuntary bankruptcy petition filed in...

Stratasys shares jump 15 percent, hit all-time high.(Brief Article)
May 14, 2003... Byline: F&C Staff It must have been something they said. Shares of Stratasys Inc. rose sharply Tuesday, one day after the rapid-prototyping manufacturer was one of a dozen firms featured at an investor conference sponsored by a San...

Clock ticking on MN's home warranty bill.
May 14, 2003... Byline: Brian Johnson With time running out at the Legislature, Twin Cities residential builders are pushing for a slimmed-down home-warranty measure that would offer greater protection from construction defect claims. Both the House...

College and prep school plan new $4M hockey arena.
May 15, 2003... Byline: F&C Staff Saint Thomas Academy and the University of St. Thomas will break ground at 1:30 p.m. today for a $4 million hockey arena at the academy's 72-acre campus in Mendota Heights. The 1,000-seat facility will serve as the...

L.A. fund helps Diametrics Medical get healthy.
May 15, 2003... Byline: F&C Staff Roseville-based Diametrics Medical has closed on $1.5 million in new funding in a deal organized by the Mercator Advisory Group, a Los Angeles-area investment house specializing in short-term investments in smaller,...

Twin Cities hold their own, despite tight rental market.
May 15, 2003... Byline: Brian Johnson Jay Lybik has a quick response for housing providers who think the Twin Cities rental housing market is in a major funk: Thank goodness you're not doing business in Austin, Texas. Lybik, a market research director...

TCF Financial fighting settlement on debit-card fees.
May 15, 2003... Byline: Mark Anderson TCF Financial Corp. is hoping for a day in court to amend a high-profile settlement on debit-card fees that would hamper one of its fastest-growing businesses. TCF attorneys filed a formal objection on Tuesday to...

Medisyn Tech co-founder seeks $25M in damages.
May 16, 2003... Byline: Monte Hanson The co-founder of a Wayzata-based medical technology company is suing the firm's president and a Minneapolis law firm, alleging they forced him out of the business and caused him to lose his equity investment. ...

Investment club pursues profits from housing.
May 16, 2003... Byline: Brian Johnson When a reporter called Judy Olsen to talk with her about the Minnesota Multi Housing Association's Investors Club, Olsen was more than willing to chat. But Olsen had to cut the conversation short because she was...

Canterbury Park Holding Co. slumps as budget nears wire.
May 17, 2003... Byline: F&C Staff Shares in Canterbury Park Holding Co. slumped badly on Friday after reports Minnesota lawmakers may soon dump a proposal to add slot machines at the horse-racing facility in Shakopee. Canterbury stock dropped by as...

Columbus, Ohio officials to visit Twin Cities.
May 17, 2003... Byline: Dave Price The Twin Cities have more than just an overachieving expansion hockey team, according to the folks in Columbus, Ohio. Elected officials, bankers, attorneys and other executives from the central Ohio city will be on...

Wells Fargo adds Hmong language to ATMs.
May 20, 2003... Byline: Mark Anderson Wells Fargo & Co. has started offering bank services in the Hmong language on most of its 500 Minnesota ATMs. The move is the latest step in the campaign by Wells Fargo and several other Twin Cities banks to...

Ramada Inn Airport & Thunderbird Center turns 40.
May 21, 2003... Byline: F&C Staff The Ramada Inn Airport & Thunderbird Convention Center turns 40 today. Hotelier Rodney Wallace opened the Thunderbird, located near the old Metropolitan Stadium, in 1963. The hotel was one of the first major...

Creditor moves to foreclose on Rachel's Gourmet Snacks.
May 21, 2003... Byline: Dave Price A secured creditor moved to foreclose on Rachel's Gourmet Snacks late last week after the Bloomington-based potato-chip maker failed to keep up with interest and principal payments due on more than $2 million of...

St. Paul-based nonprofit aims to help drug addicts get back on their feet.
May 21, 2003... Byline: Brian Johnson Fred Myers officially retired as president of Rebuild Resources last month, but he hasn't stopped working. His passion for Rebuild is just as strong today as it was nearly 20 years ago when he founded the St....

Commercial real estate market faces a mixed bag.
May 22, 2003... Byline: Mark Anderson Commercial real estate buyers and builders have hit the trifecta on financing terms this spring. It's just too bad they don't have more horses to play in this race. With 10-year Treasury notes -- the financing...

Commercial lenders report brisk business.
May 22, 2003... Byline: Monte Hanson Despite rising vacancy rates in the Twin Cities and other major U.S. markets, mortgage bankers nationally are doing a brisk business lending money for commercial properties. The Mortgage Bankers Association of...

Time runs out on MN's home warranty legislation.
May 22, 2003... Byline: Brian Johnson A legislative priority for Minnesota homebuilders died on the Senate floor Monday evening, and homebuilders are blaming the defeat on a lengthy debate over the controversial Prairie Island nuclear power storage issue....

Credit unions beef up their membership.
May 23, 2003... Byline: Mark Anderson Last spring, the Minnesota Legislature gave many of the state's 180 credit unions a better chance to keep pace in the rapidly changing financial services industry, and the credit unions wasted no time cashing in on...

Experts say real estate investors need to be nimble.
May 23, 2003... Byline: Brian Johnson A slow economy and limited locations for good investments are making life difficult for many real estate investors. But there are still promising opportunities for investors who stay nimble and respond to changes in...

Plymouth-based Urologix Inc. taps new leadership to bail out company.
May 28, 2003... Byline: Dave Price Struggling Urologix Inc. named a medical-device industry veteran as its new CEO on Tuesday in a reorganization that also cut 28 jobs as the Plymouth-based company tries to preserve cash ahead of a new product launch this...

Eden Prairie library project awaits next chapter in construction project.
May 28, 2003... Byline: Brian Johnson If it were a book instead of a construction project, a past due notice would probably be in order. Nevertheless, county officials are hopeful that the long-delayed Hennepin County library project in Eden Prairie will...

Local execs pocket extra $54 million in dividend windfall.
May 29, 2003... Byline: Dave Price When Daryl "Sid" Verdoorn stepped down last May after 25 years as the CEO at C.H. Robinson Worldwide Inc., he gave up a $174,000-a-year salary along with bonuses that often pushed his total annual pay past $500,000. ...

Hennepin County officials plan Lake Street revival.
May 30, 2003... Byline: F&C Staff In a project that will bring the first major upgrades to Lake Street in nearly half a century, Hennepin County officials this week announced plans for more than $25 million in improvements from Lyndale Avenue to the...

Mortgage industry still waiting for reality to hit.
May 30, 2003... Byline: Mark Anderson The home mortgage business is on track to smash records for originations for the third year in a row, a development that nobody was predicting when 2003 began. The Iraqi war and lingering economic uncertainty,...