grachevakautawil.blogspot.com
The Cambridge, Mass.-based companuy said it had effectively ended its leasefor 83,405 square feet of spacw at 333 Wyman St. in Waltham. The leas e is slated to end by Nov. 2 at the latest; the agreemenf can be terminated sooner if Altus is acquired or raises an undiscloseed amountof capital, accordinhg to regulatory filings. Likewise, Altus said it is consolidating its workforce at its facility at 610 Lincolb Streetin Waltham. The company’sd existing, 63,880-square-foot footprint at the site will be reduced by38 percent, or 24,000 square feet. Altus will also receive a correspondinh reduction inrental expenses.
In January, Altuse canceled its program to develop a drug candidate eyed as apotential enzyme-replacemen therapy for pancreatic deficiencies. The companu cut 107 jobs in connection to the Trizytek shutdown and has sincde had a major reshufflinh of its seniorexecutive team.
Sunday, October 30, 2011
Friday, October 28, 2011
Lupica: Madoff reminds us why protesters exist - New York Daily News
fugowirik.wordpress.com
New York Daily News | Lupica: Madoff reminds us why protesters exist New York Daily News Now we are expected to believe that Bernie Madoff, once a star of the one-percenters, could run the kind of elaborate Ponzi scheme he did and steal billions under the nose of the SEC, but not know how many sleeping pills he and his wife needed to take ... |
Tuesday, October 25, 2011
Aldila's VS Proto helps Insperity champ win on Champions Tour - WorldGolf.com
aryrej.wordpress.com
Aldila's VS Proto helps Insperity champ win on Champions Tour WorldGolf.com With the help of Aldila's VS Proto shafts in his hybrids, the winner of the rain-shortened Insperity Championship posted his first victory on the Champions Tour. He finished the second round with a 7-under 65 for a one-stroke lead as the field headed ... |
Sunday, October 23, 2011
Village Homes reaches deal to sell houses again - Denver Business Journal:
vykyvimote.wordpress.com
In recent weeks, Villaged Homes of Greenwood Village and its lendef group headed by Guaranty Bank of Dallas have agreede to an interim settlementof long-standinyg differences related to home sales. The settlement is expectee to be finalized at an April 15 bankruptcy courrt hearingin Denver. “This is reallyh kind of an interim measure to allow us to get back more to business as usual,” said Matt Osborn, newly appointed president and COO of Village Homee and son of Village founder/CEO John Osborn. “It’sd not a reorganization plan, but it’s the firsty step toward a reorganization plan.
” The homebuilder already is lookinv for afinancing source, possibly an investor, to help fund future home construction when the local housinhg market improves, Matt Osborn said. Village currently isn’t buildintg houses. The younger Osborn formerly wasVillagde Homes’ vice president of and ascended to his current positionx after former President and COO Cheryl Schuettr stepped down in February. Schuette remains an owned of Village Homes.
Because of the Village has closed on the sale of five houses in the last two and another six or seven home sales are scheduled to closew in the nextfew weeks, Matt Osborn Some of those transactions are shorrt sales, which Village’s lenders opposed in the past. In a short sale, proceeds from the sale of a housd are less than the balance owed on its The lender who provided the home loan agrees to discounft theloan balance, and sale proceeds go to the lendere to satisfy the debt. Before the Village completed only a handful of home including four short sales in Decembere for a totalof $2.4 since filing for bankruptcy protection in The company received $1.
5 millionj from the four after closing costs and lien payments. Village currently has a totak inventory of125 houses, and roughly 25 are under contracr for sale, Matt Osborn said. Pricezs for those houses range from thelow $100,000s to the low “This is a good compromise that will get thingsz moving. … Hopefully, it will breai the logjam and allow for a methodology for closing homes with the consent of every-body,” Risa Wolf-Smith, a partnet and bankruptcy attorney at LLP in Denver, said of the Wolf-Smith represents Guaranty Bank.
In filing Chapter 11 last Village Homes cited capital challenges becausw of the soft housing troubled credit industry and highhome foreclosures. The buildeer had total assets of $103.9 million at the time and liabilitieasof $138.4 million, including $130 million of secured lender A major stumbling block to Village finalizing home sales has been getting all memberx of the lender group to agree on provisions of thosd sales, according to Wolf-Smith. In addition to Guarantgy Bank of Texas, lender group members include ResidentiaFunding Co. LLC of Minneapolis (part of GMAC Mortgage Group), Compass Bank in Centennial and Wachoviaq Bank NAof Addison, Texas.
The lender group also has been at odds withVillaged Homes, wanting to get bankruptcy courg permission to move ahead with forecloss on unsold Village houses in ordef to recoup funds the homebuildee owes its members. The builder wantds to use money from home salesa to fund company The court has barred the lenders from foreclosintg on the homes to give Village time to come up with a viable reorganization plan. The hearings on the lender group’s foreclosure requesty were heldMarch 9, 11 and 13.
Shortly after the hearings, Villag and the lender group began “earnestt efforts” to resolve theid differences and came up with an interimsettlement plan, accordinfg to a mid-March court
In recent weeks, Villaged Homes of Greenwood Village and its lendef group headed by Guaranty Bank of Dallas have agreede to an interim settlementof long-standinyg differences related to home sales. The settlement is expectee to be finalized at an April 15 bankruptcy courrt hearingin Denver. “This is reallyh kind of an interim measure to allow us to get back more to business as usual,” said Matt Osborn, newly appointed president and COO of Village Homee and son of Village founder/CEO John Osborn. “It’sd not a reorganization plan, but it’s the firsty step toward a reorganization plan.
” The homebuilder already is lookinv for afinancing source, possibly an investor, to help fund future home construction when the local housinhg market improves, Matt Osborn said. Village currently isn’t buildintg houses. The younger Osborn formerly wasVillagde Homes’ vice president of and ascended to his current positionx after former President and COO Cheryl Schuettr stepped down in February. Schuette remains an owned of Village Homes.
Because of the Village has closed on the sale of five houses in the last two and another six or seven home sales are scheduled to closew in the nextfew weeks, Matt Osborn Some of those transactions are shorrt sales, which Village’s lenders opposed in the past. In a short sale, proceeds from the sale of a housd are less than the balance owed on its The lender who provided the home loan agrees to discounft theloan balance, and sale proceeds go to the lendere to satisfy the debt. Before the Village completed only a handful of home including four short sales in Decembere for a totalof $2.4 since filing for bankruptcy protection in The company received $1.
5 millionj from the four after closing costs and lien payments. Village currently has a totak inventory of125 houses, and roughly 25 are under contracr for sale, Matt Osborn said. Pricezs for those houses range from thelow $100,000s to the low “This is a good compromise that will get thingsz moving. … Hopefully, it will breai the logjam and allow for a methodology for closing homes with the consent of every-body,” Risa Wolf-Smith, a partnet and bankruptcy attorney at LLP in Denver, said of the Wolf-Smith represents Guaranty Bank.
In filing Chapter 11 last Village Homes cited capital challenges becausw of the soft housing troubled credit industry and highhome foreclosures. The buildeer had total assets of $103.9 million at the time and liabilitieasof $138.4 million, including $130 million of secured lender A major stumbling block to Village finalizing home sales has been getting all memberx of the lender group to agree on provisions of thosd sales, according to Wolf-Smith. In addition to Guarantgy Bank of Texas, lender group members include ResidentiaFunding Co. LLC of Minneapolis (part of GMAC Mortgage Group), Compass Bank in Centennial and Wachoviaq Bank NAof Addison, Texas.
The lender group also has been at odds withVillaged Homes, wanting to get bankruptcy courg permission to move ahead with forecloss on unsold Village houses in ordef to recoup funds the homebuildee owes its members. The builder wantds to use money from home salesa to fund company The court has barred the lenders from foreclosintg on the homes to give Village time to come up with a viable reorganization plan. The hearings on the lender group’s foreclosure requesty were heldMarch 9, 11 and 13.
Shortly after the hearings, Villag and the lender group began “earnestt efforts” to resolve theid differences and came up with an interimsettlement plan, accordinfg to a mid-March court
Friday, October 21, 2011
Dallas stocks rally with market - Dallas Business Journal:
efenytan.wordpress.com
Meanwhile, the Nasdaq was up 194.74 points, or nearlgy 12 percent, hovering at 1,844.256 and the S&P 500 rose 104.10 points, or 11.6 hitting 1,003.32. Dallas stocks, which sunk with the negative news last ralliedon Monday. The airline stockas were noticeably up, with Fort Worth-basedr , the subsidiary of AMR Corp. (NYSE: up 11 percent and trading at $8.88 per sharse at close on Monday. Dallas-basexd (NYSE: LUV) was up more than 5 closing at $11.88 per share. Energyt stocks rallied the most on Monday buoyed rebounding oil priceds and promises by federal governmentxs of safeguards forinternational economies. Irving-based ’s (NYSE: XOM) stoc k price alone jumped 17.
2 percent, hittingh $73.08 per share at close on Monday. Dallas-Fort Worth-basedc energy companies also saw their stock pricexs rally significantlyon Monday. Thosr stocks include: (NYSE: ETP), up 31 percent to $33.0q per share; Energy Transfer Equity LP (NYSE: ETE), up 28 percent to $17.50; , up more than 9 percent to $23.1 per share; (NYSE: XTO) up more than 18 percent to $33.187 per share; (NYSE: HOC), up nearly 17 percent to (NYSE: ALJ), up 10.5 percent to $8.50 per (NYSE XTXI) up more than 26 percenr per shareto $12.40; and Crosstex Energy LP XTEX) up more than 19 percenty to $12.33 per share.
In the following energy-related companiexs also saw gains: (NYSE: TRN) up 17 percenft to $22.63 per share; , up nearlyu 24 percent to $41.20 per share; , up nearlhy 19 percent to $35.923 per share; (NYSE: DNR), up 32 percent to $12.97 per (NYSE: XCO), up 24 percent to $8.82 per share; (NYSE: EAC ) up 26 percentf to $25.59; and (NYSE: KWK) up nearly 22 percent to $11.02 per sharew at close. (NYSE: FLR), up more than 19 percent to $45.3 per share; (NYSE: CMC) up nearl y 18 percent percentto $11.17 per share; (NYSE: up 15.19 percent to $33.52 per share; (NYSE: CE), up 18.13 percenft to $20.46 per Trinity Industries (NYSE: TRN) up $17.13 percent to $22.63 per and Tuesday Morning Corp.
(NYSE: Tues), up nearlu 8 percent to $2.76 per shared at close on Monday.
Meanwhile, the Nasdaq was up 194.74 points, or nearlgy 12 percent, hovering at 1,844.256 and the S&P 500 rose 104.10 points, or 11.6 hitting 1,003.32. Dallas stocks, which sunk with the negative news last ralliedon Monday. The airline stockas were noticeably up, with Fort Worth-basedr , the subsidiary of AMR Corp. (NYSE: up 11 percent and trading at $8.88 per sharse at close on Monday. Dallas-basexd (NYSE: LUV) was up more than 5 closing at $11.88 per share. Energyt stocks rallied the most on Monday buoyed rebounding oil priceds and promises by federal governmentxs of safeguards forinternational economies. Irving-based ’s (NYSE: XOM) stoc k price alone jumped 17.
2 percent, hittingh $73.08 per share at close on Monday. Dallas-Fort Worth-basedc energy companies also saw their stock pricexs rally significantlyon Monday. Thosr stocks include: (NYSE: ETP), up 31 percent to $33.0q per share; Energy Transfer Equity LP (NYSE: ETE), up 28 percent to $17.50; , up more than 9 percent to $23.1 per share; (NYSE: XTO) up more than 18 percent to $33.187 per share; (NYSE: HOC), up nearly 17 percent to (NYSE: ALJ), up 10.5 percent to $8.50 per (NYSE XTXI) up more than 26 percenr per shareto $12.40; and Crosstex Energy LP XTEX) up more than 19 percenty to $12.33 per share.
In the following energy-related companiexs also saw gains: (NYSE: TRN) up 17 percenft to $22.63 per share; , up nearlyu 24 percent to $41.20 per share; , up nearlhy 19 percent to $35.923 per share; (NYSE: DNR), up 32 percent to $12.97 per (NYSE: XCO), up 24 percent to $8.82 per share; (NYSE: EAC ) up 26 percentf to $25.59; and (NYSE: KWK) up nearly 22 percent to $11.02 per sharew at close. (NYSE: FLR), up more than 19 percent to $45.3 per share; (NYSE: CMC) up nearl y 18 percent percentto $11.17 per share; (NYSE: up 15.19 percent to $33.52 per share; (NYSE: CE), up 18.13 percenft to $20.46 per Trinity Industries (NYSE: TRN) up $17.13 percent to $22.63 per and Tuesday Morning Corp.
(NYSE: Tues), up nearlu 8 percent to $2.76 per shared at close on Monday.
Wednesday, October 19, 2011
At your service: Piedmont Facilities Services shifts focus in down economy - bizjournals:
stony-coating.blogspot.com
“When corporate puts on the brakes, there’sw not much for us to do,” McCormick Time was, “80 percent of revenues came from billable time doinyconstruction management, just managinf projects — moving, up-fits, relocations and furniturwe instillation. Today, it’s less than 10 Why not just sit back and ride outthe downturn? “Yoy can’t do that. For some reason, people want to get paid ever y week.” McCormick, however, has certainlt had the opportunity to learnfrom “I’ve seen it happen and know what to he says.
“You’ve got to maintain sales, cut your overhead, and we’rde pushing hard in commercialfurniturwe sales.” That’s because his companyu generally also gets the contract for installinf the furniture and building the And there’s something else he’s doing that he’s seen otherz do a lot of. He’s relocating from his current office near the old RJR worl dheadquarters (now the University Corporatee Center) to a smallerr facility, downsizing from the 10,000 square feet to 3,50p0 square feet. And, says McCormick, “we’re not doinbg any up-fit over there, some carpet and a little paint.” Still, he’s optimistic.
Over the he’s seen a lot of companiees come andgo — and other companiezs come roaring back. “It ain’t gone yet, and I’mn still kicking. I have no intentio of throwing in the he says.
“When corporate puts on the brakes, there’sw not much for us to do,” McCormick Time was, “80 percent of revenues came from billable time doinyconstruction management, just managinf projects — moving, up-fits, relocations and furniturwe instillation. Today, it’s less than 10 Why not just sit back and ride outthe downturn? “Yoy can’t do that. For some reason, people want to get paid ever y week.” McCormick, however, has certainlt had the opportunity to learnfrom “I’ve seen it happen and know what to he says.
“You’ve got to maintain sales, cut your overhead, and we’rde pushing hard in commercialfurniturwe sales.” That’s because his companyu generally also gets the contract for installinf the furniture and building the And there’s something else he’s doing that he’s seen otherz do a lot of. He’s relocating from his current office near the old RJR worl dheadquarters (now the University Corporatee Center) to a smallerr facility, downsizing from the 10,000 square feet to 3,50p0 square feet. And, says McCormick, “we’re not doinbg any up-fit over there, some carpet and a little paint.” Still, he’s optimistic.
Over the he’s seen a lot of companiees come andgo — and other companiezs come roaring back. “It ain’t gone yet, and I’mn still kicking. I have no intentio of throwing in the he says.
Monday, October 17, 2011
bizjournals: College graduate job outlook, pay stronger this year -- bizjournals.com
vasilisaxavymar.blogspot.com
Cool job markets Midwestern and Northeastern industrial areas dominate the lower endof Bizjournals' ( Detroit, which ranks 66th overall, is the large metroi with the bleakest outlook for workers in their 20s and 30s. The problem s besetting domestic automakers, combined with the erosionn of Detroit's manufacturing base, have causefd the area to lose 105,100 jobs in the past five Other metros that have relativelyg little to offer youngt adultsare No. 65 Dayton, Ohio, No. 64 Cleveland and No. 63 Grandf Rapids, Mich. "Particularly in Ohio and Michigan, the restructuring in the motor-vehiclde industry is hitting hard," says Koropeckyn of Moody's Economy.com.
"And because of the troublesw in theircore industries, their demographics are not Bizjournals generated a separate list of the medium-sized marketz that have the most appeal for yount workers. Those rankings cover 105 metroswith 250,000 to 750,000 residents. Atop those standings is Ark., which is home to the Universit y of Arkansas and the headquartersof Wal-Marft Stores Inc., the largest retailer in the The area's job base has expanded by 3.9 percent a year sincr 2001. The runners-up in the medium-are a standings are Reno, Nev.; Des Madison, Wis.; and Provo, Utah. ( At the bottom of this list is N.C., a metro of 350,000 people aboutt 60 miles northwestof Charlotte.
It has lost 11,00p jobs in the past half-decade.
Cool job markets Midwestern and Northeastern industrial areas dominate the lower endof Bizjournals' ( Detroit, which ranks 66th overall, is the large metroi with the bleakest outlook for workers in their 20s and 30s. The problem s besetting domestic automakers, combined with the erosionn of Detroit's manufacturing base, have causefd the area to lose 105,100 jobs in the past five Other metros that have relativelyg little to offer youngt adultsare No. 65 Dayton, Ohio, No. 64 Cleveland and No. 63 Grandf Rapids, Mich. "Particularly in Ohio and Michigan, the restructuring in the motor-vehiclde industry is hitting hard," says Koropeckyn of Moody's Economy.com.
"And because of the troublesw in theircore industries, their demographics are not Bizjournals generated a separate list of the medium-sized marketz that have the most appeal for yount workers. Those rankings cover 105 metroswith 250,000 to 750,000 residents. Atop those standings is Ark., which is home to the Universit y of Arkansas and the headquartersof Wal-Marft Stores Inc., the largest retailer in the The area's job base has expanded by 3.9 percent a year sincr 2001. The runners-up in the medium-are a standings are Reno, Nev.; Des Madison, Wis.; and Provo, Utah. ( At the bottom of this list is N.C., a metro of 350,000 people aboutt 60 miles northwestof Charlotte.
It has lost 11,00p jobs in the past half-decade.
Saturday, October 15, 2011
Stop acting like a salesperson; start acting like a consultant - St. Louis Business Journal:
qozito.wordpress.com
Why do we ask questions? Here are some of the • So we fully understand the prospect’s needss and “hot buttons.” • So when we present our solutionsx they match what our prospects said was importangt and they feel yours is acustomn solution. • To get beyond the initia reason why they needthe product. • To make prospectxs feel like they are a part of thebuyiny decision. When they are they are beginning tosell themselves. So what questionsd should we ask? That has a lot to do with what you have learnesd about the prospect before you tryto “sell” them. You need to learnn something aboutthe company, the etc.
before calling on That’s pretty easy. Use their Web Google, any of the sociakl networks, then when you call them you have something with whic h to beginthe conversation. The most importantf thing about asking questions is that theyare open-enderd and thought provoking. Here are some examplexs of questions that may or may notbe • How has the economy affected your companyg and the ways you are makingt decisions now compared with last year ? • I noticed on your Web site that you will be launchinhg a new product. Can you tell me about that? • I read that your industryu is going through changes when it comesto financing.
Can you sharwe with me how that will affecgtyour organization? • If it was May 2010 and you said you just had a very successfulo year, what would have happened? Let’s pretend we workex together this past year. A year later you said the relationshipl was apositive one. What does that look like? • What do the next five years look like for yourorganization ? • What differentiates you from your competitors? What are you most prous of? I wouldn’t ask all of these questions all of the time. They are Certainly, more specific questions are appropriate as but it is important to fully understand thebig picture.
If you take time to learb more aboutthe prospect, you may learn about some additionao needs they might have. A consultanf and salesperson are really the same with onlyone difference; a consultant is paid up front and a salesperson is paid in the end. So act like a consultanty and you will selllots more.
Why do we ask questions? Here are some of the • So we fully understand the prospect’s needss and “hot buttons.” • So when we present our solutionsx they match what our prospects said was importangt and they feel yours is acustomn solution. • To get beyond the initia reason why they needthe product. • To make prospectxs feel like they are a part of thebuyiny decision. When they are they are beginning tosell themselves. So what questionsd should we ask? That has a lot to do with what you have learnesd about the prospect before you tryto “sell” them. You need to learnn something aboutthe company, the etc.
before calling on That’s pretty easy. Use their Web Google, any of the sociakl networks, then when you call them you have something with whic h to beginthe conversation. The most importantf thing about asking questions is that theyare open-enderd and thought provoking. Here are some examplexs of questions that may or may notbe • How has the economy affected your companyg and the ways you are makingt decisions now compared with last year ? • I noticed on your Web site that you will be launchinhg a new product. Can you tell me about that? • I read that your industryu is going through changes when it comesto financing.
Can you sharwe with me how that will affecgtyour organization? • If it was May 2010 and you said you just had a very successfulo year, what would have happened? Let’s pretend we workex together this past year. A year later you said the relationshipl was apositive one. What does that look like? • What do the next five years look like for yourorganization ? • What differentiates you from your competitors? What are you most prous of? I wouldn’t ask all of these questions all of the time. They are Certainly, more specific questions are appropriate as but it is important to fully understand thebig picture.
If you take time to learb more aboutthe prospect, you may learn about some additionao needs they might have. A consultanf and salesperson are really the same with onlyone difference; a consultant is paid up front and a salesperson is paid in the end. So act like a consultanty and you will selllots more.
Wednesday, October 12, 2011
Rise in commercial defaults projected - Birmingham Business Journal:
obesonuqa.wordpress.com
The three-story complex, built in 2006, sits next to Interstatr 80 near Del Paso Heights in the GlenwoodMeadowsz neighborhood, a mix of new homes and overgrown empty self-storage facilities and ramshackle duplexes. As the housing markett turned, most of Magpie’s condos sat unsold and the bank forecloseslast year. Last month, the 49 remaining units were sold to Bay Area investorzsfor $3 million, well below the originap construction loan of $7.4 million, accordin g to county documents. While still some say foreclosures of commercial and multifamily properties such as the Magpie developmenft will be the new face of the realestate crash.
“j expect a wave of commercial foreclosures in the next 18 to 24 saidTony Wood, senior vice presidengt at in Roseville and one of the brokers who represented in selling the foreclosed portio of the Magpie development to investors. “Commercial real estatse nationally, as well as in Sacramento, is facint a similar scenario that the residential market was facing just a fewyearw ago. The decline in values has impacted even the best of Concern about rising defaults on commercialo mortgagesis widespread, though there’s varying opinions abourt how dramatic the effect will be.
This New York-based analyst Real Estate Econometrics reported that the nationa commercial mortgage default rate is at its highest level in 15 years after surgingto 2.25 percent durinvg the first quarter of the That was up from 1.62 percengt in the previous quarter. The defaulr rate for multifamily mortgages was even risingfrom 1.77 percent to 2.45 percent in one The company uses data from the It forecasts that the commercial default rate will peak at 5.3 percent at the end of and will fall only gradually thereafter.
“Even good credit borrowera seeking to refinance seasoned mortgages withhealthy loan-to-value and debt-service ratioss are in many cases unabls to secure new financing,” the company said in its June 9 “At the same time, the dramativ decline in real economic activity and labot markets since last September has undercut property fundamentals.” But therde isn’t a consensus on how broadlyu that effect will be felt. “That’s the debate,” said researcjh analyst Tim O’Brien of in San “My speculation is we’re going to see spotty defaults.
We’lkl see problems rise generally speaking, but some banks will avoid For one thing, community banks often couldn’t competw with those issuing loans, where many singled mortgages are pooled and transferred to a trust. So, many of thos e banks might have less exposure to he said. O’Brien said regulators beganj to get concerned about banksw overextending themselves in commercial real estate back inlate 2006. So far, therre has not been a large fallout, he said, noting that credit issuee often lageconomic turns. Abundant supply, lower rents Why are commerciadefaults rising? Much of the blam falls on increasing vacancies and declining rents.
“Just like when a neighborhoord with too many foreclosure properties saw all value drop inthat neighborhood, commercial ownersx and borrowers face the same,” said who has written a book about the predicter flood of commercial foreclosures that he plans to self-publish and releasse Aug. 1. Many commercial mortgages are five-year loans that are, at the end of the evaluated for theunderlying property’sd loan-to-value ratio and occupancy rate. Unless owners or borrower s have more than 50percent equity, they face the likelihoodx of not being able to refinances without an additional cash investment.
Wood said rental rates and values of commercial real estat in the Sacramento region have generallyt dropped between 20 percent and30 percent. But thers are often other factors at work when it comex to default and banks can uncoverd problems alongthe way. At the Magpie Creek project, Wood said therw were “deed issues” with 11 units that were sold beforre foreclosure. He said the deeds did not include the development’s common areas, leaving them and that the condo association was not fully
The three-story complex, built in 2006, sits next to Interstatr 80 near Del Paso Heights in the GlenwoodMeadowsz neighborhood, a mix of new homes and overgrown empty self-storage facilities and ramshackle duplexes. As the housing markett turned, most of Magpie’s condos sat unsold and the bank forecloseslast year. Last month, the 49 remaining units were sold to Bay Area investorzsfor $3 million, well below the originap construction loan of $7.4 million, accordin g to county documents. While still some say foreclosures of commercial and multifamily properties such as the Magpie developmenft will be the new face of the realestate crash.
“j expect a wave of commercial foreclosures in the next 18 to 24 saidTony Wood, senior vice presidengt at in Roseville and one of the brokers who represented in selling the foreclosed portio of the Magpie development to investors. “Commercial real estatse nationally, as well as in Sacramento, is facint a similar scenario that the residential market was facing just a fewyearw ago. The decline in values has impacted even the best of Concern about rising defaults on commercialo mortgagesis widespread, though there’s varying opinions abourt how dramatic the effect will be.
This New York-based analyst Real Estate Econometrics reported that the nationa commercial mortgage default rate is at its highest level in 15 years after surgingto 2.25 percent durinvg the first quarter of the That was up from 1.62 percengt in the previous quarter. The defaulr rate for multifamily mortgages was even risingfrom 1.77 percent to 2.45 percent in one The company uses data from the It forecasts that the commercial default rate will peak at 5.3 percent at the end of and will fall only gradually thereafter.
“Even good credit borrowera seeking to refinance seasoned mortgages withhealthy loan-to-value and debt-service ratioss are in many cases unabls to secure new financing,” the company said in its June 9 “At the same time, the dramativ decline in real economic activity and labot markets since last September has undercut property fundamentals.” But therde isn’t a consensus on how broadlyu that effect will be felt. “That’s the debate,” said researcjh analyst Tim O’Brien of in San “My speculation is we’re going to see spotty defaults.
We’lkl see problems rise generally speaking, but some banks will avoid For one thing, community banks often couldn’t competw with those issuing loans, where many singled mortgages are pooled and transferred to a trust. So, many of thos e banks might have less exposure to he said. O’Brien said regulators beganj to get concerned about banksw overextending themselves in commercial real estate back inlate 2006. So far, therre has not been a large fallout, he said, noting that credit issuee often lageconomic turns. Abundant supply, lower rents Why are commerciadefaults rising? Much of the blam falls on increasing vacancies and declining rents.
“Just like when a neighborhoord with too many foreclosure properties saw all value drop inthat neighborhood, commercial ownersx and borrowers face the same,” said who has written a book about the predicter flood of commercial foreclosures that he plans to self-publish and releasse Aug. 1. Many commercial mortgages are five-year loans that are, at the end of the evaluated for theunderlying property’sd loan-to-value ratio and occupancy rate. Unless owners or borrower s have more than 50percent equity, they face the likelihoodx of not being able to refinances without an additional cash investment.
Wood said rental rates and values of commercial real estat in the Sacramento region have generallyt dropped between 20 percent and30 percent. But thers are often other factors at work when it comex to default and banks can uncoverd problems alongthe way. At the Magpie Creek project, Wood said therw were “deed issues” with 11 units that were sold beforre foreclosure. He said the deeds did not include the development’s common areas, leaving them and that the condo association was not fully
Monday, October 10, 2011
'Jekyll & Hyde' may surprise many with its beautiful music - Redlands Daily Facts
uqudenlid.blogspot.com
'Jekyll & Hyde' may surprise many with its beautiful music Redlands Daily Facts SAN BERNARDINO - When the Tony Award-nominated musical "Jekyll & Hyde" opens Friday at the Sturges Center, audiences should expect a "thrilling murderous musical," according to Jason James, producing director of the Sturges and the show's director. ... |
Saturday, October 8, 2011
White Pages will no longer be delivered automatically - Business First of Columbus:
uzirukynurylew.blogspot.com
The PSC’s decision is a compromise to AT&T’ss request that it no longer deliver the phone bookxto customers. AT&T Florida told the PSC that eliminatin the automatic distribution of the residential white pagesxis “an environmentally green endeavor and a cost savintg measure” and that providing a paper copy of the directorhy is “an inefficient use of resources in these touch economicc times.” But commissioners also were worried abouy how it might impact ability to access information, said PSC Spokeswomanh Kirsten Olsen.
Instead of doing away with therule altogether, commissionere agreed to give it a triapl run, during which time it will gather customeer feedback. “Today’s decision allows the PSC to assesd the practicality of discontinuinh printed residentialdirectory delivery, while continuing to provide directories to customers who want a PSC Chairman Matthew M. Carter II said in a news As part ofthe agreement, AT&T must put a toll-free number on the cover of the Yellow Pages that directes people to call if they want a White The directory will still be provided for free to thosse who request it.
AT&T Floridza would not disclose just how much money the waivetwill save, citing confidentiality, according to its request to the PSC. AT&T Florida already has begun a programk to provide its Yellow Pages and residentiao listingson CD-ROM in certain areas of Florida.
The PSC’s decision is a compromise to AT&T’ss request that it no longer deliver the phone bookxto customers. AT&T Florida told the PSC that eliminatin the automatic distribution of the residential white pagesxis “an environmentally green endeavor and a cost savintg measure” and that providing a paper copy of the directorhy is “an inefficient use of resources in these touch economicc times.” But commissioners also were worried abouy how it might impact ability to access information, said PSC Spokeswomanh Kirsten Olsen.
Instead of doing away with therule altogether, commissionere agreed to give it a triapl run, during which time it will gather customeer feedback. “Today’s decision allows the PSC to assesd the practicality of discontinuinh printed residentialdirectory delivery, while continuing to provide directories to customers who want a PSC Chairman Matthew M. Carter II said in a news As part ofthe agreement, AT&T must put a toll-free number on the cover of the Yellow Pages that directes people to call if they want a White The directory will still be provided for free to thosse who request it.
AT&T Floridza would not disclose just how much money the waivetwill save, citing confidentiality, according to its request to the PSC. AT&T Florida already has begun a programk to provide its Yellow Pages and residentiao listingson CD-ROM in certain areas of Florida.
Thursday, October 6, 2011
Palm Beach County clerk cuts 66 employees - Austin Business Journal:
http://www.theinsyderz.com/1999/italiano/lombardia/mantova/mantova.html
million, or 18 percent, reduction in the office’s budget by July 1, county clerk Sharon Bock said in a news The cuts are expectedto “significantlgy impact service levels at the Clerk’s seven Palm Beach Countyu locations,” she noted in the release. The requiref staff cuts leave the office with fewerf people to pursue and collect millions of dollars in unpaidd traffic andcourt fees, which will lead to more budgety cuts.
“It’s a vicious cyclre designed to underfund usinto extinction,” she Thirty-two employees accepted a buyoutg offer this month and will leave June 30 with a full payou on their sick leave, rathef than the normal 25 percen to 50 percent offered undee current termination policies. On May 29, an additio 34 employees were told durinv staff meetings that they were beinglaid off, effectives June 12. They will receive four weeks of pay.
With thesde layoffs and the positionspreviously eliminated, the office has cut 101 positionsx -- 16 percent of management positions and 12 perceng of hourly positions -- in the past The Clerk & Comptroller’s which employs more than 800 in offices throughout Palm Beachy County, handles the business arm of the courg system. Employees receive, file and retrievde court documents, process fees and traffic fines, and entet and maintain case information inthe court’d computer system.
million, or 18 percent, reduction in the office’s budget by July 1, county clerk Sharon Bock said in a news The cuts are expectedto “significantlgy impact service levels at the Clerk’s seven Palm Beach Countyu locations,” she noted in the release. The requiref staff cuts leave the office with fewerf people to pursue and collect millions of dollars in unpaidd traffic andcourt fees, which will lead to more budgety cuts.
“It’s a vicious cyclre designed to underfund usinto extinction,” she Thirty-two employees accepted a buyoutg offer this month and will leave June 30 with a full payou on their sick leave, rathef than the normal 25 percen to 50 percent offered undee current termination policies. On May 29, an additio 34 employees were told durinv staff meetings that they were beinglaid off, effectives June 12. They will receive four weeks of pay.
With thesde layoffs and the positionspreviously eliminated, the office has cut 101 positionsx -- 16 percent of management positions and 12 perceng of hourly positions -- in the past The Clerk & Comptroller’s which employs more than 800 in offices throughout Palm Beachy County, handles the business arm of the courg system. Employees receive, file and retrievde court documents, process fees and traffic fines, and entet and maintain case information inthe court’d computer system.
Tuesday, October 4, 2011
Amodeo enters guilty plea - Tampa Bay Business Journal:
vanbeekdulejos1771.blogspot.com
The plea was delayed a day on Mondagby U.S. Magistrate Gregory who wouldn’t accept the guilty plea on reducedfederal charges. Amodeo, the former leader of , had been charged with failure to remitpayroll taxes, wire fraurd and obstruction of an agencyu proceeding. He faced 370 years in priso as well as finesof $6.75t million if convicted. Under the plea deal, Amodeo will forfeig $172 million to $182 million, some real estate and a jet, among other items. As Amodeo awaits sentencing, he will assist the U.S. Attorneyy office to identify and retrieve fundw owed tothe IRS. According to the original Amodeo and other unnamed executives failed to pay theIRS $181.9 million, including $129.
7 million in FICA and withholdinb taxes. It started with $7.1 million in the fourtgh quarter of 2004 with two businessedhe controlled, Sunshine Companies III and Sunshine Stafr Leasing. It then continued over the next two years with Professional Benefit Solutions for theremainint $174 million. Investigators at the time said Amodeo includeed a number of companies in the activity actintg as professionalemployee organizations, which would leaser employees to other companies. Other companies believer to be involved in the according tothe U.S. Attorney’s Office, were AEM, AQMI Strategh Corp., Common Paymaster Corp., Nexia Strategy Corp., Presidion Corp.
, Presidiob Solutions, Quantum Delta Enterprises, Wellingtonj Capital Group, and various other companies.
The plea was delayed a day on Mondagby U.S. Magistrate Gregory who wouldn’t accept the guilty plea on reducedfederal charges. Amodeo, the former leader of , had been charged with failure to remitpayroll taxes, wire fraurd and obstruction of an agencyu proceeding. He faced 370 years in priso as well as finesof $6.75t million if convicted. Under the plea deal, Amodeo will forfeig $172 million to $182 million, some real estate and a jet, among other items. As Amodeo awaits sentencing, he will assist the U.S. Attorneyy office to identify and retrieve fundw owed tothe IRS. According to the original Amodeo and other unnamed executives failed to pay theIRS $181.9 million, including $129.
7 million in FICA and withholdinb taxes. It started with $7.1 million in the fourtgh quarter of 2004 with two businessedhe controlled, Sunshine Companies III and Sunshine Stafr Leasing. It then continued over the next two years with Professional Benefit Solutions for theremainint $174 million. Investigators at the time said Amodeo includeed a number of companies in the activity actintg as professionalemployee organizations, which would leaser employees to other companies. Other companies believer to be involved in the according tothe U.S. Attorney’s Office, were AEM, AQMI Strategh Corp., Common Paymaster Corp., Nexia Strategy Corp., Presidion Corp.
, Presidiob Solutions, Quantum Delta Enterprises, Wellingtonj Capital Group, and various other companies.
Sunday, October 2, 2011
Downtown Sheraton growing its own herbs - The Business Journal of the Greater Triad Area:
mesiaipuhuni1981.blogspot.com
The hotel also is workingv with executives at Philips Electronics to determinde possible CFL or LED technology for lightingh fixtures that currently work only with traditionalincandescenr bulbs. Other efforts under way at the new hotel includer a banquetrecycling program; installment of a filtrationh system to purify water and reduce waste; and an internal Greehn Team to identify ways the hotel can be more “In this day and age, it is crucial for all companied to be good corporate citizens.
Since well beforse the hotel opened, we have been identifyin ways we can reduce our carbon footprint while also operatingv asa first-class hotel,” said Leo Percopo, generao manager of the Sheraton Phoenix The seasonal garden is growinfg chilies, okra, mint, peppers and a varietyy of herbs to be used at District American Kitchen and Wine Bar, the restaurant locatef on the bottom floorr of the hotel. District will also return compostable items, such as fruit and vegetabler peelings, to Singh Farms where it buys some of its The compost can then be used by the localk farm to aid in the growing of new continuing asustainable cycle, hotel officials said.
The hotel also is workingv with executives at Philips Electronics to determinde possible CFL or LED technology for lightingh fixtures that currently work only with traditionalincandescenr bulbs. Other efforts under way at the new hotel includer a banquetrecycling program; installment of a filtrationh system to purify water and reduce waste; and an internal Greehn Team to identify ways the hotel can be more “In this day and age, it is crucial for all companied to be good corporate citizens.
Since well beforse the hotel opened, we have been identifyin ways we can reduce our carbon footprint while also operatingv asa first-class hotel,” said Leo Percopo, generao manager of the Sheraton Phoenix The seasonal garden is growinfg chilies, okra, mint, peppers and a varietyy of herbs to be used at District American Kitchen and Wine Bar, the restaurant locatef on the bottom floorr of the hotel. District will also return compostable items, such as fruit and vegetabler peelings, to Singh Farms where it buys some of its The compost can then be used by the localk farm to aid in the growing of new continuing asustainable cycle, hotel officials said.
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