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's Capital Purchase program. Cleveland-based KeyCorp KEY) is the parenf of , the third-largest bank in the Buffalo First NiagaraFinancial group, parent of , is the fourth-largest bank in the KeyCorp will bolster its capital position by $2.5 the company said, which will significantly fortify its balance enhance lending capabilities and enable businesse investment. "With this move, we furthefr elevate our positionof strength, gain flexibilityu in managing our balance sheet, enhance our ability to lend to our relationship clients, and enable continued investments in our businesses," said Chiefg Executive Officer Henry Meyer III.
Firsgt Niagara (NASDAQ: FNFG), with $9 billiom in assets, will receive up to $186 million under the federalo government’s new capital purchase program. “First Niagara continues to be a leader inchallenging times,” President and CEO John Koelmel said in prepareds remarks. “We are supportive of the Treasury Department’s effortas and remain strongly committed to supporting the economyh in UpstateNew York.
” In exchange for the First Niagara will allow the Treasury to purchasw senior preferred shares of its stoco and warrants to buy First Niagara common stock equivalent to 15 percent of the senior preferred The federal program is “intended to infusew equity in healthy financial institution s that form the backbonre of the U.S. financial system,” the First Niagara statemeng said. “Subject to a review of program termswof conditions, First Niagara expects to leverage the proceeds to furthet accelerate its growth strategy as well as to opportunistically assesas acquisition prospects, the company’s statementt said.
Earlier this month, First Niagara successfullty completeda follow-on stock offering that raised more than $108 millionb in new capital it said would be used for growth purposes. It operateds 114 branches and four regional market centers Upstate between Niagara County and the AlbanyCapital District. Anothetr prominent Buffalo bank, , said it "continues to evaluate the benefits of the progra to a healthy banklike M&T.
"
Friday, March 30, 2012
Wednesday, March 28, 2012
Gannett to cut 1,400 companywide - Business Courier of Cincinnati:
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Each of the media company’s marketsz will complete its owndownsizingv plan, with layoffs varying dependintg on local conditions, accordingy to a letter to employeee from Bob Dickey, president of U.S. community which was obtained by theBusiness Courier. Locally Gannetgt owns the Cincinnati Enquiredr and CommunityPress newspapers. In a memo to Enquirert employees, Publisher Margaret Buchanan said as many as 100 ofthe paper'xs employees could be but details aren't yet finalized. Employeesw will be notified of layoffs no later thanJuly 17. over the past year, has instituted a voluntary severanced plan, a previous layoff and quarterly furloughs as adsaled fell.
The company postee first-quarter earnings of $77.4 or 34 cents per diluted share, down 60 percenft year over year. Dickey said therr will be no more employee furloughs for the remainder ofthe McLean, Va.-based Gannett (NYSE: GCI) has about 41,00p employees. It publishes more than 80 daily newspapersz and has about850 non-dailyt publications, according to the company’s Web In addition, it operates 23 TV
Each of the media company’s marketsz will complete its owndownsizingv plan, with layoffs varying dependintg on local conditions, accordingy to a letter to employeee from Bob Dickey, president of U.S. community which was obtained by theBusiness Courier. Locally Gannetgt owns the Cincinnati Enquiredr and CommunityPress newspapers. In a memo to Enquirert employees, Publisher Margaret Buchanan said as many as 100 ofthe paper'xs employees could be but details aren't yet finalized. Employeesw will be notified of layoffs no later thanJuly 17. over the past year, has instituted a voluntary severanced plan, a previous layoff and quarterly furloughs as adsaled fell.
The company postee first-quarter earnings of $77.4 or 34 cents per diluted share, down 60 percenft year over year. Dickey said therr will be no more employee furloughs for the remainder ofthe McLean, Va.-based Gannett (NYSE: GCI) has about 41,00p employees. It publishes more than 80 daily newspapersz and has about850 non-dailyt publications, according to the company’s Web In addition, it operates 23 TV
Monday, March 26, 2012
bizjournals: Insurers put on spot by hurricane related fraud
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reports that claims resulting from the 2004 seasoj came from everyFlorida county, even those hundreds of milezs from last year's storms. That report has led statr politicians to call for investigations ofthe industry' handling of claims. An Orlando Business Journal analysis of statistics gathered by the Florida Offic e of Insurance Regulation revealsthe pattern. For the business journal residents of the Florida panhandlecollected $21.3 million from Hurricande Charley, which followed a path 140 miles southeast of the nearesg panhandle county.
"Anyone would know a Hurricane Charley claijm in Santa Rosa County has to be saidBill Newton, executivw director at Florida Consumer Action Network, a statewidr citizens group with 40,000 members. "Good God -- no wonder the insurancs rates are sohigh ... Why are the insurancre companies payingthese people? That hurts all the honest consumerw when insurance companies are not paying attentionh to who they're paying money to. It's not fair." The paper'x analysis led state Sen.
Ron Klein, a Boca Ratomn Democrat, to call for a freeze on propertyt insurance rate hikes until an investigationis performed, "We are on very strong grouns to stop future rate increases until they explainb why these claims were paid he said. Insurers, though, said they were trying to keep up with fraudulengFlorida claims. "The insurance companies have turned in suspecter fraud cases to the states Division ofInsurance Fraud," said Sam vice president of the Tallahassee-basede Florida Insurance Council Inc. "Thety have been going through claims fromlast year. I'm sure some fraud went on -- ther were 1.7 million claims.
" At the end of last the Florida Division of Insurance Fraud 632 tips about fraucd related tolast year's hurricanes. Thirty-two people have been 8 convicted, and 85 are underd investigation. Almost three-quarters of the tips have been fromprivatwe citizens. Insurance companies have five years to report theirrfraud suspicions. "It's not a situation wherer we just hand overa check," says Ryan an Allstate Floridian Insurance Co. The Florida disclosures arise as the insurance industruy warns of the tough consequencea ofthis year's record-breaking season. Hurricanezs Katrina and Rita devastatex the Gulf Coast from Alabama to and Hurricane Wilma socked South Florida.
That couled be just the beginniny of much more active Atlantichurricane seasons, experts have Insurance companies are listening. They're looking at whether they want to do business in areas like the Gulf the reports. "We need to go state-by-state to make sure we avoidr the mistakes ofthe past," said Josepuh Annotti, senior vice president of public affairs for the Property Casualty Insurers Associationb of America. Those who attendeed a conference of industry officials in Octobert called for reform ofthe nation's insurance system to provide a safett net for firms facing catastrophic storms.
reports that the combined effecrt of allthe hurricanes, and concerns about futuree storms, will be higher rates not just for homeowners and land-basedx businesses, but for oil and gas producers in the Gulf of Mexici as well. Oil and gas operators can expecft to pay up to 400 percent more for insurancee because of Hurricanes Katrinaand Rita, the Houston Business Journal reports. And insurance for the Gulf oil platforms that producd much of the United domestic oil may be harderto get.
Bill Martijn who heads the Houston office of BenfieldrCorporate Risk, an insurance provider to the energh industry, told the Houston Businesz Journal, "We believe this is going to be a point of departure for energy insurance he says. "(Insurers) will be looking at the exposure in the Gulf of Mexicol and theGulf Coast. 2005 was a very dramatic year, and the insurance industr y has to adaptto that. Pricing will go up and it will be more more geared to the location and design of assetzbeing insured.
"
reports that claims resulting from the 2004 seasoj came from everyFlorida county, even those hundreds of milezs from last year's storms. That report has led statr politicians to call for investigations ofthe industry' handling of claims. An Orlando Business Journal analysis of statistics gathered by the Florida Offic e of Insurance Regulation revealsthe pattern. For the business journal residents of the Florida panhandlecollected $21.3 million from Hurricande Charley, which followed a path 140 miles southeast of the nearesg panhandle county.
"Anyone would know a Hurricane Charley claijm in Santa Rosa County has to be saidBill Newton, executivw director at Florida Consumer Action Network, a statewidr citizens group with 40,000 members. "Good God -- no wonder the insurancs rates are sohigh ... Why are the insurancre companies payingthese people? That hurts all the honest consumerw when insurance companies are not paying attentionh to who they're paying money to. It's not fair." The paper'x analysis led state Sen.
Ron Klein, a Boca Ratomn Democrat, to call for a freeze on propertyt insurance rate hikes until an investigationis performed, "We are on very strong grouns to stop future rate increases until they explainb why these claims were paid he said. Insurers, though, said they were trying to keep up with fraudulengFlorida claims. "The insurance companies have turned in suspecter fraud cases to the states Division ofInsurance Fraud," said Sam vice president of the Tallahassee-basede Florida Insurance Council Inc. "Thety have been going through claims fromlast year. I'm sure some fraud went on -- ther were 1.7 million claims.
" At the end of last the Florida Division of Insurance Fraud 632 tips about fraucd related tolast year's hurricanes. Thirty-two people have been 8 convicted, and 85 are underd investigation. Almost three-quarters of the tips have been fromprivatwe citizens. Insurance companies have five years to report theirrfraud suspicions. "It's not a situation wherer we just hand overa check," says Ryan an Allstate Floridian Insurance Co. The Florida disclosures arise as the insurance industruy warns of the tough consequencea ofthis year's record-breaking season. Hurricanezs Katrina and Rita devastatex the Gulf Coast from Alabama to and Hurricane Wilma socked South Florida.
That couled be just the beginniny of much more active Atlantichurricane seasons, experts have Insurance companies are listening. They're looking at whether they want to do business in areas like the Gulf the reports. "We need to go state-by-state to make sure we avoidr the mistakes ofthe past," said Josepuh Annotti, senior vice president of public affairs for the Property Casualty Insurers Associationb of America. Those who attendeed a conference of industry officials in Octobert called for reform ofthe nation's insurance system to provide a safett net for firms facing catastrophic storms.
reports that the combined effecrt of allthe hurricanes, and concerns about futuree storms, will be higher rates not just for homeowners and land-basedx businesses, but for oil and gas producers in the Gulf of Mexici as well. Oil and gas operators can expecft to pay up to 400 percent more for insurancee because of Hurricanes Katrinaand Rita, the Houston Business Journal reports. And insurance for the Gulf oil platforms that producd much of the United domestic oil may be harderto get.
Bill Martijn who heads the Houston office of BenfieldrCorporate Risk, an insurance provider to the energh industry, told the Houston Businesz Journal, "We believe this is going to be a point of departure for energy insurance he says. "(Insurers) will be looking at the exposure in the Gulf of Mexicol and theGulf Coast. 2005 was a very dramatic year, and the insurance industr y has to adaptto that. Pricing will go up and it will be more more geared to the location and design of assetzbeing insured.
"
Saturday, March 24, 2012
Virgil C. White - Shawnee News Star
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Virgil C. White Shawnee News Star By Anonymous Virgil was raised in Tecumseh and attended Tecumseh Public Schools. He graduated with the class of 1949 from Tecumseh High School and later attended Technical School in Amarillo, Texas. He proudly served his country in the US Army, ... |
Thursday, March 22, 2012
Analyst: YRC bankruptcy is likely - St. Louis Business Journal:
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The Overland Park, Kan.-based trucking company’s ongoing negotiationxs with the union are at risk of analyst Art Hatfield said ina note. “Given the developmentas with the negotiations between the two parties and the increasing uncertainty pertaining to the outcome ofthose negotiations, we believe a bankruptcyh at YRC Worldwide is still likely in the near to he wrote. While the parties have kept quiegt aboutthe talks, YRC reportedly wants to end its union pensio payments for 14 which would provide savings of $500 million, and not make up for While that proposal would offer YRC significanty and badly needed liquidity during the period, it “would face a toughg and challenging road to becoming a Hatfield wrote.
“From what we know, YRC wouls not be conceding anything material to the pensionplanw and/or its Teamsters employees unded the proposal,” he wrote. “Additionally, if the proposal goes on to a vote tothe Teamster-representef employees at YRC, we believe the likelihood of a favorable vote woulds be low at best, given that the employeexs would be the ones to feel the brunt of thesed terminated payments over the long term ...
and that securitu provisions and protections for Teamsters employees are not part of the concessionsd made by thecompany (to our In addition, Hatfield wrote, the Teamsters probably want payment deferrala instead, which would be difficult for YRC because its lenderss probably would be reluctant to let the company tie up assetsa or real estate as collateral. And YRC probably has little left to offerras collateral, he Hatfield changed his rating on YRC shares from “Markety Perform” to “Not Rated.” YRC began the recengt concessions talks with the Teamsters June 29. The pricwe of YRC stock (Nasdaq: YRCW) plungedx Wednesday, dropping as low as 93 cents to hita 52-wee low.
The previous 52-week low was $1.20 on Nov. 20, according to . Around 3 p.m. Wednesday, YRC shareds were trading at 93 cents, down 31 or 25 percent. YRC, which has roughly 49,00p employees — more than half of them uniojnmembers — has been weighed down by debt and a lengthg freight recession, and lost $257.4r million in the first quarter. It has integrated shut down facilities, laid off workers and sold propertt to try to cut costs andmaintain liquidity. Earlt this year, Teamsters members agreed to a 10 percenf wage cut and suspensionof cost-of-living adjustmentd through 2013 in exchange for a 15 percent stakde in the company.
YRC also has been negotiatinh to defer union pension fund payments using company real estate as collateral and on June 18 securedc an agreement with the largest pension fund todefetr $83 million in payments. The unionh has said it also is reaching out to stakeholders such as pension fundsand YRC’e lenders — to address the cash issue.
The Overland Park, Kan.-based trucking company’s ongoing negotiationxs with the union are at risk of analyst Art Hatfield said ina note. “Given the developmentas with the negotiations between the two parties and the increasing uncertainty pertaining to the outcome ofthose negotiations, we believe a bankruptcyh at YRC Worldwide is still likely in the near to he wrote. While the parties have kept quiegt aboutthe talks, YRC reportedly wants to end its union pensio payments for 14 which would provide savings of $500 million, and not make up for While that proposal would offer YRC significanty and badly needed liquidity during the period, it “would face a toughg and challenging road to becoming a Hatfield wrote.
“From what we know, YRC wouls not be conceding anything material to the pensionplanw and/or its Teamsters employees unded the proposal,” he wrote. “Additionally, if the proposal goes on to a vote tothe Teamster-representef employees at YRC, we believe the likelihood of a favorable vote woulds be low at best, given that the employeexs would be the ones to feel the brunt of thesed terminated payments over the long term ...
and that securitu provisions and protections for Teamsters employees are not part of the concessionsd made by thecompany (to our In addition, Hatfield wrote, the Teamsters probably want payment deferrala instead, which would be difficult for YRC because its lenderss probably would be reluctant to let the company tie up assetsa or real estate as collateral. And YRC probably has little left to offerras collateral, he Hatfield changed his rating on YRC shares from “Markety Perform” to “Not Rated.” YRC began the recengt concessions talks with the Teamsters June 29. The pricwe of YRC stock (Nasdaq: YRCW) plungedx Wednesday, dropping as low as 93 cents to hita 52-wee low.
The previous 52-week low was $1.20 on Nov. 20, according to . Around 3 p.m. Wednesday, YRC shareds were trading at 93 cents, down 31 or 25 percent. YRC, which has roughly 49,00p employees — more than half of them uniojnmembers — has been weighed down by debt and a lengthg freight recession, and lost $257.4r million in the first quarter. It has integrated shut down facilities, laid off workers and sold propertt to try to cut costs andmaintain liquidity. Earlt this year, Teamsters members agreed to a 10 percenf wage cut and suspensionof cost-of-living adjustmentd through 2013 in exchange for a 15 percent stakde in the company.
YRC also has been negotiatinh to defer union pension fund payments using company real estate as collateral and on June 18 securedc an agreement with the largest pension fund todefetr $83 million in payments. The unionh has said it also is reaching out to stakeholders such as pension fundsand YRC’e lenders — to address the cash issue.
Tuesday, March 20, 2012
Niagara fruit crops holding up - The Business Journal of the Greater Triad Area:
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But many more orchards and other areas, includiny residential areas in the Lake Ontario Fruit Belt, remain to be testexd for plum pox virue before September. Teams working for the and the statre Department of Agriculture and Marketsz began taking leaf samplesin May. Subsequent laboratorg tests did not disclosde any new outbreaks of the virus inNiagar County, Jackie Klahn, director of the USDA’s Lockport field office, said.
In early May, as orchards blossomed, optimisn was growing that the spread of the which made its Niagara County debut 2006 might be Between 2006and 2008, plum pox was discovererd in several Niagara County in Orleans County and Wayne County, east of Though harmless to humans and the virus poses an economic risk for commerciakl fruit growers because they must destroyg all susceptible trees within 1.5 miles to 2 milex of an identified hot Plum pox destroys the commercial valuee of the fruit that it attackes because it discolors and disfigures peaches, plums, prunews and nectarines.
In New York states counties lying alongLake Ontario’s south fruit growing is a multi-million-dollar industry.
But many more orchards and other areas, includiny residential areas in the Lake Ontario Fruit Belt, remain to be testexd for plum pox virue before September. Teams working for the and the statre Department of Agriculture and Marketsz began taking leaf samplesin May. Subsequent laboratorg tests did not disclosde any new outbreaks of the virus inNiagar County, Jackie Klahn, director of the USDA’s Lockport field office, said.
In early May, as orchards blossomed, optimisn was growing that the spread of the which made its Niagara County debut 2006 might be Between 2006and 2008, plum pox was discovererd in several Niagara County in Orleans County and Wayne County, east of Though harmless to humans and the virus poses an economic risk for commerciakl fruit growers because they must destroyg all susceptible trees within 1.5 miles to 2 milex of an identified hot Plum pox destroys the commercial valuee of the fruit that it attackes because it discolors and disfigures peaches, plums, prunews and nectarines.
In New York states counties lying alongLake Ontario’s south fruit growing is a multi-million-dollar industry.
Sunday, March 18, 2012
Six Flags, former Elitch Gardens owner, files for Chapter 11 - Memphis Business Journal:
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The board of Six Flags (OTCBB: SIXF) voted last week to begih reorganization proceedingsin U.S. Bankruptcgy Court for the Districtof Delaware. The company listee assets of $3.03 billion and debts of $2.36 billion in its filing. Cascade the investment firm for Microsoft founder Bill owns 11.1 percent of the voting securities in New York-basede Six Flags, the largest bankruptcy documents show. Six Flags has 97.7 millionm shares of common stockand 1.1 million shares of preferrede stock. "The current management team inheritesda $2.4 billion debt load that cannot be particularly in these challenging financial markets," said Mark president and CEO of Six Flags, in a statement.
"As a we are cleaning up the past and positioningh the company for futuregrowth ... Following a recorrd year of performancein 2008, whichn completed the three-year turnaround of our system-wide park this action to clean up the balance sheet paves the way for a full revival of the company," Shapirlo said. Elitch Gardens had operatedf for more than a centurgy at a northwestDenver site. The old Elitchy Gardens shut downin 1994, and a new versiojn of the amusement park opened a year later in downtowjn Denver. The local Gurtler family and its financial partnerx sold the new park to PremierParks Inc.
in 1996 for $65 It became Six Flags Elitch Gardenes twoyears later, when Premier acquired Six Flagws Inc. and changed its corporate name toSix Flags. Six Flags sold off Elitch's and other properties in 2007 in a series of transactiond that left the Denver attraction in the hands of CNL IncomeProperties Inc., a real estate investment trust basedf in Orlando, Fla. CNL reportedly paid $312 million for the properties. CNL arranged for Parc Managementt LLC of Florida tomanage Elitch's. Six Flags now operates about 20 North Americanamusement parks.
The board of Six Flags (OTCBB: SIXF) voted last week to begih reorganization proceedingsin U.S. Bankruptcgy Court for the Districtof Delaware. The company listee assets of $3.03 billion and debts of $2.36 billion in its filing. Cascade the investment firm for Microsoft founder Bill owns 11.1 percent of the voting securities in New York-basede Six Flags, the largest bankruptcy documents show. Six Flags has 97.7 millionm shares of common stockand 1.1 million shares of preferrede stock. "The current management team inheritesda $2.4 billion debt load that cannot be particularly in these challenging financial markets," said Mark president and CEO of Six Flags, in a statement.
"As a we are cleaning up the past and positioningh the company for futuregrowth ... Following a recorrd year of performancein 2008, whichn completed the three-year turnaround of our system-wide park this action to clean up the balance sheet paves the way for a full revival of the company," Shapirlo said. Elitch Gardens had operatedf for more than a centurgy at a northwestDenver site. The old Elitchy Gardens shut downin 1994, and a new versiojn of the amusement park opened a year later in downtowjn Denver. The local Gurtler family and its financial partnerx sold the new park to PremierParks Inc.
in 1996 for $65 It became Six Flags Elitch Gardenes twoyears later, when Premier acquired Six Flagws Inc. and changed its corporate name toSix Flags. Six Flags sold off Elitch's and other properties in 2007 in a series of transactiond that left the Denver attraction in the hands of CNL IncomeProperties Inc., a real estate investment trust basedf in Orlando, Fla. CNL reportedly paid $312 million for the properties. CNL arranged for Parc Managementt LLC of Florida tomanage Elitch's. Six Flags now operates about 20 North Americanamusement parks.
Friday, March 16, 2012
Raffa, Freidkin accounting firms merge - Washington Business Journal:
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D.C.-based Raffa, a woman-owned regionakl consulting, accounting, and technologh firm, currently serves over 500 variousnonprofi clients. “By expanding our abilityy to help businesses and individuals better managr and leverage their finances through sophisticatextax planning, we believe the firm can have a more significant impact on our work in the community,“ said CEO Tom who established the firm in in a statement. Through the merger with Freidkin, its cliengt pool will expand to includd the business community and high net worth Services include business and estatetax planning, businesss advisory, forensic, and valuation services.
Freidkin, a 35-year-old women-owned CPA firm that employds about30 people, will stay at its headquarters in The combined firms, which have a total of 16 partnerzs and almost 250 employees, will operate underd the Raffa PC name. Raffa offers insurancer and investment services to the nonprofig community and investment consulting and financial planningfor nonprofits, private and individuals that support the nonprofit
D.C.-based Raffa, a woman-owned regionakl consulting, accounting, and technologh firm, currently serves over 500 variousnonprofi clients. “By expanding our abilityy to help businesses and individuals better managr and leverage their finances through sophisticatextax planning, we believe the firm can have a more significant impact on our work in the community,“ said CEO Tom who established the firm in in a statement. Through the merger with Freidkin, its cliengt pool will expand to includd the business community and high net worth Services include business and estatetax planning, businesss advisory, forensic, and valuation services.
Freidkin, a 35-year-old women-owned CPA firm that employds about30 people, will stay at its headquarters in The combined firms, which have a total of 16 partnerzs and almost 250 employees, will operate underd the Raffa PC name. Raffa offers insurancer and investment services to the nonprofig community and investment consulting and financial planningfor nonprofits, private and individuals that support the nonprofit
Tuesday, March 13, 2012
They may be small, but Baltimore-area commercial real estate deals are back - Jacksonville Business Journal:
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They’re small transactions — most of them in deals wortu no morethan $10 million but they are enough to get industry insiders buzzing. And while the latestt buildingsales — about a dozen in the past few montha — don’t rival mega deale of 2005, they could signal the beginning of a greater trenfd for many businesses: the gradual unthawing of bank credigt that has been locked in a deep freezde for about a year. “Until a couple of transactionsz settled, you didn’t have a floo r in the market,” said Jeff a broker with Preston Partners in Lutherville.
Fitting then, for a company namer Floormax to be part of this After about three years studyingGreaterr Baltimore’s market, the Laurel flooring companyt recently paid $4.3 million for a new headquarterds and distribution building on Mid Atlanti c Boulevard, at the mouth of where the planner Intercounty Connector could come to an end. “Top say it was a different market three yearsago [would be] an said Joe Jovinelli, sales manager at Floormax. Local real estate insiders are still tryiny to figure out the sudden burstof business, and withougt the latest office vacancy statistics, they cannot confirm the bottoj of the market has been reached.
But they are sayingy a few factors could be contributing to the lates tdeal flow. For starters, the price is right. Most of the propertiew moving these days are selling for lessthan $10 Larger parcels on the market for $20 millionh or higher are still too expensive for most interested Meanwhile, local brokers say they are starting to see more institutionalk investors stepping off the sidelinr and back into the market. After hoarding cash throughouttthe recession, some investors are jumpint at the chance to grab revenue-generating properties at bargaihn prices, said Jonathan M. Carpenter, vice president with Colliers Pinkard’s Investment Servicee Group in Baltimore.
Some businesses are also lookin g to save some money by trading a monthlt rent for a mortgagw payment they can And they figure now is the time to buy possibly signaling more confidence that the market has hit real estatebrokers say. Furtherf tempting some buyers are bankers willing to lendmonegy again. Businesses trying to buy their own propertiezs could have an edge over investo r groups ingetting financing, particularly those that have an existinhg relationship with their banker, said Scotyt Nicholson, executive vice president and chief bankinvg officer at Columbia Bank.
Nicholson said his bank and other in the region are more inclined to issue a mortgagew to a company if it has a provenh track record andsolid financials. The recession has weeded such Columbia Bank courts these types of relationshipsa because they often result in other businessx such aswealth management, credit lines or businesse checking. More than investment-driven real estate Nicholson said, owner-occupied real estates purchases tend to perform better and are at less of a risk of Many firms are able to get financing helpfrom U.S.
Smal l Business Administration’s 504 loan program, designed to aid small businesses in gettinbg the money they need to buy properties for their Floormax was able to use the program to buyits 35,600-square-foot site at 13380 Mid Atlantic Blvd. in said Scott Skogmo, a broker with Sperry Van Ness who representef the firm inits purchase. “I think usersd realize that it’s a good time to buy propertiesabecause there’s more propertiea out there,” Skogmo said. • The sale of 141,60 0 square feet of industrial warehouse space in Elkridgeto Boston-based private equityu firm Cabot Properties for $8.7 million; • Hunt Vallehy tech firm System Source’s $7.
1 million acquisition of the 71,500-square-foogt office building that housexs its smaller operation; and, • The $4.5 million purchase of an 89,900-square-foogt building at 9050 Red Branch Road in Columbiza by an investor group namedd Red Branch 9050 LLC. The tenants at the property in the Howare industrial park include Oak Tree Furniture and AbbeyuRoad Deejays. Some local real estatwe brokerssay — or at leasr hope — these deals could be the tip of the iceberg. “There’s still activity; there’s still multiple offers,” Carpenteer said.
They’re small transactions — most of them in deals wortu no morethan $10 million but they are enough to get industry insiders buzzing. And while the latestt buildingsales — about a dozen in the past few montha — don’t rival mega deale of 2005, they could signal the beginning of a greater trenfd for many businesses: the gradual unthawing of bank credigt that has been locked in a deep freezde for about a year. “Until a couple of transactionsz settled, you didn’t have a floo r in the market,” said Jeff a broker with Preston Partners in Lutherville.
Fitting then, for a company namer Floormax to be part of this After about three years studyingGreaterr Baltimore’s market, the Laurel flooring companyt recently paid $4.3 million for a new headquarterds and distribution building on Mid Atlanti c Boulevard, at the mouth of where the planner Intercounty Connector could come to an end. “Top say it was a different market three yearsago [would be] an said Joe Jovinelli, sales manager at Floormax. Local real estate insiders are still tryiny to figure out the sudden burstof business, and withougt the latest office vacancy statistics, they cannot confirm the bottoj of the market has been reached.
But they are sayingy a few factors could be contributing to the lates tdeal flow. For starters, the price is right. Most of the propertiew moving these days are selling for lessthan $10 Larger parcels on the market for $20 millionh or higher are still too expensive for most interested Meanwhile, local brokers say they are starting to see more institutionalk investors stepping off the sidelinr and back into the market. After hoarding cash throughouttthe recession, some investors are jumpint at the chance to grab revenue-generating properties at bargaihn prices, said Jonathan M. Carpenter, vice president with Colliers Pinkard’s Investment Servicee Group in Baltimore.
Some businesses are also lookin g to save some money by trading a monthlt rent for a mortgagw payment they can And they figure now is the time to buy possibly signaling more confidence that the market has hit real estatebrokers say. Furtherf tempting some buyers are bankers willing to lendmonegy again. Businesses trying to buy their own propertiezs could have an edge over investo r groups ingetting financing, particularly those that have an existinhg relationship with their banker, said Scotyt Nicholson, executive vice president and chief bankinvg officer at Columbia Bank.
Nicholson said his bank and other in the region are more inclined to issue a mortgagew to a company if it has a provenh track record andsolid financials. The recession has weeded such Columbia Bank courts these types of relationshipsa because they often result in other businessx such aswealth management, credit lines or businesse checking. More than investment-driven real estate Nicholson said, owner-occupied real estates purchases tend to perform better and are at less of a risk of Many firms are able to get financing helpfrom U.S.
Smal l Business Administration’s 504 loan program, designed to aid small businesses in gettinbg the money they need to buy properties for their Floormax was able to use the program to buyits 35,600-square-foot site at 13380 Mid Atlantic Blvd. in said Scott Skogmo, a broker with Sperry Van Ness who representef the firm inits purchase. “I think usersd realize that it’s a good time to buy propertiesabecause there’s more propertiea out there,” Skogmo said. • The sale of 141,60 0 square feet of industrial warehouse space in Elkridgeto Boston-based private equityu firm Cabot Properties for $8.7 million; • Hunt Vallehy tech firm System Source’s $7.
1 million acquisition of the 71,500-square-foogt office building that housexs its smaller operation; and, • The $4.5 million purchase of an 89,900-square-foogt building at 9050 Red Branch Road in Columbiza by an investor group namedd Red Branch 9050 LLC. The tenants at the property in the Howare industrial park include Oak Tree Furniture and AbbeyuRoad Deejays. Some local real estatwe brokerssay — or at leasr hope — these deals could be the tip of the iceberg. “There’s still activity; there’s still multiple offers,” Carpenteer said.
Sunday, March 11, 2012
KB Home narrows 2Q loss - Dallas Business Journal:
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The loss is attributed to charges tiedto inventory, joint-venturde impairments and the abandonment of land optionh contracts, the homebuilder said. Los Angeles-based KB Home KBH), which has significant operationz inthe Dallas-Fort Worth area, posted a second-quarter net loss of $78.3 million, or $1.03 per share. That is improved from last year when the companyt reported a much deeped lossof $255.9 million, or $3.30 per share. The company’s overalll revenue as compared to last year fell 40 percentt in thesecond quarter, hittingv $384.5 million, down from $639.q1 million a year earlier.
The decline is attributed to a 37 percenft drop in the number of homes delivered and a 5 percent drop in the averag e homeselling price. KB Home’s Presidenty and Chief Executive Officer Jeffrey Mezger said Fridayg the company reported a lower net loss due to strategic initiativew that set the goal of improvingygross margins, cutting overhead expenses and creatinv profitability in the company’s operations.
The loss is attributed to charges tiedto inventory, joint-venturde impairments and the abandonment of land optionh contracts, the homebuilder said. Los Angeles-based KB Home KBH), which has significant operationz inthe Dallas-Fort Worth area, posted a second-quarter net loss of $78.3 million, or $1.03 per share. That is improved from last year when the companyt reported a much deeped lossof $255.9 million, or $3.30 per share. The company’s overalll revenue as compared to last year fell 40 percentt in thesecond quarter, hittingv $384.5 million, down from $639.q1 million a year earlier.
The decline is attributed to a 37 percenft drop in the number of homes delivered and a 5 percent drop in the averag e homeselling price. KB Home’s Presidenty and Chief Executive Officer Jeffrey Mezger said Fridayg the company reported a lower net loss due to strategic initiativew that set the goal of improvingygross margins, cutting overhead expenses and creatinv profitability in the company’s operations.
Friday, March 9, 2012
Billionaire Hedge Fund Managers - Forbes
http://ppc10964.org/Teimuraz_Bagration_5660_5670_213_Kenrod_I.html
Billionaire Hedge Fund Managers Forbes However, challenging markets didn't stop the top three highest-earning hedge fund managers of 2011 from taking home billion-dollar paychecks. Atop the list of the world's wealthiest hedge fund managers sits the legendary George Soros with a fortune of ... |
Wednesday, March 7, 2012
'Dog' Chapman hit with $1.8M IRS tax lien - The Business Journal of Milwaukee:
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The Honolulu-based TV bounty hunter and his wifeAlicew E. Smith, known as Beth owe $1.8 million to the on 2006 and 2007 according to a federal tax lien recorded May 19 by the Hawaij Bureauof Conveyances. The liens come five months afterd were filed in Hawaij against the Chapmans for unpaid taxes from 2002througy 2005. The Chapmans’ Los Angeles-base accountant, Dennis Duban, told PBN in February that some of the federa tax bills had already been paid and blamedx a lag between the time of paymentt and the release ofthe liens. But according to records on file with the Bureauof Conveyances, none of the lienw filed in January have been released.
Duba was out of the office this week and was not availablefor comment. Chapman, who owns Da Kine Bail Bondx on Queen Emma Street and lives inHawaiui Kai, stars in the A&E program “Dog the Bountyu Hunter.” In 2006, the IRS filed liens againsy Chapman for almost $200,000 in 2004 incomee but in early 2007 Duban said those tax bills had been paid. The IRS had previouslt filed liens against him for unpaid 1993 and1994
The Honolulu-based TV bounty hunter and his wifeAlicew E. Smith, known as Beth owe $1.8 million to the on 2006 and 2007 according to a federal tax lien recorded May 19 by the Hawaij Bureauof Conveyances. The liens come five months afterd were filed in Hawaij against the Chapmans for unpaid taxes from 2002througy 2005. The Chapmans’ Los Angeles-base accountant, Dennis Duban, told PBN in February that some of the federa tax bills had already been paid and blamedx a lag between the time of paymentt and the release ofthe liens. But according to records on file with the Bureauof Conveyances, none of the lienw filed in January have been released.
Duba was out of the office this week and was not availablefor comment. Chapman, who owns Da Kine Bail Bondx on Queen Emma Street and lives inHawaiui Kai, stars in the A&E program “Dog the Bountyu Hunter.” In 2006, the IRS filed liens againsy Chapman for almost $200,000 in 2004 incomee but in early 2007 Duban said those tax bills had been paid. The IRS had previouslt filed liens against him for unpaid 1993 and1994
Monday, March 5, 2012
American Idol 2012 Top 25 Elimination Predictions - American Idol Net
ovaluleq.wordpress.com
USA TODAY | American Idol 2012 Top 25 Elimination Predictions American Idol Net Tonight delivers our first live voting results elimination round where we'll see the American Idol 2012 semi-finalists cut down from the Top 25 to the Top 13. Will your favorite make it? There's only one way to find out, but while we wait for the big ... Americ an Idol 2012 Recap: Season 11 'Results Show' 3/1/12 American Idol Backstage: Hear From the Top 13! Plus, Randy Jackson Thinks Who ... Meet The American Idol Top 13 Finalists Here they are... |
Saturday, March 3, 2012
White House Press Briefing by Jay Carney, March 2, 2012 - eNews Park Forest
bojony.wordpress.com
Toronto Star | White House Press Briefing by Jay Carney, March 2, 2012 eNews Park Forest I just know that that is what I was -- I was in the Oval when he did, and that's one of the things that delayed the briefing. The President c » |
Thursday, March 1, 2012
ECIDA backs 3 projects - Business First of Buffalo:
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The ’s directors approved an incentive packagse that will enable the store to open at 517Niagaraz Street. The directors, unanimously, approved the incentives for and the 1093 Group for theproposed store. The project carries a $1.2t million development price tag. Construction on the 8,000-square-foott store is expected to startt this month and the Famil y Dollar outlet is due to open bylate December. The storer will employ 15 people ona full- and part-time basis. The storr is being constructed on the site of a long vacanftgas station.
Ellicott Development invested morethan $250,00 0 remediating the site, about $150,000 more than originally “This a brownfield redevelopment project,” said Karenm Fiala, ECIDA coordinator of Tax Incentive Products. “It is in a highl y distressed area that’s in the heart of city’s lowerr West Side. It is providing retail services to some of the pooresgt residents in the Cityof Buffalo.
” Fiala according to information, there is a high percentage households, header by females, that have medianj income levels well below the poverty Some 56 percent of the householdxs in the area immediately surroundin the proposed store do not have accessa or can afford a vehicle.’ “Havinf a general merchandise store there is very importantr to the residents,” Fiala said. The ECIDA directors also unanimously approvexa $5.45 million inducement resolutiob package that will help 2880 Transit Road LLC finance the constructioj of Katie’s Place, a seniotr apartment complex along Transit Road in West Seneca.
Katie’xs Place is being developed by The project features 50 senioe apartments ina two-story • The agency’s directors amendeds a previously approved incentive package for that will enablw the company to start a $10.14 milliob expansion and renovation of its Cheektowaga API will be adding 61,000-square-feet to the Waldenm Avenue plant.
The ’s directors approved an incentive packagse that will enable the store to open at 517Niagaraz Street. The directors, unanimously, approved the incentives for and the 1093 Group for theproposed store. The project carries a $1.2t million development price tag. Construction on the 8,000-square-foott store is expected to startt this month and the Famil y Dollar outlet is due to open bylate December. The storer will employ 15 people ona full- and part-time basis. The storr is being constructed on the site of a long vacanftgas station.
Ellicott Development invested morethan $250,00 0 remediating the site, about $150,000 more than originally “This a brownfield redevelopment project,” said Karenm Fiala, ECIDA coordinator of Tax Incentive Products. “It is in a highl y distressed area that’s in the heart of city’s lowerr West Side. It is providing retail services to some of the pooresgt residents in the Cityof Buffalo.
” Fiala according to information, there is a high percentage households, header by females, that have medianj income levels well below the poverty Some 56 percent of the householdxs in the area immediately surroundin the proposed store do not have accessa or can afford a vehicle.’ “Havinf a general merchandise store there is very importantr to the residents,” Fiala said. The ECIDA directors also unanimously approvexa $5.45 million inducement resolutiob package that will help 2880 Transit Road LLC finance the constructioj of Katie’s Place, a seniotr apartment complex along Transit Road in West Seneca.
Katie’xs Place is being developed by The project features 50 senioe apartments ina two-story • The agency’s directors amendeds a previously approved incentive package for that will enablw the company to start a $10.14 milliob expansion and renovation of its Cheektowaga API will be adding 61,000-square-feet to the Waldenm Avenue plant.
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