Jul. 22–HEDGE FUND’S ASSETS FROZEN: U.S. District Judge William Zloch has issued a preliminary injunction freezing the assets of a Connecticut-based hedge fund now under the control of a receiver.
The order came late last week in lieu of a hearing in Fort Lauderdale scheduled after the Securities and Exchange Commission accused the Lancer Management Group of defrauding investors by manipulating stock prices.
The defendants, including principal Michael Lauer, agreed to the injunction without admitting or denying the allegations, according to a court filing.
The receiver has to determine the value of the funds’ assets, most of which are securities. The funds claimed to have $1 billion under management, authorities said. But the SEC said the funds used fraudulent trading practices and “outlandish valuations” to attract investors.
WORKERS THINK OF NEXT JOBS: Hiring freezes may be commonplace, but that hasn’t stopped workers from pining for new employment.
A workforce study by Harris Interactive for Fort Lauderdale’s Spherion Corp. (SFN) found that 52 percent of nearly 3,300 people surveyed expressed a desire to switch jobs. Of those desiring changes, 75 percent said they wanted to do so within the next year.
“Our study reveals a surprisingly confident, self-reliant workforce that is poised to walk out on employers at the first opportunity,” said Robert Morgan, president of employment solutions for Spherion, an outsourcing and recruitment company.
Only 47 percent of workers surveyed believe changing jobs every few years to be damaging to their careers. That’s down from 62 percent in 1999. And only 44 percent see longevity with an employer as key to advancement, versus 56 percent in 1999.
JEFFREY GROUP TOP PR FIRM: The Jeffrey Group of Miami Beach was Florida’s biggest independent public-relations agency in 2002, with a net fee income of $3.15 million, according to the 2003 O’Dwyer’s Directory of Public Relations Firms.
Like many ranked companies, the firm posted a 21.5 percent decline in fees from 2001.
“Many public-relations firms had a difficult year in 2002,” said Jack O’Dwyer, president of J.R. O’Dwyer Co.
Florida’s second-biggest firm was Wragg & Casas of Miami, whose $2.7 million revenue was flat compared to 2001. Third-place RBB PR of Coral Gables came in $2.32 million (no comparison available).
Thorp & Co. of Coral Gables posted $1.88 million in fees, a 33 percent drop from 2001, followed by O’Connell & Goldberg of Hollywood, with $1.3 million, a 3.9 percent decline. Edelman’s Miami office netted $1.22 million, with no comparison available.
Transmedia Consultants of Palm Beach bucked the trend with a 31 percent jump to $776,000. Miami’s Ev Clay Associates rounded out the list with $695,000, a 22 percent drop.
JETBLUE ADDS FLIGHTS: Low-fare, low-cost passenger airline JetBlue Airways (JBLU) plans to increase nonstop service between Fort Lauderdale and both Washington, D.C., and Long Beach, Calif., starting Sept. 8.
Service to Long Beach is to increase to two flights per day and to Washington Dulles to three.
SPIRIT AIRLINES SHOWS PROFIT: The Fort Lauderdale-based Spirit Airlines reported a $21.9 million operating profit for the second quarter.
Most of the profit came from a $14.4 million payment from the federal government in security-fee reimbursements, the company said in a statement. Spirit also reported $110 million in revenue.
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(c) 2003, The Miami Herald. Distributed by Knight Ridder/Tribune Business News.
SFN, JBLU,
