Sac City to name new president

Kathryn Jeffery will likely be named president of Sacramento City College tonight if the Los Rios Community College District Board of Trustees approves the appointment, as is expected.

Jeffery will step into her new role March 17.

She is currently the president of Hennepin Technical College in Minneapolis. She has been president of the 18,000-student school since 2006.

Jeffery worked at Sac City early in her career. She earned her Ph.D. in educational administration from the University of Texas at Austin and bachelor's degrees in behavioral studies and music education and piano from Oklahoma State University.

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source: bizjournals.com

Rich found guilty in securities fraud scheme

Michael Marks Rich, former president and chief executive officer of Pac Equities Inc., was found guilty by a jury on Dec. 10 of 25 counts related to a securities fraud scheme.

Bend-based Pac Equities, a real estate development company, was also found guilty of the securities fraud scheme. The verdicts were returned after a 10-day trial in Eugene before U.S. District Judge Michael Hogan, who will sentence Rich, 70, on Feb. 12.

The jury found Rich and Pac Equities guilty of securities fraud, wire fraud and mail fraud. Additionally, the jury found Rich guilty of bank fraud, attempted bank fraud, money laundering, obstruction of justice and tax fraud.

Rich faces a 113-year sentence and a fine of $7.85 million on all counts.

The jury also found that all assets acquired by Rich and Pac Equities were the proceeds of the securities fraud, wire fraud and mail fraud and must be forfeited to the United States. Approximately $10 million in assets have been seized by the United States so that they can be returned to more than 300 people who invested $18 million with Pac Equities.

In September 2006, Rich's wife, Phyliss, former chief operating officer of Pac Equities, pleaded guilty to conspiracy to commit securities fraud and to filing a false tax return. In June she was sentenced to serve 51 months in federal prison and ordered to pay more than $13 million in restitution.

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source: bizjournals.com

Port commissioners approve HQ deal

Port of Portland commissioners on Wednesday approved the sale and lease back of the organization's headquarters in Old Town.

Seattle-based Washington Real Estate Holdings LLC will purchase the building for $29.2 million.

The building has 104,000 square feet of leasable space. The port purchased it in 2000 for $20 million.

Washington Real Estate Holdings LLC controls commercial real estate worth more than $1.5 billion in several Western states and will purchase the building with funds from Washington's pension system. The firm previously provided financing for The Civic, a condo building near PGE Park.

Port commissioners approved building a new port headquarters and parking garage at Portland International Airport in April. The project will cost $252 million.

The port will lease back its Old Town headquarters building until it moves to the new headquarters in 2010. It will pay roughly $2 million in the first year of the lease and an additional 3 percent each subsequent year.

After the port leaves, the building will become a multi-tenant commercial office building.

David Squire and David Hill at Grubb & Ellis Co. listed the property and brokered the deal, which is expected to close Jan. 8.

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source: bizjournals.com

PNC revises fourth-quarter earnings

PNC Financial Services Group Inc. on Wednesday said it expects to report fourth-quarter earnings in the range of 60 cents to 75 cents a share, and adjusted earnings between $1 and $1.15 a share.

Analysts, on average, had projected profit of $1.39 a share.

Pittsburgh-based PNC (NYSE:PNC) said the changes reflect a write-down of $1.5 billion in commercial mortgage loans, weak trading results due to market volatility and a higher provision for credit losses stemming from residential real estate development.

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source: bizjournals.com

Port Authority: Bridge toll increases possible next year

Riding PATCO and crossing the area's four bridges won't cost any more to start the year under the 2008 budget adopted by the Delaware River Port Authority on Wednesday.

But the need to fund a five-year capital program could lead to bridge toll increases later in the year, an authority spokeswoman said.

Spokeswoman Danelle Hunter said the authority will also consider alternatives to toll increases.

The regional transportation agency approved $79.7 million for operations and $93.6 million for capital expenses for its four bridges (Benjamin Franklin, Walt Whitman, the Commodore Barry and the Betsy Ross), the PATCO train line, the Philadelphia Cruise Terminal and the RiverLink Ferry.

The budget, a $3.4 million or 4.4 percent increase over last year, doesn't increase PATCO fares. PATCO, which will have a $42.5 million operating budget, received a $1.5 million or 3.6 percent increase in its budget over last year.

DRPA anticipates $195.4 million in toll revenue, which is projected to remain relatively flat next year. PATCO ridership is also expected to remain relatively flat, reported DRPA, which projected a $99,400 increase in PATCO revenue over last year.

DRPA faced higher personnel costs, health insurance, maintenance/vehicle repairs, fuel, utility and other operating costs.

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source: bizjournals.com