| Car fans flock to Spring Carlisle auction
A gleaming orange 1969 Chevy Camaro with black racing stripes, a metallic blue 1938 Dodge pickup, a pale green 1957 Thunderbird and a shiny black 1919 Sayers/Scovil hearse were among the hundreds of cars for sale this weekend at the Spring Carlisle auto auction.Larry and Pat Phillips of Waynesburg, Greene County, didn't purchase a bidder's card but they did stay in town an extra day to take in the auction.The couple spent Thursday and Friday on the grounds at the annual spring flea market. Friday afternoon they headed to the auction at the Carlisle Expo Center and they planned to return today before leaving for home later in the day.“I was curious to see how things would go here compared to the car corral," Larry Phillips said, as he watched a car being auctioned.Because Phillips owns a 1966 GTO, he wanted to see the prices two 1966 GTOs would bring Friday night.
Alliance Boots bidding nears $22 billion
Until the check clears, it's really not a done deal. That's definitely the case with the buyout of Alliance Boots, the UK's largest drugstore chain.Originally, it looked like KKR would be the buyer, along with Stefano Pessina (who is the chairman of Alliance and owns 15% of the company). But, private equity firm Terra Firma Capital Partners has a better offer: $21.8 billion. The firm also has the financial support of the Wellcome Trust and HBOS PLC.Interestingly enough, a few hours before this bid, KKR and Pessina upped its own bid. Yes, it must be nice for Alliance shareholders. In fact, based on the activity in the stock, the betting is that there will be even more bids.Alliance does have a serious footprint, with about 3,100 stores, as well as a thriving wholesale business. Oh, and yes, there are opportunities to cut costs.
ABN to hear other bids but recommends Barclays deal
AMSTERDAM/LONDON (Reuters) - ABN AMRO (AAH.AS), which agreed on Monday to be acquired by British bank Barclays (BARC.L), said it would hear other bids for the bank, but said the Barclays deal was the best option for shareholders. Barclays agreed to buy ABN in a deal worth just over 67 billion euros ($91.2 billion), the biggest-ever bank takeover. Rijkman Groenink, ABN's top executive, said the board would hear other offers in line with its fiduciary duties, but said a merger with Barclays was the "best option" for shareholders. The Royal Bank of Scotland Plc (RBS.L), Belgian-Dutch group Fortis (FOR.AS) and Spain's Santander (SAN.MC) have been preparing a counter takeover proposal for ABN and had been scheduled to meet with ABN's top management on Monday.
Foreclosures soar in county
Washtenaw County homeowners are facing foreclosures in record numbers, the result of a weak economy, a glutted housing market, and adjustable rate mortgages that have bit homeowners hard as interest rates jumped. "I used to do five or six foreclosures a week. Now I do 19 to 30,'' said Special Deputy Jimmy Moore, who auctions off mortgage foreclosures every week at the Washtenaw County Courthouse. Experts say the increase in foreclosures has a broader impact because it contributes to the drop in home prices and puts a dent in local tax revenues. Moore, who runs the civil division of the sheriff's department, says the increase he noticed a year ago has gotten steadily worse. The number of evictions from rental properties in the county has skyrocketed as well.
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