Corporate Report

Corporate Report

Court awards permit for Seminole's clean coal unit

Tampa-based power supplier Seminole Electric Cooperative's plans for a new clean coal generating unit are back on track following an appeals court order directing the state to issue a required permit for the project.

The Fifth District Court of Appeal, in a unanimous decision, directed the Florida Department of Environmental Protection to issue a final order granting site certification for Unit 3, which will be built at the Seminole Generating Station in Putnam County.

The 750-megawatt class, Unit 3 project had been sidelined since last August when the FDEP denied its required site certification, despite a previous stipulation that the project had met all the certification requirements in the Florida's Power Plant Siting Act.

"We are very pleased the court agreed that the project meets all environmental requirements, and we remain confident this project is in the best interest of all Floridians," Timothy Woodbury, Seminole's executive vice president and general manager, said in a press release.

Following site certification, the project still requires additional permits and project financing. Unit 3 originally was planned to go into service in May 2012. Seminole reports it has secured alternative resources to meet its projected growth in demand between 2012 and 2014.

Seminole is the supplier for 10 electric distribution co-ops that serve an estimated 1.7 million individuals and businesses in 46 Florida counties. In addition to its 1300-megawatt Seminole Generating Station, Seminole has an 800-megawatt, natural gas-fueled power station in Hardee County and owns a share of a Crystal River nuclear unit.

New owner for Naples, Marco

Island boat-towing firms

Capt. Joseph DiMartino has taken over ownership of TowBoatU.S. Naples and TowBoatU.S. Marco, two on-the-water ports that provide tows back to marinas or launch ramps, fuel deliveries, battery jump-starts, and ungrounding services for recreational boaters.

The two ports are located in Naples Bay and near Marco Pass and the Isle of Capri, and provide coverage from Wiggins Pass south to Cape Sable extending 50 nautical miles offshore. The ports are equipped with four response vessels that provide a variety of commercial assistance salvage and dewatering pumps as well as dive gear.  Refloating services are also provided by land or sea.

DiMartino, a former yacht delivery and tugboat captain, previously owned a Fort Lauderdale-based towing company that assisted mega-yachts and small freighters.

Similar to a roadside auto club, BoatU.S. offers "unlimited" on-the-water assistance plans for saltwater boaters at $135 a year, which includes BoatU.S. membership. Without a plan for towing or other services, boaters face a price tag of about $600 per incident. 

Sweetbay's Vail promoted

to president & COO

On the heels of Shelley Broader's departure as CEO/president of Sweetbay Supermarkets, the Tampa-based supermarket chain has promoted Michael Vail to president and chief operating officer.

"This promotion recognizes Mike's vision for Sweetbay," Ron Hodge, executive vice president of Sweetbay's Belgium parent company Delhaize Group, said in a press release. "His analytical ability, strong motivation and the creativity he brings to product and sales growth is outstanding and highly regarded throughout the industry."

Vail moved to Tampa in 2001 and became vice president of merchandising for Kash n' Karry. In 2004, he assumed the responsibilities of senior vice president of retail operations. During his more than 20 years with Delhaize companies, he has held such positions as retail management trainee, store manager, district manager, category manager and director of deli merchandising.

Nicholas Financial

opens branch in Tennessee

Clearwater-based Nicholas Financial Inc. has opened a new branch office in Nashville, Tenn., its first in the state. The new location is part of the company's planned expansion of its branch office network, which now includes 48 offices in Florida, Georgia, North Carolina, South Carolina, Virginia, Ohio, Michigan, Kentucky, Indiana and Alabama. The new branch office is a full-service lending and collection facility. Nicholas employees worked to develop business in the Nashville area for several months prior to the opening of the new location.

Nicholas Financial is one of the largest publicly traded specialty consumer finance companies based in the Southeast. It acquires and services automobile and light truck installment sales contracts that it purchases from more than 1,400 new and used car dealers.

Proxy advisories, Spotlight target

potential Chico's board member

Investment firm Spotlight Capital Management LLC reports that three proxy advisory firms - RiskMetrics (formerly Institutional Shareholder Services), PROXY Governance and Glass, Lewis & Co. - each recommended that their clients withhold voting for John W. Burden, a nominee to the board of Fort Myers-based Chico's FAS Inc. at its recent annual meeting.

Spotlight owns shares of Chico's in its activist fund, Spotlight Capital Partners LP, and previously announced its intention to withhold support from Burden.

"We believe this sends an important message to the board about its corporate governance practices and its oversight of management," Gregory P. Taxin, managing director of Spotlight Capital Management, said in a press release. "This board is too loyal to [CEO Scott] Edmonds and too eager to accede to his control, titular and compensation demands. We expect a board to be independent and work on behalf of investors to foster superior company and management performance. Here, the board appears to be working for Mr. Edmonds, not for the shareowners."

Taxin and Spotlight Capital say that Chico's has underperformed the market and its peers, but that the board continues to offer added rewards to Edmonds, such as a special bonus.

Burden is seen as being linked too closely to the company's current management because of family connections as well as past company committee experience.

"We believe Chico's has a tremendous franchise and can be a great company," Taxin said in a press release. "But we simply have no reason to believe that Mr. Edmonds can reverse his poor track record. We believe a truly independent Board would reach the same conclusion."

Spotlight Capital Partners' business plan is to buy undervalued U.S. public companies and then work to improve the share price.

Fashion designer Field to sell new collection on HSN

St. Petersburg-based TV and other media retailer HSN will debut a limited edition fashion collection from Emmy Award-winning designer Patricia Field. The 50-piece "Patricia Field's Destination Style New York" will be available exclusively in the United States on HSN's TV network and Web site in September.

Field is best known for her creations seen in "Sex and the City," "The Devil Wears Prada" and other film and television productions.

"Patricia Field is a fashion trendsetter and through her work in television and film has inspired a generation of women to have fun with fashion and let it be a form of self-expression," Mindy Grossman, CEO of IAC Retailing/HSN, said in a press release. "That's why this partnership is so perfect for HSN. Our customers love fashion and style the way Pat does, and for them, shopping is an experience. HSN is uniquely positioned to bring that experience to life on TV and online."

Etc...

Ave Maria University

approved by accreditor

The American Academy for Liberal Education, a national accreditor of liberal arts colleges, has granted accreditation to Ave Maria University in Ave Maria, rendering the new Catholic university a fully accredited institution of higher education for baccalaureate degree programs in the liberal arts and sciences.

"This is a significant day for the University as we receive accreditation from AALE," AMU Chancellor Thomas S. Monaghan said in a press release.

"This affirmation of our strong commitment to providing our students with a rigorous and well-rounded liberal arts education is another step in our growth as a university. I am grateful to our faculty, staff and administration for their diligence exhibited throughout the accreditation process."

Membership certifies that the university meets or exceeds the Academy's independently established education standards, which require students to complete demanding core studies in the arts, sciences and humanities taught by senior as well as junior faculty. 

Tuffy Auto Service Centers

hire Spiro & Associates

Tuffy Auto Service Centers Southwest Florida division, Tuffy Associates Corp., has hired Spiro & Associates Marketing, Advertising & Public Relations to represent its automotive repair shops in Lee and Collier counties.

The agency has been retained to develop and execute all media planning and buying services for Tuffy Auto Service Centers' eight regional locations in Fort Myers, Fort Myers Beach, Cape Coral, Bonita Springs and Naples.