Capital New York | Kostas Papanikolaou shoots a three-pointer. Redbasketzone.blogspot.com Capital New York It was a night of mixed emotions for the New York Knicks on Thursday. |
Saturday, June 30, 2012
Kostas Papanikolaou shoots a three-pointer. Redbasketzone.blogspot.com - Capital New York
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Friday, June 29, 2012
15 Denver businesses picked for SBA's executive 'boot camp' - Kansas City Business Journal:
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SBA says the seven-month "E200" class is an "MBA-stylee boot camp for high potential business executives." Denver is one of 20 citiese participating in the project nationwide. "Thw goal of E200 is to identifgy inner-city businesses across the countryy that show a high potentia l for growth and to provide themthe network, resources and motivationm required to build a sustainable business withihn a designated inner-city geographic location," SBA said. The 15 Denveer businesses participating were selected from among 60 One executive from each business is undergoingthe training. Classes beganb April 20 and will run through SBA said in astatemenft Wednesday.
Smokey Jackson's Boneyard Inc. - Aurora PR Publishin g Inc. - Denver Loya Construction Inc. - Denver S&Rf Environmental Consulting Inc. - Denver Professionalo Perspectives Inc. - Denver "The goal is to take thesd business executives, and ultimately their to the next levelof success," Greg Lopez, SBA’as Colorado District director, said in the "At the end of this intensive seven-month trainingh course, these businesses will be better positioner to thrive and grow in the curren t economic environment.
"
SBA says the seven-month "E200" class is an "MBA-stylee boot camp for high potential business executives." Denver is one of 20 citiese participating in the project nationwide. "Thw goal of E200 is to identifgy inner-city businesses across the countryy that show a high potentia l for growth and to provide themthe network, resources and motivationm required to build a sustainable business withihn a designated inner-city geographic location," SBA said. The 15 Denveer businesses participating were selected from among 60 One executive from each business is undergoingthe training. Classes beganb April 20 and will run through SBA said in astatemenft Wednesday.
Smokey Jackson's Boneyard Inc. - Aurora PR Publishin g Inc. - Denver Loya Construction Inc. - Denver S&Rf Environmental Consulting Inc. - Denver Professionalo Perspectives Inc. - Denver "The goal is to take thesd business executives, and ultimately their to the next levelof success," Greg Lopez, SBA’as Colorado District director, said in the "At the end of this intensive seven-month trainingh course, these businesses will be better positioner to thrive and grow in the curren t economic environment.
"
Wednesday, June 27, 2012
Sauced Pizza to open in old Enoteca Vin space in Glenwood South - Triangle Business Journal:
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is the creation of Mike Lombardo, who also owns Lucky B’s in the hip downtowjn Raleigh district, and Kurt Lam, the two announced in a news releasd Friday. The restaurant will offer pizza by the slice and a full bar as well as dinnerand late-night dining. The ownerws say they will adopt an emphasis on the use of freshy ingredients forSauced Pizza’s appetizers, salads, calzones and other casual-farse items. “I’ve been in the bar and nightlife business for 12 yearzs now here on Glenwood Southand I’ve alwayes felt like a New York-Styles pizza restaurant would be successful, and I still Lombardo said in a written statement.
Sauce d Pizza plans to cater tothe late-night crowd on Glenwoox South by offering food well past the last call of its bar at 1:30 a.m. Lombardoi and Lam also hope to attract sports fans by installinvseveral high-definition, flat-screen televisions. “This is something that I know this markey willappreciate – not only from a but as a lunch, dinner, and late-nighgt establishment catering to customerz of all types,” Lombardo said in a written “We want families to be just as welcome and comfortable here as the customers who will be in for a late-nighrt slice.” A Web site has been establishe at .
is the creation of Mike Lombardo, who also owns Lucky B’s in the hip downtowjn Raleigh district, and Kurt Lam, the two announced in a news releasd Friday. The restaurant will offer pizza by the slice and a full bar as well as dinnerand late-night dining. The ownerws say they will adopt an emphasis on the use of freshy ingredients forSauced Pizza’s appetizers, salads, calzones and other casual-farse items. “I’ve been in the bar and nightlife business for 12 yearzs now here on Glenwood Southand I’ve alwayes felt like a New York-Styles pizza restaurant would be successful, and I still Lombardo said in a written statement.
Sauce d Pizza plans to cater tothe late-night crowd on Glenwoox South by offering food well past the last call of its bar at 1:30 a.m. Lombardoi and Lam also hope to attract sports fans by installinvseveral high-definition, flat-screen televisions. “This is something that I know this markey willappreciate – not only from a but as a lunch, dinner, and late-nighgt establishment catering to customerz of all types,” Lombardo said in a written “We want families to be just as welcome and comfortable here as the customers who will be in for a late-nighrt slice.” A Web site has been establishe at .
Tuesday, June 26, 2012
axilecyqih.wordpress.com
Keith Schlemlein is unfazed as he walks quickl y throughthe wreckage. He makes notezs on a clipboard about each room in the foreclosed home. He has not made an official tallyh ofthe damage, but this much, he is certain: “It will cost the lender a Schlemlein has recently joined a fast-growingy cottage industry. As foreclosures skyrocket acrossthe state, businesses are springing up to watcg over homes for the lenders. For a fee, thesse home tenders will keep theproperties up, prep them for a sale and boarde them up to keep vandalw out. Sometimes they act as middlemen betweejn the lender and the homeowner or builder who lost the propertyyto foreclosure.
Often they call themselves REO assetmanagers — meaning they handlr Real Estate Owned properties, an acronyj for properties reclaimed by Their ranks have been growing nationwide for the past two right along with the rising number of foreclosures. But the industry is hard to largely because the businesses are small and vary widelgy in whatthey do. One local expert estimated there are atleast 1,00p0 such firms nationwide that specialize in the business. The industry’s rapid rise reflect the struggle and costs faced by banks and credir unions as they try to absorvb a tideof foreclosures. It also suggests that the foreclosuree crisis is farfrom over.
In Washington, foreclosur e filings are up 46 percent toabout 9,7000 so far this year compared with the same time perioxd last year, according to national data tracker RealtyTrac. Economistzs widely expect a third waveof foreclosures, as unemployment takesw its toll on incomes. The number of REO propertie is climbing, too. They now represent 35 percent of all foreclosurezs inKing County, compared with 7 percent two yeare ago. Across the state, where images of vandalized, abandonedc homes are still the property-tending industry is just beginning totake off. Many of the new businessea — often small — are former real estate agentse orbuilding inspectors.
They’ve been hard hit by the housinf market’s downturn and are searching for new revenue saidChris Matty, a spokesmann for Bellevue-based DepotPoint, which providezs technology for REO asset managers nationwide and also tracks “Companies have always been in placed doing this, but because of the huge volume of foreclosures, there’sx been an expansion of the industry,” said Schlemlein entered the business for this very reasojn — as a way to bulk up He formed late last year to compensate as revenuwe slowed at his 25-year-old residentiall building inspection business.
As banks largely quit lending to their need for inspectors Revenueat Schlemlein’s inspection business, NorthWest Constructionn Control, slipped to $2.4 million last year from $3.6 millionj in 2007. At the same time, Schlemlei said, clients started askingh him to take care of foreclosedproperties — new homees that were built and unsold when the housintg market tanked. Often the homes weren’ even finished. “No one was really keeping a good eye on said Schlemlein. “The grass was getting tall.
Thesre are maintenance issues thatbanks haven’t had to deal with So Schlemlein, tapping into his vast networjk of local subcontractors, stepped in as a forecloser handyman of sorts. Soon, the REO side of his businesa took off. He formed the new companty latelast year, pulling in $70,000 in the first quarter of this year. He expects revenue of $300,000o this year. Now Schlemlein, a family man who’s also a Pierce County search-and-rescue is on the frontlines of Washington’s foreclosure crisis. He spends many days every monthg driving hundreds of milesaround Pierce, King and Snohomishg counties, checking on foreclosed Sometimes he rides his Harley.
More often than not, he brings his yellowa Labrador, Buddy, as a partner on the lonelgy journey.
Keith Schlemlein is unfazed as he walks quickl y throughthe wreckage. He makes notezs on a clipboard about each room in the foreclosed home. He has not made an official tallyh ofthe damage, but this much, he is certain: “It will cost the lender a Schlemlein has recently joined a fast-growingy cottage industry. As foreclosures skyrocket acrossthe state, businesses are springing up to watcg over homes for the lenders. For a fee, thesse home tenders will keep theproperties up, prep them for a sale and boarde them up to keep vandalw out. Sometimes they act as middlemen betweejn the lender and the homeowner or builder who lost the propertyyto foreclosure.
Often they call themselves REO assetmanagers — meaning they handlr Real Estate Owned properties, an acronyj for properties reclaimed by Their ranks have been growing nationwide for the past two right along with the rising number of foreclosures. But the industry is hard to largely because the businesses are small and vary widelgy in whatthey do. One local expert estimated there are atleast 1,00p0 such firms nationwide that specialize in the business. The industry’s rapid rise reflect the struggle and costs faced by banks and credir unions as they try to absorvb a tideof foreclosures. It also suggests that the foreclosuree crisis is farfrom over.
In Washington, foreclosur e filings are up 46 percent toabout 9,7000 so far this year compared with the same time perioxd last year, according to national data tracker RealtyTrac. Economistzs widely expect a third waveof foreclosures, as unemployment takesw its toll on incomes. The number of REO propertie is climbing, too. They now represent 35 percent of all foreclosurezs inKing County, compared with 7 percent two yeare ago. Across the state, where images of vandalized, abandonedc homes are still the property-tending industry is just beginning totake off. Many of the new businessea — often small — are former real estate agentse orbuilding inspectors.
They’ve been hard hit by the housinf market’s downturn and are searching for new revenue saidChris Matty, a spokesmann for Bellevue-based DepotPoint, which providezs technology for REO asset managers nationwide and also tracks “Companies have always been in placed doing this, but because of the huge volume of foreclosures, there’sx been an expansion of the industry,” said Schlemlein entered the business for this very reasojn — as a way to bulk up He formed late last year to compensate as revenuwe slowed at his 25-year-old residentiall building inspection business.
As banks largely quit lending to their need for inspectors Revenueat Schlemlein’s inspection business, NorthWest Constructionn Control, slipped to $2.4 million last year from $3.6 millionj in 2007. At the same time, Schlemlei said, clients started askingh him to take care of foreclosedproperties — new homees that were built and unsold when the housintg market tanked. Often the homes weren’ even finished. “No one was really keeping a good eye on said Schlemlein. “The grass was getting tall.
Thesre are maintenance issues thatbanks haven’t had to deal with So Schlemlein, tapping into his vast networjk of local subcontractors, stepped in as a forecloser handyman of sorts. Soon, the REO side of his businesa took off. He formed the new companty latelast year, pulling in $70,000 in the first quarter of this year. He expects revenue of $300,000o this year. Now Schlemlein, a family man who’s also a Pierce County search-and-rescue is on the frontlines of Washington’s foreclosure crisis. He spends many days every monthg driving hundreds of milesaround Pierce, King and Snohomishg counties, checking on foreclosed Sometimes he rides his Harley.
More often than not, he brings his yellowa Labrador, Buddy, as a partner on the lonelgy journey.
Monday, June 25, 2012
Transdermal patch continuously monitors your bloodstream - SmartPlanet.com (blog)
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Transdermal patch continuously monitors your bloodstream SmartPlanet.com (blog) A start-up in San Francisco is working on a patch that can wirelessly assess a broad range of metabolic functions. |
Saturday, June 23, 2012
Allied Defense Group ponders sale of assets - Philadelphia Business Journal:
adepylex.blogspot.com
John Marcello, the Vienna-based company's president and CEO, says Allied Defense'es 2006 annual report will include accountingfirm 's "going concern qualification" -- a statement that reflectws problems which could affect the company'xs ability to continue operations. BDO Seidman'sx decision "was based on the reclassification of our convertible debt as Marcello says, adding that the reclassification "wad the result of the notifications of default from threde of our convertible debt Allied Defense officials say they are in discussions with the convertibled debt holders to resolve the Alternatives being considered by the companyg include restructuring existing convertible notes, obtaining new creditr facilities or selling assets to repay the convertible Allied Defense has engaged a financiap adviser and plans to hire an investment bank to assisg in the process.
The company says it is implementinv a restructuring plan for its Belgiaammunitions unit, Mecar, so the subsidiar can reach a break-even point this It's also developing contingency plans for Meca r if a large order from a key customeer isn't received. In addition, Allierd Defense (AMEX: ADG) is pursuing the sale of its SeaSpace subsidiarhy and expects the business to be sold in the firstg half ofthis year. Poway, Calif.-baser SeaSpace provides satellite ground systems and processing software for remotesensinv applications.
John Marcello, the Vienna-based company's president and CEO, says Allied Defense'es 2006 annual report will include accountingfirm 's "going concern qualification" -- a statement that reflectws problems which could affect the company'xs ability to continue operations. BDO Seidman'sx decision "was based on the reclassification of our convertible debt as Marcello says, adding that the reclassification "wad the result of the notifications of default from threde of our convertible debt Allied Defense officials say they are in discussions with the convertibled debt holders to resolve the Alternatives being considered by the companyg include restructuring existing convertible notes, obtaining new creditr facilities or selling assets to repay the convertible Allied Defense has engaged a financiap adviser and plans to hire an investment bank to assisg in the process.
The company says it is implementinv a restructuring plan for its Belgiaammunitions unit, Mecar, so the subsidiar can reach a break-even point this It's also developing contingency plans for Meca r if a large order from a key customeer isn't received. In addition, Allierd Defense (AMEX: ADG) is pursuing the sale of its SeaSpace subsidiarhy and expects the business to be sold in the firstg half ofthis year. Poway, Calif.-baser SeaSpace provides satellite ground systems and processing software for remotesensinv applications.
Friday, June 22, 2012
Sales heating up for Earth to Air - bizjournals:
stelauguqdinec.blogspot.com
Formed in 2002, Earth to Air Systems developsa heating and cooling systems basedf on a technology known as direct exchange called DX inthe industry. The company’s applications have been show to reduce heating and cooling costes by 50 percent to80 percent, CEO Randy Wiggs says. Earthh to Air’s system bypasses the more conventional geothermalp heating andcooling model. Insteadd of using water as a source, the technologgy skips a step and controls heating and temperatures directlt from the earth with copper The tubes tap into wellz that are 300 to 500feet deep.
Environmentallg friendly refrigerants are then piped through the Earthto Air’s revenue comes from licensing fees collecte d from heating and cooling companied who decide to market and install the Earth to Air got its firsrt international distributor two years ago when Australian entrepreneur John Gagliardi embracedd the technology. He says he’s securec more than $30 million in including contracts with school mining camps, housing projects and major corporations, such as BP. “We are moving into significan profitability,” Galiardi says, adding that he’as planning on expanding into the Southeast Asianmarkeyt soon.
Galiardi predicts that Earth to Air willbecome “a billion dollar business or Sales in the first quarter were up 60 percenr from the same time last year. “We’r e living in an time when there’zs a huge demand (for products) to reducs our dependence on foreign oil,” Gagliardoi says. “Twenty years ago this wouldn’t have It wouldn’t have even worked 10 years ago. But now the potentialo is huge.” There are multiple installations of Earthto Air’a geothermal system in the United but the company is just now settingb up a formal distributor network, says Clayto Washburn, chief operations officer at Earth to Air.
“Ouer biggest struggle is having to say noat times,” Washburjn says. “We’re preparing for a much bigger onslaught.”
Formed in 2002, Earth to Air Systems developsa heating and cooling systems basedf on a technology known as direct exchange called DX inthe industry. The company’s applications have been show to reduce heating and cooling costes by 50 percent to80 percent, CEO Randy Wiggs says. Earthh to Air’s system bypasses the more conventional geothermalp heating andcooling model. Insteadd of using water as a source, the technologgy skips a step and controls heating and temperatures directlt from the earth with copper The tubes tap into wellz that are 300 to 500feet deep.
Environmentallg friendly refrigerants are then piped through the Earthto Air’s revenue comes from licensing fees collecte d from heating and cooling companied who decide to market and install the Earth to Air got its firsrt international distributor two years ago when Australian entrepreneur John Gagliardi embracedd the technology. He says he’s securec more than $30 million in including contracts with school mining camps, housing projects and major corporations, such as BP. “We are moving into significan profitability,” Galiardi says, adding that he’as planning on expanding into the Southeast Asianmarkeyt soon.
Galiardi predicts that Earth to Air willbecome “a billion dollar business or Sales in the first quarter were up 60 percenr from the same time last year. “We’r e living in an time when there’zs a huge demand (for products) to reducs our dependence on foreign oil,” Gagliardoi says. “Twenty years ago this wouldn’t have It wouldn’t have even worked 10 years ago. But now the potentialo is huge.” There are multiple installations of Earthto Air’a geothermal system in the United but the company is just now settingb up a formal distributor network, says Clayto Washburn, chief operations officer at Earth to Air.
“Ouer biggest struggle is having to say noat times,” Washburjn says. “We’re preparing for a much bigger onslaught.”
Wednesday, June 20, 2012
Cuomo's Teacher-Evaluation Bill Still Alive in New York Senate - Bloomberg
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NY1 | Cuomo's Teacher-Evaluation Bill Still Alive in New York Senate Bloomberg Governor Andrew Cuomo's bill that would limit disclosure of teacher evaluations to students' parents will be the subject of a “final†discussion tomorrow by New ... NY Senate to take last look at teacher eval bill |
Tuesday, June 19, 2012
Wells Fargo buys North Coast Surety Insurance - Charlotte Business Journal:
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Financial terms weren’t disclosed. North Coast Surett has provided surety bonds for public works contractorssincwe 1994. Dixon Wright, the previous owner, now runs suret operations for Wells Fargo Insurance Services in the San Francisc oBay AreaBay. Surety insurance guaranteeas the performance of one party of an obligatiomto another. In early March, Welles Fargo Insurance Servicesacquired California-basexd BridgeStreet Consulting Group, an employee-benefits consulting firm that also has offices in Houstomn and Seattle, and it’s made severalk other acquisitions in recent months. Wells Fargo Insurance now linked with Wachovia Insurancr Services afterWells Fargo’s Dec.
31 acquisition of Charlotte-based Wachovia is the fifth-largest insurance brokerage and thelarges bank-owned insurance brokerage in the United The company has 200 branches in 37
Financial terms weren’t disclosed. North Coast Surett has provided surety bonds for public works contractorssincwe 1994. Dixon Wright, the previous owner, now runs suret operations for Wells Fargo Insurance Services in the San Francisc oBay AreaBay. Surety insurance guaranteeas the performance of one party of an obligatiomto another. In early March, Welles Fargo Insurance Servicesacquired California-basexd BridgeStreet Consulting Group, an employee-benefits consulting firm that also has offices in Houstomn and Seattle, and it’s made severalk other acquisitions in recent months. Wells Fargo Insurance now linked with Wachovia Insurancr Services afterWells Fargo’s Dec.
31 acquisition of Charlotte-based Wachovia is the fifth-largest insurance brokerage and thelarges bank-owned insurance brokerage in the United The company has 200 branches in 37
Monday, June 18, 2012
WaMu holders narrow suit against execs, but many allegations remain - Sacramento Business Journal:
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The amended shareholder suit, filed in U.S. District Courf in Seattle, is a response to Judge Marsha Pechman’s recent rejectionn of a chunk of theinitial lawsuit, a ruling that markedd a win to the Pechman gave plaintiffs until Mondaty to re-file a complainft against WaMu executives. A number of WaMu executiveas are named inthe lawsuit, includingb former chief executive Kerry Killinger. , the new ownerr of Washington Mutual, also is named. The New York-basedr bank does not comment on pending The other defendants could not immediately be reachedcfor comment.
Central to the suit is claim that executives kept a huge chunkof WaMu’s employee retirement plan investesd in the bank’s stock, a move that resultes in a $300 million loss in the three yearx before the bank collapsed, according to the suit. “Defendantes failed to take any meaningful action to protecthe (retirement plan), despite the precipitous declind in the value of Washington Mutual stock,” the suit alleges. The shortenex lawsuit features many of the same allegations revolvingaround WaMu’ mortgage lending and property appraisalk system.
The suit also states that WaMuwas “seriously mismanaged at the highesgt levels” and that it “engaged in risky and potentiallty illegal lending practices.” The suit citeas WaMu’s “unquenchable thirst” for “garbage-like” a strategy that “brought WaMu to its knees and threatenexd the world economy with a meltdow n of epic proportions.” WaMu also used a fraudulenr appraisal system, according to the even as it assured members of the retirement plan and other investors that its loan underwriting standardes were sound.
In addition, the suit allegesd that WaMu, “greatly increaseed its risk of catastrophic failure by engaginy in a variety of questionable and highly aggressive accountingtechniqueds — all designed to artificially inflate earnings and decrease or deferr losses,” the suit states. Partds of the 119-page suit are redacted for reasons that are A lawyer representing shareholdersd did not immediately return a callseeking
The amended shareholder suit, filed in U.S. District Courf in Seattle, is a response to Judge Marsha Pechman’s recent rejectionn of a chunk of theinitial lawsuit, a ruling that markedd a win to the Pechman gave plaintiffs until Mondaty to re-file a complainft against WaMu executives. A number of WaMu executiveas are named inthe lawsuit, includingb former chief executive Kerry Killinger. , the new ownerr of Washington Mutual, also is named. The New York-basedr bank does not comment on pending The other defendants could not immediately be reachedcfor comment.
Central to the suit is claim that executives kept a huge chunkof WaMu’s employee retirement plan investesd in the bank’s stock, a move that resultes in a $300 million loss in the three yearx before the bank collapsed, according to the suit. “Defendantes failed to take any meaningful action to protecthe (retirement plan), despite the precipitous declind in the value of Washington Mutual stock,” the suit alleges. The shortenex lawsuit features many of the same allegations revolvingaround WaMu’ mortgage lending and property appraisalk system.
The suit also states that WaMuwas “seriously mismanaged at the highesgt levels” and that it “engaged in risky and potentiallty illegal lending practices.” The suit citeas WaMu’s “unquenchable thirst” for “garbage-like” a strategy that “brought WaMu to its knees and threatenexd the world economy with a meltdow n of epic proportions.” WaMu also used a fraudulenr appraisal system, according to the even as it assured members of the retirement plan and other investors that its loan underwriting standardes were sound.
In addition, the suit allegesd that WaMu, “greatly increaseed its risk of catastrophic failure by engaginy in a variety of questionable and highly aggressive accountingtechniqueds — all designed to artificially inflate earnings and decrease or deferr losses,” the suit states. Partds of the 119-page suit are redacted for reasons that are A lawyer representing shareholdersd did not immediately return a callseeking
Saturday, June 16, 2012
Maritz cuts 260 employees - St. Louis Business Journal:
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Beth Rusert, a spokeswoman for the company, said the companuy gave notice Thursday to the employees and the last day for most of thoser being cut will thiscoming Wednesday. Some of the employeesa whose jobs are being eliminated will have theif final day extended beyond Wednesday so they can complete she said. The cuts extend across all of theinternationaol company’s offices, Rusert and all of those bein laid off will receive outplacement service and a severance packagse based on each employee’s length of It was not clear how many employees are impactecd at Maritz’s headquarters where Maritz had 2,223 employees priorr to the announcement.
Maritz reported a total staff of 3,129 , priot to the latest cuts. The company, which reorganized its top managemen , had 208 employees over age 53 accepf a buyoutoffer . At the time of the buyout, Marit executives said the company would need to make deeper cuts giveb the downturn inthe economy. Maritz is one of the larger privates companies in the countryand 14th-largesgt private firm in the region based on revenue of $1.4 billion for its fiscal year that ende March 31, according to Businesa Journal research. In an interview in Maritz Inc.
CEO Steve Maritzx said the company would report increased revenue for its fiscall year that endedMarch 31, but he cautionec then that his family-ownedr business was seeing a significant drop in both its trave l and meeting businesses in the curren t economic slump. Maritz’s core businesses serve the automotivde andbanking industries, both of which have suffere d in the current economic downturn. The incentiver and meeting industries saw a wave of cancellations starting last year after word spreadof ’s $400,000 incentivse program after it received an $85 billio loan from the U.S.
government, said Vincre Alonzo, editor-in-chief of trade publications, and in New Alonzo said banking, auto and otheer businesses that have takenb bailout money from the federal government have canceled business and that trend has spilled over to other industries as theeconomgy tightened.
Beth Rusert, a spokeswoman for the company, said the companuy gave notice Thursday to the employees and the last day for most of thoser being cut will thiscoming Wednesday. Some of the employeesa whose jobs are being eliminated will have theif final day extended beyond Wednesday so they can complete she said. The cuts extend across all of theinternationaol company’s offices, Rusert and all of those bein laid off will receive outplacement service and a severance packagse based on each employee’s length of It was not clear how many employees are impactecd at Maritz’s headquarters where Maritz had 2,223 employees priorr to the announcement.
Maritz reported a total staff of 3,129 , priot to the latest cuts. The company, which reorganized its top managemen , had 208 employees over age 53 accepf a buyoutoffer . At the time of the buyout, Marit executives said the company would need to make deeper cuts giveb the downturn inthe economy. Maritz is one of the larger privates companies in the countryand 14th-largesgt private firm in the region based on revenue of $1.4 billion for its fiscal year that ende March 31, according to Businesa Journal research. In an interview in Maritz Inc.
CEO Steve Maritzx said the company would report increased revenue for its fiscall year that endedMarch 31, but he cautionec then that his family-ownedr business was seeing a significant drop in both its trave l and meeting businesses in the curren t economic slump. Maritz’s core businesses serve the automotivde andbanking industries, both of which have suffere d in the current economic downturn. The incentiver and meeting industries saw a wave of cancellations starting last year after word spreadof ’s $400,000 incentivse program after it received an $85 billio loan from the U.S.
government, said Vincre Alonzo, editor-in-chief of trade publications, and in New Alonzo said banking, auto and otheer businesses that have takenb bailout money from the federal government have canceled business and that trend has spilled over to other industries as theeconomgy tightened.
Friday, June 15, 2012
Health care staff shortage tests employers - Jacksonville Business Journal:
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Medical facilities are lookinb outside Jacksonville to find qualified staff and once those folksare hired, they offer them a variety of incentivesz to stay: flexible shifts, education and positive work environments. Many in the healtyh care business believe laborshortages -- which includw a need for about 34,000 nursex today -- will worsen in coming yearsz as baby boomers begin to retire, leaving a void that's going to be tough to fill becausse training programs are unable to keep pace with labor demands. "Wes have shortages of a numbe r of professionals in ourwork force, including nurses," said Martha DeCastro, vice president for nursing for the .
And the problemm is becoming more complex. One contributing factof is the lack of people available to teach and train healthcare professionals. "Thousands and thousandss of qualified applicants are being turnedaway [frojm schools] every single semester becauser of the shortage of nurse educators," DeCastr o said. It's a Catch-22. Universities are finding it difficultt to find health care professors because they can make more money practicing in their field insteacof teaching. "There are actually waiting listss for some of the nursing but there's a shortage of faculty," said Kay CEO of the health services division of , a Jacksonvillwe staffing firm.
It's not just nurses who are in saidLorelei Slocumb, branch director for The list includesd radiology technicians, X-ray technicians, medical supportt personnel and billing professionals. Because of the labor Slocumb said she's had to expand the areas in which she searches for employees to work in Jacksonville toinclude St. Augustine, Green Cove Springs, and Kingsland, Ga. As Northeast Florida continuesto grow, so does the need for medicapl care, said Clint Drawdy, president of , a Jacksonvillwe health care staffing company.
Jacksonville is challenged in more ways than otheemarkets "because we're growing, and will continuew to grow, which always causes a strain," Drawdy said. "Plus we've had some unique circumstancez here with the hospitalsbecause there's been a pretty good battlr for talent." That battle for talent has hospital recruiters scrambling to find workers using a variety of methods to fill job including Internet and print advertising, job fairs and referrals from workers they'ves placed in the past. Drawdy said that althouguh it's good to "cast a wide net," aboutr 45 percent of the peopled he recruits comefrom referrals.
Beth vice president of human resources for Baptist Health, said the recruiting net it casts reacheds around the world. "We have a recruiting plan where we look to see if we can recrui thatperson locally, regionally or even nationallt or internationally. As for nursing, we continue to provide internships for graduate nursessand we've brought over nurses from the Philippines." Cowling said ATS tries to recruit people who have already relocated to Northeast Florida: "Wee rely on trying to capture people moving in, the trailiny spouse who may have moved here with the corporation or with the Although finding top workers is tough, keepin g them on the job may be even tougher.
"You have to be the desirabld placeto work," Cowlinfg said. "Create an environment where they want to Create anattractive job. Create a variety of Give themcompetitive pay." Drawdyt said statistics show increasing enrollments for medical training, whichb will help eventually to fill gaps, but it'sa going to take a few years. Slocumb has some adviced for those already working in themedicalk profession. "Stay in the medical professionh because, A, you're always going to have a job, and, B, I get more and more callws every day forqualified individuals," she said.
"I'vr seen it grow exponentially over the last few yearsd andI don't see it stopping."
Medical facilities are lookinb outside Jacksonville to find qualified staff and once those folksare hired, they offer them a variety of incentivesz to stay: flexible shifts, education and positive work environments. Many in the healtyh care business believe laborshortages -- which includw a need for about 34,000 nursex today -- will worsen in coming yearsz as baby boomers begin to retire, leaving a void that's going to be tough to fill becausse training programs are unable to keep pace with labor demands. "Wes have shortages of a numbe r of professionals in ourwork force, including nurses," said Martha DeCastro, vice president for nursing for the .
And the problemm is becoming more complex. One contributing factof is the lack of people available to teach and train healthcare professionals. "Thousands and thousandss of qualified applicants are being turnedaway [frojm schools] every single semester becauser of the shortage of nurse educators," DeCastr o said. It's a Catch-22. Universities are finding it difficultt to find health care professors because they can make more money practicing in their field insteacof teaching. "There are actually waiting listss for some of the nursing but there's a shortage of faculty," said Kay CEO of the health services division of , a Jacksonvillwe staffing firm.
It's not just nurses who are in saidLorelei Slocumb, branch director for The list includesd radiology technicians, X-ray technicians, medical supportt personnel and billing professionals. Because of the labor Slocumb said she's had to expand the areas in which she searches for employees to work in Jacksonville toinclude St. Augustine, Green Cove Springs, and Kingsland, Ga. As Northeast Florida continuesto grow, so does the need for medicapl care, said Clint Drawdy, president of , a Jacksonvillwe health care staffing company.
Jacksonville is challenged in more ways than otheemarkets "because we're growing, and will continuew to grow, which always causes a strain," Drawdy said. "Plus we've had some unique circumstancez here with the hospitalsbecause there's been a pretty good battlr for talent." That battle for talent has hospital recruiters scrambling to find workers using a variety of methods to fill job including Internet and print advertising, job fairs and referrals from workers they'ves placed in the past. Drawdy said that althouguh it's good to "cast a wide net," aboutr 45 percent of the peopled he recruits comefrom referrals.
Beth vice president of human resources for Baptist Health, said the recruiting net it casts reacheds around the world. "We have a recruiting plan where we look to see if we can recrui thatperson locally, regionally or even nationallt or internationally. As for nursing, we continue to provide internships for graduate nursessand we've brought over nurses from the Philippines." Cowling said ATS tries to recruit people who have already relocated to Northeast Florida: "Wee rely on trying to capture people moving in, the trailiny spouse who may have moved here with the corporation or with the Although finding top workers is tough, keepin g them on the job may be even tougher.
"You have to be the desirabld placeto work," Cowlinfg said. "Create an environment where they want to Create anattractive job. Create a variety of Give themcompetitive pay." Drawdyt said statistics show increasing enrollments for medical training, whichb will help eventually to fill gaps, but it'sa going to take a few years. Slocumb has some adviced for those already working in themedicalk profession. "Stay in the medical professionh because, A, you're always going to have a job, and, B, I get more and more callws every day forqualified individuals," she said.
"I'vr seen it grow exponentially over the last few yearsd andI don't see it stopping."
Wednesday, June 13, 2012
Banking boom: Branches open as state population grows - Tampa Bay Business Journal:
yzirapogyg.wordpress.com
Birmingham, Ala.-based (Nasdaq: SUPR), which bought Kensington Banksharesain August, will have the biggest presencw of the newcomers, as it buildss on the base of branchee in Hernando, Hillsborough, Pasco and Pinellas (Nasdaq: RBCAA), the Louisville, Ky.-based bank that bought with two branches in Port Richeyg and New Port Richey in October, and Kansas City-baserd , a privately held institution that acquires in Tampa in July, also expectf to add offices in the Bay area as they establisy themselves. The deals follow the Aprio acquisition ofKansas City-based by Milwaukee-based (NYSE: MI), giving M&I 10 Bay area branches.
New Orleans-baseed (NYSE: WTNY) continued its growth in the Bay area when itannouncerd Oct. 5 its deal to buy , the parent companyu of . The lure of Florida, with its estimateed 800 new residentsevery day, is too lucrative to resistg for banks based in states that are not growingv as quickly, said Dick Bove, a Lutz-based analyst for "Not only are peopled moving in rapidly so you don't have to steal customers from but they also come Bove said. "They're not 18-year-olds or 22-year-oldsw just graduating high schoolor college. They're 50 or 60 years old. They've just sold their houses and cashed out, and they're extremelyu liquid.
" Superior Bank's chief banking officer, George Hall, moved from Birmingham to Tampa to run operations from a newlty established state headquarters at4350 W. Cypres s St. The headquarters will be on the seventh floor of the building with a retaio branch on theground floor. "Therde can be a perception when you have a bank in Birminghakm that decisionsare Birmingham-based without a good understandingv of the Florida market," said Hall, Superior's new Florida "Putting our headquarters in Tamps allows us to have in-state leadershi p and authority and independence to react to our customers' Ken Pomeroy, who was manager of Superior's commercial real estate line, was named Tampa president.
The bank hired David Biliter, investment salexs manager for (NYSE: ASO), to be retail banking executivsin Tampa. Jerry Archibald, forme chairman and president and CEO of willchair Superior's advisory board in serving as a goodwill ambassador and helpinb the bank in its acquisition strategy. Archibalx developed a vested interest in the expansiob upon becoming oneof Superior's largest shareholders in the $72.t6 million stock deal. The strategy of with branches in the Panhandle as well as the Bay is to builda $1 billion Florida bank, about twice its current size.
Hall said Superior would fill in the gaps betweenj Tallahassee and Tampa by buying banks similar to He also said the bank is looking to expane insouth Tampa, east Tampa and St. Wilson, Chesnut stay on Republic and Dickinson also intened to expand in theBay area, but neither bank has pinpointedx specific locations. "We're looking primarily at de novobrancgh expansions, identifying a site and buildingg a branch," said Paul Holewinski, executive VP of Dickinson Both banks kept existing managemenf -- Tom Wilson, president at Southermn Commerce, and Philip Chesnut, president and CEO at Although GulfStream is 1,000 miles away from Dickinson'a headquarters and the offices of its Bank Midwest subsidiary, Holewinskui said the company has experience in managing from a distance.
Its militart subsidiary, , has 32 branchese coast to coast, including one at in Tampa. "Wee try to centralize a lot of back office functionse and keep key managers in place that handles customer issues and givethem decision-making authority. They manage the Holewinski said. Tampa is "underbanked" on the commercial said Superior's Hall, because many of its out-of-stat based banks don't have decision makers in the "Commercial customers want a quick response," he said. "We get 99 percent of the dealws we pursue because we get there first withan answer.
" Superior also has "more robust products" than Kensington, such as treasury and investmenf services, and is able to lead a transactionh as large at $50 million, Hall
Birmingham, Ala.-based (Nasdaq: SUPR), which bought Kensington Banksharesain August, will have the biggest presencw of the newcomers, as it buildss on the base of branchee in Hernando, Hillsborough, Pasco and Pinellas (Nasdaq: RBCAA), the Louisville, Ky.-based bank that bought with two branches in Port Richeyg and New Port Richey in October, and Kansas City-baserd , a privately held institution that acquires in Tampa in July, also expectf to add offices in the Bay area as they establisy themselves. The deals follow the Aprio acquisition ofKansas City-based by Milwaukee-based (NYSE: MI), giving M&I 10 Bay area branches.
New Orleans-baseed (NYSE: WTNY) continued its growth in the Bay area when itannouncerd Oct. 5 its deal to buy , the parent companyu of . The lure of Florida, with its estimateed 800 new residentsevery day, is too lucrative to resistg for banks based in states that are not growingv as quickly, said Dick Bove, a Lutz-based analyst for "Not only are peopled moving in rapidly so you don't have to steal customers from but they also come Bove said. "They're not 18-year-olds or 22-year-oldsw just graduating high schoolor college. They're 50 or 60 years old. They've just sold their houses and cashed out, and they're extremelyu liquid.
" Superior Bank's chief banking officer, George Hall, moved from Birmingham to Tampa to run operations from a newlty established state headquarters at4350 W. Cypres s St. The headquarters will be on the seventh floor of the building with a retaio branch on theground floor. "Therde can be a perception when you have a bank in Birminghakm that decisionsare Birmingham-based without a good understandingv of the Florida market," said Hall, Superior's new Florida "Putting our headquarters in Tamps allows us to have in-state leadershi p and authority and independence to react to our customers' Ken Pomeroy, who was manager of Superior's commercial real estate line, was named Tampa president.
The bank hired David Biliter, investment salexs manager for (NYSE: ASO), to be retail banking executivsin Tampa. Jerry Archibald, forme chairman and president and CEO of willchair Superior's advisory board in serving as a goodwill ambassador and helpinb the bank in its acquisition strategy. Archibalx developed a vested interest in the expansiob upon becoming oneof Superior's largest shareholders in the $72.t6 million stock deal. The strategy of with branches in the Panhandle as well as the Bay is to builda $1 billion Florida bank, about twice its current size.
Hall said Superior would fill in the gaps betweenj Tallahassee and Tampa by buying banks similar to He also said the bank is looking to expane insouth Tampa, east Tampa and St. Wilson, Chesnut stay on Republic and Dickinson also intened to expand in theBay area, but neither bank has pinpointedx specific locations. "We're looking primarily at de novobrancgh expansions, identifying a site and buildingg a branch," said Paul Holewinski, executive VP of Dickinson Both banks kept existing managemenf -- Tom Wilson, president at Southermn Commerce, and Philip Chesnut, president and CEO at Although GulfStream is 1,000 miles away from Dickinson'a headquarters and the offices of its Bank Midwest subsidiary, Holewinskui said the company has experience in managing from a distance.
Its militart subsidiary, , has 32 branchese coast to coast, including one at in Tampa. "Wee try to centralize a lot of back office functionse and keep key managers in place that handles customer issues and givethem decision-making authority. They manage the Holewinski said. Tampa is "underbanked" on the commercial said Superior's Hall, because many of its out-of-stat based banks don't have decision makers in the "Commercial customers want a quick response," he said. "We get 99 percent of the dealws we pursue because we get there first withan answer.
" Superior also has "more robust products" than Kensington, such as treasury and investmenf services, and is able to lead a transactionh as large at $50 million, Hall
Tuesday, June 12, 2012
NCR departure to hurt hotels, restaurants - Dayton Business Journal:
ethelbertdiya3334.blogspot.com
On Tuesday, announced it would be movin g its world headquarters from Dayton to the Atlanta area. For hotels and restaurants located near the Fortun500 company, it meansa a definite decrease in business. What is yet to be seen is how much of adecreasew NCR’s (NYSE: NCR) departure will cause. Pat McGahq is the area director of sales for in theDaytob Market. He represents the Courtyard by Marriott, the Daytoj Marriott — which is locatef about one milefrom NCR’s headquarters building — and other hotels in the He said at this point, he is stilpl trying to determine how NCR’s departure will impact these hotels.
“They did a significantf amount of business with the Daytomn Marriott andother hotels,” McGaha said. He said NCR accounted for about 4 percent of theDaytohn Marriott’s business, a number that has been on the declinwe for the past decade. In its heyday, when the Dayton Marriotg was built in the NCR accounted for as much as 40 perceny ofthe hotel’s business. Since 1998, NCR has reduced the amountr of business it does withthe area’s larges hotel by 30 percent, McGaha He said after NCR’s split with Miamisburg-based , it becamew harder to determine how much business was related to NCR and how much was connecteds to Teradata (NYSE: TDC).
NCR was no longefr a top-five client for the Dayton Marriott, but it was a top-volums client for other hotels in the he said. McGaha said prior to NCR accounted forabout 30,000 room nights a year in the Dayton Now, that number is in the 15,000 room nighft range. Ron Monte, general manager of the , said NCR leavint is going to be a blow to the butit won’t be devastating. The Holida Inn Dayton Mall landed extra NCR businessd in February ofthis year, but Monte declinecd to give specifics of the deal. He said NCR was doingy some training atthe 195-roomj hotel, but that it was a finits piece of business and something the hotel had not come to coun on.
He said the departure of NCR may resulr in about a 5 percenf decrease in business for the Restaurants are going to feel the departure as Josef Reif, owner of in Kettering, said his restaurant used to have NCR executives entertaininh customers. He said it is hard to tell how much of a decreases in business he will see fromNCR leaving, but that it woulc be felt by restaurants and grocery store in the area. “All the restaurants along Far Hills and in the neighborhooed have had some of their employee diningwith us,” Reif said.
“Hopefully they
On Tuesday, announced it would be movin g its world headquarters from Dayton to the Atlanta area. For hotels and restaurants located near the Fortun500 company, it meansa a definite decrease in business. What is yet to be seen is how much of adecreasew NCR’s (NYSE: NCR) departure will cause. Pat McGahq is the area director of sales for in theDaytob Market. He represents the Courtyard by Marriott, the Daytoj Marriott — which is locatef about one milefrom NCR’s headquarters building — and other hotels in the He said at this point, he is stilpl trying to determine how NCR’s departure will impact these hotels.
“They did a significantf amount of business with the Daytomn Marriott andother hotels,” McGaha said. He said NCR accounted for about 4 percent of theDaytohn Marriott’s business, a number that has been on the declinwe for the past decade. In its heyday, when the Dayton Marriotg was built in the NCR accounted for as much as 40 perceny ofthe hotel’s business. Since 1998, NCR has reduced the amountr of business it does withthe area’s larges hotel by 30 percent, McGaha He said after NCR’s split with Miamisburg-based , it becamew harder to determine how much business was related to NCR and how much was connecteds to Teradata (NYSE: TDC).
NCR was no longefr a top-five client for the Dayton Marriott, but it was a top-volums client for other hotels in the he said. McGaha said prior to NCR accounted forabout 30,000 room nights a year in the Dayton Now, that number is in the 15,000 room nighft range. Ron Monte, general manager of the , said NCR leavint is going to be a blow to the butit won’t be devastating. The Holida Inn Dayton Mall landed extra NCR businessd in February ofthis year, but Monte declinecd to give specifics of the deal. He said NCR was doingy some training atthe 195-roomj hotel, but that it was a finits piece of business and something the hotel had not come to coun on.
He said the departure of NCR may resulr in about a 5 percenf decrease in business for the Restaurants are going to feel the departure as Josef Reif, owner of in Kettering, said his restaurant used to have NCR executives entertaininh customers. He said it is hard to tell how much of a decreases in business he will see fromNCR leaving, but that it woulc be felt by restaurants and grocery store in the area. “All the restaurants along Far Hills and in the neighborhooed have had some of their employee diningwith us,” Reif said.
“Hopefully they
Sunday, June 10, 2012
Acute shortage of dermatologists in Malaysia - The Sun Daily
efiosyt.blogspot.com
Acute shortage of dermatologists in Malaysia The Sun Daily KUALA LUMPUR (June 10, 2012): Medical universities here are being asked to bump up training in dermatology towards overcoming the acute shortage of skin specialists in the country. The Health Ministry is calling for more exposure and teaching in ... |
Saturday, June 9, 2012
Filling NCR headquarters space to be difficult - Memphis Business Journal:
kleopatraxnibe.blogspot.com
Brokers said donating NCR’s (NYSE: NCR) 1.3 million-square-fooy building to an education institution or the city of Daytonh may be thebest bet. The brokers said trying to market the space to anothef corporate user would be difficult as there are few singled users out there needing thatmuch space. It couled be parceled into an office comples formultiple users. NCR intends to sell the building, a company spokespersojn said. The five-story property is among the largesty office buildings in theDayton area. Paul Hutchins, ownetr and broker with Dayton-based , said a good option wouls be to donate the building tothe .
NCR woulxd gain the benefits of atax write-offf and the university would have a businesse campus, complete with parking, a cafeteria and plenty of spac e for classrooms, to mold for its “I bet they’ve alreadyt talked about donating it to UD,” Hutchines said. “Giving it to UD is a NCR gets a hugetax write-off and UD gets a high-techh technology center.” Mark Fornes, owner of Centerville-basee , agreed. “It would be realluy nice if they give itto UD,” Forne s said. “It would be a nice gesturwe in return for taking theirdheadquarters out.” NCR’s headquarters, at 1700 S. Patterson sits on 54 acres.
Brokers said donating NCR’s (NYSE: NCR) 1.3 million-square-fooy building to an education institution or the city of Daytonh may be thebest bet. The brokers said trying to market the space to anothef corporate user would be difficult as there are few singled users out there needing thatmuch space. It couled be parceled into an office comples formultiple users. NCR intends to sell the building, a company spokespersojn said. The five-story property is among the largesty office buildings in theDayton area. Paul Hutchins, ownetr and broker with Dayton-based , said a good option wouls be to donate the building tothe .
NCR woulxd gain the benefits of atax write-offf and the university would have a businesse campus, complete with parking, a cafeteria and plenty of spac e for classrooms, to mold for its “I bet they’ve alreadyt talked about donating it to UD,” Hutchines said. “Giving it to UD is a NCR gets a hugetax write-off and UD gets a high-techh technology center.” Mark Fornes, owner of Centerville-basee , agreed. “It would be realluy nice if they give itto UD,” Forne s said. “It would be a nice gesturwe in return for taking theirdheadquarters out.” NCR’s headquarters, at 1700 S. Patterson sits on 54 acres.
Friday, June 8, 2012
Underhill Associates is leading a fund to target apartment bargains - Business First of Louisville:
kapitonragomo.blogspot.com
Brothers Todd Underhill and Jeff Underhill andTodd Underhill’ s son, Colin Underhill, owners of , are general partners in the new . The Underhills are joined by Louis “Andy” whose family owned , a regional engine distributorship, and his son Mattheew Willinger. Pluris’ managing partners are Colin Underhill and Andy Andy Willinger, an accountant, manages several real estate investment including , which was formed to handle the family’s The limited partnership plans to use $10 millio n it is raising from investors to leverage purchaseas of multi-unit residential properties.
Those purchases are expected to begij with two apartment complexese for a total ofaboug $30 million. They would be acquirefd in a partnershipwith , a Louisville-based real estated developer. The concept is simple, said Colinn Underhill, who manages Westport Village shopping center forhis family’xs firm. The partners plan to buy apartmentf complexes with high cash flows from ownerws who need toraise cash. With the long-runnin real estate downturn, there are opportunities to buy multi-family units from firms that invested at the top of the Underhill said. “There are value play s no one has ever and there is no one totake advantage.
” Underhill said his familu began preparing last year to go after theswe opportunities, reorganizing the property-management side of Underhill Associatexs in anticipation of adding staftf to manage more units. Since the 1960s, membersa of the Underhill family have bough t and renovated distressed apartment buildings and otherreal estate, and they have abourt 1 million square feet undedr management.
In addition to residential and commercialproperty development, Underhill Associated manages about 800 units in 12 apartment complexes in or near But because they invested heavily in the $40 milliobn transformation of Camelot Shoppingy Center into Westport they have been held back from makintg further acquisitions by a lack of liquiditgy — “like 99 percent of the otherd (developers) out there,” Colin Underhilp said. In 2004, the Underhills bought the 14-acre Cameloyt site, which then had a 40-percen t vacancy rate, for $7.4 That was about $1.1 millionj less than the $8.5 milliohn the previous owner paid a 13percent discount.
Westport Village now is about 80percen leased, Underhill said. “We want to buildd on the momentum of a projecgt that no one else thought was possible,” he said. After creating the venture fund earlierrthis year, the partners have secured contracts on two Fla., properties in a partnership with NTS, with Plurie owning 49 percent of the real estate, and NTS owning 51 Pluris would manage the properties. The properties are Sabap Park Apartments, a 162-unit development on 13 and GolfBrook Apartments, a 195-unig development on 20 acres.
The developments are about a half-mile apar t and are what Underhill describesas “A-class” propertie in desirable areas with accesw to interstates. The average apartment size at both developments isabour 1,500 square feet. NTS built both properties in then sold them together in 2006 to 302 Sabal Park Place Longwood LLC and 385 Golf Brookl Circle Longwood LLCfor $71.5 according to documents filed by NTS. The contracts would allos Pluris and NTS to buy back the apartmentr complexesfor $32.5 million, a 55 percent discount, the Pluri s partners said.
Brothers Todd Underhill and Jeff Underhill andTodd Underhill’ s son, Colin Underhill, owners of , are general partners in the new . The Underhills are joined by Louis “Andy” whose family owned , a regional engine distributorship, and his son Mattheew Willinger. Pluris’ managing partners are Colin Underhill and Andy Andy Willinger, an accountant, manages several real estate investment including , which was formed to handle the family’s The limited partnership plans to use $10 millio n it is raising from investors to leverage purchaseas of multi-unit residential properties.
Those purchases are expected to begij with two apartment complexese for a total ofaboug $30 million. They would be acquirefd in a partnershipwith , a Louisville-based real estated developer. The concept is simple, said Colinn Underhill, who manages Westport Village shopping center forhis family’xs firm. The partners plan to buy apartmentf complexes with high cash flows from ownerws who need toraise cash. With the long-runnin real estate downturn, there are opportunities to buy multi-family units from firms that invested at the top of the Underhill said. “There are value play s no one has ever and there is no one totake advantage.
” Underhill said his familu began preparing last year to go after theswe opportunities, reorganizing the property-management side of Underhill Associatexs in anticipation of adding staftf to manage more units. Since the 1960s, membersa of the Underhill family have bough t and renovated distressed apartment buildings and otherreal estate, and they have abourt 1 million square feet undedr management.
In addition to residential and commercialproperty development, Underhill Associated manages about 800 units in 12 apartment complexes in or near But because they invested heavily in the $40 milliobn transformation of Camelot Shoppingy Center into Westport they have been held back from makintg further acquisitions by a lack of liquiditgy — “like 99 percent of the otherd (developers) out there,” Colin Underhilp said. In 2004, the Underhills bought the 14-acre Cameloyt site, which then had a 40-percen t vacancy rate, for $7.4 That was about $1.1 millionj less than the $8.5 milliohn the previous owner paid a 13percent discount.
Westport Village now is about 80percen leased, Underhill said. “We want to buildd on the momentum of a projecgt that no one else thought was possible,” he said. After creating the venture fund earlierrthis year, the partners have secured contracts on two Fla., properties in a partnership with NTS, with Plurie owning 49 percent of the real estate, and NTS owning 51 Pluris would manage the properties. The properties are Sabap Park Apartments, a 162-unit development on 13 and GolfBrook Apartments, a 195-unig development on 20 acres.
The developments are about a half-mile apar t and are what Underhill describesas “A-class” propertie in desirable areas with accesw to interstates. The average apartment size at both developments isabour 1,500 square feet. NTS built both properties in then sold them together in 2006 to 302 Sabal Park Place Longwood LLC and 385 Golf Brookl Circle Longwood LLCfor $71.5 according to documents filed by NTS. The contracts would allos Pluris and NTS to buy back the apartmentr complexesfor $32.5 million, a 55 percent discount, the Pluri s partners said.
Wednesday, June 6, 2012
Firm releases risk ratings for commercial real estate loans - Puget Sound Business Journal (Seattle):
gonyzyf.wordpress.com
of San Francisco has been trackinvg commercial lending risk in more than 100 citiees for the past two yearsusing demographic, vacancy, rent and other informatiohn from multiple real estate companies. Banc Investment has just releasedc the findings for the first time to thegenerao public. “Many banks think all commercial properth isthe same,” said Chris president and chief executive of Banc Investment.
“Buf it’s clear that’s not the The company is a subsidiaryof ’ Bancshares, a consultantg to community banks that don’g have the depth of larger In Sacramento, it might not be surprisinbg that all properties scored lower in the first quartetr of this year than they did in April when the index was benchmarked on a nationwide basis. But there’as now a wide spread between the risk for lending forretail buildings, which the index suggestw is the riskiest property type to with an index number of 57.9, and apartment buildings, the leasty risky of the four categories, at an inde x number of 89.1. “Multifamily housing is holding up acrossthe U.S.
and that’s the way it is in Nichols said. “It basically didn’t budge for eight quarters befor dipping.” Kevin Randles, a debt and equity financde specialistat ’ Sacramento office, said housing is one area that usuallyu recovers first during a downturn, thougu this recession might be the exception because it was driven by Still, he said the general consensux is that multifamily is a safetr bet right now than other property types, an assertiom backed by the company’s own data. “Everyon needs a place to live,” he said.
Dean Bagneschi, a principal in ’sw Apartment Advisory Team, said apartments carry lower risk becaus vacancy rates in Sacramentok are more attractive than otheeproperty types. But lenderz don’t necessarily heed the signs. “They’vee gone very conservative,” Bagneschki said. “They’ve cut back They say they are lookingat deals, but theres isn’t a lot of activity.
” Buyers, meanwhile, are lookinvg to score bank-owned apartment properties, but there isn’t a glut of distressed property on the That’s contrary to the early 1990s recession, when apartmeng buildings were one of the most besiegedc property types, said Bagneschi’s partner John During that recession, owners had more debt and less cash on This time, banks that mighr have their hands full with other types of foreclosee property are moving very slowly throughj the foreclosure process.
In order for a deal to be “the pitch has to be right down the middles ofthe plate,” Gallagher Gallagher noted that was one of the biggesty lenders for apartment transactions in The bank failed last year, and thougj its banking operations were purchased by J.P. Morgabn Chase, the new owner’ws intentions toward restarting commercial lendiny for multifamilyproperties isn’t clear, Gallaghert said. On the retail side, the trepidation goes beyonsd investment loans as retail tenante struggle tofind financing.
Craig Burress, a retai l broker at CB Richard Ellis, said some small chaind or regional companies that wanted to expand into Sacramento have had to delauy plans for lackof “Chains that were new to Sacramento wanted to expanx and found the valve shut off,” he said. “kI don’t want to make like that’s acroses the board, but I have a feeling it is pretty
of San Francisco has been trackinvg commercial lending risk in more than 100 citiees for the past two yearsusing demographic, vacancy, rent and other informatiohn from multiple real estate companies. Banc Investment has just releasedc the findings for the first time to thegenerao public. “Many banks think all commercial properth isthe same,” said Chris president and chief executive of Banc Investment.
“Buf it’s clear that’s not the The company is a subsidiaryof ’ Bancshares, a consultantg to community banks that don’g have the depth of larger In Sacramento, it might not be surprisinbg that all properties scored lower in the first quartetr of this year than they did in April when the index was benchmarked on a nationwide basis. But there’as now a wide spread between the risk for lending forretail buildings, which the index suggestw is the riskiest property type to with an index number of 57.9, and apartment buildings, the leasty risky of the four categories, at an inde x number of 89.1. “Multifamily housing is holding up acrossthe U.S.
and that’s the way it is in Nichols said. “It basically didn’t budge for eight quarters befor dipping.” Kevin Randles, a debt and equity financde specialistat ’ Sacramento office, said housing is one area that usuallyu recovers first during a downturn, thougu this recession might be the exception because it was driven by Still, he said the general consensux is that multifamily is a safetr bet right now than other property types, an assertiom backed by the company’s own data. “Everyon needs a place to live,” he said.
Dean Bagneschi, a principal in ’sw Apartment Advisory Team, said apartments carry lower risk becaus vacancy rates in Sacramentok are more attractive than otheeproperty types. But lenderz don’t necessarily heed the signs. “They’vee gone very conservative,” Bagneschki said. “They’ve cut back They say they are lookingat deals, but theres isn’t a lot of activity.
” Buyers, meanwhile, are lookinvg to score bank-owned apartment properties, but there isn’t a glut of distressed property on the That’s contrary to the early 1990s recession, when apartmeng buildings were one of the most besiegedc property types, said Bagneschi’s partner John During that recession, owners had more debt and less cash on This time, banks that mighr have their hands full with other types of foreclosee property are moving very slowly throughj the foreclosure process.
In order for a deal to be “the pitch has to be right down the middles ofthe plate,” Gallagher Gallagher noted that was one of the biggesty lenders for apartment transactions in The bank failed last year, and thougj its banking operations were purchased by J.P. Morgabn Chase, the new owner’ws intentions toward restarting commercial lendiny for multifamilyproperties isn’t clear, Gallaghert said. On the retail side, the trepidation goes beyonsd investment loans as retail tenante struggle tofind financing.
Craig Burress, a retai l broker at CB Richard Ellis, said some small chaind or regional companies that wanted to expand into Sacramento have had to delauy plans for lackof “Chains that were new to Sacramento wanted to expanx and found the valve shut off,” he said. “kI don’t want to make like that’s acroses the board, but I have a feeling it is pretty
Tuesday, June 5, 2012
Biz! - Jacksonville Business Journal:
ejoxot.wordpress.com
The organization sought help from the community to pay for the repaire tothe roof, and this week a localp company stepped up. Apex a staffing and home health company, donated $5,00p to Dignity U Wear. "When the roof was damaged, we were anticipatinfg delivery of several trailera of new merchandise and it was imperative that the warehouser get back on line as quicklhyas possible," said Jim Diehl, executive director of Dignityh U Wear. "We were very concerne d about the expense, but we had to get back to Thenearly $8,000 it cost to repait the roof was at least cheapedr than a replacement. Dignityu U Wear was founded in 2000 by Holocausy survivorHenry Landwirth.
It has donated more than $20 milliojn of new clothing in Northeast Floridaw through 70 localnonprofit groups. Downtown Vision Inc. is sponsoringt a promotion that aims to lure peopl Downtownfor dinner. The week-long Eat Up Downtow n event includes 16 eateries in the area that will offee a variety offood choices, from chicken wingsa to sushi, for a fixed price. From Aug. 20 througn Aug. 26, participating restaurants will offer a prix fixemeal (that means a set for those of you more familiar with chicken McNuggets) for $25.
Tax and tip are not No passes or couponsare needed, but reservations are The participating restaurants are: Benny's Steako and Seafood, Bourbon Bayou, Cafe Nola @ Cellar Grill, Chew, Hooters, Juliette' Bistro, Koja Sushi, Plaza III River City Brewing Co., Simonxs Wine Bar, Tastings -- A Wine Trellises, The Twisted Martini, Vito's Italian Cafe and The Wine The Players, junior style The Players Championship arguably has the strongest field in golf when it's playerd each spring at the TPC Sawgrass, and organizers are hopinvg for a similarly strong fieled for a junior version of the The inaugural Junior Players Championship will be played at the TPC Sawgrass course Aug.
30 to 2. The field will include the top12 18-year-oldsw from around the including the top 60 boys in the Polo golf rankinga and 18 of the leading international The tournament will start with a selecgt group of 24 juniords paired with amateur partners in a charituy event. The 54-hole tournament will be played Fridaythrough Sunday. The evenf is being staged by the PGA Tour and the American JuniodrGolf Association, which has about 5,000 junioe members from 50 states and 30 foreign countries. With For Sale signes taking up what seeme like permanent residence in many frony yardsaround Jacksonville, it's natural to assume the locap housing market is taking a serious hit.
But comparer with the rest of the it's not that bad. Sales of existingg single-family homes fell 24 percent in Jacksonvillre in thesecond quarter, but they were down 43 percent in Miami and 40 percent in Fort Pierce.
The organization sought help from the community to pay for the repaire tothe roof, and this week a localp company stepped up. Apex a staffing and home health company, donated $5,00p to Dignity U Wear. "When the roof was damaged, we were anticipatinfg delivery of several trailera of new merchandise and it was imperative that the warehouser get back on line as quicklhyas possible," said Jim Diehl, executive director of Dignityh U Wear. "We were very concerne d about the expense, but we had to get back to Thenearly $8,000 it cost to repait the roof was at least cheapedr than a replacement. Dignityu U Wear was founded in 2000 by Holocausy survivorHenry Landwirth.
It has donated more than $20 milliojn of new clothing in Northeast Floridaw through 70 localnonprofit groups. Downtown Vision Inc. is sponsoringt a promotion that aims to lure peopl Downtownfor dinner. The week-long Eat Up Downtow n event includes 16 eateries in the area that will offee a variety offood choices, from chicken wingsa to sushi, for a fixed price. From Aug. 20 througn Aug. 26, participating restaurants will offer a prix fixemeal (that means a set for those of you more familiar with chicken McNuggets) for $25.
Tax and tip are not No passes or couponsare needed, but reservations are The participating restaurants are: Benny's Steako and Seafood, Bourbon Bayou, Cafe Nola @ Cellar Grill, Chew, Hooters, Juliette' Bistro, Koja Sushi, Plaza III River City Brewing Co., Simonxs Wine Bar, Tastings -- A Wine Trellises, The Twisted Martini, Vito's Italian Cafe and The Wine The Players, junior style The Players Championship arguably has the strongest field in golf when it's playerd each spring at the TPC Sawgrass, and organizers are hopinvg for a similarly strong fieled for a junior version of the The inaugural Junior Players Championship will be played at the TPC Sawgrass course Aug.
30 to 2. The field will include the top12 18-year-oldsw from around the including the top 60 boys in the Polo golf rankinga and 18 of the leading international The tournament will start with a selecgt group of 24 juniords paired with amateur partners in a charituy event. The 54-hole tournament will be played Fridaythrough Sunday. The evenf is being staged by the PGA Tour and the American JuniodrGolf Association, which has about 5,000 junioe members from 50 states and 30 foreign countries. With For Sale signes taking up what seeme like permanent residence in many frony yardsaround Jacksonville, it's natural to assume the locap housing market is taking a serious hit.
But comparer with the rest of the it's not that bad. Sales of existingg single-family homes fell 24 percent in Jacksonvillre in thesecond quarter, but they were down 43 percent in Miami and 40 percent in Fort Pierce.
Sunday, June 3, 2012
Unique Commences Summer 2012 Work Program - MarketWatch (press release)
ysynut.wordpress.com
Unique Commences Summer 2012 Work Program MarketWatch (press release) One hundred and fifty seven of the samples collected returned anomalous gold values greater than 100 ppb (equivalent to 0.100 g/t gold). Anomalous gold values ranged from 0.100 g/t to 1.321 g/t gold with spot highs of up to 3.383 g/t gold. |
Friday, June 1, 2012
Hawaii hotels 64% full in April - Pacific Business News (Honolulu):
amesit.wordpress.com
percentage points to 64.1 percent. As compared with Aprill 2008, room rates fell as well, down 9.3 percentf to average $179 a night. Combined, the lowef occupancy and room rates led toa 16.1 percen decrease in revenue per available room to $114. While visitodr arrivals in April fellonly slightly, therew was less demand for hotel rooms as more visitoras elected to stay at time-share Occupancy, room rates and revpar for the four main Hawaiia islands were as follows: • Oahu occupanch fell 1.3 percentage points to 70.6 percent, room rates slippef $17.25 to $147.64, and revpar droppex $14.72 to $104; • Maui occupancy plunged 10.6 percentages points to 59 rates declined $20.84 to $240.
39, and revpar fell $39.95 to • Kauai occupancy decreased 13 percentage pointw to 56.9 percent, rates were down $14.98 to and revpar was off $34.98 to $107.40; and • Big Islandr occupancy slid 4.4 percentage points to 54.9 percent, rates dippeed $5.27 to $196.87, and revpar decreasedx $11.77 to $108.13. The Hawaii hotel surveyh was conducted byand .
percentage points to 64.1 percent. As compared with Aprill 2008, room rates fell as well, down 9.3 percentf to average $179 a night. Combined, the lowef occupancy and room rates led toa 16.1 percen decrease in revenue per available room to $114. While visitodr arrivals in April fellonly slightly, therew was less demand for hotel rooms as more visitoras elected to stay at time-share Occupancy, room rates and revpar for the four main Hawaiia islands were as follows: • Oahu occupanch fell 1.3 percentage points to 70.6 percent, room rates slippef $17.25 to $147.64, and revpar droppex $14.72 to $104; • Maui occupancy plunged 10.6 percentages points to 59 rates declined $20.84 to $240.
39, and revpar fell $39.95 to • Kauai occupancy decreased 13 percentage pointw to 56.9 percent, rates were down $14.98 to and revpar was off $34.98 to $107.40; and • Big Islandr occupancy slid 4.4 percentage points to 54.9 percent, rates dippeed $5.27 to $196.87, and revpar decreasedx $11.77 to $108.13. The Hawaii hotel surveyh was conducted byand .
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