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Bankruptcy highs and lows Sunday, Jan 15, 2006 By Roby Brock Bankruptcies topped 2 million filings nationally in 2005, up 31 percent from 2004. It is the highest number of filings on record. Arkansas saw a dramatic 26 percent increase. In 2004, bankruptcy filings totaled 24,267. In 2005, that number leaped to 30,569. The surge in filings coincided with the new federal bankruptcy law, which was enacted on Oct. 17. After a record 8,240 bankruptcies filed in October in Arkansas, the numbers plummeted to 264 in November and 364 in December. Murphy Oil downplays expectations El Dorado-based Murphy Oil Corp. expects income for the fourth quarter of 2005 to be between 75 cents and 95 cents per diluted share. Murphy disclosed disappointing news with its exploration efforts in Africa. The company says that dry-hole charges for the quarter should be in the range of $25 million to $62 million, including two unsuccessful wells in the offshore region of the Republic of Congo that will be abandoned. Murphy also said it will spend $10 million on its Meraux, La., refinery for charges not covered by insurance in the wake of Hurricane Katrina. Lawsuit: AOG charged too much A class action suit alleging that Arkansas Oklahoma Gas (AOG) overcharged customers was filed Wednesday in Sebastian County. The suit alleges that after the Arkansas Public Service Commission issued a ruling permitting AOG to raise its rates "on or after" Dec. 1, AOG violated the ruling by applying the new, higher rates to billing periods that began in November. The suit, which seeks class action certification, accuses AOG of breach of contract, fraud, unjust enrichment and negligence and asks for a refund to overcharged customers, punitive damages and attorney's fees. AOG says the company has not violated the PSC's ruling. Wal-Mart reveals wage and jobs growth Wal-Mart announced that it created over 125,000 new jobs in 2005, and that its average hourly wage for full-time store associates rose from $9.68 to $10.11 over the same period. The company also reported that more than three-fourths of its employees have health insurance, either through a company plan, a spouse's plan or Medicare. That fact did not stop the Maryland Legislature from overriding a governor's veto of a bill that singled out Wal-Mart to expand health care coverage to employees. The measure would require companies with more than 10,000 employees to spend at least 8 percent of their payroll on health benefits, or pay the balance into a state low-income health insurance fund. Wal-Mart is the only company in Maryland that would be affected by the new law, which will go into effect in 30 days. The retailer had fought the bill override and says it is now weighing its options in Maryland. Class action approved vs. Wal-Mart A Philadelphia judge approved a class-action lawsuit against Wal-Mart in a case where Pennsylvania employees say the retailer pressured them to work off the clock. The case could include nearly 150,000 current or former employees who worked at a Wal-Mart or Sam's Club in the state since March 19, 1998. Wal-Mart denies the allegations and may pursue an appeal of the class action certification. Last month, a California jury awarded Wal-Mart workers $172 million for illegally denied lunch breaks. Potlatch and partners pushing for plant Potlatch is collaborating with several partners to develop a pilot bio-refinery near McGehee for converting forest and agricultural waste to bio-fuels. The partners include Winrock International, the University of Arkansas at Monticello, and the Arkansas Department of Economic Development. The project has solicited a U.S. Department of Energy grant. The effort has Arkansas' elected officials excited for a variety of reasons: a new stimulus for agriculture, new high-wage job prospects, an improved property tax base, and the potential for all of these factors in the Delta region of the state. Egg companies scramble operations Jackson, Miss.-based Cal-Maine Foods has signed an agreement with Arkansas-based Green Forest Egg Co. to form a new egg production and distribution entity. The new company, Green Forest Foods, will be owned and operated jointly by the two firms. Cal-Maine Foods is the largest domestic producer and distributor of fresh shell eggs and sells the majority of its shell eggs in approximately 28 states across the U.S. Park Plaza renovation set On Thursday, Park Plaza mall officials in Little Rock will unveil the design details of a "grand scale renovation," which will begin later this month. In addition to a major "multimillion dollar" overhaul, Park Plaza officials hint that a new store announcement will also be made at the event. Ford tough talk Alltel executives Scott Ford and Jeff Gardner fielded questions from an industry crowd at an Arizona telecom conference. Ford described the current cutthroat competition among wireless carriers, such as Cingular and Verizon. "Let's be very honest, they're trying to kill us," Ford remarked with humor. "If we could ever find a way to kill them, we would." Gardner, who will lead the wire line business that Alltel is spinning off with Valor Communications of Irving, Texas, said that the new company will look for acquisition opportunities as it moves forward. Jobs R Us None of the four Arkansas Toys R Us locations are slated for closure. The toy retailer announced on Monday that it would close 75 stores nationwide and retool 12 additional stores. Toys R Us has locations in Little Rock, North Little Rock, Fort Smith and Fayetteville. A Texarkana, Texas, store will close. More than skin-deep Does your skin itch? Do bug bites get the best of you? Do you sunburn easily? A new Arkansas company may provide you with instant relief and it could launch a new household product in the process. Balm Innovations is the latest start-up company to evolve from UAMS' BioVentures center, which takes UAMS research and inventions and moves them from the laboratory to the marketplace. Balm Innovations will initially market a product known as Dr. Teatrie's Omnibalm, a topical cream that is applied to the skin. It is made from Australian tea tree oil and has a long history as an effective treatment for many skin maladies. Balm Innovations announced this week that it has a license to market Omnibalm exclusively at 11 USA Drug stores in central Arkansas and on the Internet at www.omnibalm.com. Plans are to expand distribution and marketing of the product to other chain stores, select spas and salons, and health and nutrition stores. Smoke ban on special session agenda Gov. Mike Huckabee told a crowd at a Little Rock Rotary Club luncheon that he may add a workplace smoking ban to a special session agenda to address public education. Huckabee rejected a Health Department initiative several years ago that would have prohibited smoking in restaurants across the state. ------- Roby Brock, a freelance journalist based in Little Rock, writes weekly for the Arkansas News Bureau. His weekly television program airs at 10 p.m. Sundays in Central and Northwest Arkansas. His e-mail address is roby@talkbusiness.net; his Web site address is www.talkbusiness.net. |
