Baltimore Business Journal articles from March 2001

Baltimore Business Journal archives from March 2001

Bank fights to recoup losses.
March 30, 2001... Columbia wins $1.2 million judgment against Premier Seating Premier Seating Co., a once high-flying Baltimore theater seat manufacturer that supplied seats to the Kennedy Center and the Baltimore Symphony Orchestra, has defaulted on a...

Sequoia squeeze.(Sequoia Software Corp.)(Brief Article)
March 30, 2001... Small investors hurt in company's sale The $184.6 million Fort Lauderdale, Fla.-based Citrix Systems Inc. is paying for Sequoia Software Corp. is falling into very few hands. The Columbia-based software developer, which is roughly 80...

Orioles ticket sales lag again.(Baltimore Orioles (Baseball club))(Brief Article)
March 30, 2001... If twice is a coincidence and three times a trend, then the Baltimore Orioles have reason to be concerned about ticket sales. For the third straight season the Orioles will be below the previous year's mark of total tickets sold by...

Silver Spring firm to grow into Arundel.(Arbros Communications Inc.)(Brief Article)
March 30, 2001... Arbros Communications Inc., a telecommunications company based in Silver Spring, is expanding into Anne Arundel County to accommodate its growth. The private firm, founded in 1999, has leased roughly 97,100 square feet of office space at...

Caliber needs cash before 3Q.(Caliber Learning Network Inc.)(Brief Article)
March 30, 2001... Officials with Baltimore-based Caliber Learning Network Inc. said the distance learning and training company needs $10 million to $15 million additional capital by the third quarter to fund itself for the year. If the firm does not secure the...

O'Malley appoints Tonkins.(Mayor Martin O'Malley)(Paterson, New Jersey)(Brief Article)
March 30, 2001... Mayor Martin O'Malley announced his appointment of former Paterson, NJ., director of community development Owen Tonkins as the city's director of minority business development O'Malley also unveiled a detailed plan for the inclusion of...

Glen Burnie Bancorp's earnings up.(Brief Article)(Statistical Data Included)
March 30, 2001... Glen Burnie Bancorp reported net income of $2.3 million for the year ended Dec. 31, a 57 percent increase over the previous year. Earnings per share increased to $2.07, compared with $1.33 a year earlier. The company reported net interest...

Lewin joins GBTC board.(Richard C. "Mike" Lewin)(Greater Baltimore Technology Council)(Brief Article)
March 30, 2001... Former Secretary of Business and Economic Development Richard C. "Mike" Lewin has been named to the board of directors for the Greater Baltimore Technology Council. Lewin worked closely with the technology group while serving the state, said...

Correction.(Techpreneur of the Week)(Correction Notice)(Brief Article)
March 30, 2001... The Techpreneur of the Week feature on Kent E. Malwitz of effective-e, [Vol. 18, March 23-29, Page 11] should have listed the company as having 23 employees.

ABS defies venture bust.(ABS Capital Partners)(Brief Article)
March 30, 2001... While many venture capitalists are hiding under their blankets, ABS Capital has made raising money during this nasty storm look like a walk in the park. The investment firm said it has closed a fourth venture capital fund, worth more...

COPT sells preferred stock.(Corporate Office Properties Trust)(Brief Article)(Statistical Data Included)
March 30, 2001... Corporate Office Properties Trust, a Columbia real estate investment trust, is trying to raise more money with a preferred stock offering. The public company plans to issue 1.2 million Series E preferred shares, which will be considered...

Retailer joins the elite.(George Howard Ltd.)(Brief Article)
March 30, 2001... A Baltimore specialty menswear shop recently gained some fame locally and nationally. George Howard Ltd. in the Village of Cross Keys was picked for The Esquire Retail 100, a list put together by New York-based men's magazine Esquire...

Gainers & Losers.
March 30, 2001... The layoff news just didn't quit this week. Nortel, Nokia, American Greetings and even Disney say they will "trim" their work forces. Will Pluto get a pinkslip? Sequoia shareholders Unless you were one of the "in" crowd, you didn't make...

Diner owner in talks for former Louie's site.(Brief Article)
March 30, 2001... The owner of the funky Papermoon Diner in Remington has offered to buy the former Louie's Bookstore Cafe -- the restaurant; the building and the adjacent parking lot just south of the city's Washington Monument. Un Kim recently...

Deutsche Bank to rename Flag Investors funds.(Brief Article)
March 30, 2001... The Flag Investors (www.flaginvestors.com) family of mutual funds -- started in the 1980s by Alex. Brown & Sons -- will finally lose its identity in the wake of the Deutsche Bank merger. Deutsche Bank (www. deutsche-bank.com) recently...

Legg upgrades stock.(Legg Mason Wood Walker Inc., Mercantile Bankshares Corp.)(Brief Article)(Statistical Data Included)
March 30, 2001... Legg Mason Wood Walker Inc. (www.leggmason.com) upgraded Mercanlile Bankshares Corp. (www. mercantile.net) from a "Market Perform" to a "Buy" The upgrade happened just months after Legg Mason had downgraded the stock from a "Buy" to a "Market...

BofA gives out cash.(Bank of America offers grants to United Way organizations, Maryland)(Brief Article)(Statistical Data Included)
March 30, 2001... Bank of America (www.bankofamerica .com) is giving $265,000 to United Way organizations in Maryland. The bank said its Bank of America Foundation is giving the United Way of Central Maryland a $175,000 grant and the United Way of Calvert...

Cecil Bancorp Inc.(to merge Columbian Bank with Cecil Federal Savings Bank)(Brief Article)(Statistical Data Included)
March 30, 2001... * Cecil Bancorp Inc. intends to merge its Columbian Bank subsidiary into its other bank subsidiary, Cecil Federal Savings Bank The two Columbian branches in Havre de Grace will operate as Cecil Federal Savings Bank branches after the...

T. Rowe Price International.(appoints Greg Fisher member of British fixed income team)(Brief Article)
March 30, 2001... * T. Rowe Price International hired Greg Fisher to work in its London-based fixed income team. T. Rowe Price International is a subsidiary of Baltimore-based T. Rowe Price. Before coming to T Rowe Price, Fisher was a senior member of...

Hospital competition for nurses grows fiercer.(Brief Article)
March 30, 2001... The media hype may have died down, but the crisis surrounding the. nursing shortage hasn't Greater Baltimore hospital leaders continue to dangle hefty bonuses, scholarship opportunities and pay increases in front of nurses in their...

Getting well online.(Brief Article)
March 30, 2001... MedStar Health has hired an Internet company to help spice up its hospitals' Web sites. The Columbia-based health system recently selected HealtliAtoZ (www.healthatoz.com) to develop more consumerfriendly sites for its seven hospitals,...

N. Arundel using bonds.(Brief Article)
March 30, 2001... In an effort to raise money in a time of fight hospital margins, North Arundel Hospital has entered the bond market. The Maryland Health & Higher Education Facilities Authority recently sold $15 million worth of tax-exempt revenue bonds...

Johns Hopkins University School of Medicine.(Brief Article)
March 30, 2001... * For the ninth straight year; Johns Hopkins University School of Medicine received the most federal money from the National Institutes of Health (www.nih.gov) than any other university in the country For fiscal year 2000, Hopkins received...

Baltimore's neighbors hike convention dues.(Brief Article)
March 30, 2001... If the Baltimore Area Convention and Visitors Association does indeed raise its membership rates, it certainly won't be without company. In fact, its two nearest competing convention bureaus recently hiked fees. The Washington...

Hampton deal finalized.(Brief Article)
March 30, 2001... A White Marsh hotel developer has finalized a deal with Hilton Hotels International Inc. to build a 131-room Hampton Inn & Suites near Arundel Mills. Skye Hospitality LLC plans to break ground on the hotel in July, and wants to open its...

Travel stays hot.(Brief Article)
March 30, 2001... A national travel industry trade group is backpedalling% somewhat from recent predictions that leisure trips nationwide would lag through 2002. The Travel Industry Association of America (www.tia.org) issued a report March 13 forecasting...

Signs of worker burnout.(Brief Article)
March 30, 2001... Employee loyalty for technology firms is being tested these days. According to a recent survey conducted by Memphis-based TechRepublic.com, an industry trade group, tech workers have some serious complaints about their work. Tech...

Dipping into a dry well?(Brief Article)
March 30, 2001... Venture capital money has dried up -- or so most reports and industry observers are fond of saying. The fact is: There is money out there. The deal-makers are just being a bit pickier these days. And with an initial public offering...

Net challenge to the textbook.(Brief Article)
March 30, 2001... Lippincott Williams & Wilkins brings medical training to the Web Textbooks -- those pricey volumes you were forced to buy in college -- aren't flying off the shelves these days. And that's one reason Lippincott Williams & Wilkins, a...

Stock Snapshot: GSE Systems Inc.(Brief Article)(Statistical Data Included)
March 30, 2001... NASDAQ: GVP Columbia-based GSE Systems Inc. develops technologies and software for the energy and manufacturing industries. The company's stock price was at its 52-week high of $8.68 a share on April 11, 2000. By Dec. 27, 2000, the...

BBJ Tech 25: A glance at Greater Baltimore's leading technology companies.(table)(Brief Article)(Statistical Data Included)
March 30, 2001... [] BBJ Tech 25: A glance at Greater Baltimore's leading technology companies This Last ...

Venture Corner.(Brief Article)
March 30, 2001... A weekly look at business funding deals in the Mid-Atlantic region. * Essex Corp. of Columbia announced that its two major investors, Networking Ventures LLC and GEF Optical Investment Company LLC, agreed to invest an additional $2...

Second time around.
March 30, 2001... Sublease space lifts Baltimore market as technology firms downsize By all accounts, Tide Point, the former Procter & Gamble soap factory, is one of the hottest office spots in Baltimore City. With its waterfront views and funky space,...

Market Facts.(Brief Article)
March 30, 2001... Harford County has faced a lot of challenges and financial distress in the past year, mostly due to the imbalance between residential and business growth. While more families decide to make the move to Harford, the population is expected to...

Architects breathe life into old retail centers.(Brief Article)
March 30, 2001... Everything old is new again. And upscale. Or so it seems with the region's. strip malls. The Baltimore-Washington metro area is filled with outdated retail strip centers, most built 20 or 30 years ago. Many have become tired-looking and...

Local office market still chugging along.(real estate market report)(Brief Article)(Statistical Data Included)
March 30, 2001... Despite the slowing economy, the office market throughout Baltimore remains strong, according to a first quarter report from Trammell Crow Co. Overall office vacancy rates for the Baltimore metropolitan area have dropped to roughly 8...

Cola at the point.(development named The Cola Factory at Locust Point)(Brief Article)(Statistical Data Included)
March 30, 2001... Struever Bros. Eccles & Rouse Inc. and Continental Realty Corp. (www.crcrealty.com) are changing the name of their planned office complex on Fort Avenue in Locust Point. At first, the former Coca-Cola syrup plant was dubbed the "Locust...

REITs say economic slowdown not problem.(real estate investment trusts )(Brief Article)(Statistical Data Included)(Column)
March 30, 2001... As other parts of the economy brace for a slowdown, real estate investment trusts are enjoying the good times after a couple of years that left REIT stocks gasping. for air. Once shunned by investors who sought their fortunes in tech...

Paying to park in the 'burbs and other trends.(Brief Article)(Column)
March 30, 2001... As the year starts off with the economy in flux, landlords and tenants, buyers and sellers are wondering what lies ahead and how it will affect them. However, trends have emerged that could be a guide to decision making for business...

It's time for contractors to consider big change.(Brief Article)(Column)
March 30, 2001... It's time to apply the newcomer mentality to an existing business -- to do something the competition isn't doing, and at the same time change the rules of the game. Eventually the competition will adapt this methodology after seeing the...

Paul S. Grogan.(Interview)
March 30, 2001... Harvard University In the 1960s, many U.S. cities began a precipitous decline fueled by integration, racism and rising crime rates. The suburb, with its modern houses and yards, became the American ideal, and most major cities began...

Look beyond money when leasing space.(Brief Article)(Column)
March 30, 2001... Are you about to lease new office space? Is your existing lease due for renewal, and you need to decide whether to stay or move to a new location? The decision to lease space represents a significant commitment that requires careful...

Largest commercial real estate deals in the Baltimore area.
March 30, 2001... Largest commercial real estate deals in the Baltimore area (Ranked by dollar value of sale or lease in 2000) Name Dollar value Rank Address ...

Largest commercial brokerages in the Baltimore area.
March 30, 2001... Largest commercial brokerages in the Baltimore area (Ranked by number of Baltimore area real estate agents) Rank/ Name ...

The BBJ Index.
March 30, 2001... Proxy Corner: A Weekly Analysis of Baltimore-Area Public Companies FTI Consulting Inc. 2021 Research Drive / Annapolis, MD 21401 /(410) 224-8770/ www.fticonsulting.com Corporate profile FTI Consulting Inc. is in the business...

People.(Brief Article)
March 30, 2001... * Architecture LukemireGrant, a Lanham architecture and planning firm, hired Nancy D. Hagman as marketing director. In her new position, she will be responsible for client relations and business development, including expanding the...

Reducing number of uninsured is aim of bill.(Brief Article)
March 30, 2001... Supporters of refundable tax credits for the purchase of health insurance say the legislation could reduce the number of uninsured Americans by up to 17 million people. Under-the bill, individuals and families who do not have access to...

Online fraud site logs over 20,000 complaints.(Internet Fraud Complain Center)(Brief Article)(Statistical Data Included)
March 30, 2001... Thinking about taking your bricks-and-mortar operation online? A little something to consider: More than 20,000 Internet fraud complaints were reported to the Internet Fraud Complaint Center (www.ifccfbi.gov) between May and November 2000....

Bill to ease paperwork demands passes House.(Small Business Paperwork Relief Act)(Brief Article)
March 30, 2001... The House of Representatives unanimously passed legislation aimed at reducing paperwork requirements for small businesses. The Small Business Paperwork Relief Act, H.R. 327, (thomas.loc.gov) calls for the Office of Management and Budget...

On the hunt for funding.(French Inspirations)(Brief Article)
March 30, 2001... A startup in an old-line sector explores its financing options Lining up investors for a fledgling business is no small task -- just ask David and Rosemarie Mahoney, founders of French Inspirations. There are transcontinental flights,...

Shop Talk: What is your secret to time management?
March 30, 2001... Michelle M. McBride Executive Director, Managed Care & Business Development, Ban Secours Baltimore Health System / Baltimore "First of all, I plan the next day in advance every evening. Technology has helped me to prioritize tasks...

Make right job change.(preliminary questions to ask before changing jobs)(Brief Article)(Column)
March 30, 2001... Lack of professional growth in one's current position, minimal or no pay increases, and a general feeling of stagnation are common reasons people look for new jobs. Though these reasons for desiring a change are valid, it's important to...

Raise BACVA dues.(Baltimore Area Convention and Visitors Association)(Brief Article)(Statistical Data Included)
March 30, 2001... Baltimore's tourism and hospitality industry relies heavily on the convention center business to keep the money flowing in. With new hotels and restaurants popping up throughout downtown, now is not the time to skimp on promoting the city to...

Lauding tough choice.(recycling program in Baltimore is halted)(Brief Article)
March 30, 2001... The O'Malley administration showed chutzpah by taking on the forces of political correctness and announcing a halt to the city's curbside "blue bag" recycling program. We have nothing against recycling. In fact, effective recycling is a...

Glendening's union ties to cost taxpayers more cash.(Gov. Parris N. Glendening)(Brief Article)(Statistical Data Included)
March 30, 2001... Gov. Parris N. Glendening always looks for the union label. And now his generous system of paybacks is contributing to the outburst of high anxiety in the State House. There, the gloomy motif, repeated almost like a Greek chorus in frill...

Retail rally.(Brief Article)
March 23, 2001... Inner Harbor East signing on tenants With four more buildings on the drawing board and well-known tenants such as Starbucks and Fleming's Prime Steakhouse lined up, Inner Harbor East is positioning itself to become the next retail dynamo...

UMMS facing layoffs.(University of Maryland)(Brief Article)
March 23, 2001... Leaders of the University of Maryland, Baltimore say the school is facing immediate faculty cuts that will affect its training, research and patient care programs if it does not receive a hefty budget increase and $3.5 million worth of...

Regional air service in doubt.
March 23, 2001... Maryland House Speaker Casper R. Taylor's plan to start "mass transit in the air" has again hit turbulence. Airline companies are complaining that the cost of starting a regional air service -- designed to link central Maryland with some...

Sequoia Software to be sold.(Brief Article)
March 23, 2001... Citrix Systems Inc., a Fort Lauderdale, Fla. Software application developer, has agreed to buy Columbia-based Sequoia Software Corp. for $184.6 million. Under the deal, Sequoia's outstanding stock will be purchased by Citrix for $5.64 per...

McCormick reports earning increase.(Brief Article)
March 23, 2001... Sparks-based McCormick & Co. Inc., which is coming off of a record year, reported a 9 percent increase in net income on a 15 percent increases in revenue for the first quarter ended Feb. 28. The spice maker reported net income of $26.58...

Trellis plans $18 million facility.(Brief Article)
March 23, 2001... Trellis Photonics Inc., an Israel-based fiber-optics firm that moved to Maryland last year, plans to begin construction on a $18 million manufacturing facility in Columbia Gateway Business Park as part of the company's $25 million, five-year...

BofA names new Baltimore president.(Brief Article)
March 23, 2001... Bank of America has tapped William R. Lorenz as president of its Greater Baltimore operations. As local president, Lorenz will be responsible for managing community relations, government relations, contributions, sponsorships and business...

Corrections.(Correction Notice)
March 23, 2001... * In the List of Largest colleges and universities in the Baltimore Area, [Vol. 18, March 9-15, Page 18], the budget for College of Notre Dame of Maryland should have been $27.5 million. * In Who's Who in Venture Capital, [Vol. 18, March...

Roche to lead Air Force?(Brief Article)
March 23, 2001... Northrop Grumman might lose one of its best men to the Air Force. James G. Roche, president of Northrop Grumman's Baltimore-based Electronic Sensors and Systems Sector and a 23-year veteran of the U.S. Navy, is being considered for the...

Let the music play.(Brief Article)
March 23, 2001... Napster brought music to the masses -- albeit illegally by most accounts. But what Napster really did is show recording executives and recording artists just how powerful the Internet is when it comes to selling music. Eric Fribush...

Hitting the highway.(Brief Article)(Statistical Data Included)
March 23, 2001... Looking for a parking space close to Baltimore-Washington International Airport? You may not find it until the Maryland Department of Transportation moves its headquarters on Elm Road out of the way of a planned 80,000-space parking...

Gainers & Losers.(Brief Article)
March 23, 2001... Times are flush at McCormick. How about Old Bay Stadium? * Robert Lawless Last year, the McCormick CEO joked that he should rename the spice company McCormick.com. After celebrating a record year, he definitely should be glad he didn't....

BACVA mulls rate hike for Businesses.(Brief Article)(Statistical Data Included)
March 23, 2001... The Baltimore Area Convention and Visitors Association is studying a possible membership rate hike, the group's first in 12 years. Carroll Armstrong, the quasi-public group's chief executive officer, told City Council's Labor and Economic...

Struever considers new Locust Point complex.
March 23, 2001... Struever Bros. Eccles & Rouse Inc. is considering a plan to enlarge its Tide Point office complex in Locust Point with another waterfront building and a parking garage. The Baltimore development firm has spent the past two years...

Defunct Mom.com sells name.(Brief Article)
March 23, 2001... A New York-based dot-com paid an undisclosed amount of stock and cash for the domain name of Mom.com, a now defunct Internet portal that targeted mothers, company officials confirmed. Officials with Clubmom.com Inc., which. operates a Web...

Hackerman moves on Pratt-Concord tower.(Willard Hackerman of Whiting-Turner Contracting Co.)(Brief Article)
March 23, 2001... Willard Hackerman, president of Towson-based Whiting-Turner Contracting Co. (www. whiting-turner.com), has ordered the steel for his planned downtown office tower, according to sources in the local real estate industry. That move is a...

Coffee at the Point.(new Daily Grind Cafe in Locust Point, Maryland)(Brief Article)
March 23, 2001... Workers at Tide Point, the waterfront office complex in Locust Point, may have more options for breakfast and lunch. At the end of this month, construction is scheduled to begin on a new Daily Grind Cafe at the corner of Nicholson and...

'Best value' bill killed.(government contract legislation)(Brief Article)
March 23, 2001... A bill that would have changed the state bidding system for taxpayer-funded projects has been killed and sent to "summer study". The legislation, which never made it out of committee, would have replaced the required practice of awarding...

New Park Lynn managers.(Time Group manages apartment complex)(Brief Article)
March 23, 2001... The owners of the Park Lynn Apartments, who tried for more than a year to sell the North Baltimore complex, have hired a management group to take over operations. Financial terms of the deal with the Time Group, the Baltimore owner and...

CB Richard Ellis.(promotes four executives)(Brief Article)
March 23, 2001... CB Richard Ellis (www.cbrichardellis.com), a national commercial real estate firm with a Baltimore office, recently promoted four executives to senior vice president: James P. Lighthizer, John F. Wilhide, Michael R. Sullivan and I. Gilston...

Nottingham Properties.(John N. Bowers Jr. named president of Maryland State Builders Association)(Brief Article)
March 23, 2001... John N. Bowers Jr., assistant vice president of Towson-based Nottingham Properties, was installed as president of the Maryland State Builders Association. Based in Baltimore, the association (www.homebuilders.org) is the primary lobbying body...

UM explores treating heart patients at home.(University of Maryland Medical Center)(Brief Article)
March 23, 2001... The University of Maryland Medical Center is studying ways to keep people with heart problems out of the hospital with the help of state-of-the-art technology. Thanks in part to a $2 million grant from the federal Health Care Financing...

Establishing video surgery.(University of Maryland Medical Center receives donation)(Brief Article)
March 23, 2001... The University of Maryland Medical Center also recently received a $1.5 million donation to help establish a video-scopic surgical center. Its purpose is to train doctors to perform minimally invasive procedures, which allow patients to...

Bills put on hold.(nursing, biotechnology legislation in Maryland)(Brief Article)
March 23, 2001... Legislation aimed at alleviating nursing shortages in the long-term care industry and assisting emerging biotechnology companies are headed for further study instead of the Maryland law books. Two bills that would have enticed registered...

Union Memorial Hospital.(opens radiation oncology center)(Brief Article)
March 23, 2001... Union Memorial Hospital (www.unionmemorial.org) recently opened a radiation oncology center that will be staffed by members of the Radiation Oncology Affiliates of Maryland. The center opened earlier this month and is headed by Dr. Paul...

Northwest Hospital Center.(new emergency department)(Brief Article)
March 23, 2001... Northwest Hospital Center in Randallstown broke ground on its new emergency department March 19. The $8.5 million, 21,000-square-foot facility will be modeled after Sinai Hospital's ER-7 -- an emergency room with seven dlislinct patient care...

City, Comcast talks hit snag over public access.(funding public cable access in Baltimore)(Brief Article)
March 23, 2001... Negotiations between Baltimore City and Comcast Cable Communications Inc. are strained because of disagreements over how the city's public cable access channel should be funded in the future. The struggling Baltimore Cable Access Corp. is...

Radio stations take ad hit.(advertising revenue)(Brief Article)(Statistical Data Included)
March 23, 2001... Broadcasters across the country have taken a big hit in advertising revenues this year, and Baltimore radio stations are apparently no exception. Revenues at local stations are only expected to grow by a modest 4 percent, according to...

Radio One promotes exec.(Vince Fruge)(Brief Article)
March 23, 2001... Broadcasting giant Radio One Inc. promoted the former general manager of two Indianapolis stations it bought in January from Emmis Communications Corp. Vince Fruge will now head Radio One's Indianapolis cluster as vice president, general...