The Westport/Weston Chamber of Commerce will host an information session on the upcoming Connecticut Light and Power project for all members of the business community on Monday, Oct. 16 at 7 p.m. in the McManus Room at the Westport Public Library.
The session is about the project to bury a high-voltage cable under Route 1 through Westport.
It is part of a project extending the cable from Middletown to Norwalk.
Representatives from CL&P and the project team will be on hand to answer questions.
Securities and Exchange Commission attorneys are recommending that no action be taken against Wall Street executive John Mack or Westport’s Pequot Capital Management Inc. in an insider-trading probe that led to allegations of political interference within the SEC.
Art Samberg, chairman of the $7 billion hedge fund, sent a note to clients today disclosing the decision by SEC enforcement staff not to bring charges against the company or its employees, the Wall Street Journal Online said.
Last June, The New York Times reported that federal regulators were investigating Pequot for possible insider trading. (See WestportNow June 23, 2006)
The newspaper cited government officials briefed on the case. Pequot is based in the Nyala Farms office complex on Greens Farms Road off I-95.
Wesport’s Terex Corp. today announced that Tim Ford has joined the company as president, Terex Aerial Work Platforms.
Ford will be based in Westport and will report directly to the company’s chairman and chief executive officer, Ronald M. DeFeo, and through Dec. 31 also to Robert Wilkerson.
Wilkerson, who has been serving as president, Terex Aerial Work Platforms, will continue with the company reporting to DeFeo, and will help with customer and other growth initiatives, an announcement said.
Prior to joining Terex, Ford was most recently executive vice president of The Toro Company, a $1.8 billion lawn care and turf maintenance product and service provider. Prior to Toro, he held various senior management positions with Honeywell International.
Westport-based Terex Corp., which makes construction, roadbuilding and mining equipment, said today that it completed the sale of its 80.5 percent ownership stake in Czech truck maker Tatra AS to Blue River s.r.o. for roughly $26.2 million in cash.
The deal also calls for the repayment of all inter-company debt owed to Terex by Tatra of about $31.6 million. Additionally, Blue River will assume Tatra’s debt, which totals about $22 million.
Blue River is a Czech-based consortium of four international private investors, led by a member of Tatra’s supervisory board.
In July, when it first announced it would sell the stake, Terex said Tatra was “non-core to Terex’s future operations.”
Citibank opened its second Westport branch today at 880 Post Road East. Westport First Selectman Gordon Joseloff (c) helped cut the ribbon along with the Rev. Peter Powell (3rd l.) president of Westport’s Interfaith Housing Association. Citibank presented IHA with a check for $3,000 to mark the branch opening. (CLICK TO ENLARGE) Daniel do Amaral for WestportNow.com
Jack Mitchell, chairman and CEO of Mitchells of Westport was the guest speaker today at the Y’s Men of Westport/ Weston opening the 2006-2007 season. His subject was “Hug Your Customers,” the name of his best selling book about proven ways to personalize sales and achieve astounding results. (CLICK TO ENLARGE) Larry Untermeyer for WestportNow.com
A group of Westport-based investors led by Barry Sternlicht, Michael Tewey and Larry Martin announced today that they have purchased the Field & Stream Licenses Company and its trademark assets.
Terms of the transaction were not disclosed. The company will be based in Westport and run by Tewey and Martin on a day-to-day basis. Sternlicht will serve as the company’s chairman.
Founded 134 years ago by Gordon & Ferguson Co., Field & Stream Licenses Company currently owns more than 115 U.S. and international trademark registrations covering more than 600 products, along with ‘Intent to Use’ registrations for an additional 250 products.
It also owns the Field & Stream trademark for products in 43 countries including China and the European Union. The company is not associated with Field & Stream Magazine, which is owned by Time Warner Corp.
The chief executive of Westport-based Tanner & Haley Resorts, a destination club offering vacations to the wealthy, has resigned following a bankruptcy filing by the 62 corporate entities operating under that trade name, according to The Wall Street Journal.
The newspaper’s Web site said Rob McGrath resigned from the company Tuesday, three weeks after the bankruptcy filing. The company has its headquarters at 285 Riverside Ave.
The company’s chief restructuring officer, Holly Etlin, said in a statement e-mailed to members Tuesday that McGrath “concluded that he could best enable the company he founded to successfully complete its financial reorganization by stepping down,” The Journal reported..
Tanner & Haley drew corporate executives, entrepreneurs, real-estate developers and other wealthy customers. Members of Tanner & Haley clubs vacationed in luxury homes around the world for deposits of between $85,000 and $1.3 million for more recent offerings.
Westport-based Terex Corp., the world’s third largest manufacturer of construction and mining equipment, will be shifting its corporate operations from 500 Post Road East to the Nyala Farms Corporate Center, according to GlobeSt.com
The firm, a major construction and mining equipment manufacturer, will relocate by year’s end from its current office opposite Westport fire headquarters to the office complex just off I-95 on Greens Farms Road, the Web site reported.
Terex currently occupies 35,000 square feet at 500 Post Road East and will move to 79,598 square feet of space at the 372,207-square-foot, five-building complex at Nyala Farms.
The long-term lease is the largest lease transaction so far this year in Fairfield County and brings the Nyala property to 100 percent occupancy, according to real estate firm Cushman & Wakefield.
Westport’s Bridgewater Associates, with $20.9 billion in assets, has been ranked the world’s second largest hedge fund, according to Institutional Investor’s Alpha magazine.
Goldman Sachs Asset Management is No. 1 with more $21 billion in assets, up 85 percent from two years ago when it ranked a lowly 28th, Alpha reported. D.E. Shaw Group was third with $19.9 billion.
Bridgewater Associates, at 1 Glending Place, has about 300 employees, with almost half that number engaged in research and trading, according to the company’s Web site.
The top 100 hedge fund firms now handle almost two-thirds of the industry’s assets—up from just over half at the end of 2003, Alpha reported.
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