Morristown-based Honeywell International Inc., Chrysler Motors LLC and five other companies that make automobile parts were named in a lawsuit filed last year by Harold St. lohn, who died Feb. 28 from asbestos-related cancer, and his wife.
Around the State Jupiter Images SBA hopes increase in loan guarantees spurs lending activity Last week, the U.S. Small Business Administration raised to 90 percent the federal guarantee on most SBA loans and temporarily suspended a fee that is charged to banks, but passed along to borrowers. Previously, up to 85 percent of loans were guaranteed. Jim Kocsi, New Jersey district director for SBA, said, “We have already gotten a couple of e-mails from our lenders asking to submit applications, so this is good news, and we hope it will result in the actions that we anticipate — an increase in lending.” SBA lending in New Jersey and nationwide is down more than 50 percent this fiscal year, a casualty of the credit crisis, problems in the SBA loan securitization market and the decline in demand for loans from small businesses wary of taking risks during a recession. The increase in the guarantee and the suspension of the fee is funded by $375 million included in the stimulus bill, and is authorized through the end of 2010 — or as long as the funds last, which SBA has calculated could be at the end of 2009, Kocsi said. The 90 percent guarantee will be on loans up to $1.5 million; any portion above that amount will be subject to a SBA lending is down more than 50 percent in New Jersey and nationwide. lower guarantee. – Beth Fitzgerald the complaint “are related primari- IGI Laboratories Inc. sold $6 the previous six months, the com- for smaller, age-restricted units State files lawsuit over ly to the startup of the FiOS busi- million in convertible preferred pany had so far maintained its pay- have been unable to sell their hous- FiOS service claims ness nearly two years ago in New stock and other securities to invest- out to shareholders. But Hersh also es, or are holding onto them as their Jersey, and have been largely ment funds affiliated with Signet said he was considering other grown children and families move State Attorney General Anne Mil- addressed.” – João-Pierre S. Ruth ., Healthcare Partners G.P according options for the first-quarter divi- back in, the group said. gram and Division of Consumer to an announcement made last dend, including a cut or paying up “People in real estate now Affairs director David Szuchman week. IGI develops, manufactures to 90 percent of the dividend in believe there is already enough age- last week announced the filing of a Drug Fair selling 32 and packages products for pharma- stock, rather than cash. restricted housing built or in the lawsuit against Verizon New Jer- stores to Walgreens ceutical and cosmetic companies. REITs have been hit hard by the pipeline to handle the lower sey Inc. for not meeting certain As part of the deal, Joyce recession — which has caused prop- demand for up to 20 years,” Sarlo service and marketing claims. The Pharmacy and general merchandise Erony, a managing director of erty values to decline — as well as said in a statement. – Evelyn Lee four-count complaint alleges Ver- chain Drug Fair, based in the Som- Signet Healthcare Partners, joined the credit crunch, which has con- izon violated the Consumer Fraud erset section of Franklin, last week IGI’s board of directors. Another tributed to falling stock prices. Since Act and advertising regulations said Walgreen Co., of Deerfield, Ill., Signet managing director also is last year, nearly 40 publicly traded Ruling lets widow through misrepresentation and has agreed to buy 32 of its stores in expected to join the board. REITs have suspended, cut or paid at proceed with burial omissions of facts. New Jersey for an undisclosed The financing “will improve least part of their dividend in com- According to court docu- amount. Drug Fair made the our working capital base” and allow pany stock, according to a January A New Jersey widow whose hus- ments, the state claims deception announcement as part of its Chap- the company to regain its list
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