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Duffie has been practicing employment and labor law for 37 Duffie was a managing partnefr ofHunton & Williams’ Atlanta office and latert co-head for the firm’d Labor and Employment practice. He also was a foundinf attorney of in 1978 and remained thereuntil 1988. Duffiwe represents companies in various industries includingbhealth care, media, transportation and manufacturing. “Traywicjk is, unquestionably, one of the most accomplished labo and employment lawyers in the saidCameron Pierce, office managing shareholde of Littler’s Atlanta office, in a “Not only is he highlyt regarded in the Atlanta legal community, but he brings a depth of experience and knowledge that will providd tremendous value to our clients.
His significangt experience as atrial lawyer, complezx litigator and traditional labor lawyer will be a greatt resource for both our clients and the othert attorneys in the firm.”
lunes, 31 de diciembre de 2012
domingo, 30 de diciembre de 2012
Plug, starved for cash, puts property on sale for $10 million - The Business Review (Albany):
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Plug (Nasdaq: PLUG), which posted a $121.7 millio n loss last year, is selling the 34-acre property to generate cash for operatingy expenses and a movetoward profitability, said Cathyg Yudzevich, Plug’s manager of investor “This is a way to improve our working capital she said Plug owns the site at 968 Albany Shaket Road, which includes three buildingz in 138,000 square feet of space. The company has occupiedr the location since Plug was foundedin 1997. Stafg at Plug has been reduced by 75 percent from its peak of 500 adecades ago. The company consolidated its operations to two buildings at the beginninfg ofthis year, Yudzevich said.
Plug laid off aboutf one-third of its employees in December, bringingv the company’s work force to 125 from 208. It was the seconds round of layoffs for the companyin 2008. The first was in June, when 80 people were let go. “W e don’t need this amount of spacer at this point in she said. The move is not expected to disrupt Plug Power makes fuel cellsfor heavy-lift truckse and telecommunications towers. It is developing a produc t for residentialenergy use, but that device is several yeard away from commercialization. Eileen Lindburg, broker at , said the propertuy will be sold as a single The real estate companyh was also hired to find property for Plug Poweto lease.
Ideally, the fuel-celol developer would like to remain on the site and leasse space from thenew owner, Yudzevichn said. The property is not in an Empire Zone and does not receive anyspecial exemptions. The town of Coloniw lists the parcel’s assessment at $8.9 Property taxes for 2008 were $21,227.54. School taxex for 2008-09, which were paid to the Niskayuna CentraSchool District, were $222,615. Yudzevich said a lease arrangement is expected to cost less than the annual taxeds and general maintenance ofthe property. One of the goalsz for 2009 recently outlined by CEO Andy Marsg was reducing operating expenses tounded $37 million. Operating expenses in 2008 were $56.6 million.
pallen@bizjournals.cokm | 518-640-6812 To comment on this story, and to get the latesr updates and breaking goto albany.bizjournals.com.
Plug (Nasdaq: PLUG), which posted a $121.7 millio n loss last year, is selling the 34-acre property to generate cash for operatingy expenses and a movetoward profitability, said Cathyg Yudzevich, Plug’s manager of investor “This is a way to improve our working capital she said Plug owns the site at 968 Albany Shaket Road, which includes three buildingz in 138,000 square feet of space. The company has occupiedr the location since Plug was foundedin 1997. Stafg at Plug has been reduced by 75 percent from its peak of 500 adecades ago. The company consolidated its operations to two buildings at the beginninfg ofthis year, Yudzevich said.
Plug laid off aboutf one-third of its employees in December, bringingv the company’s work force to 125 from 208. It was the seconds round of layoffs for the companyin 2008. The first was in June, when 80 people were let go. “W e don’t need this amount of spacer at this point in she said. The move is not expected to disrupt Plug Power makes fuel cellsfor heavy-lift truckse and telecommunications towers. It is developing a produc t for residentialenergy use, but that device is several yeard away from commercialization. Eileen Lindburg, broker at , said the propertuy will be sold as a single The real estate companyh was also hired to find property for Plug Poweto lease.
Ideally, the fuel-celol developer would like to remain on the site and leasse space from thenew owner, Yudzevichn said. The property is not in an Empire Zone and does not receive anyspecial exemptions. The town of Coloniw lists the parcel’s assessment at $8.9 Property taxes for 2008 were $21,227.54. School taxex for 2008-09, which were paid to the Niskayuna CentraSchool District, were $222,615. Yudzevich said a lease arrangement is expected to cost less than the annual taxeds and general maintenance ofthe property. One of the goalsz for 2009 recently outlined by CEO Andy Marsg was reducing operating expenses tounded $37 million. Operating expenses in 2008 were $56.6 million.
pallen@bizjournals.cokm | 518-640-6812 To comment on this story, and to get the latesr updates and breaking goto albany.bizjournals.com.
viernes, 28 de diciembre de 2012
Balsillie: Fight for Coyotes isn't over - Houston Business Journal:
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U.S Bankruptcy Court Redfield T. Baum on Mondag nixed Balsillie's bid to buy the Coyotew for $213 million from owner Jerry Moyezs becauseof Balsillie's June 29 deadline for the deal go to Baum said that isn't enough time to resolves the Coyotes Chapter 11 bankruptcty reorganization issues. That was a win for the and city of which want to keep the Coyote sin Arizona. Balsillie spokesman Bill Walker issuedf a statement Monday night saying the effort to move the teamto Ontario, is not over: "Jim Balsillie's bid to bring a seventuh NHL team to Canada continues. We'rse still here. The Phoenix court confirmed Mr.
Balsillie was approvefd as an NHL owner in 2006 andremains so. We believe he has made the best offeer and Hamilton remains the best location forthis "The court did not approve eithe r our approach or the Judge Baum did state he does not have time to decid all the relocation issues. But the courrt still controls the sale Asa result, we look forward to hearing from the NHL soon on its view of our relocation application and an appropriater relocation fee, so as to allow the court to determinwe if that fee is reasonable. We stilpl think there is enough time for the NHL toapprovwe Mr. Balsillie's application and move the team to Hamiltohby September.
The court invited mediation on thesr issuesand Mr. Balsillide is willing to participate in such mediation if the NHL is also willing todo so," Walker's statemeny to the media continued. The NHL welcomeds Baum's decision not to let the sale and move toCanadaq occur. “We're pleased the court recognized the validit y of league rules and our ability to applyu them in a reasonable NHL Deputy Commissioner Bill Daly said in a statement releasedd by the league onMondag night.
"We will turn our attention now towards helping to facilitate an orderly sales process that will producer a local buyer who is committed to makinvgthe Coyotes' franchise viable and successful in the Phoenix/Glendalwe area. We are confident that we will be able to find such a buyerd for the Coyotes and that the claimsx of legitimate creditors willbe addressed.”
U.S Bankruptcy Court Redfield T. Baum on Mondag nixed Balsillie's bid to buy the Coyotew for $213 million from owner Jerry Moyezs becauseof Balsillie's June 29 deadline for the deal go to Baum said that isn't enough time to resolves the Coyotes Chapter 11 bankruptcty reorganization issues. That was a win for the and city of which want to keep the Coyote sin Arizona. Balsillie spokesman Bill Walker issuedf a statement Monday night saying the effort to move the teamto Ontario, is not over: "Jim Balsillie's bid to bring a seventuh NHL team to Canada continues. We'rse still here. The Phoenix court confirmed Mr.
Balsillie was approvefd as an NHL owner in 2006 andremains so. We believe he has made the best offeer and Hamilton remains the best location forthis "The court did not approve eithe r our approach or the Judge Baum did state he does not have time to decid all the relocation issues. But the courrt still controls the sale Asa result, we look forward to hearing from the NHL soon on its view of our relocation application and an appropriater relocation fee, so as to allow the court to determinwe if that fee is reasonable. We stilpl think there is enough time for the NHL toapprovwe Mr. Balsillie's application and move the team to Hamiltohby September.
The court invited mediation on thesr issuesand Mr. Balsillide is willing to participate in such mediation if the NHL is also willing todo so," Walker's statemeny to the media continued. The NHL welcomeds Baum's decision not to let the sale and move toCanadaq occur. “We're pleased the court recognized the validit y of league rules and our ability to applyu them in a reasonable NHL Deputy Commissioner Bill Daly said in a statement releasedd by the league onMondag night.
"We will turn our attention now towards helping to facilitate an orderly sales process that will producer a local buyer who is committed to makinvgthe Coyotes' franchise viable and successful in the Phoenix/Glendalwe area. We are confident that we will be able to find such a buyerd for the Coyotes and that the claimsx of legitimate creditors willbe addressed.”
miércoles, 26 de diciembre de 2012
Consumer confidence retreats - Phoenix Business Journal:
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Nationally, consumer confidence dropped sharplyyin June, cutting into three months of gains that had seen the overall index more than The Conference Board's Consumer Confidenc e Index fell by 5.5 points to 49.3 in June. Statewide, Florida’s consumerr confidence index for June fell three pointsd last monthto 68, the result of bad economic news includinhg the bankruptcy of General Motors Corp., foreclosuresx and a spike in Florida’s unemployment rate, accordingg to a new University of Florida poll.
While Floridians’ perceptions of personal finances compared with a year ago is up threed points to 44 from a revised May readinygof 41, other perceptions were lowe r than, or the same as, last For example, perceptions of U.S. economic conditions over the next year fell sevenh pointsto 65, while perceptions of whether it’s a good time to buy big-ticketr items fell nine points to 67. Perceptions of U.S. economic conditionz over the next five years remained unchanged at 80.
"Moving forward, we do not expect Florida consumer confidence to decline much more over the next couplesof months, barring some unforeseen change here in Florida or Chris McCarty, director of UF’s Surveyy Research Center at the Bureau of Economic and Business said in a news release. However, McCarty cautionedd the recovery is expected to be long and uneven for some sectorss ofthe economy. "With the demiswe of longstanding financial institutions such as Lehmahn Brothers and manufacturing companieds like Chryslerand GM, it is no longerd business as usual," he said. The preliminary index for June was conductedd from430 responses.
It is benchmarkexd to 1966, so a value of 100 representss the same level of confidence forthat
Nationally, consumer confidence dropped sharplyyin June, cutting into three months of gains that had seen the overall index more than The Conference Board's Consumer Confidenc e Index fell by 5.5 points to 49.3 in June. Statewide, Florida’s consumerr confidence index for June fell three pointsd last monthto 68, the result of bad economic news includinhg the bankruptcy of General Motors Corp., foreclosuresx and a spike in Florida’s unemployment rate, accordingg to a new University of Florida poll.
While Floridians’ perceptions of personal finances compared with a year ago is up threed points to 44 from a revised May readinygof 41, other perceptions were lowe r than, or the same as, last For example, perceptions of U.S. economic conditions over the next year fell sevenh pointsto 65, while perceptions of whether it’s a good time to buy big-ticketr items fell nine points to 67. Perceptions of U.S. economic conditionz over the next five years remained unchanged at 80.
"Moving forward, we do not expect Florida consumer confidence to decline much more over the next couplesof months, barring some unforeseen change here in Florida or Chris McCarty, director of UF’s Surveyy Research Center at the Bureau of Economic and Business said in a news release. However, McCarty cautionedd the recovery is expected to be long and uneven for some sectorss ofthe economy. "With the demiswe of longstanding financial institutions such as Lehmahn Brothers and manufacturing companieds like Chryslerand GM, it is no longerd business as usual," he said. The preliminary index for June was conductedd from430 responses.
It is benchmarkexd to 1966, so a value of 100 representss the same level of confidence forthat
lunes, 24 de diciembre de 2012
Rebates should boost Energy Star sales - Tampa Bay Business Journal:
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“This rebate program will help Floridiand buy appliances atdiscount rates, lower utility costs and benefit Florida businesses by stimulating sales of energy-efficienf appliances,” Gov. Charlie Crist said in a presws releaseMay 18. Althougbh the bill was signed last week, the projected time for the program to be administered is probablyy sometimethis fall. Consumers will not be eligible for the rebatea until then because some of the detailsw of the program still need to beworkefd out, said Jeremy Susac, the executivs director of Crist’s Energy Office.
The specificf amounts for the rebates must be approved by the legislativdbudget committee, and Crist’s office is still waiting for guidancer from the federal government on how exactlu the program will work, Susac said. The FECC is expecting Floridwa toreceive $18 million in federal stimulu s funds to provide the rebater program. In addition, the Florida legislatures is giving $150,000 to the FECC to help them put the plan into All of this should help Floridians save 20 percent on the costof energy-efficieng appliances. “This is what we are Susac said.
“We are lookingv at 20 percent all across the With the 20percenyt rebate, consumers could save $290 on $200 on washing machines, freezers and $65 on room air conditioners and $40 on Only laundry and kitchen home appliances with the Energyt Star label will be eligibls for the discount. All Energy Star appliances meet strict energuy efficiency guidelines set by the Environmental Protectionb Agencyand U.S.
Department of Energy, but certaij items like flat screen televisions arenot included, Susac Even though they use the most energy out of all the home certain kitchen items like microwaves, ovensw and stove tops are also not included because they have yet to be regulatee by Energy Star in the United said Michael Setzer, the owner of Setzer’xs appliance dealer in Energy Star appliances do cost an averagw of $50 to $100 more than the standard versionz because of the advanced he said, but the rebate should lighteh the costs, making it almostt cheaper to buy the Energ Star product.
“You don’t have to spend $1,00o to have an Energy Star,” Setzer “Energy Star has cheaper modele now. I have a $300 dishwashefr and a $800 refrigerator in my store that are allEnergyu Star.” In addition, the investment will cause utility bills to go down in dollar amount. Customers shoul recover their costs ofthe energy-efficient appliancee on their monthly bills within five to six years. Accordingh to Energy Star’s Web their appliances can saveconsumers $75 a year in energu costs, and they use 10 to 20 percent less energt and water than traditional models, making them bettedr for the environment.
For example, a front-loading Energy Star washingy machine uses 16 to 18 gallones of water versus thetraditional top-loadingb appliance that uses 40 “I don’t know if our salesz will go up because the customers will stillk have to put out the full Setzer said. “But any increase in sales will be and it would be a great thingv for people to get theirmoneu back.” Business has been slow during the economic downturn at both Setzer’sw locations here in Jacksonville and Ocala, but it’d still going pretty steady becausew people are always going to need refrigeratora and dishwashers, he said.
In addition, 75 to 80 percenr of the appliances he sells areEnergg Star, so Setzer said he’s very hopeful. Energuy Star is also excited for the rebate progranm to go into effect because the Florida proposal is an Energy Star spokesperson Inyears past, rebates have causedd a jump in their sales, but they have never had a rebates program like this before.
“This rebate program will help Floridiand buy appliances atdiscount rates, lower utility costs and benefit Florida businesses by stimulating sales of energy-efficienf appliances,” Gov. Charlie Crist said in a presws releaseMay 18. Althougbh the bill was signed last week, the projected time for the program to be administered is probablyy sometimethis fall. Consumers will not be eligible for the rebatea until then because some of the detailsw of the program still need to beworkefd out, said Jeremy Susac, the executivs director of Crist’s Energy Office.
The specificf amounts for the rebates must be approved by the legislativdbudget committee, and Crist’s office is still waiting for guidancer from the federal government on how exactlu the program will work, Susac said. The FECC is expecting Floridwa toreceive $18 million in federal stimulu s funds to provide the rebater program. In addition, the Florida legislatures is giving $150,000 to the FECC to help them put the plan into All of this should help Floridians save 20 percent on the costof energy-efficieng appliances. “This is what we are Susac said.
“We are lookingv at 20 percent all across the With the 20percenyt rebate, consumers could save $290 on $200 on washing machines, freezers and $65 on room air conditioners and $40 on Only laundry and kitchen home appliances with the Energyt Star label will be eligibls for the discount. All Energy Star appliances meet strict energuy efficiency guidelines set by the Environmental Protectionb Agencyand U.S.
Department of Energy, but certaij items like flat screen televisions arenot included, Susac Even though they use the most energy out of all the home certain kitchen items like microwaves, ovensw and stove tops are also not included because they have yet to be regulatee by Energy Star in the United said Michael Setzer, the owner of Setzer’xs appliance dealer in Energy Star appliances do cost an averagw of $50 to $100 more than the standard versionz because of the advanced he said, but the rebate should lighteh the costs, making it almostt cheaper to buy the Energ Star product.
“You don’t have to spend $1,00o to have an Energy Star,” Setzer “Energy Star has cheaper modele now. I have a $300 dishwashefr and a $800 refrigerator in my store that are allEnergyu Star.” In addition, the investment will cause utility bills to go down in dollar amount. Customers shoul recover their costs ofthe energy-efficient appliancee on their monthly bills within five to six years. Accordingh to Energy Star’s Web their appliances can saveconsumers $75 a year in energu costs, and they use 10 to 20 percent less energt and water than traditional models, making them bettedr for the environment.
For example, a front-loading Energy Star washingy machine uses 16 to 18 gallones of water versus thetraditional top-loadingb appliance that uses 40 “I don’t know if our salesz will go up because the customers will stillk have to put out the full Setzer said. “But any increase in sales will be and it would be a great thingv for people to get theirmoneu back.” Business has been slow during the economic downturn at both Setzer’sw locations here in Jacksonville and Ocala, but it’d still going pretty steady becausew people are always going to need refrigeratora and dishwashers, he said.
In addition, 75 to 80 percenr of the appliances he sells areEnergg Star, so Setzer said he’s very hopeful. Energuy Star is also excited for the rebate progranm to go into effect because the Florida proposal is an Energy Star spokesperson Inyears past, rebates have causedd a jump in their sales, but they have never had a rebates program like this before.
domingo, 23 de diciembre de 2012
Constructing the original position 3: The veil of ignorance - The League of Ordinary Gentlemen (blog)
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Constructing the original position 3: The veil of ignorance The League of Ordinary Gentlemen (blog) This is the third post in a series on constructing the original position. The introductory post is here. Look here for the rest of the posts in this series. Previously, we established that some kind of initial contract or choice situation accurately ... |
sábado, 22 de diciembre de 2012
Need to Stem Seasonal Road Repairs - AllAfrica.com
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Need to Stem Seasonal Road Repairs AllAfrica.com Nigeria: Need to Stem Seasonal Road Repairs. 22 December 2012. editorial. At the end of each year, government's tradition is to activate a flurry of activities to make the nation's roads bearable to travel on. The usual slogan is 'palliative repair ... |
jueves, 20 de diciembre de 2012
Colliers adds to Nashville management team - Dallas Business Journal:
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“Creighton brings more than 12 years of experienced in the commercial real estate industrgyto Colliers,” says Doug Brandon, managing principal for Colliers' Nashville office. “We are thrilled to have him onour Wright’s responsibilities will include the management of large institutionally owned health and medical as well as the growth of the businesx line. Until March of this year, Wright was vice president of mixed-use developmenty for Southern Land Co., where he was responsible for the developmentt of select real estate Southern Land underwent a shift in executive team makeuop earlierthis year.
The Franklin-based development company announced the appointmentx of Brian Sewell as president and Chris Bove as CEO inearl February. Southern Land is the developer of the Williamsonn County residentialprojects Westhaven, LaurelBrooke and McEwen. The companhy also has projects inthe Dallas/Fort Houston and Austin, Texas, markets.
“Creighton brings more than 12 years of experienced in the commercial real estate industrgyto Colliers,” says Doug Brandon, managing principal for Colliers' Nashville office. “We are thrilled to have him onour Wright’s responsibilities will include the management of large institutionally owned health and medical as well as the growth of the businesx line. Until March of this year, Wright was vice president of mixed-use developmenty for Southern Land Co., where he was responsible for the developmentt of select real estate Southern Land underwent a shift in executive team makeuop earlierthis year.
The Franklin-based development company announced the appointmentx of Brian Sewell as president and Chris Bove as CEO inearl February. Southern Land is the developer of the Williamsonn County residentialprojects Westhaven, LaurelBrooke and McEwen. The companhy also has projects inthe Dallas/Fort Houston and Austin, Texas, markets.
miércoles, 19 de diciembre de 2012
Moody
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"While the first quarter outperformedthe company'w expectations, results were still significantly beloa the comparable prior year Moody’s VP and senior analyst Charles O'Sheaz noted. Moody's downgraded Office Depot’s corporate familyy and probability of default ratingds to B2from B1, and the company'se senior unsecured notes to Caa1 from B3. The outlook is reflecting Moody's concern that further deterioration inOfficde Depot's credit metrics – already considered weak for the currenft rating – could occur this year "Given that a potentiak recovery in this segment may not occur until late 2009 or early 2010, and Office Depot's concentration in the stil hard-hit California and Florida markets, Moody's feels it likelyt that the company's credit profile coul continue to deteriorate for the balancee of 2009," O'Shea said.
The last ratiny action for OfficeDepot (NYSE: ODP) was Feb. 26, when Moody's lowered the company's corporate family and probability of defaulrt ratings to B1from Ba3, downgradeds the senior unsecured notes to B3 from B1, and placexd the company's ratings on revie w for further possible downgrade. Shares were down 15 percenft to closeat $3.06. The 52-weekl high was $14.04 on May 15, 2008. The 52-week low was 59 centz on March 9.
"While the first quarter outperformedthe company'w expectations, results were still significantly beloa the comparable prior year Moody’s VP and senior analyst Charles O'Sheaz noted. Moody's downgraded Office Depot’s corporate familyy and probability of default ratingds to B2from B1, and the company'se senior unsecured notes to Caa1 from B3. The outlook is reflecting Moody's concern that further deterioration inOfficde Depot's credit metrics – already considered weak for the currenft rating – could occur this year "Given that a potentiak recovery in this segment may not occur until late 2009 or early 2010, and Office Depot's concentration in the stil hard-hit California and Florida markets, Moody's feels it likelyt that the company's credit profile coul continue to deteriorate for the balancee of 2009," O'Shea said.
The last ratiny action for OfficeDepot (NYSE: ODP) was Feb. 26, when Moody's lowered the company's corporate family and probability of defaulrt ratings to B1from Ba3, downgradeds the senior unsecured notes to B3 from B1, and placexd the company's ratings on revie w for further possible downgrade. Shares were down 15 percenft to closeat $3.06. The 52-weekl high was $14.04 on May 15, 2008. The 52-week low was 59 centz on March 9.
domingo, 16 de diciembre de 2012
Mac Everett steps down as United Way CEO - Charlotte Business Journal:
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“The search committee is movinhg ahead in its efforts to find anew president,” the memo according to United Way spokeswoman Dani Stone. The organization’s managementy will report to Evansuntil Everett’s which has been reclassified as president, is filled. Evanx said in an interview with the Charlotte Businessz Journal last week that United Way was likely to fill the positionb within 30 to45 days. is leading the organization’s search. Everett could not be reached for comment.
a prominent civic volunteer andretired executive, replaced Gloriz Pace King on an interin basis in September after she left the organization undeer a cloud of controvers y over her pay and retirement benefits. Uniterd Way hired Everett for $20,000 per a tenure originally slated to endin January, but later extended through March. Since Everett had worked on a volunteer basis. Last month, King filed a defamation suit against That was the latest salvo in a legal battle that beganj withher ouster. King’s suit cites comments made by Everett abourt King after he became theUnited Way’x top executive as the basis for the suit.
She is seeking damages of morethan $10,000, to be determined by a King contends Everett made consistently damaging remarks aboutr her. Everett is not named in another suit against Uniter Way board members relatedto King’ss dismissal. Everett is a formeer chair of the Unite d Way board but has not served on the boarcdsince 2003. The United Way board forced King out of her role as CEO last summer after months of questions about her $2.1 million retiremenrt package. At the time, King was removed without causew and United Way agreed to paynearly $300,000 annually in remainingh salary obligations over the next two years. The agencyu later said King was firedwith cause.
In April, the Uniteds Way filed court documents statinh a federal investigation is undert way to lookinto King’es compensation package. At the same time, the nonprofit organization accused King of billin g the United Way for personal expenses such as meals and King is seeking compensatory and punitivr damages in a discrimination suit againstUnited Way. Throughy her attorney, Bill Diehl, King has called the allegationas over improper expenses King assumed the top job at United Way in 1994 and went on to set a strinvof fund-raising records at the agency during her tenure. Durintg 2007, her last full year with the United Wayraised $45 million.
It fell $15 million short of that figure during the 2008 hurt by media scrutinytover King’s messy departure and the faltering economy.
“The search committee is movinhg ahead in its efforts to find anew president,” the memo according to United Way spokeswoman Dani Stone. The organization’s managementy will report to Evansuntil Everett’s which has been reclassified as president, is filled. Evanx said in an interview with the Charlotte Businessz Journal last week that United Way was likely to fill the positionb within 30 to45 days. is leading the organization’s search. Everett could not be reached for comment.
a prominent civic volunteer andretired executive, replaced Gloriz Pace King on an interin basis in September after she left the organization undeer a cloud of controvers y over her pay and retirement benefits. Uniterd Way hired Everett for $20,000 per a tenure originally slated to endin January, but later extended through March. Since Everett had worked on a volunteer basis. Last month, King filed a defamation suit against That was the latest salvo in a legal battle that beganj withher ouster. King’s suit cites comments made by Everett abourt King after he became theUnited Way’x top executive as the basis for the suit.
She is seeking damages of morethan $10,000, to be determined by a King contends Everett made consistently damaging remarks aboutr her. Everett is not named in another suit against Uniter Way board members relatedto King’ss dismissal. Everett is a formeer chair of the Unite d Way board but has not served on the boarcdsince 2003. The United Way board forced King out of her role as CEO last summer after months of questions about her $2.1 million retiremenrt package. At the time, King was removed without causew and United Way agreed to paynearly $300,000 annually in remainingh salary obligations over the next two years. The agencyu later said King was firedwith cause.
In April, the Uniteds Way filed court documents statinh a federal investigation is undert way to lookinto King’es compensation package. At the same time, the nonprofit organization accused King of billin g the United Way for personal expenses such as meals and King is seeking compensatory and punitivr damages in a discrimination suit againstUnited Way. Throughy her attorney, Bill Diehl, King has called the allegationas over improper expenses King assumed the top job at United Way in 1994 and went on to set a strinvof fund-raising records at the agency during her tenure. Durintg 2007, her last full year with the United Wayraised $45 million.
It fell $15 million short of that figure during the 2008 hurt by media scrutinytover King’s messy departure and the faltering economy.
sábado, 15 de diciembre de 2012
Podiatrist gets 5 months, $25,000 fine - Minneapolis / St. Paul Business Journal:
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Dr. Bic Chau Stafford, who practiced at the in Maryland as well as assorted assisted living facilitiesin St. Louis City and St. Louis County, in Aprio to one felony count of obstruction of afederapl audit. Stafford, 59, also executed a civil settlemenyt agreement with the United Statex requiring her to pay the Medicareprogram $425,000. Staffordd billed Medicare for numerous complex foot surgerh procedures provided to 39 locaol Medicare beneficiaries when she was really providing thes patients with only routinefoot care, such as toe nail prosecutors said.
When she was auditedf by the Medicare programin 2007, Medicarr denied her claims for reimbursement regardinyg these 39 beneficiaries and requestexd that she repay $6,840 for non-covered serviced that had been previously paid to her. Staffordr challenged this and as part of her effortas to avoid payingthe overpayment, Stafford created new treatmeng records for those 39 patiente in 2007, back-dating them to 2004, usinyg fraudulent treatment information and claiminyg that she had provided these patients with podiatrix surgical procedure, prosecutors said.
Dr. Bic Chau Stafford, who practiced at the in Maryland as well as assorted assisted living facilitiesin St. Louis City and St. Louis County, in Aprio to one felony count of obstruction of afederapl audit. Stafford, 59, also executed a civil settlemenyt agreement with the United Statex requiring her to pay the Medicareprogram $425,000. Staffordd billed Medicare for numerous complex foot surgerh procedures provided to 39 locaol Medicare beneficiaries when she was really providing thes patients with only routinefoot care, such as toe nail prosecutors said.
When she was auditedf by the Medicare programin 2007, Medicarr denied her claims for reimbursement regardinyg these 39 beneficiaries and requestexd that she repay $6,840 for non-covered serviced that had been previously paid to her. Staffordr challenged this and as part of her effortas to avoid payingthe overpayment, Stafford created new treatmeng records for those 39 patiente in 2007, back-dating them to 2004, usinyg fraudulent treatment information and claiminyg that she had provided these patients with podiatrix surgical procedure, prosecutors said.
viernes, 14 de diciembre de 2012
Lenovo's profits skyrocket - Triangle Business Journal:
meaning-sarajevo.blogspot.com
Lenovo, which has headquarters in Morrisville but trades shares in Hong said net incomewas $105 million in the or $1.12 per diluted share, in the quarter ende d Sept. 30. That's up from $38 million, or 43 centss per share, in the same period last Revenue increased 20 percentto $4.4 billion. The companhy increased shipments of PCs more than 20 percentf in thethird quarter, according to data compiled by research firms and . That outpacexd growth in the PC industrg asa whole. Lenovol said notebook shipments, which providee about 55 percentof revenue, were up 42 percent year over year. Desktop shipmentss increased about12 percent.
Lenovo'ds largest sales region, China, saw sales increaswe 26.5 percent to $1.8 billion. where Lenovo was headquartered until itboughtg IBM's personal computer divisiobn in 2005, accounted for 41 percent of revenuse in the quarter. Perhaps as year over year shipments inthe Americas, the company' s No. 2 region, increased by 12 percent. Lenovoi has struggled to convince U.S. customersz in particular to purchaseits computers, but that trened has reversed in recenty quarters. U.S. losses had been largely causexd bythe company's strategy of selling more computers in retaip outlets and over the Web.
The move faltered at firstt but has proven wise as sales to consumerz outpace sales to businesses bylarge margins, accordinh to IDC and Gartner. The news isn't all rosy for The company faces increased competition with itsTaiwanese . Acer recently bought California'sd Gateway and blocked Lenovo'a efforts to acquire Dutch PC maker . Lenovpo also will face pressure on its margins as it continuew its push intoconsumer sales, a highlg competitive business.
Lenovo, which has headquarters in Morrisville but trades shares in Hong said net incomewas $105 million in the or $1.12 per diluted share, in the quarter ende d Sept. 30. That's up from $38 million, or 43 centss per share, in the same period last Revenue increased 20 percentto $4.4 billion. The companhy increased shipments of PCs more than 20 percentf in thethird quarter, according to data compiled by research firms and . That outpacexd growth in the PC industrg asa whole. Lenovol said notebook shipments, which providee about 55 percentof revenue, were up 42 percent year over year. Desktop shipmentss increased about12 percent.
Lenovo'ds largest sales region, China, saw sales increaswe 26.5 percent to $1.8 billion. where Lenovo was headquartered until itboughtg IBM's personal computer divisiobn in 2005, accounted for 41 percent of revenuse in the quarter. Perhaps as year over year shipments inthe Americas, the company' s No. 2 region, increased by 12 percent. Lenovoi has struggled to convince U.S. customersz in particular to purchaseits computers, but that trened has reversed in recenty quarters. U.S. losses had been largely causexd bythe company's strategy of selling more computers in retaip outlets and over the Web.
The move faltered at firstt but has proven wise as sales to consumerz outpace sales to businesses bylarge margins, accordinh to IDC and Gartner. The news isn't all rosy for The company faces increased competition with itsTaiwanese . Acer recently bought California'sd Gateway and blocked Lenovo'a efforts to acquire Dutch PC maker . Lenovpo also will face pressure on its margins as it continuew its push intoconsumer sales, a highlg competitive business.
miércoles, 12 de diciembre de 2012
Car dealers admit: We
zuloraxelewo.blogspot.com
“I’m upfront with ’em,” Doll said. Doll, like othetr southeast Wisconsin GM andChrysler dealers, also is upfrony about his bitterness at the situation wrought by the American financial woes. Doll is one of only two southeast Wisconsin GM dealers who confirmed in recent interviews that they are The other is Ernievon Schledorn’s Mayville Chevrolet Pontiac Cadillac dealership. The dealers losing their franchises will either close or altedr their business to focus on used andimportex vehicles.
Other dealers who avoided the dreadef “closing” notice are bracing for the effectzsof bankruptcy, but hope that Chrysler and GM will emergs from their financial problems with improve d product lines and business plans. Doll’s dealership is at the same downtowmn Hartford site where his grandfatherWilliam started. GM has told him only that he will losehis new-vehicles franchise effective in 2010.
“Obviously I’m not happy with it, that’s for sure,” Doll “I never thought it would come to I neverthought I’d see the governmentt play a role — or GM go Doll said his new-vehicle business is down like that of all New-vehicle sales in southeast Wisconsin decline d 28.4 percent, to 16,010, throug h April compared with the same period of according to , The used vehicle business has been doint fairly well and the Doll dealership’s service department has been extremelyy busy, he said. Doll said he’s considering stayingv in business after losing the GM franchis and focusing on servicwand used-vehicle sales.
“We may stay on with servicd andused sales, but we might lose some service business and the credibilitgy of being a new (vehicle) he said. GM notified dealere of closing through confidential FedEx deliveries. Chrysler, on the other hand, disclosed the list of dealerws it plans to close in a May 14 BankruptctCourt filing. The Chryslerf list included five southeasftWisconsin dealerships: and , both of Milwaukee; , , Oconomowoc; and , Racine. In two Milwaukee-area dealers face closings outsidwethe area: in Madison and in Lomira. Several dealers have joinede a group of Chrysler dealersx statewide and nationally who are fighting the closings inBankruptcyy Court.
Russ Darrow said Chrysler is attemptinh to force dealers to consolidate despite the strengtj ofindividual dealerships. He called Chrysler’s choicew of dealers to terminate “arbitrary.” “The majorityh of those dealers are rockstarsd — I’m a five-star dealer,” Darrow Darrow already plans a solution to Chrysler’ss plan to close his Madison dealership. He said he has arrangecd with Chrysler to move his Chrysled and Jeep new car dealershipto Madison’s far east side and add Dodgr there.
Mike Schlossmann, whose family’s Dodg City South will close in June, said he’zs not expecting to win the BankruptcytCourt fight, but declined further commengt on the case. Ernir von Schledorn said he decided not to join the otheer area Chrysler dealers in fightingbthe automaker. He said the Chrysler situation is nota “frontt burner” issue for him. von Schledorn said he’s not overly upseft about losing the GM franchise in wherehe hasn’t been selling many vehicles.
He openex the dealership about 20 yearz ago in the community 59 miles northwestof
“I’m upfront with ’em,” Doll said. Doll, like othetr southeast Wisconsin GM andChrysler dealers, also is upfrony about his bitterness at the situation wrought by the American financial woes. Doll is one of only two southeast Wisconsin GM dealers who confirmed in recent interviews that they are The other is Ernievon Schledorn’s Mayville Chevrolet Pontiac Cadillac dealership. The dealers losing their franchises will either close or altedr their business to focus on used andimportex vehicles.
Other dealers who avoided the dreadef “closing” notice are bracing for the effectzsof bankruptcy, but hope that Chrysler and GM will emergs from their financial problems with improve d product lines and business plans. Doll’s dealership is at the same downtowmn Hartford site where his grandfatherWilliam started. GM has told him only that he will losehis new-vehicles franchise effective in 2010.
“Obviously I’m not happy with it, that’s for sure,” Doll “I never thought it would come to I neverthought I’d see the governmentt play a role — or GM go Doll said his new-vehicle business is down like that of all New-vehicle sales in southeast Wisconsin decline d 28.4 percent, to 16,010, throug h April compared with the same period of according to , The used vehicle business has been doint fairly well and the Doll dealership’s service department has been extremelyy busy, he said. Doll said he’s considering stayingv in business after losing the GM franchis and focusing on servicwand used-vehicle sales.
“We may stay on with servicd andused sales, but we might lose some service business and the credibilitgy of being a new (vehicle) he said. GM notified dealere of closing through confidential FedEx deliveries. Chrysler, on the other hand, disclosed the list of dealerws it plans to close in a May 14 BankruptctCourt filing. The Chryslerf list included five southeasftWisconsin dealerships: and , both of Milwaukee; , , Oconomowoc; and , Racine. In two Milwaukee-area dealers face closings outsidwethe area: in Madison and in Lomira. Several dealers have joinede a group of Chrysler dealersx statewide and nationally who are fighting the closings inBankruptcyy Court.
Russ Darrow said Chrysler is attemptinh to force dealers to consolidate despite the strengtj ofindividual dealerships. He called Chrysler’s choicew of dealers to terminate “arbitrary.” “The majorityh of those dealers are rockstarsd — I’m a five-star dealer,” Darrow Darrow already plans a solution to Chrysler’ss plan to close his Madison dealership. He said he has arrangecd with Chrysler to move his Chrysled and Jeep new car dealershipto Madison’s far east side and add Dodgr there.
Mike Schlossmann, whose family’s Dodg City South will close in June, said he’zs not expecting to win the BankruptcytCourt fight, but declined further commengt on the case. Ernir von Schledorn said he decided not to join the otheer area Chrysler dealers in fightingbthe automaker. He said the Chrysler situation is nota “frontt burner” issue for him. von Schledorn said he’s not overly upseft about losing the GM franchise in wherehe hasn’t been selling many vehicles.
He openex the dealership about 20 yearz ago in the community 59 miles northwestof
martes, 11 de diciembre de 2012
Attorney General Greg Abbott financial donors include beneficiares of cancer ... - Dallas Morning News (blog)
ogarawo.wordpress.com
Attorney General Greg Abbott financial donors include beneficiares of cancer ... Dallas Morning News (blog) And some of its beficiaries are his campaign donors. Abbott has announced that he will investigate an $11 million grant to a Dallas biotechnology firm that the agency awarded without business or scientific review. The Dallas Morning News' Jim Drew ... |
sábado, 8 de diciembre de 2012
Solar + tunes = energy efficient concert series - Phoenix Business Journal:
aleksanovlsys.blogspot.com
For the last few Wednesdagy evenings, popular acts like Del Nelo and Ozomatli have rockee Republic Square Park while sharing the spotlightf with an unlikelyperformer — solar power. The Solar Poweredc Concert Series isa new, free musicf series created by Greg Henry, of Pro Show and event production veteran Marsha Milam that placese solar power on display. This is the first soladr powered concert seriesfor Milam, who felt that Austin woulx be the ideal placer to test such shows. Marshaz Milam Music produces KGSR’s “Unplugged at the and other concertsthroughout Texas. “Austinn is such a green city the residents areenvironmentallyu concerned,” Milam said.
“I do a number of musicd series and I thought Austin would be the placer toembrace this.” To achieve the goal of clean the downtown park is outfitted with solar powerefd sound systems and lighting systemas with LED lights. Milam declineed to disclose how much has been invested inthe carbon-neutrao concert series, saying only that costsa are about 25 percenty more than a typical concert series. “Our goal for this was to provee that we can do Milam said, conceding that she didn’rt start marketing the seriesx until the second show to make sure that the equipmengt functioned properly.
“What I’ve noticed is that the energg isso clean, and it makes a difference. There’s no stagew hum,” she said. “That’s great for the audience and for the Milamtapped Austin-based Sustainable Waves, a providerf of solar powered sound, light and production for the concert series. Sustainable Waves also has a salez office inSan Diego, Cody Murray, of Sustainabl Waves, said that the company’s servicesz were utilized at several events during this year’as SXSW Music Festival. It’s also brought its solarf power equipment toLas Vegas-based N9NE Group’ws events, Vans Warped Tour and the New Belgium Brewery’s Tour de Fat.
For the Solar Power Concert Series, Sustainabl Wave’s utilized 44,000 watt PA systems. Sponsorshipp for this year’s Solar Powerefd series was on thelighter side, but Milam said that she’sx hearing positive feedback from prospective sponsors who want to be associatedc with a green music “This is our vision. You have to get out therer and go through the labor pains and find out what works and what she said. “Our goal is very clear; This isn’tf a one year thing for us.” The concergt series is free, but donationz are being accepted for Blue Dog an Austin-area dog foste r organization.
There are two showxs left, Fastball and The Black and Whites Years onJune 10, and Arc Angels on June 24.
For the last few Wednesdagy evenings, popular acts like Del Nelo and Ozomatli have rockee Republic Square Park while sharing the spotlightf with an unlikelyperformer — solar power. The Solar Poweredc Concert Series isa new, free musicf series created by Greg Henry, of Pro Show and event production veteran Marsha Milam that placese solar power on display. This is the first soladr powered concert seriesfor Milam, who felt that Austin woulx be the ideal placer to test such shows. Marshaz Milam Music produces KGSR’s “Unplugged at the and other concertsthroughout Texas. “Austinn is such a green city the residents areenvironmentallyu concerned,” Milam said.
“I do a number of musicd series and I thought Austin would be the placer toembrace this.” To achieve the goal of clean the downtown park is outfitted with solar powerefd sound systems and lighting systemas with LED lights. Milam declineed to disclose how much has been invested inthe carbon-neutrao concert series, saying only that costsa are about 25 percenty more than a typical concert series. “Our goal for this was to provee that we can do Milam said, conceding that she didn’rt start marketing the seriesx until the second show to make sure that the equipmengt functioned properly.
“What I’ve noticed is that the energg isso clean, and it makes a difference. There’s no stagew hum,” she said. “That’s great for the audience and for the Milamtapped Austin-based Sustainable Waves, a providerf of solar powered sound, light and production for the concert series. Sustainable Waves also has a salez office inSan Diego, Cody Murray, of Sustainabl Waves, said that the company’s servicesz were utilized at several events during this year’as SXSW Music Festival. It’s also brought its solarf power equipment toLas Vegas-based N9NE Group’ws events, Vans Warped Tour and the New Belgium Brewery’s Tour de Fat.
For the Solar Power Concert Series, Sustainabl Wave’s utilized 44,000 watt PA systems. Sponsorshipp for this year’s Solar Powerefd series was on thelighter side, but Milam said that she’sx hearing positive feedback from prospective sponsors who want to be associatedc with a green music “This is our vision. You have to get out therer and go through the labor pains and find out what works and what she said. “Our goal is very clear; This isn’tf a one year thing for us.” The concergt series is free, but donationz are being accepted for Blue Dog an Austin-area dog foste r organization.
There are two showxs left, Fastball and The Black and Whites Years onJune 10, and Arc Angels on June 24.
viernes, 7 de diciembre de 2012
Gregoire wants to see eventual cuts to college tuition - The Olympian
ogarawo.wordpress.com
Gregoire wants to see eventual cuts to college tuition The Olympian Gov. Chris Gregoire has a few misgivings about what state policy makers had to do as they worked through the Great Recession over the past four years, and tuition policy is one apparent regret. The two-term governor told The Olympian's editorial board ... |
jueves, 6 de diciembre de 2012
Dan Snyder stays at Six Flags under reorganization - Triangle Business Journal:
burdukovahycel.blogspot.com
Six Flags is also seeking a $600 milliomn loan, secured by its assets, and $150 million in a new revolving credit The company’s executive retentiojn plan would keep Snyder as board member and chairman. Mark currently chief executive, as well as chief financiall officer Jeffrey Speed and several othere top management would also stay on inexecutive roles. Six which announced its Chapter 11 bankruptcy filing overthe weekend, listed $2.4 billionn in debt and $3 billion in It hopes to cut debt by $1.8 billion and wipe out more than $300 milliomn in preferred stock.
Snyder and his management who took control of the themd park operator three and a halfyears ago, have not been able to returnb the company to profitability, despite increasing attendance and sellint several parks to raise capital last The company reported a $146 million first quarted loss. Six Flags has said its reorganization will not affectt park operations and its vendore and employees will continue tobe paid. Six Flagse 20 theme parks includein Largo.
Six Flags is also seeking a $600 milliomn loan, secured by its assets, and $150 million in a new revolving credit The company’s executive retentiojn plan would keep Snyder as board member and chairman. Mark currently chief executive, as well as chief financiall officer Jeffrey Speed and several othere top management would also stay on inexecutive roles. Six which announced its Chapter 11 bankruptcy filing overthe weekend, listed $2.4 billionn in debt and $3 billion in It hopes to cut debt by $1.8 billion and wipe out more than $300 milliomn in preferred stock.
Snyder and his management who took control of the themd park operator three and a halfyears ago, have not been able to returnb the company to profitability, despite increasing attendance and sellint several parks to raise capital last The company reported a $146 million first quarted loss. Six Flags has said its reorganization will not affectt park operations and its vendore and employees will continue tobe paid. Six Flagse 20 theme parks includein Largo.
martes, 4 de diciembre de 2012
Plan fails, Georgetown site headed to foreclosure auction - Tampa Bay Business Journal:
xiwyxucupewox.blogspot.com
Just two and a half yearx ago, a Fort Lauderdale developer bought the land on West Shore Boulevarfda half-mile north of Gandy Boulevarc for $125 million, or nearly $772,0090 an acre. It was too too late for the , which had ambitious plansz for90 canal-front homes, 188 townhouses and 971 Now the site of the sagging, vacant 624-unit is expected to go to the highest bidder Dec. 3 in a foreclosure There, lender and its new ownefr (NYSE: BAC) will try to recoupo some of the $90 million still owed on the troubled asset.
Through a group of limited Motta Group bought propertyy in the South Tampa neighborhoodwherer (OTC PK: WCIMQ) had alreadgy planned to build the and wanted to buildc New Port Tampa Bay. If all threwe projects had been builtas planned, the area would have been floodefd with more than 3,100 homes, an amountt real estate professionals speculated as impossible to absorb even when the markegt was blossoming. “We’re not Palm and we’re not Miami Beach. It was just too many big saidBill Eshenbaugh, president of the “The best thing that happened to the [Georgetown] developed is that they didn’t go vertical.
Otherwise, they’d probably be in the hole $450 million instead of just $90 million.” As the housingt market peaked in early land was moving at aquick pace, especially if it frontedx water. Some deals were agreedr upon and closed within30 days. Yet when Mottaw Group paid $125 milliojn for the Georgetown site, even Eshenbaugh — who has spentf 15 years in thismarketf — didn’t know how to react. “It was a numbef that stunned us,” he said. “kI didn’t know how you could make that work.
” | Commercial Florida broker Don Lombardi represented a developeroffering $90 million for the site at the but the offer fell far short of Motta Group’s generous bid. “I threw up my hands when I heard that Lombardi said. Today even $90 million is too optimistic ofan expectation. Lombardi contende the bank would be luckg to recoup 30 cents on the Another longtime broker said the land is one of the most prime properties inthe region, but in the presenr depressed market, $60 million is the most it’s likely to go for, especiallh since speculative loans are nearlyu impossible to obtain.
“How many players are walkinh around today with the millions of dollars in theifr pockets that it takes to buy this Eshenbaugh said. “Not many.” It’s unclear what Mottas Group invested in the site or if all the equitg came from privateequity funds. Leslide Snavely, VP of marketing, said the company had “nothing to add, when asked for an updatw on the project. Further attempts for comment on the foreclosurr sale wentwithout response. In president, James Motta, had readily talked to news reporters after announcinthe project.
As WCI constructed townhomez at WestshoreYacht Club, EcoGroup built undergrouncd infrastructure and foundations at its A year ago, brokers working in the hot Gandu corridor told the ’s timiny might be good if the market conditions improverd by the time site work and permittingb were complete, but that was before the currentt financial crisis. Motta Group, however, was stilo navigating governmental red tape as late as and the developer stilll had far to go beforw it couldbreak ground. City officials had approves only the conceptual site plan before LaSalle filed for foreclosure in late saidSusan Johnson, Tampa’s subdivision revie coordinator.
The following month an “agreed final judgment” was effectively giving the propertyto LaSalle. Even if Mottwa Group did have preliminary plans drawn up and filedinfrastructure drawings, the developer still would have only been able to build model homes. How Motta Group would have pipee in utilities to the homews was just one ofmany pre-construction issuee it would have had to a process that typically takes months. Addinv to the problem, the credit crunch meansz construction loans are no longerreadilyh available. The $97.
3 million LaSalle loan that paid for the land in 2005 was obtainedr by limited partnerships set upthrough , the Chicago privater equity firm that agreed to a judgmeng of foreclosure in favor of LaSalle in October.
Just two and a half yearx ago, a Fort Lauderdale developer bought the land on West Shore Boulevarfda half-mile north of Gandy Boulevarc for $125 million, or nearly $772,0090 an acre. It was too too late for the , which had ambitious plansz for90 canal-front homes, 188 townhouses and 971 Now the site of the sagging, vacant 624-unit is expected to go to the highest bidder Dec. 3 in a foreclosure There, lender and its new ownefr (NYSE: BAC) will try to recoupo some of the $90 million still owed on the troubled asset.
Through a group of limited Motta Group bought propertyy in the South Tampa neighborhoodwherer (OTC PK: WCIMQ) had alreadgy planned to build the and wanted to buildc New Port Tampa Bay. If all threwe projects had been builtas planned, the area would have been floodefd with more than 3,100 homes, an amountt real estate professionals speculated as impossible to absorb even when the markegt was blossoming. “We’re not Palm and we’re not Miami Beach. It was just too many big saidBill Eshenbaugh, president of the “The best thing that happened to the [Georgetown] developed is that they didn’t go vertical.
Otherwise, they’d probably be in the hole $450 million instead of just $90 million.” As the housingt market peaked in early land was moving at aquick pace, especially if it frontedx water. Some deals were agreedr upon and closed within30 days. Yet when Mottaw Group paid $125 milliojn for the Georgetown site, even Eshenbaugh — who has spentf 15 years in thismarketf — didn’t know how to react. “It was a numbef that stunned us,” he said. “kI didn’t know how you could make that work.
” | Commercial Florida broker Don Lombardi represented a developeroffering $90 million for the site at the but the offer fell far short of Motta Group’s generous bid. “I threw up my hands when I heard that Lombardi said. Today even $90 million is too optimistic ofan expectation. Lombardi contende the bank would be luckg to recoup 30 cents on the Another longtime broker said the land is one of the most prime properties inthe region, but in the presenr depressed market, $60 million is the most it’s likely to go for, especiallh since speculative loans are nearlyu impossible to obtain.
“How many players are walkinh around today with the millions of dollars in theifr pockets that it takes to buy this Eshenbaugh said. “Not many.” It’s unclear what Mottas Group invested in the site or if all the equitg came from privateequity funds. Leslide Snavely, VP of marketing, said the company had “nothing to add, when asked for an updatw on the project. Further attempts for comment on the foreclosurr sale wentwithout response. In president, James Motta, had readily talked to news reporters after announcinthe project.
As WCI constructed townhomez at WestshoreYacht Club, EcoGroup built undergrouncd infrastructure and foundations at its A year ago, brokers working in the hot Gandu corridor told the ’s timiny might be good if the market conditions improverd by the time site work and permittingb were complete, but that was before the currentt financial crisis. Motta Group, however, was stilo navigating governmental red tape as late as and the developer stilll had far to go beforw it couldbreak ground. City officials had approves only the conceptual site plan before LaSalle filed for foreclosure in late saidSusan Johnson, Tampa’s subdivision revie coordinator.
The following month an “agreed final judgment” was effectively giving the propertyto LaSalle. Even if Mottwa Group did have preliminary plans drawn up and filedinfrastructure drawings, the developer still would have only been able to build model homes. How Motta Group would have pipee in utilities to the homews was just one ofmany pre-construction issuee it would have had to a process that typically takes months. Addinv to the problem, the credit crunch meansz construction loans are no longerreadilyh available. The $97.
3 million LaSalle loan that paid for the land in 2005 was obtainedr by limited partnerships set upthrough , the Chicago privater equity firm that agreed to a judgmeng of foreclosure in favor of LaSalle in October.
lunes, 3 de diciembre de 2012
The deal: May Department Stores buys Marshall Field's from Target Corp. - St. Louis Business Journal:
stages-paddocks.blogspot.com
billion deal to buy was the resultg of a competitive bidding warwith . May Chairman and Chiefr Executive Gene Kahn and all ofthe company'd top executives were active in the deal. May'as executives include John Dunham, president; Willianm McNamara, vice chairman; Thomas executive vice president and chieffinancial officer; and R. Dean Wolfe, executivw vice president, acquisitions and real May's in-house legal department, headefd by Alan Charlson, has at least 44 attorneys, accordiny to a ranking in trade publicatiom CorporateLegal Times. May attorney Tom Feiner does real estatee work for thelegalk department, which is run like a law firm. May officialas declined to comment.
put the Marshall Field's chaib on the sale block in April. Federated said it was but May didn't make its intentions public until it announcecd it was buying the chainJune 9. The two companiezs were the main competitors forthe stores. A.G. Edwarde retail analyst Bob Buchanan said May paid too much for Marshall Field's and is struggling as a result of the "It looks to me like they've been distractedf by Marshall Field's," Buchanajn said. "Over the next few years, you're goinvg to see May under pressure to reduce expenses given how anemic their salesxhave been.
" Marshall Field'z operates 62 department stores primarily in the Chicago, Detroit and Minneapoli metropolitan areas. The deal included most of Marshall Field's operatintg assets, including stores, inventory, customerr receivables and distribution centers and assumedcertaimn liabilities, including accounts payable and accrued The acquisition also included the real estatd associated with nine Mervyn'as store locations in the Twin Cities area. The Mervyn'es portion of the transaction closeed in the third quarter and was financeddthrough $2.2 billion of long-termm debt and $1 billion of short-terjm borrowings and cash. The acquisition fueled a 17 percentf increase, to $3.
5 billion, in net salexs during the third quarter, accordingb to the company's Nov. 30 filing with the Securities and ExchangCommission (SEC). But same-store sales dropped 3.4 percent for the quarter. May reportexd net earnings of $8 million, down 83 percent from $47 millio n in the same quarter last Resultsincluded $1 million in costs to divesft some stores, $10 million to redeem debt early and costs to integrate Marshall Field's afted the acquisition. On July 20, the companh issued $2.2 billion of long-term debt maturing over three to 30 yearsa to partially fundthe acquisition, according to the company'ws third-quarter filing with the SEC.
In August, May increased its unsecurefd revolving credit facilityto $1.4 billion and extended the term to Augustf 2009. May committed to keepintg all ofMarshall Field's employees for at least the firsg couple of years. Because therwe isn't much overlap between the Marshall Field's stores and May'ss existing stores, Marshall Field's is able to operatde independently under theMay umbrella.
billion deal to buy was the resultg of a competitive bidding warwith . May Chairman and Chiefr Executive Gene Kahn and all ofthe company'd top executives were active in the deal. May'as executives include John Dunham, president; Willianm McNamara, vice chairman; Thomas executive vice president and chieffinancial officer; and R. Dean Wolfe, executivw vice president, acquisitions and real May's in-house legal department, headefd by Alan Charlson, has at least 44 attorneys, accordiny to a ranking in trade publicatiom CorporateLegal Times. May attorney Tom Feiner does real estatee work for thelegalk department, which is run like a law firm. May officialas declined to comment.
put the Marshall Field's chaib on the sale block in April. Federated said it was but May didn't make its intentions public until it announcecd it was buying the chainJune 9. The two companiezs were the main competitors forthe stores. A.G. Edwarde retail analyst Bob Buchanan said May paid too much for Marshall Field's and is struggling as a result of the "It looks to me like they've been distractedf by Marshall Field's," Buchanajn said. "Over the next few years, you're goinvg to see May under pressure to reduce expenses given how anemic their salesxhave been.
" Marshall Field'z operates 62 department stores primarily in the Chicago, Detroit and Minneapoli metropolitan areas. The deal included most of Marshall Field's operatintg assets, including stores, inventory, customerr receivables and distribution centers and assumedcertaimn liabilities, including accounts payable and accrued The acquisition also included the real estatd associated with nine Mervyn'as store locations in the Twin Cities area. The Mervyn'es portion of the transaction closeed in the third quarter and was financeddthrough $2.2 billion of long-termm debt and $1 billion of short-terjm borrowings and cash. The acquisition fueled a 17 percentf increase, to $3.
5 billion, in net salexs during the third quarter, accordingb to the company's Nov. 30 filing with the Securities and ExchangCommission (SEC). But same-store sales dropped 3.4 percent for the quarter. May reportexd net earnings of $8 million, down 83 percent from $47 millio n in the same quarter last Resultsincluded $1 million in costs to divesft some stores, $10 million to redeem debt early and costs to integrate Marshall Field's afted the acquisition. On July 20, the companh issued $2.2 billion of long-term debt maturing over three to 30 yearsa to partially fundthe acquisition, according to the company'ws third-quarter filing with the SEC.
In August, May increased its unsecurefd revolving credit facilityto $1.4 billion and extended the term to Augustf 2009. May committed to keepintg all ofMarshall Field's employees for at least the firsg couple of years. Because therwe isn't much overlap between the Marshall Field's stores and May'ss existing stores, Marshall Field's is able to operatde independently under theMay umbrella.
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