Tulsa World: FYI: Business

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FYI: Business

By Staff and Wire Reports
Published: 11/26/2009 2:33 AM
Last Modified: 11/26/2009 9:22 AM

Canadian company to buy Pontiac Silverdome

A judge has cleared the way Monday for a Canadian company to pay $583,000 for the Pontiac Silverdome, built for $55.7 million in 1975 to house the NFL's Detroit Lions.

The Lions abandoned the 80,300-seat stadium in 2002, when they moved to Detroit's Ford Field. Pontiac has been spending $1.5 million a year to maintain the largely unused stadium.

Oakland County Circuit Court Judge Edward Sosnick refused this week to grant a preliminary injunction to Silver Stallion Corp., which made a $20 million offer for the Silverdome last year. That deal fell through in a dispute over environmental cleanup costs.

Sosnick earlier issued a temporary restraining order blocking the sale to Triple Properties Inc. of Toronto.

The city said the Canadian company will take ownership in 45 days.

Tulsa-based auction company Williams and Williams conducted the sale of the Silverdome. Representatives of the company said they had no comment on the legal issues.

New home sales up, mortgage rates drop

Sales of new homes rose more than 6 percent in October. But that was only because of strong results in the South.

Home prices rose in 11 major metro areas in September, but fell in nine. Home resales, meanwhile, were up nationwide, with the biggest gain in the Midwest.

New home sales were up more than 5 percent from a year ago, the first yearly increase since November 2005. Sales are now up 31 percent from the bottom in January, but down 69 percent from their peak in July 2005.

Meanwhile, average rates for 30-year fixed mortgages fell this week, matching a record low set last spring and more than a full percentage point below what they were a year ago, Freddie Mac said Wednesday.

Rates for 30-year mortgages averaged 4.78 percent this week, down from 4.83 percent last week and equaling the record low reached the week of April 30.

Last year at this time, the 30-year fixed rate mortgage averaged 5.97 percent.

More bankruptcies filed in federal courts

Bankruptcy filings in federal courts jumped by more than one-third this year, as businesses and individuals struggled to regain their footing in a weakened economy.

New numbers from the Administrative Office of the U.S. Courts show about 1.4 million bankruptcy cases were filed this fiscal year. That's up 34.5 percent compared with the more than 1 million cases filed last fiscal year. The bankruptcy figures cover a period from Oct. 1, 2008, to Sept. 30.

Filings under Chapters 7, 11, 12 and 13 all rose — particularly filings for Chapter 11 protection, which increased 68 percent. Overall, business filings were up 52 percent, while nonbusiness filings rose by 34 percent.

Court overturns Wal-Mart lawsuit

Wal-Mart Stores Inc., the largest U.S. private employer, must face a lawsuit over claims employees were charged excessive fees for investments in their 401(k) plans, a U.S. appeals court ruled, reviving a case thrown out by a lower court.

Wal-Mart was accused in the suit of failing to offer retirement plans that limit the amount of fees and expenses that are charged when employees make investments. The complaint also alleged that the improper administration of the plans cost participants more than $60 million. The appeals court reinstated the claims today, overturning a decision by a federal judge in Kansas City, Mo.

Gold climbs to third record this week

Gold climbed to a record for the third time this week as investors bought the metal to protect their wealth from the declining dollar and Sri Lanka's central bank purchased bullion.

The precious metal, which typically moves inversely to the dollar, touched an all-time high of $1,192.97 Wednesday. It settled at $1,186.90 per ounce, a jump of $21.40.

By Staff and Wire Reports

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