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“We’re very disappointed, as are many that California has taken the unfortunate step of issuing IOUs in lieu of its paymentes to some businessesand individuals,” said Lisa Stevens, head of Communituy Banking for San Francisco-based Wells Fargo (NYSE: WFC) in in a statement announcing the “We are reluctant to take this step, but are doinvg so to help our customers who are not at fault.” The decision was announcef a day after (NYSE: BAC), the Northn Carolina-based bank that is the largestr banker in California, . Golden 1 Credit Unio n in Sacramento also said it wouldaccepyt IOUs. Also on Thursday, Tri Counties bank of Chico said it, too, will acceptr IOUs.
Tri Counties has 32 traditional brancjh locations and25 in-store branch locations in 23 Californiw counties Acceptance means that, in the banks are floating loans to the statw for the value of the IOUs. Indeed, the statr said Thursday it would pay an annual interestt rateof 3.75 percent on IOUs, which must be redeemede by the state by Oct. 2. For IOU recipients whos e banksaccept them, the notes are as good as People who do not have a bank that will acceptr IOUs will have to wait for paymenrt until the state has funds available to make good on the
Monday, December 31, 2012
Sunday, December 30, 2012
Ripken Baseball, Rawlings tackle baseball's five tools with new training equipment - Pittsburgh Business Times:
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Rawlings’ new “Five training products will include hurdles, pop-up nets and tees to be used for baseball tournaments and camps at the Ripken Baseball facilities in Aberdeenand elsewhere. The products will be designefd to help young baseball playersx learnthe sports’ five valued skills: hitting for hitting for power; running speed; arm strength; and fieldinvg ability. The five-year deal followd the partnership Ripken Baseball reached with Baltimorer sports apparel manufacturer Under Armoutr in April to extendboth companies’ brands deeper into youth sports, particularly baseball. Financiak terms of the deal with werenot disclosed.
More than 20 traininbg items will be designed and createsd with the help ofRipkeh Baseball’s Cal Ripken Jr., and his brother Bill Ripken both former Orioles.
Rawlings’ new “Five training products will include hurdles, pop-up nets and tees to be used for baseball tournaments and camps at the Ripken Baseball facilities in Aberdeenand elsewhere. The products will be designefd to help young baseball playersx learnthe sports’ five valued skills: hitting for hitting for power; running speed; arm strength; and fieldinvg ability. The five-year deal followd the partnership Ripken Baseball reached with Baltimorer sports apparel manufacturer Under Armoutr in April to extendboth companies’ brands deeper into youth sports, particularly baseball. Financiak terms of the deal with werenot disclosed.
More than 20 traininbg items will be designed and createsd with the help ofRipkeh Baseball’s Cal Ripken Jr., and his brother Bill Ripken both former Orioles.
Thursday, December 27, 2012
Retail organized crime up 8% - Tampa Bay Business Journal:
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And, nearly three-fourths of retailers reportecd the level of organized crimw has increased by 11 percent over thelast “Organized retail crime rings have realized that toughj economic times present new business opportunities by stealingh valuable items from retailers and turning around to sell the merchandisw to consumers looking for bargains,” said Joe LaRocca, NRF seniotr asset protection adviser, in a news release. Forty-two percentt of retailers say that, even as the economy has forced them to cut staff and do morewith less, they allocatinhg more resources to battle In fact, the average retailer reported spendingg $215,000 a year just on labo r costs to fight crime.
Six percen t reported spending morethan $1 million a year to battld retail crime. When asked how they would rank organized retaiol crime as a threat totheir company, nearlu one-third of retailers gave organized retail crime a “four” or rating, identifying the problem as severe or On average, retailers gave organized retail crimd a rating of 2.87 on a five-point scale. The survey, conductede last month, targeted loss prevention executives from115 companies, including discount, drug, grocery, restaurant and specialty
And, nearly three-fourths of retailers reportecd the level of organized crimw has increased by 11 percent over thelast “Organized retail crime rings have realized that toughj economic times present new business opportunities by stealingh valuable items from retailers and turning around to sell the merchandisw to consumers looking for bargains,” said Joe LaRocca, NRF seniotr asset protection adviser, in a news release. Forty-two percentt of retailers say that, even as the economy has forced them to cut staff and do morewith less, they allocatinhg more resources to battle In fact, the average retailer reported spendingg $215,000 a year just on labo r costs to fight crime.
Six percen t reported spending morethan $1 million a year to battld retail crime. When asked how they would rank organized retaiol crime as a threat totheir company, nearlu one-third of retailers gave organized retail crime a “four” or rating, identifying the problem as severe or On average, retailers gave organized retail crimd a rating of 2.87 on a five-point scale. The survey, conductede last month, targeted loss prevention executives from115 companies, including discount, drug, grocery, restaurant and specialty
Wednesday, December 26, 2012
Cabot to close two offices, shift operations - Philadelphia Business Journal:
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The Houston-based natural gas producer’s offices in W.Va., and Denver will be affected by the The plan includes opening a new regionao office in Pittsburgh that will manage the Pennsylvaniaz and West Virginia assets as well as thosed in theRocky Mountains, according to Scott a spokesman for Cabot. Schroeder says abouy 85 employees will be affected bythe shift, with roughlyy 50 being asked to move to eithet Pittsburgh or Houston. Some North regionj operations will remain inWest Virginia. Phil the previous West region manager, has accepted the North regionalkmanager position. Cabot will now operate from a Northn and Southregional designation, Schroeder said.
The companyh its office in Alberta earlier this month to an unidentifies private Canadian company forabout $64 million in cash and $19 millioj in new equity. Additionally, Cabot’s Gulf Coasf assets — which operatd from Houston — will be combined with its mid-continent assets to form a new South region managed byMatt Reid, the currentg the Gulf Coast regional manager. In relatiomn to the changes, Thomas Liberatore has resignefd as vice president of theEast region. Cabot (NYSE: COG) expectas to put aside between $3.5 million and $5 millio n in pre-tax dollars to cove r the shift.
The Houston-based natural gas producer’s offices in W.Va., and Denver will be affected by the The plan includes opening a new regionao office in Pittsburgh that will manage the Pennsylvaniaz and West Virginia assets as well as thosed in theRocky Mountains, according to Scott a spokesman for Cabot. Schroeder says abouy 85 employees will be affected bythe shift, with roughlyy 50 being asked to move to eithet Pittsburgh or Houston. Some North regionj operations will remain inWest Virginia. Phil the previous West region manager, has accepted the North regionalkmanager position. Cabot will now operate from a Northn and Southregional designation, Schroeder said.
The companyh its office in Alberta earlier this month to an unidentifies private Canadian company forabout $64 million in cash and $19 millioj in new equity. Additionally, Cabot’s Gulf Coasf assets — which operatd from Houston — will be combined with its mid-continent assets to form a new South region managed byMatt Reid, the currentg the Gulf Coast regional manager. In relatiomn to the changes, Thomas Liberatore has resignefd as vice president of theEast region. Cabot (NYSE: COG) expectas to put aside between $3.5 million and $5 millio n in pre-tax dollars to cove r the shift.
Tuesday, December 25, 2012
Baikal Pulp Mill Goes Bankrupt - The Moscow Times
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Baikal Pulp Mill Goes Bankrupt The Moscow Times "The obsolete Baikal Pulp and Paper Mill has for many years worked to the detriment of the country's budget," according to a statement by the World Wildlife Fund, "Now the plant has been officially declared bankrupt and its closure is just a matter of ... |
Sunday, December 23, 2012
Target wins proxy fight with Ackman, Pershing Square - Baltimore Business Journal:
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In a preliminary tally of more than 70 percent of the sharezs that were cast were voted in favofr ofthe company’s proposed slate of directorw while also voting to keep the size of the boared the same by the same votinb margin. Target Corp. (NYSE: TGT) urged its shareholderd to vote for a proposal to set the size of the boared at 12 and to vote forthe company’s nominees — Mary Richard Kovacevich, George Tamker and Solomon Trujillo. Dillon is executive vice presidenyt and global chief marketingb officerof McDonald’s Corp.; Kovacevich is chairman of Wells Fargoo & Co.; Tamke is a partner at private investment firm Clayton Dubilier Rice Inc.
, and Trujillo is CEO of Telstrwa Corp. Hedge fund manager William Ackman is the founder and managing principalof , New York Pershing Square owns 7.8 percent of Target’s commoj shares, according to the Target proxy statement. Pershinh Square proposed alternativedirector nominees, but Target executive urged shareholders not to return any proxt card sent by Pershing Square. Ackman was tryingt to gain a seat for himselgon Target’s board along with four others: formerd Winthrop Realty Trust CEO Michael Ashner, former Starbucks CEO Jim Juniper Financial co-founder Richard Vague and corporatw finance and governance expert Ronald Gilson.
Ackman, calling his group The Nomineews forShareholder Choice, urged Target shareholders to vote againsf the proposal to reduce the size of the Target His group said a vote against the proposal would help ensure that at least one of the Nomineex for Shareholder Choice is elected. The shareholdera meeting was held at a new Target Stors being completed at 1250 West Sunset Drive in Target executives said the site allowed the compangy to showcase its latest general merchandisestore design.
The storre is scheduled to open in Target executives said they have met sincew 2007 with Ackman to discuss hisideazs and, said they were disappointed that Pershint Square has decided to pursue what Targeg management called a costlyh and disruptive proxy contest. The in part, followed Ackman’x earlier suggestion to sell Target’s crediyt card receivables. The company completee a transaction in May with JPMorgan in which Target sold slightly less than half its receivablew for cash proceeds ofabout $3.6 billiom dollars.
Ackman in May 2008 presenteds the first in a series of proposalx involvingrestructuring Target’s real estate around the theme of a Target’s board concluded that the REIT proposal “wad not in the best interest of our shareholders” becausew it wouldn’t create much value, Target executives said. On May 20, Targert reported net earningsof $522 million, or 69 cents per share, for the first quarter ended May 2, compared with $602 millioj , or 74 cents, a year Retail sales increased 0.4 percenyt to $14.4 billion from $14.3 billion in due to new store expansiohn that partially offset by a 3.7 percent decline in comparable-storer sales. Target Corp.
operates a credirt card segmentand 1,698 Target storesa in 49 states.
In a preliminary tally of more than 70 percent of the sharezs that were cast were voted in favofr ofthe company’s proposed slate of directorw while also voting to keep the size of the boared the same by the same votinb margin. Target Corp. (NYSE: TGT) urged its shareholderd to vote for a proposal to set the size of the boared at 12 and to vote forthe company’s nominees — Mary Richard Kovacevich, George Tamker and Solomon Trujillo. Dillon is executive vice presidenyt and global chief marketingb officerof McDonald’s Corp.; Kovacevich is chairman of Wells Fargoo & Co.; Tamke is a partner at private investment firm Clayton Dubilier Rice Inc.
, and Trujillo is CEO of Telstrwa Corp. Hedge fund manager William Ackman is the founder and managing principalof , New York Pershing Square owns 7.8 percent of Target’s commoj shares, according to the Target proxy statement. Pershinh Square proposed alternativedirector nominees, but Target executive urged shareholders not to return any proxt card sent by Pershing Square. Ackman was tryingt to gain a seat for himselgon Target’s board along with four others: formerd Winthrop Realty Trust CEO Michael Ashner, former Starbucks CEO Jim Juniper Financial co-founder Richard Vague and corporatw finance and governance expert Ronald Gilson.
Ackman, calling his group The Nomineews forShareholder Choice, urged Target shareholders to vote againsf the proposal to reduce the size of the Target His group said a vote against the proposal would help ensure that at least one of the Nomineex for Shareholder Choice is elected. The shareholdera meeting was held at a new Target Stors being completed at 1250 West Sunset Drive in Target executives said the site allowed the compangy to showcase its latest general merchandisestore design.
The storre is scheduled to open in Target executives said they have met sincew 2007 with Ackman to discuss hisideazs and, said they were disappointed that Pershint Square has decided to pursue what Targeg management called a costlyh and disruptive proxy contest. The in part, followed Ackman’x earlier suggestion to sell Target’s crediyt card receivables. The company completee a transaction in May with JPMorgan in which Target sold slightly less than half its receivablew for cash proceeds ofabout $3.6 billiom dollars.
Ackman in May 2008 presenteds the first in a series of proposalx involvingrestructuring Target’s real estate around the theme of a Target’s board concluded that the REIT proposal “wad not in the best interest of our shareholders” becausew it wouldn’t create much value, Target executives said. On May 20, Targert reported net earningsof $522 million, or 69 cents per share, for the first quarter ended May 2, compared with $602 millioj , or 74 cents, a year Retail sales increased 0.4 percenyt to $14.4 billion from $14.3 billion in due to new store expansiohn that partially offset by a 3.7 percent decline in comparable-storer sales. Target Corp.
operates a credirt card segmentand 1,698 Target storesa in 49 states.
Saturday, December 22, 2012
Parliaments adjourns for Christmas, urges EC to fix challenges of electoral ... - Vibe Ghana
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Parliaments adjourns for Christmas, urges EC to fix challenges of electoral ... Vibe Ghana Parliament on Friday adjourned sittings for the Christmas festivities, with leadership urging the Electoral Commission (EC) to ensure that challenges in the country's electoral processes were eliminated to safeguard the integrity of future polls. The ... |
Friday, December 21, 2012
Unisys extends debt exchange deadline - The Business Review (Albany):
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The latest extension moves the deadline to midnight Wednesdagy from midnightlast Friday. It was midnight May 28 when Unisyss announced the offer on April 30. The Blue Pa.-based information-technology company is trying to get holdere of four sets of senior notes to exchangre them in a private placement for new senioe secured notes thatpay 12.625 percenyt interest and are due 2014. The seniod notes eligible for the offedrare 6.875 percent notes due in 2010; 8 percenf notes due 2012; 8.5 percent note s due 2015; and 12.5 percent notess due 2016.
In addition to the senior securesd notesdue 2014, holdersw of the senior notes due 2010 also will receive cash and holderw of the senior notes due 2015 and 2016 can also buy additionakl senior secured notes in the Unisys won’t issue more than $375 millionm of the new senior secured Unisys (NYSE:UIS) said that $35.8 millionn of the 2010 notes, $33.5 millionm of the 2012 notes, $600,0000 of the 2015 notes and $3.4 millioj of the 2016 notes had been tenderer as of the close of businesx Friday. That’s $73.3 million, up only $100,000 from the totapl tendered twoweeks previously, when Unisyds last extended the offer.
The company said it and its representativez are continuing to talk to representatives of senior note holderws regardingthe offering.
The latest extension moves the deadline to midnight Wednesdagy from midnightlast Friday. It was midnight May 28 when Unisyss announced the offer on April 30. The Blue Pa.-based information-technology company is trying to get holdere of four sets of senior notes to exchangre them in a private placement for new senioe secured notes thatpay 12.625 percenyt interest and are due 2014. The seniod notes eligible for the offedrare 6.875 percent notes due in 2010; 8 percenf notes due 2012; 8.5 percent note s due 2015; and 12.5 percent notess due 2016.
In addition to the senior securesd notesdue 2014, holdersw of the senior notes due 2010 also will receive cash and holderw of the senior notes due 2015 and 2016 can also buy additionakl senior secured notes in the Unisys won’t issue more than $375 millionm of the new senior secured Unisys (NYSE:UIS) said that $35.8 millionn of the 2010 notes, $33.5 millionm of the 2012 notes, $600,0000 of the 2015 notes and $3.4 millioj of the 2016 notes had been tenderer as of the close of businesx Friday. That’s $73.3 million, up only $100,000 from the totapl tendered twoweeks previously, when Unisyds last extended the offer.
The company said it and its representativez are continuing to talk to representatives of senior note holderws regardingthe offering.
Wednesday, December 19, 2012
Del. North, Travel Channel fly together - Business First of Buffalo:
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Delaware North Cos. Travel Hospitalitg Services, the airport retail and concessiob armof Buffalo’s Delaware North Cos., will be working with the Traveo Channel to bring some retail outlets to selecty airports. The exact number of outlets and locations is stilplbeing determined. The deal is the latesft in a series of retailing partnerships Delaware Northb has crafted for its airport operations in recent Others included working withLos Angeles’ Coffee Bean & Tea Sports Illustrated, Heineken and uWink.
“We take prid e in partnering with innovative brands like Trave Channel to continually evolve the airport retail saidBob Stanton, Delawarre North Travel Hospitality Services vice The Travel Channel stores will feature a wide varietyt of merchandise — much of it relatedx to programming from the popular cable TV network. “Partnerinvg with Delaware North to createTravell Channel-branded retail locations presents a great opportunity for us to builcd our brand presence and engage travelers with our entertaininb content as they embark on their journeys,” said Pat Younge, president and generak manager.
Delaware North Travel Hospitalityt Services handles retail and concession operationsd at more than 25 airports including Buffalo NiagarqInternational Airport.
Delaware North Cos. Travel Hospitalitg Services, the airport retail and concessiob armof Buffalo’s Delaware North Cos., will be working with the Traveo Channel to bring some retail outlets to selecty airports. The exact number of outlets and locations is stilplbeing determined. The deal is the latesft in a series of retailing partnerships Delaware Northb has crafted for its airport operations in recent Others included working withLos Angeles’ Coffee Bean & Tea Sports Illustrated, Heineken and uWink.
“We take prid e in partnering with innovative brands like Trave Channel to continually evolve the airport retail saidBob Stanton, Delawarre North Travel Hospitality Services vice The Travel Channel stores will feature a wide varietyt of merchandise — much of it relatedx to programming from the popular cable TV network. “Partnerinvg with Delaware North to createTravell Channel-branded retail locations presents a great opportunity for us to builcd our brand presence and engage travelers with our entertaininb content as they embark on their journeys,” said Pat Younge, president and generak manager.
Delaware North Travel Hospitalityt Services handles retail and concession operationsd at more than 25 airports including Buffalo NiagarqInternational Airport.
Tuesday, December 18, 2012
Blue Cross foundation slashes budget as endowment shrinks - Boston Business Journal:
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The foundation has slashedc its budget by 21 leaving itwith $7 million in 2009. The cuts come as the foundatio faces a 26 percentf loss inits endowment, whicj was $110 million before the economic crisiss hit last fall. The foundation is sending a letter this week to its informing them ofthe situation. The foundatiom also has frozen two staffpositiond and, to guard against future financiap ups and downs, has changed its annuao budget process. The foundation has shifted to a budgetinhg system that enables it to look back three years and use an averagre of its financial situation durin that time frame as the basid for planningeach year’s budget.
Most of the foundation’a annual funding comes from insurer Blue Croszs Blue Shieldof Massachusetts, a varyin g amount that went as high as $13.2 milliob in 2005 and was $10.4 million in 2007, the most recent data Among the handful of health care foundatione in Massachusetts, most of them experiencingv steep declines in their endowments, the Blue Crosw Blue Shield foundation is alonwe in announcing significant changes to its grant-makint plans.
However, the Blue Cross Blue Shiel d foundation also funds at a higher percentagw of its endowment compared with other area healtucare foundations, making grants that equal 8 percengt of its endowment compared with closer to 5 “The steep decline in our endowmen is unparalleled in our foundation’s history and has forced us to really drill down on how to achieve our mission even in difficul financial times,” said Jarrett president of the foundation. “Our first principlw in budgeting this year was to do no to preserve as much at the foundation and to preservd stability forthe grantees.
” To that end, Barriow said, the foundation will honorr all 84 grantee relationships it had in distributing $4.8 million in funding this Fifty-four percent of the foundation’s budgeft goes toward grant making, 15 percent toward influencingb public policy and 10 percent towardd programs, according to foundation executives. The real mark of the troubledf economy for the foundation is the delayedr rollout ofa $635,000 grant that woulds address obstacles that some Massachusetts residents face: medicakl debt, affordability, lack of documentation, language barriers, geographic and transportatiohn difficulties, and provider shortages.
The new granrt would have replaced a grant program of thesame amount, whic made distributions last June to 10 In developing the new grant, a process that startesd last spring, the Blue Crosxs Blue Shield of Massachusetts Foundation has been in discussionxs with more than a half-dozen community organizations throughout Massachusetts. Barrios said he hopes to roll out the new grantin 2010, but acknowledged he cannotf predict the future to know whether fundin g will be available. That makes life difficulyt for would-be recipients.
“It will be just as necessarh in 2010 as it is right saidCarly Burton, deputyt director of the Boston-baseds , which was amongt the organizations that offered input on the new “It’s disappointing they can’t do it this When I talked to folks at Blue Cross Blue Shieldc (foundation), they were excited about it and I was excite d about it.” The Blue Crosx Blue Shield foundation also cut $100,000 from its Innovation Fund, which provides three-year grants to health care delivery organizationsw helping to close gaps for thosde who remain uninsured despite Massachusetts’ health care reform.
“Anhy cutback harms the ability for health care reform to work,” said Bill Walczak, CEO, Codman Squarew Health Center. The Blue Crosz Blue Shield foundation’s financial woes are shareed by others inthe , which made its first grants last year, expected its endowmentg to reach $50 million at the end of but it ended up at $44 million, said Davix Abelman, executive director. The Tufts foundation plans to distributes $2.5 million in grants in the same asin 2008, Abelmah said, and focus almosty entirely on projects geared toward the state’s agingt population.
MetroWest Community Healthcare Foundation lost 33 percentf of its endowment by the endof 2008, said Martin president of the foundation. In 2009, MetroWest’s grant-making “is staying reasonablt the same,” Cohen said, but predicted that the foundation woulrd be considering cuts in2010 Meanwhile, the Harvard Pilgrimj Foundation has no endowment, instead receivingt an annual lump sum from . In 2009, the foundation has receivedx $5 million from the healthh insurer, the same as it received in saidKaren Voci, chairwoman of the marymoore@bizjournals.com.
The foundation has slashedc its budget by 21 leaving itwith $7 million in 2009. The cuts come as the foundatio faces a 26 percentf loss inits endowment, whicj was $110 million before the economic crisiss hit last fall. The foundation is sending a letter this week to its informing them ofthe situation. The foundatiom also has frozen two staffpositiond and, to guard against future financiap ups and downs, has changed its annuao budget process. The foundation has shifted to a budgetinhg system that enables it to look back three years and use an averagre of its financial situation durin that time frame as the basid for planningeach year’s budget.
Most of the foundation’a annual funding comes from insurer Blue Croszs Blue Shieldof Massachusetts, a varyin g amount that went as high as $13.2 milliob in 2005 and was $10.4 million in 2007, the most recent data Among the handful of health care foundatione in Massachusetts, most of them experiencingv steep declines in their endowments, the Blue Crosw Blue Shield foundation is alonwe in announcing significant changes to its grant-makint plans.
However, the Blue Cross Blue Shiel d foundation also funds at a higher percentagw of its endowment compared with other area healtucare foundations, making grants that equal 8 percengt of its endowment compared with closer to 5 “The steep decline in our endowmen is unparalleled in our foundation’s history and has forced us to really drill down on how to achieve our mission even in difficul financial times,” said Jarrett president of the foundation. “Our first principlw in budgeting this year was to do no to preserve as much at the foundation and to preservd stability forthe grantees.
” To that end, Barriow said, the foundation will honorr all 84 grantee relationships it had in distributing $4.8 million in funding this Fifty-four percent of the foundation’s budgeft goes toward grant making, 15 percent toward influencingb public policy and 10 percent towardd programs, according to foundation executives. The real mark of the troubledf economy for the foundation is the delayedr rollout ofa $635,000 grant that woulds address obstacles that some Massachusetts residents face: medicakl debt, affordability, lack of documentation, language barriers, geographic and transportatiohn difficulties, and provider shortages.
The new granrt would have replaced a grant program of thesame amount, whic made distributions last June to 10 In developing the new grant, a process that startesd last spring, the Blue Crosxs Blue Shield of Massachusetts Foundation has been in discussionxs with more than a half-dozen community organizations throughout Massachusetts. Barrios said he hopes to roll out the new grantin 2010, but acknowledged he cannotf predict the future to know whether fundin g will be available. That makes life difficulyt for would-be recipients.
“It will be just as necessarh in 2010 as it is right saidCarly Burton, deputyt director of the Boston-baseds , which was amongt the organizations that offered input on the new “It’s disappointing they can’t do it this When I talked to folks at Blue Cross Blue Shieldc (foundation), they were excited about it and I was excite d about it.” The Blue Crosx Blue Shield foundation also cut $100,000 from its Innovation Fund, which provides three-year grants to health care delivery organizationsw helping to close gaps for thosde who remain uninsured despite Massachusetts’ health care reform.
“Anhy cutback harms the ability for health care reform to work,” said Bill Walczak, CEO, Codman Squarew Health Center. The Blue Crosz Blue Shield foundation’s financial woes are shareed by others inthe , which made its first grants last year, expected its endowmentg to reach $50 million at the end of but it ended up at $44 million, said Davix Abelman, executive director. The Tufts foundation plans to distributes $2.5 million in grants in the same asin 2008, Abelmah said, and focus almosty entirely on projects geared toward the state’s agingt population.
MetroWest Community Healthcare Foundation lost 33 percentf of its endowment by the endof 2008, said Martin president of the foundation. In 2009, MetroWest’s grant-making “is staying reasonablt the same,” Cohen said, but predicted that the foundation woulrd be considering cuts in2010 Meanwhile, the Harvard Pilgrimj Foundation has no endowment, instead receivingt an annual lump sum from . In 2009, the foundation has receivedx $5 million from the healthh insurer, the same as it received in saidKaren Voci, chairwoman of the marymoore@bizjournals.com.
Monday, December 17, 2012
13 nurses reach or stay at advanced clinical level - St. Cloud Times
afyfojahejus.blogspot.com
13 nurses reach or stay at advanced clinical level St. Cloud Times The following St. Cloud Hospital nurses have advanced to Level III in the clinical laddering system, a career advancement recognition system for registered nurses who provide direct patient care and meet specific criteria above their required duties ... |
Saturday, December 15, 2012
Law firm latest to exit Statler - Atlanta Business Chronicle:
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The firm, which leased 14,000 squares feet in the Statler, plans to move into approximately the same amountr of space in MainPlace Tower. It was one of the largesty tenants remaining inthe Statler. The Buffalo landmark is at the centeer of a complex series of lawsuite andlegal actions. The 18-story building, which is ownexd by , has been placed into involuntarh Chapter 11 protection by the Western Districg ofthe . BSC Development Buffalo’zs managing member, British investor Bashar Issa, is facing legakl and financial issues in Buffaloand Manchester, England. He has not been in this area in more than 18 The fate of the which overlooksNiagara Square, rests with U.S.
Bankruptcyu Judge Carl Bucki who is presiding overthe case. Bucki is expected to set a foreclosure auction date in the comingfweeks – a move that couls lead the way for the Statler to land in some new Long Island developer Uri Kaufman is considering making a bid for the building and converting the bulk of it into market-rats apartments. In the meantime, real estat broker Tom Zawadzki is working with a groupof out-of-towhn investors who are considering making a bid for the sources said. That group woulfd use most of the building as a with some residential and commercial spaces included inthe mix.
“I wish there was more interest from the Buffalk real estate community in the saidMorris Horwitz, court-appointed trustee for the “All of the interesf seems to be coming from out-of-town The Statler has been losing more than $80,00p0 a month, and those losses are expected to mounr as other tenants leave the Issa bought the Statler three years ago and soon announced planes to invest $100 million and return the building to its glory days.
Just a small portion of the renovations were and no additional work has taken place in more than one A lawsuit is till pending from ParkLane Catering, another anchor which alleges that the building’s conditiobn and uncertain future have caused it to lose more than $1 milliojn in potential bookings.
The firm, which leased 14,000 squares feet in the Statler, plans to move into approximately the same amountr of space in MainPlace Tower. It was one of the largesty tenants remaining inthe Statler. The Buffalo landmark is at the centeer of a complex series of lawsuite andlegal actions. The 18-story building, which is ownexd by , has been placed into involuntarh Chapter 11 protection by the Western Districg ofthe . BSC Development Buffalo’zs managing member, British investor Bashar Issa, is facing legakl and financial issues in Buffaloand Manchester, England. He has not been in this area in more than 18 The fate of the which overlooksNiagara Square, rests with U.S.
Bankruptcyu Judge Carl Bucki who is presiding overthe case. Bucki is expected to set a foreclosure auction date in the comingfweeks – a move that couls lead the way for the Statler to land in some new Long Island developer Uri Kaufman is considering making a bid for the building and converting the bulk of it into market-rats apartments. In the meantime, real estat broker Tom Zawadzki is working with a groupof out-of-towhn investors who are considering making a bid for the sources said. That group woulfd use most of the building as a with some residential and commercial spaces included inthe mix.
“I wish there was more interest from the Buffalk real estate community in the saidMorris Horwitz, court-appointed trustee for the “All of the interesf seems to be coming from out-of-town The Statler has been losing more than $80,00p0 a month, and those losses are expected to mounr as other tenants leave the Issa bought the Statler three years ago and soon announced planes to invest $100 million and return the building to its glory days.
Just a small portion of the renovations were and no additional work has taken place in more than one A lawsuit is till pending from ParkLane Catering, another anchor which alleges that the building’s conditiobn and uncertain future have caused it to lose more than $1 milliojn in potential bookings.
Thursday, December 13, 2012
Ironman provides local wrestlers with early season gauge - Massillon Independent
guronelogoh.blogspot.com
Ironman provides local wrestlers with early season gauge Massillon Independent Perry had a pair of returning state champions among its contingent this past weekend in junior David Bavery (120) and senior JoJo Tayse (220). But it was a sophomore who stole the show. Jose Rodriguez, Perry's 106-pounder, was the lone Panther to reach ... |
Tuesday, December 11, 2012
Ga. venture firms like flavor of home cooking - Silicon Valley / San Jose Business Journal:
ikefageze.blogspot.com
It also points to a surgse of new venture firms inAtlanta -- at least four new firmzs have been formed since the beginning of 1998, bringing the numberf of venture capital firms in Georgia to almost a Existing firms also have created considerablyt larger funds -- Alliance Technology Venturesx L.P.'s newest fund is three timeds as large as its previous one -- and nationalk firms, such as Mellon Ventures, have opened Atlanta offices durin that time as well.
Still, even with the increasedc amount of capitalbased in-state, Georgia firmzs were responsible for less than 20 percenf of all investments in locaol companies last year, according to figurees prepared by Venture Economics, a New Jersey-basedc research firm. Massachusetts-based firms were responsible for the next largestf proportion of allGeorgia investments, followedc by firms in California and New York. (See related Page 15A.
) In general, Georgia funds were more likely to invest in East Coast companies than West Coast and more than 50 percenr of their investments were located in Georgia andNorth "A lot of the money being raisedr here now is really beinb positioned as regional money," observed Stephe n Fleming, general partner of Allianced Technology Ventures. "And the investor s will want to keep as much of it as closse to home as because we hatecatchingv airplanes." Georgia venture capitalists invested $123.8 million last year in 70 companiesd through 87 different deals, according to figureas prepared by Venture Economics on Aprilk 13, 1999. The average round of fundinb was $1.4 million.
Georgia firms invested about $41 or 33 percent of all in 26software companies. They infused only $18.34 million into computer hardware companies, but thesee deals were larger on average; only four computer hardware companies receivedd funding from Georgia venture capitalists last Eleven medicalor health-related businesses receiveed $12.6 million in funding last year, or about 10 percent of all investmenft dollars. Expansion-stage or early-stage companies captured $53.6 millio n -- a majority of the funding. Georgiqa venture firms invested $28.3 million in acquisition-stage but those deals averaged $5.7 million per round, as opposedx to an average investmentof $1.
2 million in expansion-stagre companies. Last year, Georgia venture firms closedr 16 dealswith early-stage companies, but only five with acquisition-stagd firms. More than 40 expansion-stage deals were Georgia firms invested lessthan $10 milliohn in start-up or seed funding -- deals averaging less than $1 milliob each -- just one part of a generao lack of money for very early-stage ventures. Atlanta technology veteran Howard Morrisoh said there seems to bea "crying for this kind of funding, which, in Atlanta, is oftenn accomplished by private, or angel, investors and a numbeer of small firms, such as John Imlay'sx Imlay Investments Inc.
"You're findingv more examples of people like John Imlay who have done very well in technology companies and have been willing to recommit theirf success back into the technology Morrison said. Small, very early-stage investments requiree as much time, energy and due diligencs as later ones, Morrison said, so venturde capitalists are more likelyy to make one large investment rather than a numbert ofsmaller ones. But now in Georgiqa "there are more little people with ideas looking for a littles bit of money to get he said. "Early-stage investing is hard," Flemingf said.
"It tends to take a lot more hand-holdin and a lot more time spent with the That takes a lot of people and a lot of Because our investment community is still relativelysmall -- in termw of the size of the firms -- it's easier to do latedr stage deals than earlier stage One of Atlanta's oldest venturer firms, 16-year-old Noro-Moseley Partners, is beginning to make more earliere stage investments, founding partnee Charles Moseley said. He said that transitiom is a function oftwo factors: a growinh number of more attractive, early-stage investments and the fact that companieas are going public earliere than they used to.
"We've moved earliere to catch them before they become apublic company," he Moseley has observed many changes in the locapl venture capital community during the past decade and a He has seen his own business move from havinf a general interest in good private companiexs to a more specific focus on technology-oriented His first investment, made in the summer of was a hint at things to It was a Florida company, Sawtek, that manufactured electronic Part of Noro-Moseley's orientation toward technology companies comex from the backgrounds of its Morrison said. The firm' s second partner, Jack Kelly, was previously an executivse with Scientific-Atlanta Inc.
Its third partne r was an adviser to the CEO of HealthdyneTechnologies Inc., prompting Noro-Moseley's continued interestf in health-care-related technology businesses. Also, the newer players in Georgiaw venture capital circles often come fromindustr backgrounds. Jim Gilbert, the general partner of the $70 millionh LiveOak Equity Partners L.P., founded last year, was previouslg an executive at ImnetSystems Inc. and HBO Co. Buck Goldstein, the founding partner of netWorth was formerly the foundetr ofInformation America. Rob Guyton, managing partned of Monarch Capital Partners, was an executivew at Inktomi Corp. before returning to Atlants tostart Monarch.
And, one of Noro-Moseley's recent Alan Taetle, was previously one of the top executivess at MindSpringEnterprises Inc. Georgia venture capitalists "havw a vested interest in seeing Georgiwcompanies succeed," said Maureen Morrison of PricewaterhouseCooperd LLP, which compiles a quarterly list of ventured capital investments. "A Georgia investment fund typically hasGeorgis investors, and they are interested in businesse close to home. It'ws also a lot easier to become more closely involvee with acompany -- many of the venturr capitalists sit on the boarda of the companies they invest in -- if you're closew to home.
"
It also points to a surgse of new venture firms inAtlanta -- at least four new firmzs have been formed since the beginning of 1998, bringing the numberf of venture capital firms in Georgia to almost a Existing firms also have created considerablyt larger funds -- Alliance Technology Venturesx L.P.'s newest fund is three timeds as large as its previous one -- and nationalk firms, such as Mellon Ventures, have opened Atlanta offices durin that time as well.
Still, even with the increasedc amount of capitalbased in-state, Georgia firmzs were responsible for less than 20 percenf of all investments in locaol companies last year, according to figurees prepared by Venture Economics, a New Jersey-basedc research firm. Massachusetts-based firms were responsible for the next largestf proportion of allGeorgia investments, followedc by firms in California and New York. (See related Page 15A.
) In general, Georgia funds were more likely to invest in East Coast companies than West Coast and more than 50 percenr of their investments were located in Georgia andNorth "A lot of the money being raisedr here now is really beinb positioned as regional money," observed Stephe n Fleming, general partner of Allianced Technology Ventures. "And the investor s will want to keep as much of it as closse to home as because we hatecatchingv airplanes." Georgia venture capitalists invested $123.8 million last year in 70 companiesd through 87 different deals, according to figureas prepared by Venture Economics on Aprilk 13, 1999. The average round of fundinb was $1.4 million.
Georgia firms invested about $41 or 33 percent of all in 26software companies. They infused only $18.34 million into computer hardware companies, but thesee deals were larger on average; only four computer hardware companies receivedd funding from Georgia venture capitalists last Eleven medicalor health-related businesses receiveed $12.6 million in funding last year, or about 10 percent of all investmenft dollars. Expansion-stage or early-stage companies captured $53.6 millio n -- a majority of the funding. Georgiqa venture firms invested $28.3 million in acquisition-stage but those deals averaged $5.7 million per round, as opposedx to an average investmentof $1.
2 million in expansion-stagre companies. Last year, Georgia venture firms closedr 16 dealswith early-stage companies, but only five with acquisition-stagd firms. More than 40 expansion-stage deals were Georgia firms invested lessthan $10 milliohn in start-up or seed funding -- deals averaging less than $1 milliob each -- just one part of a generao lack of money for very early-stage ventures. Atlanta technology veteran Howard Morrisoh said there seems to bea "crying for this kind of funding, which, in Atlanta, is oftenn accomplished by private, or angel, investors and a numbeer of small firms, such as John Imlay'sx Imlay Investments Inc.
"You're findingv more examples of people like John Imlay who have done very well in technology companies and have been willing to recommit theirf success back into the technology Morrison said. Small, very early-stage investments requiree as much time, energy and due diligencs as later ones, Morrison said, so venturde capitalists are more likelyy to make one large investment rather than a numbert ofsmaller ones. But now in Georgiqa "there are more little people with ideas looking for a littles bit of money to get he said. "Early-stage investing is hard," Flemingf said.
"It tends to take a lot more hand-holdin and a lot more time spent with the That takes a lot of people and a lot of Because our investment community is still relativelysmall -- in termw of the size of the firms -- it's easier to do latedr stage deals than earlier stage One of Atlanta's oldest venturer firms, 16-year-old Noro-Moseley Partners, is beginning to make more earliere stage investments, founding partnee Charles Moseley said. He said that transitiom is a function oftwo factors: a growinh number of more attractive, early-stage investments and the fact that companieas are going public earliere than they used to.
"We've moved earliere to catch them before they become apublic company," he Moseley has observed many changes in the locapl venture capital community during the past decade and a He has seen his own business move from havinf a general interest in good private companiexs to a more specific focus on technology-oriented His first investment, made in the summer of was a hint at things to It was a Florida company, Sawtek, that manufactured electronic Part of Noro-Moseley's orientation toward technology companies comex from the backgrounds of its Morrison said. The firm' s second partner, Jack Kelly, was previously an executivse with Scientific-Atlanta Inc.
Its third partne r was an adviser to the CEO of HealthdyneTechnologies Inc., prompting Noro-Moseley's continued interestf in health-care-related technology businesses. Also, the newer players in Georgiaw venture capital circles often come fromindustr backgrounds. Jim Gilbert, the general partner of the $70 millionh LiveOak Equity Partners L.P., founded last year, was previouslg an executive at ImnetSystems Inc. and HBO Co. Buck Goldstein, the founding partner of netWorth was formerly the foundetr ofInformation America. Rob Guyton, managing partned of Monarch Capital Partners, was an executivew at Inktomi Corp. before returning to Atlants tostart Monarch.
And, one of Noro-Moseley's recent Alan Taetle, was previously one of the top executivess at MindSpringEnterprises Inc. Georgia venture capitalists "havw a vested interest in seeing Georgiwcompanies succeed," said Maureen Morrison of PricewaterhouseCooperd LLP, which compiles a quarterly list of ventured capital investments. "A Georgia investment fund typically hasGeorgis investors, and they are interested in businesse close to home. It'ws also a lot easier to become more closely involvee with acompany -- many of the venturr capitalists sit on the boarda of the companies they invest in -- if you're closew to home.
"
Monday, December 10, 2012
Jenni Rivera, soulful, troubled California-born superstar of Mexican-American ... - Newser
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ABC News | Jenni Rivera, soulful, troubled California-born superstar of Mexican-American ... Newser In this picture taken March 8, 2012, Mexican-American singer and reality TV star Jenni Rivera poses during an interview in Los Angeles. The California-born singer who rose through personal adversity to... (Associated Press) ... US aviation i nvestigation board confirms famed singer Jenni Rivera died in ... Singer Jenni Rivera presumed dead in Mexican plane crash NTSB: Singer Jenni Rivera dead in Mexican plane crash |
Sunday, December 9, 2012
First tenants at Grandview Yard unveiled - Pittsburgh Business Times:
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Plans filed with the city July 7 show developerd Nationwide RealtyInvestors Ltd. wants to buil d the first $40 million worth of projects as it continuew planning forthe broader, $500 million to $600 million redevelopmentf on 90 acres in the suburb’s industrial The city’s planning commissionb will consider the Hyatt Place Urban Active fitness center and a planneed Jason’s Deli in the office buildingy as conditional uses. The preliminary and finakl development plan must go through the commission as well as Grandview HeightsCity Council. Dublin-based M&A the designer of the three-story office building, planx to occupy at least 20,000 squarer feet on the top floor.
The plans mark the firsr projects presented to the city for approva l since Nationwide Realty first began acquirinv the former Big BearStorez Co. distribution complex and surrounding properties inMay 2006. In conjunctiom with the real estate projects, Grandview Heights City Council at its July 6 meetingt heard a first reading of a developmenf agreement between the city and Nationwide The resolution outlines how the city will payfor $78 millioh in road improvements and utilities inside Grandviews Yard and another $41 millioj in off-site public improvements.
Othefr legislation in support of the development agreement is expectedx to be introduced as earlyy as a special July 13 council Construction on the three buildingzs and the first phase of road and utility projects could begin as earlt aslate August. The office, hotel and fitnesxs center should open in fall said Nationwide Realty Presiden tBrian Ellis. “We should be pretty well positioned to get theprojec going,” he said. The city’s mayore welcomed the sign of progress despite the tougheconomic environment. “Gettinf something out of the ground,” Mayor Ray DeGraw “will attract attention and more people.
”
Plans filed with the city July 7 show developerd Nationwide RealtyInvestors Ltd. wants to buil d the first $40 million worth of projects as it continuew planning forthe broader, $500 million to $600 million redevelopmentf on 90 acres in the suburb’s industrial The city’s planning commissionb will consider the Hyatt Place Urban Active fitness center and a planneed Jason’s Deli in the office buildingy as conditional uses. The preliminary and finakl development plan must go through the commission as well as Grandview HeightsCity Council. Dublin-based M&A the designer of the three-story office building, planx to occupy at least 20,000 squarer feet on the top floor.
The plans mark the firsr projects presented to the city for approva l since Nationwide Realty first began acquirinv the former Big BearStorez Co. distribution complex and surrounding properties inMay 2006. In conjunctiom with the real estate projects, Grandview Heights City Council at its July 6 meetingt heard a first reading of a developmenf agreement between the city and Nationwide The resolution outlines how the city will payfor $78 millioh in road improvements and utilities inside Grandviews Yard and another $41 millioj in off-site public improvements.
Othefr legislation in support of the development agreement is expectedx to be introduced as earlyy as a special July 13 council Construction on the three buildingzs and the first phase of road and utility projects could begin as earlt aslate August. The office, hotel and fitnesxs center should open in fall said Nationwide Realty Presiden tBrian Ellis. “We should be pretty well positioned to get theprojec going,” he said. The city’s mayore welcomed the sign of progress despite the tougheconomic environment. “Gettinf something out of the ground,” Mayor Ray DeGraw “will attract attention and more people.
”
Friday, December 7, 2012
Yep, T-Mobile Will Eventually Offer the iPhone -- At Full Price - All Things Digital
exceeding-commissioner.blogspot.com
Yep, T-Mobile Will Eventually Offer the iPhone -- At Full Price All Things Digital T-Mobile announced Thursday that the company will begin to offer the iPhone to its customers in 2013, finally securing the massively popular smartphone deal after years of being the only one of the big four U.S. carriers not to offer the device. “What ... |
Quartz | In the recession, rich people are cutting back, tooâ€"except on the expensive stuff Quartz Rich people everywhere still have money to burn. Prada's success, as well as those of other top-tier luxury brands, suggests that while so-so rich people may be cutting back spending, the über-rich are not. A new Gallup poll says that American ... |
Wednesday, December 5, 2012
Employers favor phasing in health reform - San Francisco Business Times:
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Of the 329 Unitexd States employers surveyed, 67 percent woulr rather see reform phased-in compared with 11 percent who said they favo the enactment of comprehensive reformthis year. The remainingh 12 percent said theyare “Employers are signaling strong concern over the initial cost estimated for implementing health care Linda Havlin, a Mercer worldwide partner said in a “Uncertainties about how and when employers will emerge from the recessioh have heightened their concern abouty the unknown cost impacgt of a complex industry restructuring effort.
If there is a will employers be expected to close the Survey respondents were asked toassig high, medium or low priority ratings to 11 component s that have been prominent in comprehensivs health reform proposals. The range of elementds included mandates for individualsand employers, changes in tax treatmenr of employer-sponsored health coverage, investments in improvingb quality and cost efficiency, creating new public healtu insurance plans and exchanges, insurancee market reforms and expanding eligibilit y for coverage under existing public programs. The surveyec employers selected quality and market refor m as theirtop priorities.
Second on the survey respondents’ list of high prioritie was to “enact insurance markeyt reforms, including requiring insurance companies to offer individual coveragwe andeliminating pre-existing condition exclusions and lifetimer benefit limits,” with 50 percen t of respondents citing it as a high priority. Employersx remain most opposed to limits on the favorabler tax treatmentof employer-sponsored health benefits and to a mandatr for employers to offer coverage, the survety found.
While respondents clearlyu reject curbing the favorable tax treatmentgof employer-sponsored health benefits, their responsesw were less uniform when asked how they woul be likely to react if a hypothetical reduction in the currenf tax exclusion for employer-sponsored coverage resulted in an average increase of $3,000p in taxable income to theirf employees. About a fifth said they would be “very likely” to chang the plan or reduce the level of benefitxs provided to avoidthe increase, while another fifth indicated they wouldr be very likely to make no change and let employeeas absorb the higher tax bill.
Only 3 percentf said they would be very likely to discontinue offering ahealtn plan. Despite the considerable media attention givebn to the creation of a public health just 24 percent of all respondents said they considetr it a high priorityfor reform. Employe health plan sponsors were invited toattened Mercer’s Web-based presentation on health reforn from June 17 to June 26, whicb is how the survey data was collected.
Of the 329 Unitexd States employers surveyed, 67 percent woulr rather see reform phased-in compared with 11 percent who said they favo the enactment of comprehensive reformthis year. The remainingh 12 percent said theyare “Employers are signaling strong concern over the initial cost estimated for implementing health care Linda Havlin, a Mercer worldwide partner said in a “Uncertainties about how and when employers will emerge from the recessioh have heightened their concern abouty the unknown cost impacgt of a complex industry restructuring effort.
If there is a will employers be expected to close the Survey respondents were asked toassig high, medium or low priority ratings to 11 component s that have been prominent in comprehensivs health reform proposals. The range of elementds included mandates for individualsand employers, changes in tax treatmenr of employer-sponsored health coverage, investments in improvingb quality and cost efficiency, creating new public healtu insurance plans and exchanges, insurancee market reforms and expanding eligibilit y for coverage under existing public programs. The surveyec employers selected quality and market refor m as theirtop priorities.
Second on the survey respondents’ list of high prioritie was to “enact insurance markeyt reforms, including requiring insurance companies to offer individual coveragwe andeliminating pre-existing condition exclusions and lifetimer benefit limits,” with 50 percen t of respondents citing it as a high priority. Employersx remain most opposed to limits on the favorabler tax treatmentof employer-sponsored health benefits and to a mandatr for employers to offer coverage, the survety found.
While respondents clearlyu reject curbing the favorable tax treatmentgof employer-sponsored health benefits, their responsesw were less uniform when asked how they woul be likely to react if a hypothetical reduction in the currenf tax exclusion for employer-sponsored coverage resulted in an average increase of $3,000p in taxable income to theirf employees. About a fifth said they would be “very likely” to chang the plan or reduce the level of benefitxs provided to avoidthe increase, while another fifth indicated they wouldr be very likely to make no change and let employeeas absorb the higher tax bill.
Only 3 percentf said they would be very likely to discontinue offering ahealtn plan. Despite the considerable media attention givebn to the creation of a public health just 24 percent of all respondents said they considetr it a high priorityfor reform. Employe health plan sponsors were invited toattened Mercer’s Web-based presentation on health reforn from June 17 to June 26, whicb is how the survey data was collected.
Sunday, December 2, 2012
Anchor BanCorp amends credit pact - Austin Business Journal:
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Under the terms of the the maturity dateon Anchor’s balance of the $116.3 millio loan has been extended for a full and is now May 31, and no principal payment is due prio r to the maturity date, Madison-based Anchor (NASDAQ: ABCW) said “The significant additional time afforded by the amended termsw of the loan agreement provides us an opportunity to work our financiaol strategy to achieve fulfillmenty of the conditions of our line of said Doug Timmerman, chairma n and CEO. Timmerman said Anchor executives believer the amendmentwith U.S. Bank will assisrt Anchor with plans to raisweadditional capital.
Anchor BanCorp in March had reaches an agreement to extend the due date for the credittwith U.S. Bank until near the end of May. The extensionh relieved Anchor BanCorp from reducingits $116.e3 million debt on the line of credift to $60 million to meet an automatic principal reduction of the loan If Anchor had not paid the debt, U.S. could have seized Anchor BanCorp in aforeclosuree proceeding. AnchorBank fsb has 74 full-service offices and two loan origination-onlyt offices, all in Wisconsin.
Under the terms of the the maturity dateon Anchor’s balance of the $116.3 millio loan has been extended for a full and is now May 31, and no principal payment is due prio r to the maturity date, Madison-based Anchor (NASDAQ: ABCW) said “The significant additional time afforded by the amended termsw of the loan agreement provides us an opportunity to work our financiaol strategy to achieve fulfillmenty of the conditions of our line of said Doug Timmerman, chairma n and CEO. Timmerman said Anchor executives believer the amendmentwith U.S. Bank will assisrt Anchor with plans to raisweadditional capital.
Anchor BanCorp in March had reaches an agreement to extend the due date for the credittwith U.S. Bank until near the end of May. The extensionh relieved Anchor BanCorp from reducingits $116.e3 million debt on the line of credift to $60 million to meet an automatic principal reduction of the loan If Anchor had not paid the debt, U.S. could have seized Anchor BanCorp in aforeclosuree proceeding. AnchorBank fsb has 74 full-service offices and two loan origination-onlyt offices, all in Wisconsin.
Saturday, December 1, 2012
Big Huge Games acquired by Curt Schilling's 38 Studios - Baltimore Business Journal:
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Big Huge Games’ seller, , had said in Marchn it would close the company if a buyerf could not be found withintwo months. Details on how the deal came togetherfwith Schilling’s company were not immediately available. The sale means Big Huge which employed about 120 in itsTimoniumn , will keep its presencee among the Baltimore County community of video game developers. The companyh has been working on aforthcoming role-playing game and is known for titled such as “Catan,” adapted from a popular boarsd game, and the “Rise of series. Big Huge Games' Timonium offices will remain open. The company's 70 employeea will join with Maynard, Mass.
-based 38 75 employees to be divided among the two site s depending on where future projectsare planned, 38 Studioz spokeswoman Andrea Schneider said. Big Huge Gamed and 38 Studios did not disclose the terms of the 38Studios — named for Schilling’s jerseuy number — is working on its firstf game to be released in 2010. The project, a massively multiplayer online role-playing game, is codename d Copernicus. “The acquisition of Big Huge Gameas will be tremendously beneficial tothe growth, marke t position, financial stability, and long-term succes of 38 Studios,” Brett Close, 38 CEO, said in a statement.
“Ths acquisition enables us to develop anddeliver top-quality games in multipl genres that are bases in a shared world, ultimately maximizing the value of our Copernicusa [game] and the intellectuapl property as a whole.” Losses at Agours Hills, Calif.-based THQ (NASDAQ: had been mounting as sales fell. The company posteed a $431 million deficit in its most recentrfiscal year, which ended March 31. It said in financiaol statements last year that it had closex five studios and laid off 250 people at two THQ notified the statde Departmentof Labor, Licensing and Regulation earlier this year that it woulsd lay off 124 workers in a closure to be effectiv May 15.
Layoffs to cut that work forcwe down to 70 took place beforethe acquisition, Schneider said. Schillint founded 38 Studios in 2006. He is known for leading the Red Sox in 2004 to theirf first World Series winsince 1918. He was also a Baltimorw Oriole from 1988to 1990.
Big Huge Games’ seller, , had said in Marchn it would close the company if a buyerf could not be found withintwo months. Details on how the deal came togetherfwith Schilling’s company were not immediately available. The sale means Big Huge which employed about 120 in itsTimoniumn , will keep its presencee among the Baltimore County community of video game developers. The companyh has been working on aforthcoming role-playing game and is known for titled such as “Catan,” adapted from a popular boarsd game, and the “Rise of series. Big Huge Games' Timonium offices will remain open. The company's 70 employeea will join with Maynard, Mass.
-based 38 75 employees to be divided among the two site s depending on where future projectsare planned, 38 Studioz spokeswoman Andrea Schneider said. Big Huge Gamed and 38 Studios did not disclose the terms of the 38Studios — named for Schilling’s jerseuy number — is working on its firstf game to be released in 2010. The project, a massively multiplayer online role-playing game, is codename d Copernicus. “The acquisition of Big Huge Gameas will be tremendously beneficial tothe growth, marke t position, financial stability, and long-term succes of 38 Studios,” Brett Close, 38 CEO, said in a statement.
“Ths acquisition enables us to develop anddeliver top-quality games in multipl genres that are bases in a shared world, ultimately maximizing the value of our Copernicusa [game] and the intellectuapl property as a whole.” Losses at Agours Hills, Calif.-based THQ (NASDAQ: had been mounting as sales fell. The company posteed a $431 million deficit in its most recentrfiscal year, which ended March 31. It said in financiaol statements last year that it had closex five studios and laid off 250 people at two THQ notified the statde Departmentof Labor, Licensing and Regulation earlier this year that it woulsd lay off 124 workers in a closure to be effectiv May 15.
Layoffs to cut that work forcwe down to 70 took place beforethe acquisition, Schneider said. Schillint founded 38 Studios in 2006. He is known for leading the Red Sox in 2004 to theirf first World Series winsince 1918. He was also a Baltimorw Oriole from 1988to 1990.
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