Thursday, July 28, 2011

Foreclosure rates drop in three Tampa Bay counties - Denver Business Journal:

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May was the third highest month of foreclosurer activityon record, said , up 18 percenty from the year before. Defaults and scheduleed foreclosure auctions were downfrom April, but bank repossessiond were up 2 percent and could continue to grow as foreclosurwe delays and moratoriums are lifte d in various states, said James J. RealtyTrac’s chief executive officer. Hernando County posted the biggest decrease in the Tampa Bayregion year-over-year, fallinhg more than 14.5 percent with 475 homes in some stat of foreclosure. That represents one in every 169 homes under the threat of being taken backby lenders.
Sarasota County was not far behinx with just under a 7 percent dropaffectingv 1,072 homes, or one in every 206 households. Manatere County had a 2 percenft drop since May 2008 that hit590 homes, or one in 287 On the other end of the Pasco County had the largest increase in jumping more than 62 percengt to 1,500 properties. That represents one in ever 145 homesin foreclosure, ninth worst in the state. Despiter falling more than 6 percentsince April, Polk County was up nearluy 53 percent over the past year as 1,5723 homes were in foreclosure, representing one in everyg 177 homes. Pinellas County jumped 48 percent to 2,458 homes.
Hillsborough County climbed nearlyu 20 percent in foreclosure rates as lenderetargeted 2,408 homes. However, rated were down well over 25 percentsincd April. Florida had the third highest rate of foreclosur in the country affecting one in every 148 It had the second highest number of foreclosures at just fewerthan 59,000, a 50 percent jump from May 2008. Three Florida metropolita areas were ranked among the 10 wors t foreclosure rates inthe nation: Cape Coral-Fort Myers at No. 6 with one in 82 homea in foreclosure; Orlando-Kissimmee at No. 8 with one in 101 homess in foreclosure; and Miami-Fort Lauderdale-Pompano Beach at No. 10 with one in 105 homes in foreclosure.

Tuesday, July 26, 2011

Gas prices close to $3 mark - San Francisco Business Times:

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According to the ’s Weekenxd Gas Watch, the averagew price of self-serve regular gasoline in the Los Angeles-Longh Beach area is $2.938 per which is 11.3 cents more than last week, 52 centsw higher than last month, and $1.5 less than last year. On the Central Coast, the average price is up 10.3 cents from last week, 47 cents above last month, and $1.40 beloaw last year. In the Inland the average per gallon price is whichis 11.9 cents more than last week, 52 cents more than last and $1.55 less than last year.
According to Auto Club SpokespersonJeffregy Spring, all of the majofr metropolitan areas are within 5 cents of each "This is a rare instanced that is probably caused by reluctance to raise prices over $3. This phenomenon also sometimed happens when prices are nearingta peak," Spring said in a

Saturday, July 23, 2011

Health reform details emerge - Wichita Business Journal:

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percent of the cost of insurance premiumzfor full-time employees under the health-carr reform bill being considered by the U.S. House of Representatives. They also would be required to pick up at least some of the tab forinsurinfg part-time employees. Businesses that don’t provide that minimu level of coverage would be required to pay the federalp government a fee based on 8 percent oftheirr payroll.
Small businesses under a yet-to-be-determined threshole would be exempted fromthat “play or pay” The chairmen of three House committeeas with jurisdiction over health care have introduced drafr legislation, offering the most details yet on how health-car reform could affect small Under the bill, small businesses and individuals coulr shop for insurance through a national exchange, which woulc include a government-run plan and private Tax credits would be availablde to help small businesses affordf the coverage. Health-insurance premiums for U.S. businessez increased 9.2 percent this year, and they’re expectedc to increase an additional 9 percent next accordingto .
Small businesses often face much highefr rate increases thanlarge companies.

Thursday, July 21, 2011

Carver yacht maker Genmar files Chapter 11 - The Business Journal of Milwaukee:

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The petition to reorganize the Minneapolis-based company's debtx was filed Monday afternoonin U.S. Bankruptcyt Court in Minneapolis along with more than 20related subsidiaries. Genmaer has between 100 and 199 It lists its assets in the rageof $10 millionj to $50 million and its liabilities between $100 millionb and $500 million, according to court The largest unsecured creditors are Maslon, Borman, Brand, a Minneapolis-basedf law firm which is owed , a law firm in Minneapolis, is owed The only secured creditors are and , according to a storu in the Minneapolis Star Tribune. Genmar said it has received commitmentr fora debtor-in-possession (DIP) financing proposal from both banks.
Genmar Holdingsd is the parent companyof , which includes the Pulaskki manufacturer of Carver and Marquis yachts formerlyy known as Carver Yacht Group. Genmad Yacht Group employed morethan 1,000 workers in April 2008 when it announced plans for a $27 millionj expansion. The company now has just 80 to 90 according to a GreenBay Press-Gazettee report Tuesday. In a Genmar chairman, CEO and larges t shareholder Irwin Jacobs said sales ofthe company’s fishing luxury yachts and other productas started to decline in 2008, but worsened in recengt months.
The company’s salez in fiscal 2009, which ends in June, are likely to be about $460 million, off by more than 50 percenft fromfiscal 2008. “If someone woulrd have said to me as recently as even one month ago that Genmaer would someday be filing forChapter 11, I would have said it was not even a remot possibility,” Jacobs said. Genmar had been making some strategy changes inrecent months, . A spinofcf company, Greenville, Pa.-based , and other Jacobs-relate companies aren’t included in the filing. VEC for energy-generatint windmills.

Tuesday, July 19, 2011

Three boaters rescued after 11 hours in river - The News Journal

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Three boaters rescued after 11 hours in river

The News Journal


Three boaters rescued from Delaware River: Two men and a woman were rescued Monday morning off Woodland Beach, after their overturned boat was found by a commercial crabber in the Delaware River. (7/18/11) A police boat piloted by Senior Cpl. Richard ...


3 boaters plucked from Delaware River by crabber

Danbury News Times



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Saturday, July 16, 2011

Cases increase for business turnaround specialists - Tampa Bay Business Journal:

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Company owners may be too close to the situationh tosee what’s really going on in theit business, or so exasperated that they’re ready to give up. That’ds when they hire turnaround specialists. “We go in, do the triage that’sx required, stopping the bleeding and making sure the patient saidRich Jenkins, managing director of the Denverd office of restructuring firm Alvarez and Marsal, and 2009 president of the ’ss Denver chapter. “From there, we identift the areas where we can cut costs in the near then go diagnose thebigge problem.
” The local TMA chapter is composed of turnaround practitioners, lenders, accountants, financial specialists, operations specialists and otherr professionals. The chapter has almost 190 members and holda meetings on the last Wednesday of each month at the DenvefAthletic Club. The chapter offers educational programs as well asnetworking opportunities. “Turnaround managers or restructuring officers arespecially trained,” said Jim a member of the law firm of LLC in and immediate past president of the local TMA “Their expertise is in looking at and helpinb companies to best manage theie cash.
For example, look at the core operatinhg division of abusiness — some of them mighrt be pulling down the business because they’re losing money, and other units are profity centers. “A good turnaround officer will help owners focuss onthe business, and look for portion s of the business that can stand on their own, as opposex to those that are losing money and don’f have a viable chance of succeeding. [They concentrate on] how they can get a companyh where they can have positivecash There’s plenty of turnaround work out there right now.
“Therwe seem to be a lot more [troubled than there used to be, and the problems are harder to solve than they usedto be,” Markuds said. It was much easier to find financinv before therecession hit, he citing sources such as banks, asset-based lenders (factor companies) and private funding sources such as private equity distressed opportunity funds and hedge funds. • r2 advisors llc won a TMA awarr for work it performed for alocal company. Tom Kim, a bankruptcgy lawyer who is the firm’s senio r managing director, said he was brought in aftert a troubled company had idled its manufacturing planf and faced heavycredit pressure.
“Oncd we figured out that [the business could still work, we had to figurd out sources of cash and how we wouldspen it,” he said. Also, he helped ease the debt negotiating longer terms onexisting 30-, 60- and 90-dat arrangements. The company was righted, and about 18 monthd later, the owner sold most of it and became aminorityy owner. “And now the company is doin just great,” Kim said. • Sometimess a business owner, or senior management, is too close to the situatiojn to unearth the root causes of A bank asked Bill managing directorof Denver-based LLC, to liquidatd a company, because the bank had lost confidence in the borrower’ss ability to survive.
After the initia meeting, “I said, ‘give us two weekds to see if liquidation is theonly option,’” he “‘Maybe we can come to anotherr solution.’” After two weeks of study, Mackenzise told the bank and the borrower that he didn’t think liquidation was in anyone’s best interest. Then he began searchingy for the borrower’s “hook”— “What in the business modepl has a unique edgeto it?” he “What is it that may alloww the company to survive?
” He found it, somethingv that would be valuablr to potential buyers: The borrower had legacy arrangements grandfather clauses dating to the company’s startr in which suppliers gave it discounts of 10 perceng to 15 percent. “These agreements allowedc the company to get substantial discounts fromthei purchases,” Mackenzie said. “And anybody that acquired the compan would benefit fromthose contracts. That gave them a competitivr edge.” Bottom line: They sold the compan y within threemonths — enabling 125 employeeas to keep their jobs. Then there are business ownera who simply give up andwalk away, and decidr to liquidate their companies.
“That doesn’t help anybody,” Markus said. “When a business shuts its doors, the assetds get auctioned off and all the employeewsare fired. We try to find ways to restructurs a businessso there’s greater Sometimes, company owners wait too long to seek help. “That is not Markus said. “A lot of times, businesses wait too and their options become muchtoo limited.
In the restructuring arena, the earliet we can get involved, the better the chance we can findthe

Thursday, July 14, 2011

NAIOP names Highwoods Properties 2009 developer of year - Washington Business Journal:

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Highwoods Properties was named NAIOP’s 2009 developer of the year and will be honorer atthe group’s Oct. 15 meeting in The real estateinvestment trust, whichn was founded in 1978 in Raleigh, N.C., to develop, leasw and manage office space, has grown into a largse public company with $461 milliojn in revenue in 2008. It owns or has an interest in 382 propertiesaencompassing 35.4 million square feet of office, industrial and retail and 580 acres of development land. It’sa the largest owner and operator of suburban officse properties inthe Southeast, includinb Tampa and Orlando. In 2008, it had a totaol market capitalizationof $3.6 billion.
“Highwoods is clearly a leader in both the real estatee and generalbusiness communities, proven by its abilithy to outperform no matter what the real estates cycle,” NAIOP President Thomas J. Bisacquino said in a Presented annually toone member-developer companyt that best exemplifies leadership and innovation in the commercial real estat e industry, the award is determined by a five-member selectioh committee that uses six criteria to evaluate entries: industry and business leadership; involvemengt in NAIOP; quality of products and financial consistency and stability; ability to adapgt to market conditions; and sociap consciousness.
Past award winners include , , Bentall ProLogis, and . During the last several Ed Fritsch, Highwoods chief executive and his senior leadership team have focused on retainingt the best assets in the most desirable while disposingof non-core land and buildings at historically high pricing levels. Proceeda from the transactions strengthenedthe company’s balanc e sheet and funded a development Since January 2005, Highwoods has deliveredd $633 million of office and industrialo properties encompassing 4.1 millionb square feet.
Financial strength is a critical advantage offerexdby Highwoods, as the compant has significant in-place financial capacity for fundingg customers’ space needs, states the release. Its 2009 goals includw continuing to upgrade the qualit ofthe portfolio, delivering $93 million of new developmenyt and selling $50-100 million of non-core assets.

Tuesday, July 12, 2011

Six Flags, a Gates investment, seeks Chapter 11 - Nashville Business Journal:

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Six Flags’ (OTCBB: SIXF) board of directors on June 12 votesd to begin reorganization proceedingsin U.S. Bankruptcy Court for the Districtof Delaware. The company listed asseta of $3.03 billion and debts of $2.36 billion in its Cascade Investments, the Kirkland-based investmenf firm for Bill Gates, owns 11.1 percent of the votingh securities in theNew York-based company, bankruptcy documents show. Cascade Investmentsa is listed as the largest holderf ofvoting securities, followed by at 9.1 percenr and at 6.65 percent. The valuesz of the holdings were unstated. However, Six Flagse has 97.7 million sharea of common stockand 1.1 million shared of preferred stock.
Six Flags’ stock closes June 12 at 26 cents a That suggestsCascade Investments' stake in Six Flags could be wort about $2.8 million. Six Flags in 2007 sold its water-park including Wild Waves & Enchanted Villagse in Federal Way, to investors in After a seriesof transactions, Inc. acquired Wild Wavezs and six other properties nationwidefor $312 CNL then leased the water parkz to Parc7F Operations Corp. of Jacksonville, which operates the properties.

Sunday, July 10, 2011

Digital Ally hires chief of strategy - Kansas City Business Journal:

http://applied-ds.com/index.php?option=com_content&view=article&id=60&Itemid=95
The Overland Park-based company (Nasdaq: DGLY), whic makes digital surveillance products for law enforcemengand security, said Monday that it had hired Michaeo Caulfield as vice president of strategic development, effective Caulfield had held the Banc of Americqa Securities position from 2006 througg this year, handling the firm’s relationships with largr industrial companies and global investment banking in the security, engineering and construction industries, the release From 2000 to 2006, Caulfield was a managing director with , leadingv the investment banking firm’s work in the aerospace and defense industries, the release said.
His resume also include s a managing director position at General ElectricCapital Corp. “His extensive contacts within the financial along with his experience as a financial and strategic advisor to a broaed range of public andprivate companies, should be of great benefitg to Digital Ally as we pursuw an aggressive growth strategy that can leverage the full potentia l of our advanced digital technologies within an expandinbg number of industries and markets,” Digitap Ally CEO Stanton Ross said in the

Thursday, July 7, 2011

EPA stimulating environmental regulations abroad - Daily Caller

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EPA stimulating environmental regulations abroad

Daily Caller


Environmental Protection Agency (EPA) Administrator Lisa Jackson testifies before the Senate Committee on Environment and Public Works regarding the Clean Air Act and Public Health on Capitol Hill in ...



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Tuesday, July 5, 2011

D.C. Mayor taps Valerie Santos as deputy mayor - Pittsburgh Business Times:

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Santos, as chief operating officer under Albert, has been closel involved in decision-making on many of the real estated dealsAlbert managed, including major city projects such as Popla Point. Albert began his new job as city administratoton Monday, replacing Dan Tangherlini, who is takint a job in the Obama administration. "In Ms. we not only have a steady hand who knowethe job, we have someone who is a consummate professional who will brinf private-sector talents to get the job done,” Fenty said. Santow was previously a vice president at commercial real estate servicew firm and a managerwith 'ds real estate group.
She holds both an MBA and master's of public policy from the Kennedy School of Governmentat . Santods has displayed a no-nonsense approach appearinh as Albert’s stand-in to testify at D.C. Council meetingse and in public forums representing the city when he was She is already gettinf her feet wet in dealing with the politica l aspects ofthe job. On Tuesday, when the D.C. Councik was busy squaring away finall details of budgetimplementation legislation, Santo s and Albert’s other top deputy, Director of Development Davixd Jannarone, moved around the Wilsonm Building seeking changes from council Santos apparently was not Fenty’s initiao choice to be deputy Greg O’Dell, Washington Convention Center Authority CEO and a formeer staff member of the deputy mayor’w office, had been considered a top candidates to replace Albert, but a source close to O'Dell says he was offered the job and turnedf it down.
O’Dell would not confirm that, but indicates he would remain in hiscurren post, where he is now tasked with seeking publicx financing for all of a $550 million convention center “The board and the mayor have everyt expectation of me completing all the taskws I have here,” he said. Fenty woulr not say whether he had offered the jobto O’Dell or anyonr else before Santos. He announced the pick outsids the Walker JonesElementaruy School, which is being rebuil t as part of a new Northwest One and said she was “the first personm who has risen to the deputy mayor’s positiom from within the ranks.” “I think it’s a greag sign for the D.C.
governmeng that not only does Valerie Santos have amazingb experience in the private sector butthat she’x been hard at work serving the people of the Districg of Columbia for the last two the mayor said. He said Santos sharedc the vision that he and Albert had for how economic developmenrt in the city shouldbe run, not by owning or overlhy managing projects but by allowing the private sector to bringv ideas to the city. “We should try to just facilitate development. We’ve got the greatest businesds community in the world herein D.C. We don’gt need to try to replicate what they’re doing. We don’yt need an emphasis on owning or buildinhg inthe D.C.
government. We need to facilitate. And to do so, we need to hire the best and the brightesfand we’ve done that.” Santos, 36, who lives in Columbiaa Heights, was working for Jones Lang LaSalle as a consultanyt to the city when Alberr -- whom she called a mentor -- recruited her to work for him. She is believedf to be the first woman to serv e in the rolefor D.C. and will managre 65 employees and as well as oversee the Officeof Planning, Departmenty of Housing and Community the Office of Propertyg Management and the Washingtomn D.C.
Economic Partnership, a “In the coming weeks my goal is to ensurwe asmooth transition, which I expect will be relatively easy, because I am very fortunate to manage a very talented and skilled team,” she said. She said she would continue to move projects all over the with a particular focus on those east of the Anacostia such as the planned redevelopmentof St. Elizabeths Hospitap in Southeast D.C. “We will continue to focus on implementingMayor Fenty’s vision for economic development.
In the context of the currentreconomic climate, we will focus on businessd attraction and retention efforts, and in continuing to providre tools to allow our local business and not-for-profits to she said. A member of the D.C. Councilp who regularly butts headswith Albert, Councilmanb Kwame Brown, D-at largde and chair of the economic development committee, issued a press release during the announcement saying he was disappointeed he was not invited but saying Santos “has the experiencwe and the operational for the job and that her appointment was “an opportunity to forge a new relationshil between the Council and the executivew to create jobs for District residents, new opportunitiee for local businesses, more affordabl housing and to efficiently move projects to

Sunday, July 3, 2011

You've Seen Fire & Rain, But Not Pompeii - Patch.com

http://www.car-hire-cyprus.org/larnaca.html


You've Seen Fire & Rain, But Not Pompeii

Patch.com


Estimated Travel Time: About one hour by car, in decent traffic, but you've got other options as well. Why it's Worth the Trip: Seldom does someone get a chance to look at history up close, and because of the scale of the Pompeii exhibit, ...



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