Tickers: Oct. 3
General Growth Properties Inc., owner of Jordan Creek Town Center in West Des Moines, announced today that Chief Financial Officer Bernard Freibaum has left the company and that it has suspended the dividend on its common stock as it attempts to deal with a $27 billion debt load, the Wall Street Journal reported. Freibaum has sold about 83 percent of his 7.6 shares of company stock to satisfy margin calls. General Growth said Freibaum still has about $3.4 million of margin debt outstanding. General Growth shares rose $3.31, or 44 percent, to $10.90 as of 9:44 a.m. Iowa time in New York Stock Exchange trading after General Growth announced Freibaum was no longer with the company, Bloomberg reported.
American Equity Investment Life Holding Co.’s third-quarter annuity sales totaled $571.8 million, bringing year-to-date sales to $1.7 billion, an increase of 6 percent from same period a year ago. The company said it released its sales numbers today, in advance of the Nov. 5 release of its earnings report, because of uncertainty in U.S. and world capital markets. The company has scheduled a conference call to discuss third-quarter earnings for 10 a.m. Nov. 6. The call can be accessed at www.american-equity.com.
Principal Financial Group Inc. will release third-quarter 2008 financial and operating results at 3 p.m. Iowa time Nov. 3. President and CEO Larry Zimpleman and Senior Vice President and Chief Financial Officer Terry Lillis will lead a live conference call at 9 a.m. Iowa time Nov. 4. The financial report and conference call can be accessed at www.principal.com/investor.
The Des Moines West Side Chamber of Commerce, representing businesses located between downtown and 63rd Street, will have an informational meeting at 5:30 p.m. Tuesday at Des Moines University’s Student Education Center, 3200 Grand Ave. Ted Irvine and Matt Meline, president and vice president of the chamber, will be joined by Steve Lacy, chairman of the Greater Des Moines Partnership.
The Downtown Farmers’ Market will extend its operations into the winter season, with 120 vendors displaying their wares from 9 a.m. to 2 p.m. Nov. 22, the Saturday before Thanksgiving, and Dec. 20, the Saturday before Christmas, inside at Capital Square and outside at Nollen Plaza. In addition, the market will be open from 11 a.m. to 2 p.m. on Nov. 21 and Dec. 19.