Good morning, and a happy Friday to you! here is today's Daily Briefing.
TH Properties, the Lehigh Valley home builder that abruptly stopped all of its construction, has filed for Chapter 11 bankruptcy protection. They say that they are expect construction to begin again in a few weeks. The Call also runs a story on what local agencies are doing to prepare for possible swine flu in the Valley. There was also some extremely bad news for the Valley, as it appears that the budget crunch has eliminated any chance of state-funding for a hockey arena in the Lehigh Valley, with Governor Rendell saying that no state funding will be available to support the project. That budget deficit is now apparently at $3.0 billion. Uh-oh. More bad news, as Soverign Bank has announced that it will be laying off 950 jobs.
In state-wide news, a ban on political contributions from casino operators has been struck down by the Pennsylvania Supreme Court.
And in national news, it comes as no surprise that Chrysler will be filing for bankruptcy. However, it is being billed as a restructuring that will allow the company to survive in the long-term. And, it appears that a Supreme Court judge is set to retire; Justice David Souter, 69, is apparently going to retire at the end of his term. This will obviously give President Obama his first opening on the Supreme Court.
We have one event today, and its a major one: The Chamber's Commercial Real Estate luncheon.
That's it! Have a great weekend and we'll see you later.