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Piper puts tender-option bonds on books
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Piper Jaffray Companies has moved $527.3 million of securities issued through its tender-option-bond program onto its balance sheet, determining the bonds no longer qualify for such accounting treatment. The Minneapolis company said credit-market volatility has caused municipal-bond prices to fall, increasing likelihood that the money manager would have to make reimbursements, which would require the trusts holding the tender-option bonds be put on Piper Jaffray's balance sheet. Putting the bonds onto Piper Jaffray's balance sheet resulted in a $21.7 million loss for the third quarter.
DOW JONES NEWS SERVICE
Medtronic could gain $114 million in suitMedtronic Incorporated's Endeavor heart stent may get a $114 million sales boost and reverse its losses to rivals if the device maker wins a patent dispute against Abbott Laboratories, said Chief Executive William Hawkins. The case centers on the rapid-exchange catheter, a thin sleeve that surgeons snake through arteries to implant the mesh stents that prop open clogged heart vessels. A federal judge in Oakland, Calif., is considering Medtronic's request to sell its stent with the catheter doctors use in 80 percent of stent operations because they like how it feels. Winning may raise Medtronic's share of the $1.9 billion U.S. market for drug-coated stents by almost a third, Hawkins said in a telephone interview.
BLOOMBERG NEWS
Ethanol maker to start using plant wasteEthanol producer Poet will receive $76.3 million in federal funding to begin producing fuel from corn cobs and fiber, the Sioux Falls, S.D., company said. Privately held Poet said it will expand capacity from 50 million to 125 million gallons per year at its corn ethanol plant in Emmetsburg, Iowa, with about 25 million gallons made from plant waste typically left behind in farmers' fields. With the added cellulosic production, a bushel of corn will produce 11 percent more ethanol per bushel of corn, and 27 percent more per acre of corn, Poet said.
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Blog: Patent Pending
U to host big conference
The University of Minnesota will host the annual conference of the Association of University Research Parks in 2010. The conference will focus on ways research parks and innovation can aid the world’s economic recovery. Pretty good timing for the U. Through state-approved bonds, the school is spending $292 million to build four biomedical buidlings on its [...]
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