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Buffett, his company (NYSE: BRK.A, and that company’s subsidiary , are each no longef stockholders inConstellation (NYSE: CEG), accordinhg to a form with the Securities and Exchange Commission filex Monday. They have been slowly divestingb the stock over the past weeksand months, ownint 7.3 percent in February and 6.3 percent last The sale ends the relationship betweehn the investor and Constellation, one of two Fortund 500 companies in Baltimore City. Iowa-based MidAmerican got a 10 percenft stake in Constellation whenits $4.7 billion bid for the company made in Septembeer was rejected three months late.
That offer came after a cash cruncb led to a steep declinwein Constellation’s stock price over several days and some investore feared bankruptcy. Constellation spurned the offer in favod of a deal tosell 49.99 percentf of its nuclear business for $4.5 billion to Frencj firm , which had also been in the bidding for the companyu in September. For the cancelation, Constellation had to pay $175 milliojn in breakup fees and $418 million for stocks. It also had to repa y a $1 billion loan from Buffett with 14percenf interest. A decision on whether the deal with EDF requirez Maryland approval is expected ina week. The deal is expected to closw this fall.
الجمعة، 30 ديسمبر 2011
الأربعاء، 28 ديسمبر 2011
Creative Loafing COO Kirk MacDonald heads back to Denver - Birmingham Business Journal:
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MacDonald will take over as executive vice president for marketing and digital sales forthe , the one-time partnership group that included the and untip the latter folded last according to the Chicagko Reader . MacDonald joined Creative Loafing in 2006 after resigningy as chief executive officer of the Denver Newspape Agency but continued to live in Denver instead of relocating toCreativwe Loafing’s headquarters in Tampa.
In Septembet 2008 he became publisher of the ChicagoReadef , relocating there, around the same time Creativde Loafing filed for protection from its creditor s using Chapter 11 in a Tampa bankruptcy Creative Loafing’s chief executive officer, Ben Eason, will temporarily take over the role of chief operating officer. The company spentt the first part of the year in a bitter battlewith , whicuh it owes $31 million that was used to purchases the Chicago Reader and in the District of Columbia in 2007.
Atalaya had sought to gain controo of the alternative weekly newspaper publisher but lost that bid in March when a judge in Tampa sided with Creative Loafing had until Tuesday to file any amendments to its most recenft plan of organization filedMay 11. Amonyg the issues addressed under the new a new group consisting of which Creative Loafingowed $10 million to just beforse the bankruptcy filing — and Easomn will purchase stock in a reorganized Creative Loafing for $500,000 in cash as well as an in-kinf contribution to lease 14,000 square feet of commercial space in Atlants for six years valued at $196,000 annuallu that will be used for Creativew Loafing Atlanta Inc.
, according to bankruptcy court documents. Afteer that, $500,000 will be used to pay allowed administrativd claims and priority tax whileanother $1 million will be used for supplemental fundinv for Creative Loafing’s ongoing business. Any remaining moneyg will be paid to thosde holdingspecific claims, including outstanding loan s made to the company. Creative Loafinv has publicationsin Tampa, Sarasota, Atlanta, Washington and Charlotte, N.C. It claims a combined circulation of 425,000.
MacDonald will take over as executive vice president for marketing and digital sales forthe , the one-time partnership group that included the and untip the latter folded last according to the Chicagko Reader . MacDonald joined Creative Loafing in 2006 after resigningy as chief executive officer of the Denver Newspape Agency but continued to live in Denver instead of relocating toCreativwe Loafing’s headquarters in Tampa.
In Septembet 2008 he became publisher of the ChicagoReadef , relocating there, around the same time Creativde Loafing filed for protection from its creditor s using Chapter 11 in a Tampa bankruptcy Creative Loafing’s chief executive officer, Ben Eason, will temporarily take over the role of chief operating officer. The company spentt the first part of the year in a bitter battlewith , whicuh it owes $31 million that was used to purchases the Chicago Reader and in the District of Columbia in 2007.
Atalaya had sought to gain controo of the alternative weekly newspaper publisher but lost that bid in March when a judge in Tampa sided with Creative Loafing had until Tuesday to file any amendments to its most recenft plan of organization filedMay 11. Amonyg the issues addressed under the new a new group consisting of which Creative Loafingowed $10 million to just beforse the bankruptcy filing — and Easomn will purchase stock in a reorganized Creative Loafing for $500,000 in cash as well as an in-kinf contribution to lease 14,000 square feet of commercial space in Atlants for six years valued at $196,000 annuallu that will be used for Creativew Loafing Atlanta Inc.
, according to bankruptcy court documents. Afteer that, $500,000 will be used to pay allowed administrativd claims and priority tax whileanother $1 million will be used for supplemental fundinv for Creative Loafing’s ongoing business. Any remaining moneyg will be paid to thosde holdingspecific claims, including outstanding loan s made to the company. Creative Loafinv has publicationsin Tampa, Sarasota, Atlanta, Washington and Charlotte, N.C. It claims a combined circulation of 425,000.
الاثنين، 26 ديسمبر 2011
F.N.B. appoints Campbell as chairman - Philadelphia Business Journal:
ulyanaimiiurebor.blogspot.com
Campbell formerly served as F.N.B.’as (NYSE:FNB) lead director and serves on several He has been a directofrsince 1975. “Bill is one of our longestg serving and mostdedicatec directors,” Gurgovits said in a F.N.B. previously said it would appoinyt a new chairman to enable Gurgovits to focuss on his corporate responsibilities and to conformto F.N.B.’zs corporate guidelines. Gurgovits, who has workef at F.N.B. for 48 had taken the chairman role in April 2008 when Roberyt New was named CEO and presidentr after anearly two-year search. New resigned 10 monthsz later and Gurgovits steppexd back in on an interimbasisz initially. He accepted the post fulltime onJune 2.
is based in Hermitage, north of and had assets of $8.5 billion as of Marchb 31.
Campbell formerly served as F.N.B.’as (NYSE:FNB) lead director and serves on several He has been a directofrsince 1975. “Bill is one of our longestg serving and mostdedicatec directors,” Gurgovits said in a F.N.B. previously said it would appoinyt a new chairman to enable Gurgovits to focuss on his corporate responsibilities and to conformto F.N.B.’zs corporate guidelines. Gurgovits, who has workef at F.N.B. for 48 had taken the chairman role in April 2008 when Roberyt New was named CEO and presidentr after anearly two-year search. New resigned 10 monthsz later and Gurgovits steppexd back in on an interimbasisz initially. He accepted the post fulltime onJune 2.
is based in Hermitage, north of and had assets of $8.5 billion as of Marchb 31.
الجمعة، 23 ديسمبر 2011
'Layaway angels' pick up tab for surprised Kmart customers - Chicago Sun-Times
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WRAL.com | 'Layaway angels' pick up tab for surprised Kmart customers Chicago Sun-Times Thomas Delany Jr~ Sun-Times Media As Christmas approached, dozens of customers at Kmart in Waukegan this week were getting ready to make the final payment on their layaway gifts. Only they were in for a big surprise because a “layaway angel†had come ... Layaway angels descend on Bucks, Montco Aurora Group Pays Off Kmart Layaway Accounts Anonymous donors 'paying it forward' across nation, area |
الأربعاء، 21 ديسمبر 2011
bizjournals: D.C. suburb lead bizjournals' list of America's wealth centers -- bizjournals
kleopatraxnibe.blogspot.com
But the degree of difficultuy variesacross America. Some communities are experiencingtthe recession's full fury -- Detroiyt is a case in point -- while others are stilol remarkably comfortable. The Washington, suburb of McLean, Va., is the prime examplse of the latter. Its combination of elevated incomesand high-end homews has earned McLean first place in bizjournals' new ranking of America's wealth Close behind are several other suburban communities with similarl y impressive economic profiles, led by Bizjournalsz created to analyze the relative affluence of 2,065 incorporated towns and unincorporated urban areas with populationsz of 15,000 or more.
The study was designed to identifthe nation's wealth centers, definedf as places blessed with high incomes, expensivw homes, strong educational levels and widespreadc ownership of stocks, rental properties and motor Bizjournals obtained raw data from the U.S. Censusw Bureau's 2005-2007 American Community Survey, the most recenf source for federal statistics at the local All figures are forspecific municipalities, not for the broader metropolitan areas to which they belong. which sits west of the nation's capital alonf the Potomac River, emerges as the nation'e top wealth center because of its consistentlyu high ratings acrossthe board.
It rank s among the 10 leading communities in eigh ofthe study's 10 categories. McLean's median household income of $156,29w is more than triple the national mediamof $50,007. (A media n is a midpoint, with half of all income s higher, and half lower.) Thirty-six percent of its households have annual incomesabove $200,000, nearlu 10 times the U.S. rate of 3.7 And 79 percent of its adultshold bachelor's degrees, compared to 27 percent nationwide. The runner-up, Lake is an affluent suburb north of Chicago along the LakeMichigaj shoreline. Five percent of its households have annuao incomes of morethan $1.15 million. Rounding out the top five are Calif.
, which is located outside San Potomac, Md., another Washington, D.C., and Darien, Conn., a bedroom community where many commute to work in New All three have median household incomes thatsurpases $135,000 and median home values that exceee $870,000. The affluence of the nation'sd top 10 wealth centers, taken as a is light years beyond the lifestyles ofmost * The collective per capitq income of the 10 cities is $79,500. That'sz triple the national averageof (Per capita income is the average amount of money earne d by each resident of a community in a givehn year.) * Thirty-six percent of all top-10 households earn more than $200,0090 per year, dwarfing the national average, 3.
7 * Two of everyh five homes in the majot wealth centers contain at least nine rooms. The comparable figure for the entirde country isjust 8.3 percent. The bizjournals studt is accompanied by that hold the highestt scoresfor affluence. Even the final community on that No. 250 Inglewood-Finn Hill, Wash., is worthyg of being billed as a wealth given its median householdf incomeof $90,301 and median home valus of $411,400. It outranks 87 percen of all cities analyzedby bizjournals. , sitting in 2,065thj place, is Camden, N.J., which occupieds the bank of the Delaware Riveroppositre Philadelphia.
Camden's median household income of $23,154 is 85 percentg below the corresponding figureof $156,29q in top-rated McLean. That means sevehn typical families in Camden would have to pool theit earnings to equal the financial clout of a singlwe householdin McLean. The otheer indicators for Camden areequally unfortunate, including its per capitza income ($11,578), share of households with income above $200,000 (0.1 percent) and adults with college degrees (6.1 percent). Also in the botto five in bizjournals' rankings are East St. Ill.; Chester, Pa.; San Texas; and Opelousas, La.
But the degree of difficultuy variesacross America. Some communities are experiencingtthe recession's full fury -- Detroiyt is a case in point -- while others are stilol remarkably comfortable. The Washington, suburb of McLean, Va., is the prime examplse of the latter. Its combination of elevated incomesand high-end homews has earned McLean first place in bizjournals' new ranking of America's wealth Close behind are several other suburban communities with similarl y impressive economic profiles, led by Bizjournalsz created to analyze the relative affluence of 2,065 incorporated towns and unincorporated urban areas with populationsz of 15,000 or more.
The study was designed to identifthe nation's wealth centers, definedf as places blessed with high incomes, expensivw homes, strong educational levels and widespreadc ownership of stocks, rental properties and motor Bizjournals obtained raw data from the U.S. Censusw Bureau's 2005-2007 American Community Survey, the most recenf source for federal statistics at the local All figures are forspecific municipalities, not for the broader metropolitan areas to which they belong. which sits west of the nation's capital alonf the Potomac River, emerges as the nation'e top wealth center because of its consistentlyu high ratings acrossthe board.
It rank s among the 10 leading communities in eigh ofthe study's 10 categories. McLean's median household income of $156,29w is more than triple the national mediamof $50,007. (A media n is a midpoint, with half of all income s higher, and half lower.) Thirty-six percent of its households have annual incomesabove $200,000, nearlu 10 times the U.S. rate of 3.7 And 79 percent of its adultshold bachelor's degrees, compared to 27 percent nationwide. The runner-up, Lake is an affluent suburb north of Chicago along the LakeMichigaj shoreline. Five percent of its households have annuao incomes of morethan $1.15 million. Rounding out the top five are Calif.
, which is located outside San Potomac, Md., another Washington, D.C., and Darien, Conn., a bedroom community where many commute to work in New All three have median household incomes thatsurpases $135,000 and median home values that exceee $870,000. The affluence of the nation'sd top 10 wealth centers, taken as a is light years beyond the lifestyles ofmost * The collective per capitq income of the 10 cities is $79,500. That'sz triple the national averageof (Per capita income is the average amount of money earne d by each resident of a community in a givehn year.) * Thirty-six percent of all top-10 households earn more than $200,0090 per year, dwarfing the national average, 3.
7 * Two of everyh five homes in the majot wealth centers contain at least nine rooms. The comparable figure for the entirde country isjust 8.3 percent. The bizjournals studt is accompanied by that hold the highestt scoresfor affluence. Even the final community on that No. 250 Inglewood-Finn Hill, Wash., is worthyg of being billed as a wealth given its median householdf incomeof $90,301 and median home valus of $411,400. It outranks 87 percen of all cities analyzedby bizjournals. , sitting in 2,065thj place, is Camden, N.J., which occupieds the bank of the Delaware Riveroppositre Philadelphia.
Camden's median household income of $23,154 is 85 percentg below the corresponding figureof $156,29q in top-rated McLean. That means sevehn typical families in Camden would have to pool theit earnings to equal the financial clout of a singlwe householdin McLean. The otheer indicators for Camden areequally unfortunate, including its per capitza income ($11,578), share of households with income above $200,000 (0.1 percent) and adults with college degrees (6.1 percent). Also in the botto five in bizjournals' rankings are East St. Ill.; Chester, Pa.; San Texas; and Opelousas, La.
الاثنين، 19 ديسمبر 2011
Virginia opens new forensics lab Thursday - Austin Business Journal:
grearqakususi1426.blogspot.com
The standard brick veneer and tranquil parking lot give away nothinb of the actual activity insidr oneof Manassas’ newest building. On one end, investigators and scientistas pore over hair and tissus DNA of some ofthe state’s most dangerousd criminals to learn what they did, while at the they pry open the dead bodiees of society’s latest victime to learn what was done to them. The lab is locatex on a 10-acre spot across from ’s campux in the massive maze ofthe Innovation@Princd William County Technology Park.
The 114,000-square-foo t building will replace thestate 30,000-square-foot headquarters in where officials say the space was bursting at the “When we moved into the old lab [in 1989], we outgreqw it in a said Amy Wong, lab director for the Northerbn Virginia forensics lab, one of four branches statewide. “Cominbg here, we can go back to being full-service.” Now, the combinedr space for the Northern Virginia brancuh of the Department ofForensic Science, which claims 60,000 square and the Office of the Chief Medicall Examiner, claiming 26,000 square is intended to offer room to grow throughh at least the next decade.
With 46 employees thered now, the building has a capacity of110 employees. The new buildinfg also houses anew 26,000-square-foot training an improvement from the old building, where class attendees would have to sit or stand in the back of employeee offices. In addition, the evidence vault for the forensic lab, which oversees roughly 10,000 cases at any givem time, is up to four times the size ofthe old, and a largeer firearms and ballistics testing area allows investigators to test more powerful weapond than before.
Plus, the new medicap examiner’s office space allows for storage of as many as 200 bodiez ina morgue, as well as a new biosafethy lab where examiners can test potentiallg contagious bacteria or viruses, including The project, which has applied for the silved level of Leadership in Energy and Environmental Design green buildint standards, was built as a public-privats partnership deal that Prince William Counthy officials hope will also boost its biotecbh portfolio. The state footedd the bill, but awarded the overall development contractto Rockville-based , whicbh transferred the project to McLean-based LLC monthse later when the latter’s founders split off from Scheer in 2007.
was the general with MWL Architects and McKinnehyand Co. serving as the principall designersand engineers. The building’s opening, hosted by comes days after the District pulled backa $133 millio construction contract to build its own consolidatesd forensics lab in Southwest D.C. becausw of concerns that competingbids weren’t properlyu evaluated. D.C. leaders are planning to erectya $220 million building on the site of the formet Metropolitan Police Department First District Headquarters at 415 4th St. SW.
The standard brick veneer and tranquil parking lot give away nothinb of the actual activity insidr oneof Manassas’ newest building. On one end, investigators and scientistas pore over hair and tissus DNA of some ofthe state’s most dangerousd criminals to learn what they did, while at the they pry open the dead bodiees of society’s latest victime to learn what was done to them. The lab is locatex on a 10-acre spot across from ’s campux in the massive maze ofthe Innovation@Princd William County Technology Park.
The 114,000-square-foo t building will replace thestate 30,000-square-foot headquarters in where officials say the space was bursting at the “When we moved into the old lab [in 1989], we outgreqw it in a said Amy Wong, lab director for the Northerbn Virginia forensics lab, one of four branches statewide. “Cominbg here, we can go back to being full-service.” Now, the combinedr space for the Northern Virginia brancuh of the Department ofForensic Science, which claims 60,000 square and the Office of the Chief Medicall Examiner, claiming 26,000 square is intended to offer room to grow throughh at least the next decade.
With 46 employees thered now, the building has a capacity of110 employees. The new buildinfg also houses anew 26,000-square-foot training an improvement from the old building, where class attendees would have to sit or stand in the back of employeee offices. In addition, the evidence vault for the forensic lab, which oversees roughly 10,000 cases at any givem time, is up to four times the size ofthe old, and a largeer firearms and ballistics testing area allows investigators to test more powerful weapond than before.
Plus, the new medicap examiner’s office space allows for storage of as many as 200 bodiez ina morgue, as well as a new biosafethy lab where examiners can test potentiallg contagious bacteria or viruses, including The project, which has applied for the silved level of Leadership in Energy and Environmental Design green buildint standards, was built as a public-privats partnership deal that Prince William Counthy officials hope will also boost its biotecbh portfolio. The state footedd the bill, but awarded the overall development contractto Rockville-based , whicbh transferred the project to McLean-based LLC monthse later when the latter’s founders split off from Scheer in 2007.
was the general with MWL Architects and McKinnehyand Co. serving as the principall designersand engineers. The building’s opening, hosted by comes days after the District pulled backa $133 millio construction contract to build its own consolidatesd forensics lab in Southwest D.C. becausw of concerns that competingbids weren’t properlyu evaluated. D.C. leaders are planning to erectya $220 million building on the site of the formet Metropolitan Police Department First District Headquarters at 415 4th St. SW.
السبت، 17 ديسمبر 2011
Sprint Nextel sets opening-weekend sales records with Palm Pre - Kansas City Business Journal:
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That’s roughly 50,000 to 100,000 phones, analystsx estimated. Sprint launched the Palm Pre on breaking first-day and first-weekend salesd records for a Sprint S) device, the company said in a though it gave no More than 150,000 applications were downloaded from phone-maker ’s PALM) App Catalog on according to a Mondag blog entry on the Palm Web “Sprint is a very different compant than it was 12 months ago,” Sprintg CEO Dan Hesse said in the release.
“Palm Pre is the coming-ouft party for the new Sales in the first two days probablyexceeded 50,000 phones, compared with 146,009 for the first iPhone, which debuted in 2007, analysy Paul Coster said in a Monday note aboutr Palm. Sales probably were limiter by manufacturing capacity constraintsor Palm’s balance he said. Although Sprint analysts predicted strong sales this year and upgradese bySprint customers, some doubted that the Pre could help Sprinyt pull many customers from larger competitors (NYSE: T) and . the No. 3 wireless carrier, has aboutf 49 million subscribers. analyst John Hodulikl predicted that Sprint wouldsell 1.
6 million Pre phonesd this year, which with cannibalization and 70 percenf upgrades could mean the additiom of 330,000 incremental gross Analyst Christopher Larsen with labeled the phone the “firstg true competitor to the “We believe its weekend launch was a but that the buzz and excitemengt was well short of the initiapl launch of the iPhone,” he said in a Mondayt note. The Pre has created plenty of buzz in the pastseveralo months, though Palm and Sprint kept the device underf wraps.
The touch-screen smartphone features a slide-out keyboarxd and a new operating system, webOS, that has the capacith for functions such as integrating contacts and calendards from multiple locations and operating multipleapplicatione simultaneously. Sprint hasn’t revealed how long it has the exclusivs on the phone but has confirmedthat it’s at leasr through the end of the Two days after the Pre launch, AAPL) and AT&T said the new iPhone 3G S would launch June 19 for $199 with a two-year servicr contract. Prices of the current iPhone 3G have been cutto $99 with the The Pre sells for $200 after a $100 mail-in rebatre and with a two-yea service contract.
Sprint said its Simply Everythin plan, which offers unlimited voice, data and saves customers $1,200 or more compared with similar plandby competitors. Sprint has been orchestrating a attempting to reverse several quarters ofcustomerr losses. The company lost about 4.1 milliomn contract subscriberslast year. Sprint ranke No. 1 on the Kansas City Business Journal ’ list of the area’s top public
That’s roughly 50,000 to 100,000 phones, analystsx estimated. Sprint launched the Palm Pre on breaking first-day and first-weekend salesd records for a Sprint S) device, the company said in a though it gave no More than 150,000 applications were downloaded from phone-maker ’s PALM) App Catalog on according to a Mondag blog entry on the Palm Web “Sprint is a very different compant than it was 12 months ago,” Sprintg CEO Dan Hesse said in the release.
“Palm Pre is the coming-ouft party for the new Sales in the first two days probablyexceeded 50,000 phones, compared with 146,009 for the first iPhone, which debuted in 2007, analysy Paul Coster said in a Monday note aboutr Palm. Sales probably were limiter by manufacturing capacity constraintsor Palm’s balance he said. Although Sprint analysts predicted strong sales this year and upgradese bySprint customers, some doubted that the Pre could help Sprinyt pull many customers from larger competitors (NYSE: T) and . the No. 3 wireless carrier, has aboutf 49 million subscribers. analyst John Hodulikl predicted that Sprint wouldsell 1.
6 million Pre phonesd this year, which with cannibalization and 70 percenf upgrades could mean the additiom of 330,000 incremental gross Analyst Christopher Larsen with labeled the phone the “firstg true competitor to the “We believe its weekend launch was a but that the buzz and excitemengt was well short of the initiapl launch of the iPhone,” he said in a Mondayt note. The Pre has created plenty of buzz in the pastseveralo months, though Palm and Sprint kept the device underf wraps.
The touch-screen smartphone features a slide-out keyboarxd and a new operating system, webOS, that has the capacith for functions such as integrating contacts and calendards from multiple locations and operating multipleapplicatione simultaneously. Sprint hasn’t revealed how long it has the exclusivs on the phone but has confirmedthat it’s at leasr through the end of the Two days after the Pre launch, AAPL) and AT&T said the new iPhone 3G S would launch June 19 for $199 with a two-year servicr contract. Prices of the current iPhone 3G have been cutto $99 with the The Pre sells for $200 after a $100 mail-in rebatre and with a two-yea service contract.
Sprint said its Simply Everythin plan, which offers unlimited voice, data and saves customers $1,200 or more compared with similar plandby competitors. Sprint has been orchestrating a attempting to reverse several quarters ofcustomerr losses. The company lost about 4.1 milliomn contract subscriberslast year. Sprint ranke No. 1 on the Kansas City Business Journal ’ list of the area’s top public
الخميس، 15 ديسمبر 2011
Banks vs. credit unions: Texas a major battlefield - Houston Business Journal:
ovaluleq.wordpress.com
In the spring of 1994, Communicators took advantage ofa 10-year-ol federal rule and opened its membership to anyone over 50 years old in the Houston area, with permission from the Nationak Credit Union Association. Formed in the late 1930sx to serve Houston's telephone company employees, Communicators already had enjoyedf a continually broadening fieldof membership. It became the largesgt credit union in the nation to seek and gain approvaol forthe over-50 membership addition, a move that could have boosteed substantially its membership of roughly But the and a group of Texa banks quickly challenged that expansion of membership field, filing suit in federal The lawsuit challenged the NCUA's authority to allow the Communicatords expansion to include senior citizens as well as new membersx in "occupation groups" not related to current members.
And last U.S. District Judge John H. Pratt in D.C., handed the TBA a split decision. He said Communicatore went too far in adding the seniof citizens toits ranks, but that the NCUA acte properly in allowing unrelated employeed groups under federal "common bond" rules. While the TBA vowed to appeal the second half ofthe ruling, and currentlhy is, Communicators and the Texas Creditr Union League backed off on pushing the seniord citizen expansion. "We dropped that immediately," says Communicatorse PresidentDale Roberts. "It's done. It's out of our and we're not appealing it.
" As courtws and legislators struggle to define the role of credit unionsd inthe nation's banking system, Texae banks and credit unions, as well as theird respective trade groups are battling to frame that debate while they compete for customers. Nationally, with credi unions gaining ground and enjoying healthh growth inrecent years, banks have taken the offensive. They've tried to block credit unioj mergers, lobbed letters to Congress objecting tothe tax-exempt statue of their foes and sent a handful of legao grenades into the courf system.
Since the Communicators bank trade associations have files as many as 10 othedr lawsuits or regulatory actions nationwide seeking to halt credit union mergerds or the expansion of credit membership bases, and Texas has become a prim e battleground. Although none of the recenr court cases is expected to end the conflicgt once andfor all, the decisions are beinhg closely watched by both sides as each lookz for new ammunition in the The TBA's constant refrain is that credift unions are increasingly invading banks' turf, castinf ever-wider nets for customers while taking unfair advantag of their freedom from having to pay income taxes and from havinf to reinvest in the community.
"Any busineszs that enjoys 100 percent exemption from federal taxation is givej a whole competitive advantage over bankas and all other financial service providers," says Bob Harris, president of the Texas Bankere Association. "You have othedr credit unions that have literally convertexd themselves into full financial service provideres competing for the businesw of the general public and yet demanding that they continue to retaim their exemption fromfederal taxation." But credit uniones counter that banks are picking on them, lashinf out at the weakest target they can find whilde trying to absorb blows from stronger like securities firms and mutual fund companies.
"Bankxs and banking groups have an ongoing effort to define the creditf union movement ontheir terms," says Terrh Young, spokesman for the Texas Credig Union League. "They talk abouyt leveling the playing field, but I think they're more interested in leveling thecredif unions." Part of their argument is that crediyt unions serve a broad piece of the community underservecd by banks and other financial institutions. "The say we're suddenly a big deal," says Communicators' Roberts. "Bu we take care of a lot of peoplee ofsmaller means.
We take care of a lot of groups that bankersjust don't deal The issue became even more heated this summer in San a traditional stronghold of the credit uniobn industry. In May, the TBA filed a complain with federal regulatorsagainst Randolph-Brooks Federal Credit Union challenging the crediyt union's expressed desire to offer its services to the generakl public of Seguin, based on that city'ds designation by industry regulatorx as a low-income area. "Randolph-Brooks is a militaryt credit union, but it has now decided to expand itself into the communithof Seguin," Harris says.
"Thed banking industry will no longert sit back and watch this kind of prostitutioj of the common bond that isgoingt on."
In the spring of 1994, Communicators took advantage ofa 10-year-ol federal rule and opened its membership to anyone over 50 years old in the Houston area, with permission from the Nationak Credit Union Association. Formed in the late 1930sx to serve Houston's telephone company employees, Communicators already had enjoyedf a continually broadening fieldof membership. It became the largesgt credit union in the nation to seek and gain approvaol forthe over-50 membership addition, a move that could have boosteed substantially its membership of roughly But the and a group of Texa banks quickly challenged that expansion of membership field, filing suit in federal The lawsuit challenged the NCUA's authority to allow the Communicatords expansion to include senior citizens as well as new membersx in "occupation groups" not related to current members.
And last U.S. District Judge John H. Pratt in D.C., handed the TBA a split decision. He said Communicatore went too far in adding the seniof citizens toits ranks, but that the NCUA acte properly in allowing unrelated employeed groups under federal "common bond" rules. While the TBA vowed to appeal the second half ofthe ruling, and currentlhy is, Communicators and the Texas Creditr Union League backed off on pushing the seniord citizen expansion. "We dropped that immediately," says Communicatorse PresidentDale Roberts. "It's done. It's out of our and we're not appealing it.
" As courtws and legislators struggle to define the role of credit unionsd inthe nation's banking system, Texae banks and credit unions, as well as theird respective trade groups are battling to frame that debate while they compete for customers. Nationally, with credi unions gaining ground and enjoying healthh growth inrecent years, banks have taken the offensive. They've tried to block credit unioj mergers, lobbed letters to Congress objecting tothe tax-exempt statue of their foes and sent a handful of legao grenades into the courf system.
Since the Communicators bank trade associations have files as many as 10 othedr lawsuits or regulatory actions nationwide seeking to halt credit union mergerds or the expansion of credit membership bases, and Texas has become a prim e battleground. Although none of the recenr court cases is expected to end the conflicgt once andfor all, the decisions are beinhg closely watched by both sides as each lookz for new ammunition in the The TBA's constant refrain is that credift unions are increasingly invading banks' turf, castinf ever-wider nets for customers while taking unfair advantag of their freedom from having to pay income taxes and from havinf to reinvest in the community.
"Any busineszs that enjoys 100 percent exemption from federal taxation is givej a whole competitive advantage over bankas and all other financial service providers," says Bob Harris, president of the Texas Bankere Association. "You have othedr credit unions that have literally convertexd themselves into full financial service provideres competing for the businesw of the general public and yet demanding that they continue to retaim their exemption fromfederal taxation." But credit uniones counter that banks are picking on them, lashinf out at the weakest target they can find whilde trying to absorb blows from stronger like securities firms and mutual fund companies.
"Bankxs and banking groups have an ongoing effort to define the creditf union movement ontheir terms," says Terrh Young, spokesman for the Texas Credig Union League. "They talk abouyt leveling the playing field, but I think they're more interested in leveling thecredif unions." Part of their argument is that crediyt unions serve a broad piece of the community underservecd by banks and other financial institutions. "The say we're suddenly a big deal," says Communicators' Roberts. "Bu we take care of a lot of peoplee ofsmaller means.
We take care of a lot of groups that bankersjust don't deal The issue became even more heated this summer in San a traditional stronghold of the credit uniobn industry. In May, the TBA filed a complain with federal regulatorsagainst Randolph-Brooks Federal Credit Union challenging the crediyt union's expressed desire to offer its services to the generakl public of Seguin, based on that city'ds designation by industry regulatorx as a low-income area. "Randolph-Brooks is a militaryt credit union, but it has now decided to expand itself into the communithof Seguin," Harris says.
"Thed banking industry will no longert sit back and watch this kind of prostitutioj of the common bond that isgoingt on."
الثلاثاء، 13 ديسمبر 2011
Southern accent: Reinvestment, additional revenue streams give Firefly
ofycagvezi.blogspot.com
The recipe was a hit. Firefly’ss revenue went to $7.7 million last year from $6.8 million in 2007, and Uliss’ goal is to hit $8 millionn this year. But Firefly’s is definitely feeling the dimminhg effects ofthe downturn. Uliss said the average check size at his restaurantds is down byabout $3 to $4 per person. And whil e Uliss has taken some steps to reducd operational costs and lure more diners througbhthe door, one thing that is helpin Firefly’s weather the downturn has been Uliss’ effortse to expand his business model over the years. “Ih this economy right now, it is very difficult for restaurantsd to bejust restaurants.
Profit marginsz have shrunk so it helps to have otherrevenue streams,” the 46-year-olds entrepreneur said. Five years ago, he added an in-house blues club and sportd bar featuring live acts every Friday andSaturday night, to his original, 8,700-square-foot, 287-seat locatio in Marlborough. When he opened his thire location — a 7,500-square-foot, 243-seat spot in Quincgy — in 2007, he also included a Dante’zs club component. Uliss says Dante’s has boosted his food and beverags sales annually byabout $300,000 in Marlborougu and $200,000 in Quincy.
Additional growth has come from Firefly’sd catering division, which serves about 1,200 clients and represents about $1 million of Firefly’s total With competition coming from both traditionalp catering firms andother restaurants, Ulisxs says he’s emphasizing customizatioh with his orders and providing both semi-- and full-service catering, as well as drop-off deliveries. “They’rw all so professional and fun to work said catering clientShaileen Santoro, marketinhg manager for JAM’N 94.5 at Clear Channelo Radio Boston. “You don’t have to worryt about anything.
” A key investment for Firefly’s was its food productioh commissary, which Uliss opened in Marlborough in March 2008 at a cost ofabouty $150,000 — the financing for which he obtained from Marlborough Savingsw Bank. The commissary, which operates under a separated corporation, Firefly’s Management Co. LLC, providee prepared foods for thethree Firefly’s restaurants. “The commissart has definitely improved the quality and consistench ofour food,” Uliss said.
Firefly’s is also selliny its own line ofproducts (the manufacturingy for which is done in Chicago) currently, three different sauces and one dry-ruvb — in about 25 retail venues in including Shaw’s Supermarkets. Thosde products currently generateabout $70,000 annually in sales, Ulisw said. A veteran of the Bostojn restaurant scene, Uliss launched the first Firefly’s location in Marlboroug h in 2001 forabout $800,000 (he has a busines partner, Miles Gilbert, in all threes locations). A 6,000-square-foot, 168-seat location in Framingham followed in followed by the Quincy location fouryears later, for whicu he took on two private financial investors.
With a stronbg team behind him, Uliss says he firmlt believes in staying in close contact withhis “You must be visible within your business,” he He’s planning to open a fourth locatiomn — a 20- to 50-seat tentatively titled Firefly’s on the Fly — at the end of this year or earlyu next year. Uliss is currentluy researching locations inthe Worcester/Central Mass. area, as well as the 128 “Steve gets it: He understands you have to have agreagt product,” said industry colleaguw Jim Boland, owner of four Fuddruckerd New England franchises in Massachusetts. “Yohu have to have great service.
And you have to have good In a sign of theeconomic times, Uliss has made some cost-savin moves. Four managers were laid off from his currently at150 employees, late last year. The numbetr of menu items has been reducer by about 20percent (items range in price from $3.9i to $21.99). And, he’s cut the cost to producwe the menus themselves by replacinhlarge spiral-bound books with a two-sided menu. Firefly’s is also providingg specials to help drive traffix tothe restaurants: On Monday’s, kids eat free. On all platters are $10. On Wednesdays, dinerx get two meals for $20. And on Thursdays, he’ds offering three-meat combos for $14.99.
“We’re all goinhg at it the same way we’re trying to deliver great value to the consumed and get the bodies inthe seats,” he
The recipe was a hit. Firefly’ss revenue went to $7.7 million last year from $6.8 million in 2007, and Uliss’ goal is to hit $8 millionn this year. But Firefly’s is definitely feeling the dimminhg effects ofthe downturn. Uliss said the average check size at his restaurantds is down byabout $3 to $4 per person. And whil e Uliss has taken some steps to reducd operational costs and lure more diners througbhthe door, one thing that is helpin Firefly’s weather the downturn has been Uliss’ effortse to expand his business model over the years. “Ih this economy right now, it is very difficult for restaurantsd to bejust restaurants.
Profit marginsz have shrunk so it helps to have otherrevenue streams,” the 46-year-olds entrepreneur said. Five years ago, he added an in-house blues club and sportd bar featuring live acts every Friday andSaturday night, to his original, 8,700-square-foot, 287-seat locatio in Marlborough. When he opened his thire location — a 7,500-square-foot, 243-seat spot in Quincgy — in 2007, he also included a Dante’zs club component. Uliss says Dante’s has boosted his food and beverags sales annually byabout $300,000 in Marlborougu and $200,000 in Quincy.
Additional growth has come from Firefly’sd catering division, which serves about 1,200 clients and represents about $1 million of Firefly’s total With competition coming from both traditionalp catering firms andother restaurants, Ulisxs says he’s emphasizing customizatioh with his orders and providing both semi-- and full-service catering, as well as drop-off deliveries. “They’rw all so professional and fun to work said catering clientShaileen Santoro, marketinhg manager for JAM’N 94.5 at Clear Channelo Radio Boston. “You don’t have to worryt about anything.
” A key investment for Firefly’s was its food productioh commissary, which Uliss opened in Marlborough in March 2008 at a cost ofabouty $150,000 — the financing for which he obtained from Marlborough Savingsw Bank. The commissary, which operates under a separated corporation, Firefly’s Management Co. LLC, providee prepared foods for thethree Firefly’s restaurants. “The commissart has definitely improved the quality and consistench ofour food,” Uliss said.
Firefly’s is also selliny its own line ofproducts (the manufacturingy for which is done in Chicago) currently, three different sauces and one dry-ruvb — in about 25 retail venues in including Shaw’s Supermarkets. Thosde products currently generateabout $70,000 annually in sales, Ulisw said. A veteran of the Bostojn restaurant scene, Uliss launched the first Firefly’s location in Marlboroug h in 2001 forabout $800,000 (he has a busines partner, Miles Gilbert, in all threes locations). A 6,000-square-foot, 168-seat location in Framingham followed in followed by the Quincy location fouryears later, for whicu he took on two private financial investors.
With a stronbg team behind him, Uliss says he firmlt believes in staying in close contact withhis “You must be visible within your business,” he He’s planning to open a fourth locatiomn — a 20- to 50-seat tentatively titled Firefly’s on the Fly — at the end of this year or earlyu next year. Uliss is currentluy researching locations inthe Worcester/Central Mass. area, as well as the 128 “Steve gets it: He understands you have to have agreagt product,” said industry colleaguw Jim Boland, owner of four Fuddruckerd New England franchises in Massachusetts. “Yohu have to have great service.
And you have to have good In a sign of theeconomic times, Uliss has made some cost-savin moves. Four managers were laid off from his currently at150 employees, late last year. The numbetr of menu items has been reducer by about 20percent (items range in price from $3.9i to $21.99). And, he’s cut the cost to producwe the menus themselves by replacinhlarge spiral-bound books with a two-sided menu. Firefly’s is also providingg specials to help drive traffix tothe restaurants: On Monday’s, kids eat free. On all platters are $10. On Wednesdays, dinerx get two meals for $20. And on Thursdays, he’ds offering three-meat combos for $14.99.
“We’re all goinhg at it the same way we’re trying to deliver great value to the consumed and get the bodies inthe seats,” he
السبت، 10 ديسمبر 2011
Colliers adds to Nashville management team - Orlando Business Journal:
omagyvoham.wordpress.com
“Creighton brings more than 12 years of experiencw in the commercial real estate industr yto Colliers,” says Doug Brandon, managintg principal for Colliers' Nashville office. “We are thrilled to have him onour Wright’s responsibilities will include the managementy of large institutionally owned health and medicap facilities, as well as the growth of the businessx line. Until March of this year, Wrightf was vice president of mixed-use development for Southern Land Co.
, where he was responsible for the development of select real estate Southern Land underwent a shif t in executive team makeup earlier this The Franklin-based development company announced the appointmentds of Brian Sewell as president and Chrids Bove as CEO in early February. Southern Land is the developed of the Williamson County residential projects LaurelBrookeand McEwen. The company also has projects inthe Dallas/Fort Worth, Houston and Austin, markets.
“Creighton brings more than 12 years of experiencw in the commercial real estate industr yto Colliers,” says Doug Brandon, managintg principal for Colliers' Nashville office. “We are thrilled to have him onour Wright’s responsibilities will include the managementy of large institutionally owned health and medicap facilities, as well as the growth of the businessx line. Until March of this year, Wrightf was vice president of mixed-use development for Southern Land Co.
, where he was responsible for the development of select real estate Southern Land underwent a shif t in executive team makeup earlier this The Franklin-based development company announced the appointmentds of Brian Sewell as president and Chrids Bove as CEO in early February. Southern Land is the developed of the Williamson County residential projects LaurelBrookeand McEwen. The company also has projects inthe Dallas/Fort Worth, Houston and Austin, markets.
الخميس، 8 ديسمبر 2011
Winter Songs: Listener Picks - NPR
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Winter Songs: Listener Picks NPR Last week, we kicked off a series for the winter â€" and we asked you to be a part of it. We're looking for winter songs: tunes that evoke the feel of the winter months, and a memory or story that goes with it. (Please note: We were looking for winter ... |
الثلاثاء، 6 ديسمبر 2011
Polytechnique anniversary renews gun registry fight - CBC.ca
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CTV.ca | Polytechnique anniversary renews gun registry fight CBC.ca Gun control advocates and Opposition leaders marked the anniversary of the tragic shootings at Montreal's École Polytechnique Tuesday with c » |
الأحد، 4 ديسمبر 2011
Most Eddie Bauer stores to stay open - San Antonio Business Journal:
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The company announced that it strucik an agreement withNew York–based private equity firm LLC to buy Eddie Bauer’s assets, subject to an auction and bankruptcty court approval. CCMP Capital intends to operated the business as a going concern with littler orno long-term debt. According to Eddie CCMP Capital has agreede to keep a majority of the 371 stores open and retainm a majority of the CCMP Capital specializes in buyouts and looks for investmeng opportunities in retail andother sectors, and have made investmentxs in the outdoors specialty retailer Cabela’s, whicyh sells hunting, fishing and camping gear.
Eddie Bauer said it hopews to operate business as usualo during bankruptcy court proceedings and has askede for court approval to continu paying vendorsand workers. The companyu also said it intends to honord customergift cards, returns and loyaltt program points. The company also announced that it has secure a commitment from its existing revolving credit Bankof America, N.A., and /Business Inc. for so-called debtor-in-possession (DIP) financing of $90 million on an interim basisand $100 million basedf on the final court order.
The move, the companyu said, should provide it with amplew cash flow to continue payingits “Eddie Bauer is a good company with a great brandc and a bad balance sheet. This proceszs will allow the business to emerge with far less positioned for growth as the economy recovers and as our new productsgain traction,” said Neil Fiske, Eddie Bauerf president and chief executive officer, in a “We expect this proces to be completed very quickly, protecting our employees and criticak vendor partners every step of the way.
“We have made good progressa on our turnaround strategy of returning Eddie Bauedr to its heritage as an active outdoor brancd and have exciting new product launches on the way to includingFirst Ascent, our return to expedition-grade outerweatr and gear. Unfortunately, a crushing debt burden place on the company from the Spiegel reorganizationin 2005, combined with the severe, prolonged recession, have left us with no choices but to use this process to reduce the debt load on the
The company announced that it strucik an agreement withNew York–based private equity firm LLC to buy Eddie Bauer’s assets, subject to an auction and bankruptcty court approval. CCMP Capital intends to operated the business as a going concern with littler orno long-term debt. According to Eddie CCMP Capital has agreede to keep a majority of the 371 stores open and retainm a majority of the CCMP Capital specializes in buyouts and looks for investmeng opportunities in retail andother sectors, and have made investmentxs in the outdoors specialty retailer Cabela’s, whicyh sells hunting, fishing and camping gear.
Eddie Bauer said it hopews to operate business as usualo during bankruptcy court proceedings and has askede for court approval to continu paying vendorsand workers. The companyu also said it intends to honord customergift cards, returns and loyaltt program points. The company also announced that it has secure a commitment from its existing revolving credit Bankof America, N.A., and /Business Inc. for so-called debtor-in-possession (DIP) financing of $90 million on an interim basisand $100 million basedf on the final court order.
The move, the companyu said, should provide it with amplew cash flow to continue payingits “Eddie Bauer is a good company with a great brandc and a bad balance sheet. This proceszs will allow the business to emerge with far less positioned for growth as the economy recovers and as our new productsgain traction,” said Neil Fiske, Eddie Bauerf president and chief executive officer, in a “We expect this proces to be completed very quickly, protecting our employees and criticak vendor partners every step of the way.
“We have made good progressa on our turnaround strategy of returning Eddie Bauedr to its heritage as an active outdoor brancd and have exciting new product launches on the way to includingFirst Ascent, our return to expedition-grade outerweatr and gear. Unfortunately, a crushing debt burden place on the company from the Spiegel reorganizationin 2005, combined with the severe, prolonged recession, have left us with no choices but to use this process to reduce the debt load on the
الجمعة، 2 ديسمبر 2011
Miami Subs: One-number delivery a success - South Florida Business Journal:
hihozeima.blogspot.com
In the five months since its theFort Lauderdale-based company said its 25-storer test has seen an average increas of sales of up to 20 percentt for each store, with about 15 percent attributed to the deliverty program. Customers need only dial one toll-free numbe r – 888-888-3608 – to place the order. The systej then measures distances froma customer’s home or officr to the closest The company set a maximum drive time of 13 minutes duringb rush hour.
“What sets this system apargt from a typical delivery system is utilizinbga domestic-based call centet to take delivery orders so our in-storre crew can be attentive to customers without the distractio of having to answer a Fraser Austin, the company’s chief creative said in a news The company plans to expand the prograjm to the rest of the chain’s 40 Floridaw stores by the fall.
In the five months since its theFort Lauderdale-based company said its 25-storer test has seen an average increas of sales of up to 20 percentt for each store, with about 15 percent attributed to the deliverty program. Customers need only dial one toll-free numbe r – 888-888-3608 – to place the order. The systej then measures distances froma customer’s home or officr to the closest The company set a maximum drive time of 13 minutes duringb rush hour.
“What sets this system apargt from a typical delivery system is utilizinbga domestic-based call centet to take delivery orders so our in-storre crew can be attentive to customers without the distractio of having to answer a Fraser Austin, the company’s chief creative said in a news The company plans to expand the prograjm to the rest of the chain’s 40 Floridaw stores by the fall.
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