May 25, 2006 in Business

N.Y. company to sell Chancery

The Spokesman-Review
 

The Catholic Diocese of Spokane has retained Keen Realty, a Great Neck, N.Y., company that specializes in representing companies in bankruptcy or other financial troubles, to sell its historic Catholic Pastoral Center downtown, as well as two vacant parcels near Spokane.

The Pastoral Center, also known as the Chancery, is among $11 million in assets the diocese claimed when it filed for Chapter 11 bankruptcy protection in December 2004, listing more than $81 million in claims. The diocese sought bankruptcy protection in advance of court trials over claims of clergy sexual abuse.

Keen Realty Vice President Michael Matlat said the Pastoral Center’s asking price is $1.5 million. A 92-acre parcel about two miles south of Spokane International Airport is listed at $1.5 million, while a three-acre parcel in the Spokane Valley, near Painted Hills Golf Course, is worth an estimated $75,000.

The 29,000-square-foot, three-story Pastoral Center on West Riverside Avenue was built in 1910 and has served as a general office building for the diocese.

Sandpoint

Coldwater Creek’s revenue rises

Coldwater Creek Inc., of Sandpoint, reported income of $11.6 million for its fiscal 2006 first quarter, up 36 percent from an income of $8.5 million in the year-ago period. That equates to earnings of 12 cents a share, compared with 9 cents a share in the first quarter of fiscal 2005.

Coldwater Creek had first-quarter sales of $215 million, up from sales of $156 million in the year-earlier quarter.

About 60 percent of Coldwater Creek’s sales come from its fast growing chain of retail stores; the company had 183 full-line retail stores at the end of the first quarter, up from 119 a year ago.

Houston

Jurors deliberating in Lay, Skilling trial

Jurors in the fraud and conspiracy trial of Enron Corp. founder Kenneth Lay and former Chief Executive Jeffrey Skilling deliberated for a fifth day Wednesday without reaching a verdict in the premier criminal case to emerge from the company’s collapse.

The panel has deliberated for about 31 hours over five days. Deliberations were to resume today.

In a midday note to the judge, the panel asked for additional copies of a list of trial exhibits and asked whether it was possible to see testimony transcripts. U.S. District Judge Sim Lake said he would ask jurors to be more specific about the testimony.

Chicago

Motorola has hopes for device

Motorola Inc. expects its new Moto Q cell phone and e-mail device – a competitor to the BlackBerry and Treo – to enjoy sales similar to those of its popular Razr, the head of Motorola’s mobile phone division said Wednesday.

Ron Garriques told analysts at an investment conference that the company has high expectations for next week’s U.S. release of the Moto Q through Verizon Wireless, followed soon after by its launch in Latin America, China, Korea and elsewhere.

Motorola expects to sell 750,000 Moto Qs in the first three months, 1.5 million in the next three months and 3 million in the three months after that.

– Compiled from staff

and wire reports


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