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Monday, December 31, 2012
Friday, December 28, 2012
Deep in the woods, pot growing thrives - USA TODAY
ogarawo.wordpress.com
Deep in the woods, pot growing thrives USA TODAY The silence of the Chequamegon-Nicolet National Forest is broken only by the sound of Jeff Seefeldt's boots as he walks toward a clearing in the deep woods. Seefeldt, a district ranger for the U.S. Forest Service, points out the trees and brushes that ... |
Thursday, December 27, 2012
Bay Area CFOs of the year named - Houston Business Journal:
lyubomiradete.blogspot.com
More than 400 local business leaders attended a dinner and award s ceremony at the Palace Hotel in San Francisco to honor the winnerdsand finalists. The money raised at the evenr supports , which for 25 yeards has served homelessand at-risk youth in San Francisco through its programz in outreach, housing, medical and social education and job “These awards honor the best of the best. Thesd financial leaders exemplifythe professionalism, integrity, resilience and mastery of key skillws that make a great CFO,” said Mary publisher, San Francisco Business and co-presenter of the Bay Area CFO of the Year Said Sherilyn Adams, executive director, Larkinm Street Youth Services: “Larkin Street Youthh Services is honored to be the beneficiary of this The money raised by the CFO awards even will be invested as 84 cents of everyh dollar will directly benefit the over 3,50o youth we s erve each year.
” Winner, Lifetime Achievemenrt Award: Peter Darbee, PG&E and Pacific Gas and Electric Co. Winner, Publif Company with revenues above $500 million: Danie l Heinrich, the (NYSE: CLX). Finalists: Paul Coghlan, (NASDAQ: LLTC); Mark Garrett, (NASDAQ: Winner, Public Company with revenues upto $500 Martin Kropelnicki, . Finalists: Thomas (NASDAQ: PEET); Randy Gottfried, (NASDAQ: RVBD). Non-Public Company: Nathan Brostrom, . Finalist: Thomas Winner, Venture-Backed Company: Jack Finalists: Donald McCauley, ; Greg Winner, Community Service: Paul Sussman, Tenderloinn Neighborhood Development Corp. Finalists: Steve ; Michael Braude, . Winner, Transformatiob Agent: Byron Pollitt, Inc.
(NYSE: V) Finalists: Jame s Beer, (NASDAQ: SYMC); Lewie Chew, Corp (NYSE: NSM). The 2009 Bay Area CFO of the Year Awardw is a partnership betwee the San Francisco Business Times which included an advertising supplement profiling the winnere in its May 29issuse — and Larkin Street Youtgh Services. All proceeds from this event benefig Larkin StreetYouth Services. Deloitte was the titl sponsor.
More than 400 local business leaders attended a dinner and award s ceremony at the Palace Hotel in San Francisco to honor the winnerdsand finalists. The money raised at the evenr supports , which for 25 yeards has served homelessand at-risk youth in San Francisco through its programz in outreach, housing, medical and social education and job “These awards honor the best of the best. Thesd financial leaders exemplifythe professionalism, integrity, resilience and mastery of key skillws that make a great CFO,” said Mary publisher, San Francisco Business and co-presenter of the Bay Area CFO of the Year Said Sherilyn Adams, executive director, Larkinm Street Youth Services: “Larkin Street Youthh Services is honored to be the beneficiary of this The money raised by the CFO awards even will be invested as 84 cents of everyh dollar will directly benefit the over 3,50o youth we s erve each year.
” Winner, Lifetime Achievemenrt Award: Peter Darbee, PG&E and Pacific Gas and Electric Co. Winner, Publif Company with revenues above $500 million: Danie l Heinrich, the (NYSE: CLX). Finalists: Paul Coghlan, (NASDAQ: LLTC); Mark Garrett, (NASDAQ: Winner, Public Company with revenues upto $500 Martin Kropelnicki, . Finalists: Thomas (NASDAQ: PEET); Randy Gottfried, (NASDAQ: RVBD). Non-Public Company: Nathan Brostrom, . Finalist: Thomas Winner, Venture-Backed Company: Jack Finalists: Donald McCauley, ; Greg Winner, Community Service: Paul Sussman, Tenderloinn Neighborhood Development Corp. Finalists: Steve ; Michael Braude, . Winner, Transformatiob Agent: Byron Pollitt, Inc.
(NYSE: V) Finalists: Jame s Beer, (NASDAQ: SYMC); Lewie Chew, Corp (NYSE: NSM). The 2009 Bay Area CFO of the Year Awardw is a partnership betwee the San Francisco Business Times which included an advertising supplement profiling the winnere in its May 29issuse — and Larkin Street Youtgh Services. All proceeds from this event benefig Larkin StreetYouth Services. Deloitte was the titl sponsor.
Tuesday, December 25, 2012
Horizon Lines to pay $20M settlement - Charlotte Business Journal:
authors-morphology.blogspot.com
Members of the class-action suit who have contracts in the Puertio Rico trade with Horizon Line s have the option of having their base rates frozen for two instead of receiving cash fromthe settlement. All class memberds will be eligible to share inthe $20 million cash but only contract customers of Horizon Lines would be eligible for the base-rate freeze. Horizon Lines says it has amendedx its credit agreement to cover the cost of the which is subject tocourt approval. Last three former executives of Horizon Lines and a formerr Sea Star Line officer were sentenced to prisobn termsfor price-fixing, according to The Journal of Commerce .
The three Horizon executives had pleaded guilty to charges of conspiracgy to eliminate competition and raise priceas for moving freight between the continental United State andPuerto Rico. The sentences ranged from seven to 34 InApril 2008, federal officials raided the offices of Horizojn Lines and two other shipperas as part of an investigation of pricing practices on Puertop Rico routes. Four shipping companies control almosf all of the traffic on the routes toPuertpo Rico. The routes are subject to U.S. law that restrictz shipping betweenthe U.S. mainlandd and markets such as Hawaii and Puerto Rico to carriers that are whollty ownedby U.S. corporations.
Severak class-action lawsuits relating to ocean-shipping services in the Hawaioi and Guam tradelanes and the Alaska tradelanwe have been filed againstHorizon Lines. The company says it intendx to vigorously defend itself against those HorizonLines (NYSE:HRZ) is base in Charlotte. The company operates a fleet of U.S.-flag containershipws and port terminals linking the mainland United Stateato Alaska, Hawaii, Puerto Rico, Guam and
Members of the class-action suit who have contracts in the Puertio Rico trade with Horizon Line s have the option of having their base rates frozen for two instead of receiving cash fromthe settlement. All class memberds will be eligible to share inthe $20 million cash but only contract customers of Horizon Lines would be eligible for the base-rate freeze. Horizon Lines says it has amendedx its credit agreement to cover the cost of the which is subject tocourt approval. Last three former executives of Horizon Lines and a formerr Sea Star Line officer were sentenced to prisobn termsfor price-fixing, according to The Journal of Commerce .
The three Horizon executives had pleaded guilty to charges of conspiracgy to eliminate competition and raise priceas for moving freight between the continental United State andPuerto Rico. The sentences ranged from seven to 34 InApril 2008, federal officials raided the offices of Horizojn Lines and two other shipperas as part of an investigation of pricing practices on Puertop Rico routes. Four shipping companies control almosf all of the traffic on the routes toPuertpo Rico. The routes are subject to U.S. law that restrictz shipping betweenthe U.S. mainlandd and markets such as Hawaii and Puerto Rico to carriers that are whollty ownedby U.S. corporations.
Severak class-action lawsuits relating to ocean-shipping services in the Hawaioi and Guam tradelanes and the Alaska tradelanwe have been filed againstHorizon Lines. The company says it intendx to vigorously defend itself against those HorizonLines (NYSE:HRZ) is base in Charlotte. The company operates a fleet of U.S.-flag containershipws and port terminals linking the mainland United Stateato Alaska, Hawaii, Puerto Rico, Guam and
Monday, December 24, 2012
Struever Bros. Eccles & Rouse stops work on Baltimore projects - Business First of Buffalo:
bakakinkorypon.blogspot.com
It’s part of the prolific and nationallyhknown builder’s decision to ride out the recessionn as a for-fee consultant and contractor and extendse to most of its projects from New England to Nortjh Carolina, company CEO C. William “Bill” Struever Struever, who pioneered the idea of Baltimore’s waterfron t as a “Digital and home for high-tech businesses, said he was forced into the positionb by mounting debts and the inability to borros money tofinance projects. Those conditions, he said, developed more quickly than he expected due to the economic downturn and nationwidecredit crunch. Baltimore-based Strueverd Bros.
has significantly reduced its work forcw in response to the and now employs fewer than100 people. “I’nm a joyful, ebullient, optimistic guy; that’sx why I’m in trouble,” Struevetr said. “I never would have guessed how hard it was goinf to be to get financinb forthose projects.” The company has amassefd more than $10 million in debts and loan according to court records, and like competitorzs in the downturn, it is having trouble raising money to fuel its developments.
Acrosws Baltimore, developers have put the brakesz on projects for a lack of financin g andmarket demand, including two plannedc skyscrapers along the Inner Harbor and severaol residential towers. For Struever Bros., those problems date back to its inabilit y to raise funds for a condominium projectg called the Olmstedin Baltimore’s Charles Village neighborhood. From there, the compangy developed a plan to raise money by bringing on equityh partners and sellingoff assets. But as the economy Struever Bros. found it was unable to attracynew partners.
And as the credit markets seized up, it found it couldn’rt find buyers for its properties or lenderws to borrow money or refinanceits debts. Thoss factors contributed to Struever Bros.’ decision last monthb to step down as an equityy partner inState Center, the $1.4 billiob planned redevelopment of a midtown Baltimore state offic complex. It also has reduced its stake ina $1.5 billiob Southwest Washington, D.C., waterfront redevelopment and is renegotiatint with H&S Properties Development Corp. its role in Harbor Harbor Point is a former chrome planyt on which Struever workedwith H&S Properties for nearly a decader to remake into a 1.
8 million-square-foot mixed-use The two firms spent more than $3 millionn preparing the site for development and an estimated $22.8 milliojn to build the first structure, a 240,000-square-foo t office building to be partially occupied by financiap firm Morgan Stanley. That building is slated for completion in the firstquarter 2010. Christopher H. H&S Properties’ assistant development manager, confirmed Strueverr Bros. is seeking a change from its role as equity partnere inthe project. He referres questions about those talksto H&S Properties Presidenft Michael S. Beatty, who could not be reachefd for comment.
Janian said H&S Properties still planxs to develop other parts of Harbor butthe project’s next two structures, a 350-unit apartment buildinf and a four-star Westin hotel, are on hold for at least two more years until the economy improves. Many of Struever Bros.’ projects involved bringing new businesses and jobs into the communitiea where theywere focused. Those include keepin g Legg Mason in Baltimore in a new headquartere atHarbor East, creating more office space at Harbodr Point for Morgan Stanley, and luriny Humanim from Howard County to the American Breweruy building in East Baltimore.
“They’ve done some wonderfuk projects thatI don’t know anybody else wouldc have done; certainly Clipper Mill comes to said Baltimore Development Corp. Presidengt M.J. “Jay” Brodie, who has known Struevetr since the 1970s whenStruever Bros. was a budding contracting firm and Brodiewas Baltimore’s housinb commissioner. “I know they’ve been struggling. I don’ty know what the end result will be.
It’s my hope that they survives this very difficult economic situatiobn because I think they can still do some good The move from developmentto fee-based work hasn’t been withour its heartbreak for Struever, regarded by former employees, colleague s and city officials as a visionary and leader of urban redevelopment projects. He relished his role taking on these projects such as State which featured many of the common element at other Struever projectsx likegreen building, transit-oriented urban redevelopment and job retention.
Struever said he expecta to complete work on all itsexisting projects, including the conversion of a formerd Overflo storage warehouse in Locust Point into new retail and showroom space for its marquee Tide Poinrt tenant, Under Armour Inc. But it does not expect to take on any new as either an equity partner or lead and Struever is instead focusinbg on working with its creditors and paying downits “I’m getting projects finished and people paid. Nighrt and day, that’s my No. 1 priority,” Struever said. “I feel in my hearft the obligation to getpeople paid.” It’sz not the first recession Struever said he has been through.
But he said it is the deepesgt he’s seen, and he’s hoping his firm can once again survive the recessioj by stepping out of the development business and focusin gon fee-based work consultingg and contracting for developers in better financial In that role, Struever Bros. will serve as a consultant to the new Stated Centerdevelopment team. It is also servinfg as a contractor to the Nationalp Aquarium in Baltimore for its Middles Branchexpansion project. Struever said he hopes to avoid bankruptcu by running a leaner company. “It’s tough times, and there’s no he said.
Through layoffs or resignations, the ranks of Struever employees has dwindled from more than 350 employees fewe rthan 100. It’s lost several key members of itsdevelopment team, including Fran Weld, who oversaw the company’ s sustainability and preservation initiatives, and Tim Pryor, a developmenrt director overseeing Struever Bros.’ now-tabled plans to expand Tide Point. Dominic Wiker left Struever inNovember 2007, after five yearx handling development projects includingg Charles Center and the ill-fated formef Olmsted condominium project in Charlese Village. Struever Bros.
halted the Olmsted projectg whenthe city’s condominiumn market slumped, and the company sold the property to Johns Hopkins University for $12.5 million May 7. Wikerr now works for Pikesvillse developer Mark Sapperstein on the redevelopment of McHenrhy Row inLocust Point. He has kept an eye on the compangy sincehe left, and said he hopes Struevefr Bros. is able to recover from its financial challenges. “It was a tremendously exciting experience; it’s just a great learning Wiker said. “Bill undertook some very challengingt projects.
They were challenginhg even in the bestof
It’s part of the prolific and nationallyhknown builder’s decision to ride out the recessionn as a for-fee consultant and contractor and extendse to most of its projects from New England to Nortjh Carolina, company CEO C. William “Bill” Struever Struever, who pioneered the idea of Baltimore’s waterfron t as a “Digital and home for high-tech businesses, said he was forced into the positionb by mounting debts and the inability to borros money tofinance projects. Those conditions, he said, developed more quickly than he expected due to the economic downturn and nationwidecredit crunch. Baltimore-based Strueverd Bros.
has significantly reduced its work forcw in response to the and now employs fewer than100 people. “I’nm a joyful, ebullient, optimistic guy; that’sx why I’m in trouble,” Struevetr said. “I never would have guessed how hard it was goinf to be to get financinb forthose projects.” The company has amassefd more than $10 million in debts and loan according to court records, and like competitorzs in the downturn, it is having trouble raising money to fuel its developments.
Acrosws Baltimore, developers have put the brakesz on projects for a lack of financin g andmarket demand, including two plannedc skyscrapers along the Inner Harbor and severaol residential towers. For Struever Bros., those problems date back to its inabilit y to raise funds for a condominium projectg called the Olmstedin Baltimore’s Charles Village neighborhood. From there, the compangy developed a plan to raise money by bringing on equityh partners and sellingoff assets. But as the economy Struever Bros. found it was unable to attracynew partners.
And as the credit markets seized up, it found it couldn’rt find buyers for its properties or lenderws to borrow money or refinanceits debts. Thoss factors contributed to Struever Bros.’ decision last monthb to step down as an equityy partner inState Center, the $1.4 billiob planned redevelopment of a midtown Baltimore state offic complex. It also has reduced its stake ina $1.5 billiob Southwest Washington, D.C., waterfront redevelopment and is renegotiatint with H&S Properties Development Corp. its role in Harbor Harbor Point is a former chrome planyt on which Struever workedwith H&S Properties for nearly a decader to remake into a 1.
8 million-square-foot mixed-use The two firms spent more than $3 millionn preparing the site for development and an estimated $22.8 milliojn to build the first structure, a 240,000-square-foo t office building to be partially occupied by financiap firm Morgan Stanley. That building is slated for completion in the firstquarter 2010. Christopher H. H&S Properties’ assistant development manager, confirmed Strueverr Bros. is seeking a change from its role as equity partnere inthe project. He referres questions about those talksto H&S Properties Presidenft Michael S. Beatty, who could not be reachefd for comment.
Janian said H&S Properties still planxs to develop other parts of Harbor butthe project’s next two structures, a 350-unit apartment buildinf and a four-star Westin hotel, are on hold for at least two more years until the economy improves. Many of Struever Bros.’ projects involved bringing new businesses and jobs into the communitiea where theywere focused. Those include keepin g Legg Mason in Baltimore in a new headquartere atHarbor East, creating more office space at Harbodr Point for Morgan Stanley, and luriny Humanim from Howard County to the American Breweruy building in East Baltimore.
“They’ve done some wonderfuk projects thatI don’t know anybody else wouldc have done; certainly Clipper Mill comes to said Baltimore Development Corp. Presidengt M.J. “Jay” Brodie, who has known Struevetr since the 1970s whenStruever Bros. was a budding contracting firm and Brodiewas Baltimore’s housinb commissioner. “I know they’ve been struggling. I don’ty know what the end result will be.
It’s my hope that they survives this very difficult economic situatiobn because I think they can still do some good The move from developmentto fee-based work hasn’t been withour its heartbreak for Struever, regarded by former employees, colleague s and city officials as a visionary and leader of urban redevelopment projects. He relished his role taking on these projects such as State which featured many of the common element at other Struever projectsx likegreen building, transit-oriented urban redevelopment and job retention.
Struever said he expecta to complete work on all itsexisting projects, including the conversion of a formerd Overflo storage warehouse in Locust Point into new retail and showroom space for its marquee Tide Poinrt tenant, Under Armour Inc. But it does not expect to take on any new as either an equity partner or lead and Struever is instead focusinbg on working with its creditors and paying downits “I’m getting projects finished and people paid. Nighrt and day, that’s my No. 1 priority,” Struever said. “I feel in my hearft the obligation to getpeople paid.” It’sz not the first recession Struever said he has been through.
But he said it is the deepesgt he’s seen, and he’s hoping his firm can once again survive the recessioj by stepping out of the development business and focusin gon fee-based work consultingg and contracting for developers in better financial In that role, Struever Bros. will serve as a consultant to the new Stated Centerdevelopment team. It is also servinfg as a contractor to the Nationalp Aquarium in Baltimore for its Middles Branchexpansion project. Struever said he hopes to avoid bankruptcu by running a leaner company. “It’s tough times, and there’s no he said.
Through layoffs or resignations, the ranks of Struever employees has dwindled from more than 350 employees fewe rthan 100. It’s lost several key members of itsdevelopment team, including Fran Weld, who oversaw the company’ s sustainability and preservation initiatives, and Tim Pryor, a developmenrt director overseeing Struever Bros.’ now-tabled plans to expand Tide Point. Dominic Wiker left Struever inNovember 2007, after five yearx handling development projects includingg Charles Center and the ill-fated formef Olmsted condominium project in Charlese Village. Struever Bros.
halted the Olmsted projectg whenthe city’s condominiumn market slumped, and the company sold the property to Johns Hopkins University for $12.5 million May 7. Wikerr now works for Pikesvillse developer Mark Sapperstein on the redevelopment of McHenrhy Row inLocust Point. He has kept an eye on the compangy sincehe left, and said he hopes Struevefr Bros. is able to recover from its financial challenges. “It was a tremendously exciting experience; it’s just a great learning Wiker said. “Bill undertook some very challengingt projects.
They were challenginhg even in the bestof
Sunday, December 23, 2012
Markets eke out small gains Wednesday - Pittsburgh Business Times:
ogarawo.wordpress.com
A cross-section of companies operating in Pittsburguh sawmixed results. Alcoa Inc., scheduled to release secondr quarter financials after themarket closed, triggeringt the beginning of corporate earnings season, manageds a small gain. Alcoa (NYSE:AA) was up 0.64 percenr to $9.97 per Allegheny Energy Inc. (NYSE:AYE), down 1.57 percent to $23.90o Allegheny Technologies Inc. (NYSE:ATI), down 2.07 percent to $32.1t American Eagle Outfitters Inc. (NYSE:AEO), down 1.24 percent to $13.076 Bank of New York Mellon (NYSE:BK), down 0.33 percent to $27.52 CONSOLp Energy Inc. (NYSE:CNX), up 0.20 percent to $29.8q Dick’s Sporting Goods (NYSE:DKS), down 0.12 percent to $16.
87 Federated Investors Inc. (NYSE:FII), down 1.00 percent to $22.798 H.J.Heinz Co. (NYSE:HNZ), up 0.08 percent to $35.867 Kennametal Inc. (NYSE:KMT), down 2.84 percent to $17.10 Koppers Holdingsd Inc. (NYSE:KOP), down 2.69 percent to $23.16 Mylann Inc. (Nasdaq:MYL), up 0.16 percent to $12.2e3 PNC Financial Services Group Inc. down 3.17 percent to $36.31 PPG Industries Inc. up 0.50 percent to $41.8e3 U.S. Steel Corp. (NYSE:X), down 3.57 percenty to $30.50 WABTEC Corp. (NYSE:WAB), down 0.59 percenft to $30.38 WESCO International Inc. down 0.56 percent to $23.
06
A cross-section of companies operating in Pittsburguh sawmixed results. Alcoa Inc., scheduled to release secondr quarter financials after themarket closed, triggeringt the beginning of corporate earnings season, manageds a small gain. Alcoa (NYSE:AA) was up 0.64 percenr to $9.97 per Allegheny Energy Inc. (NYSE:AYE), down 1.57 percent to $23.90o Allegheny Technologies Inc. (NYSE:ATI), down 2.07 percent to $32.1t American Eagle Outfitters Inc. (NYSE:AEO), down 1.24 percent to $13.076 Bank of New York Mellon (NYSE:BK), down 0.33 percent to $27.52 CONSOLp Energy Inc. (NYSE:CNX), up 0.20 percent to $29.8q Dick’s Sporting Goods (NYSE:DKS), down 0.12 percent to $16.
87 Federated Investors Inc. (NYSE:FII), down 1.00 percent to $22.798 H.J.Heinz Co. (NYSE:HNZ), up 0.08 percent to $35.867 Kennametal Inc. (NYSE:KMT), down 2.84 percent to $17.10 Koppers Holdingsd Inc. (NYSE:KOP), down 2.69 percent to $23.16 Mylann Inc. (Nasdaq:MYL), up 0.16 percent to $12.2e3 PNC Financial Services Group Inc. down 3.17 percent to $36.31 PPG Industries Inc. up 0.50 percent to $41.8e3 U.S. Steel Corp. (NYSE:X), down 3.57 percenty to $30.50 WABTEC Corp. (NYSE:WAB), down 0.59 percenft to $30.38 WESCO International Inc. down 0.56 percent to $23.
06
Wednesday, December 19, 2012
Rudolph, the red-nosed cautionary tale - Denver Post
sucujovide.wordpress.com
Rudolph, the red-nosed cautionary tale Denver Post Rudolph, the red-nosed cautionary tale. A serving of sports commentary each weekday come noontime. By Benjamin Hochman The Denver Postdenverpost.com. Posted: 12/18/2012 12:51:00 PM MST. December 18, 2012 7:55 PM GMTUpdated: 12/18/2012 ... |
Monday, December 17, 2012
Fresh off court win, Phoenix Coyotes look to defrost season-ticket sales - Jacksonville Business Journal:
erofeyporgrinin.blogspot.com
That includes a June 25 open houseat Jobing.com Arena in Glendale, where the team will promot partial season ticket plans. The has been runninv the Coyotes’ front office since May, when team ownetr Jerry Moyes put the team into Chapter 11bankruptcyy protection. On Monday, U.S. Bankruptcy Court Judge Redfieldc Baum ruled againsta $213 million sale of the team by Moyeds to Canadian billionaire Jim Balsillie, CEO of BlackBerry maker Research in Balsillie wanted to buy the Coyotezs and move the team to Hamilton, Ontario, but he set a June 29 deadlin e for the sale.
Baum said that did not allow enoughy time to resolve thehockey team’s bankruptcy and financwe issues, so he shot down the sale. Balsillie could return to the table with anothedr offerand timetable. The NHL is courting other possible new owners who woulds keep the teamin Glendale. The leagues has said it will finance the team intothe 2009-1p season if necessary. The Coyotes have lost more than $300 milliobn since moving to the Phoenix market in 1996from Winnipeg, The team’s bankruptcy and possible sale and move to Canada have prettyh much dried up ticket sales and renewals, NHL attorney s have acknowledged in Bankruptcy Court.
Sportw teams in general, including the Arizona Diamondbacks andPhoenicx Suns, are facing bearish ticket sales as consumers and businessesx curtail spending during the recession. Baum’sx recent ruling improved the chancezs of the Coyotes stayingin Glendale. The 2009-109 NHL preseason starts in September, and the regulaer season beginsin October. Bankruptcy Court filingw show the team averaged fewerthan 11,000 fans per game at the 17,900-seat Jobing.com Arena during the 2008-09 season. The season-ticket open housee will be 6 to9 p.m.
June 25 at the
That includes a June 25 open houseat Jobing.com Arena in Glendale, where the team will promot partial season ticket plans. The has been runninv the Coyotes’ front office since May, when team ownetr Jerry Moyes put the team into Chapter 11bankruptcyy protection. On Monday, U.S. Bankruptcy Court Judge Redfieldc Baum ruled againsta $213 million sale of the team by Moyeds to Canadian billionaire Jim Balsillie, CEO of BlackBerry maker Research in Balsillie wanted to buy the Coyotezs and move the team to Hamilton, Ontario, but he set a June 29 deadlin e for the sale.
Baum said that did not allow enoughy time to resolve thehockey team’s bankruptcy and financwe issues, so he shot down the sale. Balsillie could return to the table with anothedr offerand timetable. The NHL is courting other possible new owners who woulds keep the teamin Glendale. The leagues has said it will finance the team intothe 2009-1p season if necessary. The Coyotes have lost more than $300 milliobn since moving to the Phoenix market in 1996from Winnipeg, The team’s bankruptcy and possible sale and move to Canada have prettyh much dried up ticket sales and renewals, NHL attorney s have acknowledged in Bankruptcy Court.
Sportw teams in general, including the Arizona Diamondbacks andPhoenicx Suns, are facing bearish ticket sales as consumers and businessesx curtail spending during the recession. Baum’sx recent ruling improved the chancezs of the Coyotes stayingin Glendale. The 2009-109 NHL preseason starts in September, and the regulaer season beginsin October. Bankruptcy Court filingw show the team averaged fewerthan 11,000 fans per game at the 17,900-seat Jobing.com Arena during the 2008-09 season. The season-ticket open housee will be 6 to9 p.m.
June 25 at the
Sunday, December 16, 2012
Please Touch Museum displays big movie piano - Business Courier of Cincinnati:
sucujovide.wordpress.com
The “walking piano” used by Tom Hanks in the 1988movie “Big” will be on display starting next In the movie, Hanks and his futured boss (played by Robert Loggia) play the pian o by dancing on the keys of the lighted keyboard, on display in . “Thse movie as a whole and the piano scene in particulart captures the innocence and enthusiaskmof childhood,” said Nancy D. Kolb, president and CEO of the PleasseTouch Museum, which is at its new locationm in Memorial Hall.
“Much like a children’s museum, it is aboutt the joys of childhoodand how, as we grow we play less but we never completely lose that desire to be a kid We are delighted to be able to share the joy of the walking pianl with our visitors.” The walkiny piano has other Philadelphia It was the creation of Remo Saraceni, an Italian-bornb artist, engineer, and lighting designer whoswe company, Museum Interactive Technologies, is in Northern The walking piano is a gift of Joseph and Janetg Shein of Merion. It will used as part of the museum’sx annual Junior Jazz Festival.
— Petedr Van Allen Less than a year afte r announcing his retirement fromthe plaintiff’s class-actio n litigation firm he started more than two decades ago, Radnor-based , Richard Schiffrin has joined of Wilmington as of In 2007, Schiffrin served as co-counsel with Grant Eisenhofer in securing a $3.2 billioh settlement in a securitiez class action against . Tyco’es contribution of $2.975 billion is the largest singlee payment ever by a corporate defendant in asecurities case. Sincw retiring Schiffrin focused on teachingand writing, as well as workinv on political and philanthropixc interests..
Schiffrin said he had developed a rapport withGranft & Eisenhofer name partner Jay Eisenhofer. Gran t & Eisenhofer is currently representing investorsin class-action casex involving the subprime mortgagde meltdown and the Bernard Madoff Ponzi scheme. Schiffrin’s former firm is now known as . — Jeff Blumenthalp unveiled itslatest high-performance tennis racquet line, this one featurinb something called an “energy bridge.” The energy according to the Bordentown, Burlington County, suspends the racquets’ string bed from the frame and expans the racquet’s sweet spot.
Prince said becaused of the feature, buil t into its EX03 line, 77 percent of the string never come into contacg with theframe — allowing the strings to move more freely and reducing fram vibration. Prince said playersa testing the EX03 racquetsreporting “feeling” theid shots better, getting better spin on the shotzs and having more control and comfort with the swing. Roberto vice president of technology at Prince explained itthis way: “When a racquet and ball energy gets diffused causing players to lose some of the importanty attributes that make a greayt shot: power, precision, comfort and feel.
EXO3 changex all that by capturingmore energy, at impact, before it is and channeling it back into the ball on everty shot.” All that tech comes at a cost. The racquetsx come in four models ranging in pricedfrom $180 to $300. — John George
The “walking piano” used by Tom Hanks in the 1988movie “Big” will be on display starting next In the movie, Hanks and his futured boss (played by Robert Loggia) play the pian o by dancing on the keys of the lighted keyboard, on display in . “Thse movie as a whole and the piano scene in particulart captures the innocence and enthusiaskmof childhood,” said Nancy D. Kolb, president and CEO of the PleasseTouch Museum, which is at its new locationm in Memorial Hall.
“Much like a children’s museum, it is aboutt the joys of childhoodand how, as we grow we play less but we never completely lose that desire to be a kid We are delighted to be able to share the joy of the walking pianl with our visitors.” The walkiny piano has other Philadelphia It was the creation of Remo Saraceni, an Italian-bornb artist, engineer, and lighting designer whoswe company, Museum Interactive Technologies, is in Northern The walking piano is a gift of Joseph and Janetg Shein of Merion. It will used as part of the museum’sx annual Junior Jazz Festival.
— Petedr Van Allen Less than a year afte r announcing his retirement fromthe plaintiff’s class-actio n litigation firm he started more than two decades ago, Radnor-based , Richard Schiffrin has joined of Wilmington as of In 2007, Schiffrin served as co-counsel with Grant Eisenhofer in securing a $3.2 billioh settlement in a securitiez class action against . Tyco’es contribution of $2.975 billion is the largest singlee payment ever by a corporate defendant in asecurities case. Sincw retiring Schiffrin focused on teachingand writing, as well as workinv on political and philanthropixc interests..
Schiffrin said he had developed a rapport withGranft & Eisenhofer name partner Jay Eisenhofer. Gran t & Eisenhofer is currently representing investorsin class-action casex involving the subprime mortgagde meltdown and the Bernard Madoff Ponzi scheme. Schiffrin’s former firm is now known as . — Jeff Blumenthalp unveiled itslatest high-performance tennis racquet line, this one featurinb something called an “energy bridge.” The energy according to the Bordentown, Burlington County, suspends the racquets’ string bed from the frame and expans the racquet’s sweet spot.
Prince said becaused of the feature, buil t into its EX03 line, 77 percent of the string never come into contacg with theframe — allowing the strings to move more freely and reducing fram vibration. Prince said playersa testing the EX03 racquetsreporting “feeling” theid shots better, getting better spin on the shotzs and having more control and comfort with the swing. Roberto vice president of technology at Prince explained itthis way: “When a racquet and ball energy gets diffused causing players to lose some of the importanty attributes that make a greayt shot: power, precision, comfort and feel.
EXO3 changex all that by capturingmore energy, at impact, before it is and channeling it back into the ball on everty shot.” All that tech comes at a cost. The racquetsx come in four models ranging in pricedfrom $180 to $300. — John George
Thursday, December 13, 2012
Small business owners less likely to reinvest in companies as fiscal crisis nears - Fox News
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Small business owners less likely to reinvest in companies as fiscal crisis nears Fox News Small business owners less likely to reinvest in companies as fiscal crisis nears. By James Rosen. Published December 13, 2012. FoxNews.com. As President Obama and congressional Republicans wrangle over the terms of a deal to avert the so-called ... |
Wednesday, December 12, 2012
Haley plans private rooms for wounded vets - South Florida Business Journal:
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About $10 million will be used to renovate existinb ward space into private roomse suitable for polytrauma patients who suffered severe injuries serving in Iraqand Afghanistan, said a release from Rep. Kathy Castor, D-Tampa. Haleyt is the busiest of the nation’s four polytraumw hospitals, and private rooms are the standard in medical therelease said. Haley also is slatee to receiveabout $8.4 million to renovate and expand the Sterile Processing and Distribution which will make the Tampa hospital more efficient, the releasre said. Another $3 million in new fundinbg is planned to acquiree land for anew 500-space parkin g lot and to design and build it, the releaswe said.
“These initiatives will improve the quality of life for veteranws and their families atour nation’s busiest polytrauma hospital,” Castor said in the “At the same we are putting people to constructing parking lots and renovating buildings.” Castor also announced $384,0000 for planning and design work for a new missionm support facility at in Tampa, and $7 million for a new child development center at MacDill. The funding is include d in the Military Construction and Veterans Affairs Appropriations Act for fiscal 2010 and was approve d by the House of Representativeson Friday.
About $10 million will be used to renovate existinb ward space into private roomse suitable for polytrauma patients who suffered severe injuries serving in Iraqand Afghanistan, said a release from Rep. Kathy Castor, D-Tampa. Haleyt is the busiest of the nation’s four polytraumw hospitals, and private rooms are the standard in medical therelease said. Haley also is slatee to receiveabout $8.4 million to renovate and expand the Sterile Processing and Distribution which will make the Tampa hospital more efficient, the releasre said. Another $3 million in new fundinbg is planned to acquiree land for anew 500-space parkin g lot and to design and build it, the releaswe said.
“These initiatives will improve the quality of life for veteranws and their families atour nation’s busiest polytrauma hospital,” Castor said in the “At the same we are putting people to constructing parking lots and renovating buildings.” Castor also announced $384,0000 for planning and design work for a new missionm support facility at in Tampa, and $7 million for a new child development center at MacDill. The funding is include d in the Military Construction and Veterans Affairs Appropriations Act for fiscal 2010 and was approve d by the House of Representativeson Friday.
Tuesday, December 11, 2012
Wilber Corp. reports dip in 1Q earnings - The Business Review (Albany):
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The Oneonta-based parent of had net incom eof $1.07 million, or 10 cents a share, for the threed months ended March 31. This compares to net income of $1.4 million, or 14 cents a share, a year Douglas Gulotty, president of Wilbere (AMEX: GIW) said the decrease in earnings was due primarilt toa $975,000 increase in the bank’s provisiohn for loan losses. It put asidee $1.2 million for bad credits during the comparedto $225,000 in the first quarter of 2008. Gulottty said potential problem loans increaseffrom $16.1 million at Dec. 31 to $20.9 million on March 31. The loan portfolio as a whole has also been thanks in partto Wilber’s expansionh into the Albany, N.Y.
, and Syracuse markets. Gros s loans averaged $593.6 million during the first quarter of comparedto $447.5 million a year earlier. Total depositx grew by 12 to $801 million. Wilber has an office in Halfmoon and a loan production office in Clifton Its unit, which is based in Clifton also has offices in Latham and Niskayuna.
The Oneonta-based parent of had net incom eof $1.07 million, or 10 cents a share, for the threed months ended March 31. This compares to net income of $1.4 million, or 14 cents a share, a year Douglas Gulotty, president of Wilbere (AMEX: GIW) said the decrease in earnings was due primarilt toa $975,000 increase in the bank’s provisiohn for loan losses. It put asidee $1.2 million for bad credits during the comparedto $225,000 in the first quarter of 2008. Gulottty said potential problem loans increaseffrom $16.1 million at Dec. 31 to $20.9 million on March 31. The loan portfolio as a whole has also been thanks in partto Wilber’s expansionh into the Albany, N.Y.
, and Syracuse markets. Gros s loans averaged $593.6 million during the first quarter of comparedto $447.5 million a year earlier. Total depositx grew by 12 to $801 million. Wilber has an office in Halfmoon and a loan production office in Clifton Its unit, which is based in Clifton also has offices in Latham and Niskayuna.
Sunday, December 9, 2012
Brinker's death won't end lawsuit with business partner - Dallas Business Journal:
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Attorney Larry Friedman, who represents Brinker and his Toni, in the lawsuit against commercial property managetr Ralph Isenberg and hisvarioux interests, said issues raised in the suit remain The lawsuit Friedman filedd on behalf of Brinker allegea that Isenberg, the general partner in 15 limitedf partnerships in which Brinker, Isenberg and otherws held ownership interests, mismanaged the operationsd of the partnerships, then refused to releaswe documents about them. “The issur in the lawsuit remains the Friedman said.
“The general partner has the duty to open the bookss and records to each andevert partner, and it becomes more apparengt as each day goes by that, without this general partner has something to hide.” Isenberg claimed in a suit of his own that Brinkefr suffered short-term memory making him incapable of conducting his own businessz and legal affairs or naming others to act in his Isenberg also said that Brinker, his wife, Toni and others Norman Brinker appointed to act on his behalf made undulyh burdensome demands for records. Isenberg, contactee Tuesday, said it’s too soon to discusz the possible implicationsof Brinker’s deatyh on the lawsuit or the partnerships.
“It’s inappropriatde given that everybody involved in this matter needa an opportunityto mourn,” Isenberg said. The partnerships at issuwe in the lawsuits do not involveBrinkef restaurants, but include North Texads properties such as the Bank Tower at Oak Clifr at 400 S. Zang Blvd. and smaller shopping centersa andoffice buildings, mostly in South Dallas. The partnershipxs hold real estate assets worthabout $70 according to court documents.
Attorney Larry Friedman, who represents Brinker and his Toni, in the lawsuit against commercial property managetr Ralph Isenberg and hisvarioux interests, said issues raised in the suit remain The lawsuit Friedman filedd on behalf of Brinker allegea that Isenberg, the general partner in 15 limitedf partnerships in which Brinker, Isenberg and otherws held ownership interests, mismanaged the operationsd of the partnerships, then refused to releaswe documents about them. “The issur in the lawsuit remains the Friedman said.
“The general partner has the duty to open the bookss and records to each andevert partner, and it becomes more apparengt as each day goes by that, without this general partner has something to hide.” Isenberg claimed in a suit of his own that Brinkefr suffered short-term memory making him incapable of conducting his own businessz and legal affairs or naming others to act in his Isenberg also said that Brinker, his wife, Toni and others Norman Brinker appointed to act on his behalf made undulyh burdensome demands for records. Isenberg, contactee Tuesday, said it’s too soon to discusz the possible implicationsof Brinker’s deatyh on the lawsuit or the partnerships.
“It’s inappropriatde given that everybody involved in this matter needa an opportunityto mourn,” Isenberg said. The partnerships at issuwe in the lawsuits do not involveBrinkef restaurants, but include North Texads properties such as the Bank Tower at Oak Clifr at 400 S. Zang Blvd. and smaller shopping centersa andoffice buildings, mostly in South Dallas. The partnershipxs hold real estate assets worthabout $70 according to court documents.
Saturday, December 8, 2012
Special ratings: Socioeconomic climate - Business First of Buffalo:
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Among them is socioeconomic Aim: Find districts where students enjoy the highestr standardsof living. Formula: Each distric is rated in threer categories: (1) share of students eligibled for freeor reduced-pricw lunch, (2) youth poverty rate, and (3) district wealthy ratio, a measure of propertu and income wealth. The best scores go to districtds with high wealth ratios and low percentages for free lunch and poverty. Note: Socioeconomic climate is a key componen ineach district's achievement index, which will be released laterf this week.
Rankings: Districts are rankedf on a five-star scale from most affluenrt (which receive five stars) to least affluent (one Each district's socioeconomic climater rating is included in its profil in the printed version ofBusiness First'sx 2009-2010 Guide to Western New York Schools. Leader: Williamsvillee is the most comfortablew school system in WesternNew York. It's one of four districtzs where fewer than 10 percent of students are eligible for free and its youth poverty rateof 4.8 percen is the second-lowest in the region. • 1. Williamsvilld • 2. East Aurora • 3. Orchard Park • 4. Clarence • 5. Amhers • 6. Iroquois • 7.
Lewiston-Porter • 8. Ellicottville 9. Grand Island • 10. Hamburg • 11. Lancaster • 12. Starpoint
Among them is socioeconomic Aim: Find districts where students enjoy the highestr standardsof living. Formula: Each distric is rated in threer categories: (1) share of students eligibled for freeor reduced-pricw lunch, (2) youth poverty rate, and (3) district wealthy ratio, a measure of propertu and income wealth. The best scores go to districtds with high wealth ratios and low percentages for free lunch and poverty. Note: Socioeconomic climate is a key componen ineach district's achievement index, which will be released laterf this week.
Rankings: Districts are rankedf on a five-star scale from most affluenrt (which receive five stars) to least affluent (one Each district's socioeconomic climater rating is included in its profil in the printed version ofBusiness First'sx 2009-2010 Guide to Western New York Schools. Leader: Williamsvillee is the most comfortablew school system in WesternNew York. It's one of four districtzs where fewer than 10 percent of students are eligible for free and its youth poverty rateof 4.8 percen is the second-lowest in the region. • 1. Williamsvilld • 2. East Aurora • 3. Orchard Park • 4. Clarence • 5. Amhers • 6. Iroquois • 7.
Lewiston-Porter • 8. Ellicottville 9. Grand Island • 10. Hamburg • 11. Lancaster • 12. Starpoint
Friday, December 7, 2012
Nixon, Quinn push Biden, LaHood for high-speed rail - Kansas City Business Journal:
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In April, Nixon and Quinn, along with six othe r Midwestern governors, to LaHood asking him to supporgt plans for rail corridors between cities intheire states, including St. Louis to Chicago and St. Louisw to Kansas City. Illinois has completefd an environmental impact statement forthe Chicago-St. Louid corridor. “Missouri and our partner stateas in the already have a competitive advantage because we have been workinf on this rail initiativde for more than a Nixon said in a statemeny afterthe roundtable.
“I reiterater our strong position to Vice President Bideb today while we discussed the viability of high speed rail The White House and the have said they woulxd from the American Recovery andReinvestmentr Act, and $1 billiohn a year for five years as a down paymen to develop a passenger rail The other governors at the meetinhg were Jim Doyle of Jennifer Granholm of Michigan, Tim Kaine of Virginia, Deval Patrickl of Massachusetts, Sonny Perdue of Georgia and Ed Rendelpl of Pennsylvania.
In April, Nixon and Quinn, along with six othe r Midwestern governors, to LaHood asking him to supporgt plans for rail corridors between cities intheire states, including St. Louis to Chicago and St. Louisw to Kansas City. Illinois has completefd an environmental impact statement forthe Chicago-St. Louid corridor. “Missouri and our partner stateas in the already have a competitive advantage because we have been workinf on this rail initiativde for more than a Nixon said in a statemeny afterthe roundtable.
“I reiterater our strong position to Vice President Bideb today while we discussed the viability of high speed rail The White House and the have said they woulxd from the American Recovery andReinvestmentr Act, and $1 billiohn a year for five years as a down paymen to develop a passenger rail The other governors at the meetinhg were Jim Doyle of Jennifer Granholm of Michigan, Tim Kaine of Virginia, Deval Patrickl of Massachusetts, Sonny Perdue of Georgia and Ed Rendelpl of Pennsylvania.
Wednesday, December 5, 2012
Judge sets Statler auction - Portland Business Journal:
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U.S. Bankruptcy Judge Carl chief of the Westernj District ofNew York, ordered bids for the downtownj Buffalo landmark be submitted by July 9, with an auctionh to be held on July 14 but only if two or more bids are Bucki will consider the bids and auctio results during a July 21 sale hearing and statux report. The auction could seal the fate of the Statler and ultimately remove LLC and its British investorBashar Issa, from owning the building. Issa is facing legal and financial issues both in Buffaloland Manchester, England. Bucki said he expects the transaction to be completedc by the endof July.
The auctiob was disputed in a last minutd filing made late Wednesday morning by attorneysrepresenting Issa’s father, Mohmoudd Al Issa, who holdss a $4.5 million mortgagw on the property. Mohmoud Al a Jordan resident and businessman, was not “We don’t disagree that the property needs tobe sold, but not done so in such a hurr y up manor,” argued Mohmoud Al Issa’as attorney, Raymond Fink, a partner in . “Ther question is whether this is the best way todo it. This is a hurrh up and a ‘Hail Mary.’ “ Fink allegee that the elder Issa has invested morethan $12 milliohn in Statler-related expenses durinvg the past three years.
“My client has more at staker in this venture than anyother creditor,” Fink But, with debts mounting and its tenant roll dwindling and revenude sources shrinking, attorneys representing the court-appointe trustee, said the sale is necessart to stabilize the Statler. “It wasn’t the trustee who failex to adequately capitalizethis building,” said Garruy Graber, a partner with . Grabert said when Bashar Issa bought the Statletr threeyears ago, the nearly 600,000-square-foot buildiny was more than 50 percent occupied.
Today, it has less than a 20 percengt occupancy rate and lost anancho tenant, the law firm of , who left for Main Plac e Tower because of the building’s uncertain ownershipo and future. The Statler, according to previous courtr testimony, is losing more than $80,000o a month. BSC Development Buffalo LLC has mounting debts includintg owing the City of Buffalo and Erie Countg morethan $200,000 in unpaid property taxesz with another $200,000 due on June 30. Graberr said to hire a professional auctioneer to marke t the Statler wouldcost $45,000 – money the Statledr does not have in its bank “We don’t disagree that this is a ‘Hail Graber said.
“That’s exactly what it is. This is about not anything else. Bashar Issa can’t financ the building and his father doesn’t want to.” Severao groups have expressed an interest in the Statler includinbg Long Island developerUri Kaufman, who is consideringy making a bid and converting the bulk of the buildinfg into apartments. The building’s anchor tenant, Park Lane would remain and continue with itsbusiness operations. The Park Lane has more than 200 eventes booked in the Statler in the coming months and It remains infull However, Wednesday morning, it also filed a $1.299 million claim against BSC Developmentr Buffalo LLC.
“The Park Lane is one of the last tenantasleft standing,” said David Pfalzgraf Jr., the Park Lane’es attorney. “They are very concerned, every day, about the utilities.” The auctiomn is the latest in a long seriexs of legal proceedings against BSC Developmen Buffalo LLC and against both in Buffaloand
U.S. Bankruptcy Judge Carl chief of the Westernj District ofNew York, ordered bids for the downtownj Buffalo landmark be submitted by July 9, with an auctionh to be held on July 14 but only if two or more bids are Bucki will consider the bids and auctio results during a July 21 sale hearing and statux report. The auction could seal the fate of the Statler and ultimately remove LLC and its British investorBashar Issa, from owning the building. Issa is facing legal and financial issues both in Buffaloland Manchester, England. Bucki said he expects the transaction to be completedc by the endof July.
The auctiob was disputed in a last minutd filing made late Wednesday morning by attorneysrepresenting Issa’s father, Mohmoudd Al Issa, who holdss a $4.5 million mortgagw on the property. Mohmoud Al a Jordan resident and businessman, was not “We don’t disagree that the property needs tobe sold, but not done so in such a hurr y up manor,” argued Mohmoud Al Issa’as attorney, Raymond Fink, a partner in . “Ther question is whether this is the best way todo it. This is a hurrh up and a ‘Hail Mary.’ “ Fink allegee that the elder Issa has invested morethan $12 milliohn in Statler-related expenses durinvg the past three years.
“My client has more at staker in this venture than anyother creditor,” Fink But, with debts mounting and its tenant roll dwindling and revenude sources shrinking, attorneys representing the court-appointe trustee, said the sale is necessart to stabilize the Statler. “It wasn’t the trustee who failex to adequately capitalizethis building,” said Garruy Graber, a partner with . Grabert said when Bashar Issa bought the Statletr threeyears ago, the nearly 600,000-square-foot buildiny was more than 50 percent occupied.
Today, it has less than a 20 percengt occupancy rate and lost anancho tenant, the law firm of , who left for Main Plac e Tower because of the building’s uncertain ownershipo and future. The Statler, according to previous courtr testimony, is losing more than $80,000o a month. BSC Development Buffalo LLC has mounting debts includintg owing the City of Buffalo and Erie Countg morethan $200,000 in unpaid property taxesz with another $200,000 due on June 30. Graberr said to hire a professional auctioneer to marke t the Statler wouldcost $45,000 – money the Statledr does not have in its bank “We don’t disagree that this is a ‘Hail Graber said.
“That’s exactly what it is. This is about not anything else. Bashar Issa can’t financ the building and his father doesn’t want to.” Severao groups have expressed an interest in the Statler includinbg Long Island developerUri Kaufman, who is consideringy making a bid and converting the bulk of the buildinfg into apartments. The building’s anchor tenant, Park Lane would remain and continue with itsbusiness operations. The Park Lane has more than 200 eventes booked in the Statler in the coming months and It remains infull However, Wednesday morning, it also filed a $1.299 million claim against BSC Developmentr Buffalo LLC.
“The Park Lane is one of the last tenantasleft standing,” said David Pfalzgraf Jr., the Park Lane’es attorney. “They are very concerned, every day, about the utilities.” The auctiomn is the latest in a long seriexs of legal proceedings against BSC Developmen Buffalo LLC and against both in Buffaloand
Tuesday, December 4, 2012
American Bio Medica secures $1.5M credit line - Philadelphia Business Journal:
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The 3-year agreement with New York City-based provides Americanm Bio Medica (Nasdaq: ABMC) with a $1.5 millionm revolving line of credit. This line replaces one of the N.Y. drug-test kit manufacturer’s previous credit facilities with . That line was for up to About $650,000 of the proceeds from the new line have been used to repagFirst Niagara, which is based in N.Y. The rest will be used to providse American Bio Medica with increased liquidity for generalcorporat purposes, including working capital.
“Given the currenf status of thefinancial markets, we are pleased with the completiob of this refinancing, and we appreciate the support provided by Rosenthal and Rosenthal, enabling us to increase the size of our line of credit facility,” said Stan Cipkowski, CEO of American Bio “The additional borrowing capacity will provider the company with access to capital resource enabling us to weather these difficult economic as well as provide resources for our anticipated growtu in the eventual recovery.” He said the company now will focuxs on obtaining new loans to replac its current term note and real estate mortgage with Firsyt Niagara.
Those credits total about $1 million.
The 3-year agreement with New York City-based provides Americanm Bio Medica (Nasdaq: ABMC) with a $1.5 millionm revolving line of credit. This line replaces one of the N.Y. drug-test kit manufacturer’s previous credit facilities with . That line was for up to About $650,000 of the proceeds from the new line have been used to repagFirst Niagara, which is based in N.Y. The rest will be used to providse American Bio Medica with increased liquidity for generalcorporat purposes, including working capital.
“Given the currenf status of thefinancial markets, we are pleased with the completiob of this refinancing, and we appreciate the support provided by Rosenthal and Rosenthal, enabling us to increase the size of our line of credit facility,” said Stan Cipkowski, CEO of American Bio “The additional borrowing capacity will provider the company with access to capital resource enabling us to weather these difficult economic as well as provide resources for our anticipated growtu in the eventual recovery.” He said the company now will focuxs on obtaining new loans to replac its current term note and real estate mortgage with Firsyt Niagara.
Those credits total about $1 million.
Monday, December 3, 2012
Brokers cautious, but still optimistic - Washington Business Journal:
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Commercial insurance carriers and agentin Denver, and their clients, are feeling the effects of the recession. “The major drivers of insurance premiumxsare payroll, revenue, property value, vehiclea and headcount. All of thoss have gotten hit,” said Todd Michel, senior vice presidentt in the Denver officeof LLC, a commercialp insurance and risk management consultancy. Colorado’sz construction industry, which has had a sizeable drop in payrollds duringthe downturn, is a particular area of concernb for insurers.
Rich Rogers, Southwesrt regional president for property and casualthy carrierin Denver, said compensation and general liability coveragexs make up a significanft portion of his company’s premiums. So declining constructioh payrolls can hurthis business. “We are stillp writing new accountsin construction, but opportunities have been slowed down by the he said. Despite the bad economy, carriers and agents in Denvef see reasonsfor hope. One is the stabilizint rate environment for property andcasualty (P&C) insurance.
According to the Counci of Insurance Agents and Brokers rates for all typesof P&C insurancre have declined steeply since 2001, putting pressure on premiumsz and commissions. Now that trend is beginninh to moderate: Rates declineed by 5.1 percent in the first quarte of 2009, versus a decline of 13.5 percenrt for the same periodin 2008. “If we have hit the bottomn of this cycle, all of the insurancde agent communitywill rejoice,” said Ed Harrington, CFO of Denve broker and risk management consultancy . But the downturmn also has created new opportunities for local insurance as corporate clients of all types revisittheir policies, looking to control costs.
On one hand, this wave of cost-cuttinfg poses a challenge to the industry. As one broke r noted in the CIAB’s first-quarter market survey on the commercial P&C sector, “Thed crisis … has diminishesd consumer funds available to spendon insurance.” From another though, the trend toward cost controlk means some insurance firme are seeing opportunities to capture business that may not have existec previously, since companies looking to maximizee value from their insurance spending may switch carriers or The widely publicized problems at AIG and ratingw downgrades of other major providers also have playerd a role, as more customerx have grown cautious about their carriers’ financiap stability.
According to Travelers’ Rogers, “Our new applicatio n flows aredefinitely up, which means ther e is some activity being driven by clientds needing to get their costs down and ensurew that they’re with a financially stable company.” The drivr to reduce expenses also has generated activitu on the employee-benefits side. Colorado insurers have seen increased demanxfor less-expensive options, such as high-deductible health care plans, which enable employere to reduce premium costzs and potentially decrease employees’ monthly payrollp deductions. Higher out-of-pocket costs for employees can be partially managed through tax-shielded health savings accounts.
“There’e more demand for innovative approaches that enable organizations to offer comprehensivd benefits programs to employees at areasonable price,” said Michael Faughnan, senior vice president with Consulting, an employed benefits and HR programws specialist in Denver. There’s also more interest in wellnesxs programs, which aim to reduce long-term health costs to employersz and their work forces by identifying and managing employeehealtb risks. Voluntary life and disability coverage products have grownas well.
Employer cost-cutting has helped resultsz for these lines since companies are looking for ways to offefr enhanced benefits without incurringadditionaol costs, according to Gary Keating, regional manager of the Denver Grou p benefits office for , a large seller of group disability insurance. Voluntary coverag e options can be offered to consumersx at discounted rates through their with the employee paying the cost of the Also helping sales has been the uncertainthy surrounding the potential evolution of thehealtn care-insurance industry in the next several
Commercial insurance carriers and agentin Denver, and their clients, are feeling the effects of the recession. “The major drivers of insurance premiumxsare payroll, revenue, property value, vehiclea and headcount. All of thoss have gotten hit,” said Todd Michel, senior vice presidentt in the Denver officeof LLC, a commercialp insurance and risk management consultancy. Colorado’sz construction industry, which has had a sizeable drop in payrollds duringthe downturn, is a particular area of concernb for insurers.
Rich Rogers, Southwesrt regional president for property and casualthy carrierin Denver, said compensation and general liability coveragexs make up a significanft portion of his company’s premiums. So declining constructioh payrolls can hurthis business. “We are stillp writing new accountsin construction, but opportunities have been slowed down by the he said. Despite the bad economy, carriers and agents in Denvef see reasonsfor hope. One is the stabilizint rate environment for property andcasualty (P&C) insurance.
According to the Counci of Insurance Agents and Brokers rates for all typesof P&C insurancre have declined steeply since 2001, putting pressure on premiumsz and commissions. Now that trend is beginninh to moderate: Rates declineed by 5.1 percent in the first quarte of 2009, versus a decline of 13.5 percenrt for the same periodin 2008. “If we have hit the bottomn of this cycle, all of the insurancde agent communitywill rejoice,” said Ed Harrington, CFO of Denve broker and risk management consultancy . But the downturmn also has created new opportunities for local insurance as corporate clients of all types revisittheir policies, looking to control costs.
On one hand, this wave of cost-cuttinfg poses a challenge to the industry. As one broke r noted in the CIAB’s first-quarter market survey on the commercial P&C sector, “Thed crisis … has diminishesd consumer funds available to spendon insurance.” From another though, the trend toward cost controlk means some insurance firme are seeing opportunities to capture business that may not have existec previously, since companies looking to maximizee value from their insurance spending may switch carriers or The widely publicized problems at AIG and ratingw downgrades of other major providers also have playerd a role, as more customerx have grown cautious about their carriers’ financiap stability.
According to Travelers’ Rogers, “Our new applicatio n flows aredefinitely up, which means ther e is some activity being driven by clientds needing to get their costs down and ensurew that they’re with a financially stable company.” The drivr to reduce expenses also has generated activitu on the employee-benefits side. Colorado insurers have seen increased demanxfor less-expensive options, such as high-deductible health care plans, which enable employere to reduce premium costzs and potentially decrease employees’ monthly payrollp deductions. Higher out-of-pocket costs for employees can be partially managed through tax-shielded health savings accounts.
“There’e more demand for innovative approaches that enable organizations to offer comprehensivd benefits programs to employees at areasonable price,” said Michael Faughnan, senior vice president with Consulting, an employed benefits and HR programws specialist in Denver. There’s also more interest in wellnesxs programs, which aim to reduce long-term health costs to employersz and their work forces by identifying and managing employeehealtb risks. Voluntary life and disability coverage products have grownas well.
Employer cost-cutting has helped resultsz for these lines since companies are looking for ways to offefr enhanced benefits without incurringadditionaol costs, according to Gary Keating, regional manager of the Denver Grou p benefits office for , a large seller of group disability insurance. Voluntary coverag e options can be offered to consumersx at discounted rates through their with the employee paying the cost of the Also helping sales has been the uncertainthy surrounding the potential evolution of thehealtn care-insurance industry in the next several
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