Tollgrade prepares for proxy fight with Ramius Group - Pittsburgh Business Times:

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Tollgrade (NASDAQ:TLGD) released its proxy materials Tuesday andset Aug. 5 as the date of its annual shareholdetr meeting. In the proxy materials, the Cheswick-based maker of telecommunicatione testing equipment warned investors against supportinbRamius Group, which would become “a highlyh disruptive and destabilizing influence” should its nomineex join the board. In a letter to shareholders, Tollgradee called Ramius “an opportunistic hedge fund with a focuwon short-term gains” and said the proxy contesg “only serves to interfere with the progressx we are making.
” The company urgedr shareholders to re-elect Tollgrade’s “verhy experienced and highly-qualified” directors: President and CEO Joseph Ferrara, formee managing partner James Barnes, director Daniek Barry, Reed Smith Chief Marketing Officer David Egan and retired SCA Northh America CFO Brian Mullins. In May, Ramius filed its own nominating former broadband executiveScott Chandler, former CEO of Cavalierd Telephone & TV Edward Meyercor III and Ramius managing partner Jeffrey M. Solomonj to board positions. Ramius, which began investin g in Tollgradein 2005, owns aboutr 14 percent of the company’ s stock. Ramius outlined severalo concerns in itsproxy filing.
For the group said Tollgrade’ s current board members, with the exception of former Marconii North AmericaCEO Ferrara, lack experience in the technology and telecojm industry. It also asserts that operatin performance issues have not been addressed and that the businesw has suffereddespite “excessive” spending on research and developmenr and “poorly executed” acquisitions. Between 2003 and Tollgrade’s revenue declined 12 percent, from $65.1q million to $57.2 million, and gross profirt dropped 18 percent.
In its lettedr to shareholders, Tollgrade’s management argued that the compangyis “at a pivotal moment in its and is “more efficient, better organized and more than two years ago. Besides bolstering its balance sheett toinclude $60 million in cash reservez and no debt, the company has reduced won a $20 million multi-yea r contract with a new customer and revised its board structurse to include an independent lead director.
The companu is not opposed to shareholder representationb onthe board, but it is “adamantlyg opposed to any change in the composition that would allow any individual shareholder or group of shareholders to assert disproportionate influence, if not effective control.” “Axs shareholders, Ramius is concerned and has a right to said David Weissman, a telecokm analyst with . “Buty it looks like management is tryinhg to get its act together in terms of a plan and lookin g forshareholder support.
” Ferrara’s backgrouns at Marconi brings telecom “but it all comes down to execution,” Weissman “Based on the stock price and limitedc growth of revenue, (the board achieved their objective. In this economic it’s more difficult to do With less than 20 percent ofoutstanding shares, though, Ramius will probably have a difficulf time convincing more long-term shareholders to give it the boarcd representation it seeks, Weissman Ramius referred phone calls to an outside public relatione agency, which did not immediately respond to a request for Tollgrade, which has been unprofitable for two of $1 million, or 8 centsz a share, on $12 million in Shares fell 2 percent in Tuesday morning tradinfg to $5.
08.

Weatherford Reports Fourth Quarter Results of $0.21 Per Share Before Charges ... - MSN Money

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Weatherford Reports Fourth Quarter Results of $0.21 Per Share Before Charges ... MSN Money The excluded after tax loss is comprised of the following items: $158 million book tax expense primarily incurred in connection with a tax reorganization to ... Correction: Weatherford International Q4 Loss Widens - Quick Facts Stock Markets Review  »

NTS buys Plainview Apartments - Phoenix Business Journal:

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Financing for the purchase, whicnh was made through an NTS , was provided by the , accordingv to a news release. The purchase price was not The previous owner was PlainviewApartments LP, a Denver-baseds investment partnership, according to onlinew records from the Jefferson County Propertyt Valuation Administrator and the Kentucky Secretargy of State. Its assessed valus for tax purposesis $9.7 million, accordinb to the PVA Web site. Occupancy at the time of the purchasew was about 94 therelease said. NTS plans to enhance and renovats the property but no detaile were disclosed inthe release.
The apartment comples was developed as part of the Plainvieplanned community, which includes 800 single-family homes, more than 1,000 500 town homes, multiple shopping centers and nearlu 2 million square feet of office space. NTS begann construction and development of theplanned Louisville’s first, in the early With the acquisition, NTS Developmenyt Co. and its affiliates now own four apartmentr communitiesin Louisville. Its other holdinga in the area are HurstbournesGrand Apartments, The Overlook at St. Thomas and The Willowsx of Plainview.
NTS also manages 14 othere apartment communities and 31 commercial properties with more than 5 millionb feetof office, retail and warehouse spaced in the Southeast.

Smitty

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The Alexandria-based supplier of building materials to remodelers and contractors had been affected by the crumblinb housing industry and filed for Chapter 11 bankruptcy protection inthe U.S. Bankruptcty Court for the Eastern District of Virginia in Alexandriaon Jan. 5. is providingf Smitty’s with a revolving line of credittotalingg $5 million, and a term loan of $9.5 Every voting creditor class accepted the plan, which forms a distribution trust that offers potentialk payouts for secured and unsecured creditors.
“With Bank of America’xs continued support through an exitloan Smitty’s is successfully emerging from bankruptcy as a new companu that will continue to serve our localk community,” said CEO Rick The family-owned business was founded in 1975 by Nelson and Pat It was the first time the compant filed for Chapter 11.

Human Capital: People on the move, June 5 - Kansas City Business Journal:

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, a Boston-based technology company serving students, educatorsx and employers, added Ted Fischer as executive vice president of partnerships andstrategic initiatives. Fischee was previously a partnerat . Sun Life Financialo names Deschenes senior VP and GM of its annuities divisionmThe U.S. division of , based in Wellesley, namedd Stephen Deschenes senior vice president and general manager of itsannuitiesw division. Deschenes joins Sun Life from , where he served as senior vice president and chiev marketing officer for the retirementincomer group.
Furman Gregory LLC adds Deptula as partnet Furman GregoryLLC , a Boston-based corporatse law firm now known as Furman Gregor y Deptula, added George Deptula as a Deptula most recently practice at Vena, Riley, Deptula LLP, and continues his practice in trial and appellate cases, legal services, and mediatio and ADR. William A. Berry & Son promotes Corcoran as project designerWilliam A. Berrt & Son Inc.
, a Danvers-based construction management promoted Josie Corcoran to project She has served as a project manager at the firm for the past nine Nixon Peabody's Milder elected chairman of ; Braicb named to firm's IP team Forrestf Milder , a partner in the Bosto n office of Nixon Peabody LLP , was elected chairman of the American Bar Associatio ’s Forum on Affordablre Housing and Community Developmen for the 2009-2010 year. In otheer firm news, Nixon Peabody added Ravinderjit “Ravi” Braicjh to its intellectual property department in the Boston office as apatent specialist.

Communist rebels blame gov't for environmental disasters - Inquirer.net

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Communist rebels blame gov't for environmental disasters Inquirer.net MANILA, Philippinesâ€"Government is accountable for the destruction of the environment that has led to recent massive flooding in Mindanao, ... and more »

Lockport hospital pursues psych unit - Business First of Buffalo:

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The project review committee of the State Hospital Review and Planning Council is expected to consider the certificate of need application at its Marchh19 meeting. Lockport part of , plans to locate the unit in spac formerly occupied byits 7,580-square-foot pediatric medical unit. The original application was filed with the statwein July. Total project cost is estimated at most of which would be covered by a statd grant ofnearly $1.7 million awardex through the Health Care Efficiency and Affordability Law for New Yorkersz (HEAL NY) program. The remainder of the award is beingy used toward an adult inpatient psychiatric unit to be completexd inthe future.
According to a summary of the hospital’x application, the 12-bed program will help fill a gap left when a simila unit was shut down last May acrose the countyat , which had been the county’s only inpatient providef of behavioral health services. In the months since, teenagers who requires inpatient services were transportedto . Children age 12 and youngetr were treated atin Buffalo. Niagaras Falls Memorial blamed inadequate Medicaid reimbursements on the closure of its Bridgezs Child and Adolescent Inpatient BehavioralHealth unit. The unit treatedf about 360 youngstersper year.
Lockport Memorial projectes the unit will ultimately operates inthe black, estimating a year three budgeyt of $2.6 million with expensesd of $1.6 million. All construction and progra changesat health-care facilitieas and nursing homes in New York requirw approval through the state’s certificate-of-need If the project review committee approves the the application will go to the full councik early next month.

Washington State Investment Board suing Lehman Bros. - Puget Sound Business Journal (Seattle):

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Because Lehman Brothers filedr for bankruptcy protectionlast year, the stats said it’s suing former Lehman Brothers executives and directors, underwriters for the offerings, and , the firm’s outside auditor. The investment boarr filed the lawsuit in Thurston CountySuperior Court. In a statement, the board allege “the securities offerings failed todisclose Lehman’sa negative returns on troubled including subprime loans, and the true value of its mortgage-related assets.
In the lawsuit alleges that Lehman’s financial statements failedc to comply with applicableaccounting standards… The lawsuit allegew violations of federal and state securities laws, negligeny misrepresentation, and breach of fiduciary duty.” “We have a fiduciart duty to pursue recovery of these losses. It’s our beliefv that had the defendants been more transparenttand accountable, these losses could have been minimizerd or even avoided,” said Theresa Whitmarsh, WSIB acting executive in a statement.
See a copy of the

Nixon, Quinn push Biden, LaHood for high-speed rail - Silicon Valley / San Jose Business Journal:

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In April, Nixon and Quinn, along with six other Midwestern to LaHood asking him to supportg plans for rail corridors betweenn cities intheir states, including St. Louisz to Chicago and St. Louis to Kansas Illinois has completed an environmental impacf statement forthe Chicago-St. Louis “Missouri and our partner states in the alreaduy have a competitive advantage because we have been workin on this rail initiative for more than a Nixon said in a statement afterthe “I reiterated our strong position to Vice Presideng Biden today while we discussed the viabilityh of high speed rail corridors.
” The White Houswe and the have said they would from the American Recoveryy and Reinvestment Act, and $1 billioj a year for five years as a down payment to developp a passenger rail system. The other governoras at the meeting were Jim Doylesof Wisconsin, Jennifer Granholm of Michigan, Tim Kained of Virginia, Deval Patrick of Massachusetts, Sonny Perdue of Georgia and Ed Rendellp of Pennsylvania.

Anna M. Ewing Executive Profile

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Catholic Foundation awards $72K to NM organizations - New Mexico Business Weekly:

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These grants will be awardedf to programs forhomeless assistance, developmentallyh disabled, literacy, nutrition, drug and domestic violence prevention and renovation and preservation projects. The foundation is giving $5,000o each to Archdiocesan Office of Worship andChristianb Initiation, St. Anne's Parish in Santa Fe, San Jose Church in La and the San Juan Diego Missionj inLos Lunas. The Catholicc Foundation was founded in 1991 and has distributex morethan $2.3 million in endowments sincew 1994. The $20 million foundation has supported more than 125 organizationds in New Mexico in the pastnine years.
Othefr organizations receiving grants includethe Albuquerque-based Holy Famil y Church ($4,000), the Casa Angelica in Albuquerque ($3,000), and Albuquerque-based Barrett House ($2,000). "The foundatioj is happy that it is able to support such worth programs that assist New Mexican in manydiverse communities," said Mary executive director of the foundation, in a The organizations will receive the grants at the foundation'sa ninth annual grant awards luncheon and celebratiob on Sept. 24 in Santza Fe.

Nonprofits brace for budget emergency aftershocks, IOUs - Denver Business Journal:

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While service providers don’t yet know whethefr they’ll receive IOUs — or what the amountss will be — Sparky Harlan, CEO of the in Santsa Clara, is prepared for the worst. “We receiv e about $400,000 in state Harlan said. “We’re already accustomedr to getting money from the state late last year, for example, it took until Decembef before we finally got paid.” For this year and last year the center has relied on a $150,000 line of creditt through to cover the gap, along with $500,000 out of its reserver funds. The center’s operatinyg budget is $10 million for fiscal 2009-10.
The money that may be on hold from the state covers, in part, the center’s shelter and drop-in program, street outreach, and parentingy classes. “The problem right now is that we don’t know for certain how much they’re going to hold back,” said who has been with the center for26 years. “But this is by far the wors I’ve ever seen.” In anticipation of the state’ws budget problems, 10 percenty cuts have already been plannedefor foster-care payments. Locally there are 300 to 400 kids infoste care.
Foster care rates are the same acrossathe state, so families in high-cost areas such as the Bay Area get the same amounft of compensation as people in more affordable “We’re fronting half a million dollar s already,” she said. It’s a layered problejm for the center, since in addition to statr money some comes from the federal Housing and UrbanDevelopment department. And Harlamn said HUD is so slow it can take up to six monthds for payments tobe “We’re hoping to get paid by she said. “Nonprofits are just getting Harlan said the Bill Wilson Center has closed down two programs alreadgy and cut about 15 percent of its leaving about110 employees.
These are real she pointed out — not attritionh or open jobs — and “heartbreaking” to do. “We had to give one staffd person a layoff notice and a week later his wife was laid off fromanother nonprofit,” she said. in Campbell gets about $500,00o0 a year from the state for its AIDS CFO Ira Holtzman said the agency is largse enough and financially stable enough that he wouldr just book an IOU as accountsw receivable and hope the money camethrough eventually. The Healtgh Trust’s budget for fiscal year 2010 is morethan $16 Holtzman said.
Pam Brandin, executive director of and Visuallh Impaired, which has offices in Palo Alto and Santa said that even though her agency provides the kind of service s that are especially at risk in Statse ControllerJohn Chiang’s plan, the Vista Center is relatively “We receive money through Title 7 Chapterf 2 services,” Brandin explained. “Since much of our fundinb is federalmoney we’re hoping that it has to be released and passecd on; the state won’t be allowes to hold on to it.” The Vistqa Center also has school contractse through special education funding.
“Last year when the stats had similar budget issueswe didn’t receives any IOUs,” she said, “but that situatiobn was resolved sooner than this appearw to be. The agencies that receive IOUsprobably won’ even know they’re coming until they submitg their bills.” She’s also bankinhg on Vista Center’s status as a preferredr vendor with the state, “sol we’ll be paid in advance of other vendors — if in fact the statee is even writing checks.” Lisa Hendrickson, presidenyt & CEO of Avenidaw Rose Kleiner Senior Day Health Center in Palo is also cautiously optimistic.
“The only fundws we receive from the state are MediCal paymentes for services provided at our adultdaycared center,” she said. “Our understanding is that those services are protected by the state constitution as well asfederal law. We do receivwe funding indirectly throughthe county, but we don’yt expect that to be affected.” Tom Kinoshita, public policy director of the , said peoplde are on pins and needles. “Everyone’s sitting around waiting, not knowing what’s goinbg to happen. But even with the most optimisticoutcomee it’s still going to be very ugly.
” He pointee out that the deficit last year for Santa Claraz County was more than $270 million, and many of the cuts were made in programxs around health, mental health, drugs and alcohokl and social services. And there’x no relief on the horizon: For 2011 the countyg is looking at a deficitr ofabout $250 million, he said.