LI Business News articles from May 2003

LI Business News archives from May 2003

Do the math: is east setauket hedge fund the world's best?(Jim Simons' Simon's Medallion Fund)
May 2, 2003... The last thing Jim Simons wants to do is toot his own horn. That's why you've probably never heard of him unless you love higher math, study hedge fund returns or around solicit money for a school or charity Stony Brook. He's barely...

Cablevision's space race on hold.
May 2, 2003... BETHPAGE -- Cablevision Systems has won the Federal Communications Commission's blessing to push back the deadline for launching its direct-broadcast satellite, but questions about the shape of the new business still hover. Postponement...

Schumer bill targets spammers.(Senator Chales Schumer)
May 2, 2003... FARMINGDALE -- It jams your inbox pitches for home mortgages, credit cards and prescription drugs. It's an e-mail scourge and no one is immune. "I'm a victim of spam," said Peter Goldsmith, president of the Long Island Software and...

IT study may fuel Albany aid debate.(number of people working in information technology )
May 2, 2003... GREAT RIVER -- A study that found 8.4 percent of Long Islanders and 7.6 percent of New Yorkers statewide work in information technology will bolster the case. for more IT aid from Albany, officials say. The study, commissioned by the...

LIPA gears up for $1M brand campaign.(Long Island Power Authority)
May 2, 2003... UNIONDALE - The Long Island Power Authority is planning a $1 million-a-year branding campaign to clarify and improve its image among consumers. Critics say the money could best be spent holding down rates. The effort comes as LIPA has faced...

Watchdog may have to turn out lights.(Citizens Advisory Panel running out of funds)
May 2, 2003... BRIDGEHAMPTON ~ For more than a decade, Gordian Raacke, executive director of the Citizens Advisory Panel, has been paid to examine Long Island's electric rates. During most of that period, Raacke didn't need to worry about financial...

Globecomm eyes phones for Bechtel in Iraq.
May 2, 2003... Ken Schachter HAUPPAUGE -- When Bechtel Group engineers chat about the weather in Baghdad, Kenneth Miller, chief executive of Globecomm Systems, wants their conversations to be carried on his company's equipment. Globecomm's bid to...

Drug-coated stents make strong debut.(hospitals use up supply of Cordis Corp.'s Sirolimus )
May 2, 2003... MANHASSET -- Just a week after the U.S. Food and Drug Administration approved the use of drug-coated stents in angioplasties, local hospitals say they've already used up, initial supplies. The stent, coated with medicine called Sirolimus...

Mortgage-backed security.(Marcia Kaufman)
May 2, 2003... Marcia Kaufman revived her mortgage lending career at just the right time. She had pulled back from a 20-year career with Uniondale-based Arbor Commercial Mortgage, which is run by her brother Ivan, to raise her two young children. But...

L'Abbate adds trusts & estates.(law firm merges with Charwat and Associates)(Brief Article)
May 2, 2003... GARDEN CITY - L'Abbate, Balkan, Colavita & Contini, Long Island's sixth largest law firm, has entered the trusts and estates practice area by merging with Charwat &.Associates. Four Charwat attorneys and their support staff will move into...

U.S. opts not to go postal. (Follow up).(Brief Article)
May 2, 2003... Long Island's mass mailing industry breathed a sigh of relief when the president signed into law a bill to stamp out postage rate hikes until 2006. "This is a very big deal for the mailing industry," said Greg Demetriou, CEO of Bi-County...

Lakeland sales soar on SARS. (Follow up).(Severe acute respiratory syndrome)(Brief Article)
May 2, 2003... A Long Island firm is on the front lines in fighting. SARS, or sudden acute respiratory syndrome; Lakeland Industries, a maker of garments designed. to protect against epidemics fire and bioterrorism, said sales of medical garments in...

Central Suffolk entertains options. (Follow up).(Central Suffolk Hospital; part of Peconic Health Corp.)(Brief Article)
May 2, 2003... The board of Riverhead-based Central Suffolk. Hospital, a member of the Peconic Health Corp., recently spent the day with Dr. Herbert Pardes; CEO of the New York-Presbyterian Health System. Central Suffolk is weighing whether to join his group....

Pension reform legislation would cut lump sum payouts.
May 2, 2003... WOODBURY -- A proposed $100 billion retirement bill in Congress would overhaul the structure of corporations' defined benefits programs, allowing them to cut contributions to struggling pension programs and pay out much smaller lump sums to...

1978: Tourism group joins LIA in promoting LI. (LIBN at 50 1953-2003).(Long Island Tourism Commission )
May 2, 2003... When it was created in 1978, the mission of the Long Island Tourism Commission was clear: bring tourists to Long Island. But when it comes to the exact origins of the predecessor to the Long Island Conventions and Visitors Bureau, things get a...

State DOT names new LI chief. (Week in Review).(Subi Chakraborti)(Brief Article)
May 2, 2003... Long Island now has a new top transportation official, charged with overseeing a wide range of projects. at roads stretching from one end of the Island to the other. New York State Department of Transportation Commissioner Joseph H....

Gaffney to join Meyer Suozzi. (Week in Review).(Robert Gaffney)(Brief Article)
May 2, 2003... Suffolk County Executive Robert Gaffney announced this week that he would become a partner in the Mineola based Meyer, Suozzi, English & Klein when he leaves office at the end of the year. Gaffney is expected to head up the Meyer Suozzi's...

Wolkoff files application for $4B vision at Pilgrim State. (Week in Review).(Gerald Wolkoff, real estate developer)(Brief Article)
May 2, 2003... Developer Gerald Wolkoff has filed an 85-page application with the Town of Islip to request zoning changes in a bid to move forward his ambitious $4 billion mixed-use development plan at the former Pilgrim State Psychiatric Hospital in...

BNL picks procurement head. (Week in Review).(Brookhaven National Laboratory)(Brief Article)
May 2, 2003... Jill Clough-Johnston has been named the small business liaison officer at Brookhaven National Laboratory, charged with finding companies that can fulfill contracts for the U.S. Department of Energy facility The federal research facility...

Wang firm to purchase property in Plainview. (Week in Review).(Charles Wang)(Brief Article)
May 2, 2003... Plainview Properties, the real estate company owned by former Computer Associates chairman Charles Wang, has signed a contract to purchase five industrial properties along Old Country Road in Plainview. The deal, which is expected to close...

GOP seeks legislative approval for real estate sales. (Week in Review).(Brief Article)
May 2, 2003... Republicans in Nassau County have introduced, a bill that would require the Legislature to approve the sale of all county land and buildings. The Legislature currently appropriates funds for land purchases. The legislation is in...

LI's fastest growing job sectors 1998-2008. (LI Economic Indicators).(Brief Article)
May 2, 2003... LI Economic Indicators LI's fastest growing job sectors 1998-2008 Systems analysis EDP 83.8% Growth Computer support specialists 81.8% Growth Sales agents for financial services ...

IP telephony guy named 'tech guru' by Business Week. (High Tech).(Jeff Pulver, internet telephony)(Brief Article)
May 2, 2003... Business Week has chosen five innovators, dubbed "Gurus of Technology," whose bubbling intellects could alter the way we live. One of those selected sits in a corner office on Broad hollow Road in Melville amid a sea of rock 'n' roll...

Apple shareholders, execs 'think different'. (High Tech).(Apple Computer to treat options as expenses)(Brief Article)
May 2, 2003... Islandia-based Computer Associates does it. So does Amazon.com. But hardly any other technology company joins them in expensing options. In fact, technology companies have actively campaigned against them. The reason: technology companies...

VAR Business survey sees more IT spending. (High Tech).(Brief Article)
May 2, 2003... In 2003, corporate spending on information technology will increase compared to 2002, with the biggest bump coming in the second half of the year, according a study by VARBusiness. The survey of executives with IT spending authority at...

Brains, deep pockets to meet at LILSI summit. (High Tech).(Long Island Life Sciences Summit )(Brief Article)
May 2, 2003... A bouillabaisse (that's a fancy word for fish stew) of biotechies, pharmaceutical execs, academics, venture capitalists, developers and government functionaries will be mingling at the Long Island Life Sciences Summit at the Hilton Huntington...

Senate introduces bill to allow compensation for emotional loss. (Law).(New York State legislature)
May 2, 2003... While business and health care lobbyists hope to make 2003 the year of "tort reform" in New York, the trial lawyers aren't rolling over. A Senate bill that would allow for the collection of emotional damages in wrongful death actions --...

Bristol-Myers to pay $55 million to states. (Law).(Brief Article)
May 2, 2003... Bristol-Myers Squibb Co. has settled a lawsuit in which all 50 states alleged that it unlawfully blocked less expensive generic versions of its cancer-fighting drug Taxol from entering the marketplace. If approved by the court,...

Ambrosino appointed to Hempstead's town board. (Law).(Edward Ambrosino)(Brief Article)
May 2, 2003... Edward Ambrosino, of counsel to Uniondale-based Ruskin Moscou Faltischek, has been appointed councilman in the Town of Hempstead. Ambrosino, former counsel to the Nassau County Legislature, succeeds retiring board member Joseph Kearney. "I...

Leading enviro lawyers speak at brownfields seminar. (Law).(Brief Article)
May 2, 2003... Environmental lawyers James Rigano and Barry Cohen, partners in East Meadow-based Certilman Balin Adler & Hyman, and Robert Benrubi, partner in the Glen Cove-based law firm Crowe, Deegan, Dickson and Benrubi, will speak at a brownfields...

On the market.(Directory)
May 2, 2003... ON THE MARKET Industrial Location Available Sq. Ft. QUEENS 96-31 43rd Ave Queens 7,500...

BHS Commercial Services marketing Holbrook office. (Real Estate).(Brief Article)
May 2, 2003... BHS Commercial Services, the Hauppauge-based real estate. services firm, has been tapped to take over the marketing responsibilities for a planned $10.5 million, 70,000-square-foot speculative office facility on Veterans Memorial Highway in...

Rohman & Stein closes on five loans totaling $21M. (Real Estate).(Rohman & Stein Associates)(Brief Article)
May 2, 2003... The Woodbury-based mortgage financing firm Rohman & Stein Associates has obtained financing on five commercial properties amounting to $21.05 million. In Brooklyn, Rohman & Stein partner Barry Stein borrowed $14 million on a 92-unit...

C&W of LI nabs two industrial exclusives. (Real Estate).(Cushman and Wakefield Inc.)(Brief Article)
May 2, 2003... In Hicksville, Circuit City is looking to sublet its merchandise repair center located at 1000 South Oyster Bay Road. The 40,000-square-foot facility features 21,000 square feet of office space. Circuit City has 17 years left on its lease...

Arbor Commercial closes on $8.6M in loans. (Real Estate).(Brief Article)
May 2, 2003... Arbor Commercial Mortgage has funded a $5 million bridge loan under its structured finance product line. The loan is secured by a combination of multifamily and office space at two properties in Framingham and Worcester, Mass. The 12-month...

Fabricade moving into 'showcase' HQ. (Structures).
May 2, 2003... HOLBROOK--A unique piece of property encourages the design of a unique building. And in the case of the new Fabricade building, the parcel indeed dictated the design of the facility. The 4.1 acres of land on Veterans Memorial Highway just...

CEOs may be missing out on important tax deductions. (Finance).(chief executive officers)(Brief Article)
May 2, 2003... Many CEOs of fast-growing companies may not be aware of significant tax breaks that they can take, according to a new PricewaterhouseCoopers Trendsetter Barometer survey. About 57 percent of the nation's fast-growing companies have been...

Hedging its bets. (Finance).
May 2, 2003... Hofstra University's Merrill Lynch Center for the Study of International Financial Services and Markets will be holding its third annual Business Conference on Design, Development and Marketing of Financial Services and Product May 5. The...

Riding the market for life. (Finance).(Bankers Life of New York)(Brief Article)
May 2, 2003... Woodbury-based Bankers Life of New York, a subsidiary of AmerUs Group, recently gained approval to become the first New York firm to offer equity-indexed life insurance products. The product is tied to the S&P 500 Index. When the index goes...

Online banking attracts users. (Finance).(Brief Article)
May 2, 2003... About 25 million Web surfers, nearly 20 percent of the active online population, logged on to bank and credit union Web sites in March 2003, according to a new national pall. The Nielsen/Netratings survey also reported that users of these...

Growth strategies deciding if the time is right.(Bill Haile; American Archives)
May 2, 2003... Bill Haile, senior vice president of American Archives, a Deer Park-based records management firm, had considered offering a disaster-recovery program for small businesses even before Sept. 11. Haile felt that the odds were in his favor....

Accounting. (News Makers).
May 2, 2003... Melville-based Abrams and Co. promoted Theresa Marlow to principal. Marlow, of Massapequa, has been with the firm for six years. In addition to her current responsibilities of providing accounting, auditing and tax services to public and...

Wireless tech possibilities abound for small businesses. (Startups).
May 2, 2003... Jay Best sees a tremendous amount of untapped potential for wireless applications for Long Island small businesses. Wireless technologies, Best said, enable companies to enhance productivity, trim down communication costs and improve...

Finding the next best step for seniors. (Startups).(Fritzi Mazzola Gros-Daillon's Transitions USA; health care information services)
May 2, 2003... Many of Fritzi Mazzola Gros-Daillon's peers have struggled with relocating or finding health care for aging relatives. No one seems to know where to begin when it came to finding new living situations for the elderly, she said. ...

Biz calendar.(Calendar)
May 2, 2003... MONDAY, May 5 Eastern Long Island Executives Roundtable, "Behind the Scenes at a Major Tournament," featuring Jonathan Barker, tournament director of 2002 U.S. Open. Suffolk County Community College, Riverhead, 5:30 p.m.-7:30 p.m., fee....

Sometimes 50/50 ownership arrangements just don't work. (On Small Biz).
May 2, 2003... What is the ideal way to divvy up the equity in a startup? When in doubt, most folks divide everything equally. Sometimes, though, that isn't a good idea. Q: My husband and I formed a limited liability company a year ago with a dear...

EGC Group earns an 'A' for school ad campaigns. (Marketing).(Brief Article)
May 2, 2003... The EGC Group recently rounded up an armful of awards for campaigns it has done with class, in the very literal sense, and developed a new data base system designed to help schools recruit. The Hicksville-based ad agency snapped up 13...

21st Century gets Nast. (Marketing).(Brief Article)
May 2, 2003... If you want to reach the readers of Vogue and Glamour in Spanish for a marketing campaign, who do you call? The answer now is 21st Century Marketing Inc. The Farmingdale-based company has obtained the rights to sell the subscription lists...

SMM creates catalogue division. (Marketing).(Sanna Mattson MacLeod Inc.)(Brief Article)
May 2, 2003... Sanna Mattson MacLeod has created a catalog division to design and produce catalogues for everything from travel organizations to manufacturers. The Smithtown-based ad agency already does catalogues for organizations as diverse as The...

Edson adds investment bank. (Marketing).(Brief Article)
May 2, 2003... Andrew Edson & Associates has signed on as the public relations firm for Arlington, Va.,-based investment bank Friedman, Billings, Ramsey Group. Andrew Edson noted the New York Stock Exchange-listed company has achieved "one of the most...

Thomas makes Magix. (Marketing).(Thomas Public Relations)(Magix Entertainment Corp.)(Brief Article)
May 2, 2003... Huntington Station-based Thomas Public Relations, which has become a go-to company for the digital imaging industry, has signed on as the PR agency for online music and photo software developer Magix Entertainment Corp. Thomas said it was...

LIA study measures hospitals' role in economy. (Health Care).(Brief Article)
May 2, 2003... The Long Island Association has completed a study indicating that hospitals are responsible either directly or indirectly for nearly a clime on every dollar of Long Island's gross metropolitan product. The study, commissioned by the...

Nursing homes send out S.O.S. (Health Care).(Brief Article)
May 2, 2003... A state wide association of nursing homes accused the state of reneging on grants promised more than a year ago to boost the salaries of employees even as it cut back funds. The New York State Health Facilities Association, a state group of...

St. Charles plans pediatric ER. (Health Care).(Brief Article)
May 2, 2003... St. Charles Hospital wants at least part of its emergency department to be child's play. The Port Jefferson hospital recently unveiled plans to create a pediatric emergency room within its existing emergency department. The new room will...

Grant supports CCE marine program. (Not-For-Profit).(Suffolk County Vanderbilt Museum's Sea Stars Marine Summer Camp gets funding)(Brief Article)
May 2, 2003... Legis. Jon Cooper, D-Huntington, obtained a $13,500 county grant for Cornell Cooperative Extension's Marine Program at the Suffolk County Vanderbilt Museum in Centerport to help fund their Sea Stars Marine Summer Camp. The grant money was...

Girl Scouts launch new look. (Not-For-Profit).(Brief Article)
May 2, 2003... The Girl Scouts of Nassau County launched a new look for the home page of its Web site, www.gsac.org, as well as new interactive features. Girl Scout leaders can download necessary materials, and Girl Scouts can share their feelings about...

Guide Dog donation. (Not-For-Profit).(Brief Article)
May 2, 2003... Coach Realtors donated $10,000 to the Guide Dog Foundation for the Blind in Smithtown. The funds will go toward providing guide dogs free of charge to blind people who seek enhanced mobility and independence.

Little Flower's spring event. (Not-For-Profit).
May 2, 2003... Little Flower Children's Services of New York, with a campus in Wading River, is holding its annual "A Tasteful Spring Evening" at the Wyndham Wind Watch Hotel in Hauppauge May 5. Proceeds will support programs for children who have been...

Reaching out to prostate cancer victims. (Not-For-Profit).(Education Center for Prostate Cancer Patients)
May 2, 2003... Prostate cancer is the second leading cause of cancer-related deaths for men. It is estimated that more than 30,000 men nationwide will die of the disease in 2003, with African American males having the highest percentage rate over any other...

Astoria deposits grant to PATC. (Not-For-Profits).(Brief Article)
May 2, 2003... Astoria Federal Savings in Lake Success awarded a $1,500 grant to Public Access Television Corp. to underwrite its new Women in Technology program and its annual Playwrights Showcase. PATC provides community programs and trains local...

Telecare hosts golf classic. (Not-For-Profits).
May 2, 2003... Telecare's 23rd annual Golf Classic is taking place May 19 at The Creek and Piping Rock Clubs in Locust Valley, Meadow Brook Club in Jericho and Pine Hollow Country Club in East Norwich. Brunch begins at 9:30 a.m.; tee-off is set for 11:30...

Ducks partner with Junior Achievement. (Not-For-Profits).(Long Island Ducks)(Brief Article)
May 2, 2003... The Long Island Ducks have formed a partnership with Junior Achievement of New York. As part of the agreement, teenage members of the Junior Achievement program will be involved with the sales, marketing and accounting aspects of the Ducks...

EAC holds golf outing. (Not-for-profits).
May 2, 2003... The Education & Assistance Corp. of Hempstead is hosting its annual Golf Outing at North Hills County Club on June 16. There will be two shotgun times, one at 7a.m. and the other at 12:30 p.m. All proceeds from the outing will benefit...

Nature Conservancy honors Reckson. (Not-For-Profits).(Gregg Rechler)(Brief Article)
May 2, 2003... The Nature Conservancy of Long Island in Cold Spring Harbor is honoring Gregg Rechler, co-president and chief operating officer of Reckson Associates Realty Corp., at the organization's Earth and Ocean Gala May 15. The celebration, which...

Events calendar.
May 2, 2003... FRIDAY, May 2 Long Islanders Against Breast Cancer, "Soar For A Cure" dinner dance. Cradle of Aviation Museum, Garden City, 7:30 p.m., fee. Call (516) 367-6923. May 2-3 NYIT, Gold Coast Food & Wine Classic. Various locations and....

Legal LI: limiting liability in the sale of a business. (Paid Feature).
May 2, 2003... Since a sale of a company is likely to be the most important business transaction of a business owner's life, the sale should be prepared for, negotiated and completed with the goal of limiting the seller's exposure to claims by the buyer...

Airline Timetable.(Directory)
May 2, 2003... ISLIP MACARTHUR AIRLINE TIMETABLE Departure Arrival Flight Airline From To Time Time Number American ISP Boston ...

Stocks report.
May 2, 2003... ADVANCERS A Fonar Corp. (Nasdaq: FONIR) subsidiary, Health Management Corp. of America, sold its A&A Services Inc. business for $3 million, the parent company announced. The company's stock shot up 23 percent on the news, closing at...

Oversight, not branding. (Opinion).
May 2, 2003... As the Long Island Power Authority proposes to spend $1 million of ratepayers' money on a "branding" campaign, the only public watchdog of the region's electric power monopoly is being forced to scrounge for funds. So the public is better...

What are they smoking at the DOJ?(Department of Justice; tobacco industry cases)
May 2, 2003... Ten months after tobacco companies and 46 state attorneys general settled their differences for $250 billion, the federal government decided that it wanted a piece of the pie. So the Clinton Justice Department filed suit, alleging that industry...

MTA fare hike makes long-term sense. (Commentary).
May 2, 2003... The controversy over the bookkeeping practices of the Metropolitan Transportation Authority should not erupt into a political mudslinging contest that ultimately hurts Long Island Railroad riders and subway straphangers. Last week state...

Wall Street mist earn investors' trust. (Commentary).
May 2, 2003... Back in the days of Richard Nixon, some cynics created a poster with Nixon's photo and the legend, "Would you buy a used car from this man?" As far back as one can remember, the issue of trust has dominated the thinking of Americans. ...

Securitizing small business lending. (Long Island Ranking: A Special Report).(Small Business Administration report)
May 2, 2003... Small businesses may find a greater availability of funding in the future, thanks to current banking trends that could lead to a secondary market for conventional small business loans, according to a new Small Business Administration report....

Fleet leads Long Island lending to 3-year high.
May 2, 2003... MELVILLE -- Fleet National Bank is leading the U.S. Small Business Administration to a three-year high in the number of loans made to Long Islanders. The Boston-based bank made 112 loans to local businesses in the SBA's 7(a) program as of...

Pataki names NYC mayor's girlfriend as banking chief.(George Pataki; Diana Taylor)(Brief Article)
May 2, 2003... The Associated Press ALBANY -- Gov. George Pataki has nominated one of his top administrators, who is also the girlfriend of New York City Mayor Michael Bloomberg, as the next state banking superintendent. Diana Taylor must be...

Federal Reserve official projects economic jump.(J. Alfred Broaddus Jr.; Federal Reserve Bank of Richmond VA)
May 2, 2003... THE ASSOCIATED PRESS CHARLESTON, W.Va. - The president of the Federal Reserve's Richmond, Va., bank said April 25 that while disappointed by first-quarter U.S. economic growth, he remains guardedly hopeful the economy will speed up in the...

Small banks defy slowdown with banner year.
May 2, 2003... There were a lot of economic reasons to be feeling on edge at the end of 2002, but some good cheer would be in order if you were working at one of the top community banks in the Twin Cities. The 20 largest independent community...

Commercial Banks.(Directory)
May 2, 2003... COMMERCIAL BANKS RANKED BY ASSETS ASSETS (millions) Name Bank Officers Rank Phone & Fax Address + ...

Schwab expands into banking biz.(Charles Schwab Corp.)
May 2, 2003... THE ASSOCIATED PRESS SAN FRANCISCO -- Slumping stock broker Charles Schwab Corp. has expanded into the banking business and is setting the stage for a price war by guaranteeing the best deals on home mortgages. The San Francisco-based...

Thrift Banks.(Directory)
May 2, 2003... THRIFT BANKS RANKED BY ASSETS ASSETS ($millions) Rank % Change Name Address Phone &...

Bank whose officers gave to local politicians gets town's business.(Commerce Bank; Winslow Township NJ)(Brief Article)
May 2, 2003... THE ASSOCIATED PRESS WINSLOW, N.J. -- A suburban township's decision to switch banks has caused a stir in local political circles. Commerce Bank, the Cherry Hill-based institution that says it has more than 1,000 banking, insurance and...

Chinese banks clean cash to combat SARS.(severe acute respiratory syndrome)(Brief Article)
May 2, 2003... THE ASSOCIATED PRESS BEIJING -- Fearful of spreading the SARS virus, Chinese banks plan to do something the government usually frowns on: launder money. The Industrial and Commercial Bank of China, the nation's biggest commercial bank,...

Credit Unions.(Directory)
May 2, 2003... CREDIT UNIONS RANKED BY NUMBER OF MEMBERS Name President/CEO Address Contact, Year Phone, Fax Web address, e-mail Founded ...

Star analyst misled investors to get kids in preschool.
May 2, 2003... THE ASSOCIATED PRESS ALBANY -- A former Salomon Smith Barney telecommunications analyst bragged in an e-mail of his private deal that misled countless investors and toyed with one of the most powerful CEOs in the country to get his kids...