Cheapest gas: Sam’s Club-Sherman 2/27

Gas prices are a little wonky this week because the stations changed them during our information roundup. As far as we can tell, the cheapest gas this week is at Sherman ($1.69) or Sam’s Club in Tupelo ($1.69 for members).

New Albany was in the running for the cheapest gas ($1.65 for regular), but the price went up to $1.79 this afternoon. However, according to mississippigasprices, the cheapest gas in the state is in New Albany for $1.57. The price was reported Thursday.

Kroger at Crosstown did have a decent price ($1.72), but our hunch is it has gone up. Not sure what it is right now. If you see it this afternoon, post and tell us.

Most expensive gas: Starkville, $1.92

Other prices:
Booneville $1.89
Corinth $1.76
Fulton $1.89
Oxford $1.82
Pontotoc $1.87
Ripley $1.75

Pendergest-Holt in court today (Day 11)

Want to see pictures of Jim Davis, Laura Pendergest-Holt, their Tupelo office and their Baldwyn homes? Click here.

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Pendergest-Holt escorted to court (from The AP)

3:05 p.m. update: From AP: A federal magistrate has set bond at $300,000 for the chief investment officer of troubled Stanford Financial Group, accused of lying to investigators about the firm’s activities.

Laura Pendergest-Holt will have to post $30,000 cash and wear an ankle monitor as she heads to Dallas for more hearings in her case. She faces charges she obstructed the Securities and Exchange Commission investigation of the Stanford scandal.

The Justice Department sought bond of $1 million. Her lawyer said her assets were frozen in the Stanford investigation and she doesn’t have money for that high a bond.

3 p.m. update: The Secretary of State’s office has created an area on its web site for Stanford information, including info for investors. See it here.

2:37 p.m. update: It has been brought to our attention that Laura Pendergest-Holt was incorrectly identified as a former Stanford executive in a read-in in today’s paper. As far as we know, she is still the chief investment officer for Stanford.

2 p.m. update: The Houston Chronicle has posted the following picture of Laura Pendergest-Holt going into the courthouse in Houston:

Pendergest-Holt at court - from the Houston Chronicle

It looks like she’s in handcuffs – contrary to our previous information that she wasn’t wearing them. Read the Houston Chronicle’s story so far. The paper has a reporter inside the hearing. Quote from Pendergest-Holt’s attorney in the story:

Cogdell said Thursday that he expects the case to be a “nasty, drawn out fight.”

“She unequivocally committed no crime. Before today, she cooperated with authorities and even flew here to cooperate,” Cogdell said Thursday. “We were shocked at the way she was arrested. The whole deal — flying her here was a deception to arrest her here and make a big splash.”

1:45 p.m. update: Pendergest-Holt’s hearing should be starting back up now. We’ll post details as soon as we get them. In the meantime, read our profile about the 1991 Baldwyn High School grad. Since she was charged Feb. 17 by the SEC, she has been suspended from Youth Village’s board and it looks like she’s going to get kicked off the MUW Foundation board.

1:05 p.m. update: Stanford advisers had a meeting in Houston last night with investors. They had no advice to give, according to the Houston Chronicle (full story).

Stanford CIO Laura Pendergest-Holt

1 p.m update: We hear from Houston Chronicle reporter Mary Flood via DJ reporter Patsy Brumfield that Laura Pendergest-Holt was wearing a business suit at her court appearance today, not an orange jumpsuit. Flood also said she didn’t see any handcuffs.

12:40 p.m. update: From DJ reporter Patsy Brumfield via Houston Chronicle reporter Mary Flood: PH made initial appearance for a bond hearing. They’re arguing – prosecutors want to set bond at $1M and her attorney wants her to walk on her own recognizance. Will come back at 1:45 p.m. to continue hearing. She hasn’t pleaded to anything at this stage. Her husband is headed for Houston to be with her.

Prosecution isn’t buying that she can’t make bail – produced information that she made $1M in 2008 and 2007 in salary and bonuses. Her attorney’s arguing that she has agreed to cooperate and will make good on her deal with feds.

12:30 p.m. update: From Reuters: HOUSTON (Reuters) – The court-appointed receiver overseeing the financial empire of Texas billionaire Allen Stanford has located $90 million in assets so far, an FBI agent said on Friday. Read the full story.

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As we first reported last night, the FBI arrested Stanford CIO Laura Pendergest-Holt in Houston.

We talked with her husband, Jim Holt, shortly after we broke the news to you all. Here’s an excerpt (full text) from today’s Daily Journal that includes our interview with Jim Holt:

FBI arrests Pendergest-Holt

10:30 p.m. update: The Daily Journal caught up with Jim Holt, Pendergest-Holt’s husband, on the phone around 8:30 p.m. He said he had “no idea” about the arrest. He said he was not in Houston with his wife, and said he wasn’t at the couple’s home in Baldwyn.

“I’m trying to figure this out myself,” he said.

He declined to comment further. Read tomorrow’s Daily Journal for more details.
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Laura Pendergest-Holt presenting at an Ole Miss banking symposium in November 2008

HOUSTON (AP) — FBI agents have arrested the chief investment officer of troubled Stanford Financial Group, accusing Laura Pendergest-Holt of obstructing a Securities and Exchange Commission fraud investigation. The SEC has been investigating allegations of an $8 billion investment fraud involving Texas billionaire R. Allen Stanford’s financial group. Pendergest-Holt was arrested Thursday in Houston. The FBI said she was taken to the federal detention center and will appear in court Friday morning. The government alleges in a federal complaint that Pendergest-Holt obstructed the investigation with some of her answers to SEC investigators’ questions. Attempts to reach an attorney for Pendergest-Holt were not immediately successful.

Click here to read Pendergest-Holt complaint.

MDOT’s plans for Highway 9

MDOT has designated a preferred alternative for the southern portion of the Highway 9 project. The plan was unveiled tonight in Pontotoc at a public meeting at the Community House. Read tomorrow’s paper for more details.

In the last public meeting, held in July 2008, MDOT asked residents to comment on Alternative C and Alternative E. After getting those comments, MDOT said Alternative E is the preferred route right now. Here are what the routes look like (click to enlarge):

Preferred route for Highway 9

Go to MDOT’s site for more maps and a comment card if you want to express your two cents. You have 10 business days to mail in your comments – starting today.

What others say about Stanford (Day 10)

Want to see pictures of Jim Davis, Laura Pendergest-Holt, their Tupelo office and their Baldwyn homes? Click here.

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A round-up of today’s coverage from the international media about the alleged Stanford fraud …

From the International Herald Tribune (full story):

Antigua and Barbuda’s government said on Wednesday it would seek to take over land owned by Texas billionaire Allen Stanford to “protect the national economy” after the U.S. fraud charges against him.

From BusinessWeek (full story):

Securities regulators, who are under fire from critics for the pace of their investigations into two major financial frauds, now say they were on the trail of financier R. Allen Stanford as far back as the spring of 2005, nearly 16 months earlier than previously believed.

Furniture plant in Bruce to add jobs

This just in from the governor’s office:

GOVERNOR BARBOUR ANNOUNCES 125 NEW JOBS IN BRUCE FURNITURE FACILITY

Jackson, Mississippi – Governor Haley Barbour announced today United Chair, owned by Haworth Inc., will add at least 125 new jobs at its Bruce, Miss., facility. The company’s Bruce plant currently employs approximately 180 people.

“This is great news for the state of Mississippi, especially during these tough economic times,” Governor Barbour said. “We are delighted that Haworth is increasing its operations at the Bruce facility and will be creating at least 125 new jobs there. This consolidation is going to have a very positive impact on Calhoun County and the surrounding area.”

The new jobs at the Bruce facility are the result of a consolidation in North American operations for Haworth. The new jobs at the Bruce plant will have an average wage rate of $13.44 per hour.

Cooper Tire loses $143M in 4Q

OUCH! Cooper Tire announced a fourth-quarter loss of $143 million, or $2.43 per share, for the period ending Dec. 31. Net sales were $636 million, a drop of 17 percent, or $130 million.

Highlights from the company’s press release:

Cooper’s results during the quarter included pretax restructuring charges of $76 million related to the impending closure of its facility in Albany, Ga. The Company also had a $31 million pretax charge for impairment of goodwill in the International segment. Results were pressured by high raw material cost increases and production curtailments as the Company manages inventory to align with demand.

For the year Cooper generated net sales of $2.9 billion, down slightly from 2007.  Net losses were $219 million for the year compared with net income of $91 million from continuing operations in 2007.

North American Tire operations generated sales of $511 million during the fourth quarter, down from 2007’s record fourth quarter.  Operating losses for the fourth quarter were $109 million, compared with operating profit of $45 million from the same period in 2007.  Sales were affected by weak demand in North America as consumers reacted to the credit crisis and increased gas prices.

Comfort Suites now open

Howard Johnson owner Bruce Patel tells the Biz that Comfort Suites, his other project in Tupelo, opened Thursday (Feb. 19). The 80-room hotel is on North Gloster, across from Outback Steakhouse.

Read our previous coverage about the hotel.

The presidential first dog will be a …

We’re on a bit of a political kick today. Don’t worry. We’re still a business blog to our core. But, we saw this and couldn’t help but post some lighter fare. The reference in the Christian Science Monitor’s post about Gov. Barbour is chuckle worthy. As are the potential names of the dog, and how one in particular could be a peace offering to Gov. Palin.

An excerpt (full story):

It could be the biggest news of his early presidency.

No, not that speech he gave last night. And not the guy he picked to be his Commerce Secretary (again). And not that Joe Biden forgot the name of the website he’s supposed to run.

And the winner is…

The Obamas have selected the First Dog. Well, the breed anyway.

More on access to Stanford assets (Day 9)

Want to see pictures of Jim Davis, Laura Pendergest-Holt, their Tupelo office and their Baldwyn homes? Click here.

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An excerpt (full text) from today’s Daily Journal:

Some Stanford Financial Group clients will get access to their funds, but the number of clients – and how much of their funds – are yet to be determined.

Investors caught up in what federal officials say is a $9.2 billion investment fraud involving Stanford found their access frozen last week after a federal court appointed a receiver to oversee Stanford’s assets.

At the heart of the alleged scheme are the sale of about $8 billion in international certificates of deposit sold through Stanford and its Antigua-based bank, Stanford International Bank. The U.S. Securities and Exchange Commission also is looking into a fund program that the SEC alleges Stanford used bogus historical information to lure investors.

The fraud involves 4,524 Mississippians with accounts totaling nearly $391 million.

A court-appointed receiver, Dallas-based attorney Ralph Janney, said late Monday that it would unfreeze some accounts.

However, clients who had accounts held or controlled by Stanford are still locked out. The freeze on the CDs also remains.

Read our previous Biz Buzz coverage of the fraud allegations against Stanford.