State Law Change Allows Clerks to Sell Foreclosures and Tax Deeds over the Internet

July 9, 2008

Pittsburgh, PA (July 9, 2008)— Effective July 1, 2008, Florida Clerks of the Courts can conduct foreclosure and tax deed sales online. Governor Charlie Christ signed into law House Bill 773, sponsored by Representative Chris Dorworth, authorizing Clerks of the Courts to conduct online auctions of foreclosure and tax deed sales and to accept deposits… Read more »

Categories: Auctions

Grant Street Group Marks 10th Anniversary of Country’s First Internet Bond Auction

November 14, 2007

Pittsburgh, PA (November 14, 2007) — Grant Street Group, the Pittsburgh-based company that pioneered internet auctions of bonds, will be celebrating the 10-year anniversary of the first internet bond auction this week. At 11:30 a.m. sharp on Tuesday, November 18, 1997, the City of Pittsburgh, using Grant Street Group’s MuniAuction website and patented auction methodology,… Read more »

Categories: Auctions

Grant Street Group Introduces New Terms Page Feature

October 7, 2007

Pittsburgh, PA (October 7, 2002) — Grant Street Group, a Pittsburgh based Internet company that creates and maintains customized websites for auctions and other transactions of fixed-income and equity securities, announced the introduction of a new feature to its MuniAuction and other private label websites Powered by Grant Street Group.

Categories: Auctions

Grant Street Group Hosts Huge Internet Auctions for Massachusetts $1.2 Billion GIC Auction and $164 Million Interest Rate Swap

August 7, 2007

Pittsburgh, PA (August 7, 2007) — In a first-of-its-kind transaction, the Commonwealth of Massachusetts conducted two internet auctions back-to-back today: a $1.2 Billion GIC auction and a $164 Million, 15-year floating-to-fixed interest rate swap. Both transactions are related to the Commonwealth’s sale of GO Bonds. Grant Street Group served as Bidding Agent for the GIC… Read more »

Categories: Auctions

City of Los Angeles, California Conducts Largest-Ever Open Note Auction

June 27, 2007

Pittsburgh, PA (June 27, 2007)— The City of Los Angeles, California, utilized Grant Street Group’s patented Internet auction platform to take competitive bids for $916 Million in Tax and Revenue Anticipation Notes. Twelve financial institutions participated in the open auction in which 62 bids were submitted. In fact, bidder competition was so keen that the… Read more »

Categories: Auctions

Grant Street Group Hosts Bond Auction for Commonwealth of Pennsylvania

May 22, 2007

Pittsburgh, PA (May 22, 2007) — The Commonwealth of Pennsylvania conducted a $373 million competitive G.O. bond sale on Grant Street Group’s MuniAuction website. Six Wall Street firms participated in the sale. During the course of the Open Auction, a total of 12 bids were submitted and the auction was extended for over 4 minutes… Read more »

Categories: Auctions

Grant Street Group Hosts the First Ever Electronic Auction of Convertible CABs

May 10, 2007

Pittsburgh, PA (May 10, 2007) — Grant Street Group hosted the first ever electronic auction of Convertible CABs on its MuniAuction platform for the City of Perth Amboy, NJ. The $41.7 million of Bonds will initially be issued as Capital Appreciation Bonds, but will convert to Current Interest Bonds in 2012. The TIC calculation factored… Read more »

Categories: Auctions | Innovation

Zions Bancorporation Uses Grant Street Group Developed Site To Complete Successful ESOARS Auction

May 8, 2007

Pittsburgh, PA (May 8, 2007) — Zions Bancorporation announced today that it has successfully completed its auction of Employee Stock Option Appreciation Rights Securities (ESOARS). Forty-three bidders participated in the auction for 99,418 ESOARS units. The market-clearing price was $12.06 per unit. ESOARS units were allocated to 21 bidders. A complete summary of the bidding,… Read more »

Categories: Auctions

Grant Street Group Develops CD Auction Website For Zions Direct

February 27, 2007

Pittsburgh, PA (February 27, 2007) — Zions Direct, member NASD, a non-banking subsidiary of Zions First National Bank, announced today that it has launched a new online auction platform for FDIC-insured Certificates of Deposit (CDs). Similar to popular Internet auction methods, the CD auctions available at www.auctions.zionsdirect.commay enable individual investors to receive higher yields on… Read more »

Categories: Auctions

We Have the Responsibility to Make GICs an Honest Market

December 11, 2006

The Bond Buyer – Letter to the Editor December 11, 2006 Nearly two years ago (Jan. 25, 2005) — The Bond Buyer published my letter to the editor: “Technology is the Ultimate Solution to GIC Bid Rigging.” In it I voiced my concerns regarding the old-fashioned, non-transparent process by which bids for GICs are received… Read more »

Categories: Auctions