Today's headlines

Thursday, May 15, 2008

Lewiston finds buyer for Colisee

The city of Lewiston has sold the Androscoggin Bank Colisee to an out-of-state company with ties to the ice arena industry.

City Administrator Jim Bennett will announce the new owner tonight at a city council workshop, according to the Sun Journal in Lewiston. The new owner will operate the Colisee as a private entity, with no financial support from the city, Bennett told the paper. No further details on the sale, including price, were disclosed.

City officials have been trying to sell the Colisee since May 2007.

Feds approve assistance for flood repair
The governor yesterday announced that six Maine counties will receive federal assistance to rebuild public infrastructure damaged in the May Day flood.

The federal government has agreed to contribute 75% of the total cost to repair public infrastructure in the counties, and the remainder will be paid for by state and local government, according to David Farmer, spokesman for Gov. John Baldacci. Preliminary damage assessments in Aroostook, Knox, Lincoln, Piscataquis, Somerset and Waldo counties has totaled $2.3 million, but Farmer says that figure is likely to rise.

The funds will only be used for infrastructure repair in five of the counties. Aroostook, however, may also apply for funds to assist individuals.

The Memphis, Tenn.-based company, which has two mills in Jay and Bucksport and employs 1,785 people in Maine, will offer 14 million shares at $12 apiece, down from an original 18.8 million shares between $16 and $18 per share.

Based on the reduced offering price, Verso expects to raise about $153.3 million after expenses, according to the Associated Press. The company plans to use a majority of the proceeds to repay debt.

Saco facility benefits from Army contract
A new military contract will provide an unspecified amount of work at General Dynamic’s facility in Saco.

The U.S. Army has awarded a $9 million contract to General Dynamics to develop a new, lightweight .50 caliber machine gun, according to a press release from the company. Production and fabrication work on the new weapon system will be completed at its Saco facility.

Yesterday we asked you whether you will spend your federal stimulus check on discretionary items like vacations, jewelry or clothes. 

19.4% of you will spend your money on discretionary items.

77.3% of you will save the money or use it to pay bills.  

3.2% of you were undecided.

A sampling of readers comments (to read more, click here):

"Used it to pay my property taxes. Isn't that sad..." 

"Not unless gasoline has been re-classified as discretionary..." 

"It's definitely going into savings. Who knows what gas and oil prices will go to a year from now?" 

"Maybe a little bit on discretionary items. The balance is cushion against the likelihood of higher everyday living expenses." 

"I'm using mine to catch up with my heating oil bill from last winter. Everything else will have to wait." 

"I'll probably spend it on the new Maine taxes through the purchase of discretionary items." 

"I have saved half and spent half." 

"I have a daughter starting college in the fall. The check will help pay for books." 

"The stimulus package is nothing more than a thinly veiled attempt to keep America flush with Bread and Circus while the White House marches toward war with Iran."

"It will go to my outrageous oil bill! No vacations this year, no dinners out, and no extra driving to local destinations. We both work full-time and these mounting fuel costs and increased costs of basic food items have forced us to cut back severely. Save money...we are hoping to save our house!" 

"As a young professional I feel the economic crunch. Between paying student loans, rising gas prices, the cost of renting in Portland, and food costs there just never seems to be enough money." 

"This stimulus package is just the nobles throwing fish to the plebs to keep them happy." 

"I will add it to my savings account for a more efficient car." 

"I'm paying back the money I borrowed to pay my federal and state income taxes! Even then, I'm still short..."

"Why are this nation’s leaders so short sighted? If we took this $110 billion and fed it to social security how long could this important safety net be extended? Today’s 'recession' pales in comparison to what this nation will look like when millions of unprepared Americans have to work much longer into their lives." 

"I am saving mine to use as spending money on my trip to Italy later this year. Not sure how this will stimulate our economy but it will help the Italians! Thank you, Uncle Sam!" 

"Waste of tax dollars. Government should create jobs, build infrastructure and add value -- especially in times like these." 

"Going to Disney so the mouse can finally buy that Rolls Royce he always wanted." 

"Discretionary items? You've got to be kidding."

For a complete collection of all our readers' insightful and often witty comments, please visit the Your take section of the Mainebiz website. Mainebiz reserves the right to edit reader comments for length, clarity, style and libelous or offensive material.