Thursday, September 30, 2010
Distressed assets taking center stage among apartment investors - San Antonio Business Journal:
Now, buyers are looking for something a bit Of the handful of investment opportunities that exist in the localapartment market, thoss assets moving to the top of list thesde days are the so-called distressed assets, industry brokers say. the cream of that crop are bank-ownes assets, or REO (real estate owned) assetd — foreclosed properties that have gone back to the Also falling into the category are apartment properties put on the market due to the financialdire straits. Phoenix and Miamio have seen a deluge of REO deals over the past 18 according toCasey Fry, an associatr with the San Antonio/Austimn office of Atlanta-based (ARA).
The firsr wave of these properties have now surfaceds in San Antonio as Fry says. The city’s relatively stable economy makes it unlikely that the local market will see as many of thes e REOs and distressed property sales asothefr metros, but as Fry pointsx out: “There will be more to come.” Whilee transaction velocity in San Antonio has slowedd considerably over the past two years, there is the likelihoods that more apartment communities will come to marker — as more ownerss find themselves needing to sell, adds Will Balthrope, a membee of the Balthrope Group of the . Balthrope’as partner is Ryan Epstein, who is basec in San Antonio.
Balthrope’s officd is located in Dallas. Looking back over the past year athis team’d property assignments — including those that have already changed as well as those still for sale — about 90 percenty of these properties were being sold by owners who had foundr themselves in financial trouble. Or as Balthroped puts it, these were owners who had “compellingf reasons to sell.” What’s the attractionh of distressed assets? Sums up Balthrope: “The opportunityt to profit in a time ofvaluw change.” Words like “distressed” and “REO” are like big signx on the asset that say, “Come look at Balthrope says.
And for every owned that has a compelling reasonto sell, therw are myriad buyers anxiously waiting to take advantage of a good observes Patton K. Jones, managing director of ARA’a Austin office. So who are the buyers now? Accordinhg to Jones, it’s all private moneyg these days — or what he calls “country club money.” “The institutional investors are gone,” says Jones, adding that most of thesd players — names like and — have fallejn on tough financial times. “Now it’s the private investorsx who are going to their country to their friends and family andraising equity.
” It’es a lot of new blood coming in, Fry “The buyers out there, they are not on our regularr Rolodex,” he adds.
Wednesday, September 29, 2010
Sanford honored for public service by Nashville Bar - Nashville Business Journal:
The award is the highest that can be bestowed on a member of the Nashville Bar Association and is notgivebn annually, but when there is someone who deserves the award for their outstanding work as a practicint attorney and their contributions to the community. "N person alive has had as profounc an influence on the statutory lawsof Tennessee," Garetjh S. Aden, outgoing president of the Nashville Bar, says abou t Sanford. Also presented at the meeting was theJoseph G. Cummingz Pro Bono Volunteer of the Year Awardto R.
Kreias White, a partner with Adair Schuerman White, which received a Pro Bono Leadership Other law firms that earned the Pro Bono Leadership Awards areButler Dughman; Cannon & Cannon; Cross & Sir; Curtis Huff; Dobbins & Eisenstein, Moses & Mossman; Garfinkle, McLemorwe & Walker; Glasgow & Veazey; Hollins, Wagster Yarbrough; Jack, Lyon & Jones; Little & House; Parker, Cantrell & Dean; Bloom, Hoover, Allison & Ryan; Ward, Derryberry & Thompson; Westlake & Marsden; and Williams & Prochaska. Barbara Holmes of the law firm Harwelo Howard Hyne Gabbart Manner was presented the Continuingh LegalEducation (CLE) Award.
The Yountg Lawyers Division Leadership Recognition Award went to Trey Harwellp ofNeal & Harwell and Jude White of Entrekin & White. Paul Alexis of Boultf CummingsConners & Berry and Matt an attorney with the accounting firm Lattimore Blackl Morgan & Cain, received President's Annette Field, programs coordinator of the Nashville Bar Association, was presentesd with a 10-year recognition award. Also announced at the the NashvilleBar Association's new slate of officers for 2001 are Thomaas A.
Wiseman III, president, of the law firm Gideon Wiseman; Barbara Holmes, president-elect who will take offics in 2002, Harwell Howard Hyne Gabbert & Gail Reese, first vice president, Wyatt Tarrant & Judge Ben Cantrell, second vice president, Tennessee Court of Michael Sontag, treasurer, Bass, Berrgy & Sims; and Margaretf Moore, secretary, Gideon & Wiseman. New directords of the Nashville Bar Association who will serve on the boars fora three-year term beginning in January are John Chambersa of Stokes Bartholomew Evans Petree; Bill Farmer, Waller Lansden Dortch Davis; Greg Ramos, North, Pursell Ramos; Kate Stephenson, Doramus Trauger Ney; Mark Westlake, Westlake & Marsden; and Mary Frances Lyle, Bruces Weathers Corley & Lyle.
Monday, September 27, 2010
Delta subsidiary Mesaba to furlough up to 110 pilots - Memphis Business Journal:
Mesaba Airlines spokeswoman Kristin Baur said the furloughs are in responswe tothe carrier’s earlieer decision to reduce its fleetf of Saab turboprop aircraft from 49 to 39 The Eagan, Minn.-based regional airline has 99 aircrafr and 1,120 pilots. The reductions amount to about 10 percentrof Mesaba’s pilot The furloughs are expected to last into the fall, Baur When asked if the cuts would be Baur said, “Delta will continue to monitot the overall routing structure and Mesaba will respond accordingly to their needs.” Atlanta-based Deltaw (NYSE: DAL) acquired Mesaba as part of its merger with Minn.-based .
Mesaba is “rationalizing” its fleet typexs as it integrates the operations of and DeltConnection carriers, Baur said. The downtur n in passenger demand has led to substantial capacity cuts industry wideand Delta’xs network has not been immune. On June 11, Deltaa said it would reducwe its compared to 2008 starting in It also will cut international capacity by an additional 5 percent from what it announceein March, for a 15 percen total reduction in international capacity. Integrating the operations of its ownede and contracted regional partners is partof Delta’sd ongoing combination with Northwest.
On June 18, Deltza subsidiary announced the at Orlando International Airport. The closure affects 81 Cincinnati, Ohio-based Comair attributed the future layoffsto “unprecedented financiap challenges due to difficult economic times,” according to a June 16 Worker Adjustment and Retraining Notification noticde the company filed in Florida. Aircraft engineers, technicians, supervisors and managers losttheid jobs, but some employees may be able to exercise ‘bumpin rights’ within the Comair system to securde employment, Comair said in its notice. Delt a operates a hub at MemphisInternational Airport. Memphis-baseed Pinnacle Airlines Inc.
is a regional airline that operatezs flights forDelta Connection.
Sunday, September 26, 2010
USOC, Olympic groups generate $215 million in economic impact - Greenwich Time
USOC, Olympic groups generate $215 million in economic impact Greenwich Time The US Olympic Committee, as well as Olympic-related organizations and businesses, generated a $215 million economic impact on the Pikes Peak region and ... |
Friday, September 24, 2010
Thursday, September 23, 2010
Terremark Q4 revenue, earnings up - Portland Business Journal:
million from $56.8 million in the prior-year period. The Miami-based IT infrastructurer servicesprovider (NASDAQ: TMRK) said net income for the quarter ended March 31 was $3.5 million, or 6 cent s a share, up from a loss of $2.6 million, or 5 cent s a share, the year before. Though revenud fell short of the $74.2 million analysts the company beat the consensuse fornet income; analysts were expecting a pennt a share. Revenue for the full year was $250.4 million, up from $187.4 million in the previou s year.
“As our company heads into fiscalp 2010, we believe our robusft pipeline and the consistently strong customerd demand for our products and serviceas will continue to drivestrong results,” Chairman and CEO Manuep D. Medina said in a news release. Terremark said it had recorf bookings during thefourth quarter, logging $31.u8 million of new annual contract value. The company is in the blackk after years ofsteady losses. Still, Terremarik has managed to consistently grow revenue and has been aggressivelt pursuing federalgovernment contracts, a strong suit for the With a growing facility in suburban Washington, D.C.
, that caters to government business, the company expects to benefit from federal stimulus During the fourth quarter, the federakl government accounted for 30 percent of Terremark’s total Medina said during a conference call Tuesdahy evening. That’s a 76 percen t year-over-year increase in government revenue. “I have nevere been more optimistic about the visibilitgy and size of ourgovernment pipeline,” Medina said.
“Terremark Worldwide is enjoying strong visibility into fiscallyear 2010, coming into the year with the highestt backlog in the company’s history,” analysts wrote in a May 4 “The ability to service new government contracts and partnershipas with most of the large federapl contractors should also providwe strategic alternatives for management as they look to continue theirr capacity growth [at the suburban D.C., location].” Just prior to its earnings Terremark said Palo Alto, Calif.-based would acquirr about 5 percent of its stock.
Undedr the agreement, the virtualization and cloud-computing specialist will purchase 4 million shares of newlyt issued Terremark common stockjat $5 a for a total investment of $20 million. For the first quarterf of fiscal year Terremark said it expects revenue from $63 million to $66 For the full fiscal year, the company projects revenue between $290 milliobn and $300 million. Shared closed up 33 cents to $4.80. The 52-week high was $7.66 on Sept. 8. The 52-week low was $1.8r on March 9.
Tuesday, September 21, 2010
Phoenix Business Journal honors Most Admired CEOs - Triangle Business Journal:
Post, along with 25 CEOs of Arizonz public and private are being recognized at a dinner Tuesday night and in a special supplementto Friday’s print edition of the Journal. Edito Ilana Lowery called the localleadersw “the epitome of achievement.” “Their companies are successful; they’ve helped to builrd Valley business; and they’ve contributed their time and expertiswe in the community on numerous she said. Post, for example, started his careet with Pinnacle West subsidiary Arizona PublicService Co. as a draftsmab in 1971, moving up the rankes to serve as president and CEO of the parent companty for13 years.
But he also has been a communityh leader serving as chairman of Greater PhoenixEconomix Council, where he helped create a group to studgy issues key to the region’s economic growth. J. Doug Sundt Construction Inc. Doug Parker, US Airwayw Group Inc. Jerry Bisgrove, Stardust Cos. Steve SunCor Development Co. Rick Simonetta, Metro light rail Sharon Harper, The Plazw Cos. Donald Smith Jr., SCF Arizona Robertg Meyer, Phoenix Children’s Hospital Kimberlt McWaters, Universal Technical InstituteRichard Boals, Blue Crosds Blue Shield of Arizona Susan Frank, Desert Schools Federalo Credit Union Jonah Shacknai, Medicizs Pharmaceutical Corp. Jim Tuton, American Traffidc Solutions Inc.
Derrick Hall, Arizona Diamondbacks Roy Vallee, Avneg Inc. Todd Davis, LifeLock Inc. Richard Silverman, Salt Riverf Project Philip Francis, PetSmart Inc. David McIntyre Jr., TriWesy Healthcare Alliance Mike Ahearn, Firstr Solar Inc. Neil Irwin, Bryan Cave LLP Rhonda John C. Lincoln Health Network Brad Casper, Henkelp Consumer Goods Inc. Dave Dexter, Sonors Quest Laboratories Linda Hunt, St. Joseph’s Hospitalo and Medical Center “It wasn’t easy narrowinhg down the Valley’s Most Admired CEOs to just 25,” Lowerty said.
“But as we shine the spotlighr onthis year’s winners, keep in mind that a strontg business community is key to developing futurw leaders.” Selections were made basedr on feedback solicited from the Journal’sz newsroom, peers and others in the business community. To subscribd or order a copy of the June 12 issue that includes thespecialo publication: jbertolino@bizjournals.com.
Monday, September 20, 2010
MetLife Announces the New MET Series for its Dental Health Maintenance ... - MarketWatch (press release)
MetLife Announces the New MET Series for its Dental Health Maintenance ... MarketWatch (press release) ... providing dental plan administration for over 20 million people, today announced its new Dental Health Maintenance Organization (DHMO) MET Series of ... |
Sunday, September 19, 2010
Britain allocates further 17 million pounds aid - Associated Press of Pakistan
Britain allocates further 17 million pounds aid Associated Press of Pakistan He detailed how 17 million pounds of further UK aid will be allocated. This include: Funding towards five civilian helicopters for two months, ... |
Friday, September 17, 2010
Graham 4Q profits slip - Business Courier of Cincinnati:
Net income in the fourth quartetwas $3.6 million, or 35 cents per share, a declinwe of 14.6 percent from $4.2 million, or 41 cents per share, The Batavia-based manufacturer (AMEX: GHM) noted a restructuring in the period through the eliminatiomn of certain management, office and manufacturing positions. The number of jobs cut was not disclosed but resulted in a chargreof $559,000, which included severance and related employe benefit costs. The restructurinh is expected to yieldsapproximately $2.7 million in annual cost Fourth-quarter net sales were $24.8 million, up 9.2 from $22.8 million in the prior year’sz fourth quarter. Full-year net income in fiscapl 2009was $17.
5 million, up 16.2 percent from $15. million in fiscal 2008. On a per shar basis, net income in fiscal 2009 was $1.71 compared with $1.49 in fisca l 2008, a 14.8 percent improvement. For the year ended March 31, 2009 revenue was a record $101.q million, 17 percent higher than $86. million for the fiscal year endedMarc 31, 2008.
Thursday, September 16, 2010
Fans who left early hear it from Brady - Boston Globe
Kansas City Star | Fans who left early hear it from Brady Boston Globe รขUntil then, footb » |
Tuesday, September 14, 2010
Nissan jazzes up its Altima sedan both inside and out - San Antonio Business Journal:
While it never beat perennial front runnersToyota Camry, Hondsa Accord on the national scene, it shot to the top in a few including Phoenix. But Altima lost steak until recentlywhen Nissan's top seller entered its third The latest design debuted with 2002 a very roomy and more upscaler looking ride than the rathee bland successor to the original Altima. The 2005 models crank thingd up another notch with both interio r andexterior tweaks. Today's Altima, compared to the old Stanza or even the 1992 is anamazing contrast.
Once a compact the new Altima is now a spacious Hop inthe driver's seat and you'lpl find plenty of leg and A glance in the rearview mirrodr shows you've got a ton of cabih room to the rear. Pop the trunmk and you'll find enough cargo space fora two-weekl family vacation. Part of the good news for 2002 and again for 2005is visual. In the mid-1990s, it seemed Nissan designers wantee their cars to blend into thecrowd -- nothing just playing it safe. If you've seen the new 350Z coupd or the Muranosport utility, you know thingss have changed. Even the full-size Maxima cuts a dashingv profile. Now the Altima is catching up.
OK, it's not radical like the Murano, but it competes in the conservativs family-sedan segment. The Camry's look is rather ho-humj and the Accord is but hardlya head-turner. The 2005 Altima looks sportierf with new wheels plus a smoother frony end and raisedhood design. Inside, even base models look sharp with a newinstrumen cluster, upgraded seat and headliner three-spoke steering wheel, and chromwe accents. One of the Altima'ss strong points is the combinationm of engine choice and taut suspension making this familyg sedan more fun to drive thanmost -- Mazda being the chief exception. Unlike many 4-cylindere plants, Nissan's 2.
5-liter base engine is heartty with175 horsepower. For those not Nissan offers a 3.5-liter V6 rated at 250 hp -- 260 in the new performance-orientedx SE-R model. To keep the starting pricew below $17,000, Nissan offers a strippedr model where even air conditioningis extra. There are severao upgraded models well asupscale options, includinyg leather, navigation, side and curtain Clearly Nissan made a leap with the debutt of the third-generation Altima and again with the 2005 enhancements, but it competexs in a crowded field. While Altimaq doesn't match the superb fit and finisuh or quiet performance of Camrtand Accord, it is inching closer and offers a decenty record of reliability.
Buyers looking for something a little different or with a sportietr flair should takea look. Trivia tidbit: Nissanb Altima is expected to join the growing ranks of hybridf vehicles in 2006 with a little help from a The gas-electric powered sedan will borroa Toyota technology.
Monday, September 13, 2010
Westbrook Inefficient But Effective - St. Louis Post-Dispatch
Westbrook Inefficient But Effective St. Louis Post-Dispatch ATLANTA - Cardinals starting pitcher Jake Westbrook entered today's start against the Atlanta Braves having walked only eight in seven starts since coming ... |
Saturday, September 11, 2010
SendTec files for Chapter 11 bankruptcy protection - Tampa Bay Business Journal:
The St. Petersburg direct response marketing company is claimingv assetsof $3.7 million and liabilities of more than $17.34 million. SendTec (OTCBB: SNDN) last filed a financiapl report with the SEC last Novembee when it claimed a net incomeof $623,000, or 1 cent per on revenue of $5 million for the quarterr ended Sept. 30, 2008. That was a turnaround from a $4.4 or 8 cents per share, loss on revenue of $7.4 millioh recorded the year before. In a statemengt released afterits filing, SendTec said it has received an offer led by management and a group of outside investmentt firms to purchase assets and continur operations as a new company.
SendTec didn’t identif y the outside investment companies. “A series of corporate transactionsdinvolving SendTec’s parent companieas going back to 2004 has left SendTec with a largse burden of debt aparty from operations,” said chief executive officer Paul Soltoff in a “These proceedings represent our best option for removing that burdej while continuing to serve our clients and run our In the interim, it will be business as We anticipate no reduction in staffr or services." In the nine months leading up to the 2008 third quarter, SendTex chalked up a profit of $3.5 million, or 5 cents per compared to a $13.
5 million, or 25 cents per loss the year prior despite revenue dropping from $24.65 million to $16.3 million. In March, SendTec informesd the SEC that it wouldr be unable to fileits year-enx report stating the company “does not have sufficient resources to complete the audit of the financial statements.” Amonfg the creditors holding secured claims againsgt SendTec is , care of of New York for $3.36 million in Series B preferred shares; of New York City for $2 millionb in Series B preferred shares; and of New York City for $1.6i million in Series B preferred Also holding a secured claim is of Old Conn., for $1.
3 million in Series B preferred Most unsecured priority claimsx listed in the bankruptcy court documentsd are less than $15,000 with the exception of $50,000o owed to the IRS. SendTev has been fighting a numbe r of lawsuits in various courtsz including one charging it with breach of contracty and unjust enrichment from inthe N.Y. Suprems Court where motions are pending. It’ s defending itself from similar charges by througg the Pinellas County Circuit Court wherde SendTec recently filedan answer, accordinfg to bankruptcy documents.
There are three other contract disputeswith , the Fort Lauderdale compan that acquired SendTec in August 2005 that is now listedx as “inactive” in court in three courts in South Florida wherde motions are pending. SendTec also has an arbitrationm case pending against it from in the Courtt of Common Pleas of Delaware Countyin Pa., and an active employee discrimination suit againstf it from Janet Megdadi in a courtg in Bridgeport, Conn. Paul Soltoff, chiefv executive officer, owns 7.5 percent of SendTec’ss stock, earned $400,000 last year and has been paid just lessthan $16,70 semimonthly in 2009. Donald Gould Jr., chief financial owns 4.
4 percent of the company’s earned $260,125 last year and has been paid morethan $10,80o semimonthly for 2009, according to court of Boca Raton owns the biggest piece of SendTef with 18.2 percent of while LBI Group, Fursa Alternativr Strategies, Alexandra Global Master Fund and SDS Capitaol Group SPC Ltd of Grand Cayma each own just less than 10 percent.
Friday, September 10, 2010
Central Hudson raising rates - The Business Review (Albany):
The rate plan establishecd by the PSC increases annual electrivc service delivery ratesby $38 million, and gas deliveryt rates by $13.6 million, or a totall of $51.6 million. PSC officials say the increase authorize by the state agencis $18.1 million less than the companuy requested. Central Hudson had sought increased rates for both electric and gas serviceof $66.1 million and $20.2 respectively, for a total of $86. million. Instead, the utilityg is being allowed $38 milliom for electric service, $13.6 million for gas service, and $16.56 million for a temporary surcharge, or a total of $68.2 million.
Central Hudson says its needs the added revenuesx to compensate for lower sales and increasedpension costs. The Poughkeepsie-basedr utility has 300,000 electric customers and 74,000 natural gas customerds from north of New York to theCapital Region.
Wednesday, September 8, 2010
Koster balks at GM reorganization agreement - Atlanta Business Chronicle:
Koster said GM’s bankruptcy agreement will not extend producyt liability requirements for the company thattakes GM’s place. That meand customers who bought GM cars beforse the bankruptcy settlement lose protections under lemon laws and product liability requirements, Koster said. Koster also objected to provisionzs that allow a reorganized GM to alter dealership contracts with no sayfrom “The current agreement is terribly unfair to thesr dealership owners, many of whom have been loyal GM dealersz for decades and have invested their life savings in thesre family businesses,” Koster said in a Monday “It is unconscionable to force a dealership to waive its rightas under Missouri law simply because GM has floundered.
” Severalo other attorneys general from other including Kansas, have raised simila r objections.
Tuesday, September 7, 2010
Indonesians brave discomfort for annual holiday home-going (Feature) - Monsters and Critics.com
Indonesians brave discomfort for annual holiday home-going (Feature) Monsters and Critics.com The resort island of Bali is also taking similar measures. Bali police chief Inspector General Hadiatmoko said newcomers who are unable to produce ... |
Sunday, September 5, 2010
Dayton Business Journal: Business Events Calendar
Once approved, your event listinb will appear on the Calendae until the day after the date you enter as its end For example, if you enter June 8th as your event'as end date, your listing will be removed from the Calendar at 12:00 a.m. on June 9th. Once I list an how long does it take befor it is posted to the BusineszsEvents Calendar? To maintain the professional integrit of our site, each listing must go througg an approval process priore to being posted to the Events Calendar. In most this occurs within a few hours, with the maximujm being 24 hours. Can I post my event listinh as far in advanceas I'd like ? Yes, you can post event listings days, weeke or months in advance.
They will appear on the Calendaer until the day afteryour event's end date. Will my evenyt listing also appear in the print edition of theBusinese Journal? No, the Business Events Calendar is an online-only any events posted through this systemk will only appear online. If I want to list a recurring eventeach month, do I have to entert each one separately? Yes, each month'ds event would be considered as a separate There may be discounts for multiplwe listings. Please contact us and a representative will work with you to creat e a customized package to suityour needs. Contac information is available from the Can I selectg more than one categoryu for myevent listing?
No, each event listing can only fall undetr one category. If more than one category applies to yourevenyt listing, we recommend choosing the one that is most If I have a Business Eventes Calendar promotional/discount code, can I use it in any of bizjournals' 42 markets?? No, each promotional/discount code is market-specifiv and will only work in the marketf for which it was originally What should I do if I need to make changes to my eventt listing after it has been posted online? Pleasee contact our local office. Information is availablew from the Who should I contacft if I would like to purchase an eventr listing over the phoneversus online? Please contact our locap office.
Information is available from the
Saturday, September 4, 2010
Dow
The Dow Jones Industrial Averagwe finished the trading day at down 187.13 points (2.123 percent). The S&P 500 closed at 923.72, down 22.49 pointsa (2.38 percent). The NASDAQ Composite finished at 1,816.38, down 42.42 pointws (2.28 percent). Among actively trade Colorado stocks, (EEE) led the day’s handful of up 3.98 percent (about 4 to close at $1.02. • (GSS) Up 1.06 percent (2 to $1.91. • (CROX) — Up 1.01 percenft (4 cents) to $3.99. • (ALTH) — Up 0.74 percentr (6 cents) to • (MDC) — Up 0.63 percent (18 cents) to Among actively traded Colorado stocks that declinefd on the daywas , or AIMCO down 10.44 percent ($1.14) to closed at $9.78.
• (Q) — Down 7.87 percent (34 to $3.98. • (AGT) — Down 7.68 percent (3.5 to 42.1 cents. • — Down 6.58 percent (16 cents) to $2.27. (DCT) — Down 5.92 percent (26 to $4.13.
Thursday, September 2, 2010
Cat leaves bag: PSJailbreak cloned, released, freely available - Ars Technica
Cat leaves bag: PSJailbreak cloned, released, freely available Ars Technica ... up by the Australian courts, but to the surprise of no one, the code behind the project has been reverse-engineered and is now freely available online. ... |