Philadelphia Business Journal articles from August 2000

Philadelphia Business Journal archives from August 2000

Venture deal a record in Phila.(ICG Commerce funding)
August 25, 2000... JENKINTOWN -- A provider of online procurement services that's half-owned by Internet Capital Group Inc. has received commitments for the largest venture funding in Philadelphia-area history. Once it's closed, ICG Commerce will have...

Opening airways to competition.(airlines seek more gates at Philadelphia International Airport)(Statistical Data Included)
August 25, 2000... At least five airlines operating out of Philadelphia International Airport have asked interim director Charles J. Isdell for access to more gates. "We think that's a healthy sign," Isdell said. Not that he's been able to satisfy any...

Real estate fund is region's biggest.(Lubert-Adler Real Estate Fund)(Brief Article)
August 25, 2000... The partners behind it can now boast having raised more than $1 billion since 1997. Ira Lubert and Dean Adler, two of the region's most active real estate investors, are lining up about $600 million for a fund that will represent the...

Fast-growing marketing firm pares workforce.(Medical Broadcasting Co.)(Brief Article)
August 25, 2000... Medical Broadcasting Co. has reduced its workforce by about 6 percent. When it did so early this month, it generated scuttlebutt that the company had grown too fast, and was struggling to restore stability. Not so, said David Kramer,...

Read all about it!(Bond Buyer magazine story in city of Philadelphia improved fiscal health)(Brief Article)
August 25, 2000... It's not the same as getting favorable press in the Washington Post or New York Times, but one national newspaper recently recognized the city of Philadelphia's improving fiscal health. That would be The Bond Buyer, which bills itself as...

Advanta tourney ending.
August 25, 2000... Philadelphia's 18-year run of hosting the Advanta Championships professional women's tennis tournament will come to an end after this year's event in November. IMG, the tournament owner, is selling the event to French promoter Gilles...

Telling it straight.(Competition in e-commerce)(Brief Article)
August 25, 2000... Even though they competed against each other, Internet businesses used to sport a sort-of "we're-all-in-this-together" attitude. That's no longer the case, as is evidenced by a recent press release from Narberth-based WineAccess.com,...

Today's Man hires execs.(Brief Article)
August 25, 2000... MOORESTOWN, N.J. -- Hoping to reverse its recent lack of good fortune, Today's Man has named veteran retailer and board member Bruce Weitz, 52, as president and chief executive officer. It also named Neal J. Fox, 56, who is also a member,...

Cultural Alliance hires director.(Peggy Amsterdam to lead Greater Philadelphia Cultural Alliance)(Brief Article)
August 25, 2000... Peggy Amsterdam has been named executive director of the Greater Philadelphia Cultural Alliance, effective Sept. 11. Amsterdam, who previously directed the Delaware Division of the Arts, will work with GPCA's 230 member organizations to...

CORRECTION.(Brief Article)
August 25, 2000... In an article about municipal bonds in the Aug. 18-24 issue ("Pa. muni bond issues off 50 percent from 1999"), Bill Fitzgerald was misnamed and misidentified. He is managing director of Nuveen Investment Management in Chicago.

Calif. firm buying $200M portfolio.(Wyeth Ayerst deal in the works for office space in Radnor, PA)(Brief Article)
August 25, 2000... Wyeth Ayerst's collection of office space in the Main Line changing hands A Los Angeles real estate investment company is close to wrapping up a deal to purchase roughly 1.5 million square feet of prime office space owned by Wyeth Ayerst...

Unions set up $100M fund.(local construction trade unions form Deleware Valley Real Estate Investment Fund)(Brief Article)
August 25, 2000... A collection of building locals will invest in the industry that feeds them. A number of local building and construction trades unions have pooled pension dollars to establish a $100 million fund that will invest exclusively in real...

Region's mutual funds have mixed year.(Brief Article)(Statistical Data Included)
August 25, 2000... Leaders include Turner Investment Partners; others have had far less success With just one quarter left in the year, the performance of the area's largest mutual fund companies has been a mixed bag compared to industry peers. Seven...

Asset manager moves into venture realm.(Emeral Asset Management Inc. to move into venture capital funding)(Brief Article)
August 25, 2000... KING OF PRUSSIA -- Research. That's what Joseph E. Besecker used to build Lancaster-based Emerald Asset Management Inc. from nothing into a company with around $1.3 billion under management. It's also why he and his colleagues at...

Tenet bows out of home health-care line.(Tenet Healthcare Corp.)(Brief Article)
August 25, 2000... Tenet Healthcare Corp. is getting out of the home health-care business in the Philadelphia region. Barry A. Wolfman, Tenet's senior vice president for the system's eastern Pennsylvania operations, said the hospital management company...

Verizon strikes causes relocation headaches.(Brief Article)
August 25, 2000... Editor's note: The Business Journal has set out to chronicle the ups and. downs of three companies in start-up mode. What follows is part of an ongoing series aimed at reporting developments at these new ventures. The labor strike...

Wheeler is not giving up on Rittenhouse Club.(Brief Article)
August 25, 2000... Real estate developer Hal Wheeler just couldn't square up a hotel deal for the historic Rittenhouse Club. Not that he wants to, at this point. Rosewood Hotel & Resorts, which planned to contribute a boutique hotel to what was...

Annovis gets grant to study treatment.(for bladder cancer)(Brief Article)
August 25, 2000... Annovis Inc. was awarded a $500,000 research grant from the National Cancer Institute to study the effects of novel gene-based techniques in the treatment of bladder cancer. About 53,000 new cases of bladder cancer are diagnosed each...

They're not a dot.com, no way, No how, never.(Brief Article)
August 25, 2000... Call it dot-corn backlash. Frustrated in its search for 30,000 square feet of office space in Center City, Electronic Ink nearly packed up and headed for the suburbs. And not because the design firm's owners had grown disenchanted...

PECO makes list.(PECO Energy makes Site Selection magazine list for economic development services)(Brief Article)
August 25, 2000... PECO Energy was named to Site Selection's top 10 list of utilities for its economic development services. The ranking and an article detailing PECO's economic development work comes out in the September issue of the magazine. The...

Good and bad news from IT worker survey.(Brief Article)(Statistical Data Included)
August 25, 2000... "Philadelphia -- Your family and friends are here, so you may as well be, too." It's hardly an inspiring slogan. But according to a survey recently conducted by Texcel-The Triad Group for the Philadelphia Business Journal, it just might...

Australia joint venture links Unisys, BankWest.(Brief Article)
August 25, 2000... Unisys Corp. has formed a joint venture in Australia. The Blue Bell-based computer hardware, software and service company's Unisys Australia unit has teamed with BankWest, an Australian financial-services firm, to spawn Unisys West. It will...

Inrange completes acquisition.(Brief Article)
August 25, 2000... Inrange Technologies Corp.,. a Mount Laurel, N.J.-based maker of networking and switching products, has completed its previously announced acquisition of Computerm Corp.

Ravisent licenses software.(Brief Article)
August 25, 2000... Ravisent Technologies Inc. of Malvern has licensed its CineMaster DVD playback software to Iomega Corp., which will use it on its new combination CD-RW/DVD Reader drive.

Bluestone's platform selected.(Brief Article)
August 25, 2000... Ventaso has selected Bluestone Software Inc.'s Total-e-B2B platform as the foundation for Open DataGem, a Web-based system it is developing to support companies that market and sell complex products.

Sanchez develops software.(Brief Article)
August 25, 2000... Sanchez Computer Associates Inc. has developed a version of its Profile/Anyware enterprise, banking software for IBM Corp.'s Netfinity servers running Red Hat Inc.'s version of the Linux operating system. Malvern-based Sanchez also plans to...

Ikon names Gelfer.(Brief Article)
August 25, 2000... Ikon Office Solutions Inc. has named George Gelfer to the new position of vice president and general manager for Digital Express 2000, the Valley Forge-based company's Internet printing and document-management service.

CTC activates network.(Brief Article)
August 25, 2000... CTC Communications Group Inc. of Waltham, Mass., has activated its network in Philadelphia and Baltimore. It also has opened three sales offices in eastern Pennsylvania and two in Maryland.

GREATER PHILADELPHIA IT INDEX.(Brief Article)
August 25, 2000... The Nasdaq made a strong move this week, ending at 3930, up 141 points, or 3.8 percent from the previous week's close. The Dow and S&P 500 were also up, but less significantly, gaining 0.2 percent and 1.4 percent respectively. The GPITI had...

XBRL product makes info-hunting simpler.(Brief Article)
August 25, 2000... XBRL isn't professional wrestling magnate Vince McMahon's hybrid football league, nor is it a hip, new clothing line. It's not some form of extreme sport, it isn't a comic hook character and it's not the latest teenage heartthrob band. ...

Small businesses need welfare-to-work help.(Brief Article)
August 25, 2000... The 22,000 companies that participate in the Welfare to Work Partnership have hired more than 1 million former welfare recipients - at an average wage of $7.80 an hour -- in the four years since President Clinton signed welfare reform...

Private mailboxes.(Brief Article)
August 25, 2000... Home-based businesses that receive their mail at commercial operations such as Mail Boxes Etc. have until Aug. 1, 2001 to start using the acronym "PMB" (private mailbox) or "#" in their addresses instead of "suite." The U.S. Postal...

Foes cheer drop.(Brief Article)
August 25, 2000... When Congress returns from its August recess, there will be little time left to hash out an agreement on legislation that would force more bankruptcy filers to pay off some of their debts. The legislation passed both the House and Senate...

CEO Portrait: Robert L. Showalter.(Brief Article)
August 25, 2000... Personal information Name: Robert L. Showalter Title: President and founder Firm: R.L. Showalter & Associates Type of firm: Chalfont-based consulting engineering, surveying & planning firm. Recent projects: The new Home...

Profits take root at Geiger.(Brief Article)
August 25, 2000... HARLEYSVTLLE -- Ronald M. Soldo, president and CEO of a horticultural supply company, cannot resist the pun when asked about the garden industry. "It's literally a growing business," the 49-year-old leader of the Geiger Cos. joked. ...

Ways to hold on to your best employees.(Brief Article)
August 25, 2000... We often speak to executives who are concerned about keeping their best employees. As one manager put it, "This company is in the heads of about 10 people who work for me. If I lost even one of them, it would be difficult to train...

PEOPLE.(Brief Article)
August 25, 2000... * AWARDS & ACHIEVEMENTS George E. Barrett, associate partner with Alloy, Silverstein, Shapiro, Adams, Mulford & Co., Cherry Hill, was appointed to the board of trustees and the investment/finance committee of The Children's Home. ...

Demographics.(Population losses in Philadelphia)(Brief Article)(Statistical Data Included)
August 25, 2000... Population losses in Philadelphia have long been a problem. Every one is familiar with the flight from the cities to the suburbs. But, after years of holding steady at about 12 million resident, even Pennslyvania has shown a slight decline in...

Education.(Philadelphia, Pennsylvania)(Brief Article)
August 25, 2000... Philadelphia has long been known for its schools. One of the nation's top business schools, Wharton, is here, but so are a slew of top-notch institutions that may not be quite as well known. Temple has the distinction of having the largest...

Employment.(Brief Article)(Statistical Data Included)
August 25, 2000... Employment trends have been constant for the past 10 years in most areas: manufacturing and government jobs have shown a steady decline in this area and construction, trade and financial services have held steady. But the area of greatest...

Travel & Tourism.(Pennsylvania Convention Center)(Philadelphia)(Brief Article)
August 25, 2000... This is the year Philadelphia came into the national spotlight, thanks in part to the four days of the Republican National Convention. The hope is that that attention will translate into more visitors and more conventions. The Pennsylvania...

Finance.(Philadelphia is becoming a hub in the mutual fund industry)(Brief Article)
August 25, 2000... Philadelphia may not be the money center that a New York or San Francisco may be. For instance, the region's largest bank, First Union, is based in North Carolina. The Charlotte bank is market leader in all but two of the region's counties....

Health Care.(is a major industry in Philadelphia)(Brief Article)
August 25, 2000... Health care has always been a major industry here, since the days of pioneering physician Benjamin Rush. These days, the hospitals range in size from nearly 800 beds down to 25. The area is home to several major teaching hospitals, including...

Real Estate.(local trends)(Brief Article)
August 25, 2000... Real estate is finally having its day. After several slow years, the area is awash in new office and industrial parks. Most of the growth has been in the suburbs, though even Center City properties have seen new life. Residential growth in...

Technology.(Brief Article)
August 25, 2000... Much of Philadelphia's technology community has traditionally centered around old-line companies like Unisys, a major hardware-and-systems provider. With sales of $7.38 billion, Unisys is still a big footprint [see chart at bottom]. And, in...

Transportation.(Philadelphia International Airport news)(Brief Article)
August 25, 2000... Philadelphia International Airport is undergoing major changes. What's ahead is not entirely clear. For now, the airport has a $6 billion impact on the area economy. The airport has nearly 24 million passengers and provides non-stop service...

Civil justice system reforms on the line.(Brief Article)
August 25, 2000... The jury is still out on tort reform in the Senate, but the final verdict on changing America's civil justice system may be rendered by voters in November. If Republican presidential nominee George W. Bush is elected and Republicans...

Suit against Chappell alleges fraud.(United Bank of Philadelphia founder Emma Chappell)(Brief Article)
August 25, 2000... United Rank of Philadelphia founder and former CEO Emma Chappell, who has been sued by the bank, was alleged, in new documents in the case, to have defrauded the institution of more than $1 million, at the expense of shareholders and bank...

ViroPharma names CEO.(Michel de Rosen)(Brief Article)
August 25, 2000... Exton-based ViroPharma Inc. named former Rhone-Poulenc Rorer chairman and CEO Michel de Rosen as its new president and chief executive officer. He replaces the Chester County biotechnology company's founder, Claude Nash, who will continue as...

Reliance strikes deal with Pa.(Brief Article)
August 25, 2000... Struggling Reliance Group Holdings' insurance company subsidiary entered into an agreement with the state Insurance Department so its transactions may be reviewed. Philadelphia-based Reliance Insurance will file reports detailing its business...

Franklin-Suber joins law firm.(Stephanie Franklin-Suber to be partner at Ballard Spahr Andrews & Ingersoll)(Brief Article)
August 25, 2000... Stephanie Franklin-Suber, the former chief of staff to Mayor John F. Street, will join the Philadelphia law firm of Ballard Spahr Andrews & Ingersoll LLP as partner on Sept 4. Franklin-Suber will join the firm's business-and-finance...

First Union buys N.J. brokerage.(Brief Article)(Statistical Data Included)
August 25, 2000... First Union Corp. bought the Tribus Cos. Inc., a Wayne, N.J., insurance brokerage-and-consulting firm. The deal is part of First Union's plan to offer complete insurance services to its clients. Tribus had 1999 annual revenues of $24 million,...

Court Oks Toll community.(Toll Brothers to build in West Windsor, New Jersey)(Brief Article)(Statistical Data Included)
August 25, 2000... After seven years of legal wrangling, Toll Brothers Inc. has received permission from the Superior Court of New Jersey to proceed with construction of a 1,165-home community called the Estates at Princeton Junction in West Windsor, N.J. Toll...

Deb Shops' profit disappoints.(Brief Article)(Statistical Data Included)
August 25, 2000... Teen apparel retailer Deb Shops Inc. has reported a drop in net sales to $66 million in its financial results for the second quarter and six months ended July 31, compared to $66.7 million last year. Net income was $4.5 million vs. $7.1...

Aventis buys plasma sites.(Brief Article)(Statistical Data Included)
August 25, 2000... Aventis Bio-Services Inc. of King of Prussia acquired 47 plasma donation centers operated by Seramed Inc., a subsidiary of Atlanta-based Serologicals Corp., for $21.4 million in cash. Aventis Bio-Services, a wholly owned subsidiary of Aventis...

ICG creates Japanese unit.(Brief Article)
August 25, 2000... Internet Capital Group Inc. has established operations in Japan by means of a wholly owned subsidiary, Internet Capital Group Japan K.K. The Wayne-based firm has appointed Joseph J. Kim president and chief executive officer of the subsidiary....

Pa. banking secretary quits.(Brief Article)
August 25, 2000... Pennsylvania Secretary of Banking David E. Zuern announced his resignation, effective Sept. 15, at which time he'll become president and CEO of Harris Financial and Harris Savings Rank, both of Harrisburg. Gov. Tom Ridge announced that James...

Water co. buys Delco system.(Philadelphia Suburban Water Co. buys Whitehorse Village, PA, water system)(Brief Article)
August 25, 2000... Philadelphia Suburban Water Co. completed its purchase of the water system of Whitehorse Village retirement community in Edgemont for $500,000. The deal calls for Philadelphia Suburban to make $1 million in capital improvements to the well...

Time's up! Put stadium in So. Phila.(Brief Article)
August 25, 2000... The deadline for plans for a new Phillies stadium is drawing near, and John F. Street is no closer to transforming his vision for a downtown ballpark into reality than he -- or Ed Rendell -- ever was. The stadium issue is Street's chance...

Steaks, flakes, skivvies and W.(Brief Article)
August 25, 2000... File under: No, thanks, I'll have a breath mint I think the late, great Walter Matthau said it first in one of his 250,000 crusty old-fogey roles: "Eat my shorts." When you're in a tight spot it might be the way to go. Ask one David...

Changing icons: From Loretta Young to Hillary.(Brief Article)
August 25, 2000... Loretta Young died on the eve of the Democratic convention in Los Angeles with perfect timing, a reminder that the glamorous and elegant Hollywood of the last Democratic National Convention held here is dead, dead, dead. Her designer...

Contentment could be dangerous for Gore.(Brief Article)
August 25, 2000... By the time Democratic vice presidential candidate Joe Lieberman finished meeting with black delegates at the Democratic National Convention, black anti-Semitism appeared to be the least of the Gore-Lieberman tickets problems. Black...

Why Maryland?(convention and tourism)(Brief Article)(Statistical Data Included)
August 25, 2000... Anyone who grew up spending summer weeks in Ocean City is more than familiar with its many pleasures. Long stretches of sand, the sugar high you get from Fisher's Popcorn, and the dizzying array of games, pizza and T-shirt shops on its...

Eastern Shore starting to flourish.(tourism in Maryland's Eastern Shore region)(Brief Article)
August 25, 2000... "It is probably going to be the biggest turning point in our economic history." That's Wini Roche-Smith, director of tourism for Dorchester County, talking about the new Hyatt resort going up in Cambridge. The 400-room hotel is not...

Relaxing at the old ball game.(enjoying minor league baseball in Maryland)(Brief Article)
August 25, 2000... Minor leagues are nice alternative Civil War-era poet Walt Whitman called the then-new sport of baseball "a glorious game." Major League Baseball hasn't lived up to Whitman's praise in recent decades -- with frequent work stoppages, high...

The allure of the Bay.(Brief Article)
August 25, 2000... Maritime activities lend to state charm To most Marylanders, the Old Line State just wouldn't be itself without its maritime heritage. With boating, seafood and small-town charm, areas near the Chesapeake Bay have become a big draw for...

Fun when the lights go down.(Brief Article)
August 25, 2000... Baltimore City has rich nightlife Charm City, Mobtown, B-more -- those are just some of the endearing tags native Baltimoreans have hung on the city. But for out-of-town visitors and convention delegates looking for a good time after...

Western counties offer relaxation.(Brief Article)
August 25, 2000... Finding time to unwind can be a challenge for convention-goers. But Western Maryland visitors looking for rest and relaxation need not look further than beyond their own windows. Garrett County is a prime place to start -- with its seven...

Television Stations.
August 25, 2000... [TABLE HAS BEEN CLIPPED]

TECH STOCKS.(Brief Article)
August 25, 2000... A CLOSE LOOK [TABLE HAS BEEN CLIPPED]

Radio Stations.
August 25, 2000... [TABLE HAS BEEN CLIPPED]

Newspapaers.
August 25, 2000... [TABLE HAS BEEN CLIPPED]

Maryland at a Glance.
August 25, 2000... [TABLE HAS BEEN CLIPPED]

'1001 Ideas to Create Retail Excitement'.(Brief Article)
August 25, 2000... By Edgar A. Falk Provides more than 300 pages of ideas retailers can easily and inexpensively conduct, including promotions, sales, events, customer relations programs, sports tie-in, frequent buyer programs, free research, and sales...

'The Savage Truth on Monday'.(Brief Article)
August 25, 2000... By Terry Savage. Savage, a personal financial columnist, offers tips on cutting debt, designing manageable budget and investing. She also discusses how to avoid letting fear and greed hurt your finances, and methods of minimizing the tax...

'The Wealth of Choices: How the New Economy Puts the Power in Your Hands and Money in Your Pockets'.(Brief Article)
August 25, 2000... By Alan S. Murray Murray, an economics reporter for the Wall Street Journal, believes high technology, global competition and higher produc-

IPO window rises, millions raised.(e-Profile Inc.; 3-Dimensional Pharmaceuticals)(Brief Article)
August 18, 2000... Getting out of the gate while the getting is good After a several-month slowdown precipitated by April's market correction, IPO mania is beginning to develop again. The Philadelphia area's not being left out, either. Innovative...

Component makers get a charge out of e-conomy.
August 18, 2000... Demand for their products is at record highs, delivering record results with the promise of even more growth in coming years. Two Philadelphia-area electronic-components makers are selling everything they can crank out at margins they...

Phila. hotels plan a 'fire sale'.(Statistical Data Included)
August 18, 2000... They'll offer rock-bottom rates to offset room glut Philadelphia hotels, fearing the worst in a city suddenly heavy on hotel rooms and short on citywide convention bookings, are planning what industry analysts predicted was bound to...

Fiber-optic plant to hire 400.(Brief Article)
August 18, 2000... JDS Uniphase Corp.; the biggest fiber-optic components manufacturer in the world, plans to open an operating facility in Horsham, bringing an expected 400 new jobs to the area. The company plans to move into a 126,500-square-foot. office...

Will Warwick convert rooms to residences?(Warwick Hotel & Towers)(Brief Article)
August 18, 2000... Hotel-rich Center City could lose a few rooms if rumors of a residential redo at the 568-room Warwick Hotel & Towers, at 17th and Locust streets, turn out to be true. The large hotel has always been identified by experts as the Center...

Deadlines loom for Reliance.(Brief Article)
August 18, 2000... The heat is on for Reliance Group Holdings and it has nothing to do with the weather outside. Not only have at least five law firms filed potential-class-action suits against Reliance -- alleging the insurance company misled investors...

Starr's street.(Stephen Starr)(Brief Article)
August 18, 2000... Despite a new bid by restaurateur Stephen Starr to take over the Le Colonial space off 17th and Walnut streets in Center City, plans are still a go for a Starr restaurant two blocks down. That project, an 8,000-square-foot deal at 19th...

Street nabs NAACP (maybe).(Philadelphia Convention and Visitors Bureau)(Brief Article)
August 18, 2000... Philadelphia Convention and Visitors Bureau sales reps and Mayor John F. Street headed to Baltimore recently to win a $34 million piece of meeting business from the NAACP. Reportedly the visit took D.C. convention-sellers by surprise, for...