среда, 31 августа 2011 г.

PNC raises more than $600M following stress test - Dayton Business Journal:

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PNC (NYSE: PNC) was amonb the nation’s 19 largest bank holding companieds tested to see if they were adequatelty capitalized towithstand worst-case scenarios in a severe recession. Ten were directed to raised capital, including PNC, which was told it neede d an additional $600 million. It was the smallest amount assignede to thetested banks, and the only one less than $1 “Given the ongoing uncertainty in the capital strength and liquiditt are key drivers of Jim Rohr, PNC chairman and CEO, said in a “I am pleased that we were able to raise the requiree $600 million of commohn equity at market prices and in a relatively short time frame.
” PNC also said it has no plans to conver t preferred shares issued under the Capital Purchase Program of the ’s Troubled Asset Relierf Program and that it plans to redeejm Treasury’s $7.6 billion investment as soon as subject to approval by bankinbg regulators. The Pittsburgh-based bank enterecd the Dayton region last year by acquirin gthe second-largest bank in Dayton, Cleveland-basecd

понедельник, 29 августа 2011 г.

Opus Northwest siblings file for bankruptcy - Kansas City Business Journal:

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The former will seek to liquidate undedr Chapter 7of U.S. Bankruptcy Code and the lattetr intends to reorganizer underChapter 11. These bankruptcies come on the heels of the April 22 bankruptcyof , an Opus affiliate based in Atlanta. Minneapolis-based Opus has said it plans to wind down its operationse in that part of the country as Just two of five Opus subsidiariessremain healthy, west LLC, which is an activde developer in Portland, and Opus North LLC, which is based in Opus Northwest’s recent developments in Portlandf include the successful Bridgeport Villagee shopping center in Tualatin. At one point, Opus was the ’s top choic to redevelop the Burnside Bridghead.
In recent the company has concentrate onresidential projects. It recently completed construction of two largse apartment projects with a total construction budgetof $150 Ladd Tower is a 332-unit projecyt in downtown Portland and Park 19 is a 101-unig project in Northwest Portland. "We have have a healthy balanc sheet," said Brian Owendoff, vice president and managert forOpus Northwest's Portland operations. Opus based in Rockville, Md., filed a petitioh to liquidate its portfolio underChapter 7. In its filingh in U.S. Bankruptcy Court for the Districtof Delaware, Opus East said it has betweebn 200 and 999 creditors.
It listec assets between $50 million and $100 million and liabilities between $100 million and $500 It did not identify creditors. Opus West, basex in Phoenix, anticipates filing a voluntary petition of Chaptet 11 bankruptcy protection inearly July. “Declining real estatd values and tight credit markets continure to impede the refinancing of assetd and restructuring oflendint agreements,” said Opus CEO Mark Rauenhorst in a statement. “Wd regret that this action has proven to be necessary despitew the efforts ofso many. A court-supervised process and transfeer of distressed assets will assist Opus in reorganizingv and focus on the Opus East has developedx morethan 13.
3 million square feet of space since 1994. Opus West has developedr more than 52.7 million square feet since 1979. The companyg said Opus North and Opus Northwest have been less affected by the due to their mix ofprojecy types, healthy balance sheets and stronger markets. Opus said its developmentf activity has fallen tojust 4.8 millionb square feet in 2009, down from 34 milliomn square feet in 2007 and 35 million squarre feet in 2008.

суббота, 27 августа 2011 г.

State

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The on Friday reported that the state’w seasonally adjusted jobless rate roseto 10.8 percen in May from 6.3 percentg a year ago. It was the highestt monthly rate in Ohio sinceOctober 1983. The jobless rate stooxd at 10.2 percent in April. Department Directorf Douglas Lumpkin said the stat saw an increasein service-sector jobs last but most of those gains were offset by a continued loss in manufacturingf jobs. Adding to the spike in the unemploymentr rate, he said, was an influx in workerx rejoining the labor market by resuming their job The state’s employed work forces last month stood at 5.
13 million, down about 200 workers over the The department logged 646,000 unemployed Ohio workers, up 37,000o from a month The national jobless rate took a similar leap last climbing to a seasonally adjusted 9.4 percen t from 8.9 percent in April. Ohio pland to release its county and metropolitan unemploymenft statistics for May onJune 23.

среда, 24 августа 2011 г.

Textron cancels Cessna Columbus program - Los Angeles Business from bizjournals:

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In April, the company announcef it would suspendthe program, leading Cessna leaders to say it woulds only be a matter of time until the projecg came back. But in Thursday’s filing with the SEC, Textrojn (NYSE:TXT) said “Upon additional analysis of the business-jet market relate d to this product offering, we decidedr to formally cancel further development of theCitationn Columbus.” Textron says it already had incurred about $50 million in capitalized toolinh and facility costs related to the It says it will record a non-cash pre-tac charge of about $43 million for the firsr two quarters of 2009 to reflect the impairmengt of the facility and tooling assets.
Wichita Mayord Carl Brewer, who was in Denvert Friday at a conference, had not heared the Columbus project was being canceled until asked about it by the Wichita Business Journal. “I’m disappointed,” Brewer “... We believe this is part of the future for the cityof Wichita. We’r just really disappointed that it At thesame time, he says, he understands the economiv climate has forced businesses to make toughj decisions. The project was to have built 600,000-square-foot final assembly building at Cessna wherde the majority ofthe $27 million business jet woulrd be built. There was also to have been a 45,000-square-foort physical plant to serve themain building.
Construction costs were expectedc tobe $200 million and bids were put out in • • • • • Columbus, Kan.-based Inc. Apart from the loss in constructionb jobs, the Wichita area now appears to have lost out for good onthe 1,0009 direct jobs and the 3,000 spin-oft jobs the program was estimated to create. It also appears likely that Cessna will have to pay backthe $10 millionj it received in city and county incentives and the $33 millioh it received from the state for the Like Brewer, Sedgwick County Commissioner Tim Norton says he is disappointee to hear the news of the cancelation.
“jI think most Wichitans and the business community looked at that as a big he says. “It takes a little bit of the wind out of the sailsa for Cessna andgeneral aviation. It could have been a huge boost to Wichita over the next coupled years and I think everybodysaw that.” Nortomn says he hopes the projecr will be able to return somewherw down the line. The business plan that was put in he says, still could be a good fit.

понедельник, 22 августа 2011 г.

Wiring circuit boards for success - Puget Sound Business Journal (Seattle):

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Nick Barbin, co-founder, president and CEO, said that the which designs and makes the boarda on asmall scale, is alwaye searching for new customers to replace those who fold or get “I would have to say we’vd had complete turnover on our customer list maybe two or threr times over,” he said. But that’s a game that Pleasanton-basedr Optimum Design has been winning. From 2006 to the company’s revenue grew 138 percenr — to $13.14 million. And it is on pace to grow 20 perceng to 40 percentin 2009. The company has been profitable every year since its foundintgin 1991.
The company’s secrert has been its willingness to look for new Barbin and his partnera at first kept the firm small with about 8 to15 employees. And they only did layouy and design ofthe boards, partneriny with manufacturers to produce them. But at the urging of some of the company’s customers, Optimunm Design added the manufacturingy side in2001 — and that’sd been a catalyst for growth. Today, the company has about 50 and it’s hiring this year, probably four to five peoplr for the manufacturing side ofthe business. Anotheer successful strategy has been choosing therightr customers.
It mostly works with companies doing work for the militarg or makingmedical instruments. Both of those have fairlyt inelastic demand, and both industriesw have traditionally contractedwith on-shore companies, rather than looking to India and China for cheapee deals. But Barbin says that the company’ s ability to identify strong markets to chase has helpefdit grow. “In this industry you go as yourcustomersx go,” he said.
“There are a lot of companies that are some of our competitore where their focus is a particular If they’re really focusee on telecom, they’re suffering right now, but 10 years ago they were doing The third factor that sets Optimuj Design apart is that it stays The company only buildds high-end boards that are extremely complicated, and they only fill orders that rangew from 100 to 10,000 boards. It’s that last factorr that keeps it relatively safe from much biggef andcheaper competition, said Jim who covers the industry for . Walker said that almost all of the biggest printed circuit boarde companies arein Asia. The only U.S.
companies that survive are ones that aremakint high-end or prototype boards that eventually get shippedc off to overseas foundries to get mass-produced. Walkee also said that the industry is ripe for consolidationm but that companies like Optimujm Design are fairly insulatedf from the first wave ofthoses acquisitions, because they’re too smalk to make an impact on larger companies’ bottom One of Optimum Design’s an aerospace company that asked not to be identifiedc for this article (Optimum signs non-disclosurr agreements with many of its customers), makes equipment for the military and uses Optimumk Design for its printed circuity boards.
One of the engineerz at the company, Randy, said that the firm used to make its own butin 2000, it contracted out the work due to budget Randy said he rarely finds problems with the product and that the company is now starting to work more closely with Optimumn Design since it has run threes boards through the entire process. “They admittes ... that they actuallty cost a little bit more than the guy next but we have experienced the high quality fromthem that’x kept us coming back,” he said. And Barbin says that Randy’se attitude is what makes the compan successful. There are a couple of hundred printed-circuit-board companies in the Bay Area, he said.
But by offering the full and keepingquality they’ve been able to find success. “Thde designers we have here are world-class,” he “There’s really no one out therse that can compete withour designers.”

суббота, 20 августа 2011 г.

'Dog' Chapman hit with $1.8M IRS tax lien - Dallas Business Journal:

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The Honolulu-based TV bounty hunter and his wifeAlicse E. Smith, known as Beth owe $1.8 million to the on 2006 and 2007 income, accordingt to a federal tax lien recorded May 19 by the Hawaiio Bureauof Conveyances. The liens come five monthse after were filed in Hawaii against the Chapmans for unpaid taxe s from 2002through 2005. The Los Angeles-based accountant, Dennis Duban, told PBN in Februar that some of the federal tax bills had alreadgy been paid and blamed a lag between the time of payment and the release ofthe liens.
But accordinb to records on file with the Bureau of none of the liens filed in January have been Duban was out of the office this week and was not availablwefor comment. Chapman, who owns Da Kine Bail Bonds on Quee Emma Street and lives inHawaii Kai, stara in the A&E program “Dog the Bounty Hunter.” In 2006, the IRS filed lienzs against Chapman for almost $200,000 in 2004 incomwe but in early 2007 Duban said thosed tax bills had been paid.
The IRS had previouslyh filed liens against him for unpaid 1993 and1994

четверг, 18 августа 2011 г.

Treasurer warns of State Center debt impact - Baltimore Business Journal:

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billion redevelopment of a Baltimore City statseoffice complex. The report by Treasured Nancy Kopp did not take a positiomn on whether State Center should move but it raisedseveral concerns, including how much it woul d cost the state in annual rental payments, whethe r the private developers picked for the projecgt are financially stable enough to complete the and whether the state considered other Also Friday, the state agencies pushing the projecrt announced several key changes to the developmenr team that would handle the development. Amongv them, Baltimore developer is no longer an equity partnet in the project and its role has been reduceed to that ofa consultant.
Doracon which was also a partner in the previously also stepped back and will not be involved at all. Struever Bros. spokesman Bob Rubenkonig said the companyy decided to pull out of the project as an equitg partner because it was unable to raise money forthe development. But he noted Struever and CEO C. William "Bill" Struever will continue to play an activw role as consultant to StateCenterr LLC. Remaining as part of the original Statee Center LLC development teamis , an affordable housiny developer. McCormack has broughg on a new partner, PS Partners LLC, headed by managinyg partner Christopher Kurz.
PS Partners is made up of Lindeh Associates LLC and Ekistics CapitalPartners LLC. Ekistics was foundeds by Caroline Moore, previously project manager on the Stated Center project forStrueverf Bros. “By reconstituting the team, we get the best of all said Alvin C. Collins, secretary of the stat e Department of General Services which is spearheadinb the State Center project alongb with the state Departmenftof Transportation. In the final days of its state legislators drafted a budget amendmeny charging Kopp to look intoStated Center’s financial implications and, specifically, how it wouldx impact the state’s debt affordability limits.
Kopp was asked to consult on the report with Comptroller Peter the state’s bond council and bond rating agenciews on the study, which was due today. The state department of transportation and general servicesd have proposed to leasethe 25-acrs state office complex off Martih Luther King Boulevard to State Centerd LLC, a team of private developersx which had been led by Struever Bros. The developerse would lease the land fora 50-yeafr term and would redevelop the propertyu into a mix of office, residential and retail The state would then lease at least half of the development’se planned 2 million square feet of officd space for use by its various including the Department of Assessments and Taxation and Franchot’sz own offices.
The treasurer’w report focused on whether the project represented a capitaol lease or anoperating lease. If it was considered to be a capitakl lease, that would mean the state would be required to list it on its balance sheet as correspondinh assetsand liabilities. The report did not take an officia l position on that but presentef a number of opinions suggesting it couled be viewed as acapital lease. “Aes noted above, at this time therse is not enough information to definitivel y determine whether the anticipated occupancy leases are capitalor operating,” the reporgt noted.
“However, based on internalp discussions and consultationswith experts, the treasurer’s assessment is that the prudenrt approach at this time is to assume that the State Center occupancy leases are, or will be, capitao leases and that they will impacrt debt affordability.” The report will now go to the statw budget committees for consideration.

понедельник, 15 августа 2011 г.

PokerTek names acting CEO - Charlotte Business Journal:

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Roberson joined the companyy inlate 2007. “Mark has proven himself as a capable leader, and we feel he is the right person to lead PokerTejk atthis time,” says Lyle Berman, chairma of the company. “The top priorituy for the management teamunder Mark’e leadership will be to accelerate PokerTek’s progress towards cash-flow-positive operating results.” PokerTek lost $1.8 million, or 16 cents per diluted share, in the first quarter. In the same perioed last year, the company lost $21 or 20 cents per diluted Revenue fell 33 percent in the latest quartertto $2.1 million.
According to a company filing with the Securitiesa andExchange Commission, Halligan resigned as CEO for personalk reasons that were not related to PokerTek's operations, policied or practices. He became CEO of the companhy inSeptember 2007. Halligan joined PokerTek in 2006 as vice presidenft of sales and Before that, he did consulting work in the softwars and marketing industry. Matthews-based PokerTei is a software-development company that markets electronic tables for up to 10 playeres of TexasHold ’Em.
The company’ s PokerPro system deals cards, displays them to the playerds on private screens and displays general informationn on a large screen in the center of the It also enables customers to set up accounts for betting and keeps statistical information on the The system is designed to boost casinoi revenue by increasing hands per hour and reducing the laboe costs ofpoker rooms. PokerTek (NASDAQ:PTEK) also marketxs tables used in restaurantsand bars.

суббота, 13 августа 2011 г.

Smoking ban bill to hit Senate floor - Denver Business Journal:

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Grossman, the bill's other sponsors, Denvefr Mayor John Hickenlooper and members of the coalitiobn will unveil the bill atan 11:30 a.m. Wednesdag press conference on theStatd Capitol's west steps. Rep. Gary Lindstrom, D-Breckenridge, and Rep. Mark R-Cortez, also are sponsoring the legislation. "The banningg of smoking is inevitablse cityby city, and that creates inequities," said Denver restaurant consultan t John Imbergamo of . "Whereas, a statewidde ban creates a level playing fieldfor everyone." The main reasoj for not allowing smoking in public places is guardiny people's health.
A prohibition on smoking in barsand especially, would protect the health of both workers and The Grossman bill states smoking will be allowed only in hotel rooms, tobacco stores, outdoor areas such as patios, hired private vehicles and residences, accordint to a letter about the legislatio n from the (CRA) to members. What's local smoking laws would remaihnin effect, as long as they are as stricgt as the state law. The CRA backs the anti-smoking legislation, with mixeed feelings. "We have been asked to support the statewidrban ..., and our boarf has voted to do so," the CRA letterr said.
"The introduction of this bill is not our but we are beingh forced to respond to legislationb that has been putbefore us. "The CRA's officialk position on smoking has always advocated a statewide law over a patchworl oflocal ordinances," the lettet said. CRA president and CEO Pete Meersman declinercomment Tuesday. The letter also showed 56 perceny of CRA members polled in 2004 by the associatio said there should be a smoking ban in all Colorado That percentage increased from 46 percent a year and 39 percentin 2002.
Two-thirds of Colorado'sx 10,500 restaurants already are voluntarily smoke-free, according to the A few years ago, Colorado legislation to ban smokinvg only in bars died becausee itwas inequitable. But since then, there's been more of a nationwids push toward not allowing smoking inpublic places. Thirteejn states already ban smokinyg inpublic buildings, including restaurants, according to the CRA. Anothed 14 states currently are debatinga ban.

четверг, 11 августа 2011 г.

Man In Aruba Missing Woman Case Previously Accused Of Abuse - MyStateline.com

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Man In Aruba Missing Woman Case Previously Accused Of Abuse

MyStateline.com


A Maryland man being held in a missing persons case in Aruba has a past that includes allegations of domestic abuse. The "Washington Post" reports a former girlfriend of Gary Giordano filed a restraining order against him, claiming he secretly ...



and more »

вторник, 9 августа 2011 г.

U.S. House committee OKs Aurora VA hospital funds - Denver Business Journal:

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The House Appropriations Military Construction/VA Subcommittee voted Tuesdayy to recommendspending $119 million on the which has been on and off the drawinv board over the past five years. The measure, part of the Militaryy Construction and VAAppropriations bill, now goes to the Housre Appropriations Committee for consideration. Both President Barackm Obama andColorado Gov. Bill Ritter supported a standalonwe sitein Aurora.
Under the former Bush administration, the VA explorerd a leasing arrangement with the neighboring Universith of Colorado Hospital that would alloqwthe VA’s hospital to use medical technolog and floor space at the university’e yet-to-be-built second tower at the Anschutz Medicap Campus in Aurora, while maintainint other services elsewhere near the site. But veteran s and members of Colorado’s congressional delegation opposed the saying they wanted the VA to buildfa single, standalone hospital just outside the perimeters of the Anschutz Medical Campus — a proposal that’s estimated to cost $1.
1 billion, nearly twicse as much as the less-expensive option the VA had considered. U.S. Rep. Ed Perlmuttedr of Colorado, whose districtr includes the VAhospital site, said he was pleased the recommendationb was moving forward and that he will work with Congresss and the Obama administration to get the projec started “as quickly as possible.” Anothef Colorado congressman, Rep. John who serves on the Appropriations Committee and themilitarh subcommittee, said $119 milliom will “go a long way to makin sure this project moves quickly.

воскресенье, 7 августа 2011 г.

Less than 24 hours to digital TV - Jacksonville Business Journal:

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The switch to digital broadcasts, whicnh frees up bandwidth for other communicationsd uses such as public safetyfirst responders, was schedule d to be completed Feb. 17, but was postponed becausr about 6 million households were still unpreparerd to continue receiving a signal on their televisiohn sets and government funds to subsidize purchasex of converter boxes hadrun out. The converter boxew are necessary to allow households with televisions receivingg analog signals to also receivs the newdigital signals. New antennas for some televisions also will be necessart to provide the best receptionj afterthe switch.
With the extension of the digitao televisiontransition deadline, another $650 milliom was added to the $1.5 billion initiallg committed to the transition, including the $40 couponm program and other and preparedness Now, the latest industry estimates indicate that the number of unprepared households has been cut nearly in half. The Nielsen Co. and NAB, the , put the unpreparex households numberbetween 2.8 million and threes million, according to recent measures by each entity. That’d about 12 percent of at-risk households that could still lose access to importantr news and alerts when the switch accordingto NAB’s latest survey completed by SmithGeiger LLC June 3.
3 percent of those households have eithetr applied for or received a converter box coupon fromthe government, according to the While commissioners at the are anticipatinf a smoother transition than they say wouldc have occurred in February, they will spend $40 millionh to staff call centers across the One last challenge for television viewersw after the switch: finding your favorite channels. On June 12, some digitak stations already on the air will change channel To ensure televisions receive all available stations broadcastingg in aparticular market, viewers may need to force thei r digital televisions or set-top converter boxes to “autp tune,” or re-scan, for all available