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Trading Day: Inside SEC filings for 7.14.11

Michael Schwartz July 14, 2011 2

Apple REIT Ten

The newest of the Apple REITs said it has entered into contracts for the purchase of two hotels for a combined $29.65 million. Apple REIT is looking to buy two Hilton Garden Inns for $14.82 million each: on in Merrillville, Ind., and the other in Mason, Ohio. The purchases are pending.

Bank of Virginia

The bank disclosed July 11 that it expects CFO Nancy Corsiglia to leave the company in August. Her successor will be Joseph Pennington, the bank’s controller. The announcement was made in a news release, although an SEC filing is likely pending. The bank said Corsiglia was hired as a “turn-around CFO” and that she has helped put the bank on sounder footing. Corsiglia will remain an executive vice president of Cordia Bancorp Inc., the holding company of Bank of Virginia.

Pennington, 38, joined the bank in March. He was previously controller at HomeTown Bank in Roanoke and at Essex Bank, owned by Innsbrook-based Community Bankers Trust Corp. His appointment is subject to regulatory approval.

Brink’s Co.

Brink’s Co. has appointed Reginald Hedgebeth to its board of directors, effective July 11.

Brink’s approved grants of restricted stock unit awards and options to acquire shares of the company’s common stock to numerous employees of the company and its subsidiaries. Most notably, chief executive Michael T. Dan received 28,000 restricted stock units and options for 100,000 shares of common stock.

Each of the company’s directors received 2,256 deferred stock units.

CarMax

CarMax said in its 10Q that it expects gross capital expenditures of approximately $225 million in fiscal 2012, a large percentage of which will go toward real estate acquisitions and construction costs related to the 12 locations it is planning to build by the first quarter of fiscal 2013.

Eastern Virginia Bankshares

Eastern Virginia Bankshares’ directors each acquired 500 shares at no cost.

James River Coal

James River Coal entered into an agreement with General Electric Capital Corp. for a $100 million line of credit. JRC said it would use the line for ongoing working capital needs and other general corporate purposes.

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2 Comments »

  1. Jim DeLuca July 14, 2011 at 11:24 am - Reply

    Glade Knight has to be out of his mind to buy a hotel in the middle of nowhere for $135K per key. What possible upside could there be to a piece of property in a small town of 30,000 people, and how will it get occupied?

  2. Ethan July 15, 2011 at 10:28 am - Reply

    @Jim – According to a previous RBS article, Mr. Knight pays himself a 2% commission on transactions. I won’t pretend to have a full understanding of the structures of the suite of REITs in the Apple empire, but a cynic might say something about the investors being on the hook, not the managing partner.

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