New report released
Fair Finance trustee Brian Bash’s latest status report provides a detailed history on the yearslong, $200 million bankruptcy and fraud case.
The status report is scheduled to be discussed at 9:30 a.m. today in U.S. Bankruptcy Court in downtown Akron.
The 18-page report says it is “an effort to address the court’s concerns raised at the last status conference about information the trustee believes the creditors should be aware regarding the progress of this case.”
The report can be read in its entirety online at http://www.kccllc.net/fair finance.
The report notes that the bankruptcy estate currently holds about $4.1 million while unpaid legal fees and related expenses total more than those holdings. The more than 5,000 creditors, primarily Ohio residents who bought uninsured investment certificates from Akron-based Fair Finance, have not received any distributions in the case to date.
“I know that the harm caused to certificate holders and other creditors is very substantial,” Bash wrote. “The fraud perpetrated has hurt many innocent people and caused a great deal of hardship. While I do not intend to give up, there is no guarantee that there will be a return for creditors in the near future.”
Washington flights added
Southwest Airlines, which owns the most flights to and from Akron-Canton Airport, said Monday two daily round-trip flights are being added to Washington, D.C., at Ronald Reagan National Airport.
Flights will be available for purchase beginning May 19 on a 143-seat Boeing 737-700 jet, the airline said. It is the result of 54 openings into the facility created by the merger of American Airlines and US Airways.
Southwest noted the flights are still under the AirTran name but the conversion of all flights to its name is scheduled to be completed by the end of the year.
Southwest offers flights from Akron-Canton to Atlanta, Denver, New York (LaGuardia), Boston, Orlando, Tampa and seasonal trips to Fort Myers, Fla.
US Airways also offers a daily flight from Akron-Canton to Reagan National.
Tentative deal reached
Anheuser-Busch and the International Brotherhood of Teamsters say they have reached a tentative deal on a five-year contract for workers at the beverage-maker’s 12 U.S. breweries.
The company and union said the deal must still be ratified by union members. They say their negotiators are focused on finalizing the contract language.
Anheuser-Busch is based in St. Louis and is a subsidiary of Anheuser-Busch InBev. It has U.S. breweries in Missouri, California, Colorado, Texas, Florida, Georgia, Virginia, Ohio, New Jersey, New York and New Hampshire.
Executive gets raise
PepsiCo CEO Indra Nooyi got a pay package worth $13.2 million last year, representing a 5 percent increase from the previous year. The pay bump was the result of a higher performance-based bonus, reflecting the company’s improved financial results.
2.8 percent growth seen
The consensus of 48 economists surveyed by the National Association for Business Economics is that bad weather cut first-quarter growth to a weak annual rate of 1.9 percent, but that growth could exceed 3 percent by year’s end. NABE’s report covered a survey period from Feb. 19 through March 5.
Their forecast for average U.S. economic growth of 2.8 percent this year is better than the 2.5 percent rate they predicted in NABE’s December survey. Those surveyed expect consumer spending to now increase 2.6 percent in 2014, not 2.4 percent, as hourly wage growth is forecast to rise faster than inflation. GDP is expected to grow an average 3.1 percent in 2015.
Dow drops 26 points
The Dow Jones industrial average fell 26.08 points to 16,276.69. The Nasdaq lost 50.4 points to close at 4,226.39.
The Standard & Poor’s 500 index fell 9.08 points to 1,857.44.
Compiled from staff and wire reports.