ignatiywulyxura.blogspot.com
The extension relieved Madison-based Anchot BanCorp from reducingits $116.34 million debt on the line of credit to $60 milliohn by Monday to meet an automatixc principal reduction of the loan commitment. Under the amended agreement, however, Anchor must pay off the entirw loan byMay 29. "This amended credit agreementywith U.S. Bank provides us with additional time needed to work towardsz finalizing a financing strategy appropriate to the realitiesof today'sx capital markets," said Doug Timmerman, chairman and CEO.
"Atg this point we are waiting for the capitapl markets to warm to thefinancial sector, which will help position us to implemenyt an appropriate long term capitapl strategy," Timmerman said. If the debt is not U.S. Bank, based in Minneapolis, could seize Anchor BanCorp in a foreclosure proceeding since the debt is securedby stock, according to Anchor's regulatory filings. Anchor BanCorp ABCW) is the holding company for AnchorBankin Wisconsin. It has 74 full service offices and two loan originationonly offices, all in Wisconsin.
Wednesday, March 28, 2012
Monday, March 26, 2012
Mercer survey: Execs take brunt of salary cuts in
burdukovahycel.blogspot.com
Only 56 percent of executives are expectec to see an increas e in base paythis year, compared to more than 70 percen of office, clerical and technical staffers, accordingv to early figures from Mercer’s 2009/2010 U.S. Compensationm Planning Survey. Those managers that do get a raise, however, will see a 3.5 percengt hike versus 3.1 percent for office/clerical/technical Likewise, executives fare worse when it comesz tosalary freezes. Forty-four percent of companies plan to freeze executive salaries in 2009 and 15 percenyin 2010. Only 28 percent plan salary freezeswfor office/production/service employees this year, and 11 percent next year.
Pay raise s are more likely inthe manufacturing, information technologyt and engineering sectors, while marketing, finance and saleas employees are seeing their paychecks decline, according to Mercer’s Market Pulse Report. “Whilee salary increases overall arerelatively low, certain jobs are buckinyg the trend with increases nearly twice the rate of the overall market,” said Susan Haberman, U.S. regional leadert for informationproduct solutions. “Organizations are paying more for thesre positions since theysupport company-specific Mercer surveyed more than 640 organizationws for its Market Pulse Report, and about 850 for its Compensatiobn Planning Survey.
Only 56 percent of executives are expectec to see an increas e in base paythis year, compared to more than 70 percen of office, clerical and technical staffers, accordingv to early figures from Mercer’s 2009/2010 U.S. Compensationm Planning Survey. Those managers that do get a raise, however, will see a 3.5 percengt hike versus 3.1 percent for office/clerical/technical Likewise, executives fare worse when it comesz tosalary freezes. Forty-four percent of companies plan to freeze executive salaries in 2009 and 15 percenyin 2010. Only 28 percent plan salary freezeswfor office/production/service employees this year, and 11 percent next year.
Pay raise s are more likely inthe manufacturing, information technologyt and engineering sectors, while marketing, finance and saleas employees are seeing their paychecks decline, according to Mercer’s Market Pulse Report. “Whilee salary increases overall arerelatively low, certain jobs are buckinyg the trend with increases nearly twice the rate of the overall market,” said Susan Haberman, U.S. regional leadert for informationproduct solutions. “Organizations are paying more for thesre positions since theysupport company-specific Mercer surveyed more than 640 organizationws for its Market Pulse Report, and about 850 for its Compensatiobn Planning Survey.
Saturday, March 24, 2012
UMKC, Johnson County Community College reach credit-transfer agreement - Kansas City Business Journal:
humojo.wordpress.com
Curators of the University of Missouri, on behalf of UMKC and the JCCC Board of Trustees, will sign an articulation agreement Wednesday at JCCC. The agreement guarantees that UMKC will accept and applu designated freshman and sophomor e credits from JCCC associate degree programw towardUMKC bachelor’s degree programs, consistent with the treatment of non-transfer studentg credits, UMKC said in a Tuesday “As an urban-serving university, UMKC is dedicated to making highe r education accessible to all students and forminf meaningful partnerships with area institutions,” Mel UMKC’s vice chancellor of student affairss and enrollment management, said in the “This articulation agreement with Johnson Countty Community College is just one way we affirmk that commitment.
” UMKC also offers the Metrk Rate, a program that allows residentws of Johnson, Leavenworth, Miami and Wyandotte countiees in Kansas to pay in-state tuitiomn for undergraduate study.
Curators of the University of Missouri, on behalf of UMKC and the JCCC Board of Trustees, will sign an articulation agreement Wednesday at JCCC. The agreement guarantees that UMKC will accept and applu designated freshman and sophomor e credits from JCCC associate degree programw towardUMKC bachelor’s degree programs, consistent with the treatment of non-transfer studentg credits, UMKC said in a Tuesday “As an urban-serving university, UMKC is dedicated to making highe r education accessible to all students and forminf meaningful partnerships with area institutions,” Mel UMKC’s vice chancellor of student affairss and enrollment management, said in the “This articulation agreement with Johnson Countty Community College is just one way we affirmk that commitment.
” UMKC also offers the Metrk Rate, a program that allows residentws of Johnson, Leavenworth, Miami and Wyandotte countiees in Kansas to pay in-state tuitiomn for undergraduate study.
Thursday, March 22, 2012
Knicks links: Mike Woodson era moves to 5-0 - The Star-Ledger - NJ.com
afukakuja.wordpress.com
The Star-Ledger - NJ.com | Knicks links: Mike Woodson era moves to 5-0 The Star-Ledger - NJ.com By Alex Raskin, NJ.com Knicks blogger Drew Hallowell/Getty ImagesIman Shumpert and Carmelo Anthony have helped interim Knicks coach Mike Woodson stay perfect in his brief tenure with the team. Wednesday night's game is supposed to be the last meeting ... |
Tuesday, March 20, 2012
Mediation ordered on Veranda Park building - Puget Sound Business Journal (Seattle):
obofym.wordpress.com
U.S. Bankruptcy Judge Karen Jenneman on June 22ordered Azzouz’s related firm and the bank to mediatde their dispute on the partially built-ouy Offices at Veranda Park 1500 Azzouz on May 6 file d a voluntary Chapter 11 bankruptcy petition in the Middlew District of Florida on behalt of , the entityg that owns his 55-unit building, just one day before it was scheduled for a foreclosure VP Phase IV and other related companies owed $15.32 million to mortgage holder Fifth Third Bank, whicgh on May 7 filed a motion asking the judger to either allow the foreclosure to continuse or dismiss the bankruptcy case.
Fifth Third claimed VP Phasd IV filed the petition just to stop the foreclosurre and thatthe single-asset entituy had no reasonable prospects to reorganize undert Chapter 11, the filing said. The decisiojn by Jenneman allows the bankruptcygto continue, said VP Phasw IV attorney Norman Hull, owner of Orlando-baserd law firm Norman Linder Hull PA. Azzouz was directed to turn on utilitiew and provide proof of insurance to Fifth Third on or before June 29, as well as file his reorganization plan by Aug. 5., Hull Azzouz could not be reachedrfor comment.
Meanwhile, other buildings in the $1 billion Veranda Park are facingfseveral issues, including bankruptcy, pending foreclosurde auctions, lawsuits and liens. Some of those include: The Residences at Veranda Park, a 157-unitt residential condo building at 4000Grands Ave., is scheduled to hit the foreclosurde auction block July 14 if Azzouz’s ownership VP Phase III LLC, doesn’rt pay $59.7 million owed to Wachovias Bank NA/Wells Fargo and Regionsx Bank. • Gene Chambers, Chapter 7 trustee for an individuao who paida $41,424 deposit to VP Phass III for a residential filed a breach of contract suit againsyt VP Phase III on June 10.
The trustew is attempting to recover that claiming VP Phase III did not complete the condo by thepromisefd two-year time frame. • Commercial Ventures Orlando LLC, an Azzouz-owned entity that owns the CVS inVerandaa Park, filed a Chaptere 11 bankruptcy petition on May 5. The entitg owes a total of about $1.5 million to securec creditors andnearly $5,000 to unsecured creditors, court documents said.
U.S. Bankruptcy Judge Karen Jenneman on June 22ordered Azzouz’s related firm and the bank to mediatde their dispute on the partially built-ouy Offices at Veranda Park 1500 Azzouz on May 6 file d a voluntary Chapter 11 bankruptcy petition in the Middlew District of Florida on behalt of , the entityg that owns his 55-unit building, just one day before it was scheduled for a foreclosure VP Phase IV and other related companies owed $15.32 million to mortgage holder Fifth Third Bank, whicgh on May 7 filed a motion asking the judger to either allow the foreclosure to continuse or dismiss the bankruptcy case.
Fifth Third claimed VP Phasd IV filed the petition just to stop the foreclosurre and thatthe single-asset entituy had no reasonable prospects to reorganize undert Chapter 11, the filing said. The decisiojn by Jenneman allows the bankruptcygto continue, said VP Phasw IV attorney Norman Hull, owner of Orlando-baserd law firm Norman Linder Hull PA. Azzouz was directed to turn on utilitiew and provide proof of insurance to Fifth Third on or before June 29, as well as file his reorganization plan by Aug. 5., Hull Azzouz could not be reachedrfor comment.
Meanwhile, other buildings in the $1 billion Veranda Park are facingfseveral issues, including bankruptcy, pending foreclosurde auctions, lawsuits and liens. Some of those include: The Residences at Veranda Park, a 157-unitt residential condo building at 4000Grands Ave., is scheduled to hit the foreclosurde auction block July 14 if Azzouz’s ownership VP Phase III LLC, doesn’rt pay $59.7 million owed to Wachovias Bank NA/Wells Fargo and Regionsx Bank. • Gene Chambers, Chapter 7 trustee for an individuao who paida $41,424 deposit to VP Phass III for a residential filed a breach of contract suit againsyt VP Phase III on June 10.
The trustew is attempting to recover that claiming VP Phase III did not complete the condo by thepromisefd two-year time frame. • Commercial Ventures Orlando LLC, an Azzouz-owned entity that owns the CVS inVerandaa Park, filed a Chaptere 11 bankruptcy petition on May 5. The entitg owes a total of about $1.5 million to securec creditors andnearly $5,000 to unsecured creditors, court documents said.
Sunday, March 18, 2012
Canned pot seized in drug bust - Windsor Star
jiqatili.wordpress.com
Canned pot seized in drug bust Windsor Star By Dalson Chen, The Windsor Star March 16, 2012 11:49 AM Empty cans seized by Windsor police in a drug raid on March 14, 2012. Investigators believe the cans were being used in a marijuana packaging and trafficking operation. |
Friday, March 16, 2012
Banks bend for commercial property owners - Kansas City Business Journal:
stony-coating.blogspot.com
Banks seem more receptive now to loan such as adjusting the amountr due on the loan toallow what’s knowhn as a short because they don’t want more foreclosedd properties on their books, said owner of Orlando-based . “We’re seeing a total changs in the commercial real estate market in In addition, Dan Colachicco, regional manager for , had a clienft whose lender extended a defaulted loan for five years, shiftede it from an amortizing loan to one that’s interest-only, allowecd six months of payment relief and paid overdue real estatee taxes. “Some banks are going to some lengths to avoid takinb backreal estate.
” That’s welcome news in a marketg that two months ago rankedr No. 10 among the most commercial loan defaults in the Nearly5 percent, or $340 milliojn worth, of Central Florida’s commercial mortgage-backedf security loans were in default in said Horsham, Pa.-based RealPointr LLC. That wave of defaults isn’t quite over yet, as mortgagexs on many more properties financedthrough short-terk loans in 2006-07 are updated this year, said Jeff Sweeney, presiden t and managing principal of in As a result, many banksz are more willing to rework some of those he said. That, in turn, has helped generate property salez — so long as they’re at discounted rates.
“Everything we’ve sold in 2009 has been by more than20 percent, Sweeney said. “That’se what’s selling right now — the distressed, discounted properties. It’s the Memorial Day sale of real ButBishop — whose brokerage business has grow n 30 percent in the past two months said banks are not approving all short-sale prices. Typically, brokers must work harder to get a solid offer in hand beforr the bank will see it as an option besides foreclosure. Many times, lenders look at the real estater involved and determinewhether it’s well-positioned to perforj in the long term, added “Every lender has a different philosophy.
” That philosophgy may be based on whetherf or not the bank is overwhelmed with bad said Van Bogan, chairman and CEO of Orlando-based Florida Bank ofc Commerce. The lenders that alreadhy have a lot of distressed propertied on their books are eager to approve shory sales orother workouts, he said. But the markeyt is improving, so better-leveraged banks aren’ty in a rush. “A lot of banks are holdinb off,” Bogan said, “becaus they believe in a year or so, they’ll be able to get a bettere price.
”
Banks seem more receptive now to loan such as adjusting the amountr due on the loan toallow what’s knowhn as a short because they don’t want more foreclosedd properties on their books, said owner of Orlando-based . “We’re seeing a total changs in the commercial real estate market in In addition, Dan Colachicco, regional manager for , had a clienft whose lender extended a defaulted loan for five years, shiftede it from an amortizing loan to one that’s interest-only, allowecd six months of payment relief and paid overdue real estatee taxes. “Some banks are going to some lengths to avoid takinb backreal estate.
” That’s welcome news in a marketg that two months ago rankedr No. 10 among the most commercial loan defaults in the Nearly5 percent, or $340 milliojn worth, of Central Florida’s commercial mortgage-backedf security loans were in default in said Horsham, Pa.-based RealPointr LLC. That wave of defaults isn’t quite over yet, as mortgagexs on many more properties financedthrough short-terk loans in 2006-07 are updated this year, said Jeff Sweeney, presiden t and managing principal of in As a result, many banksz are more willing to rework some of those he said. That, in turn, has helped generate property salez — so long as they’re at discounted rates.
“Everything we’ve sold in 2009 has been by more than20 percent, Sweeney said. “That’se what’s selling right now — the distressed, discounted properties. It’s the Memorial Day sale of real ButBishop — whose brokerage business has grow n 30 percent in the past two months said banks are not approving all short-sale prices. Typically, brokers must work harder to get a solid offer in hand beforr the bank will see it as an option besides foreclosure. Many times, lenders look at the real estater involved and determinewhether it’s well-positioned to perforj in the long term, added “Every lender has a different philosophy.
” That philosophgy may be based on whetherf or not the bank is overwhelmed with bad said Van Bogan, chairman and CEO of Orlando-based Florida Bank ofc Commerce. The lenders that alreadhy have a lot of distressed propertied on their books are eager to approve shory sales orother workouts, he said. But the markeyt is improving, so better-leveraged banks aren’ty in a rush. “A lot of banks are holdinb off,” Bogan said, “becaus they believe in a year or so, they’ll be able to get a bettere price.
”
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