Altria Group
Altria issued $1.5 billion in bond notes that will mature in 2021. The notes are guaranteed by Philip Morris USA, Altria’s subsidiary. Goldman, Sachs & Co., RBS Securities and Citigroup Global Markets represented the underwriters of the deal.
Apple REIT Ten
The local real estate investment trust said it terminated contracts for two hotels it had planned to purchase. The first was a $9 million deal for a 160-room hotel in Fort Myers, Fla. The second was for the potential purchase of a 95-room hotel in Montgomery, Ala., for $7.5 million.
Apple REIT Ten entered into a new contract to purchase a 103-room Homewood Suites in Florida for $14.55 million. The deal is pending. If the sale goes through, Apple REIT would also assume a $13.2 million loan held by the seller.
CarMax
Kim Orcutt, principal accounting officer, exercised options for 36,867 shares for a total price of $706,758. She then sold those shares for $34.50 each, a total of $1.27 million.
Commonwealth Biotechnologies
The bankrupt company said it lost $1 million in 2010, which comes on top of a $2.3 million loss in 2009. CBI is in the midst of selling off all its assets, including a large R&D facility on Biotech Drive in Midlothian, through the bankruptcy court. The company said it has negative working capital and just $99,000 in cash. In April, the court approved CBI’s sale of its Australian subsidiary Mimotopes for $875,000. Once that sale is finalized, CBI will have no operating units. Its employee base will also be reduced from 32 full-time workers to two: a CEO and an accountant. It also employs a consultant as CFO. CBI said in its 10-K that it has a sales agreement for the sale of the Biotech Drive property. The sale is subject to acceptance and approval by the bankruptcy court. Once everything is sold off and creditors are repaid, CBI intends to be a debt-free public shell that will be sold to another company looking to go public.
Genworth Financial
Martin Klein, a senior vice president, was awarded stock appreciation rights for 75,000 shares of Genworth stock. The shares can be exercised at $12.52 each and expire in 2021. Klein was also awarded 30,000 restricted stock units that will eventually convert into shares of common stock at no cost.
MeadWestvaco
Wendell Willkie, MeadWestvaco’s general counsel, exercised options for 38,799 shares for $29.55 per share or a total of $1.14 million. He then sold those shares for approximately $1.3 million.
CFO Mark Rajkowski created a trading plan with the company to sell up to 75,000 shares of his MeadWestvaco stock beginning June 2 and running through Dec. 30. The company said the trading plan is part of the executive’s personal financial planning strategy for asset diversification.
Robert Feeser, a senior vice president, entered into a similar trading plan to sell up to 49,200 of his MeadWestvaco shares during the second half of 2011.
Media General
Coleman Wortham III, a director, bought 5,000 shares for $4.89 per share or $24,450.
Owens & Minor
President and CEO Craig Smith exercised options for 20,250 shares for $19.72 per share or $399,000. He then sold those shares at market price for $33.99 each or a total of $688,000.
Mark Van Sumeren, a senior vice president, adopted a stock trading plan to sell up to 20,000 shares on the open market. The company said the purpose of the plan is to allow him to engage in stock trades on pre-arranged dates to avoid concerns about transactions occurring at times when he could possess material, non-public information.
Michael Schwartz is a BizSense reporter. Please send news tips to [email protected].
Altria Group
Altria issued $1.5 billion in bond notes that will mature in 2021. The notes are guaranteed by Philip Morris USA, Altria’s subsidiary. Goldman, Sachs & Co., RBS Securities and Citigroup Global Markets represented the underwriters of the deal.
Apple REIT Ten
The local real estate investment trust said it terminated contracts for two hotels it had planned to purchase. The first was a $9 million deal for a 160-room hotel in Fort Myers, Fla. The second was for the potential purchase of a 95-room hotel in Montgomery, Ala., for $7.5 million.
Apple REIT Ten entered into a new contract to purchase a 103-room Homewood Suites in Florida for $14.55 million. The deal is pending. If the sale goes through, Apple REIT would also assume a $13.2 million loan held by the seller.
CarMax
Kim Orcutt, principal accounting officer, exercised options for 36,867 shares for a total price of $706,758. She then sold those shares for $34.50 each, a total of $1.27 million.
Commonwealth Biotechnologies
The bankrupt company said it lost $1 million in 2010, which comes on top of a $2.3 million loss in 2009. CBI is in the midst of selling off all its assets, including a large R&D facility on Biotech Drive in Midlothian, through the bankruptcy court. The company said it has negative working capital and just $99,000 in cash. In April, the court approved CBI’s sale of its Australian subsidiary Mimotopes for $875,000. Once that sale is finalized, CBI will have no operating units. Its employee base will also be reduced from 32 full-time workers to two: a CEO and an accountant. It also employs a consultant as CFO. CBI said in its 10-K that it has a sales agreement for the sale of the Biotech Drive property. The sale is subject to acceptance and approval by the bankruptcy court. Once everything is sold off and creditors are repaid, CBI intends to be a debt-free public shell that will be sold to another company looking to go public.
Genworth Financial
Martin Klein, a senior vice president, was awarded stock appreciation rights for 75,000 shares of Genworth stock. The shares can be exercised at $12.52 each and expire in 2021. Klein was also awarded 30,000 restricted stock units that will eventually convert into shares of common stock at no cost.
MeadWestvaco
Wendell Willkie, MeadWestvaco’s general counsel, exercised options for 38,799 shares for $29.55 per share or a total of $1.14 million. He then sold those shares for approximately $1.3 million.
CFO Mark Rajkowski created a trading plan with the company to sell up to 75,000 shares of his MeadWestvaco stock beginning June 2 and running through Dec. 30. The company said the trading plan is part of the executive’s personal financial planning strategy for asset diversification.
Robert Feeser, a senior vice president, entered into a similar trading plan to sell up to 49,200 of his MeadWestvaco shares during the second half of 2011.
Media General
Coleman Wortham III, a director, bought 5,000 shares for $4.89 per share or $24,450.
Owens & Minor
President and CEO Craig Smith exercised options for 20,250 shares for $19.72 per share or $399,000. He then sold those shares at market price for $33.99 each or a total of $688,000.
Mark Van Sumeren, a senior vice president, adopted a stock trading plan to sell up to 20,000 shares on the open market. The company said the purpose of the plan is to allow him to engage in stock trades on pre-arranged dates to avoid concerns about transactions occurring at times when he could possess material, non-public information.
Michael Schwartz is a BizSense reporter. Please send news tips to [email protected].