FDIC wants to fine ex-Tennessee Commerce CEO $485K

Regulators: Sapp's 'personal dishonesty' and 'willful and continuing disregard' for bank's safety cost at least $5M
Jun 2, 2014 7:37 AM

Almost two and a half years after closure, 'death penalty' for Tennessee Commerce shares

Still holding shares of Tennessee Commerce Bancorp? Good luck getting rid of them now.

Officials at the Securities and Exchange Commission late last week took what looks like the final step in the closing of their books on the Franklin-based bank, which failed in January of 2012. Citing Section 12(j) of the Securities Exchange Act, they revoked the registration of each class of Tennessee Commerce stock, which last traded over the counter in late March for $0.0001.

SEE ALSO: Our other coverage of the fallout from Tennessee Commerce's closing and background on Section 12(j)

May 19, 2014 6:59 AM

REIT investor management venture hits customer landmark

Locally based REIT Investment Group, which helps private real estate investment trusts find and keep investors, recently hit a customer count landmark and now works with more than 200 REITs around the country. The six-year-old company, founded by Chairman and CEO Bill McGugin and Iroquois Capital Group, manages a shareholder base of more than 500 people and helps private REITs gather the 100 investors they need via its broker-dealer. The company then also handles the compliance and reporting needs of those REITs for clients ranging from private-equity firms to investment banks to institutional investors. McGugin, pictured here, says his team more than doubled its customer count in the year ended March 31.

Aug 2, 2013 11:15 AM

Angel investing group: New rules will stifle activity

The recently passed rules governing the marketing activities of companies seeking outside investment have the potential to seriously hurt angel investing, says the largest trade group representing angels. According to the Angel Capital Association, the process of accrediting investors will infringe on angels' privacy.

“Not a single angel I have spoken with is willing to provide personal financial information to an issuer who is asking them for investment. This violation of privacy is untenable, especially for the angels who do multiple deals a year. If an issuer has information on total net worth or income of an investor, that provides vast information asymmetry. This would be like having your bank demand to know your net worth before you could open a bank account to put money in, or the stock market demanding to know your net income before you can trade securities.”

Jul 17, 2013 9:58 AM

'The vast majority of our growth has been [foreign] accountants'

Capital Confirmation CEO Chris Schellhorn says company makes strides via cloud, clearinghouse, client confidentiality
Nov 12, 2012 11:00 PM

Blackstone exec called KKR's HCA purchase 'highway robbery'

New revelations from a lawsuit accusing top private-equity firms of working together to keep down the prices of many of last decade's biggest buyouts include details on communications about the bidding for HCA Holdings. When the action for Nashville's largest company began to heat up, an executive at Carlyle Group emailed a counterpart at KKR that his team would "not in any way interfere with your deal." Elsewhere in the unsealed emails, Tom Hals and Michael Erman found a rare instance of dissent against the alleged collusion: "An unnamed Blackstone executive wrote in an internal email: '[the HCA] deal represents good value and is a shame we let KKR get away with highway robbery.'"

SEE ALSO: Bloomberg's take on the latest in the case and more from when the lawsuit was filed last month

Oct 11, 2012 7:15 AM

Biglari fined over Cracker Barrel stake reporting

DOJ says Steak 'n Shake boss, board challenger violated Hart-Scott-Rodino
Sep 25, 2012 10:51 AM

Bain, other firms allegedly colluded prior to 2006 HCA purchase

Bain Capital, according to a New York Times story published Wednesday, has been accused by shareholders in a Boston court of conspiring with other private-equity firms to keep a lid on prices of companies they planned to purchase.

The Times says that, when Bain led the $32.1 billion buyout of HCA in 2006 — its biggest-ever transaction — “competitors agreed to ‘stand down’ and not bid as part of an understanding to divvy up companies targeted.” Reporters Eric Lichblau and Peter Lattman cited “internal company e-mails" as their source.

Sep 13, 2012 1:45 PM

NFIB economist: Break up the biggest banks

Bill Dunkelberg, the chairman of a community bank in New Jersey who is better known as the chief economist of the National Federation of Independent Business, has penned a short note railing against the Barclays LIBOR rate-fixing scandal that led to the resignation of CEO Bob Diamond. Dunkelberg's chief beef is with the power that the world's largest banks have amassed.

Not that smaller banks have no “crooks”, I am sure they do, but those crooks don’t have the leverage of the Diamonds and Corzines, the power in their greed and arrogance to damage millions of people and impair the operation of our financial system, to make bets with billions, trillions of dollars which can go wrong and do.

Jul 9, 2012 8:34 AM

Pinnacle files to switch charter

CEO Turner cites value of 'close contact with regulatory decision makers'
Jun 26, 2012 6:44 AM