artemchuksykitas.blogspot.com
Laredo-based IBC (NASDAQ: IBOC) reported net income applicable to common shareholdersof $34.3 million, or 50 cents per dilutedc share, for the quarter ended March 31, 2009. This compares to net incomwe applicable to common shareholdersof $33.5 or 49 cents per dilutes share, for the prior-year The lender’s net income during the first quarter of 2009 was negativelyt impacted by an increaswe in its provision on probable loan losses. That increaser can be attributed to the generapl weakness in the economy and the impact of that weakness onthe company’s loan portfolio. “I’m extremely pleased with the firstrquarter results, especially in light of the financiap crisis.
Our strong earnings performance has offset the costs of our provisioning program for probable loan lossesz and completely neutralized the cost of theTARP funding,” IBC Presidentg and CEO Dennis E. Nixon “We are confident in the strengtgh of our balance sheet and especially the quality of our loan Our securities portfolio has benefited enormously from the Federa Reserve Boardand U.S. Treasury actions in the bond which have interest rates down and bond prices Total assets atMarch 31, 2009, were $12.q billion compared to $12.4 billion as of Dec. 31, 2008. The company had total net loansof $5.7 billion at Marcjh 31, 2009, compared to $5.8 billion at Dec. 31, 2008.
Deposits were $6.9 billion at Marcgh 31, 2009, compared to Dec. 31, 2008. IBC is a multi-banko financial holding company that serves 102 communities in Texaaand Oklahoma. The companty has more than 270 facilities and more than440 ATMs.
Friday, March 30, 2012
Wednesday, March 28, 2012
D.C. Mayor Adrian Fenty pitches more efficient procurement system - Washington Business Journal:
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“Improving the city’s purchasingb system is a major priority forthis administration,” Fenth said in a statement. “This new legislationm brings us one step closee toa new-and-improved , and elevates the District’d procurement system into the moderh era.” The new bill, called Procurement Efficiency Act of will now head to the . Underr the bill, parts of D.C.’s Procurement Practicess Act of1985 -- the authorizing legislatiom for D.C.’s procurement process -- wouldc be tweaked. The act currentlh requires the Office of Contract and Procurementr to perform open negotiations of contract which requires an extensiveaward process.
The new bill woulrd cut down on administrative andjudicial review. Beforer issuing an RFP, the office can issuer a request for qualifications from prospective vendorss to identify vendor credentials upon which to awarfdthe contract. The RFP would then be issued to two ormore
“Improving the city’s purchasingb system is a major priority forthis administration,” Fenth said in a statement. “This new legislationm brings us one step closee toa new-and-improved , and elevates the District’d procurement system into the moderh era.” The new bill, called Procurement Efficiency Act of will now head to the . Underr the bill, parts of D.C.’s Procurement Practicess Act of1985 -- the authorizing legislatiom for D.C.’s procurement process -- wouldc be tweaked. The act currentlh requires the Office of Contract and Procurementr to perform open negotiations of contract which requires an extensiveaward process.
The new bill woulrd cut down on administrative andjudicial review. Beforer issuing an RFP, the office can issuer a request for qualifications from prospective vendorss to identify vendor credentials upon which to awarfdthe contract. The RFP would then be issued to two ormore
Monday, March 26, 2012
GM files bankruptcy - Washington Business Journal:
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billion and assets of $82.3 billion. The filed in New lists unsecured claims bythe ($20.6 billion) and the Internationa Union of Electronic, Electrical, Machine and Furniture Workers/Communication Workers ($2. 7 billion). Other unsecured debt listed in the filingvincludes $22.8 billion serviced by and $4.5 billion by . Boca Raton-baser has a claim for $4.75 million, according to the filed with the U.S. Bankruptcy Court of the Southermn District ofNew York. Auto retailers that surviv e the bankruptcies of GMand Chrysler, which filedr in April, hope it helpss to pave the way to recoveryt in the industry.
“Today’s action will alloaw GM to move forward and be competitive in the spokesman Marc Cannon said Monday inan e-mailed “The goal of making GM profitable at a new-unit selling rate will position them for when the industry beginsa to recover later in 2010.” Fort Lauderdale-based AutoNation, the nation'zs largest auto retailer, has six GM franchises and seve n Chrysler franchises on the closure lists.
Although viewed as inevitabler and necessaryby many, Chairman John McEleneuy said in a news release that the filing marksz “a historically sad day for American Chrysler is expected to emerge from its Chaptedr 11 process soon after shuttering 789 dealerships. GM also announced plans to close 1,10o0 dealerships. GM announced Aprio 27 that it anticipates reducingits U.S. dealed count from 6,246 to 3,605 by the end of 2010. Dealershi closings already have started. According to Associated GM will rely on moregovernmeny assistance: $30 billion of additional financial assistancer from the and $9.5 billion from Canada, on top of abouyt $20 billion it alreadt received in low-interest loans.
GM’s lead bankruptcyh law firm is WeilGotshaww & Manges, with attorney Stephemn Karotkin signing the filing. In a news release, the automaker said it wouldx focus on the following priorities when emergingffrom bankruptcy: Focus on four core brandss in the U.S. – Cadillac, Buick and GMC - with fewerd nameplates and a more competitivd level of marketing support per Close a competitive gap in active labot costs compared with foreign auto Increase the percentageof U.S. sales manufacturedd domestically. Feature lower costs at a U.S.
total industr volume of approximately 10 million which would be substantiallt below the 15 million to 17 million annual vehicle sales rates recorded between 1995and 2007. Achieve lower structural costs, in part, by further reducing 2009 salarie employment in North America to approximately froma year-end total of 35,100, and continue to improved its balance sheet by reducing retiree benefits for salaried retireeds and non-UAW hourly retirees. Increase its investmen t in fuel economy and advanceedpropulsion technologies.
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billion and assets of $82.3 billion. The filed in New lists unsecured claims bythe ($20.6 billion) and the Internationa Union of Electronic, Electrical, Machine and Furniture Workers/Communication Workers ($2. 7 billion). Other unsecured debt listed in the filingvincludes $22.8 billion serviced by and $4.5 billion by . Boca Raton-baser has a claim for $4.75 million, according to the filed with the U.S. Bankruptcy Court of the Southermn District ofNew York. Auto retailers that surviv e the bankruptcies of GMand Chrysler, which filedr in April, hope it helpss to pave the way to recoveryt in the industry.
“Today’s action will alloaw GM to move forward and be competitive in the spokesman Marc Cannon said Monday inan e-mailed “The goal of making GM profitable at a new-unit selling rate will position them for when the industry beginsa to recover later in 2010.” Fort Lauderdale-based AutoNation, the nation'zs largest auto retailer, has six GM franchises and seve n Chrysler franchises on the closure lists.
Although viewed as inevitabler and necessaryby many, Chairman John McEleneuy said in a news release that the filing marksz “a historically sad day for American Chrysler is expected to emerge from its Chaptedr 11 process soon after shuttering 789 dealerships. GM also announced plans to close 1,10o0 dealerships. GM announced Aprio 27 that it anticipates reducingits U.S. dealed count from 6,246 to 3,605 by the end of 2010. Dealershi closings already have started. According to Associated GM will rely on moregovernmeny assistance: $30 billion of additional financial assistancer from the and $9.5 billion from Canada, on top of abouyt $20 billion it alreadt received in low-interest loans.
GM’s lead bankruptcyh law firm is WeilGotshaww & Manges, with attorney Stephemn Karotkin signing the filing. In a news release, the automaker said it wouldx focus on the following priorities when emergingffrom bankruptcy: Focus on four core brandss in the U.S. – Cadillac, Buick and GMC - with fewerd nameplates and a more competitivd level of marketing support per Close a competitive gap in active labot costs compared with foreign auto Increase the percentageof U.S. sales manufacturedd domestically. Feature lower costs at a U.S.
total industr volume of approximately 10 million which would be substantiallt below the 15 million to 17 million annual vehicle sales rates recorded between 1995and 2007. Achieve lower structural costs, in part, by further reducing 2009 salarie employment in North America to approximately froma year-end total of 35,100, and continue to improved its balance sheet by reducing retiree benefits for salaried retireeds and non-UAW hourly retirees. Increase its investmen t in fuel economy and advanceedpropulsion technologies.
Click to read the
Saturday, March 24, 2012
Angry Birds Space will indeed hit Windows Phones, CEO says - CNET
ermolayxitpev.blogspot.com
Toronto Star | Angry Birds Space will indeed hit Windows Phones, CEO says CNET Rovio CEO today says that the game is in development for the Microsoft OS, contradicting an earlier report that cited his chief marketing officer. by Don Reisinger March 23, 2012 6:22 AM PDT Angry Birds Space won't be coming to Windows Phone 7. Angry Birds S pace will come to Windows Phone following Rovio reversal |
Thursday, March 22, 2012
Tuesday, March 20, 2012
3 changes worth noting - Wicked Local
ejyceh.wordpress.com
3 changes worth noting Wicked Local By Anonymous With the change in the clocks for Daylight Saving Time and the seeming early change in seasons as temperatures climb into the 70s, we thought it a good time to note a few changes of our own here at the Amesbury News. |
Sunday, March 18, 2012
Ford sales climb to highest level since July - Business Courier of Cincinnati:
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But sales were down 24.2 percent compared with May 2008, when the companyh sold 213,238 units. For the firsyt five months of 2009, Dearborn, Mich.-based Ford (NYSE: F) sold 620,30e units, compared with 981,150 units during the same period ayear earlier, a 36.8 percent decline. In a sign that buyers might be coming back to the luxurtvehicle market, Ford’s Lincolmn division reported that it sold 8,566 units in May, a 2.2 percenrt increase over May 2008, when it sold 8,365 Sales of Ford Explorers declined 34.6 to 5,315 units from 8,122 unitsa a year ago. Sales of the Mercury Mountaineerdropped 45.2 to 402 from 734 units a year earlier.
Salea of F-Series pickup trucks, including Super Duty truckss dropped 22.3 percent, to 33,381 from 42,973 units in May 2008. Sales of Ford Expeditiomn SUVs declined40 percent, to 3,150 units from 5,252w units a year earlier. Sales of the Lincoln Navigatordroppedd 40.6 percent, to 790 units from 1,329 units a year Ford saw year-over-year gains in some of its car categories. The company sold 19,786 Fusion sedans in May, up 9.4 percenr from the year-earlier perioxd when it sold 18,088 units. Lincoln sold 1,552 Town Cars in May, up 103.3 percentt from May 2008, when it sold 764 of the luxurh vehicles.
Ford’s Volvo division sold 590 of its S60 up 9 percent fromMay 2008, when it sold 542 Also Tuesday, Ford announced a summe r promotion to draw more consumers to dealerships. Througjh June 30, the automaker will cove r as much as threed months of payments up to and its Ford Credit subsidiargy will offer zero percent financing onselecg Ford, Lincoln and Mercury vehicles. Ford operates a transmission plantin Sharonville.
But sales were down 24.2 percent compared with May 2008, when the companyh sold 213,238 units. For the firsyt five months of 2009, Dearborn, Mich.-based Ford (NYSE: F) sold 620,30e units, compared with 981,150 units during the same period ayear earlier, a 36.8 percent decline. In a sign that buyers might be coming back to the luxurtvehicle market, Ford’s Lincolmn division reported that it sold 8,566 units in May, a 2.2 percenrt increase over May 2008, when it sold 8,365 Sales of Ford Explorers declined 34.6 to 5,315 units from 8,122 unitsa a year ago. Sales of the Mercury Mountaineerdropped 45.2 to 402 from 734 units a year earlier.
Salea of F-Series pickup trucks, including Super Duty truckss dropped 22.3 percent, to 33,381 from 42,973 units in May 2008. Sales of Ford Expeditiomn SUVs declined40 percent, to 3,150 units from 5,252w units a year earlier. Sales of the Lincoln Navigatordroppedd 40.6 percent, to 790 units from 1,329 units a year Ford saw year-over-year gains in some of its car categories. The company sold 19,786 Fusion sedans in May, up 9.4 percenr from the year-earlier perioxd when it sold 18,088 units. Lincoln sold 1,552 Town Cars in May, up 103.3 percentt from May 2008, when it sold 764 of the luxurh vehicles.
Ford’s Volvo division sold 590 of its S60 up 9 percent fromMay 2008, when it sold 542 Also Tuesday, Ford announced a summe r promotion to draw more consumers to dealerships. Througjh June 30, the automaker will cove r as much as threed months of payments up to and its Ford Credit subsidiargy will offer zero percent financing onselecg Ford, Lincoln and Mercury vehicles. Ford operates a transmission plantin Sharonville.
Friday, March 16, 2012
Colorado skier visits down 5.5% for the season - Tampa Bay Business Journal:
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percent from last reported Thursday. But the state’se ski resorts had an uptick in visitx by FrontRange residents, and Melanie Mills, Ski Country’s president and CEO, pronounced herselr “very happy with where visitation is for this season.” “The travel industry as a whole was put to the test this past Mills said in a statement. “But visitatio numbers show not only the enduring value of a Colorad oski vacation, but the strong commitment our residenty skiing and riding community has to our state’ signature sports.” Ski Country is a marketingy and trade group for 22 Colorado mountain Those member resorts alone recorded 6.
79 millionn skier visits this down 6.9 percent from the previous Ski Country said. Member resort numbers for 2008-09 were down 3.9 percenty from the average of the last five SkiCountry said. Ski Country said that in-state resortf visits were up 2.5 percent over last year, as Frontf Range residents took advantage of bargains and stayed closer to home to keep down vacationh andrecreations costs. Ski areas operated by Broomfield-based aren’t members of Ski Country. Those resorts include Vail, Beaver Creek and Keystone. Vail Resortzs last week said its total skier visitz at all itsresorts — including Heavenly in California-Nevadqa — were down 5.
3 percent from the previous
percent from last reported Thursday. But the state’se ski resorts had an uptick in visitx by FrontRange residents, and Melanie Mills, Ski Country’s president and CEO, pronounced herselr “very happy with where visitation is for this season.” “The travel industry as a whole was put to the test this past Mills said in a statement. “But visitatio numbers show not only the enduring value of a Colorad oski vacation, but the strong commitment our residenty skiing and riding community has to our state’ signature sports.” Ski Country is a marketingy and trade group for 22 Colorado mountain Those member resorts alone recorded 6.
79 millionn skier visits this down 6.9 percent from the previous Ski Country said. Member resort numbers for 2008-09 were down 3.9 percenty from the average of the last five SkiCountry said. Ski Country said that in-state resortf visits were up 2.5 percent over last year, as Frontf Range residents took advantage of bargains and stayed closer to home to keep down vacationh andrecreations costs. Ski areas operated by Broomfield-based aren’t members of Ski Country. Those resorts include Vail, Beaver Creek and Keystone. Vail Resortzs last week said its total skier visitz at all itsresorts — including Heavenly in California-Nevadqa — were down 5.
3 percent from the previous
Wednesday, March 14, 2012
Cherry Cricket to add 100 seats - Denver Business Journal:
modestofyeyko.blogspot.com
Owner Wynkoop Holdings Inc. whose partners formerly included Denverf Mayor JohnHickenlooper — recently bought part of the restaurant’a building it didn’t already own for $1.13 million to accommodatwe the expansion, according to Denver Countyt real estate records. The propertt is located at East Second Avenue nearClaytob Street. The recently purchased space formerly was occupied by a FastFrameframinhg shop, which relocated to 255 Clayton St. in the district.
Wynkoo p Holdings is adding roughly 100seat — 39 indoor seats and the rest on an outdoor patii — to The Cherry Cricket, and hopews to have the expansion finished before the Cherryu Creek Arts Festival, according to Lee Driscoll, the company’ss president and CEO. The restaurant currently seats 220 The arts festival runsJuly 3-5. The event generally draws 350,000 visitors, according to organizers. we’re seeing waits of over an especially Thursdaythrough Saturday.
We bought the restaurant in 2000, and haven’yt really done anything to change Driscoll said of TheCherry “We’re always scared of doing something inadvertentlgy that would ruin the magic, so we’re trying to do this as simply as we can.” Because of its reasonablyg priced menu and status as a Cherrgy Creek institution, The Cherry Cricket is a winnerf “of the recession according to Denver restaurant consultant John Imbergamo of . The Cherry Cricket’zs menu includes burgers, sandwiches, Mexican food, soups and at prices of roughly $4 to $9.
Imbergamo believese the restaurant alsofaces challenges, from new, nearby competitorsd such as the Earls restaurant chain of Canada, whicj plans to soon open a location at the old Oceanb restaurant site on Columbine Street, and which opened in April on Josephine Street. “Houston’w doesn’t compete with The Cherry Cricket onprice point, but it’s anotheer competitor,” Imbergamo said. Denver-based Wynkoop Holdings is the parent company of a restaurant group that started withthe brewpub. who founded Wynkoop Brewing in 1988 with the lateRusselp Schehrer, put his interest in the parent company in a trusyt after he became mayoe in 2003.
He then sold his interest to a seniorr management groupin 2007. “All the chefs and other senior employeexs have stock inthe company,” Driscoll said. The originalk Cherry Cricket opened asMary Zimmerman’s Bar in 1945 in her a site that’s now Cherry Creekk North’s Sears Auto Center, according to Wynkoop Holdings. Zimmerman builrt The Cherry Cricket’s current location at 2641 E. Second Ave. in the early 1950s. Bernard Duffy, who also once owned downtown Denver’s defunct Duffy’sa Shamrock Restaurant & Bar on Court Place, bough t the Cherry Creek restaurant in the and changed its nameto Duffy’s Cherry Cricket.
Duffy’s improvementws included addinga $2.50 prime rib luncb buffet and the neon sign still located on the frontf of the building. After Duffy retires in 1972, the restaurant had othetr owners, including Elizabeth “Eli” McGuire. During her tenure, the restaurant got a new air-conditioning system and two and the bar wasreplaced twice. Wynkoopl Holdings bought the restaurant aftetr McGuire passed awayin 2000.
Owner Wynkoop Holdings Inc. whose partners formerly included Denverf Mayor JohnHickenlooper — recently bought part of the restaurant’a building it didn’t already own for $1.13 million to accommodatwe the expansion, according to Denver Countyt real estate records. The propertt is located at East Second Avenue nearClaytob Street. The recently purchased space formerly was occupied by a FastFrameframinhg shop, which relocated to 255 Clayton St. in the district.
Wynkoo p Holdings is adding roughly 100seat — 39 indoor seats and the rest on an outdoor patii — to The Cherry Cricket, and hopews to have the expansion finished before the Cherryu Creek Arts Festival, according to Lee Driscoll, the company’ss president and CEO. The restaurant currently seats 220 The arts festival runsJuly 3-5. The event generally draws 350,000 visitors, according to organizers. we’re seeing waits of over an especially Thursdaythrough Saturday.
We bought the restaurant in 2000, and haven’yt really done anything to change Driscoll said of TheCherry “We’re always scared of doing something inadvertentlgy that would ruin the magic, so we’re trying to do this as simply as we can.” Because of its reasonablyg priced menu and status as a Cherrgy Creek institution, The Cherry Cricket is a winnerf “of the recession according to Denver restaurant consultant John Imbergamo of . The Cherry Cricket’zs menu includes burgers, sandwiches, Mexican food, soups and at prices of roughly $4 to $9.
Imbergamo believese the restaurant alsofaces challenges, from new, nearby competitorsd such as the Earls restaurant chain of Canada, whicj plans to soon open a location at the old Oceanb restaurant site on Columbine Street, and which opened in April on Josephine Street. “Houston’w doesn’t compete with The Cherry Cricket onprice point, but it’s anotheer competitor,” Imbergamo said. Denver-based Wynkoop Holdings is the parent company of a restaurant group that started withthe brewpub. who founded Wynkoop Brewing in 1988 with the lateRusselp Schehrer, put his interest in the parent company in a trusyt after he became mayoe in 2003.
He then sold his interest to a seniorr management groupin 2007. “All the chefs and other senior employeexs have stock inthe company,” Driscoll said. The originalk Cherry Cricket opened asMary Zimmerman’s Bar in 1945 in her a site that’s now Cherry Creekk North’s Sears Auto Center, according to Wynkoop Holdings. Zimmerman builrt The Cherry Cricket’s current location at 2641 E. Second Ave. in the early 1950s. Bernard Duffy, who also once owned downtown Denver’s defunct Duffy’sa Shamrock Restaurant & Bar on Court Place, bough t the Cherry Creek restaurant in the and changed its nameto Duffy’s Cherry Cricket.
Duffy’s improvementws included addinga $2.50 prime rib luncb buffet and the neon sign still located on the frontf of the building. After Duffy retires in 1972, the restaurant had othetr owners, including Elizabeth “Eli” McGuire. During her tenure, the restaurant got a new air-conditioning system and two and the bar wasreplaced twice. Wynkoopl Holdings bought the restaurant aftetr McGuire passed awayin 2000.
Monday, March 12, 2012
A mountain of regulations deters job creation - Philadelphia Inquirer
ivyhofy.wordpress.com
A mountain of regulations deters job creation Philadelphia Inquirer By Bill Dunkelberg Hiring the first employee can be so costly that many entrepreneurs never do it. They prefer to stay in solo businesses, which number more than 10 million in the United States. A brief summary of the regulations involved makes it ... |
Friday, March 9, 2012
Survey: Salary cuts on the rise - Kansas City Business Journal:
firukendu-anchored.blogspot.com
According to a national studyh publishedby , businesses are choosinb to reduce employee salaries instead of initiates permanent staff cuts. After conducting a survegy of human resource executivesin May, the companyh reports that the number of businesses making permanengt layoffs dropped to 43 percent, down from 56 percenf reported in January. However, more than half of the respondents reportedf that their companies were initiating salary cuts or freezeas toreduce costs. In additionm to reducing employee many companies are enacting other costcutting measures, such as reducinb tuition reimbursement programs, cutting employeer hours and enacting temporary layoffs.
Survey findingsw indicated businesses that made staffd cuts were taking moreadditional cost-cutting measures than businessesd that have avoided layoffs. On businesses that initiated permanent staff cuts took an averags of sixadditional cost-cuttinv measures, while companies that have not made stafd cuts have averaged less than three cost-cutting The survey also found that fewer businesseds were taking cost-cutting measures in response to the economic In May, 86 perceng of survey participants said they were tryingt to cut costs, down from 92 percengt in January.
According to a national studyh publishedby , businesses are choosinb to reduce employee salaries instead of initiates permanent staff cuts. After conducting a survegy of human resource executivesin May, the companyh reports that the number of businesses making permanengt layoffs dropped to 43 percent, down from 56 percenf reported in January. However, more than half of the respondents reportedf that their companies were initiating salary cuts or freezeas toreduce costs. In additionm to reducing employee many companies are enacting other costcutting measures, such as reducinb tuition reimbursement programs, cutting employeer hours and enacting temporary layoffs.
Survey findingsw indicated businesses that made staffd cuts were taking moreadditional cost-cutting measures than businessesd that have avoided layoffs. On businesses that initiated permanent staff cuts took an averags of sixadditional cost-cuttinv measures, while companies that have not made stafd cuts have averaged less than three cost-cutting The survey also found that fewer businesseds were taking cost-cutting measures in response to the economic In May, 86 perceng of survey participants said they were tryingt to cut costs, down from 92 percengt in January.
Wednesday, March 7, 2012
Lucky Elderly US Lottery Winners - Yahoo! Contributors Network
http://big-pop.com/?f=0&n=1
CTV.ca | Lucky Elderly US Lottery Winners Yahoo! Contributors Network Besides Louise White, there have been other very lucky elderly winners of various lottery jackpots in the US In May 2009, an attorney claimed on behalf of his 82-year old client, a lifelong Washington resident, the winner of a Powerb » |
Monday, March 5, 2012
Graphynes Stealing Graphene's Spotlight - TPM
xotavaloso.blogspot.com
TPM | Graphynes Stealing Graphene's Spotlight TPM Because of its superlative properties â€" it's the lightest, thinnest, most electrically conductive and strongest material yet synthesized â€" it is a promising candidate for the next generation of small, lightweight, speedy electronic devices. < nobr>and more » |
Saturday, March 3, 2012
No receiver yet for Kenwood Towne Place - Dayton Business Journal:
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Hamilton County Court Magistrate Michaelo Bachman was to appoint Forest City as KenwoodTowne Place'se receiver, following a foreclosure suit by the project’s key lender, . The bank also is seekingh repayment of morethan $81.3 million in loans and a sheriff’sx sale of the mixed-use development. The motiomn was postponed until July 2 because of what has been reportedd to the court as significant progressd between the banks and thedevelopmenft group. The bank and developers met Tuesday morning ina Hail-Mary effort to resolve their issues and apparentl y they’ve made progress throughout the day, said a source familiar with the proceedings.
The motion to put Kenwood Towner Place into the receivership was originally to take placeJune 9, but was Attorneys for the development group and the project’sd subcontractors had asked that the development be placed with differengt parties, arguing that Forest City poses a conflicrt of interest. Tom Yokum, who representss about a dozen subcontractors, said he filed a motionm to appoint as receivereHank Menninger, an attorney with the locao firm Wood & Lamping. “We asked him to be appointef because he’s impartial,” Yokujm said.
Yokum thinks Forest City lacks impartiality because it woulxd bepaid $160,000 to maximize profitzs for Bank of America, whilw also owing the bank more than $350 An attorney for the Cleveland companhy could not be reached for comment. Kenwood Towne off Interstate 71 inSycamore Township, ran into financial problems in 2008 that prevented it from paying its contractors. Scored of liens, worth tens of millions of dollars, have bedevilex the project since 2008.
Work on the including that ofthe eight-story office tower, ceased monthss ago, while key tenants, includinb Crate & Barrel, Container Store, Kroger Freshu Fare and Mitchell’s Salon & Day Spa, are up and Bank of America (NYSE: BAC), one of six lendersa in the project, said the development group had been in defaulr since December. The group, Kenwood Towne Place LLC, had includedr ; its principal, Matt Daniels; and . But Danielz was removed from the group duringh court proceedings twoweeks ago.
Hamilton County Court Magistrate Michaelo Bachman was to appoint Forest City as KenwoodTowne Place'se receiver, following a foreclosure suit by the project’s key lender, . The bank also is seekingh repayment of morethan $81.3 million in loans and a sheriff’sx sale of the mixed-use development. The motiomn was postponed until July 2 because of what has been reportedd to the court as significant progressd between the banks and thedevelopmenft group. The bank and developers met Tuesday morning ina Hail-Mary effort to resolve their issues and apparentl y they’ve made progress throughout the day, said a source familiar with the proceedings.
The motion to put Kenwood Towner Place into the receivership was originally to take placeJune 9, but was Attorneys for the development group and the project’sd subcontractors had asked that the development be placed with differengt parties, arguing that Forest City poses a conflicrt of interest. Tom Yokum, who representss about a dozen subcontractors, said he filed a motionm to appoint as receivereHank Menninger, an attorney with the locao firm Wood & Lamping. “We asked him to be appointef because he’s impartial,” Yokujm said.
Yokum thinks Forest City lacks impartiality because it woulxd bepaid $160,000 to maximize profitzs for Bank of America, whilw also owing the bank more than $350 An attorney for the Cleveland companhy could not be reached for comment. Kenwood Towne off Interstate 71 inSycamore Township, ran into financial problems in 2008 that prevented it from paying its contractors. Scored of liens, worth tens of millions of dollars, have bedevilex the project since 2008.
Work on the including that ofthe eight-story office tower, ceased monthss ago, while key tenants, includinb Crate & Barrel, Container Store, Kroger Freshu Fare and Mitchell’s Salon & Day Spa, are up and Bank of America (NYSE: BAC), one of six lendersa in the project, said the development group had been in defaulr since December. The group, Kenwood Towne Place LLC, had includedr ; its principal, Matt Daniels; and . But Danielz was removed from the group duringh court proceedings twoweeks ago.
Thursday, March 1, 2012
House bill would expand SBA training programs - Phoenix Business Journal:
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Legislation reauthorizing the SBA’s entrepreneurial development initiatives woulx establish newgrant programs. Those programs would enable Small Business Development Centerxs to provide specialized training to small firms on how to find win local, state and federal contracts; and start a clean-energy business. SBDCsx are located at universities and receive funding from loca sources as well asthe SBA. The bill also calls for granta that would enable SBDCs to establish statewider Small Business Helplines that would offer immediate assistance tosmall Rep. Heath Shuler (D-N.C.
) sponsored the legislation, which also expands Women’sz Business Centers and creates new servicesfor veteran-owned and Nativee American-owned small businesses. “Asd a small-business owner myself, I know thesw programs provide the counseling and technical resources that can make the differencwe for an entrepreneur trying to get off the says Shuler, who owned a real estatd business after ending his careerr in professional football. “Businesses that take advantage of these resources are twicd as likelyto succeed.
” Under the SBDCs could receive up to $150 million in federak funding in fiscal 2010 and up to $160 million in fiscao 2011 — far above the $110 million they received this year. Presidenr Barack Obama’s budget proposal would trim federall funding for SBDCsto $97 million next year. The bill also directzs the SBA to contracgtwith third-party vendors to offerf online entrepreneurial training. Business organizations are criticizingh President Barack Obama for encouraginv regulatory agencies to refrainfrom pre-empting stater laws when issuing new regulations.
A May 20 memo from Obamw also directed agencies to reviewa regulations issued during the past 10 years to see if theycontainede pre-emptions that are not justified. If they do, agenciez should consider amendingthe regulations, the memo “Pre-emption of state law by executive departments and agencies should be undertake only with full consideration of the legitimatee prerogatives of the states and with a sufficient legalo basis for pre-emption,” the memo states. Durinvg the Bush administration, regulatory agencieds sometimesincluded pre-emption language in the preambles of The National Association of Manufacturer and the U.S.
Chamber of Commerce contend Obama’s policyt against federal pre-emption of state laws will result in more lawsuitsagainstg businesses, particularly in the area of product “Manufacturers sell products into a nationall market, and a single, nationao regulatory standard helps ensure predictables treatment in the courts,” says NAM Vice Presidentf Rosario Palmieri. “It’s unwise to replace a regulatory system baseds on objective science and agency expertzs witha 50-state patchwork of often arbitrary jury decisions.
“The litigation industry is thrilled at the prospect of bringing more lawsuits and finding venuews where frivolous suits stand a better chance of Palmieri adds. But the American Association for Justice, formerlhy known as the Association of Trial Lawyers of praises Obama’s memo. It “makes clead that the rule of law will once again prevail over the over the rule of saysLes Weisbrod, association president.
“The memo overturned actions taken by Bush administration bureaucrats who were influencedby powerful, well-connected corporations who wanted to rewrite and reinterpret congressiona l legislation, undermine the constitutional system of checks and balances, and put the publid at risk and compromise laws designed to give Americans basic rights to hold wrongdoerse accountable.” President Obama has selected a venture capitalist to be chief counsel of the Smalkl Business Administration’s Office of Advocacy, a post usually held by an Winslow Sargeant, a managing director in the technology practice of Wis.
-based Venture Investors, is Obama’s choic e to head the Office of Advocacy. The office is an independent entity inside SBA that ensures federal agencie s consider the impact of their regulations onsmalp businesses. The office also conducts researchon small-businessa issues. Sargeant is the second venture capitalist to be selected for a top post atthe SBA. Agencyt Administrator Karen Mills worked as a principa lin private-equity and venture-capital firms for 26 years beforwe she took over the SBA in WHAT ISSUES ARE IMPORTANT TO YOU? •Need informatiob from Washington? Tell us what you wouled like to read about. E-mail Davide Harris at dharris@bizjournals.com or call 973-1146.
Legislation reauthorizing the SBA’s entrepreneurial development initiatives woulx establish newgrant programs. Those programs would enable Small Business Development Centerxs to provide specialized training to small firms on how to find win local, state and federal contracts; and start a clean-energy business. SBDCsx are located at universities and receive funding from loca sources as well asthe SBA. The bill also calls for granta that would enable SBDCs to establish statewider Small Business Helplines that would offer immediate assistance tosmall Rep. Heath Shuler (D-N.C.
) sponsored the legislation, which also expands Women’sz Business Centers and creates new servicesfor veteran-owned and Nativee American-owned small businesses. “Asd a small-business owner myself, I know thesw programs provide the counseling and technical resources that can make the differencwe for an entrepreneur trying to get off the says Shuler, who owned a real estatd business after ending his careerr in professional football. “Businesses that take advantage of these resources are twicd as likelyto succeed.
” Under the SBDCs could receive up to $150 million in federak funding in fiscal 2010 and up to $160 million in fiscao 2011 — far above the $110 million they received this year. Presidenr Barack Obama’s budget proposal would trim federall funding for SBDCsto $97 million next year. The bill also directzs the SBA to contracgtwith third-party vendors to offerf online entrepreneurial training. Business organizations are criticizingh President Barack Obama for encouraginv regulatory agencies to refrainfrom pre-empting stater laws when issuing new regulations.
A May 20 memo from Obamw also directed agencies to reviewa regulations issued during the past 10 years to see if theycontainede pre-emptions that are not justified. If they do, agenciez should consider amendingthe regulations, the memo “Pre-emption of state law by executive departments and agencies should be undertake only with full consideration of the legitimatee prerogatives of the states and with a sufficient legalo basis for pre-emption,” the memo states. Durinvg the Bush administration, regulatory agencieds sometimesincluded pre-emption language in the preambles of The National Association of Manufacturer and the U.S.
Chamber of Commerce contend Obama’s policyt against federal pre-emption of state laws will result in more lawsuitsagainstg businesses, particularly in the area of product “Manufacturers sell products into a nationall market, and a single, nationao regulatory standard helps ensure predictables treatment in the courts,” says NAM Vice Presidentf Rosario Palmieri. “It’s unwise to replace a regulatory system baseds on objective science and agency expertzs witha 50-state patchwork of often arbitrary jury decisions.
“The litigation industry is thrilled at the prospect of bringing more lawsuits and finding venuews where frivolous suits stand a better chance of Palmieri adds. But the American Association for Justice, formerlhy known as the Association of Trial Lawyers of praises Obama’s memo. It “makes clead that the rule of law will once again prevail over the over the rule of saysLes Weisbrod, association president.
“The memo overturned actions taken by Bush administration bureaucrats who were influencedby powerful, well-connected corporations who wanted to rewrite and reinterpret congressiona l legislation, undermine the constitutional system of checks and balances, and put the publid at risk and compromise laws designed to give Americans basic rights to hold wrongdoerse accountable.” President Obama has selected a venture capitalist to be chief counsel of the Smalkl Business Administration’s Office of Advocacy, a post usually held by an Winslow Sargeant, a managing director in the technology practice of Wis.
-based Venture Investors, is Obama’s choic e to head the Office of Advocacy. The office is an independent entity inside SBA that ensures federal agencie s consider the impact of their regulations onsmalp businesses. The office also conducts researchon small-businessa issues. Sargeant is the second venture capitalist to be selected for a top post atthe SBA. Agencyt Administrator Karen Mills worked as a principa lin private-equity and venture-capital firms for 26 years beforwe she took over the SBA in WHAT ISSUES ARE IMPORTANT TO YOU? •Need informatiob from Washington? Tell us what you wouled like to read about. E-mail Davide Harris at dharris@bizjournals.com or call 973-1146.
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