IN BRIEF

Local real estate developers file for bankruptcy protection

Southern Nevada's crumbling real estate industry dropped another couple of bricks as real estate developers filed for bankruptcy protection on properties.

A company called B-VV1, which is affiliated with John Ritter's Focus Property Group, filed for Chapter 11 bankruptcy on Wednesday, listing a $13 million loan from Builder's Capital, a hard money lender.

The lender raised money from investors for the loan which was secured by 190 acres in Victorville, Calif. The property is valued at $33 million, according to bankruptcy papers.

Builder's Capital made the secured loan in 2005. A limited liability company managed by Anthony Marlon invested $500,000 in the loan. Ralph and Merri Perry invested $200,000. The Soldo Family Limited Partnership, which has Marie Soldo as its general manager, invested $200,000 as well.

Separately, Windmill Durango Retail and Windmill Durango Retail OP on Monday filed Chapter 11 bankruptcy petitions for 20 acres of vacant land in the southwest valley. The petitions show a $16.4 million loan from failed Community Bank, which is now controlled by the Federal Deposit Insurance Corp. Co-debtors include the Breslin Family Trust, managing agent Jack Breslin and managing agent Jeff Susa.

Two executives leave their positions at credit union

Carol Gibson, executive vice president and chief operating officer; and Bernard King, executive vice president, and chief financial and administrative officer, have left Silver State Schools Credit Union, according to a report by trade publication Credit Union Times.

The $819 million-asset credit union has been cutting costs as it struggles with continuing loan losses. It announced plans to close five branches last week. American Share Insurance, which backs deposits at Silver State, made a $22 million loan to bail out the credit union in February.

The credit union on Friday didn't respond to requests for comment about reports concerning the departure of the two key executives. Chief Executive Dave Rhamy didn't reply to e-mails or a phone message.

Gibson served as temporary CEO for a couple of weeks in December, replacing Rhamy who resigned but later returned to the position.

NEW YORK

American International Group posts $1.45 billion in earnings

American International Group Inc., the insurance giant bailed out by the federal government, reported net income of $1.45 billion for the first quarter as its struggling insurance business showed signs of improvement.

The company also said Friday that recovering credit markets and ongoing efforts to streamline its operations contributed to improved performance.

AIG, which received more than $180 billion in aid from the government during the financial crisis, said premiums in its primary insurance division fell just 1.1 percent in the first quarter. That was the smallest decline over the past four quarters.

The $7.64 billion in new premiums written during the quarter was up 10 percent from the fourth quarter.

Overall, AIG had net income of $1.45 billion, or $2.16 per share, in the first quarter, compared with a net loss of $4.35 billion, or $39.67 per share, a year earlier.

Adjusted profit, which excludes earnings from the units it agreed to sell and other special one-time costs, totaled $809 million during the first quarter.

Income available to common shareholders totaled $294 million during the first quarter. Shareholders' portion of the quarterly profit is smaller than overall profit because the government received an 80 percent stake in AIG as part of the bailout package.

NEW YORK

Top exec says Goldman Sachs listening to investors' concerns

Goldman Sachs brought its campaign to improve its image directly to investors Friday as Chairman and CEO Lloyd Blankfein said the investment bank will do better at "listening to the concerns of our shareholders."

Blankfein also told the company's annual meeting that Goldman is creating a business standards committee to study its practices as it fights civil fraud charges brought by the Securities and Exchange Commission.

The committee, which will report to the Goldman board of directors, will review both services and products that Goldman offers, Blankfein said.

Blankfein, who has responded to the SEC charges by saying Goldman has done nothing wrong, offered a softer side Friday. He noted there is a "disconnect" between how the company views itself and how outsiders see Goldman Sachs Group Inc.

He noted that in the last few weeks, questions have been raised about how "we treat our clients."

Regaining the confidence of clients and shareholders is essential, he said.

DETROIT

Lexus GX 460 loses 'don't buy' rating from Consumer Reports

Consumer Reports magazine is lifting a "don't buy" recommendation for a Lexus sport utility vehicle that failed an emergency handling test.

The magazine said Friday that the 2010 Lexus GX 460 luxury SUV passed the test after a dealership updated software that runs its electronic stability control system.

Toyota Motor Corp. recalled about 10,000 of the SUVs in the United States in April after the magazine told readers not to buy them. The automaker also stopped selling them.

Consumer Reports said the rear of the GX 460 slid sideways when testers lifted their feet off the gas pedal during a high-speed turn on the magazine's test track.

The magazine advised its readers not to buy the SUV because its rear wheels could slide into a curb or off the pavement, raising the risk of rolling over.

Under normal circumstances, the electronic stability control should quickly correct the loss of control and keep the SUV on its intended path. But with the GX 460, the stability control took too long to react, the magazine's engineers said.

Consumer Reports said it was not aware of any injuries caused by the problem.

Toyota Motor shares fell 24 cents, or 0.32 percent, Friday to close at $74.89 on the New York Stock Exchange.

NEW YORK

Nokia patent-infringement claims now include Apple iPad

Finnish cell phone maker Nokia Corp. said Friday that it has extended its patent-infringement claims against Apple Inc. to include the new iPad.

The latest complaint, filed in U.S. District Court in Madison, Wis., follows other lawsuits by Nokia claiming that a broad swath of Apple products violate Nokia patents. Nokia says the disputed technologies help reduce the size and cost of electronic gadgets.

Apple had already responded with its own infringement claims against Nokia.

Lawsuits over patent rights are common in the technology industry. They can take years to resolve and often end with some kind of licensing agreement.

In the meantime, consumers should be able to buy the Apple or Nokia products in question.