News in brief

Posted: February 9, 2018 at 1:43 a.m.
Updated: February 9, 2018 at 1:43 a.m.

Crain ex-exec sues,

says contract broken

Christopher Byrd, for more than 20 years the chief financial officer at Crain Automotive Holdings, filed a lawsuit Wednesday in Pulaski County Circuit Court against the company and Larry Crain Sr. claiming breach of contract.

On Oct. 12, Chris Crain, son of Larry Crain Sr. and president of Crain Automotive in Sherwood, abruptly left his position with the company, the lawsuit said. Then on Oct. 26, Byrd's employment with the company ended.

On Nov. 13, Byrd, Larry Crain Sr. and the company entered into a confidential release and settlement agreement.

Without specifically disclosing the terms of the agreement, Byrd claims that Crain "significantly breached" the agreement. Larry Crain Sr. "intentionally and maliciously" made decisions within Crain Automotive to diminish amounts owed Byrd, the lawsuit said.

Larry Crain Sr. did not return a call seeking comment.

-- David Smith

Agribusiness event

scheduled at ASU

Arkansas State University will hold its 24th annual Agribusiness Conference on Wednesday at the Fowler Center, 201 Olympic Drive in Jonesboro.

Registration begins at 7:30 a.m., and the session will run until 4:15 p.m., the university said in a news release. Lunch will be served at the nearby First National Bank Arena.

Individual talks and panel discussions will be on such issues as agriculture real estate, the effect on farmers of new federal tax legislation, U.S. trade policy, markets for major Arkansas commodities, and efforts in Congress to write the 2018 farm bill.

Admission, as well as lunch, is free, although early registration is encouraged. More information is at www.AState.edu/agribusconf or the ASU College of Agriculture, Engineering and Technology, at (870) 972-3221.

-- Stephen Steed

Arkansas Index falls

9.52 points to 395.68

The Arkansas Index, a price-weighted index that tracks the largest public companies based in the state, plummeted 9.52 to 395.68 Thursday.

"Selling accelerated into the close Thursday with financials underperforming the broader market as the S&P 500 index has now closed lower in seven out of the past nine trading sessions since setting a record closing high on Jan. 26," said Leon Lants, managing director at Stephens Inc. in Little Rock.

Total volume for the index was 32.9 million shares.

The index was developed by Bloomberg News and the Democrat-Gazette with a base value of 100 as of Dec. 30, 1997.

Business on 02/09/2018