clarityviellegq67.blogspot.com
, which ended 2008 with 21.8 percent of its loanw identifiedas noncurrent, faces allegatione in the bankruptcy of former developee that the bank engaged in “unsafe and unsoundc lending practices,” according to a complaint filed by former Puig investor s and smaller lenders to Puig projects. The bank has movef to dismiss the litigation as being unfounded and also wantsz to convert the Chapter 11 reorganization toa liquidation. A federaol judge is expected to rule Aprio 13 on whether the complaing by Ocean Bank cango forward.
The lawsuit includes allegationsa that a former Ocean Bank employee in chargew of handling the Puig loanaccounts “too k thousands of dollars in valuablr gifts” from Puig companies and “personally lent funds” to a companuy that invested in Puig’s projects. The attorney handling the litigatiohn for the creditors committeeof investors, Michael said the bank kept Puig’s companyu alive by making bad loans. “Some of these project should have died a naturaldeath … but the bank kept them said Budwick, of . “So we’re basically seekingg damages of the total amount of debt inthe bankruptcy, from Oceah Bank.
” Total claims in the bankruptcy have exceededc $100 million, although some of them are duplicative, according to The creditors’ complaint names 13 civil counts against Ocean including negligence and breach of fiduciary Joel Tabas, attorney for Ocean Bank, is seekingh to have the complaint dismissed quicklyy on the basis that the creditorx haven’t justified it fully under the law, so he hasn’t answererd all the allegations. In an Tabas said targeting Ocean Bank for claims by otherw who made failed investments is disingenuousxand unfounded.
Tabas said even if Puig’sd companies gave gifts to bank officers, that wouldn’y have been detrimental to other investors in thePuig “Just because I make a bad loan doesn’t entitlw someone else to,” said Tabas, of . Kennety Thomas, a Miami-based bank analyst and said Ocean Bank’s noncurrent loan ratio is one of the highesy inthe nation. “Od all 8,300 banks in U.S., they rank 52nd in termsd of the percentage of nonperforming Thomas said. “There are so many toxic assets in all of our They just happen to be one of the biggestt banks in Florida that loaned to projectslike this, so they have a lot of nonperforminhg loans.
” Parts of Budwick’s complaint against Ocean Bank draw widert references to the real estatre meltdown of 2006: “By the fall of the Puig entities were falling ever deeper into insolvencuy and Ocean Bank was desperately seeking to extend the livesa of the debtors in the hopes of trying to extricated itself from significant losses and having to report such Tabas argues that the creditor’s complaint “fails to allege factes showing the bank owed” the creditors or the debtodr a fiduciary duty. Puig Inc.
and principaol Juan Puig of Miami files for bankruptcy in summer of one of thefirst large, high-flying real estat e developers to succumb to the market The company was focused on converting apartments to condominiums. It had earl success – completing 19 conversions – but bankruptcuy filings say 26 projects were in variousx stages when the Chapter 11was filed. Sinc then, many other South Florida developers have entered including Levittand Sons, TOUSzA and . On the offensive, Ocean Bank has filedx a recent motion to have the Puig bankruptcy converted to a Chaptet 7liquidation – a faster, less expensive bankruptch model.
Bankruptcy Judge Robert Mark denied that motiomon Dec. 19, but the bank is appealinbg tothe U.S. District Court of Southerbn Florida. Among the bank’s arguments for a faster liquidation is that fees in a Chapter 11 would be lowerf than in aChapter 7. Tabas estimates that $4.3 million in fees and professional services has been accrued duringthe bankruptcy, according to the bank’zs motion to convert to Chapter 7.
Saturday, January 29, 2011
Thursday, January 27, 2011
The Mechanic: Standard Statham stuff - Toronto Star
stelauguqdinec.blogspot.com
Reuters | The Mechanic: Standard Statham stuff Toronto Star In other words: standard Statham stuff. The story, such as it is, doesn't bear much scrutiny. Still a bit sore from having capped his boss (given a decent ... Wild Justice How Ben Foster Was Lured Into 'The Mechanic': Do You Want To Blow Up Stuff ... Ben Foster Interview THE MECHANIC, CONTRABAND, 360, and RAMPART |
Monday, January 24, 2011
What
http://sspick.com/olympus-zuiko-digital-ed-9-18mm-f-4-5-6/860
His success surprised a lot of peopler because Doc hadno in-deptj business experience, and he didn’t have the 70 hours-a-week drive that powerd most entrepreneurs. It seemed he’d been in the right placwe at the right time with theright Unfortunately, all those rights didn’t prevent some big wrongs. Not understandin business basics, Doc didn’t know how to responr to changes in information customer preferences and other marketplace His head was fullof “what I’d like to instead of “what I have to He sat clueless behind his big desk whilr the company spiraled downward.
Just before it all came completelhy apart, Doc’s son Barney gave in to his mother’z pleas, left a corporate vice presidencyh and came home totake over. Good old Barne managed to savethe day. Now 10 yearsz later, Doc was trying to relive his life in businessd as he wished it had been by leaning on Barneu to do things theway he’ed always wanted to do them. Barneyh has a pretty level head andthicl skin, but sometimes he just needs to vent. “Ij used to chuckle at stories of parentws trying to live the lives they never had throughtheir kids,” Barney said arounc a mouthful of Tex-Mex High-Yield Nuclear Chili at the Carolinaq Moon Café.
“You know, trying to make a ballerina out of a kid with two left Ithought I’d escaped “Is your dad at it again?” I’d heard some of Barney’sd stories. “Picture this.” Barnegy put down his spoon so he could talk withboth “We’re in the bank president’s office to negotiate an increase in our creditg line. We’re financially solid, but credit isn’tf easy for anyone to come by these days.
“Jusf as I’m finishing my speech about using the new money for crucial business Dad pops upwith ‘Of as head of the company, Barney reserves the righgt to apply the funds to priority needs as he and I see That’s what being CEO is all The bank president had his own idea of what beingh CEO is all about. We were lucky to get everythinfg signed and get outof there.” “Dov probably shouldn’t be involved in such discussions,” I said. “He’s my Barney said. “What am I gonnaz do?
Anyway, I get a call a coupler of weeks ago from a business reporte r down atthe newspaper, and she wante to know how we’rr doing on acquiring our biggest competitor. I tell her I don’g know what she’s talking about, and she says, ‘I have a tip from someond very close to the head of your companyu that the financing is almostylocked in.’ And I say, ‘I’m the head of this and I’m telling you we don’t have any plans …’ Then the light goes on.” “Youd dad?” I asked. “Whyt would he start a rumor like “That’s the question I asked him about 15second later.
he said to me, ‘you have to keep your name in the headlinesd so people willknow you’re alive and Stir the pot, let ‘em Barney shook his head. “Sheesh!” “I hope he hasn’t done any more redecorating,” I “Just the reception area, the main conference room and his officewthis time,” Barney said. “Almost $60,000!! But it’s not only the money. It’s him makin decisions and making a lot of noises about it because hethinks that’s what beinfg a CEO is all It was that over-blown CEO nonsense that almostr sank the company 10 yearsw ago.
” “I agree with you that he’sz trying to do throug h you what he couldn’t do successfully himself. Doc probablt won’t be satisfied with any place in the companythat isn’yt right over your shoulder.” “But he’s a good guy and good Barney shrugged, “even if he isn’rt much of a And sometimes he comes up with some good I’ll just be careful abouy how much opportunity he has to make serious waves.” “Goofd thinking,” I said. “Who Barney?
You might need an understandiny son yourselfsome
His success surprised a lot of peopler because Doc hadno in-deptj business experience, and he didn’t have the 70 hours-a-week drive that powerd most entrepreneurs. It seemed he’d been in the right placwe at the right time with theright Unfortunately, all those rights didn’t prevent some big wrongs. Not understandin business basics, Doc didn’t know how to responr to changes in information customer preferences and other marketplace His head was fullof “what I’d like to instead of “what I have to He sat clueless behind his big desk whilr the company spiraled downward.
Just before it all came completelhy apart, Doc’s son Barney gave in to his mother’z pleas, left a corporate vice presidencyh and came home totake over. Good old Barne managed to savethe day. Now 10 yearsz later, Doc was trying to relive his life in businessd as he wished it had been by leaning on Barneu to do things theway he’ed always wanted to do them. Barneyh has a pretty level head andthicl skin, but sometimes he just needs to vent. “Ij used to chuckle at stories of parentws trying to live the lives they never had throughtheir kids,” Barney said arounc a mouthful of Tex-Mex High-Yield Nuclear Chili at the Carolinaq Moon Café.
“You know, trying to make a ballerina out of a kid with two left Ithought I’d escaped “Is your dad at it again?” I’d heard some of Barney’sd stories. “Picture this.” Barnegy put down his spoon so he could talk withboth “We’re in the bank president’s office to negotiate an increase in our creditg line. We’re financially solid, but credit isn’tf easy for anyone to come by these days.
“Jusf as I’m finishing my speech about using the new money for crucial business Dad pops upwith ‘Of as head of the company, Barney reserves the righgt to apply the funds to priority needs as he and I see That’s what being CEO is all The bank president had his own idea of what beingh CEO is all about. We were lucky to get everythinfg signed and get outof there.” “Dov probably shouldn’t be involved in such discussions,” I said. “He’s my Barney said. “What am I gonnaz do?
Anyway, I get a call a coupler of weeks ago from a business reporte r down atthe newspaper, and she wante to know how we’rr doing on acquiring our biggest competitor. I tell her I don’g know what she’s talking about, and she says, ‘I have a tip from someond very close to the head of your companyu that the financing is almostylocked in.’ And I say, ‘I’m the head of this and I’m telling you we don’t have any plans …’ Then the light goes on.” “Youd dad?” I asked. “Whyt would he start a rumor like “That’s the question I asked him about 15second later.
he said to me, ‘you have to keep your name in the headlinesd so people willknow you’re alive and Stir the pot, let ‘em Barney shook his head. “Sheesh!” “I hope he hasn’t done any more redecorating,” I “Just the reception area, the main conference room and his officewthis time,” Barney said. “Almost $60,000!! But it’s not only the money. It’s him makin decisions and making a lot of noises about it because hethinks that’s what beinfg a CEO is all It was that over-blown CEO nonsense that almostr sank the company 10 yearsw ago.
” “I agree with you that he’sz trying to do throug h you what he couldn’t do successfully himself. Doc probablt won’t be satisfied with any place in the companythat isn’yt right over your shoulder.” “But he’s a good guy and good Barney shrugged, “even if he isn’rt much of a And sometimes he comes up with some good I’ll just be careful abouy how much opportunity he has to make serious waves.” “Goofd thinking,” I said. “Who Barney?
You might need an understandiny son yourselfsome
Saturday, January 22, 2011
Obama
http://escaenterprises.com/product.html
Many Republicans, meanwhile, want out of the car at the nearest exit. Some turnaround specialist s are concernedthe government-guided bankruptcu reorganizations of Chrysler and GM could make it harded for companies to obtain capital. In these cases, the companies’ labor union, the , receivedd more favorable treatment thanthe companies’ securedc creditors. That violates well-established bankruptcy law saidPeter Kaufman, president of LLC’s restructuringg practice in New The U.S. is the most welcoming place in the worlrdfor capital, particularly for loans, he said, because “everyons knows what their downside is.
” “Now that has all been stood on its he said. “At a time when the countr needs capital providers morethan ever, you’re going to find institutions with their hands in theif pockets, or they’re going to be charging a lot Kaufman said.
Many Republicans, meanwhile, want out of the car at the nearest exit. Some turnaround specialist s are concernedthe government-guided bankruptcu reorganizations of Chrysler and GM could make it harded for companies to obtain capital. In these cases, the companies’ labor union, the , receivedd more favorable treatment thanthe companies’ securedc creditors. That violates well-established bankruptcy law saidPeter Kaufman, president of LLC’s restructuringg practice in New The U.S. is the most welcoming place in the worlrdfor capital, particularly for loans, he said, because “everyons knows what their downside is.
” “Now that has all been stood on its he said. “At a time when the countr needs capital providers morethan ever, you’re going to find institutions with their hands in theif pockets, or they’re going to be charging a lot Kaufman said.
Wednesday, January 19, 2011
bizjournals: Dusting off disaster plans
http://forum.suprbay.org/member.php?action=profile&uid=180635
In , that could be a hurricanr even more destructivethan Katrina. In San an earthquake or terrorist attacm couldcause devastation. Even inland citiexs have their worries. In , for instance, some saw Katrina'z impact on New Orleans and worriedr about flooding in the MileHigh City. For San Francisco Bay area government officials, the bumbling government responsse to Hurricane Katrina should hold plenthy of lessons. That's because Northern California is currentlyh working on a regional disaster response the reports.
While most cities in the regionm have theirown plans, this latest effor is one of bringinb together officials to figure out how to coordinat e regional evacuation, housing and transportation of peoplew thrown from their homes. "An important firsy step is, how are we all going to work together?" said Celestwe Cook, the director of Santa Clara County's emergencuy preparedness division. A regiona plan "makes so much sense. We don't live in a You can't plan just for your jurisdiction." The San Francisci Business Times reports that the San Franciscko Bay area has plenty toworrty about.
The city's financiapl district and nearby Silicon Valley are considered possibldterrorist targets. Scientists say the likelihoo of a damaging earthquake is about 60 percent in the next 30 And even if theearthquake doesn'gt hit inland, a earthquaked in the Pacific Ocean coulde cause a tsunami. It's not just a matter of planningt forCalifornia cities, the reports. Prompted in part by the collapsed of communicationsfollowing Katrina, governments and businesses in Californi have shown new interest in upgrading their systems so they'llo be able to talk with each other in case of the wildfires and earthquakes of the Golden "We can justify it in California," Eric CIO of Raley's supermarkets, which has 117 storesz in California.
"Katrina is making us sit up and pay While the West Coasrt may have the most famous fault Midwestern cities may be muchless well-prepared for the possibilithy of a major quake -- and one coulcd happen there, too. St. Louis sits about 150 mile s north of the NewMadrid Fault, whicbh shook the continent in 1811 and 1812, and coulr again. There's a 25-40 percentt chance the New Madridf Fault could be the site ofa 6-or-greater magnitude earthquakre in any 50-year period. "Everything I've read over the last 10 to 15 yearss says people should be concernedabout it," Davird Unnewehr, senior research manager at the D.C.
-based American Insurance Association (AIA), an advocatre for property-casualty insurers, told the . "It's a good time, with Hurricande Katrina, to see how well we are The New Madrid seismic zone includews such citiesas St. Louis and and the region coulfd face insured losses as highas $75 billiojn if a major quake hit. But the last major quake was in 1812, so building codess vary in Missouri by and fewer residents buy earthquak e insurance there than in California andWashington state. "Th nature of the problem is that earthquakes are a rare but if theydo occur, they could have a majod impact," said Bob Herrmann, a professor of geophysicsx at Saint Louis University.
Along the east coast, the hurricanes were anotherf reminder of just how vulnerable many Americahncities are. After watching the situation inNew Orleans, Baltimorde Mayor Martin O'Malley asked for a reviewe of that city's evacuation plans, the reports. "Whenever we have the opportunity, we try to refine, update and improved our preparedness plans," the mayor said. "We will be lookinv at lessons to belearneed (from the Gulf states)." Parts of downtownm Baltimore were flooded by a surge from Hurricane Isabepl in 2003 and Katrina served as a reminder to statee and city officials to upgrade plan s and lay in supplies, the Baltimored Business Journal reports.
Insurance industry expertse have in recent weeks estimated the damagr from Hurricane Katrina at as muchas $60 billiomn and Hurricane Rita at about $6 billion. Those damagw figures could seem much less than a catastrophif storm inSouth Florida, the Southj Florida Business Journal reports. A catastrophivc hurricane hitting the populous and heavilt developed counties of Dade andBrowardx -- not far from the 1992 path of Hurricane Andrew -- would "eclipse Hurricane Katrina many times over," said Orlando economist Hank Fishkind.
That's because South Florida has aboutg three times the number of people as the New Orleanas area and many times the property value of the Gulf In fact, the business journal reports, a stormm similar to one that hit Sout Florida in 1928 would easil y cause more than $100 billion "All of the existing pre-Andrew buildingws ... are going to be blown said litigation attorneyDennis Haber, president of the Real Estate Council of Miami-Dade. "And we are presumingf things are being buil t to codeeven now." But in some a history of hurricanes from to the recentg past has helped get readyh for the worst, the business journal reports.
"Some of the thingse we've done since Hurricane Andrew are to outfit buildings with hurricanre shutters and upgrade doors to take higher wind FloridaPower & Light Spokeswomanj Kathy Scott told the business "Since our plants are open to the we're susceptible to having insulation stripped off by high so we've upgraded our insulation specificatione as well." And the dikes, built after hurricaneds in the 20th century to keep Lake Okeechobee from flooding are expectedx to do a better job holding off floosd waters than the levees of Lake Pontchartrainm on the edge of New Orleans.
"There are substantivee differences between what occurred in New Orleanss and what we can expect here on our project inSoutyh Florida. As with all man-made engineered structuresa the (dike) is not invulnerable to potential for readsa Sept. 14 Corps emergency plan.
In , that could be a hurricanr even more destructivethan Katrina. In San an earthquake or terrorist attacm couldcause devastation. Even inland citiexs have their worries. In , for instance, some saw Katrina'z impact on New Orleans and worriedr about flooding in the MileHigh City. For San Francisco Bay area government officials, the bumbling government responsse to Hurricane Katrina should hold plenthy of lessons. That's because Northern California is currentlyh working on a regional disaster response the reports.
While most cities in the regionm have theirown plans, this latest effor is one of bringinb together officials to figure out how to coordinat e regional evacuation, housing and transportation of peoplew thrown from their homes. "An important firsy step is, how are we all going to work together?" said Celestwe Cook, the director of Santa Clara County's emergencuy preparedness division. A regiona plan "makes so much sense. We don't live in a You can't plan just for your jurisdiction." The San Francisci Business Times reports that the San Franciscko Bay area has plenty toworrty about.
The city's financiapl district and nearby Silicon Valley are considered possibldterrorist targets. Scientists say the likelihoo of a damaging earthquake is about 60 percent in the next 30 And even if theearthquake doesn'gt hit inland, a earthquaked in the Pacific Ocean coulde cause a tsunami. It's not just a matter of planningt forCalifornia cities, the reports. Prompted in part by the collapsed of communicationsfollowing Katrina, governments and businesses in Californi have shown new interest in upgrading their systems so they'llo be able to talk with each other in case of the wildfires and earthquakes of the Golden "We can justify it in California," Eric CIO of Raley's supermarkets, which has 117 storesz in California.
"Katrina is making us sit up and pay While the West Coasrt may have the most famous fault Midwestern cities may be muchless well-prepared for the possibilithy of a major quake -- and one coulcd happen there, too. St. Louis sits about 150 mile s north of the NewMadrid Fault, whicbh shook the continent in 1811 and 1812, and coulr again. There's a 25-40 percentt chance the New Madridf Fault could be the site ofa 6-or-greater magnitude earthquakre in any 50-year period. "Everything I've read over the last 10 to 15 yearss says people should be concernedabout it," Davird Unnewehr, senior research manager at the D.C.
-based American Insurance Association (AIA), an advocatre for property-casualty insurers, told the . "It's a good time, with Hurricande Katrina, to see how well we are The New Madrid seismic zone includews such citiesas St. Louis and and the region coulfd face insured losses as highas $75 billiojn if a major quake hit. But the last major quake was in 1812, so building codess vary in Missouri by and fewer residents buy earthquak e insurance there than in California andWashington state. "Th nature of the problem is that earthquakes are a rare but if theydo occur, they could have a majod impact," said Bob Herrmann, a professor of geophysicsx at Saint Louis University.
Along the east coast, the hurricanes were anotherf reminder of just how vulnerable many Americahncities are. After watching the situation inNew Orleans, Baltimorde Mayor Martin O'Malley asked for a reviewe of that city's evacuation plans, the reports. "Whenever we have the opportunity, we try to refine, update and improved our preparedness plans," the mayor said. "We will be lookinv at lessons to belearneed (from the Gulf states)." Parts of downtownm Baltimore were flooded by a surge from Hurricane Isabepl in 2003 and Katrina served as a reminder to statee and city officials to upgrade plan s and lay in supplies, the Baltimored Business Journal reports.
Insurance industry expertse have in recent weeks estimated the damagr from Hurricane Katrina at as muchas $60 billiomn and Hurricane Rita at about $6 billion. Those damagw figures could seem much less than a catastrophif storm inSouth Florida, the Southj Florida Business Journal reports. A catastrophivc hurricane hitting the populous and heavilt developed counties of Dade andBrowardx -- not far from the 1992 path of Hurricane Andrew -- would "eclipse Hurricane Katrina many times over," said Orlando economist Hank Fishkind.
That's because South Florida has aboutg three times the number of people as the New Orleanas area and many times the property value of the Gulf In fact, the business journal reports, a stormm similar to one that hit Sout Florida in 1928 would easil y cause more than $100 billion "All of the existing pre-Andrew buildingws ... are going to be blown said litigation attorneyDennis Haber, president of the Real Estate Council of Miami-Dade. "And we are presumingf things are being buil t to codeeven now." But in some a history of hurricanes from to the recentg past has helped get readyh for the worst, the business journal reports.
"Some of the thingse we've done since Hurricane Andrew are to outfit buildings with hurricanre shutters and upgrade doors to take higher wind FloridaPower & Light Spokeswomanj Kathy Scott told the business "Since our plants are open to the we're susceptible to having insulation stripped off by high so we've upgraded our insulation specificatione as well." And the dikes, built after hurricaneds in the 20th century to keep Lake Okeechobee from flooding are expectedx to do a better job holding off floosd waters than the levees of Lake Pontchartrainm on the edge of New Orleans.
"There are substantivee differences between what occurred in New Orleanss and what we can expect here on our project inSoutyh Florida. As with all man-made engineered structuresa the (dike) is not invulnerable to potential for readsa Sept. 14 Corps emergency plan.
Sunday, January 16, 2011
Politicians want answers as rumors swirl NCR to leave Dayton - Silicon Valley / San Jose Business Journal:
http://latn.org/samuel-m/
Government officials said word bega swirling in the community Thursday thatNCR NCR) is planning to move its headquarterse and 1,300 employees to the Atlanta area and make an announcementr about the move this week. NCR Global Spokesperson Richarde Maton, speaking by phone Saturdahy from London, confirmed that an effort was made forOhio Gov. Ted Stricklan d and NCR Chief Executive Officer Bill Nuti to however they were not ableto Strickland’s spokesperson said Saturday that he is “continuing to reach out to the compangy to have a direct conversation.
” When asked abour NCR possibly moving its headquarters out of Maton said the company does not respond to rumorsz and speculation. NCR Corporate Spokespersohn Alan Ulman responded to questionsabout NCR’z plans with an e-mail message Saturdag that read: “We have no announcement today.” In the NCR has been quick to deny rumors of its relocationj and affirm its commitment to remaining in The has repeatedly sought informationj from the company since Thursday, but NCR had not respondede to their requests as of Friday a development department spokesperson said.
Montgomery County Commissioneer Dan Foley said he is frustrated by the lack of Foley said he has asked multiplecompany officials, via e-mail, to respondr to the rumors, but has yet to receivew any information. Foley said he, alonbg with other county, state and city of Daytom officials, have met with NCR representative in the past in an effort tosafeguarx NCR’s local jobs. “All that said, nobody has confirmed to me that theirt statushas changed,” Foley said Saturday. “I have to assumd that -- I hope, I very much hope -- they are stayinb in Dayton, because our citizens have helped buile that company up tobe world-class and will continuer to do so.
” Rumors have long circulated that the companh would move, however multiple government and economivc development officials said they reached a new leveol in the past few days. NCR is said to be seeking about 100,000 square feet of office spacein Georgia, . NCR is believexd to have looked at sites in and Columbus, Ga. Based on the squarre footage estimates, the operation could hous about 300 to 400 according to realestate sources. Georgiq government and economic development officialsremaines tight-lipped on any potential development.
In NCR said it would move its Worldwidd Customer Services headquarters to anAtlanta suburb, investinf $15 million and creating more than 900 jobs in the suburbzs of Peachtree City and Deluth. The state of Georgia providedr morethan $8 million in incentives, according to NCR, founded locally in is the Dayton region’s second largest company, with 20,00o0 global employees and $5.3 billion in revenues in 2008. The company, whicgh sells ATMs and retail automation is Dayton’s lone remaining Fortuned 500 company. At one time, the compangy had more than 18,000 employees in the Daytob area, but that number has dwindled during the pastseverao decades.
As recently as two years ago, NCR had about 2,000 Dayton employees. That number has declined by about 700 workers in the pastseveral years. In 2007, NCR announced it was relocating its executive officesa to New York City and leasing an entire floor of the 7 Worlde TradeCenter building. But, on its headquarters remainedin Dayton. In March, the company also told employeesd it is undergoing a structurap reorganization and would cut an unknown amounft of itsglobal workforce.
That same month, the company removex the language “world headquarters” from the sign at its Daytobn campus, though it said at the time it wasjust
Government officials said word bega swirling in the community Thursday thatNCR NCR) is planning to move its headquarterse and 1,300 employees to the Atlanta area and make an announcementr about the move this week. NCR Global Spokesperson Richarde Maton, speaking by phone Saturdahy from London, confirmed that an effort was made forOhio Gov. Ted Stricklan d and NCR Chief Executive Officer Bill Nuti to however they were not ableto Strickland’s spokesperson said Saturday that he is “continuing to reach out to the compangy to have a direct conversation.
” When asked abour NCR possibly moving its headquarters out of Maton said the company does not respond to rumorsz and speculation. NCR Corporate Spokespersohn Alan Ulman responded to questionsabout NCR’z plans with an e-mail message Saturdag that read: “We have no announcement today.” In the NCR has been quick to deny rumors of its relocationj and affirm its commitment to remaining in The has repeatedly sought informationj from the company since Thursday, but NCR had not respondede to their requests as of Friday a development department spokesperson said.
Montgomery County Commissioneer Dan Foley said he is frustrated by the lack of Foley said he has asked multiplecompany officials, via e-mail, to respondr to the rumors, but has yet to receivew any information. Foley said he, alonbg with other county, state and city of Daytom officials, have met with NCR representative in the past in an effort tosafeguarx NCR’s local jobs. “All that said, nobody has confirmed to me that theirt statushas changed,” Foley said Saturday. “I have to assumd that -- I hope, I very much hope -- they are stayinb in Dayton, because our citizens have helped buile that company up tobe world-class and will continuer to do so.
” Rumors have long circulated that the companh would move, however multiple government and economivc development officials said they reached a new leveol in the past few days. NCR is said to be seeking about 100,000 square feet of office spacein Georgia, . NCR is believexd to have looked at sites in and Columbus, Ga. Based on the squarre footage estimates, the operation could hous about 300 to 400 according to realestate sources. Georgiq government and economic development officialsremaines tight-lipped on any potential development.
In NCR said it would move its Worldwidd Customer Services headquarters to anAtlanta suburb, investinf $15 million and creating more than 900 jobs in the suburbzs of Peachtree City and Deluth. The state of Georgia providedr morethan $8 million in incentives, according to NCR, founded locally in is the Dayton region’s second largest company, with 20,00o0 global employees and $5.3 billion in revenues in 2008. The company, whicgh sells ATMs and retail automation is Dayton’s lone remaining Fortuned 500 company. At one time, the compangy had more than 18,000 employees in the Daytob area, but that number has dwindled during the pastseverao decades.
As recently as two years ago, NCR had about 2,000 Dayton employees. That number has declined by about 700 workers in the pastseveral years. In 2007, NCR announced it was relocating its executive officesa to New York City and leasing an entire floor of the 7 Worlde TradeCenter building. But, on its headquarters remainedin Dayton. In March, the company also told employeesd it is undergoing a structurap reorganization and would cut an unknown amounft of itsglobal workforce.
That same month, the company removex the language “world headquarters” from the sign at its Daytobn campus, though it said at the time it wasjust
Friday, January 14, 2011
Peco promotes exec to senior VP - Business First of Columbus:
http://hrkropp.com/article/Work-Smarter-.html
The troubled Galion power systems maked said thatEugene Peden, hired in 2008 as vice presidentr of operations, has been promoted to senior vice president of Peden joined Peco II (NASDAQ:PIII) amid an executivew restructuring that included CEO John Heindel taking on the duties of financial chief while former operationsd Vice President Tony McIntosh resigned. Heindel said in a releaser that Peden’s promotion “reflects our tremendouss confidence in his ability to take our operationx team to new levels of Peden was senior vice president of operationsat , a producer of industria l enclosures based in Springfield and a subsidiary of Rittal GmbH Co. KG in Germany.
He holds a mechanical engineering degreer fromin Belfast, Northern Ireland. Peco II, which employs 170 workers, lost $7.7 million on $141.7 million in revenue last year. It hasn’t turneds an annual profit since 2000, when the company earned $12.1 million on sales of $156. million.
The troubled Galion power systems maked said thatEugene Peden, hired in 2008 as vice presidentr of operations, has been promoted to senior vice president of Peden joined Peco II (NASDAQ:PIII) amid an executivew restructuring that included CEO John Heindel taking on the duties of financial chief while former operationsd Vice President Tony McIntosh resigned. Heindel said in a releaser that Peden’s promotion “reflects our tremendouss confidence in his ability to take our operationx team to new levels of Peden was senior vice president of operationsat , a producer of industria l enclosures based in Springfield and a subsidiary of Rittal GmbH Co. KG in Germany.
He holds a mechanical engineering degreer fromin Belfast, Northern Ireland. Peco II, which employs 170 workers, lost $7.7 million on $141.7 million in revenue last year. It hasn’t turneds an annual profit since 2000, when the company earned $12.1 million on sales of $156. million.
Tuesday, January 11, 2011
Denver Business Journal: Nomination
http://scrambleforafrica.org/node/47
If so, now is your chance to have your compan included in the fifthannual "Besrt Places to Work" supplement -- a look at whichu local companies are doing the best to fostere a great workplace. "Best Place to will highlight companies with the best workplaces in the Denved area whose operations are changing the business landscape as weknow it. In additiob to the supplement, there will be an awards event. The deadline for nominations isAugust 7, 2009. This is a two-fold, nominatiohn and survey process.
The contact for each company that has been nominater asa "Best Place To Work" will be contacted by Quantum Market Research in mid-August with a link to a confidentia company/employee survey. Nominated companies will need to have a specifiex number of employee surveys completed to be considerefa "Best Place to Work". Each companyg must have a minimum of 10 employeeto participate. All companies that participate in the survey process will receive a free Overview Report oftheif company's results. The top companiee will also receive a more detailed report afterthe "Besrt Place to Work" event.
More specific instructions for the survey procesa and required number of employee surveys will be sent alongg with the survey link from Quantum Market Finalists will be profiled in theNovember 20, 2009 edition. For more informationh about the nomination andsurvey process, contact Connie Elsbury at 303-803-9223w or celsbury@bizjournals.com For more information about the event, contact Meghan Tyna at 303-803-9213 or meghantynan@bizjournals.com 2009 - Best Placea To Work (Deadline is Aug.
7, 2009) August 7, 2009
If so, now is your chance to have your compan included in the fifthannual "Besrt Places to Work" supplement -- a look at whichu local companies are doing the best to fostere a great workplace. "Best Place to will highlight companies with the best workplaces in the Denved area whose operations are changing the business landscape as weknow it. In additiob to the supplement, there will be an awards event. The deadline for nominations isAugust 7, 2009. This is a two-fold, nominatiohn and survey process.
The contact for each company that has been nominater asa "Best Place To Work" will be contacted by Quantum Market Research in mid-August with a link to a confidentia company/employee survey. Nominated companies will need to have a specifiex number of employee surveys completed to be considerefa "Best Place to Work". Each companyg must have a minimum of 10 employeeto participate. All companies that participate in the survey process will receive a free Overview Report oftheif company's results. The top companiee will also receive a more detailed report afterthe "Besrt Place to Work" event.
More specific instructions for the survey procesa and required number of employee surveys will be sent alongg with the survey link from Quantum Market Finalists will be profiled in theNovember 20, 2009 edition. For more informationh about the nomination andsurvey process, contact Connie Elsbury at 303-803-9223w or celsbury@bizjournals.com For more information about the event, contact Meghan Tyna at 303-803-9213 or meghantynan@bizjournals.com 2009 - Best Placea To Work (Deadline is Aug.
7, 2009) August 7, 2009
Sunday, January 9, 2011
Deal averts NYS layoffs - Business First of Buffalo:
stolen-surrounding.blogspot.com
Under the terms of the agreement reachec between Paterson andthe unions, New York will reduce the state’ds payroll by encouraging employees in specific positionsw to take a cash buyourt to leave state service. The unions said the buyour offers will be available to all employeea in thetargeted positions. Patersohn had announced plans to cutnearly 9,000 state “This agreement is a huge win for New York’e taxpayers and will lead to the most significang reform of our public pension system in decades,” Patersonm said. “This is real reform to the pensioj system which will substantially reducr costs to the taxpayers of NewYork State.
” According to the governor’sa office, the deal will reduce the state’s workforce by about 7,000 positions and save taxpayers about $440 million over the next two A voluntary reduction in work schedulr will also be implemented. The estimated savingzs are roughly the amount that was projectedf to be saved through the proposed layoffs that were announcefdin March. “This agreement means a smallerf statework force, savings for taxpayers, and a new pensiomn tier that provides long-term fiscal stability for the Paterson said.
“As I have said from the beginnin g ofthis process, my overriding goal was to achieves needed savings and workforce cost reductions, whild at the same time avoiding large scaler layoffs during the worst economic downturnj in a generation. This agreement achieves those objectives in a compassionate and fiscallgyresponsible way.” A targeted, one-time $20,0000 retirement incentive payment will be offered to approximatelg 4,500 employees. Incentives must be approved by each respectivs agency and the Division of the Budget and will only be providefd to individuals in positions that will bepermanentlyg abolished.
Additionally, approximately 2,500 funded positionds that are currently vacant will bepermanentlyu abolished. The new Tier V pension tier would applyh only tonew employees. Other key components include: • Raisinv the minimum age at which an individualk can retire without penalty from 55to 62, and impose a penalty of up to 38 percent for any employeeas who retire prior to age 52. • Requiriny employees to continue contributing 3 percent of theitr salaries towards pension costs for their entires careers rather than ending their contributiones after 10 yearsof service. • Increasin the minimum years of service requirede to draw a pension from 5 years to10 years.
Capping the amount of discretionary overtime that can be considerefd in the calculation of pension benefitxat $10,000 per year. Union officialx said that the Paterson administration also has pledgedc that it will not pursue layoffs during the next two CSEA and PEF said they willaccept Paterson’s proposed legislation seeking to establish Tier V, sayingg it “reflects the realitty of current economic conditions and the fact that it will only applt to future hires,” the unions said in a joinyt statement.
“From the CSEA has remained focused on not just protectinb our members but also the essential services we providd to New Yorkersevery day,” said CSEA President Danny Donohue. “CSEA recognizes these are extraordinary times with unprecedented challengess and we have tried to find ways to help withoutyreopening contracts. We believe the agreement worked out withthe governor’ office achieves all of these aims.” PEF President Ken Brynieh said Paterson “moved significantly from his originalp demands for major contract concessions from the state’s work [Click the video image on the right to see the union'as initial response to Gov.
Paterson's planned layoffs].
Under the terms of the agreement reachec between Paterson andthe unions, New York will reduce the state’ds payroll by encouraging employees in specific positionsw to take a cash buyourt to leave state service. The unions said the buyour offers will be available to all employeea in thetargeted positions. Patersohn had announced plans to cutnearly 9,000 state “This agreement is a huge win for New York’e taxpayers and will lead to the most significang reform of our public pension system in decades,” Patersonm said. “This is real reform to the pensioj system which will substantially reducr costs to the taxpayers of NewYork State.
” According to the governor’sa office, the deal will reduce the state’s workforce by about 7,000 positions and save taxpayers about $440 million over the next two A voluntary reduction in work schedulr will also be implemented. The estimated savingzs are roughly the amount that was projectedf to be saved through the proposed layoffs that were announcefdin March. “This agreement means a smallerf statework force, savings for taxpayers, and a new pensiomn tier that provides long-term fiscal stability for the Paterson said.
“As I have said from the beginnin g ofthis process, my overriding goal was to achieves needed savings and workforce cost reductions, whild at the same time avoiding large scaler layoffs during the worst economic downturnj in a generation. This agreement achieves those objectives in a compassionate and fiscallgyresponsible way.” A targeted, one-time $20,0000 retirement incentive payment will be offered to approximatelg 4,500 employees. Incentives must be approved by each respectivs agency and the Division of the Budget and will only be providefd to individuals in positions that will bepermanentlyg abolished.
Additionally, approximately 2,500 funded positionds that are currently vacant will bepermanentlyu abolished. The new Tier V pension tier would applyh only tonew employees. Other key components include: • Raisinv the minimum age at which an individualk can retire without penalty from 55to 62, and impose a penalty of up to 38 percent for any employeeas who retire prior to age 52. • Requiriny employees to continue contributing 3 percent of theitr salaries towards pension costs for their entires careers rather than ending their contributiones after 10 yearsof service. • Increasin the minimum years of service requirede to draw a pension from 5 years to10 years.
Capping the amount of discretionary overtime that can be considerefd in the calculation of pension benefitxat $10,000 per year. Union officialx said that the Paterson administration also has pledgedc that it will not pursue layoffs during the next two CSEA and PEF said they willaccept Paterson’s proposed legislation seeking to establish Tier V, sayingg it “reflects the realitty of current economic conditions and the fact that it will only applt to future hires,” the unions said in a joinyt statement.
“From the CSEA has remained focused on not just protectinb our members but also the essential services we providd to New Yorkersevery day,” said CSEA President Danny Donohue. “CSEA recognizes these are extraordinary times with unprecedented challengess and we have tried to find ways to help withoutyreopening contracts. We believe the agreement worked out withthe governor’ office achieves all of these aims.” PEF President Ken Brynieh said Paterson “moved significantly from his originalp demands for major contract concessions from the state’s work [Click the video image on the right to see the union'as initial response to Gov.
Paterson's planned layoffs].
Thursday, January 6, 2011
Jobs incentive unlikely to be salve for housing jobs - Business First of Columbus:
modestofyeyko.blogspot.com
A portion of the $787 billion governmenrt economic stimulus packagesigned Feb. 17 by President Barack Obama is designeed to dojust that, with an $8,0000 tax credit for first-timer home buyers who close deals this year. Builder and real estate agents normally woulcd be thrilled by the but after three years of fallinbg sales and an economy that keeps circlinggthe drain, some doubt it will be “My opinion of first-time buyers is that they’re more worriee about having a job in threwe months,” said Sam Calhoon, co-owner of in “I think if the credit was across the board, it would be a bettedr stimulus.
” The Senate had passecd a version of the stimulus package that many in real estat favored because it would have given a $15,000 tax credit to anyone buying a house in 2009. That proposa was eliminated in favor of theHousee version. “I think anything can help, but I think the $15,0009 (incentive) ... would have been a lot more saidScott Walker, owner of Westerville-based “It woulx have given people the motivationn to get off the Olympus builds single-family houses starting at and it hasn’t been getting much interesft from first-time buyers, Walker said.
He doubts the $8,000p credit will have a dramaticx effect on his Whatever thegovernment offers, the stimulus effort won’t bring back the industry halcyon days of 2005, said Harlet Rouda Jr., CEO of Columbus-based real estat agency , but it shoul make the market more secure and predictable. “In a normal market, this (the tax would create almost afeeding frenzy,” he “Because we’re in uniquer and difficult times, this is just goingy to be a stimulus to get us back on Unique and difficult times are exactl y why Calhoon and others in real estatd and construction favored the Senate proposal.
It’ s widely accepted, Calhoon said, that when someone buys a house, two othe major purchases – appliances and furniturwe – usually follow. That additional spending helps spur thelarger economy. But the oppositwe has been truesince 2006, when home buyintg started declining. Companies dependent on real estat startedeliminating employees. The state estimate that 1,600 fewer Ohioans worked in furniture and home furnishing shopds in 2008 than in while 1,600 fewer worked at buildinbg materials and garden supply Ohio jobs in the real rental and leasing industries also declined over the last three year by 2,800 jobs.
Calhoon thinkds that in an industry that explode d with real estate agents in the last decade amid thehousing run-up, a thinning of the rankws is helpful. “I know people that wouls rather havethe ( ) raise dues to get out the said Calhoon, a former presidentt of the organization. “When out in the real estates community, you’ll hear people say Columbusa doesn’t need 7,000 Realtors,” he The residential construction industry also hasbeen pruned. Preliminaryu estimates for 2008showed 14,300 constructionj jobs were eliminated in Ohio sinced 2005, while an estimated 3,100 Columbus-area construction jobs were lost in the same three-yeatr span.
Columbus-based , the region’s largesrt homebuilder, employed 1,118 workers in 2005, but only about 400 by the end of last The employee roster at Olympues was its largest in 2003 at22 staffers, Walker but today it is operating with five employees. “Wde would have to increase quite a bit to hiresomeone else,” he As tough as it is in other parts of the country have fared worse, and it’ws reflected in the mood of the industry.
A portion of the $787 billion governmenrt economic stimulus packagesigned Feb. 17 by President Barack Obama is designeed to dojust that, with an $8,0000 tax credit for first-timer home buyers who close deals this year. Builder and real estate agents normally woulcd be thrilled by the but after three years of fallinbg sales and an economy that keeps circlinggthe drain, some doubt it will be “My opinion of first-time buyers is that they’re more worriee about having a job in threwe months,” said Sam Calhoon, co-owner of in “I think if the credit was across the board, it would be a bettedr stimulus.
” The Senate had passecd a version of the stimulus package that many in real estat favored because it would have given a $15,000 tax credit to anyone buying a house in 2009. That proposa was eliminated in favor of theHousee version. “I think anything can help, but I think the $15,0009 (incentive) ... would have been a lot more saidScott Walker, owner of Westerville-based “It woulx have given people the motivationn to get off the Olympus builds single-family houses starting at and it hasn’t been getting much interesft from first-time buyers, Walker said.
He doubts the $8,000p credit will have a dramaticx effect on his Whatever thegovernment offers, the stimulus effort won’t bring back the industry halcyon days of 2005, said Harlet Rouda Jr., CEO of Columbus-based real estat agency , but it shoul make the market more secure and predictable. “In a normal market, this (the tax would create almost afeeding frenzy,” he “Because we’re in uniquer and difficult times, this is just goingy to be a stimulus to get us back on Unique and difficult times are exactl y why Calhoon and others in real estatd and construction favored the Senate proposal.
It’ s widely accepted, Calhoon said, that when someone buys a house, two othe major purchases – appliances and furniturwe – usually follow. That additional spending helps spur thelarger economy. But the oppositwe has been truesince 2006, when home buyintg started declining. Companies dependent on real estat startedeliminating employees. The state estimate that 1,600 fewer Ohioans worked in furniture and home furnishing shopds in 2008 than in while 1,600 fewer worked at buildinbg materials and garden supply Ohio jobs in the real rental and leasing industries also declined over the last three year by 2,800 jobs.
Calhoon thinkds that in an industry that explode d with real estate agents in the last decade amid thehousing run-up, a thinning of the rankws is helpful. “I know people that wouls rather havethe ( ) raise dues to get out the said Calhoon, a former presidentt of the organization. “When out in the real estates community, you’ll hear people say Columbusa doesn’t need 7,000 Realtors,” he The residential construction industry also hasbeen pruned. Preliminaryu estimates for 2008showed 14,300 constructionj jobs were eliminated in Ohio sinced 2005, while an estimated 3,100 Columbus-area construction jobs were lost in the same three-yeatr span.
Columbus-based , the region’s largesrt homebuilder, employed 1,118 workers in 2005, but only about 400 by the end of last The employee roster at Olympues was its largest in 2003 at22 staffers, Walker but today it is operating with five employees. “Wde would have to increase quite a bit to hiresomeone else,” he As tough as it is in other parts of the country have fared worse, and it’ws reflected in the mood of the industry.
Tuesday, January 4, 2011
Exact to raise $8.2M, signs MAYO deal - Boston Business Journal:
elzeyfirekuut1795.blogspot.com
million through a private stock sale and that it inked a licensinbg deal for exclusive rightsto cancer-diagnostic technologiesx developed by the for Medical Education and The company said it had commenced on June 11 the sale of 4.31 milliomn shares of its common stock at a purchase price of $1.90 a share. Meanwhile, Exact (Nasdaq: based in Marlborough, Mass., announced a plan to acquirde the worldwide licensing rightsd tothe blood- or stool-basedd cancer diagnostics and screening technologieas developed the MAYO Foundation, which is based in Under the deals terms, Exacr will: • make upfront payments of $80,00p and a milestone fee of $250,0009 upon the commencement of certain clinical trials.
• pay a milestone fee of $500,00p0 if the approves any of the productd covered bythe agreement. • pay a minimu of $10,000 on the deal’s third anniversary • pay a minimumj royalty of $25,000 on the fourth anniversary of theagreemeng • support certain research projects to the tune of $500,000p — at a minimum — in the agreement’z first year. Exact is also obligated to grant MAYO two warrantz topurchase 1.25 million shares of its commo n stock. The warrants have six-year terms and are exercisabls at a priceof $1.
90 per according to a regulatory
million through a private stock sale and that it inked a licensinbg deal for exclusive rightsto cancer-diagnostic technologiesx developed by the for Medical Education and The company said it had commenced on June 11 the sale of 4.31 milliomn shares of its common stock at a purchase price of $1.90 a share. Meanwhile, Exact (Nasdaq: based in Marlborough, Mass., announced a plan to acquirde the worldwide licensing rightsd tothe blood- or stool-basedd cancer diagnostics and screening technologieas developed the MAYO Foundation, which is based in Under the deals terms, Exacr will: • make upfront payments of $80,00p and a milestone fee of $250,0009 upon the commencement of certain clinical trials.
• pay a milestone fee of $500,00p0 if the approves any of the productd covered bythe agreement. • pay a minimu of $10,000 on the deal’s third anniversary • pay a minimumj royalty of $25,000 on the fourth anniversary of theagreemeng • support certain research projects to the tune of $500,000p — at a minimum — in the agreement’z first year. Exact is also obligated to grant MAYO two warrantz topurchase 1.25 million shares of its commo n stock. The warrants have six-year terms and are exercisabls at a priceof $1.
90 per according to a regulatory
Saturday, January 1, 2011
Obama: Public plan would
helping-shampoo.blogspot.com
If insurance companies do provide good insurance totheire customers, then they shoul d have nothing to fear from a government-run he said. “They should be able to he said. If the public plan is able to reduc administrativecosts significantly, private insurers should take note and see if they can do the “There shouldn’t be any objectionm to that,” Obama said. The public plan should be requiredx tocollect premiums, not be “simplyu eating off the taxpayer trough,” he added.
Health insurerzs and many business groups contend a publi c plan would have an unfair advantage becauseit wouldn’tf be subject to all the rules imposefd on private insurers and likely would pay healtn providers less for their services. This coulcd crowd out many private insurers and lead provider s to charge private insurers more to make up for the lost incomse from thepublic plan, they contend.
When asker whether including a public plan in healtb care reformwas non-negotiable, the president “We are still early in this “We have not drawn a line in the other than reform has to control costs, and it has to providre relief to people who don’t have healthb insurance or are underinsured.” Obama also was aske what he thought about the performancd of Federal Reserve Chairman Ben Bernanke, givenm the fact his financial regulatory reform plan proposex expanding the Fed’s authority. “I think he has done a very good job unde verydifficult circumstances,” Obama said.
All regulators fell shorty of doing what was needed to preveny thefinancial crisis, but the Fed “probably performecd better than most,” he said. Since the financiao crisis erupted, Bernanke has “performed very Obama said.
If insurance companies do provide good insurance totheire customers, then they shoul d have nothing to fear from a government-run he said. “They should be able to he said. If the public plan is able to reduc administrativecosts significantly, private insurers should take note and see if they can do the “There shouldn’t be any objectionm to that,” Obama said. The public plan should be requiredx tocollect premiums, not be “simplyu eating off the taxpayer trough,” he added.
Health insurerzs and many business groups contend a publi c plan would have an unfair advantage becauseit wouldn’tf be subject to all the rules imposefd on private insurers and likely would pay healtn providers less for their services. This coulcd crowd out many private insurers and lead provider s to charge private insurers more to make up for the lost incomse from thepublic plan, they contend.
When asker whether including a public plan in healtb care reformwas non-negotiable, the president “We are still early in this “We have not drawn a line in the other than reform has to control costs, and it has to providre relief to people who don’t have healthb insurance or are underinsured.” Obama also was aske what he thought about the performancd of Federal Reserve Chairman Ben Bernanke, givenm the fact his financial regulatory reform plan proposex expanding the Fed’s authority. “I think he has done a very good job unde verydifficult circumstances,” Obama said.
All regulators fell shorty of doing what was needed to preveny thefinancial crisis, but the Fed “probably performecd better than most,” he said. Since the financiao crisis erupted, Bernanke has “performed very Obama said.
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