Southeast Financial Credit Union has filed suit against a longtime Indiana customer that has been accused by two states attorneys general of bilking students out of thousands of dollars each for online college preparation study modules. The Indianapolis Star reports that Southeast Financial's complaint against The College Network and related individuals and companies claims the entities are insolvent and that its owners trying to squirrel away any remaining viable assets.
Earlier this year, Southeast Financial — which has lent out about $35 million to College Network customers — was named in a deceptive business practices suit filed by New York's attorney general. Click here for the credit union's complaint against TCN, which was filed last Friday and asks for $12 million and for TCN to placed under the control of a court-appointed receiver.
Southeast Federal, which has had a business relationship with TCN since 2003, said that when the credit union signed a contract extension with TCN last year, it was not made aware that the company was "insolvent, financially weakened by years of dwindling and slow sales and poor business performance."
The West End headquarters staff of Caterpillar Financial Services looks set to shrink in the coming months after the leaders of the lender's parent company said they plan to cut $1.5 billion in annual costs, a move that will include the laying off at least 4,000 in the next 14 months as well as the potential closure or consolidation of up to 20 factories.
In a statement Thursday morning, Caterpillar's top executives said several of their customer segments — think mining and energy companies — have cut back on spending, which has forced them to trim their 2015 sales forecast by $1 billion to $48 billion, with 2016 expected to bring more top-line shrinkage. A Bloomberg Intelligence analyst labeled Cat's cost-cutting plan as "basically writing down next year."
A Cat Financial spokesman said details about job cuts in specific divisions such as Cat Financial, which houses hundreds of people in a mid-rise building located on West End Avenue (see here courtesy of Google Maps) are not being disclosed but that "all cost reduction actions will be global in nature and across our sectors."
Deloitte is targeting mixed-use building Gulch Crossing for its Nashville offices, Nashville Business Journal reports.
According to NBJ, which cites multiple sources, Deloitte is finalizing negotiations to lease space in the 205,000-square-foot building, which opened in July and is about 70 percent leased.
Of all accounting firms based in Nashville or not, Deloitte has the largest local presence. The company operates in offices both in Hermitage (at which a large IT team is based) and downtown.
Read more here.
The principals of six-year-old investment and mutual fund manager IronHorse Capital have relocated the home office of the firm to West End from Memphis. IronHorse, which specializes in global investing, manages about $35 million. Its new headquarters is in Two American Center.
An Atlanta-based company that helps commercial real estate players raise various types of capital has hired a former MTSU basketball player to lead its new Nashville office.
Patterson Real Estate Advisory Group officials say Terry Hughes recently moved from Indianapolis, where he worked at national development group Milhaus. Before that, he worked at CBRE as an investment properties broker.
“Nashville’s growth is readily apparent today, but it is a market that Patterson has been active in more than five years — always with the idea of establishing a formal presence when then time was right, and more importantly, the person was right,” said Lance Patterson, founder of Patterson. “We believe Nashville is just getting warmed up and we’re very excited to have Terry join our team.”
Five-year-old Patterson has closed more than 100 deals worth more than $2 billion in project value.
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