The RoomStore shares issued to Heilig-Meyers creditors (Times-Dispatch)
Companies usually go public to raise money. But the latest Richmond-area firm to take that route has issued shares to settle an old debt — an obligation owed by someone else.
There’s no cure like a win streak (Virginia Gazette)
William & Mary’s basketball team has had just 44 seasons over .500 since the college began keeping records in 1905. There have been only three winning seasons in the past 20 years. But now they are on a hot streak, beating Maryland and Wake Forest and fans are coming out to watch. The team visits VCU tonight.
Developers say Rowland could be upscale hotel (Roanoke Times)
A high-end hotel may check in at the former Billy’s Ritz restaurant building in downtown Roanoke. Detailed plans for a 25-room hotel, with an average rate of $179 a night in the first year, are outlined in bond application documents submitted to the city by the property owners.
You Are Unlikely To Prosper (Slate)
Editor’s pick, especially for bankers. A very interesting story that takes a critical look at a trend where the facts don’t support the hype. Prosper.com, a website that allows people to lend to each other, now prominently displays what look like very attractive returns for loans made since the marketplace reopened in July, with estimated returns of 7.86% to 12.87% on loans to the more creditworthy borrowers. But these are based on estimated default rates and repayment rates, about which Prosper has time and again been wrong.
F.H.A. to Raise Standards for Mortgage Insurance (NY Times)
Borrowers who get an F.H.A.-insured loan will soon have to pay a higher initial insurance premium. The new premium will be 2.25 percent of the value of the loan, up from 1.75 percent.
A Little Less Conversation (Inc.)
Editor’s Pick. A must-read. Have you ever invited employees to a meeting just so they wouldn’t feel left out? If so, you may be an overcommunicator.