Shares of CBL & Associates Properties Inc. continued to decline, falling another 14.2% to close Wednesday at 57 cents per share in trading on the New York Stock Exchange - the lowest stock price since the real estate investment trust began pubicly trading in 1993.
The Chattanooga-based shopping center firm has been battered by investor fears of retail bankruptcies and closings, including this week's bankruptcy by Pier 1 and the announced closings of 125 more Macy's stores earlier this month.
CBL's common stock has dropped by nearly 46% so far in 2020 and the company's shares are trading 72% below a year ago. As a result of the stock being priced below $1 for 30 consecutive trading days, the New York Stock Echnge this month said CBL is no longer in compliance with the big board's pricing range. But CBL said it "intends to pursue measures to cure the share price non-compliance," within the required 6-month period. That could include a reverse stock split.
Ex-UAW leader gets 28 months in jail
Michael Grimes asked God for forgiveness Wednesday and apologized to his former UAW brothers and sisters for pocketing more than $1.5 million in the corruption scandal.
"I just want to say I'm sorry," said Grimes, a former UAW administrative assistant and executive board member of the UAW-GM Center for Human Resources who pleaded guilty in September to conspiracy to commit wire fraud and money laundering. He was sentenced Tuesday to 28 months in prison for his crimes.
Grimes, who operated a pay-to-play scheme that netted him kickbacks and bribes from a vendor, has agreed to forfeit a house worth almost $600,000 in Fort Myers, Florida; a timeshare; two vehicles, a 2017 Jeep Wrangler and 1998 Jeep station wagon; a 22-foot pontoon boat and a fishing boat; a four-wheeler; as well as jewelry, including a silver Tiffany necklace and cross.
His attorney, Michael Manley stressed his client's willingness to cooperate.
Boeing finds more Max 737 problems
Boeing has a new problem with the grounded 737 Max.
The company has found debris inside the fuel tanks of some of the planes. Boeing says the problem was discovered during maintenance work on planes that have been built but haven't been delivered to airlines because the Max is still grounded after two deadly crashes.
Boeing is testing changes in flight-control software after two crashes killed 346 people in Indonesia and Ethiopia.
Boeing says the fuel-tank issue won't change the company's expectation that regulators will certify the plane to fly again sometime in mid-2020.
Airline delays grow last year
Airline passengers were slightly more likely to endure a flight delay last year, and there were more long tarmac delays. That's according to a report released Wednesday by the U.S. Transportation Department.
Travelers seem to be taking it all in stride, however. The rate of complaints remained nearly unchanged from 2018.
Hawaiian Airlines was the most punctual airline last year, with an on-time rating of 87.7%. Delta Air Lines was second. Frontier Airlines finished last, with just 73.1% of its flights arriving on time. The government says 302 domestic flights were stuck on the ground for three hours or longer, up 50% over 2018.