Daily Record Financial News &
Monday, November 9, 2015
Vol. 102, No. 256 • Two Sections
35¢ www.jaxdailyrecord.com
Special to the Daily Record
Investors unhappy with FIS outlook
Dan Bean, left, with his father, John J. Bean Sr., after receiving his commission in 1987. Dan Bean is an attorney with Holland & Knight.
Honored to serve through military, law
Brig. Gen. James “Jim” Rinaman Jr., center, in 1991 with sons, Mark, left, and James Rinaman III. Rinaman Jr. is an attorney with Marks Gray.
Veterans still serving, just in different way By Kevin Hogencamp Contributing Writer In 1957, James C. “Jim” Rinaman Jr. was at a crossroad. Should the young U.S. Army Armor Branch first lieutenant continue his promising military career in the regular Army or pursue his dream of becoming an attorney? Rinaman ultimately went with his father’s advice, which he said sounds like something Yogi Berra might have said: If you can’t decide what to do, pick the alternative that leaves the most alternatives open. For Rinaman, that meant attending the University of Florida’s law school and
serving in Florida Army National Guard in Gainesville. Two lengthy, storied careers followed. Rinaman has practiced law for 55 years for Jacksonville’s Marks Gray firm and he retired from military service in 1992 as a brigadier general. He only expected to stay in the National Guard for six years. “But as time went by, I kept getting interesting assignments and ended up with the best of both worlds — law and military,” he said. Much later, at the peak of his legal career and faced with mounting family responsibilities, Rinaman was planning to retire from the National Guard. Then, he was presented the oppor-
tunity to be promoted from colonel to brigadier general. He took the promotion and served four more years, including a stint in Germany when the Berlin Wall was razed. “It turned out to be a very interesting time,” he said. As an attorney, Rinaman has distinguished himself as a community leader, trial advocate and servant of the profession. He has been president of The Florida Bar, Florida Defense Lawyers Association, Association of Defense Trial Lawyers and The Jacksonville Bar Association. He also was a founding member and chair of Lawyers for Civil Justice and the Veterans continued on Page A-6
Fidelity National Information Services Inc., or FIS, reported adjusted third-quarter earnings rose by 10 cents to 90 cents a share. However, investors didn’t like what they heard from the Jacksonville-based company in last Monday’s conference call with analysts. FIS officials said they expect earnings for the full year to be lower than their previous forecast, in part because of costs associated with its pending acquisition of SunGard Data Systems Inc. FIS, which provides technology services for banks, also said soft demand for some of its services is impacting revenue growth. FIS’ stock dropped $9.03 to $64.47 last Monday after the report. The 12.3 percent drop made it the fourth-worst performing stock on the New York Stock Exchange that day. The general consensus among analysts seemed to be that, while the earnings report raised issues, the big drop in the stock was probably an overreaction. “We understand the investment community’s angst on FIS given multiple EPS/ revenue guide downs throughout 2015, growth trends that are pretty similar to the 2009 levels (slowest industry growth in multiple decades), and a big pending acquisition that some view as plugging a hole,” Robert W. Baird analyst David Koning said in a research note. However, Koning sees the risk/reward for FIS’ stock as “pretty compelling,” and he maintained an “outperform” rating on the stock and an $85 price target. Basch continued on Page A-11
Page
A-3
Atkins tells DIA he has private funding for project
By David Chapman Staff Writer Just over a year ago, developer Steve Atkins said he was ready. He said he had commitments for $70 million to revitalize the historic Laura Street Trio and Barnett Bank building. He just needed $7.7 million from the city to get started. No work ever began. Now, Atkins said he’s again ready move forward. He sent Downtown Investment Authority CEO Aundra Wallace a letter last week with term sheets for the private financing, which
Public
includes the purchase of Federal Historic Tax Credits. Atkins’ SouthEast Group is partnering with the Las Vegasbased Molasky Group of Cos. for what Atkins said is close to a $78 million project. But, Atkins said, he needs $8 million from the city. That public money, plus more than $9 million in tax credits leaves the project needing $60 million. Of that, private equity would be $20 million from SouthEast and Molasky, with the remaining $40 million coming through a loan from a financial institution, Atkins said.
legal notices begin on page
B-1
Attachments to the Wallace letter included a summary of terms and conditions for proposed financing from US Bank N.A. for the Barnett Bank building and the historic tax credits. The bank describes it not as a commitment, but instead a description under which it would consider providing financing. Atkins said the companies have gone through the underwriting process and says it shows the private side of the deal is in place. Kirk Wendland, the city’s Office of Economic Development director, didn’t specifically Atkins continued on Page A-10
File photo
Renews request for $8M from city
Developer Steve Atkins said in a letter last week he has secured private funding for most of the Laura Street Trio and Barnett Bank building project.
Published
for
26,786
consecutive weekdays