Baltimore Business Journal articles from April 2001

Baltimore Business Journal archives from April 2001

Wall St. woes hit pension fund.
April 6, 2001... Top 10 state stock holdings down 47% The stock market's recent tumble might give state Treasurer Richard N. Dixon a case of indigestion. Stocks in the state's pension fund have not been immune to Wall Street's sell-off. As of April 3,...

Founder departs tech firm.
April 6, 2001... The man who built RewardsPlus into a 215-person firm is stepping down as president of the company to take his business model global. Kenneth Barksdale resigned this week from the Hunt Valley-based company he founded in 1996. He still will...

MacKenzie takes strategy downtown.
April 6, 2001... MacKenzie Commercial Real Estate Services LLC, an expanding Lutherville commercial real estate firm, plans to open a downtown office in an attempt to boost its profile and corral more business. The private company first hopes to establish a...

Mall madness.
April 6, 2001... Marley Station 'downscales' to survive You can count about a dozen empty storefronts while walking through Glen Burnie's Marley Station mall. Imposing cardboard signs marking vacancies dot both levels of the mall, some having been...

Legg Mason after money manager.
April 6, 2001... Legg Mason Inc. Chief Executive Officer, Raymond "Chip" Mason, said his company was interested in buying RT Capital Management arm the institutional money management arm of Royal Bank of Canada, according to a report by Investor Force Inc. of...

W.R. Grace files for bankruptcy.
April 6, 2001... Columbia-based W.R. Grace & Co., citing an increase in legal claims against it because of former asbestos use, filed for Chapter 11 bankruptcy protection in Delaware on April 2. Company officials said the filing will allow the company to...

PSINet likely heading for bankruptcy.
April 6, 2001... PSINet collected $277 million from the sale of its Transaction Solutions unit to its original owner. That's less than half of what it paid less than two years ago. Even after adding the proceeds of the sale to its balance sheet, PSINet...

Corrections.
April 6, 2001... * The list of "Largest Computer Resellers in the Baltimore area" [Vol. 18, March 23-29, Page 261 should have listed Info Systems Inc.'s address as 7164 Columbia Gateway Drive, Suite 200, Columbia 21046. The phone number is 410-312-0888, and the...

Bramble's in the bucks.
April 6, 2001... Irish eyes are definitely smiling on Frank Bramble. Well, at least those at Allied Irish Banks plc, the parent company of Allfirst Bank. Bramble, who stepped down as chief executive officer of Allfirst (www.allfirst.com) in 1999 but...

Rooting for Os costly.
April 6, 2001... Have plans to take your spouse and two kids to an Orioles game this season? You'd better have $141 to burn. That's how much it will cost you to buy four tickets, four small soft drinks, two small beers, four hot dogs and two baseball...

NFL touring show folds.
April 6, 2001... The NFL Experience On Tour was to be a traveling show offering fans across the country the chance to experience the NFL firsthand. But after poor attendance in three cities, the tour came to a screeching halt, leaving 23 cities unvisited...

Gainers & Losers.
April 6, 2001... Still down from the Terps' defeat? Please don't burn your furniture. Orioles Their season might turn out to be a disaster, but we'll always have opening day's victory against Pedro Martinez. W.R. Grace Even with a good face put on it,...

Session ends bitterly for capital restaurants.
April 6, 2001... Getting a table at some of the most popular restaurants in Maryland's capital is much easier these days than in past years. But that isn't making some Annapolis restaurateurs happy. A sweeping change in the ethics rules governing...

MIE takes stake in Bowie technology center.
April 6, 2001... MIE Properties Inc., a Baltimore development firm, purchased a controlling ownership stake in a Bowie project previously known as the University of Maryland Science and Technology. Center. Under the terms of the deal, the company paid...

Incube8 spins off new firm.
April 6, 2001... A Baltimore-based firm is launching a new venture in hopes of capitalizing on the growing demand for turnaround specialists. Incube8 Inc., a venture capital and incubation firm, created The Advisory Group as a subsidiary that will provide...

State to spend more to ease transit problems.
April 6, 2001... The Maryland General Assembly has agreed on a way to plug the hole that was sinking the state's transportation trust fund and stymying improvements to its mass transit system. Gov. Parris N. Glendening will approve legislation that will...

Anesthesia bill battle looming.
April 6, 2001... The state's nurse anesthetists are mounting an 11th-hour push to prohibit physician assistants from gaining the right to administer anesthesia. In one of the Maryland General Assembly session's last turf battles, the specialized nurse...

Severn Bancorp agrees to buy real estate firm.
April 6, 2001... Severn Bancorp Inc. (www.severnbank.com) has agreed to buy Louis Hyatt Inc. of Annapolis -- otherwise known as Hyatt Real Estate -- in a stock swap. Severn Bancorp is the holding company for Severn Savings Bank, an Annapolis bank with more...

Fund springs alive.
April 6, 2001... Lutherville's Greenspring Fund (www.greenspringfund.com) is faring well in this down market. The fund's year-to-date performance through March 29 is 5.39 percent, making it one of the top-performing funds in the Baltimore area. Over...

Transfer agent criticized.
April 6, 2001... The Adams Express Co. (www.adamsexpress.com) held its annual meeting in Baltimore for the first time since 1985 as a way of celebrating the 25th anniversary of its move from New York City. Despite good news about last year's performance of...

Legg Mason Inc.
April 6, 2001... Legg Mason Inc.'s Vice President of Operations Tom Wojtek was awarded the U.S. Postal Service's Special Achievement Award in Orlando last week. Wojtek was honored for his cost-cutting measures at the Baltimore-based investment firm. Under...

Peremel & Co.
April 6, 2001... Baltimore discount brokerage Peremel & Co. (www.peremel.com) has forged an alliance with Lincoln Financial Advisors to provide clients with estate and financial planning services. Peremel is going to start offering investment seminars at...

Ugo Rossi says arrivederci to city boutique.
April 6, 2001... Three partners who brought the fashions of Italian menswear designer Ugo Rossi to Baltimore have parted ways with Rossi, and are set to reopen their store under a new name. The Ugo Rossi boutique, which opened at the corner of South Charles...

Paul Harris chain closing.
April 6, 2001... Women's retail chain Paul Harris Stores Inc. is closing all five of its Baltimore-area stores in the wake of its recent bankruptcy filing. The Indianapolis chain (www.paulharris.com) announced in March it was closing its remaining 166...

Vendor takes a hit.
April 6, 2001... A sports memorabilia vendor at Camden Yards has been ordered to pay a hefty fine to the state for failing to report sales and use, and withholding taxes. Joshua A. Shores, who owns Homeplate Sportscards, was fined $109,000 in back taxes...

The Children's Place.
April 6, 2001... The Children's Place (www.childrensplace.com), a Secaucus, N.J., children's clothing retailer, will open a 20,000-square-foot location inside the Arundel Mills shopping complex April 6. The store will be the chain's largest, according to...

H&R Retail.
April 6, 2001... H&R Retail (www.hrretail.com), a Baltimore commercial real estate broker, announced it was named the exclusive leasing agent for Westview Mall. H&R will be responsible for all leasing arrangements at the nearly 650,000-square-foot center, which...

Mills Corp.
April 6, 2001... John Ingram, a vice chairman at Arlington-based Mills Corp., developer of the Arundel Mills mall, has been nominated as chairman of the International Council of Shopping Centers trade association. Ingram, who is chairman of Mills' executive...

Md. travel gets high tech jolt.
April 6, 2001... Folks visiting Maryland in the future will have a new tool to help them plan their trips. The Maryland Department of Business and Economic Development's Office of Tourism has hired Baltimore-based e.magination network llc to create its new...

Online sales jump.
April 6, 2001... It may be hard to believe with all the doom and gloom surrounding online retailing and dot-corns in general, but the latest research suggests people are still spending cash on the Internet. According to research conducted by Cambridge,...

Tech consultants take a hit.
April 6, 2001... Traditional companies take budget ax to outsourced IT budgets Across-the-board budget crunches caused by a slowing economy are putting the pinch on technology consulting firms. According to a handful of recent studies and almost daily...

Stock Snapshot: Lockheed Martin Corp.
April 6, 2001... NYSE:LMT Lockheed Martin Corp. does every-thing from research and design to manufacturing and consulting for the air and space industries. The company, which operates in five key segments and does the majority of its work for the...

BBJ Tech 25: A glance at Greater Baltimore's leading public technology companies.
April 6, 2001... BBJ Tech 25: A glance at Greater Baltimore's leading public technology companies This Last Week's Week's...

Intellibridge Corp.
April 6, 2001... Intellibridge Corp., a Washington, D.C., technology defense contractor, completed a $9.9 million round of Series A preferred equity financing. The lead investor was Hudson Venture Partners. Other investors are Liberty View Equity Partners,...

Net2000 Communications Inc.
April 6, 2001... Net2000 Communications Inc, a telecommunications provider in Herndon, Va., received $190 million in additional capital. Net2000 will issue 65,000 shares of its Series D convertible pay-in-kind preferred stock to new investors Boston Ventures...

AperServ Technologies.
April 6, 2001... AperServ Technologies of Vienna, Va., raised $1.4 million in its first round of financing. Lycos Ventures, Walker Ventures, Maryland Angels Council and investor Ed Horowitz contributed to the first round.

Charles A. Durakis Jr.
April 6, 2001... HireFuze.com Inc. BBJ: Where did you get the idea for your business? Durakis: The inspiration for HireFuze.com occurred about four years ago while I was running an executive search firm. I was frustrated because clients kept losing...

Lifetime care.
April 6, 2001... Senior housing industry building to suit aging America Bruce Raffel used to be in the nursing home business. That is, until he figured out that's not where the money is in the senior health care industry. Government regulations and...

Working together to end health care dilemma.
April 6, 2001... Among the many issues the Bush administration and the 107th Congress must grapple with, one stands out -- how can we as a nation ensure that all Americans, including those currently uninsured, receive access to quality health care. About...

Michael Bolinger.
April 6, 2001... Cochran, Stephenson & Donkervoet As president of Baltimore-based Cochran, Stephenson & Donkervoet, Michael Bolinger leads an 80-person firm that has designed more than 8,200 independent units for seniors and 4,500 skilled care nursing...

Avoiding the high cost of employee absenteeism.
April 6, 2001... Business analysts often hesitate to put a concrete valuation on service firms because, as they note, "their inventory walks out the door every night," referring, of course, to the companies' employees. Problems of such mobile inventory...

Market Facts.
April 6, 2001... Let the buyer beware. Internet fraud is a growing presence in white collar crime, and anyone who does business online is at risk While most cases involve individuals rather than businesses, about 40 percent of cases reported to the Internet...

Largest health systems in the Baltimore area.
April 6, 2001... Largest health systems in the Baltimore area (Ranked by 2000 gross health system revenues) Rank/ Name ...

People.
April 6, 2001... The People section publicizes management-level hirings and promotions of area businesspeople. We also publicize elections to nonprofit and charitable organizations. We do not run professional certifications or designations. Send announcements...

Largest continuing care communities in the Baltimore area.
April 6, 2001... Largest continuing care communities in the Baltimore area (Ranked by total number of units) Rank/ Name Total last Address ...

Bank of America Corp.
April 6, 2001... Bank of America Corporate Center / 100 North Tryon St./ Charlotte, N.C. 28255 / (888) 279-3457 / www.bankofamerica.com Corporate profile Bank of America Corp., the largest bank in Maryland in terms of deposits, was plagued by credit...

Report: Ergonomics injuries are declining.
April 6, 2001... A new report from the Bureau of Labor Statistics (stats.bls.gov) shows a decline in the number of work-related musculoskeletal disorders -- the soft tissue injuries targeted by the recently repealed ergonomics regulation. Employers...

'Batman' makes list of top pro-business flicks.
April 6, 2001... The Small Business Survival Committee (www.sbsc.org) produced its own version of the Oscars, naming the "Top 10 Pro-Business Movies" of all time. "Tucker. the Man and His Dream," about an entrepreneur who challenged Detroit's established...

SBA streamlines Hubzone program.
April 6, 2001... The U.S. Small Business Administration (www.sba.gov) streamlined its electronic application for the Hubzone program so that businesses can be certified for the government contracting program more quickly. The upgrade features pop-up menus...

Deciding when to move.
April 6, 2001... Process of relocating the business presents myriad of issues When Ronnie Mens joined the staff of Downs Engravers and Stationers in 1986, the North Charles Street store was bustling with a steady stream of walk-in and repeat traffic. Downs'...

Shop Talk: What is your Web strategy?
April 6, 2001... Sam Snyder Director, Glass Jacobson I Owings Mills www.glassjacobson.com "Our primary goal was to create a fully interactive community for our visitors. That means a place they can go to get valuable information and feedback about...

Manage e-mail beast.
April 6, 2001... On average, how many minutes do you spend each day at work reading and sending e-mail messages? a. 20 minutes b. Two hours c. 10 minutes d. None If you said, "two hours," you are in good company. Research sponsored by...

State budget dangerous.
April 6, 2001... Maryland's fiscal year 2002 budget is a slap in the face of taxpayers. The $21 billion budget passed--grudgingly -- by the General Assembly Monday is roughly 48 percent higher than the budgets of the mid-1990s. Under the Glendening...

Letters to the Editor.
April 6, 2001... Best Value law would mean 'cozy, back-door deals' Editor: I was dismayed when I read the BBJ endorsed a bill (H.B. 1093, S.B. 693) that would expose the state to the kind of cozy; back-door deals that once typified procurement in...

Starwood in deals with Wal-Mart Sam's.
April 6, 2001... Starwood Ceruzzi, a Connecticut-based developer heading up the Port Covington retail project, has signed Wal-Mart and Sam's Club as tenants, a Baltimore City official said. The big-box stores will anchor the planned 405,000-square-foot...

Md. biotech attracting out-of-state revenues.
April 6, 2001... It's hard to talk about Maryland's economy without hearing the buzz on biotechnology. The General Assembly is reviewing ways to foster biotech growth in the state. Higher education institutions such as Johns Hopkins and the University of...

Computer Sciences Corp.
April 6, 2001... California-based Computer Sciences Corp. has licensed technology developed at Johns Hopkins University (hopkinsmedicine.org) to the Province of British Columbia, Canada, Ministry of Health. The technology, known as Adjusted Clinical Groups...

City life.(Baltimore, Maryland, urban development)(Statistical Data Included)
April 13, 2001... Developers invest in urban renewal Baltimore may have tumbled in the rankings of the nation's most populated cities during the last decade, but the residential development downtown is showing signs of blocking the flight to the suburbs....

Conte, TU talks crumble.(Michael Conte, Towson State University)(Brief Article)(Statistical Data Included)
April 13, 2001... Economist's $10M suit heads to court Settlement talks between Towson University and economist Michael Conte have broken down in Conte's multimillion dollar lawsuit against the school for firing him, and now the dispute is heading to court....

T. Rowe may cut jobs.(T. Rowe Price)(Brief Article)(Statistical Data Included)
April 13, 2001... The explosive expansion of Baltimore's tradition-rich financial services community over the past few years may be coming to an end. A new report by investment bank Merrill Lynch & Co. says job cuts could be imminent at mutual fund giant T...

Amerix buying mortgage group.(Amerix Corp. acquires Artisan Mortgage Group)(Brief Article)
April 13, 2001... Amerix Corp., a Columbia debt counseling referral service, is looking to grow its business by buying mortgage lender Artisan Mortgage Group of Hunt Valley, in a deal expected to close in late April. Financial terms of the deal were not...

Magellan settles CMG lawsuit.(Magellan Health Services Inc., CMG Health Inc.)(Brief Article)(Statistical Data Included)
April 13, 2001... Columbia-based Magellan Health Services Inc. settled a lawsuit with former shareholders arid officers of CMG Health Inc. -- a company it bought in 1997 and sued in 1998. The company will pay $24 million to former shareholders of CMG Health. The...

WBAL antes up $500,000 for 2012 bid.(Baltimore, Maryland television station donates air time for city's Olympic bid)(Brief Article)(Statistical Data Included)
April 13, 2001... WBAL-TV, Baltimore's Channel 11, has agreed to provide up to $500,000 in air time for public service announcements promoting the Baltimore-Washington area's bid for the 2012 Olympic games. As part of the agreement, the station will promote a...

Earnings rise 15 percent at BB&T.(BB and T Corp.)(Brief Article)(Statistical Data Included)
April 13, 2001... BB&T Corp. announced that net income for the first quarter was $218.4 million, or 53 cents per share, a 15 percent increase over net income for the first quarter of 2000. Earnings were reduced by $24.9 million in after-tax expenses by the...

BBJ forms partnership with WMAR.(Baltimore Business Journal, WMAR-TV Channel 2)(Brief Article)
April 13, 2001... The Baltimore Business Journal has forged a partnership with WMAR-TV Channel 2, the local ABC affiliate, that will televise the newspaper's business news. Reporter Heather Harlan will give business reports every Friday between 6 a.m. and 7...

Branch takes on Jolivet.(Talmadge Branch, Arnold M. Jolivet)(Brief Article)
April 13, 2001... This year's General Assembly session ended days ago, but political fallout from many battles in Annapolis has just begun. Case in point: A rift in the minority and women-owned business community went public last month when the group...

Mercy battles Royal Farms.(Mercy Medical Center Inc. files suit against Mid-Atlantic Realty Trust)(Brief Article)
April 13, 2001... Mercy Medical Center Inc. isn't too pleased with Mid-Atlantic Realty Trust (www.martreit.com), the landlord of its outpatient clinic at Rolling Road Plaza in Catonsville. Mercy (www.mdmercy.com), which operates a 285-bed inpatient hospital...

Women take to the field.(National Women's Football League, Baltimore Burn)(Brief Article)
April 13, 2001... Move over XFL. Here comes the National Women's Football League. As if the Orioles and fledgling Baltimore Bayhawks lacrosse team aren't enough to keep the city's sports fans occupied this summer, the newest new thing in alternative sports...

Gainers & Losers.(several Baltimore, Maryland business and recreational briefs)(Brief Article)(Statistical Data Included)
April 13, 2001... It's a good time to be a crab -- well as good as it can be to be a bottom-feeder. The race horses, however, aren't doing as well in this state. [up arrow] Stock market It may well be down by the time we go to press, but we couldn't help...

Nursing bills come up short in legislature.(Brief Article)
April 13, 2001... The 2001 General Assembly session has come and gone, and so have the chances of any sweeping legislative reforms being enacted this year to curb the state's dire nursing shortage. While the profession has at least temporarily won a turf war...

'Emergency' funding denied to med school.(University of Maryland School of Medicine)(Brief Article)
April 13, 2001... University of Maryland School of Medicine officials say faculty cuts may be necessary in the wake of the state legislature's denial of $3.5 million in emergency funds for the downtown institution. Dr. Donald E. Wilson, the medical school's...

Report: Marylanders lag in charitable giving.(Brief Article)(Statistical Data Included)
April 13, 2001... Charities are apparently having a tough time prying their way into Marylanders' wallets these days. A new study shows that Marylanders, on average, give less than individuals in 28 other states to charitable foundations, despite having the...

Sylvan sued for $7 million.(couple sues Sylvan Learning Systems Inc over franchise dispute)(Brief Article)(Statistical Data Included)
April 13, 2001... A Canadian couple is seeking more than $7 million from Sylvan Learning Systems Inc., claiming the Baltimore-based education company ruined their plan to run a Sylvan Learning franchise in suburban Toronto: The couple, Kevin and Lily...

OnAirSports.com struggling to stay online.(Brief Article)
April 13, 2001... A Timonium company that launched last summer, billing itself as a pioneer in online broadcasting, is now struggling to break even each month and is in danger of becoming yet another dot-com casualty. OnAirSports.com, (www.onairsports.com)...

Brinkman departs WBAL.(Kyle Brinkman takes position in Chattanooga, Tennessee)(Brief Article)
April 13, 2001... WBAL-TV lost its assistant news director April 4 when Kyle Brinkman bolted to Chattanooga, Tenn., for a promotion to news director at the CBS affiliate there. Brinkman joined WBAL (www.wbaltv.com), an NBC affiliate, in December 1999 as the...

University of Maryland.(Fast and Associates Inc. honored by University of Continuing Education Association)(Brief Article)
April 13, 2001... * Campaign work for the University of Maryland by Columbia ad firm Fast and Associates Inc. picked up honors from the University of Continuing Education Association. The university's summer sessions guide, produced by Fast...

Gilden Integrated.(hired by Cambrian Communications L.L.C.)(Brief Article)
April 13, 2001... * Gilden Integrated, a Baltimore advertising agency, announced it was hired by Cambrian Communications LLC to handle marketing duties for the company's broadband network services. Gilden (www.gilden.com) will take on the company's...

TC Advertising.(contract with Palm Beach Post)(Brief Article)
April 13, 2001... * TC Advertising, the retail and newspaper services arm of Baltimore marketing firm Vertis Inc. (www.vertisinc.com), announced it signed a five-year agreement to print the Palm Beach Poses TV magazine insert. Financial terms of the deal...

Infant formula oils drives Martek's revenues.(Martek Biosciences Corp.)(Brief Article)
April 13, 2001... After more than 15 years in business, Martek Biosciences Corp. is reaping record revenues. That's because the company's lead product -- an oil made from microalgae that increases the nutritional value of infant formula -- already is in 60...

DBED's biotech drain.(Department of Business and Economic Development loses two biotechnology personell)(Brief Article)
April 13, 2001... The biotechnology division of the state's Department of Business and Economic Development may be down, but it's not out, say officials of the state agency. Within the last two months, DBED's biotech branch lost two employees -- including...

Mercy to train nurses.(and Baltimore City Community College)(Brief Article)
April 13, 2001... Mercy Medical Center and Baltimore City Community College are looking for a few good men and women. The downtown Baltimore hospital and the city community college are about to begin another round of training for anyone interested in...

Former Riparius exec starts own company.(Bob Proutt forms Proutt Construction Inc)(Brief Article)
April 13, 2001... Bob Proutt, the former president of Riparius Construction Inc., has formed his own construction company. Called Proutt Construction Inc., the firm has already landed its first job: the redevelopment of the Caldor building on York Road. ...

Pimlico center sold.(to America's Realty LLC)(Abstract)
April 13, 2001... America's Realty LLC, a Pikesville commercial real estate firm, has acquired the vacant Pimlico Shopping Center at 3752 W. Belvedere Ave. The deal for the 42,000-square-foot property was valued at roughly $1.45 million, said Carl...

Ritz expands sales office.(Ritz-Carlton Inner Harbor)(Brief Article)
April 13, 2001... The Ritz-Carlton Inner Harbor is already expanding its sales office in Federal Hill. The move comes less than two months after the Ritz began selling its planned 97 waterfront condominiums. The public is responding well to the...