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The Tampa Tribune

Published: February 4, 2009

Mercedes Homes

Melbourne-based Mercedes Homes filed for Chapter 11 bankruptcy court protection last week and plans to reorganize and stay in business.

The builder, which was busy in Bay area subdivisions during the housing boom, listed Fifth Third Bank, which is owed $7.1 million, as the largest creditor, according to the filing. Also, 84 Lumber is owed about $615,000, and Deal Air Electrical Services is owed about $563,000.

Layoffs Announced

The latest round of pink slips and cost-cutting measures came Tuesday after thousands of layoffs ordered by a slew of companies last week.
PNC Financial Services Group said it plans to cut 5,800 jobs. Airplane maker Hawker Beechcraft Corp. said 2,300 of its people will lose jobs this year and that more layoffs may be coming. Liz Claiborne Inc. said it will eliminate 725 jobs, or 8 percent of its work force, one day after Macy's Inc. said it was axing 7,000 jobs, or 4 percent of its work force. King Pharmaceuticals Inc. will get rid of 520 jobs. Military contractor and aerospace company Rockwell Collins Inc. is cutting 600 jobs and freezing salaries at 2008 levels for all executives and managers.

Well Fargo Bailout

Wells Fargo & Co., which received $25 billion in taxpayer bailout money, is planning a series of corporate junkets to Las Vegas casinos.

Wells Fargo, once among the nation's top writers of subprime mortgages, has reserved 12 nights at the Wynn Las Vegas and its sister hotel, the Encore Las Vegas, beginning Friday, said Wynn spokeswoman Michelle Loosbrock.

The conference is a Wells Fargo tradition. Previous years have included all-expense-paid helicopter rides, wine tasting, horseback riding in Puerto Rico and a private Jimmy Buffett concert in the Bahamas for more than 1,000 employees and guests.

Bank Failures

Federal regulators now think U.S. bank failures will cost the deposit insurance fund more than $40 billion in the next four years as the economy weakens.
Federal Deposit Insurance Corp. Chief Operating Officer John Bovenzi said in testimony for a House hearing that Congress should more than triple the agency's line of credit with the Treasury Department to $100 billion, up from $30 billion.

A staff and wire report

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