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Fruci and Associates buys auditing firm

Wed., Oct. 24, 2012

Spokane accounting firm Fruci and Associates has purchased MartinelliMick PLLC.

Terms of the acquisition were not disclosed.

MartinelliMick will become a subsidiary of Fruci and Associates, which has operated in Spokane for more than 70 years.

MartinelliMick principals Melanie Sexton Mick and John Webster will join the company as partners, a release noted.  The company was formed in 2011.

MartinelliMick has specialized in auditing services for publicly traded companies and companies considering an initial public stock offering.

Fruci and Associates will now include those business services.

Payroll will grow by three positions to 31.

Sharp drop in indexes is response to revenue

NEW YORK – Nobody was expecting this round of corporate financial reports to be great. But underwhelming results – particularly revenue, which offers a read on the economy – are still rattling investors.

Since the end of the Great Recession, investors have rewarded companies for increasing profit, even if revenue growth has been unimpressive. On Tuesday, the Dow sank as much as 262 points, or roughly 2 percent, before ending the day down 243.36 points to 13,102.53. The decline was the Dow’s third-steepest this year.

Other indexes also fell sharply. The Standard & Poor’s 500 index shed 20.71 points to 1,413.11, and the Nasdaq composite index lost 26.50 points to 2,990.46. The Nasdaq hadn’t closed below 3,000 since Aug. 6.

Schilling company items sold at auction

PROVIDENCE, R.I. – The implosion of former Boston Red Sox pitcher Curt Schilling’s video game company left the state of Rhode Island with a $100 million mess – and Paul DeBlois with a clock.

The tax preparer from Burrillville offered the winning price – $200 – on a company clock during a sell-off Tuesday of what is left of 38 Studios, which was lured to Rhode Island with a massive state loan guarantee.

The oversized piece was one of several at the company’s former headquarters counting down, to the second, the anticipated launch of the video game Schilling dreamed would be a hit.

But DeBlois had a different use in mind: “It’s going to mark the end of tax season for me,” he said.

The auction, put on by court-appointed receiver Richard Land, comes four months after the company’s spectacular collapse into bankruptcy. Rhode Island, whose quasi-public Economic Development Corp. approved a $75 million loan guarantee in 2010, is by far 38 Studios’ biggest creditor. In total, the state is likely on the hook for some $100 million related to the deal, once interest in factored in.

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