| Perth Amboy refinances water utility debt to help budget
Perth Amboy is taking advan tage of a novel way of refinancing its $17.25 million water utility debt that will pump at least $750,000 into the city budget this year. David Milkosky, the financial adviser to the Middlesex County Improvement Authority, which is selling the bonds, said it is a "very good deal" for the city. He ex plained the city reached an agreement with NW Financial Group LLC, an investment firm based in Jersey City. Under the terms of the agreement, NW Financial will underwrite the bonds when they come due in 2009. In return, NW Financial agreed to pay Perth Amboy at least $750,000 for locking in at an interest rate when the deal is finalized in December. "By locking in at the current low interest rates, the city is taking away the risk of refunding when (the bonds are) called in 2009," Mil kosky said.
Michael Price Buys Comcast Corp., The McGrawHill Companies Inc, CBS Corp., Sells Dow Jones & Company Inc., Florida ...
Renowned billionaire value investor Michael Price likes to buy undervalued small and micro cap companies, which are more likely to be mispriced. He has achieved outstanding returns with this strategy. These are his buys and sells during the third quarter. Michael Price buys Getty Images Inc., WABCO HOLDINGS, CBS Corp., LOUISIANA BANCORP, INC., The McGrawHill Companies Inc., Safeguard Scientifics Inc., BENEFICIAL MUTUAL BANCORP, INC., Mothers Work Inc., sells The Lamson & Sessions Co., Dow Jones & Company Inc., Florida East Coast Industries, Harrington West Financial Group Inc., Finish Line Inc., Goodrich Corp., Northwest Bancorp Inc., UnionBanCal Corp., HearstArgyle Television Inc. during the 3-months ended 09/30/2007, according to the most recent filings of his investment company, MFP Investors LLC.
IN YOUR CORNER
Life can be miserable when you owe everyone money that cannot pay. The phone will not stop ringing, and you are afraid to answer it. Just when you wonder where to turn, an ad comes over the radio for a service that promises to dramatically lower your interest rates, pay off your debt more quickly, reduce your credit balances, stop late and over-limit fees, eliminate harassing phone calls, and avoid bankruptcy. It sounds too good to be true, but you are desperate. Guess what? It probably is. Dear Bogey and Bryan: I am in over my head in credit card debt and cannot even pay my monthly minimums. The telephone calls from creditors are driving me crazy. I have heard advertisements from companies that claim an ability to slash my debt by up to sixty percent, work out a payment plan, stop the late and over limit fees, and bring down my interest rates.
Big banks agree on debt-rescue fund plan
NEW YORK -- Bankers from Citigroup Inc., JPMorgan Chase & Co. and Bank of America Corp. have agreed on how to structure a multibillion-dollar fund to buy distressed debt securities almost a month after they announced plans for it, according to a person familiar with the situation. The bankers met Friday to work out the details of how the fund will operate, said the person, who asked not to be named because the details have not been publicly disclosed. Before the plan takes effect, it must be approved by the banks' senior corporate officers, tax attorneys and ratings agencies. Meanwhile, some investors and industry watchers say the fund will help only the banks involved. The fund was the brainchild of Citigroup, which sees potential troubles in its structured investment vehicles, known as SIVs.
Lifetime mortgages can boost income for pensioners
EACH time that the stock market gets the shakes, the wellbeing of pension funds comes under scrutiny. Those who are members of occupational defined benefit schemes worry that there may not be enough money in the kitty to pay out the expected sum when retirement comes, or that their pension scheme might collapse altogether.
Those in defined contribution pension schemes, whether an occupational or personal pension plan, are concerned about the growth rate of their pension fund during its life, and the purchasing power of the lump sum available when pension age is reached.
Anybody now close to pension age will be particularly concerned with recent developments that could impact on their pensions. But many people in this category now find themselves sitting on, or more precisely, sitting in, a very valuable asset - their home!
An option for retired people who own their own home is to look at an equity release scheme.
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