U.S. Stocks Fluctuate Near Record After Housing Data
February 25, 2014 —
Lu Wang and Callie Bost – BloombergU.S. stocks fluctuated near a record high after data showed slower growth in home prices and a drop in consumer confidence, while Macy’s Inc. and Home Depot Inc. reported higher-than-estimated earnings.
Macy’s and Home Depot rose at least 3.1 percent. Tesla Motors Inc. climbed 16 percent as Morgan Stanley more than doubled its projected price for the stock. Office Depot Inc. slumped 11 percent after reporting an unexpected loss. Tenet Healthcare Corp. declined 11 percent as its forecast missed analysts’ estimates.
The S&P 500 (SPX) gained 0.1 percent to 1,848.59 at 1:59 p.m. in New York, poised for the highest close ever. Earlier, the U.S. equity benchmark lost 0.4 percent. The Dow Jones Industrial Average advanced 14.05 points, or 0.1 percent, to 16,221.19. Trading in S&P 500 stocks was 7 percent below the 30-day average during this time of the day.
Ms. Wang may be contacted at lwang8@bloomberg.net; Ms. Bost may be contacted at cbost2@bloomberg.net
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Lu Wang and Callie Bost, Bloomberg
Alexander Moore Promoted to Managing Partner of Kahana Feld’s Oakland Office
May 08, 2023 —
Alexander R. Moore - Kahana FeldKahana Feld is pleased to announce that Alexander R. Moore, Esq., has been promoted to Managing Partner of our Oakland office. Mr. Moore has been at Kahana Feld since 2021 and is a member of the construction defect and general liability practice groups.
Mr. Moore has over 23 years of experience representing individual and commercial clients in complex disputes arising out of construction contracts, construction defect allegations, premises liability matters, landlord-tenant disputes, and contractual disputes arising out of various business relationships involving financial services companies, technology companies, telecommunications companies, real estate brokerages, non-profits, and a range of small businesses. When not focused on litigation, Mr. Moore enjoys consulting on transactional matters including the development of construction and business contracts. He has extensive experience evaluating rights and obligations under construction contracts and related insurance programs. He also assists clients in the implementation of pre-litigation risk management strategies.
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Alexander R. Moore, Kahana FeldMr. Moore may be contacted at
amoore@kahanafeld.com
Pennsylvania Supreme Court Rules that Insurance Salesman had No Fiduciary Duty to Policyholders
July 19, 2017 —
Austin D. Moody - Saxe Doernberger & Vita, P.C.On June 20, 2017, the Pennsylvania Supreme Court ruled that a life insurance salesman had no fiduciary duty to his customers where the customers retained decision-making authority regarding which policies to purchase. In Yenchi v. Ameriprise Fin., Inc., the Court returned a 4-2 verdict, overturning the lower court’s finding that it was possible that a fiduciary relationship existed between the parties.
The suit arose from a series of transactions between Eugene and Ruth Yenchi and Bryan Holland, a financial advisor for IDS Life Insurance Corporation.
The relationship began when Holland cold-called the Yenchis and asked to meet with them regarding their “financial stuff.” For a fee of $350, Holland met with the Yenchis on several occasions and counseled them regarding their insurance needs. On Holland’s advice, the Yenchis cashed out several existing polices and purchased a whole-life policy for Mr. Yenchi and a deferred variable annuity in Mrs. Yenchi’s name.
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Austin D. Moody, Saxe Doernberger & Vita, P.C.Mr. Moody may be contacted at
adm@sdvlaw.com
Six Inducted into California Homebuilding Hall of Fame
February 04, 2013 —
CDJ STAFFThe California Homebuilding Foundation has inducted six industry leaders into their Homebuilding Hall of Fame, in recognition of both their professional accomplishments and their philanthropic and volunteer activities.
The six homebuilders to be honored are Sherman S. Haggerty of Lennar Corp., Joe Head of the SummerHill Land Division of SummerHill Homes, Robert B. MacLeod of Newland Real Estate Group, John J. Ryan Jr. of Brookfield Homes Bay Area, Tom Sudberry of Sudberry Properties, and Bill Watt of Baywood Development Group.
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Sept. 11 Victims Rejected by U.S. High Court on Lawsuit
July 01, 2014 —
Greg Stohr – BloombergThe U.S. Supreme Court turned away an appeal by thousands of Sept. 11 attack victims who sought to sue Middle Eastern companies and people for allegedly providing crucial support to al-Qaeda.
The victims sought to revive their claims against relatives of Osama bin Laden, Saudi Arabia’s state-owned National Commercial Bank and Saudi Binladen Group, a construction company controlled by the former al-Qaeda leader’s family.
A federal appeals court threw out those claims in 2013, saying the victims didn’t allege a close enough connection between the defendants’ activities and the attacks. The appellate panel also said some defendants lacked sufficient ties to the U.S. to bring them within the jurisdiction of American courts.
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Greg Stohr, BloombergMr. Stohr may be contacted at
gstohr@bloomberg.net
What is a Subordination Agreement?
May 06, 2019 —
Bremer Whyte Brown & O'Meara LLPPut simply, a subordination agreement is a legal agreement which establishes one debt as ranking behind another debt in the priority for collecting repayment from a debtor. It is an arrangement that alters the lien position. Without a subordination clause, loans take chronological priority which means that a deed of trust recorded first will be considered senior to all deeds of trusts recorded after. As such, the oldest loan becomes the primary loan, with first call on any proceeds from a sale of a property. However, a subordination agreement acknowledges that one party’s claim or interest is inferior to that of another party in the event that the borrowing entity liquidates its assets. Further, shareholders are subordinate to all creditors.
The junior debt is referred to as a “subordinated debt”, and the debt which has a higher claim to any assets is the senior debt. Often, the borrower does not have enough funds to pay all debts, and lower priority debts may receive little or no repayment. For example, if a business has $400,000 in senior debt, $100,000 in subordinated debt, and a total asset value of $420,000, upon liquidation of the company, only the senior debtholder will be paid in full. The remaining $20,000 will be distributed among the subordinated debtholders. Subordinated debts are, therefore, riskier and lenders will require a higher interest rate as compensation.
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Bremer Whyte Brown & O'Meara LLP
FEMA Administrator Slams Failures to Prepare, Evacuate Before Storms
October 23, 2018 —
Christopher Flavelle - BloombergFederal Emergency Management Agency Administrator Brock Long angrily criticized the failure of citizens to heed evacuation warnings and leaders to better prepare for natural disasters such as Hurricane Michael.
"It's frustrating to us because we repeat this same cycle over and over again," Long said during a press briefing Friday at FEMA headquarters in Washington. "If you want to live in these areas, you've got to do it in a more resilient fashion."
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Christopher Flavelle, Bloomberg
Are Untimely Repairs an “Occurrence” Triggering CGL Coverage?
November 16, 2020 —
Christopher G. Hill - Construction Law MusingsAll Class A commercial contractors in Virginia are required to have a minimum level of Commercial General Liability (CGL) coverage. As a general rule, this insurance is there for damage to property or persons arising from an “occurrence” that is covered by the policy. Many cases that are litigated relating to coverage for certain events under a CGL policy turn on the definition of “occurrence” and whether the event leading to a request for coverage constitutes an “occurrence.”
A recent case in Fairfax County, Virginia, Erie Insurance Exchange v. Spalding Enterprises, et al., is just such a case. In the Spalding Enterprises case, the Court considered the following scenario. A homeowner, Mr. Yen contracted with Spalding Enterprises to fix some fire damage at his home. Spalding promised the repairs would be complete in October of 2019. However, after Mr. Yen paid a $300,000.00 deposit, Spalding Enterprises stated that the work would not be completed until November of 2019. Yen then fired Spalding Enterprises and sued for breach of contract, constructive fraud, and violation of the Virginia Consumer Protection Act. Spalding Enterprises sought coverage from Erie Insurance for the claim and Erie denied coverage and sought a declaratory judgment that the events alleged in the Complaint by Mr. Yen did not fall under the definition of “occurrence” in the CGL policy held by Spalding Enterprises.
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The Law Office of Christopher G. HillMr. Hill may be contacted at
chrisghill@constructionlawva.com