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Bidders tour newspapers

BOSTON - Two groups with an interest in buying The Boston Globe have reportedly toured the newspaper's headquarters in the past week, while a bid from a third group is looking less likely.

The newspaper, citing unnamed sources familiar with negotiations, reported Tuesday that a group headed by Stephen Taylor, a member of the family that sold the newspaper for $1.1 billion to The New York Times Co., and a second group led by private equity investment firm Platinum Equity of Beverly Hills, Calif., met with Globe executives. Both of those groups have also met with executives at the Worcester Telegram & Gazette.

The Globe says the groups have each offered about $35 million for the Globe and the T&G.

The Globe says a group led by former advertising executive Jack Connors and Boston Celtics co-owner Stephen Pagliuca may drop out of the bidding.

PSB Holdings loses $7M

PUTNAM - PSB Holdings Inc., the parent company of Putnam Bank, lost $7.1 million during the fiscal year ended June 30 after writing down the value of investments by nearly $16 million, the company reported in a filing with the Securities and Exchange Commission. The banking company said its loss of $1.14 per diluted share compared to net income of $3.1 million, or 48 cents per diluted share, during the previous fiscal year. PSB took $15.97 million in other-than-temporarily impaired pretax investment write-downs during the fiscal year, an amount that consisted of $9.79 million in private label collateralized mortgage obligations, $3.95 million in Freddie Mac securities, $320,000 in CIT Group corporate debt and $1.91 million in Lehman Brothers corporate debt. In 2008, mortgage giant Freddie Mac was placed in receivership, Lehman Brothers declared bankruptcy and CIT Group was battered in the financial crisis. PSB offset the write-down with a $4.6 million income tax benefit. The company reported that loans grew 9.2 percent over the year to $267.7 million, but total assets dropped 3.5 percent to $477.3 million.

Conference at WPI

Worcester Polytechnic Institute's Bioengineering Institute will hold a conference on neuroprosthetics today featuring speakers such as Lt. Col. Paul Pasquina, medical director of the amputee program at Walter Reed Army Medical Center in Washington, D.C. More than 150 scientists, engineers, medical professionals and others are expected to attend the free day-long event, which begins at 8:30 a.m. with registration, at the WPI Campus Center in Worcester. The public may attend morning and afternoon plenary sessions of "Neuroprosthetics 2009: Today's Progress, Tomorrow's Promise," but afternoon break-out sessions are by invitation only. More information and registration is available at

Jurists on study panel

BOSTON - Two judges and a lawyer from Central Massachusetts have been appointed to a panel that will study peremptory challenges in the jury selection process and issue a report of its findings next spring, according to the Massachusetts Bar Association. The dozen members of the Task Force on Peremptory Challenges includes Worcester Superior Court Judge Peter W. Agnes Jr., David Ricciardone, an associate justice in the Worcester Division of the District Court, and Michael S. Hussey, an attorney with the Committee for Public Counsel Services Public Defender Division in Worcester. Peremptory challenges can be made by either side in a criminal or civil case to help choose a jury without stating a reason, except where an impermissible bias, such as racial or gender bias, may be inferred.

Protonex has RV link

SOUTHBORO - Protonex Technology Corp., a maker of fuel cell power systems, said it has agreed to partner with Cummins Onan to promote fuel cells in the recreational market. Under the agreement, Protonex and Cummins Onan will jointly field test the Protonex M250-B fuel cell system in recreational vehicles. Cummins Onan will provide marketing assistance. Cummins Onan is also in the process of becoming a certified installer of Protonex fuel cell systems for recreational vehicles, Protonex reported in a news release. Cummins Onan is a business group of Cummins Inc. of Columbus, Ind.

Paper honors GTC

FRAMINGHAM - GTC Biotherapeutics Inc. announced that The Wall Street Journal has selected GTC as first runner-up in the "Medicine-Biotech" category of the Journal's 2009 Technology Innovation Awards. The Journal cited GTC for its "production of pharmaceutical proteins using transgenic animals (goats). The process enables cheaper-and greener-manufacturing of proteins." GTC is the world's first company to receive regulatory approvals in both the United States and Europe for a pharmaceutical protein produced via transgenic animals. GTC Biotherapeutics develops, supplies and commercializes therapeutic proteins produced through transgenic animal technology, and operates a goat farm in Charlton.

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Title Annotation:MONEY
Publication:Telegram & Gazette (Worcester, MA)
Date:Sep 16, 2009
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