New York Fed is telling more about 2008 AIG deal
WASHINGTON (AP) -- The Federal Reserve Bank of New York is disclosing new details about billions of dollars of securities it bought while rescuing insurance giant American International Group and supporting the sale of failed investment bank Bear Stearns.
The New York Fed said Wednesday it will name the mortgage-related bonds for the first time, and reveal more about their financial strength. The assets are held by three companies the Fed created in 2008 to hold assets that most banks wouldn't touch amid the worst financial crisis in generations.
It is a sharp reversal for the New York Fed. The bank told a lawmaker this month that naming the assets would make it harder to recoup the taxpayer money spent on them.
Critics have said the Fed has been too secretive about bailout details.
inLighten buys new offices
Digital media communications firm inLighten said Wednesday that it has agreed to buy a 45,000 square-foot facility in Clarence to consolidate its operations at one site and enable it to expand.
The Depew-based company did not say how much it will pay to buy 9645 Wehrle Drive, which is owned by Casilio Companies. inLighten expects to close on the property within 45 days and begin remodeling it shortly afterward, with a goal of moving in by year's end, company executives said.
The company employs 70 at its headquarters at 3370 Walden Ave., with warehousing in the Village of Lancaster and a training site in Clarence. Officials expect to grow to 100 employees within two years.
Officials also cited the offer by the Clarence Industrial Development Agency to not increase the assessed value of the property for 10 years and to provide five years of sales tax relief, calling that key to the deal.
Founded by Dan Snyder in 1989, inLighten serves more than 1,200 financial institutions, colleges and universities, Fortune 500 companies, government agencies and retailers nationwide, in Canada and abroad.
Skyservice shuts its doors
Skyservice Airlines, a charter airline that served Toronto's Pearson International Airport, shut down on Wednesday.
Skyservice operated flights on behalf of tour operators. The Toronto-based company was put into receivership by an Ontario court at the request of one of its lenders.
"Recent changes in the Canadian vacation tour market combined with Skyservice Airlines' debt level have rendered the company unable to maintain profitable operations," Skyservice said in a statement.
Regulators approve merger
The proposed merger of World Color Press and Quad/Graphics has met the requirements of antitrust regulators in both the United States and Canada.
Quebec-based Worldcolor, formerly known as Quebecor World, operates a printing plant in Depew. Wisconsin-based Quad/Graphics plans to acquire Worldcolor in a deal that has been estimated at $1.3 billion.
The companies filed the required documentation with the Federal Trade Commission and the U.S. Justice Department, as well as the Canadian Commissioner of Competition. The agencies cited no opposition to allowing the deal to go forward.
Beyond their approval, the deal still needs to receive the green light in Canada under the Investment Canada Act.
The Worldcolor-Quad/Graphics deal is expected to close this summer and would create North America's second-largest commercial printer as measured by sales.
Dealership up for auction
The former Ray Laks Motorsports dealership building in Lancaster will go up for auction this month.
Cash Realty & Auctions has scheduled the auction for April 17 at the site of the former dealership, 4304 Walden Ave. The 25,000-square-foot building was constructed in 2006, and the business closed in late 2009.
Cash Realty on the same day will also auction contents of the former dealership, including motorcycles, automotive equipment and office equipment.