CLIENT SPOTLIGHT: Grillo's Pickles

If you haven't been to the Grillo's Pickles website, you should. There, you'll find the fantastic story of how this company began. We've copied part of it here to save you a click.

Grillo's Pickles began with a pickle cart, just a small wooden stand in downtown Boston, where Travis Grillo and his friends would sell two spears for one dollar. Travis would make the pickles by night using his family's 100-year old recipe - one he'd memorized from making pickles every summer as a kid. In the morning, Travis would bike to the Boston Common and set up the cart with his buddies. They'd hang out all day, urging people to try the simple Grillo family pickle. It was a small business but Travis worked hard for it. He made more pickles, biked more miles, and slept less hours than he ever had before.
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CLIENT SPOTLIGHT: Factory Five Racing

Factory Five Racing was founded in 1995. Over the years they have grown from a start-up business in a small garage to become the world's largest manufacturer of "build-it-yourself" component car kits. They employ a full-time crew of about 40 people, and are located in Wareham, Massachusetts (about an hour south of Boston). They make their products right here in the USA, in the heart of New England where American manufacturing was born.
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CLIENT SPOTLIGHT: Luca + Danni

Fred and Danny Magnanimi grew up watching their father create beautiful, handcrafted jewelry in the family's Cranston, RI jewelry manufacturing business. When the boys grew up, Fred moved to New York and began working on Wall Street as an investment banker, while younger brother Danny, still enamored by the family business, stayed home. Increased competition from overseas businesses created significant challenges for the business, but Danny was confident he could find a way for the family business to evolve and thrive. This was his mission, this was his passion.
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        "Lessons to Learn from the Harrisburg SEC Fraud Charges"

        Recently, the Securities and Exchange Commission (the “SEC”) broke new ground when it charged Harrisburg, Pennsylvania (the “City”) with securities fraud in connection with material misstatements and omissions regarding the City’s financial condition. This represents the first time that statements outside of securities disclosures were the basis of SEC charges against a municipality.

        A troubled incinerator project has been the source of deep financial struggles for Harrisburg, pushing it to the brink of bankruptcy.  Pennsylvania's Governor declared a state of fiscal emergency, and a state court appointed a receiver to oversee its finances. Like many distressed issuers, the City had problems keeping up-to-date disclosures, failing to comply with its continuing disclosure requirements from 2009 to 2011.

        The SEC grabbed the attention of many, however, by citing Harrisburg for the accuracy of speeches and presentations of government officials.  For example, in the 2009 State of the City Address, the Mayor described the incinerator as an "additional challenge” and an “issue that can be resolved.”  Left omitted was the fact that the City would likely bear responsibility for the incinerator’s debt and had already made guaranty payments.  The SEC also cited mid-year fiscal reports posted on the City’s website, and the City budget which misstated a credit rating.

        In short, the City’s failure to supply its required disclosures ratcheted up reliance on other statements.  “In an information vacuum caused by Harrisburg’s failure to provide accurate information about its deteriorating financial condition, municipal investors had to rely on other public statements misrepresenting city finances,” stated the SEC’s release. “Statements that are reasonably expected to reach the securities markets, even if not prepared for that purpose, cannot be materially misleading.”

        In recent years, the SEC has been scouring financial disclosures by cities, states and other municipal borrowers, and stepping up its policing in the municipal debt market.  Market studies have shown that as many as 20% of the nearly 50,000 issuers of municipal debt don’t supply timely disclosures after their bonds have been issued.  Harrisburg should be viewed as a lesson to all issuers – especially those struggling to remain solvent – on the need to meet continuing disclosure obligations and to provide accurate and complete information when discussing finances.