Bauer Financial issues Q1 credit union ratings - San Antonio Business Journal:

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The company uses federal regulatory data to rate credit unionzs based oncapital ratio, profit/loss trend, delinqueng loans and other factors. Bauer's ratingg ranks from a high of 5 stars to a low of 0 Of the 10 larges t South Florida credit unions by six maintaineda five-star (superior) IBM Southeast Employees Credit Union and Brightstar Credit Uniomn held on to their four stars (excellent) in the firstg quarter. They had been downgraded from five starss in thethird quarter. Priority One Credit Unio in Sunrise fell from to three stars from four starx in the first quarterwith 69.9 million in assets, 1.6 percent of whicyh were nonperforming.
, South Florida’a second-largest credit union with $738 million in held on to its threer stars in thefirst quarter. It was downgraded to threde stars (adequate) from four stars in the fourth ThePembroke Pines-based credit uniohn counted 1.74 percent of its assets as nonperforming. First Choice in West Palm Beac also hadthree stars. , the largest in Soutjh Floridawith $1.62 billion in remained the only credit union in the statew rated zero stars by The Miramar-based credit uniomn counted 8.6 percent of its assets as It was placed into conservatorshiop by Florida regulators on April 24 aftetr heavy losses and the ousted its management.
Space Coast Credit Union has shown an in acquiringEasternm Financial.

Fontainebleau Las Vegas company files Chapter 11 - Houston Business Journal:

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Fontainebleau Las Vegas LLC and two of itsaffiliated – Fontainebleau Las Vegas Holdings LLC and Fontainebleau Las Vegas Capital Corp. – filerd bankruptcy petitions in Miamilate Tuesday. The Miamii Beach hotel is not includexd inthe filing. The company said in a news releasde that the decision to file Chapter 11 was the direcyt result of litigation with lenders on the Las Vegaa hotel construction project that had to do with contractual disputeds related tonearly $800 million in constructionh funding for the $2.9 billion resort-casino project, which is 70 percent complete. Lenders include , and Deutsche Bank Trusrt Co. Americas.
The legal dispute has effectivelyt shut down the projectand “purt thousands of people out of work,” said Howard chief restructuring officer of Fontainebleau Las Vegas, in the “Our goal now is to secure funding to complete this world-class project and restructure our existing debt.” Fontainebleau Las Vegas reacheds a provisional agreement with a group of its non-defaultingt lenders for the use of cash for the administrationb of its bankruptcy case, and is in negotiationsz to obtain financing to restart construction on that Fontainebleau Miami Beach, which is a separate legal entity, continues to operate as normal.
Turnberrh West Construction, the project’ss general contractor, is also not include in the filing, according to the news In 2008, Nakheel Hotelws of Dubai bought a 50 perceng interest in the Fontainebleay Miami Beachfor $375 The Las Vegas hotel companiesx that filed bankruptcy are based in Soutj Florida because the Soffer family of which also owns the Turnberry development and constructiobn companies, owns all the Fontainebleau Jeffrey Soffer is a principao of umbrella company Fontainebleau Resorts LLC, according to statre records.
Fontainebleau Las Vegas also withdre without prejudiceits $3 billion lawsuit in Las Vegaw against some of its and refiled the case in Miami bankruptcy where the Chapter 11 petitionsz were filed. The lawsuit with lender s was amended on May 12 to includew allegations that Deutsche BankTrust Co. Americas was “seekingb to destroy the Fontainebleau in order to minimize with the nearby and which is wholly owned by a Deutsche Bank subsidiary. "This claim is an attempt by the Fontainebleau's developerws to distract from the fact that they have breachedc theirloan covenants.
We will defen d ourselves vigorously against thismeritless allegation," Deutschd Bank spokesman John Gallagher said in an e-mailed response. Fontainebleau Las Vegae LLC lists morethan $1 billion in debt and a simila amount in assets on its with more than 1,000 creditors. The only Souty Florida creditor listed was Internationapl Bedding inFort Lauderdale, with a claimn of $498,737.

Tedco awards $600K to tech firms - Baltimore Business Journal:

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The money was granted in collaborationn withthe U.S. Army Medicalp Research and Materiel Command and the throughthe Ft. Detricj Technology Transfer Initiative. The purpose of the technology transfer program is to raise awarenesa of new and developing technologies and funding them to transitionh as viable projectsfor follow-on funding in the market Each company that received funding was awarded approximately $50,00 0 between March 2008 and May 2009, making up the initiative’e second round of financial awards since its $750,000p program extension. The fundxs for the program’s second phase were secure by Sen. Barbara Mikulski, D-Md., and Rep. Roscoe G. R-Md. “The [Ft.
Detrick Technology Transfer Initiative] program is enabling area businessee to harness the technologies being developed at Fort Detrickj and apply them to thecommercial sector,” said Mikulski. “Thise will lead to new products that have the powee to create jobs andsave lives.” Mikulski announced the firsrt phase of the tech transfer program in March 2005 when 11 companiea received funding. in Rockville: The companuy is developing a health care technology calleemiTag system, which is a scalable wireless sensor solutiob for improving patient flow. in The company is developing a technology calleed the GeNova Screento identify, and produce antibody-like molecules.
in Rockville: The company is developing an on-demandx biotech products including a combination vaccine against plagueand anthrax. BioAssay Works LLC in Ijamsville: The companu is developing a lateral-flow visua l diagnostic test to detect and differentiate singled sample multiplepathogenic poxviruses, including variola, vaccinia, and in Catonsville: The company is safety-testing a medical product called ClotFoam, which is a non-compressible, intracavitarty hemostatic agent.
CynerGene IDMP in Frederick: The companty is developing, validating and implementing a supplemental diagnosisof Malaria, HIV, and Dengue usinhg its Infectious Disease Multiplex Panel approach, which could alloww for creation of LLC in Baltimore: The companyh is developing required components and systen framework to enable conversational interfacew for telemedicine tools. Such toold would allow professional medics touse voice, and other human-- computer interactions to access and documenyt information in electronic medicak records.
in Rockville: The company is developin g technology to preserve mammalian cells in driesd format that can easilybe re-hydrater for a variety of LLC in Frederick: The company is evaluating the effect of Imagilin patented probioticss as a food supplemen to enhance the immune responsiveness of guinewa pigs upon immunization or challengre with virulent pathogens. The evaluation will suggest the ability of Imagilin patented probiotics to enhancde the immunization ofa vaccine. in The company is developing micropatterned substratees for viralinfectivity assays.
Juxtopia in Baltimore: The companyy is customizing its Wearablr Assistance and SituationalAwareness (WASA) goggles and service to alloew U.S. Army combat medics to accessa and document information to electrical medical recordsvia hands-free voice-request s and voice-responses. in Baltimore: The company is developing cell therapiews to treat brain and spinalcord

Long View Gallery to relocate - Denver Business Journal:

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The gallery signed a long-term leased at 1234 9th St. NW for 5,000p square feet, or four times more space than its currentexhibitiomn capacity. Its current lease -- half a blocj south at 1302 9th St. NW -- expirew July 31. The renovated spacr will have better custom framing and special event and “renovation costs will be in excess of six figures,” said gallery director Drew The building, owned by , previouslgy acted as an auto showroom and, most as a vending machine warehouse and has sat emptgy for the past few years. Local architect Will Coucnh is designing the renovated gallery which will still show and support contemporary artists.
Porterfield plans to soon announcew several major new artists that will exhibit at the Long View Gallery was founded in 2000 by Andrewe Haley and Suzanne Zylonis ina Sperryville, Va. which showcases many Virginia artists. Local art patronx partnered with Haley and Zylonis in 2006 to open its Shaw The gallery will stay open at its currenft space until July andwill re-open in the new spacd in September.

Former Yahoo COO heads to Activision to lead Guitar Hero unit - Los Angeles Business from bizjournals:

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Rosensweig will oversee Guitar Hero's global operations includinf game development, hardware manufacturing, suppluy chain, logistics and marketing. He will report directly to Mike president and CEO ofActivision Publishing. Kai former president and CEO of RedOctane, who alongy with his brother Charles Huang createdGuitard Hero, will continue working at RedOctane reportinb to Rosensweig. Rosenweig was COO of Yahoo (NASDAQ: from 2002-2006, and most recentlyh served as an operating principaat , a private investmenty firm.
"With a platform and content that universallg engages a wide range of Guitar Hero has incredible growth I look forward to continuing to develol Guitar Hero into an even moresuccessfulo enterprise," Rosensweig said in a statement. Activisiom Publishing is a divisioh ofSanta Monica's (NASDAQ:

Epson Introduces the Epson Stylus Pro WT7900 Designer Edition - A New ... - MarketWatch (press release)

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Epson Introduces the Epson Stylus Pro WT7900 Designer Edition - A New ... MarketWatch (press release) 7, 2011 /PRNewswire via COMTEX/ -- Epson America today announced a new addition to the Epson® Stylus® Pro Designer Edition line - the Epson Stylus Pro WT7900 Designer Edition. Combining the Epson Stylus Pro WT7900 with an industry-leading EFI(TM) ... and more »

Commercial foreclosures start to spread across Northern Va. - Washington Business Journal:

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Anyone who follows the commercial real estatee market knows there are buildingsa in troublethroughout Washington, but as one drivesz along the Dulles Toll Road or Route 28, it’w hard to miss the signzs of distress. “See-through buildings” dot the bereft of the interior officse wallsthat don’t show up untiol a tenant does. In recent weeks, at least two lenderz have given up the waiting game and takeh the keys and the title back fromthe owners: Lincolnj Park III and Monument III. More than 50 office buildingxs stand empty or virtually empty inNorthern Virginia, with 46 lyintg beyond the Beltway.
With no tenants biting at theidr rock-bottom asking rents dozens of those buildingsw are expected to sink into foreclosure The 203,000-square-foot Lincoln Park III, 13857 McLearejn Road, was developed by and sold to an entityg in 2007 for $47 million, during the last days of the commerciak real estate boom. Still empty, asking rentse dropped as low as $28 per square foot and brokers scrambled to put togethe r a deal for an interested In March, started its foreclosure proceedings by appointing a substitute trustee. ING did not responc to a requestfor comment, but Fairfax Countyu tax assessors estimate the building is now worth just $35 The building may be worth even less.
Like many propertyu tax offices, Fairfax County’s assessment procedure lags market conditions by as much as two saidDavid Levy, a co-founder of McLean-based , whichn represents property owners in tax appeals. Although Levy had time to fieldca reporter’s questions while hittiny golf balls in his the tectonic shifts in the real estatr economy have flooded him with appeals from desperate property owners. “There’s certainly a lot of business out there,” he his club clinking againstanother “Prior to this, I hadn’t filed an appea in Fairfax County since ... gosh, I can’t rememberr when.
Probably six, seven or eight years Some commercial buildings in the Washington region have lost as much as half theiervalue but, on average, his clients are asking tax authorities for 20- to 25-percent reductionsa in assessed value, Levy said. If thos numbers are accurate, most of his clients will have lost virtuall all of the equity they have intheir buildings. And with the emboldenedx tenant market demanding lower rent and highe allowances for custominterioer buildouts, many owners are calculatinb it might take them up to seven yeares to recoup the cost of landing that tenant. “Landlordd are saying this is alosin game,” Levy said.
With lending conditions alread bleak, those owners will face foreclosure if theifr existing loans are due in thenear future. “There are goinbg to be a lot of buildings tradinbg on the market throughthe banks,” Levy One of Levy’s clients is another bank that swiped a Herndonb property back from its owners. In April, took back titled to Monument III, a 193,138-square-foot building at 12930 Worldgats Drive. The owners — a joint venturee between The Praedium Group, a New York-base d real estate investment and ofBethesda — paid $54.9 million, or $284 a squarse foot, for the building in At the time of the 2007 the building was just 29 percent leased.
The joinyt venture owed nearly $51.8 million on the GE Today, the building is nearly 80 percengt leased, yet Fairfax Countg assesses its valueat $50.6 million, which is the recordee “sale” price for the April Unless something dramatic happens to strengthen and embolden the banking and financs industry, commercial real estate’s woes are likel to worsen in the near future. By next a massive wave of propertiexs financed in 2005 through thecommercial mortgage-backed securities market will need to find new Right now, the optiond are few, and the legions of ownerss of these securitized notes can’t easily be corralled to sign off on loan In March, the Federal Reserve announced that it would expanr one of its primary rescue programs, the Term Asset-Backed Securitieas Loan Facility (or TALF) to includd commercial property originally financesd through CMBS loans.
There’s just one catch: Only the highest-rate d securities are eligible for purchasre throughthe program. With values falling, ratinges agencies are now questioning the optimistic underwriting on many oftheser CMBS-financed deals. For instance, Standare & Poor’s on May 18 lowered its corporate crediyt rating onTishman Speyer’s D.C.-area real estatwe portfolio to “CCC” from A large chunk of that portfolio, whicb was purchased in 2006, was financed througn the CMBS market.
“Th e government is hoping that all these fixews will fix the lending environmeny so that the credit facilities will open up and start lendin g again before we have a major saidMark Larsen, president of Larsen Commerciall Real Estate Services/Oncor International. “But so far, that hasn’gt happened.” Despite all the glum forecasts, there is one piecd of good news, at least for the strugglintg Reston/Herndon submarket. After yearas of overbuilding in theDulles corridor, developers have now pulledc out completely. Just 235,433 square feet remain undert construction inthe Reston/Herndon submarket now, compared to more than 1.
1 millioj square feet in the first quarterr of 2008. There’s just one buildinhg under construction — Boston 11955 Democracy Drive. Although it is still being it’s already been leased in its entirety by the Collegde EntranceExamination Board.