http://cavydyjug.wordpress.com/
Executives with Milwaukee-based M&I (NYSE: MI) said they intenc to use the proceeds for general corporats purposes and may contribute a portion of the proceedw to the capital ofits subsidiaries. One possible use of the proceedes will be repurchasing a portionh ofcapital M&I received through the Capital Purchase Program, part of the federapl Troubled Asset Relief Program (TARP). “Anty such repurchase would be subjectf to consultation with and approvalby M&I’s banking the bank’s executives said. “In the event that M&o chooses to seek such there can be no assurance that such approval woulsbe granted.
” Marshall & Ilsley had disclosed May 19 that it intendex to sell common stock and that some or all of the fundsa could go to repaying TARP. The bank receivefd a $1.7 billion capital infusion in Novemberr 2008under TARP. The underwriters of Thursday’ss offering will be granted an optiobn to purchase up to an additional 15 percent of thesharess sold. & Co. Inc. and are acting as jointg book-runners for the Marshall & Ilsley is a financial services corporationwith $61.u billion in assets and is the largest banking company headquartered in Wisconsin. M&I stock closed at $6.42 on Wednesday.
Wednesday, July 27, 2011
Monday, July 25, 2011
Looking south for visitors - Orlando Business Journal:
http://prostozidarstvo.si/?ln=&s=17
After a year punctuated with one bit of bad newsafterf another, this year’s travel industry Pow Wow held May 16-20 in Miami Beach, offered the industryy cause for hope. The annual event, which connectse U.S. destinations and businesses with overseastravel agents, drew more than 4,600o attendees and created connections that could lead to billions of dollars in deals. South Americanj nations generally have suffered less than others in the global and Pow Wow participants said tour operatores and travel companiesfrom Brazil, Colombia and otherf countries in the region were eager to discuss dealsw with U.S. travel industry representatives.
This year, the locall visitors bureau, a major engine for drivinbg travel to Central is waging a major publicity campaignin Brazil, an efforty bolstered by a new directt air route to Sao Paulo. Orlando gets about 300,000 visitors a year from Brazil, and the bureau expects that number toreach 350,009 next year. As air links expand, Sain the ability to strike new traveldeal grows. “There’s no question that as we go forward, South Americaa will get a lot ofour attention.
We have to make sure we have good lift many scheduled and charter airlineflights — to keep us The fresh emphasis on Latin Americs comes as recessions in Europe cut into a key source of Orlando’d international business. The U.K. is the bigges t source of international visitors coming to so the 10 percenrt to 15 percent slowdown in visitors from there has hitCentrak Florida’s attractions and hotels hard. Sain, expects gradual improvement as economies on both sides of the Atlanticf recoverfrom recession. Pow Wow, which will be held in Orland onext year, attracts about 1,500 international buyers and aboug 500 travel writers.
The in its 41st year, is responsiblde for about $4 billion in said its sponsor, the U.S. Travel U.S. destinations use boothx at Pow Wow to make contactsx that can lead to increased busines incoming months. Davidx Wright, spokesman for Wet n’ Wild on Internationall Drive, helped man his company’es booth at the show. “We made so greatf contacts this year. We came away with the impressioj that things will turn arounsdnext year. We’re seeing a strong emergence of interest from Braziland Colombia. Things are starting to look bettee intheir markets, and that’s good news for Orlando.
” Brucde Bommarito, the Travel Association’s chief operatin officer and general manager of the Pow Wow agreed: “International travel has been down 6 to 8 percengt this year, but I have some causee for optimism.” That’s because changes in U.S. immigratiojn policies — including a reductiob in the amount of time travelers must wait fora U.S. visa and an expansioh in the number of countries that get visawaiversw — should stimulate growth. Although no one can accuratelyy say how many international travelers come to Central foreign visitors generally stay longer and spend more than theifrdomestic counterparts.
The Travel Association estimates each foreign traveledspends $4,500 while in the U.S. According to the 633,000 foreign visitors — excluding travelers from Mexico andCanada — came to the U.S. last fewer than in 2000. Pow Wow is a key tool for increasinythe flow, said Brommarito. “Posw Wow is all about buildinvg relationships. We had 75,00 appointments at this year’s show, whicj is the best we’ve ever This isn’t really a traditional trade show, it’s an international market
After a year punctuated with one bit of bad newsafterf another, this year’s travel industry Pow Wow held May 16-20 in Miami Beach, offered the industryy cause for hope. The annual event, which connectse U.S. destinations and businesses with overseastravel agents, drew more than 4,600o attendees and created connections that could lead to billions of dollars in deals. South Americanj nations generally have suffered less than others in the global and Pow Wow participants said tour operatores and travel companiesfrom Brazil, Colombia and otherf countries in the region were eager to discuss dealsw with U.S. travel industry representatives.
This year, the locall visitors bureau, a major engine for drivinbg travel to Central is waging a major publicity campaignin Brazil, an efforty bolstered by a new directt air route to Sao Paulo. Orlando gets about 300,000 visitors a year from Brazil, and the bureau expects that number toreach 350,009 next year. As air links expand, Sain the ability to strike new traveldeal grows. “There’s no question that as we go forward, South Americaa will get a lot ofour attention.
We have to make sure we have good lift many scheduled and charter airlineflights — to keep us The fresh emphasis on Latin Americs comes as recessions in Europe cut into a key source of Orlando’d international business. The U.K. is the bigges t source of international visitors coming to so the 10 percenrt to 15 percent slowdown in visitors from there has hitCentrak Florida’s attractions and hotels hard. Sain, expects gradual improvement as economies on both sides of the Atlanticf recoverfrom recession. Pow Wow, which will be held in Orland onext year, attracts about 1,500 international buyers and aboug 500 travel writers.
The in its 41st year, is responsiblde for about $4 billion in said its sponsor, the U.S. Travel U.S. destinations use boothx at Pow Wow to make contactsx that can lead to increased busines incoming months. Davidx Wright, spokesman for Wet n’ Wild on Internationall Drive, helped man his company’es booth at the show. “We made so greatf contacts this year. We came away with the impressioj that things will turn arounsdnext year. We’re seeing a strong emergence of interest from Braziland Colombia. Things are starting to look bettee intheir markets, and that’s good news for Orlando.
” Brucde Bommarito, the Travel Association’s chief operatin officer and general manager of the Pow Wow agreed: “International travel has been down 6 to 8 percengt this year, but I have some causee for optimism.” That’s because changes in U.S. immigratiojn policies — including a reductiob in the amount of time travelers must wait fora U.S. visa and an expansioh in the number of countries that get visawaiversw — should stimulate growth. Although no one can accuratelyy say how many international travelers come to Central foreign visitors generally stay longer and spend more than theifrdomestic counterparts.
The Travel Association estimates each foreign traveledspends $4,500 while in the U.S. According to the 633,000 foreign visitors — excluding travelers from Mexico andCanada — came to the U.S. last fewer than in 2000. Pow Wow is a key tool for increasinythe flow, said Brommarito. “Posw Wow is all about buildinvg relationships. We had 75,00 appointments at this year’s show, whicj is the best we’ve ever This isn’t really a traditional trade show, it’s an international market
Saturday, July 23, 2011
Investors upset with American Kidney Stone over stock sale - Business First of Columbus:
disadvantage-unlimited.blogspot.com
, a urology practice with operations in 39 is fighting the allegations made by hospital operato r and 29former investors, all of whom claimm the practice lied to them during a 2007 shars redemption offer. The lawsuits allege Americab Kidney Stone told investors it wantedf to buy their shares to ensurd compliance with a federal law requiring investoras bepracticing physicians. The company instead wanted to buythem out, the lawsuitss claim, so it could bring in practicingg physicians as investors who would refer patients to its boosting revenue.
“In truth, (the practice) is not only squeezing out non-actives urologists, but also is squeezing out activelhypracticing urologists, and for one reasohn only – those members do not refed their patients to (its clinics),” the 29 investora alleged in their June 3
, a urology practice with operations in 39 is fighting the allegations made by hospital operato r and 29former investors, all of whom claimm the practice lied to them during a 2007 shars redemption offer. The lawsuits allege Americab Kidney Stone told investors it wantedf to buy their shares to ensurd compliance with a federal law requiring investoras bepracticing physicians. The company instead wanted to buythem out, the lawsuitss claim, so it could bring in practicingg physicians as investors who would refer patients to its boosting revenue.
“In truth, (the practice) is not only squeezing out non-actives urologists, but also is squeezing out activelhypracticing urologists, and for one reasohn only – those members do not refed their patients to (its clinics),” the 29 investora alleged in their June 3
Thursday, July 21, 2011
The battle over 'Star Bock' beer isn't over just yet - Puget Sound Business Journal (Seattle):
utyziluz.wordpress.com
Starbucks thought "Star Bock" (a combinationm of the names of legendary Texasbeers "Lon e Star" and "Shiner Bell said) hit just a littlre too close to home. Last summer, a federapl judge handed down a split decision inthe high-profile trademark infringemen t case. In the first part of the Judge Samuel Kent sided with owner of the Old Quarter Acoustic a small downtown Galvestonmusic venue.
The judges allowed Bell to continue to sell his microbres StarBock Beer, as well as promotionall items such a T-shirts bearing the beer logo, at that While Bell can still sell the beer in the judge sided with Starbucks when consideringb Bell's proposed expansion of distribution of Star Bock Beer outsidw of the city. Bell had been in discussionas with major brewing companies about the possibility of carrying the beer in otheeTexas markets. Bell said the judge's decisio is "illegal," since Bell said it wasn't decided that he was infringing on the Starbucks name. On Jan. 9, he filed an appealk of the decision withthe U.S.
Court of Appealss for the Fifth Circuitin Houston. "The judgr was confused," Bell said, addinh that his beer "has nothing to do with Bell said brewing of his beer is on sincehe can't sell enough in his cafe to justify brewing it in sufficienyt quantities. "We'll see what happens" on appeal, Bell Starbucks officials saidthey can't comment on the Who are we playing? According to The , you'll have to look hard in The to find out exactlu who the Seahawks are playing in the Jan. 14 NFC divisionalo playoff game at Qwest Fieldin Seattle. The Post reported on Jan.
11: "Tl avoid insulting native American heritage, the Seattlew Times decided to limit severely the use of the term Redskinse in thepaper -- even if a team with that name will dominatr news coverage this week. The Times will not use the moniket in headlinesor captions. Reporters can use it only as afirst reference, in all stories. The Redskinsa will be referred to almost exclusively asWashingtonm -- which could get a littls confusing for local readers who also live in that Seattle Times Executive Editor Mike Fancher defended the policy of avoiding the "racistf use of language.
" He said the policy has been in place for more than 10 yearsx and is "thoughtful news judgment." "Wse think it's the right thing to do," he Freight industry leaders are workinfg unusually closely with clean-air regulators in a joinr effort to reduce air pollutionb from Puget Sound's maritime freight industry. Organized as the Puget Sound MaritimeAir Forum, the groupsd have launched a yearlong inventory of maritime-relateed air emissions in the Puget Sound region. The $400,0090 study is being paid for througg contributionsfrom private-sector stakeholders, the ports, the Westernn States Petroleum Association and the Environmentalk Protection Agency.
"We want to have a good inventor y of what the most significanttsources are, and we'll use the informatiob to guide our voluntary incentive programes to reduce emissions," said Dave air resources manger for the Puget Soundd Clean Air Agency. "This has been one of our more successfuol programs, because we have just aboutg everybody atthe table, and all thes people at the table are committed to doing some thingxs to impact diesel emissions." These emissionws have become a battleground in Southernm California, where court fights even delayed the opening of one container terminal at the Port of Los Angeles.
But industryt people here want to avoidthosde battles, and they also don't want to contributes to air-quality problems, said Mike Moore, vice presideny of the Pacific Merchant Shipping Association (PMSA), and a leader in the "Here we're looking at what we can do proactively, and in a nonregulatoryu way, to keep our air healthy and in he said. Local companies and ports already have taken a numbert of steps toreduce emissions, includingb plugging cruise ships into shore power when at dock so they won'rt have to run thei engines, upgrading container-handling equipment in Tacoma with pollution-reducing catalyticv devices, and introducing biodiesel into the fuel mix at Seattle's Terminalk 18, operated by SSA Marine Inc.
Kircher expects more targeted work to lowet emissions after the studyis "When we go to the next we'll want to have that data in fronr of us," he "PMSA is a real strong partner. They're the voice of industry."
Starbucks thought "Star Bock" (a combinationm of the names of legendary Texasbeers "Lon e Star" and "Shiner Bell said) hit just a littlre too close to home. Last summer, a federapl judge handed down a split decision inthe high-profile trademark infringemen t case. In the first part of the Judge Samuel Kent sided with owner of the Old Quarter Acoustic a small downtown Galvestonmusic venue.
The judges allowed Bell to continue to sell his microbres StarBock Beer, as well as promotionall items such a T-shirts bearing the beer logo, at that While Bell can still sell the beer in the judge sided with Starbucks when consideringb Bell's proposed expansion of distribution of Star Bock Beer outsidw of the city. Bell had been in discussionas with major brewing companies about the possibility of carrying the beer in otheeTexas markets. Bell said the judge's decisio is "illegal," since Bell said it wasn't decided that he was infringing on the Starbucks name. On Jan. 9, he filed an appealk of the decision withthe U.S.
Court of Appealss for the Fifth Circuitin Houston. "The judgr was confused," Bell said, addinh that his beer "has nothing to do with Bell said brewing of his beer is on sincehe can't sell enough in his cafe to justify brewing it in sufficienyt quantities. "We'll see what happens" on appeal, Bell Starbucks officials saidthey can't comment on the Who are we playing? According to The , you'll have to look hard in The to find out exactlu who the Seahawks are playing in the Jan. 14 NFC divisionalo playoff game at Qwest Fieldin Seattle. The Post reported on Jan.
11: "Tl avoid insulting native American heritage, the Seattlew Times decided to limit severely the use of the term Redskinse in thepaper -- even if a team with that name will dominatr news coverage this week. The Times will not use the moniket in headlinesor captions. Reporters can use it only as afirst reference, in all stories. The Redskinsa will be referred to almost exclusively asWashingtonm -- which could get a littls confusing for local readers who also live in that Seattle Times Executive Editor Mike Fancher defended the policy of avoiding the "racistf use of language.
" He said the policy has been in place for more than 10 yearsx and is "thoughtful news judgment." "Wse think it's the right thing to do," he Freight industry leaders are workinfg unusually closely with clean-air regulators in a joinr effort to reduce air pollutionb from Puget Sound's maritime freight industry. Organized as the Puget Sound MaritimeAir Forum, the groupsd have launched a yearlong inventory of maritime-relateed air emissions in the Puget Sound region. The $400,0090 study is being paid for througg contributionsfrom private-sector stakeholders, the ports, the Westernn States Petroleum Association and the Environmentalk Protection Agency.
"We want to have a good inventor y of what the most significanttsources are, and we'll use the informatiob to guide our voluntary incentive programes to reduce emissions," said Dave air resources manger for the Puget Soundd Clean Air Agency. "This has been one of our more successfuol programs, because we have just aboutg everybody atthe table, and all thes people at the table are committed to doing some thingxs to impact diesel emissions." These emissionws have become a battleground in Southernm California, where court fights even delayed the opening of one container terminal at the Port of Los Angeles.
But industryt people here want to avoidthosde battles, and they also don't want to contributes to air-quality problems, said Mike Moore, vice presideny of the Pacific Merchant Shipping Association (PMSA), and a leader in the "Here we're looking at what we can do proactively, and in a nonregulatoryu way, to keep our air healthy and in he said. Local companies and ports already have taken a numbert of steps toreduce emissions, includingb plugging cruise ships into shore power when at dock so they won'rt have to run thei engines, upgrading container-handling equipment in Tacoma with pollution-reducing catalyticv devices, and introducing biodiesel into the fuel mix at Seattle's Terminalk 18, operated by SSA Marine Inc.
Kircher expects more targeted work to lowet emissions after the studyis "When we go to the next we'll want to have that data in fronr of us," he "PMSA is a real strong partner. They're the voice of industry."
Monday, July 18, 2011
Target wins proxy fight with activist shareholder - Business First of Buffalo:
ogarawo.wordpress.com
In a preliminary tally of voting, more than 70 percengt of the shares that were cast were votedd in favor ofthe company’s proposec slate of directors whilwe also voting to keep the size of the board the same by the similae voting margin. “Today’s outcome demonstrates the confidenc Target shareholders have inour Board’s diversity and experience to provide effective and independenrt oversight and direction to the contributing to the creation of one of the most recognizeed brands in the United Target president and CEO Gregg Steinhafek said in a press Target Corp.
(NYSE: TGT) urger its shareholders to vote for a proposal to set the size of the boarf at 12 and to vote forthe company’sx nominees — Mary Dillon, Richard George Tamke and Solomon Trujillo. Dilloh is executive vice president and global chief marketing officerdof McDonald’s Corp.; Kovacevich is chairman of Wellws Fargo & Co.; Tamker is a partner at private investment firm Clayto Dubilier & Rice Inc., and Trujillo is CEO of Telstraw Corp. Hedge fund manager William Ackman is the foundedr and managing principalof , New York City. Pershing Square owns 7.
8 percent of Target’s commonm shares, according to the Target proxy Pershing Square proposed alternativedirector nominees, but Targegt executives urged shareholders not to return any proxy card sent by Pershingf Square. Ackman was trying to gain a seat for himselcfon Target’s board along with four former Winthrop Realty Trust CEO Michae Ashner, former Starbucks CEO Jim Donald, Juniper Financialk co-founder Richard Vague and corporate financew and governance expert Ronalxd Gilson.
Ackman, calling his group The Nomineesw forShareholder Choice, urged Target shareholdere to vote against the proposapl to reduce the size of the Target His group said a vote against the proposalp would help ensure that at leas one of the Nominees for Shareholdef Choice is elected. Commenting after the meeting, Ackman said he and Donald received more than 20 percenft of theshareholder vote. "That's a big number in light of what we wereup against," Ackman Ackman said he had hoped for a more positive outcome, but he still believed that the finao tally was a victory for The shareholders meeting was held at a new Targef Store being completed at 1250 West Sunset Drivs in Waukesha.
Target executives said the site allowed the companty to showcase its latest general merchandisestore design. The store is scheduled to open in Target executives said they have met since 2007 with Ackmanj to discuss hisideas and, said they were disappointefd that Pershing Square has decides to pursue what Target management called a costly and disruptivwe proxy contest. The company, in part, followed Ackman’a earlier suggestion to sell Target’ds credit card receivables. The company completee a transaction in May with JPMorgan Chase, in which Target sold slightly less than half its receivables for cash proceedsz of about $3.6 billion dollars.
Ackman in May 2008 presentexd the first in a serieas of proposals involvingrestructuring Target’s real estates around the theme of a REIT. Target’s boardr concluded that the REITproposalk “was not in the best interestt of our shareholders” because it wouldn’t create much value, Target executives said. On May 20, Target reported net earningsof $522 or 69 cents per share, for the first quarterd ended May 2, 2009, compared with $602 million , or 74 a year earlier. Retail sales increased 0.4 percent to $14.4 billionn from $14.3 billion in 2008, due to new store expansiom that partially offset bya 3.7 percent declinse in comparable-store sales. Target Corp.
operates a credit card segmenytand 1,698 Target stores in 49 states.
In a preliminary tally of voting, more than 70 percengt of the shares that were cast were votedd in favor ofthe company’s proposec slate of directors whilwe also voting to keep the size of the board the same by the similae voting margin. “Today’s outcome demonstrates the confidenc Target shareholders have inour Board’s diversity and experience to provide effective and independenrt oversight and direction to the contributing to the creation of one of the most recognizeed brands in the United Target president and CEO Gregg Steinhafek said in a press Target Corp.
(NYSE: TGT) urger its shareholders to vote for a proposal to set the size of the boarf at 12 and to vote forthe company’sx nominees — Mary Dillon, Richard George Tamke and Solomon Trujillo. Dilloh is executive vice president and global chief marketing officerdof McDonald’s Corp.; Kovacevich is chairman of Wellws Fargo & Co.; Tamker is a partner at private investment firm Clayto Dubilier & Rice Inc., and Trujillo is CEO of Telstraw Corp. Hedge fund manager William Ackman is the foundedr and managing principalof , New York City. Pershing Square owns 7.
8 percent of Target’s commonm shares, according to the Target proxy Pershing Square proposed alternativedirector nominees, but Targegt executives urged shareholders not to return any proxy card sent by Pershingf Square. Ackman was trying to gain a seat for himselcfon Target’s board along with four former Winthrop Realty Trust CEO Michae Ashner, former Starbucks CEO Jim Donald, Juniper Financialk co-founder Richard Vague and corporate financew and governance expert Ronalxd Gilson.
Ackman, calling his group The Nomineesw forShareholder Choice, urged Target shareholdere to vote against the proposapl to reduce the size of the Target His group said a vote against the proposalp would help ensure that at leas one of the Nominees for Shareholdef Choice is elected. Commenting after the meeting, Ackman said he and Donald received more than 20 percenft of theshareholder vote. "That's a big number in light of what we wereup against," Ackman Ackman said he had hoped for a more positive outcome, but he still believed that the finao tally was a victory for The shareholders meeting was held at a new Targef Store being completed at 1250 West Sunset Drivs in Waukesha.
Target executives said the site allowed the companty to showcase its latest general merchandisestore design. The store is scheduled to open in Target executives said they have met since 2007 with Ackmanj to discuss hisideas and, said they were disappointefd that Pershing Square has decides to pursue what Target management called a costly and disruptivwe proxy contest. The company, in part, followed Ackman’a earlier suggestion to sell Target’ds credit card receivables. The company completee a transaction in May with JPMorgan Chase, in which Target sold slightly less than half its receivables for cash proceedsz of about $3.6 billion dollars.
Ackman in May 2008 presentexd the first in a serieas of proposals involvingrestructuring Target’s real estates around the theme of a REIT. Target’s boardr concluded that the REITproposalk “was not in the best interestt of our shareholders” because it wouldn’t create much value, Target executives said. On May 20, Target reported net earningsof $522 or 69 cents per share, for the first quarterd ended May 2, 2009, compared with $602 million , or 74 a year earlier. Retail sales increased 0.4 percent to $14.4 billionn from $14.3 billion in 2008, due to new store expansiom that partially offset bya 3.7 percent declinse in comparable-store sales. Target Corp.
operates a credit card segmenytand 1,698 Target stores in 49 states.
Saturday, July 16, 2011
F.N.B. appoints Campbell as chairman - Austin Business Journal:
showarticle-cultura.blogspot.com
Campbell formerly served as F.N.B.’ss (NYSE:FNB) lead director and servess on several committees. He has been a director sincre 1975. “Bill is one of our longes t serving and mostdedicated directors,” Gurgovits said in a F.N.B. previously said it woulc appoint a new chairman to enable Gurgovits to focuws on his corporate responsibilities and to conformto F.N.B.’s corporat guidelines. Gurgovits, who has worked at for 48 years, had taken the chairman role in Aprill 2008 when Robert New was named CEO and president after anearlyt two-year search. New resigned 10 months later and Gurgovits steppedx back in on an interim basis initially.
He accepted the post fulltimde onJune 2. F.N.B. is basex in Hermitage, north of and had assets of $8.5 billiojn as of March 31.
Campbell formerly served as F.N.B.’ss (NYSE:FNB) lead director and servess on several committees. He has been a director sincre 1975. “Bill is one of our longes t serving and mostdedicated directors,” Gurgovits said in a F.N.B. previously said it woulc appoint a new chairman to enable Gurgovits to focuws on his corporate responsibilities and to conformto F.N.B.’s corporat guidelines. Gurgovits, who has worked at for 48 years, had taken the chairman role in Aprill 2008 when Robert New was named CEO and president after anearlyt two-year search. New resigned 10 months later and Gurgovits steppedx back in on an interim basis initially.
He accepted the post fulltimde onJune 2. F.N.B. is basex in Hermitage, north of and had assets of $8.5 billiojn as of March 31.
Thursday, July 14, 2011
Lottery Scholarships Not Impacted By Shortfall - KATV
vezasid.wordpress.com
Lottery Scholarships Not Impacted By Shortfall KATV Entertainment News from AP By Michelle Rupp - bio | email Its estimated that more than 30 thousand students will receive lottery funded scholarships in the fall. This, despite the lottery commission coming up short about 4-million dollars. ... |
Tuesday, July 12, 2011
Saturday, July 9, 2011
D.C. convention center hotel deal close - Washington Business Journal:
http://shortridgehouse.com/before-reserving-your-next-commercial-flight-looking-into-flying-with-a-private-charter-company.html
The city has already committed landand $187 millionj for a planned $540 million, 1,167-room Marriott Marquie across the street from the Walter E. Washington Convention Center that is viewed as criticall tothe city’s ability to attracr major convention business. But in early June, when the searcy for private financing by development partners and Mayor Adrian Fenty proposedissuing $750 million in bondxs to finance and own the entire building. The developerds and key members ofthe D.C. Council began considering alternativexs and Thursday said they hadfounrd one.
In it, the Washington Convention Center Authority would contributean $80 million loan a far smaller price tag than the mayor proposed and the developers would raise their equity participatiob from $135 million to $320 millionb with the backing of ING Clarion Real Estate Investment, the U.S. subsidiaryt of and one of the city’s largest propertg owners. Capstone President Norman Jenkins said a city loanof $80 milliomn would be enough of an assurance to allow the developmeng team to waive a requirement that the deal include privatse lending from the onset. He said he is as optimisticv about the deal today as he has ever been and the with approva l bythe D.C.
Council construction coulx startthis fall. “We think this is a far better deal for the equit and a far better deal forthe city. We’re really excited to bring this long overdur projectto fruition.” ING spokeswoman Suzanne Franks said the compang does not comment on pending transactions. Jenkins, who formerly worked on the hotel project as a senior vice presidentr with MarriottInternational Inc., said the team plans to continues seeking debt financing — a tougj endeavor in the frozen credit markets — but is confiden enough in the project that it is readty to go ahead.
“We’re not putting in any financing contingencies, we’llp get debt whenever we need to,” he If debt could stillk not be identified, Jenkins said, the projecgt could still go forward solely as anequitty deal. “The analysis has been run as an all equity deal and we are stillp preparedto proceed,” he said. Key members of the D.C. Councikl expressed cautious relief that a less expensivd deal was close tobeinv reached, given the city’s expected $967 million shortfall for fiscal 2011. Councilma Jack Evans, D-Ward 2 and chair of the council’s financwe committee, shared the developer’s optimisk that ground could be brokenthis fall.
“Ij can’t say we have a deal becauser we don’t have a deal, but we’red close to having a deal,” Evanss said. He said the council would considert the arrangement at an already schedulec June24 hearing, allowing enough time for the councio to approve a deal by July 14, the last day of votingh before summer recess. “Whatever path we take, the mechanism to approve that path is allset up.
The proverbiao train is leaving the station onJuly 14,” Evans Councilman Kwame Brown, D-At large and chair of the economic developmentt committee, said he is glad to see a deal materializingt that would not require any changess to the city’s cap on outstanding bond paymentes or subsidies it has alreadyu approved for other economic development projects. He said the possibility that existing subsidies could be transferred to the hotelp project had understandably raised the ire of developersand residents. “Anyy way we can make sure we don’yt bust our cap while making sure we keep neighborhooed projects on course isa win-win for the he said. D.C.
Chief Financial Officer Natwar Gandhi, who had concernd about the mayor’s plan to issue hundred of millions of dollarw ofnew debt, met with representatives of the developmentf team Thursday, but declined comment throughj a spokesman. Greg O’Dell, CEO and general managerf of the conventioncenter authority, said that should the deal hold it woulx give the organization what it needsz to continue marketing the city: certainty.
He said the conventionh center board, on which both Gandhi and City Administratoer NeilAlbert serve, had only considered plans that would allo the city to remain undef the debt cap, which is 12 percent of city “We’ve been mindful of the cap and the implicationx of the cap all along,” he O’Dell said he didn’t know what specificall triggered ING’s decision to up its involvement, but that raising the possibility of the city owningf the hotel “helped to get movemeny on their part.
”
The city has already committed landand $187 millionj for a planned $540 million, 1,167-room Marriott Marquie across the street from the Walter E. Washington Convention Center that is viewed as criticall tothe city’s ability to attracr major convention business. But in early June, when the searcy for private financing by development partners and Mayor Adrian Fenty proposedissuing $750 million in bondxs to finance and own the entire building. The developerds and key members ofthe D.C. Council began considering alternativexs and Thursday said they hadfounrd one.
In it, the Washington Convention Center Authority would contributean $80 million loan a far smaller price tag than the mayor proposed and the developers would raise their equity participatiob from $135 million to $320 millionb with the backing of ING Clarion Real Estate Investment, the U.S. subsidiaryt of and one of the city’s largest propertg owners. Capstone President Norman Jenkins said a city loanof $80 milliomn would be enough of an assurance to allow the developmeng team to waive a requirement that the deal include privatse lending from the onset. He said he is as optimisticv about the deal today as he has ever been and the with approva l bythe D.C.
Council construction coulx startthis fall. “We think this is a far better deal for the equit and a far better deal forthe city. We’re really excited to bring this long overdur projectto fruition.” ING spokeswoman Suzanne Franks said the compang does not comment on pending transactions. Jenkins, who formerly worked on the hotel project as a senior vice presidentr with MarriottInternational Inc., said the team plans to continues seeking debt financing — a tougj endeavor in the frozen credit markets — but is confiden enough in the project that it is readty to go ahead.
“We’re not putting in any financing contingencies, we’llp get debt whenever we need to,” he If debt could stillk not be identified, Jenkins said, the projecgt could still go forward solely as anequitty deal. “The analysis has been run as an all equity deal and we are stillp preparedto proceed,” he said. Key members of the D.C. Councikl expressed cautious relief that a less expensivd deal was close tobeinv reached, given the city’s expected $967 million shortfall for fiscal 2011. Councilma Jack Evans, D-Ward 2 and chair of the council’s financwe committee, shared the developer’s optimisk that ground could be brokenthis fall.
“Ij can’t say we have a deal becauser we don’t have a deal, but we’red close to having a deal,” Evanss said. He said the council would considert the arrangement at an already schedulec June24 hearing, allowing enough time for the councio to approve a deal by July 14, the last day of votingh before summer recess. “Whatever path we take, the mechanism to approve that path is allset up.
The proverbiao train is leaving the station onJuly 14,” Evans Councilman Kwame Brown, D-At large and chair of the economic developmentt committee, said he is glad to see a deal materializingt that would not require any changess to the city’s cap on outstanding bond paymentes or subsidies it has alreadyu approved for other economic development projects. He said the possibility that existing subsidies could be transferred to the hotelp project had understandably raised the ire of developersand residents. “Anyy way we can make sure we don’yt bust our cap while making sure we keep neighborhooed projects on course isa win-win for the he said. D.C.
Chief Financial Officer Natwar Gandhi, who had concernd about the mayor’s plan to issue hundred of millions of dollarw ofnew debt, met with representatives of the developmentf team Thursday, but declined comment throughj a spokesman. Greg O’Dell, CEO and general managerf of the conventioncenter authority, said that should the deal hold it woulx give the organization what it needsz to continue marketing the city: certainty.
He said the conventionh center board, on which both Gandhi and City Administratoer NeilAlbert serve, had only considered plans that would allo the city to remain undef the debt cap, which is 12 percent of city “We’ve been mindful of the cap and the implicationx of the cap all along,” he O’Dell said he didn’t know what specificall triggered ING’s decision to up its involvement, but that raising the possibility of the city owningf the hotel “helped to get movemeny on their part.
”
Thursday, July 7, 2011
Wichita leaders forced to digest more aviation troubles - Wichita Business Journal:
a-aveywe.blogspot.com
However, word that Cessna will suspend its Citatioj Columbusprogram — a program that promised more than a thousanfd jobs in the local aviationh sector following construction of a 600,000-square-foot assembly plant — was a saddening shock. “I thought they were going to furlough,” says formetr Wichita Mayor Bob “This is a real blow to peoplwe that care aboutthis community.” The city of Wichitaw and Sedgwick County have a vestecd interest in the Citation Columbus program. Last each approved a $5 million forgivablwe loan to Cessna forthe project. The state of Kansas offered up $33 milliohn in bond package incentives.
Suspending the Columbus project won’t change that financial officials say. “I’m an optimist,” says Bill Sedgwick County manager. “Ther sun will come up in the It’s a good business plan and when the markert recovers we are going to be in agood position.” City councik member Sue Schlapp concurs, saying Cessnaz has formed strong relationships with lawmakersz at all levels. “It’s not like Cessna is walkinfg out for no good she says. “It’s never good news to hear aboutf anybodystopping production, but I thinki we are going to work through it.
” Mayo r Carl Brewer says the city will stand behind Cessna and the Columbus project, adding that if Wichita someone else will. “I can assure you, even though these are tough economif times, there are other cities and other communitie that see an opportunity that if we turn our backon (other cities) will go out and recruit them and get them to come Brewer says. Lyndon Wells, executive vice presiden of who took over as chairmahn of the Greater WichitaEconomic Development’s Coalition in says as disappointing as Wednesday’s moves were to the it’s important to keep in mind Cessna is tryingv to position itself for the “It’s disappointing that our cycle is what it is, but at the same you feel for the people losing their jobs,” he says.
“We, as a community, need to ralluy around those folks.” Knight says airplane manufacturers cutting locap work forces isnothingy new, but he can’t recall a time when the cuts went this “I really hurt for the men and womenm that work at Cessna and the management. That has to be gut-wrenching for them,” Knight says. “But it’s reality. They have to confront the reality ofthe marketplace.” Don Beggs, presiden t of , says Cessna still will play an importanyt role in Wichita’s economy. “This is a cycle I didn’f anticipate,” he says.
“But is still a vital source in Wichita and Kansas and the and I want to keep the core ofCessnqa going.” ’s Rapid Response team is scheduled to meet with affectef Cessna employees in the coming weeks, says Kathy director of marketing and communications. “That gives us the opportunity to talk to them abouyt unemployment insurance benefits and talk to them about eligibility and she says. Cessna, she says, is filingf electronically, which means the company will submit a spreadsheet of all the affectexd employees with theinitial information. Toelkesw says that will expedite thebenefita process.
The city of Wichitaq and are targeting June 1 for the openingv ofa laid-off workerd resource center. Patrick J. president of United Way of the Plains, says the organization won’y rush to open sooner becauss laid-off workers will still be on payroll anothe60 days. In the next month, United Way will be addinbg telephones and getting computer serviceslinesd up. “As the layoffs go on, it will becomd more critical,” Hanrahan says.
However, word that Cessna will suspend its Citatioj Columbusprogram — a program that promised more than a thousanfd jobs in the local aviationh sector following construction of a 600,000-square-foot assembly plant — was a saddening shock. “I thought they were going to furlough,” says formetr Wichita Mayor Bob “This is a real blow to peoplwe that care aboutthis community.” The city of Wichitaw and Sedgwick County have a vestecd interest in the Citation Columbus program. Last each approved a $5 million forgivablwe loan to Cessna forthe project. The state of Kansas offered up $33 milliohn in bond package incentives.
Suspending the Columbus project won’t change that financial officials say. “I’m an optimist,” says Bill Sedgwick County manager. “Ther sun will come up in the It’s a good business plan and when the markert recovers we are going to be in agood position.” City councik member Sue Schlapp concurs, saying Cessnaz has formed strong relationships with lawmakersz at all levels. “It’s not like Cessna is walkinfg out for no good she says. “It’s never good news to hear aboutf anybodystopping production, but I thinki we are going to work through it.
” Mayo r Carl Brewer says the city will stand behind Cessna and the Columbus project, adding that if Wichita someone else will. “I can assure you, even though these are tough economif times, there are other cities and other communitie that see an opportunity that if we turn our backon (other cities) will go out and recruit them and get them to come Brewer says. Lyndon Wells, executive vice presiden of who took over as chairmahn of the Greater WichitaEconomic Development’s Coalition in says as disappointing as Wednesday’s moves were to the it’s important to keep in mind Cessna is tryingv to position itself for the “It’s disappointing that our cycle is what it is, but at the same you feel for the people losing their jobs,” he says.
“We, as a community, need to ralluy around those folks.” Knight says airplane manufacturers cutting locap work forces isnothingy new, but he can’t recall a time when the cuts went this “I really hurt for the men and womenm that work at Cessna and the management. That has to be gut-wrenching for them,” Knight says. “But it’s reality. They have to confront the reality ofthe marketplace.” Don Beggs, presiden t of , says Cessna still will play an importanyt role in Wichita’s economy. “This is a cycle I didn’f anticipate,” he says.
“But is still a vital source in Wichita and Kansas and the and I want to keep the core ofCessnqa going.” ’s Rapid Response team is scheduled to meet with affectef Cessna employees in the coming weeks, says Kathy director of marketing and communications. “That gives us the opportunity to talk to them abouyt unemployment insurance benefits and talk to them about eligibility and she says. Cessna, she says, is filingf electronically, which means the company will submit a spreadsheet of all the affectexd employees with theinitial information. Toelkesw says that will expedite thebenefita process.
The city of Wichitaq and are targeting June 1 for the openingv ofa laid-off workerd resource center. Patrick J. president of United Way of the Plains, says the organization won’y rush to open sooner becauss laid-off workers will still be on payroll anothe60 days. In the next month, United Way will be addinbg telephones and getting computer serviceslinesd up. “As the layoffs go on, it will becomd more critical,” Hanrahan says.
Tuesday, July 5, 2011
Employers favor phasing in health reform - Boston Business Journal:
ycoguqi.wordpress.com
Of the 329 United Statexs employers surveyed, 67 percent would rathert see reform phased-in compared with 11 percent who said they favof the enactment of comprehensive reforjmthis year. The remaining 12 percent said theyare unsure. “Employerd are signaling strong concerbn over the initial cost estimates for implementing healthcare reform,” Lindza Havlin, a Mercer worldwide partnert said in a statement. “Uncertainties aboug how and when employers will emerge from the recession have heightenex their concern about the unknown cost impact of a complesx industryrestructuring effort. If there is a will employers be expected to closethe gap?
” Survey respondents were asked to assignn high, medium or low priority ratings to 11 componentsx that have been prominent in comprehensivd health reform proposals. The range of elements included mandates for individuals and changes in tax treatmentof employer-sponsoredf health coverage, investments in improving qualitgy and cost efficiency, creating new public health insurancde plans and exchanges, insurance marketg reforms and expanding eligibility for coverage undefr existing public programs. The surveyed employers selected quality and markeg reform as theirtop priorities.
Secon d on the survey respondents’ list of high prioritiesd was to “enact insurance market reforms, including requiring insurancde companies to offer individual coverage andeliminating pre-existing condition exclusionss and lifetime benefit limits,” with 50 percent of respondentd citing it as a high priority. Employerss remain most opposed to limits on the favorable tax treatmentfof employer-sponsored health benefits and to a mandatde for employers to offer the survey found.
While respondents clearly rejectg curbing the favorable tax treatmentof employer-sponsores health benefits, their responses were less uniform when askede how they would be likely to reactt if a hypothetical reduction in the current tax exclusion for employer-sponsored coveragwe resulted in an average increase of $3,000p in taxable income to their About a fifth said they would be “very to change the plan or reduc e the level of benefits provided to avoidd the increase, while another fifth indicatee they would be very likely to make no changee and let employees absorgb the higher tax Only 3 percent said they woulc be very likely to discontinue offering a healtgh plan.
Despite the considerable media attention given to the creatioh of a publichealth plan, just 24 percenf of all respondents said they consided it a high priority for Employer health plan sponsors were invited to attensd Mercer’s Web-based presentation on health reform from June 17 to June 26, whicu is how the survey data was collected.
Of the 329 United Statexs employers surveyed, 67 percent would rathert see reform phased-in compared with 11 percent who said they favof the enactment of comprehensive reforjmthis year. The remaining 12 percent said theyare unsure. “Employerd are signaling strong concerbn over the initial cost estimates for implementing healthcare reform,” Lindza Havlin, a Mercer worldwide partnert said in a statement. “Uncertainties aboug how and when employers will emerge from the recession have heightenex their concern about the unknown cost impact of a complesx industryrestructuring effort. If there is a will employers be expected to closethe gap?
” Survey respondents were asked to assignn high, medium or low priority ratings to 11 componentsx that have been prominent in comprehensivd health reform proposals. The range of elements included mandates for individuals and changes in tax treatmentof employer-sponsoredf health coverage, investments in improving qualitgy and cost efficiency, creating new public health insurancde plans and exchanges, insurance marketg reforms and expanding eligibility for coverage undefr existing public programs. The surveyed employers selected quality and markeg reform as theirtop priorities.
Secon d on the survey respondents’ list of high prioritiesd was to “enact insurance market reforms, including requiring insurancde companies to offer individual coverage andeliminating pre-existing condition exclusionss and lifetime benefit limits,” with 50 percent of respondentd citing it as a high priority. Employerss remain most opposed to limits on the favorable tax treatmentfof employer-sponsored health benefits and to a mandatde for employers to offer the survey found.
While respondents clearly rejectg curbing the favorable tax treatmentof employer-sponsores health benefits, their responses were less uniform when askede how they would be likely to reactt if a hypothetical reduction in the current tax exclusion for employer-sponsored coveragwe resulted in an average increase of $3,000p in taxable income to their About a fifth said they would be “very to change the plan or reduc e the level of benefits provided to avoidd the increase, while another fifth indicatee they would be very likely to make no changee and let employees absorgb the higher tax Only 3 percent said they woulc be very likely to discontinue offering a healtgh plan.
Despite the considerable media attention given to the creatioh of a publichealth plan, just 24 percenf of all respondents said they consided it a high priority for Employer health plan sponsors were invited to attensd Mercer’s Web-based presentation on health reform from June 17 to June 26, whicu is how the survey data was collected.
Saturday, July 2, 2011
GM to sell Hummer to Chinese company - Dayton Business Journal:
http://petslisting.com/cgi-bin/privacy.pl
The announcement comes one day after GM with planss to become a leaner Missouri has oneHummer dealership, in Chesterfield. Jim Lynch, owner of Lync h Hummer, said he knew the automaker was workingf on a deal to sell the brand but welcomed the news as a way toease fears. “It’s good for business that it some of the apprehensio n that the brand may be going away inthe public’es perception,” he said. The automakere said it has a memorandum ofunderstanding (MoU) and that the sale is expectesd to close by the end of third quartee of this year. The deal is expectesd to secure morethan 3,000 U.S. jobs in engineering and at Hummed dealerships aroundthe country.
The company said the proposef transaction calls for the new Hummer ownefr to continue to contract vehicled manufacturing and business services from GM duringy a defined transitional time For example, under the proposed agreement, GM’s Shreveport, La., assembly plant would continue to assemble the H3 and H3T througnh at least 2010. GM is also trying to sell its Saab and Saturh brands and will phase out itsPontiac brand.
The announcement comes one day after GM with planss to become a leaner Missouri has oneHummer dealership, in Chesterfield. Jim Lynch, owner of Lync h Hummer, said he knew the automaker was workingf on a deal to sell the brand but welcomed the news as a way toease fears. “It’s good for business that it some of the apprehensio n that the brand may be going away inthe public’es perception,” he said. The automakere said it has a memorandum ofunderstanding (MoU) and that the sale is expectesd to close by the end of third quartee of this year. The deal is expectesd to secure morethan 3,000 U.S. jobs in engineering and at Hummed dealerships aroundthe country.
The company said the proposef transaction calls for the new Hummer ownefr to continue to contract vehicled manufacturing and business services from GM duringy a defined transitional time For example, under the proposed agreement, GM’s Shreveport, La., assembly plant would continue to assemble the H3 and H3T througnh at least 2010. GM is also trying to sell its Saab and Saturh brands and will phase out itsPontiac brand.
Subscribe to:
Posts (Atom)