Imperial Tobacco snuffed out as FTSE slips
01.01.70
Their retreat came on another rocky day for the market. With Spain paying the
highest rate to sell its 10-year debt since 1997, familiar European fears
sent the FTSE 100 down 85.88 points to 5,423.14 and the FTSE 250 fell
125.28 points to 10,150.28.
Rexam raced up 7.7 to 332.8p, however, as the maker of drinks cans said
it was considering selling its personal care packaging business following
its continued weak performance.
But Rexam was short of friends, with the majority of stocks struggling to keep
their head above water. Defensives such as Diageo and National Grid gained 14p to £13.36 and 15 to 641½p respectively, while Admiral put on 24½ to 825p. Its insurance peer Amlin advanced 14½ to
307½p on the second tier after saying that it had seen a rise in prices as
customers renewed their policies.
Source: Telegraph.co.uk
Imperial Hotel caught in civil suit over unpaid building materials
01.01.70
The Imperial Hotel in Canton has become entangled in a legal battle as a result of unpaid bills by a contractor.
Haywood County Builders Supply has filed a civil suit and lien against the hotel, owned by outgoing Canton Mayor Pat Smathers. The claim states that Smathers and his contractor Gary Cochran failed to pay for $29,084.93 in building supplies, such as lumber, paint, flooring, doors and nails. The supplies were used to renovate the old Imperial Hotel, which was built in 1911.
“It is what it is. I don’t agree with it,” Smathers said, adding that he didn’t want to “lambast anybody.”
Smathers said that the problem is between the contractor and Haywood Builders. Smathers said he paid Cochran for the cost of all the materials.
“Everything has been paid to the contractor,” Smathers said.
However, Cochran said Smathers still owes him money, and as a result he hasn’t been able to pay his bill with Haywood Builders.
Haywood Builders fronted the supplies and materials to Cochran for the job. Cochran would then wait to get paid by Smathers before paying the invoice with Haywood Builders.
Source: Waynesville Smoky Mountain News