The growing fund will be used to create programming and improve Erie's urban core. Jim Martin @ETNMartin Highmark Inc. and Saint Vincent Hospital have joined the list of investors in the Erie Downtown Development Corp., a business-led group thatis working to purchase and rehabilitate real estate in downtown Erie.Highmark, working with the Allegheny Health Network's Saint Vincent Hospital, announced Thursday morning that it will invest $2.5 million in the Erie Downtown Equity Fund, which supports the work of the EDDC. The $2.5 million becomes part of a fund that will be used to create programming and improve Erie's urban core.Highmark and Saint Vincent also are pledging $50,000 a year to cover administrative costs of the EDDC."The future of the Erie community hinges on the commitment and collaborative spirit of area businesses, non-profits and citizens working together for the good of the whole," said Tim NeCastro, president of the EDDC board of directors, and president and CEO of … [Read more...] about Highmark invests $2.5 million in Erie development group
Investing
Stifel hires James Nappo as a managing director and senior member of investment banking team
Stifel Financial Corp. appointed former Jefferies executive James Nappo as a managing director and senior member of the investment banking team focussed on the industrials sector.Nappo, who will be based in Stifel's Chicago office, was until recently the global head of diversified industrials at Jefferies and had previously worked at Credit Suisse.St. Louis-based Stifel reported a $174 million profit on record net revenue of $2.9 billion last year. … [Read more...] about Stifel hires James Nappo as a managing director and senior member of investment banking team
We must invest in remedying the city’s ‘Depletion Areas’
Better Family Life, Inc.’s renewed strategies for community outreach call to mind an urban legend that continues to haunt North St. Louis. The so-called “Team Four Plan,” many people continue to believe, was a secret development strategy intended to lay waste to majority-black North St. Louis by concentrating public and private investment in developing the diverse Central Corridor and majority-white South Side. The truth is messier than the legend – this so-called “plan” actually was a mash-up of a development memo (crafted by Team Four Architects), an unrelated map of the city, and two unrelated board bills. None of it was secret, and none of it was enacted into law or policy. However, public and private investment have been focused on developing the diverse Central Corridor and majority-white South Side, and much of majority-black North St. Louis is so disinvested that it does look like it was intentionally laid to waste.What Team Four’s … [Read more...] about We must invest in remedying the city’s ‘Depletion Areas’
Will an investment group save Bon-Ton from liquidation?
Whether an investment group will be able to save Bon-Ton from bankruptcy sale is in question, according to reports. At a bankruptcy court hearing in Delaware Wednesday, a judge denied the investment group's request that Bon-Ton pay it a $500,000 fee to cover due costs as it works toward a purchase deal, reports the Morning Call. The investor group is composed of DW Partners, Namdar Realty Group (including Mason Asset Management) and Washington Prime Group. The report says the judge questioned the fairness of such a payment, since there are potential bidders for the auction who are paying own expenses. At the hearing, Bon-Ton's attorney said the investment group's letter of intent to purchase is "the last and only opportunity for the debtors to continue operating in business," said the Morning Call. In February Bon-Ton announced closure of 42 stores including eight in Pennsylvania. Bon-Ton recently filed state-required 60-day advance notices that it is planning to close four stores in … [Read more...] about Will an investment group save Bon-Ton from liquidation?
Top European VC Firm Mangrove Capital Partners invests in DreamTeam
Dream Team DreamTeam,announces today an investment from Mangrove Capital Partners, a major European venture capital company. CAYMAN ISLANDS, UNITED KINGDOM, April 12, 2018 /EINPresswire.com/ -- April 12, 2018 – DreamTeam, the world’s first infrastructure platform and payment gateway for esports and gaming, announces today an investment from Mangrove Capital Partners, a major European venture capital company. Mangrove Capital Partners has a portfolio of over 100 prospective companies. Since the company’s establishment in 2000, it has raised over $1Bn in venture funding that has helped boost the tech industry and open new horizons for many entrepreneurs. With a startup focused strategy, the company invests heavily in early-stage businesses all over the world. Among the most successful investments are Wix (NASDAQ: WIX) currently valued at $3,7 billion, and Skype, which was bought in 2005 by eBay for $3.1 billion. Commenting on the investment, Alexander Kokhanovskyy, … [Read more...] about Top European VC Firm Mangrove Capital Partners invests in DreamTeam