Washington Business Journal articles from February 1999

Washington Business Journal archives from February 1999

Thrift planned in bank hotbed.(thrift charter offering of the 1st Service Bank)
February 26, 1999... It's a familiar story - a group of investors starts a community financial institution - but with a twist: The new institution is a thrift, not a bank. Ernest Tressler, president and CEO of 1st Service Bank, said holding a thrift charter...

Diamond in the rough.(includes related article on the controversy of the financial plan)(financing for the construction of a baseball stadium in Washington, DC)
February 26, 1999... D.C. turns attention to ownership with stadium financing in place With a financing plan in place for a new 45,000-seat stadium, District officials are fielding offers from investors hoping to bring Major League Baseball back to...

`Internet mania' drives two IPOs.(initial public offerings of Musicmaker.com and CAIS Internet)
February 26, 1999... The race is on for local Internet companies that want to go public - and lack of revenue doesn't appear to be a handicap. Musicmaker.com, a Reston-based online music retailer that posted only $74,028 in sales last year, registered Feb. 19...

Old idea, new firm for Hayes CEO.(CEO Ron Howard's purchase of Hayes' Century 2000 remote access server)
February 26, 1999... When Hayes Corp. filed for bankruptcy protection late last year, it appeared that CEO Ron Howard's 20-year career of building, running and selling technology companies was finished. But Howard is getting another chance. "I found some...

Miller/Akridge pay $25M for Chinatown property.(Herb Miller of Western Development and co-developer Chip Akridge of The John Akridge Cos.; Washington Metropolitan Area)
February 26, 1999... Metro officials were scheduled to accept developer Herb, Miller's $25 million offer for the land above the Gallery Place/Chinatown Metro station. Miller of Western Development and co-developer Chip Akridge of The John Akridge Cos. plan...

Home Depot's high-end concept to hit Fairfax.(Home Depot's Expo Design Center in Fairfax, Virginia)
February 26, 1999... Home Depot is opening a high-end interior design store in Fairfax, hoping to cater to high-earners snapping up new homes in Northern Virginia. The Atlanta-based home improvement chain plant to open Expo Design Center in a former Caldor...

Hoop dreams: Baltimore home to start-up league.(establishment of the International Basketball League in Maryland)
February 26, 1999... Thaxter R. Trafton seeks success in an arena where many have failed. Trafton, former president of the NBA's Cleveland Cavaliers, hearts the International Basketball League, the latest start-up league to hit the sports world. Based...

Fabrizio Aielli: Italian chef's menu features lessons in good business.
February 26, 1999... When developer Anthony Lanier and his business partners decided to build a huge luxury hotel, retail and residential complex at 23rd and M streets NW, one man stood in the way. Fabrizio Aielli, an Italian chef and restaurateur, had...

Corporate have, D.C.?(includes related article on the business environment in Washington, D.C. and Virginia)(modeling of the corporate laws of Washington, D.C. with Delaware)
February 26, 1999... Mayor plans to pursue making District's business laws more like Delaware's, where these four local giants decided to incorporate "Would you rather look at the Capitol or an ice skating rink?" said District Councilman Jack Evans,...

Another era for Digex: Beltsville Internet firm to be spun off from Intermedia; second IPO for Digex.(Internet/Web search service firm's second initial public offering)
February 19, 1999... Prince George's County may be the launch pad for the next Internet-fueled rocket stock. The parent company of Beltsville-based Digex plans to sell 49 percent of the Web-hosting company in an initial public offering. Intermedia...

Rockville site leads pack in Marriott HQ search.(Marriott International Inc to put up headquarters in Virginia)
February 19, 1999... A Rockville office park appears to have emerged as the leading contender for Marriott International's new headquarters. The Bethesda-based hospitality giant has narrowed its search to Tower Oaks and three other sites: its current facility...

Jolene Tornabeni: Inova's first female COO revamps industry standards.(health care provider Inova Health System)
February 19, 1999... As early as first grade, little Jolene Wobbeking's leadership abilities were more obvious to those around her than they were to her. In the sleepy farm town of Dows, Iowa (population 1,000), Wobbeking's troop of 6-year-old pals appointed...

Confessions of a start-up addict.(Dave Schaeffer's management of Pathnet)
February 19, 1999... The chaos and thrill that typify a company's early days infatuate Dave Schaeffer. Dave Schaeffer is the kind of overachiever you'd hate to run into at a class reunion: No matter how many companies you've acquired, no matter how many...

Hotel occupancy, rates remained high in '98.(Washington, D.C.)(Brief Article)(Statistical Data Included)
February 5, 1999... A strong year for hotels Percent occupied Nightly rate '97 '98 '97 '98 Metro area 70.6 70.4 $100.11 $105.05 D.C. 71.6 71.5 128.26 134.23 Bethesda/Silver...

University hospital nears deal; MedStar, Georgetown in 'serious discussions.'.(MedStar Health; Georgetown University Hospital)
February 5, 1999... MeriStar Health has emerged as the leading contender to buy financially beleaguered Georgetown University Hospital. Georgetown officials said Feb. 3 they had entered "serious discussions" with MedStar, formerly Medlantic Helix Healthcare....

P Street: a 'fresh' start.(supermarket chain Fresh Fields to build a store in Northwest, DC)
February 5, 1999... What does it take to get Fresh Fields to build a store in an up-and-coming but still dicey neighborhood in Northwest D.C.? Two retail consultants, two economists, two biologists, a public relations executive and other well-educated...

Check, please: Provence files for Chapter 11.(French restaurant)
February 5, 1999... Provence restaurant has filed for bankruptcy, the latest fallout since its well-known owners Yannick Cam and Savino Recine parted ways last year. The posh French restaurant on Pennsylvania Avenue NW filed a Chapter 11 bankruptcy petition...

Office project slated for courthouse.(Holladay Corp.'s speculative Courthouse Tower)
February 5, 1999... A D.C. developer known for residential work is jumping into office development with a bang: a $51 million speculative building across from the Arlington County Courthouse. Holladay Corp. plans to break ground Feb. 15 on a...

Fatzinger lands at ASB.(ASB Capital Management president and CEO Walter Fatzinger Jr.)
February 5, 1999... Walter Fatzinger Jr., who left First Maryland Bancorp last month when he was passed over for the president's job, has resurfaced as president and CEO of ASB Capital Management. Fatzinger's appointment comes at a critical time for...

Riggs creates unit to sell mutual funds.(Riggs Bank to establish Riggs Investment)
February 5, 1999... Riggs Bank is creating a broker-dealer in a bid to leverage the District-based company's money management operations. Industry observers acknowledged synergies between the new venture and Riggs' existing operations, but they questioned...

Robert McGovern: CareerBuilder CEO weaves his magic for investors.(Company Profile)
February 5, 1999... At a recent committee meeting of the Northern Virginia Technology Council, Robert McGovern stood out like a Duke fall at a Carolina game. In contrast to the rest of the room - a crowd of about 25 bankers, lawyers and venture capitalists...

Leaving law: hours, pressure, specialization can make attorneys think they're in the wrong job.(Special Report: Professional Services)
February 5, 1999... A career counselor, a law school administrator and two possible candidates for the priesthood. It's an unremarkable list - until you consider that everyone on it is a former Washington lawyer, or thinking of becoming one. They are just...

D.C. firm meets on video with its office in Atlanta.(Special Report: Professional Services)(law firm Sutherland Asbill and Brennan)
February 5, 1999... Sutherland Asbill & Brennan has discovered the joy of looking. Once reserved for sci-fi lovers and high-tech communication companies, videoconferencing is now becoming commonplace with some more conservative users. At this law firm, with...

Akin, Gump puts new step in march to partner.(Special Report: Professional Services)(Akin, Gump, Strauss, Hauer and Feld L.L.P.)
February 5, 1999... Akin, Gump, Strauss, Hauer & Feld has introduced a new promotion and compensation plan, announcing its first class of "counsel" Dec. 18. The plan affects 164 of Akin Gump's 282 attorneys in its Washington office by offering a new level -...