Home improvement contractor accused of defrauding customers in Syracuse | syracuse.com
“However, we believe that it is in the best interest of the Company’s stockholders for us to dissolve our new development platform and focus 100% on our core differentiating strategy of acquiring and redeveloping mature apartment communities.” In the second quarter of 2014, the Company recognized a non-cash charge for the impairment in value of land parcels that will not be developed and other related charges of approximately $3.8million. This one-time charge does not negatively impact OFFO. Net severance charges in connection with the elimination of development employee positions, totaling approximately $1.8million, will be expensed over the third and fourth quarters of 2014 and the first quarter of 2015. In addition, the Company expects to recognize approximately $1.2 million of interest expense related to land and predevelopment carrying costs in the third and fourth quarters of 2014 that would have otherwise been capitalized. The Company anticipates that gains on the sale of its remaining development land parcels over the course of the next year will be equal to or greater than the combined impairment and severance charges and interest expense triggered by its exit from the new development business.
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E. in Syracuse were met with recordings indicating their phones were no longer in service. The attorney general’s office said it began receiving complaints about Cakir and Metropolitan Granite & Marble in 2010.
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