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The Tampa Tribune

Published: June 7, 2008

BUSINESS BRIEFS

TAMPA BAY AREA

Trump Foreclosure Looming

The developer wanting to build Trump Tower Tampa faces losing its waterfront property in foreclosure. Colonial Bank filed a lis pendens, one of the initial steps in pursuing a foreclosure, against SimDag/Robel LLC and others with interest in the project, according to documents filed May 19 in Hillsborough County Circuit Court. The Montgomery, Ala.-based bank seeks to recover $3.2 million, plus interest and late fees, according to the court documents.

The 52-story condominium was announced in early 2005, but the developer has been unable to secure financing to start vertical construction on the $300 million tower.

Broader Moves To Michaels

Sweetbay Supermarket President and Chief Executive Shelley Broader is headed to the executive offices of Michaels Stores, the Irving, Texas-based arts and crafts retailer announced Friday.

Broader announced last week that she was departing Tampa-based Sweetbay, but didn't specify her plans. She led the conversion of the tired Kash n' Karry chain into Sweetbay.

Broader, 44, will serve as chief operating officer at Michaels, reporting to Chief Executive Brian Cornell. Michaels is the world's largest specialty retailer of crafts, scrapbook supplies, frames, art supplies and seasonal and home decor. It has 980 stores in 49 states and operates another 164 Aaron Bros. stores.

STATE

Lockheed Plans Razings

Lockheed Martin plans to dismantle the buildings at a former weapons manufacturing plant in Manatee County that had been criticized for having a vast plume of groundwater pollution.

Experts will attend an open house next week to explain to residents how the buildings at the former American Beryllium will be dismantled and how the contaminated soil beneath them removed. Lockheed says the demolition will begin next month at the former plant in Tallevast, about 38 miles south of Tampa. Lockheed has maintained that the plume posed no health risk.

NATION

FTC Seeks Intel Records

Escalating the world's largest computer chip maker's legal woes, the Federal Trade Commission has opened a formal probe into Intel's sales tactics, a victory for its much smaller rival, Advanced Micro Devices.

Santa Clara, Calif.-based Intel disclosed Friday that it has received a subpoena from the FTC for records about Intel's microprocessor sales, which dominate the world market with a roughly 80 percent share.

The FTC's intensifying look at Intel's business practices is a result of AMD's long-running campaign to convince antitrust regulators around the world that its business has been hurt by Intel's aggressive tactics.

Consumer Borrowing Up

U.S. consumer borrowing increased more than forecast in April as Americans racked up personal loans for everything from vacations to vehicles to education.

Total consumer credit rose $8.9 billion for the month, to $2.56 trillion, the Federal Reserve said Friday. In March, credit rose by $13.1 billion, previously reported as an increase of $15.3 billion.

A staff and wire report

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