NewsWatch: Judge: AmeriDebt exec must turn over $40 million

Friday, March 16, 2007

NewsWatch: Judge: AmeriDebt exec must turn over $40 million

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A federal judge ruled this week that Andris N. Pukke, former head of bankrupt Germantown credit counseling agency AmeriDebt, is in contempt of court and ordered him to turn over about $40 million worth of disputed assets, including interests in an Internet gambling venture, a Belize development project and a California mansion.

Pukke testified in a Greenbelt federal court last month that he was not hiding assets, as charged by a court-appointed receiver. It was the first time Pukke has testified in court in the case alleging he defrauded thousands of clients, which was initially filed by the Federal Trade Commission in 2003.

Last year, the parties agreed to set up a restitution fund of up to $35 million, but so far only about $10 million has been turned over, according to court documents.

Baltimore entrepreneur wins top plan award

Kristin Appel, president of Newregen Inc., a medical device company in Baltimore, won first place and $10,000 in the Rockville Economic Development Inc. fourth annual StartRight! Women’s Business Plan Competition for her company’s stroke rehabilitation devices.

Second-place winners Tia Gao and Cassedy Newgen of Aid Networks, an information technology company in Rockville, won $5,000 for their wireless system developed to monitor patient status and improve safety. Third-place winner Cheryl Staab of DogCentric Inc. in Rockville won $2,500 for the company’s dog walking service. The competition yielded about 40 entries, seven times more than in its first year, according to agency information.

Furniture firm settles following complaints

Casa America Furniture Inc. of Washington, D.C., reached a settlement last month with the Montgomery County Office of Consumer Protection after complaints of deceptive sales practices.

The company, with 10 stores in the area, has agreed to revise sales receipts to comply with state and county laws; translate invoices into Spanish; pay a civil penalty of $2,500 to the county; and pay $3,771 to consumers for refunds already owed them.

Scott Newton, a Manassas, Va., attorney for Casa America, said his client felt it would be less expensive to settle than to continue with litigation. ‘‘Whether the complaints were valid or not, [my client said it would] rather comply and make [the customers] happy,” Newton said.

Business school partners with India school

The University of Maryland’s Robert H. Smith School of Business has partnered with the Management Development Institute of New Delhi, India, and the University of International Business and Economics in Beijing to develop a global consortium MBA program open to students in the United States, China and India.

The program is designed to offer students global insight and entrepreneurial experience from within the world’s key markets.

TVI Corp. investigation shows no wrongdoing

TVI Corp. of Glenn Dale, which provides emergency shelter systems and first responder products, announced that an independent investigation related to its acquisition of Signature Special Event Services LLC last year has been completed.

The company’s audit committee concluded that there was no evidence of wrongdoing or breach of any applicable codes of ethics by any TVI personnel in connection with the deal, according to a company statement.

Laurel company bought by HealthStream

HealthStream Inc. of Nashville, Tenn., a provider of learning and research products for the health care industry, has acquired The Jackson Organization, a health care research organization in Laurel.

The acquisition will increase HealthStream’s 2007 revenue by $9 million to $10 million, according to company information.

Comfort Suites hotels to be smoke-free by May

Choice Hotels International of Silver Spring says its Comfort Suites brand will become 100 percent smoke-free by May 1, with all 433 U.S. Comfort Suites, including public areas, to be non-smoking.

Ten percent of Comfort Suites hotels are already smoke-free, according to Choice information.