IN BRIEF

Investors pay toward Hooters Hotel deal

The investment group working to buy Hooters Hotel made a second $500,000 nonrefundable, nonapplicable fee payment Thursday to retain exclusive purchase rights for the property.

Hedwigs Las Vegas Top Tier had hoped to close the deal late last year, but decided to activate a one-month extensions because of the of late-year downturn in the capital markets.

Hedwigs principal Richard Bosworth said the lending community is starting to view the transaction, which is approximately $235 million with debt, more favorably. He also said his group should get funding at a lower rate than was available in the past four months.

The investment group is now aiming for a late spring closing of the deal.

Hedwigs will have to make monthly $500,000 nonapplicable payments until June 30 if the deal does not close before then to prevent other parties from negotiating a sale with Hooters Hotel, according to a purchase agreement signed with the hotel's parent company, 155 East Tropicana, last year.

Hedwigs paid $3 million in deposits toward the purchase price in 2007.

Gibbons again calls for review of merger

Nevada Gov. Jim Gibbons has issued a fresh call for heightened federal scrutiny of a buyout deal between two major insurers.

Gibbons on Friday asked officials at the U.S. Department of Justice to carefully examine UnitedHealth Group's $2.6 billion bid for Sierra Health Services, a Las Vegas-based managed-care insurer with about 670,000 local customers. Gibbons said he's worried about new allegations from the California Insurance Commission that UnitedHealth's PacifiCare subsidiary violated state claims-payment laws in 130,000 separate instances after UnitedHealth bought the company two years ago.

California's findings could result in $1.3 billion in fines against Minnesota-based UnitedHealth, the nation's second-largest insurer.

"These staggering figures are cause for concern, and I urge the Department of Justice to carefully examine the potential challenges that a merger between UnitedHealth and Sierra Health could create for Nevadans," Gibbons said.

It's the second time since September that Gibbons has sought more federal attention for the buyout.

NEW YORK

Treasury prices rise amid economic news

Treasury prices closed higher after a volatile session Friday during which a series of new reports gave a muddled reading of the economy.

The benchmark 10-year Treasury note rose 0.03 points to 105.34 with a yield of 3.57 percent, down from 3.59 percent late Thursday. Prices and yields move in opposite directions.

ATLANTA

Beazer Homes exits mortgage origination

Homebuilder Beazer Homes USA said Friday it will no longer originate mortgages and will offer its buyers mortgage services through Countrywide Financial Corp.

The Atlanta-based company also said it will stop building homes in several communities.

Mortgage origination services through Beazer Mortgage Corp. will end immediately and the company said it has ended a related mortgage services relationship with Homebuilders Financial Network, LLC.

The company will instead market Countrywide as the preferred mortgage provider to customers.

Beazer will pull out of Charlotte, N.C.; areas around Cincinnati, Columbus and Dayton, Ohio; Columbia, S.C.; and Lexington, Ky. A timetable for the exit in those markets was not specified. Beazer operates in Las Vegas.

Harrah's, chief exec agree to five-year deal

Harrah's Entertainment Chairman, CEO and President Gary Loveman will continue to guide the company's day-to-day operations for the next five years, according to a filing made Friday with the Securities and Exchange Commission.

Loveman will collect a base salary of $2 million per year, with a target bonus equal to 150 percent of his base salary.

Perks include the use of a company and charter aircraft for security purposes, security arrangements and accommodations in Las Vegas when he is performing his normal duties.

The information was part of federal filing detailing the completion of the $17.7 billion buyout by private equity firms TPG Capital and Apollo Management.

Full details of the employment agreement will filed with the SEC in the next few weeks.