Movers & Shakers March 18, 2010
Wine Extravaganza is Saturday, Sterling seeking investors,
Wine Extravaganza is Saturday
Downtown Coeur d'Alene will offer a chance to sample a wide variety of wines while raising funds for a local nonprofit.
Wine Extravaganza 2010 begins at 3 p.m. Saturday in The Plaza Shops at 210 E. Sherman Ave., where for $15 visitors will receive a wine glass and the chance to sample 60 to 70 wines from 15 wineries.
At least 10 of those wineries will be located around The Plaza Shops, offering samples of both red and white wines of all different types - including merlots, zinfandels, pinot gris, pinot noir, huckleberry blush and more
The event continues until 7 p.m. at 10 more sites, including All Things Irish, Possibilities, The Olympia Restaurant, Studio 107, Christmas at the Lake, Parkside and more. Wine maps will be provided when tickets are purchased at The Plaza Shops.
All proceeds from sales by Friday will go to 3Cs, which funds a variety of area charities. For more information, please call 415-0116.
Wineries for second Wine Extravaganza include Pend d'Oreille Winery, Regal Wine Co., Banfi Wines, Cline Cellars, Soko Blosser Winery, Mary Hill Winery, American Beverage Group, Inc. - Sonoma Valley Portworks, Frederick Wildman & Sons, Cecchetti Wine Co., Castillo de Molina, Freixenet USA, Mercer Estates, Chateau Ste Michelle, Precept Wines and Barrister Winery, plus water from Nestle Waters North America and Voss Water.
Sterling seeking investors
Sterling Financial Corp. (NASDAQ:STSA) Tuesday said it is in active negotiations with several private equity investors, its major creditors and its regulators about various strategic alternatives designed to put Sterling on a sound financial footing and to allow it to recapitalize and grow its business.
As part of that plan, Sterling requested and received a letter from the U.S. Department of the Treasury ("Treasury") expressing conditional support for a plan to convert the Sterling preferred stock that Treasury holds into Sterling common stock. In addition, Sterling said it has received several non-binding proposals from private equity firms, and has entered into a non-binding letter of intent with one firm to provide additional capital to recapitalize Sterling.
Sterling's recovery plan is expected to include a restructuring of its capital and liabilities. As such, Sterling has been actively engaged with two of its major stakeholders, the owners of its outstanding trust preferred securities ("TruPS") and Treasury, which holds preferred stock that Sterling issued as part of Treasury's Capital Purchase Program, and which was designed to support the health of the nation's banking sector.
In its letter, Treasury set forth several conditions for its approval of the conversion of the Treasury-owned securities to common equity. Among other things, Sterling must obtain the consent for the repurchase of Sterling's TruPS by a substantial portion of the holders of those securities; must raise at least $650 million of additional capital through the issuance of new common equity; and must execute a definitive agreement for that conversion with Treasury.
In February 2010, Sterling began making cash offers to repurchase its outstanding series of TruPS at an 80 percent discount from the stated value. Formal offers have been extended to registered owners of Sterling's managed TruPS series, who have until March 23 to consent to the terms of Sterling's cash tender offer.
If you have a new, relocated or expanded business, or announcement of events, promotions or awards, The Press wants to let our readers know. The service is free and items run Tuesday through Saturday. To get the word on the street on your movers and shakers, call city editor Bill Buley at 664-8176 Ext. 2016 or e-mail bbuley@cdapress.com.