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CRUNCH TIME
>>WCI Communities Inc. (NYSE: WCI) has received more time from its lenders to work out a plan to deal with the company’s debt. The homebuilder was granted an extension of its limited waiver of performance spelled out in revolving credit and the term loan agreements. The company has until Jan. 16 to seek an amendment that would provide more financial flexibility in dealing with the debt. WCI received the waiver in November, and then it was extended until Jan. 7. “If WCI is unable to obtain the amendment or comply with its terms, the lenders would have the right to exercise remedies specified in the loan agreements, including foreclosing on certain collateral and accelerating the maturity of the loans, which could result in the acceleration of substantially all of our other outstanding indebtedness,” the company said in a news release. In that scenario, the solvency of the company could be affected.
FINANCIAL OUTLOOK
>>Fifth Third Bank – South Florida will present “Financial Outlook 2008: A Forward Look across Today’s Economic Horizon.” The event begins at 4 p.m. Jan. 17 at Naples Grande Resort, 475 Seagate Drive. The event will be free and open to the public; however, reservations are suggested. Speakers will include John Augustine, chief investment strategist for Fifth Third Private Bank, and E. Keith Wirtz, senior vice president and chief investment officer for Fifth Third Bancorp. For details or to RSVP, contact Andrea Smith at 591-6432
BOARD OFFICERS
>>David Lawrence Center has installed new officers on its board of directors. They are: president, Mary Beth Crawford, a trust and estate attorney with Cummings and Lockwood; vice president, Edward Sheridan, a semi-retired clinical psychologist and professor at the University of Houston; treasurer, Howard Crown, a managing partner and trust attorney with Grant, Fridkin, Pearson, Athan & Crown Attorneys at Law; secretary, Jon Staiger, a retired marine biologist who worked as the City of Naples’ natural resource manager for 18 years; and immediate past president, Shaun Kelly, a local certified public accountant. The 2007-2008 Board of Directors also includes Jackie Bennett, John Gast, Richard Rice, Gail Webster, Linda Pezeshkan, Lee Spielman, Pablo X. Veintimilla and Leila Anderson.
WEB WRITER
>>The marketing and public relations firm of Ottenstein Marketing (www.ottensteinmarketing.com) has launched a new division called WEB.WRITER, an auxiliary company that specializes in the writing copy specifically for Internet marketing and Web site design. Ottenstein Marketing and WEB.WRITER are both owned by Marla Ottenstein and specialize in the development and execution of individualized marketing strategies, résumés and professional biographies.
ECONOMIC TRENDS
>>Mark Vintner, senior economist for Wachovia Bank, will discuss national and regional economic trends at the Real Estate Investment Society Feb. 12 luncheon meeting. The event begins at 11:45 a.m. in the Magnolia Room at Pelican Preserve’s Town Center, Colonial Boulevard. Admission, which includes lunch, is $25 for members and $35 for guests. Reservations are required by Feb. 7 and may be made by calling Sharon Heston, 410-1253, or visiting the REIS Web site,
www.reis-swfl.org.
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