Joe Maxx Coffee Co. opens downtown
Joe Maxx Coffee Co. opens downtown
YOUNGSTOWN
Joe Maxx Coffee Co., located on the first floor of The Realty Building, 47 E. Federal St., opens today, according to the company’s Facebook page.
The shop, run by Mike Avey and David Boles, will be open beginning at 7 a.m.
It offers a variety of coffees, teas and pastries.
The space previously housed the Bean Counter.
Financier big in ’80s takeover wave dies
NEW YORK
Theodore J. Forstmann, a longtime Wall Street financier who was a major player during the wave of corporate takeovers in the 1980s, including the battle for RJR Nabisco in 1988, died Sunday at age 71.
The cause was brain cancer, according to a statement from sports-marketing giant IMG, where Forstmann served as chairman and CEO.
A pioneer of the buyout business, celebrity bachelor and free-market proselytizer, Forstmann cut the figure of a swashbuckling risk taker. But in buying companies, he tended to be more careful and conservative than did rivals. Famously, he backed down from buying RJR Nabisco in the late ’80s when the price got too high. His instincts turned out right. The winner, Kohlberg Kravis Roberts, struggled for years to wring profits from the company.
Forstmann was the senior founding partner of investment firm Forstmann Little & Co., a big player in the leveraged buyout, or LBO, a deal financed at least in part with debt. The company completed dozens of leveraged buyouts of a wide array of companies, including Dr. Pepper, Yankee Candle, baseball card maker Topps, Ziff-Davis Publishing and IMG.
WSJ: Shortage of drug could continue
NEW YORK
Cancer patients relying on Johnson & Johnson’s drug Doxil could continue facing shortages after a contract manufacturer suspended operations at its Ohio plant, according to The Wall Street Journal.
Ben Venue Laboratories Inc., which is a unit of Boehringer Ingelheim GmbH, shut down manufacturing and distribution operations at its Bedford, Ohio, plant after a review showed that preventative maintenance and requalification of some manufacturing equipment is overdue, the newspaper said in a report published Saturday on its website. Ben Venue said it hopes to restore manufacturing at the site as soon as possible, the paper reported.
Equipment failures at the same site led to a Doxil shortage earlier in the year and about 2,700 people are on a waiting list for the drug, which treats a wide range of cancers including ovarian cancer, the paper said. U.S. sales of the drug fell 87 percent during the third quarter, according to the paper.
J&J previously identified a potential alternative supplier for the drug, according to the paper, but that transition would take an extended period of time. J&J representatives could not be immediately reached to comment Sunday.
Vindicator staff/wire reports