Student Borrower Protection Center

Asbury Automotive Group Completes Acquisition of Jim Koons Automotive Companies

Retrieved on: 
Monday, December 11, 2023
Aftermarket, Automotive, Other Automotive, General Automotive, Recreational Vehicles, Performance & Special Interest, Fleet Management, Sale, Automotive News, The Washington Post, Asbury Automotive Group, Acquisition, NYSE, Holland & Knight, Ford, Life, Elite, American City Business Journals, History, Multimedia, General Motors, Heart, OEM, Mercedes-Benz, News, Hand, Volvo, Stellantis, Student Borrower Protection Center, Kia, Hyundai, Lexus, Koons

Asbury Automotive Group, Inc. (NYSE: ABG), one of the U.S.’ largest automotive retail and service companies, has completed the acquisition of Jim Koons Automotive Companies, the ninth largest privately-owned dealership group in the U.S.

Key Points: 
  • Asbury Automotive Group, Inc. (NYSE: ABG), one of the U.S.’ largest automotive retail and service companies, has completed the acquisition of Jim Koons Automotive Companies, the ninth largest privately-owned dealership group in the U.S.
  • “Jim Koons’ passion for the car business, as well as his enthusiastic leadership of his group, is evident at every level of the Koons organization.
  • Koons’ rich 50 year history could not have been achieved without the contributions and support of our stellar employees,” said Jim Koons, Chairman of Jim Koons Automotive Companies.
  • His passion and commitment to excellence is evident in the incredible organization he built in the Jim Koons Automotive Companies.

Genesis Energy, L.P. Announces Public Offering of Senior Notes

Retrieved on: 
Thursday, November 30, 2023
Oil, Gas, Energy, Sale, NYSE, Security (finance), Form, Form S-3, Genesis Energy, BofA Securities, Partnership, Gulf of Mexico, Student Borrower Protection Center, Letter, Transport

Genesis Energy, L.P. (NYSE: GEL) today announced the commencement, subject to market and other conditions, of a registered, underwritten public offering of $550,000,000 in aggregate principal amount of senior unsecured notes due 2029 (the “notes”).

Key Points: 
  • Genesis Energy, L.P. (NYSE: GEL) today announced the commencement, subject to market and other conditions, of a registered, underwritten public offering of $550,000,000 in aggregate principal amount of senior unsecured notes due 2029 (the “notes”).
  • BofA Securities is leading the offering along with several joint book-running managers and co-managers.
  • This press release is not an offer to purchase any of the 6.500% senior unsecured notes due 2025 and does not constitute a notice of redemption under the indenture governing the 6.500% senior unsecured notes due 2025.
  • Genesis’ operations are primarily located in the Gulf Coast region of the United States, Wyoming and the Gulf of Mexico.

The Duckhorn Portfolio Announces an Agreement to Acquire Sonoma-Cutrer Vineyards

Retrieved on: 
Thursday, November 16, 2023
Retail, Luxury, Wine & Spirits, Gibson Dunn, EBITDA, Webcast, Acquisition, NYSE, The Duckhorn Portfolio, NAPA, Brown–Forman, LLP, Wine, Ropes & Gray, Accounting, Direct, Growth, Greenhill & Co., Student Borrower Protection Center, Security (finance), Viticulture, Chardonnay

Sonoma-Cutrer owns six estate vineyards spanning 1,121 acres in both the Russian River Valley and Sonoma Coast appellations.

Key Points: 
  • Sonoma-Cutrer owns six estate vineyards spanning 1,121 acres in both the Russian River Valley and Sonoma Coast appellations.
  • It sells its luxury wine across the U.S. in the wholesale channel through distributors and in the Direct-to-Consumer channel.
  • “We are delighted to welcome Sonoma-Cutrer Vineyards into The Duckhorn Portfolio,” said Deirdre Mahlan, the Company’s Interim President, Chief Executive Officer and Chairperson.
  • Pursuant to the agreement, Brown-Forman will be entitled to nominate two directors to The Duckhorn Portfolio’s Board of Directors.

HEI Reports Third Quarter 2023 Results

Retrieved on: 
Thursday, November 9, 2023
Finance, Banking, Energy, Professional Services, Utilities, Webcast, O&M, NYSE, Wildfire, Hawaiian Electric Industries, Net, Public expenditure, Weather, EPS, HEI, County, North Pacific Current, Public utilities commission, California Public Utilities Commission, Growth, PUC, Student Borrower Protection Center, News, ASB, Video game, Renewable energy, Real estate, Airline, Rare-earth element

ASB’s third quarter 2023 net income was $11.4 million, compared to $20.2 million in the second quarter of 2023 and $20.8 million in the third quarter of 2022.

Key Points: 
  • ASB’s third quarter 2023 net income was $11.4 million, compared to $20.2 million in the second quarter of 2023 and $20.8 million in the third quarter of 2022.
  • For the third quarter of 2023, the average cost of funds was 1.02%, up 19 basis points versus the linked quarter and up 89 basis points versus the prior year quarter.
  • Return on average assets was 0.47% for the third quarter of 2023, compared to 0.84% in the linked quarter and 0.89% in the prior year quarter.
  • The holding and other companies’ net loss was $13.7 million in the third quarter of 2023 compared to $8.4 million in the third quarter of 2022.

Vince Announces Transformation Program Focused on Driving Enhanced Profitability

Retrieved on: 
Tuesday, October 31, 2023
Other Retail, Other Manufacturing, Textiles, Online Retail, Fashion, Luxury, Manufacturing, Retail, Student Borrower Protection Center, Authentic Brands Group, Information officer, NYSE

Vince Holding Corp. (NYSE: VNCE) (“VNCE” or the “Company”), a global contemporary retailer, today announced that it will be implementing a transformation program focused on driving enhanced profitability through an improved gross margin profile and optimized expense structure.

Key Points: 
  • Vince Holding Corp. (NYSE: VNCE) (“VNCE” or the “Company”), a global contemporary retailer, today announced that it will be implementing a transformation program focused on driving enhanced profitability through an improved gross margin profile and optimized expense structure.
  • Our transaction with Authentic Brands Group provided increased financial flexibility as we fortified our balance sheet, and resulted in increased royalty expenses which we plan to offset with our transformation program.
  • The transformation efforts are expected to generate over $30 million in savings over the next three years.
  • The efforts will be led by Heather Wilberger, VNCE’s Chief Transformation and Information Officer, who reports directly to Mr. Schwefel.

SCHEID FAMILY WINES REPORTS SECOND QUARTER FISCAL 2024 RESULTS

Retrieved on: 
Monday, October 16, 2023
Central Coast, Student Borrower Protection Center, Forgiveness, Coronavirus, PPP, Small Business Association of Michigan, OTC Markets Group, Small Business Administration, Marketing, Wine, Small business, Economy, Viticulture, Security (finance)

SALINAS, Calif., Oct. 16, 2023 /PRNewswire/ -- Scheid Vineyards Inc. (dba Scheid Family Wines) (OTC Markets: SVIN) announced today its financial results for the six months ended August 31, 2023 (2nd quarter of fiscal 2024).

Key Points: 
  • SALINAS, Calif., Oct. 16, 2023 /PRNewswire/ -- Scheid Vineyards Inc. (dba Scheid Family Wines) (OTC Markets: SVIN) announced today its financial results for the six months ended August 31, 2023 (2nd quarter of fiscal 2024).
  • Gross margin decreased slightly from 23% in fiscal 2023 to 20% in fiscal 2024, primarily as result of the change in sales mix and increases in product production costs.
  • These expenses were 21% of total revenues in the first six months of fiscal 2024 and 22% in fiscal 2023.
  • In total, the Company reported a net loss of $4.9 million in the first six months of fiscal 2024, as compared to a net loss of $1.4 million in fiscal 2023.

Credit Acceptance Announces Extension of Revolving Secured Warehouse Facility

Retrieved on: 
Thursday, September 21, 2023
Student Borrower Protection Center, SOFR, Term Asset-Backed Securities Loan Facility, Credit Acceptance, CACC, Bank

Southfield, Michigan, Sept. 21, 2023 (GLOBE NEWSWIRE) -- Credit Acceptance Corporation (Nasdaq: CACC) (referred to as the “Company”, “Credit Acceptance”, “we”, “our”, or “us”) announced today that we extended the date on which our $200.0 million revolving secured warehouse facility will cease to revolve from September 1, 2024 to September 21, 2026.

Key Points: 
  • Southfield, Michigan, Sept. 21, 2023 (GLOBE NEWSWIRE) -- Credit Acceptance Corporation (Nasdaq: CACC) (referred to as the “Company”, “Credit Acceptance”, “we”, “our”, or “us”) announced today that we extended the date on which our $200.0 million revolving secured warehouse facility will cease to revolve from September 1, 2024 to September 21, 2026.
  • The interest rate on borrowings under the facility has increased from Secured Overnight Financing Rate (“SOFR”) plus 201.4 basis points to SOFR plus 225 basis points.
  • Since 1972, Credit Acceptance has offered financing programs that enable automobile dealers to sell vehicles to consumers, regardless of their credit history.
  • Credit Acceptance is publicly traded on the Nasdaq Stock Market under the symbol CACC.

HomeStreet Responds to Blue Lion Capital Letters to Shareholders

Retrieved on: 
Friday, September 22, 2023
Banking, Professional Services, Finance, Student Borrower Protection Center, HomeStreet Bank, Sale, DUS, Microsoft, FNMA, Letter, Security (finance)

HomeStreet, Inc. (Nasdaq: HMST) (including its consolidated subsidiaries, the "Company", "HomeStreet" or "we"), the parent company of HomeStreet Bank, today responded to Blue Lion Capital Letters to Shareholders, set forth in the letter below.

Key Points: 
  • HomeStreet, Inc. (Nasdaq: HMST) (including its consolidated subsidiaries, the "Company", "HomeStreet" or "we"), the parent company of HomeStreet Bank, today responded to Blue Lion Capital Letters to Shareholders, set forth in the letter below.
  • In several recent letters to our Board of Directors and shareholders written by Chuck Griege, managing partner of Blue Lion Capital, he has proposed the Company sell our FNMA Delegated Underwriter and Servicer business (per Griege the “DUS license”) and related loan servicing portfolio (together our “DUS Business”) and utilize the gain and proceeds to sell certain low yielding loans and reduce borrowings.
  • .
  • One of the members of this third party group was recommended to us by Mr. Griege in a prior letter to our Board of Directors.

KEY Investors Should Contact Robbins LLP for Information about Recovery in the Securities Class Action Against KeyCorp

Retrieved on: 
Wednesday, August 23, 2023
Complaint, Student Borrower Protection Center, LLP, Light, KEY, Key, News, NYSE, NII, SAN, Person, KeyBank, Security (finance)

SAN DIEGO, Aug. 23, 2023 (GLOBE NEWSWIRE) -- Robbins LLP reminds investors that a shareholder filed a class action on behalf of persons and entities that purchased or otherwise acquired KeyCorp (NYSE: KEY) securities between February 27, 2020 and June 9, 2023.

Key Points: 
  • SAN DIEGO, Aug. 23, 2023 (GLOBE NEWSWIRE) -- Robbins LLP reminds investors that a shareholder filed a class action on behalf of persons and entities that purchased or otherwise acquired KeyCorp (NYSE: KEY) securities between February 27, 2020 and June 9, 2023.
  • What Now: Similarly situated shareholders may be eligible to participate in the class action against KeyCorp.
  • Shareholders who want to act as lead plaintiff for the class must file their motion for lead plaintiff by October 3, 2023.
  • If you choose to take no action, you can remain an absent class member.

KEY Investor News: Shareholders with Large Losses Should Contact Robbins LLP for Information about the KeyCorp Class Action

Retrieved on: 
Thursday, August 17, 2023
Complaint, Student Borrower Protection Center, LLP, Light, KEY, Key, News, NYSE, NII, SAN, Person, KeyBank, Security (finance)

What Now: Similarly situated shareholders may be eligible to participate in the class action against KeyCorp.

Key Points: 
  • What Now: Similarly situated shareholders may be eligible to participate in the class action against KeyCorp.
  • Shareholders who want to act as lead plaintiff for the class must file their motion for lead plaintiff by October 3, 2023.
  • A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.
  • If you choose to take no action, you can remain an absent class member.