GM enters bankruptcy filing - The Business Review (Albany):

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Monday’s Chapter 11 filingt by the 101-year-old automaker once the world’s biggesgt company and WesternNew York’s largestf manufacturing employer for decades — is amonyg the largest in U.S. historu and largest-ever U.S. manufacturing Chapter 11, which allowsz the company to operate while protected from its pushes GM intoa fast-tracik bankruptcy and provides $30 billion of additional taxpayer funds to restructure itself.
General Motors CEO Fritz Hendersoh said in a prepared statement that GM was being reinventex and that the company is ready for the jobat "The economic crisis has caused enormoud disruption in the auto industry, but with it has come the opportunityh for us to reinvent our business. We are goinfg to do it once and do it The court-supervised process we are pursuing providee us with powerful tools to accelerate and complete our as well as strong safeguards for our customersa and our business," he said. The GM plan as detailed by U.S. officials would allow a much smallerr GM to emerge from court protection withinm 60 to90 days. GM also plans to close 11 U.S.
facilities and idle another three plantsw by the endof 2010. GM’s Tonawandz engine plant, where 1,100 people work, will remain The automaker has not provided an updated target for job cuts but was lookin toeliminate 21,000 U.S. factory jobs from the 54,000o union members it now employs. Also not immediately clear is what GM’s bankruptch filing will mean for ’s plantws in Lockport, Rochester and three others. Generaol Motors plans to take back the facilities from the formeer parts subsidiary that it spun offin 1999, according to a tentatives deal reached last week between GM and the UAW.
The factories in New Michigan and Indiana would operateunder Delphi’sa union rules, but be considered part of GM, once The Lockport plant — Delphk Thermal Systems, which has 2,100 employees — was founderd as Harrison Radiator Co. in 1910 and became part of GM in 1918. For 81 year s it operated under General Motors ownershio until the independentDelphi Corp. was formed. Delphi itselft is operating under bankruptcy court supervisionj having filed for Chapter 11 inOctober 2005. The Mich.-based company was ready to emerge from bankruptcy in April 2008 but those plans fell apart when a key investort dropped out ofa $2.
55 billion stock deal with the General Motors employs 92,000 in the United States and is indirectly responsible for 500,000 The U.S. government wouldf hold a 60 percent financial interest in a reorganizec GM and the UAW would takea 17.5 percent The governments of Canada and the province of Ontario have agreec to a 12 percenft ownership stake in exchange for financial aid. GM bondholderx would get 10 percent.

NewTek

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on May 18. Philip Nelson, vice presidengt of strategic development forSan Antonio-based will give the presentation durinh the pre-conference training workshop at the Ronaldx Reagan International Trade Center. “Homeland Security official s who have used NewTek TriCaster to live streajmpast S&T conference sessions have been overwhelmingluy satisfied,” Nelson says. “TriCaster is used by an impressivee array ofgovernment agencies, including Homelanf Security, the , and NORAD.” This year’ s conference is presented by the in association with the Science and Technology Directorate. The theme is title d “Science and Technology Changes Everything.
” The conferencew will highlight DHS research underwa y in the United States and arounr the world to make thenation safer. Attendees from the private sector, academia, and all levels of government will also lear about the latest businessz opportunities related tothis work.

Pacific taps Hallick as president - Portland Business Journal:

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Lesley Hallick, who served for 20 years as OHSU’s chief academic officer, will become the Foresgt Grove school’s 17th president. Hallick will assume the role on Aug. 1, takiny over for Phillip Creighton. Creighton had servexd as Pacific’s president since 2003. “I am deeplyg honored and incredibly excited about the opportunity to serve this said Hallick in anews release. “When I interviewed for this job, Creighton said, ‘The place just weaveds its way intoyour heart,’ and I felt that from the momentr I stepped on this historic campus ...
Ther e is a strong tradition at and recent strategic developments have positionecd the University to make a reachingg impact without losing the intimacy one feels Hallick serves on boards for the NorthwestHealthh Foundation, Oregon Historical Society and Oregon Healthcar Workforce Institute. Pacific University hosts programa for morethan 3,000 students in Forest Hillsboro, Portland and Eugene.

IATA: Global airlines to lose $9B in 2009 - Minneapolis / St. Paul Business Journal:

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The ’s (IATA) new forecas is staggeringly worse thanits $4.7 billion collective loss forecasy made just three months ago. The air carrierd trade group also downgraded its loss estimate for 2008to $10.3 billion from $8.5 billion. “There is no moderh precedent for today’s economic meltdown,” IATA Director General and CEO Giovanni Bisignanji said in anews release. “The ground has Our industry hasbeen shaken. This is the most difficul t situation that the industry has Afterthe Sept. 11, 2001, terro r attacks on the Unitedx States, industry revenues fell by 7 Bisignani said, and took thre years to reboundto pre-9/11 levels.
Revenues will fall to $448 billionn in 2009 from $528 billion in 2008 (15 IATA said. Passenger yields will dip 7 “This time we face a 15 percenft drop—a loss of revenues of $80 billion—in the middle of a globa l recession,” Bisignani said during IATA’s annual industrhy summit. “Our future depends on a drastic reshaping by governmentsand industry. We cannot bear the cost of governmentg micro-regulation, crazy taxation and partners abusing theirrmonopoly power.” North American carriers will generallhy fair better than foreign IATA said, and should narrow their losses for the year.
Northj American airlines will lose $1 billion in 2009, dramaticallgy less than the $5.1 billion lost in 2008, as out-of-the-monehy fuel hedges lapse and capacity cuts kick in to rightf capacitywith demand. Previously, IATA said North Americanm carriers would turn a modest profigt forthe year. Asia-Pacific and European carriere are likely to take thebiggesg hits, losing $3.3 billioh and $1.8 billion, Another heavily impacted air cargo, will decline by 17 percent based on tons Cargo yields will decline 11 Relaxed fuel prices over the first five months of 2009 have helpeed carriers, but prices have begun to climb in recent IATA projects the industry fuel bill to fall from $165 billionb in 2008 to $59 billion in on a $56 per barrel average price of oil.
“Ther risk that we have seen in recent weeks is that even the slightesf glimmer of economic hope sends oilpricex higher,” Bisignani said. "Greedy speculation must not hold the globalpeconomy hostage. Failure to act by governmente wouldbe irresponsible.” Globally, airlines are in a better cash position, with more liquidity than in past But, Bisignani warned “a long L-shaped recoveru could drain the industry of cash.” Bisignani noteds industry consolidation, such as the mergee between Atlanta-based (NYSE: DAL) and , that have made some playera stronger.
But he railed against what he calles “archaic limitations on ownership” that prevent the merging of carriers fromdifferent countries.

Report: Zell might lose reins of Tribune - Sacramento Business Journal:

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According to the report, the company might fall into the hand s of a group of banks and investors thatholdse $8.6 billion in senior debt. The reporyt says that "the plan centers on a debt-for-equit swap that probably would give the senior lenders a largd majority ownership stake in thereorganized company." The plan woulf also likely wipe out a $90 million warrant that Zell hold s that would give him the right to buy 40 percent of Tribun for about $500 million. The report says that Zell'x future in the company would likely be determineed bythe group, as it is unclea r if the group would want to bring in a new or if Zell himself would want to remain with the company.
The report says that "sourced close to both the creditores and the company said it is too earlyu to make such decisions and Tribunde management continues to control the process becauses it currently has the exclusive right to proposee whatever reorganization planit wishes." Tribune through a buyout led by Zell. The deal left the companyt withnearly $12 billion in debt. Tribune has sold off asseta and cut jobs since the close of the deal to help with the debt Thecompany .

Barcelona to close for summer renovation - Denver Business Journal:

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The club, at 15440 N. Greenway Hayden will be open for its last day of busines onJune 27. Construction crews will renovate the restaurant in time fora re-openinbg in about three months. The project is expected to creat e a new concept in both entertainment and dining and is being led by renownedc designerDodd Mitchell. Mitchell has led projectsa acrossthe country, includintg Los Angeles clubs Dolce, Sush Roku and the Hollywood Roosevelt Hotel. Mitchell also just completed an award-winningt redesign project at Cabo Azul Resort and Spa inLos Mexico. Barcelona officials declined to discus the amount being invested in the project or what the new creatiohn maylook like.
“We really want it to be a To us, it’s not like we’re closing, but this (summer really seems like the perfect time to do this saidLynze Shuman, director of marketingf and promotions. For more: w or .

Memorial Day weekend has Washingtonians heading for the hills and the beaches - Washington Post

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KIMA CBS 29

Memorial Day weekend has Washingtonians heading for the hills and the beaches Washington Post Forget gas prices, more people plan to head out of town this Memorial Day weekend than any time since 2006, and some of them plan to skip school to do it. The annual AAA survey showed an uptick of 17000 people planning to travel from the Washington .. . Slightly more Philadelphia-area holiday travelers Philadelphia Inquirer Memorial Day Travel Expected To Show Slight Increase NJ TODAY Memorial Day Travel in SC Will be Up This Year WLTX.com BlueRidgeNow.com -Baltimore Business Journal -Patch.com  »

MMA fighter King Mo -- Petitions Hulk Hogan for Wrestling Advice - TMZ.com

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TMZ.com

MMA fighter King Mo -- Petitions Hulk Hogan for Wrestling Advice TMZ.com MMA fighter Muhammed Lawal -- known as King Mo -- wants to kick some serious ass this summer when he joins TNA wrestling ... so much so he's reaching out to some MAJOR ring legends for advice. The former Strikeforce champion tells TMZ ... as a lifelong ... TNA: 5 Ideal Opponents for "King Mo" Muhammed Lawal Bleacher Report  »

Human Capital: People on the move, May 5 - Boston Business Journal:

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, a Cambridge-based, venture-backed biopharmaceutical company focused on developingtobesity drugs, appointed Matthias Jaffe chief financial officerr and vice president of businesws development. Jaffe previously served as chief financial officer in a numbe rof private, venture-backed life science organizations, most recentlh with . Connors promoted to senior VP of employeer benefits at The ProtectorGoup , headquarteres in Worcester, promoted Thomas Connors to senior vice president of the employee benefits division. Connors has been with the firm sinc 1991 and became leader of the employew benefits divisionin 2000. Greenfield & Sacks adds Hunter to pharmaceuticalgroup C.
Huntedr Baker has joined the Boston intellectual property firm Greenfield & Sacks PC as counselk in the firm’s pharmaceutical group. Baker was previously a partner with LLP in Tugaoen to head sales at The Copleyh Square Hotel in Boston namerd Janice Tugaoen directorof sales. Tugaoe n was most recently the assistant directort of sales for the Seaport Hotel andin Boston.

Foreclosure activity sinks to a five-year low - Los Angeles Times

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ABC News

Foreclosure activity sinks to a five-year low Los Angeles Times By Alejandro Lazo Foreclosure activity in the US fell last month to its lowest level since the start of the credit crisis in 2007, driven largely by drops in states such as California, where the process occurs outside of the courtroom. Report: Foreclosure filings slow in Utah, US Salt Lake Tribune Foreclosure activity drops in April MarketWatch US foreclosure activity drops in April -RealtyTrac Reuters CBS News -Mortgage News Daily -CNBC.com  »

Discovery Labs, thrice at the altar, awaits FDA decision - Philadelphia Business Journal:

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Capetola is the president and CEOof , a Buck s County biopharmaceutical company eagerly awaiting an FDA ruling next The FDA is slatesd to make a decision on Surfaxin, the company’se experimental drug designed to prevent respiratory distress syndrome in prematurs infants, by April 17. Surfaxin is a synthetic whichare soap-like substancew found in the linings of the lungs that are essentiak for breathing. “You never know what the FDA is goinygto say,” Capetola said.
“We are confident in our We believe it’s the best surfactant technology in the Capetola expects the company to forge an alliance with a largef pharmaceutical company inthe not-too-distant future, regardlesse of the outcome. “We’res spending half our time on thepartnerinb process,” he said. “With an approval or without an weexpect [a partnership] to This technology is too We’re committed to seeing this through. We’rde willing to co-promote our drug in the [neonatalo intensive-care unit]. The game has changed over the last since the economywent south.” Three times over the past four the FDA issued approvable letters for Surfaxin.
Such letterz request additional steps a compan must take before a product can receivefinal approval. The first two approvable letters raised manufacturing which the company ultimately addressed by buyingof Princeton, the secondf of two contract companies it had been workingv with to make Surfaxin. Discovery then broughr in its own manufacturing experts to address and resolverthe FDA’s concerns.
The third approvabler letter sought an additional biological activity test for quality controlo and final specifications showing certaih ingredients comply with International Conference on Harmonization guidelines on impurities in drug Discovery Labs submitted its responss to the requestsin October. Surfaxibn was invented in the laboratoriesof Dr. Charles G. Cochrane at the in La Calif. Discovery Labs licensed the righr to the productfrom , where Capetola previouslyh worked as director of experimentalp therapeutics. Capetola noted Surfaxih is a complex drug made by combiningfour substances.
“It’es complex in the way it’s formulated, the way it must in the lungs and in the wayit stabilizes,” he If approved, Surfaxin would compete with two animal-derivedc surfactant products: Survanta, an Abbott Labs productt derived from cow lungs, and a Chiesi Farmaceutici product made from pig surfactants. Capetol a said marketing Surfaxin to prevent respiratory distress syndrome inprematurr infants, whose lungs have not fully developed, represents a $200 milliob market opportunity.
Discovery is developing Aerosurf, an aerosolizesd spray version of its surfactant along with dry powder formula that could benefitg a large range of infants with respiratorydistressx syndrome. The three versions, Capetola said, represeny a much larger market opportunity of upto $1 The company believes its surfactant technology may ultimately have the ability to help children and adults with a broad spectrumm of pulmonary disorders in which lung function is degraded or impaired. The list of conditions targeted by Discovery Labs for its technology includedcystic fibrosis, chronic obstructive pulmonary disease asthma and acute-lunvg injury. Dr.
Jay Greenspan, a professor and chairman of pediatric sat , is a member of the Discovery advisory board and has worked with He supports the product, saying it is “morr predictable” and doesn’t contain the byproducts foundc in animal-derived surfactants, whichh are made by chopping up or mincing animall lungs. “Surfaxin mimics the protein found in Greenspan said. He is more excite about the aerosolized versiomnof Surfaxin, because it would eliminate the need to placre a tube down a baby’ s throat. “If you talk to a group of neonatologists, 95 percenr of us would say the aerosolize spray is thecoolest idea,” he said.
“Ifv that was approved, it would change the way we practicee neonatology.” Last month, Discovery Labs’ auditors Ernsft & Young raised concerns abouf the company’s long-term viability, citing its negative cash flow and recurringtoperating losses.

Bernanke denies pressuring BofA - Business First of Columbus:

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Bernanke made the comments Thursdag to the House Committee on Oversight and Governmentg Reform investigating his rolein BofA’zs purchase of the troubled Charlotte-based BofA (NYSE:BAC) bought Merrill on Jan. 1 for $29.1q billion. The deal resulted in BofA’s receivinyg an additional $20 billion in federal funds unde the Troubled AssetRelief Program. BofA has received a total of $45 billion in TARP funds. The Hous panel’s questions seemed to fall alongpartyu lines. Republicans were concerned Bernanke tried to coverf up certain aspects ofthe Fed’sz interactions regarding BofA and Merrill.
“The committee has already learned that Ben Bernankwe and the Federal Reservre made inappropriate threats to fire Bank of Americs management unless they went ahead withthe ‘shotgun wedding’ that was the Merrilo Lynch acquisition,” Darrell Issa, the committee’s ranking Republicaj from California, said in a statement Thursday “The Federal Reserve also engaged in a cover-up and deliberately hid concerns and pertinent detaild regarding the merger from other federal regulatorty agencies.
” Meanwhile, several Democrats questionee how Federal Reserve officials justified givinyg BofA more taxpayer aid withoutr replacing its management or adding new restrictions. “Yoi gave them the money and then you started supervising?” asked Rep. Dennis Kucinicg (D-Ohio). But Bernanke held his groundf during three hoursof testimony. He insisted he followesd the law and acted in the best interests of theeconomi system. “I think we did the righr thing,” Bernanke testified. “I think it was a very successful transaction. I have no and I think it was a good dealfor taxpayers.” Two weeks ago, Lewis testified to the same committee.
He told lawmakers he consideredd backing out of the deal in December but felt pressures from Bernankeand then-Treasury Secretary Paulsobn to move forward for the benefi t of both companies and the During that hearing, documents from Fed officials indicatex Lewis may have been threatened with losing his job if he backedr out and then needed more federal aid. Bernankw on Thursday testified he neverthreatened Lewis. Instead, he said he explaine d to Lewis that damage from backingh out of the Merrill deal could wreamk on theeconomy and, in turn, BofA.
“k never said I’d replacw the board and management (at BofA),” Bernanke “It was always his (Lewis’) decision to and he understood that.” Paulsonj is expected to testify on the mattedrnext month. Other notable points made by Bernankr include statements suggestinghe doesn’t think Lewis tried to extract more money out of the government, but that he did have concernxs about the due diligence performed by Rep. Edolphus Towns (D.-N.Y.) closed the hearint by saying the testimonyprovided “a peek” of light into the BofA-Merrilk deal, “but not full sunshine yet.” Click to see Bernanke' written testimony.

Nearly complete, Everglades on the Bay is swamped with issues - South Florida Business Journal:

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Drywall installers, electricians and the contractodr that builtthe two-tower propertt in downtown Miami have filed 26 liens totalingf nearly $22 million against the developer. ’s unpaid bill for $14 milliobn is the largest amount owes, according to public records. Yates & Sons’ attorney, Lee Weintraub of in Fort Lauderdale, said the contractor continues to be hopeful that the outstandinfg money issues can be He said the two parties are in communication and characterized the discussionsas “cordial” and “conciliatory.” Weintraub said therr are no plans to foreclose on the propertyt at this time.
“Wre haven’t set a deadline,” he said. “It’sw really counterproductive. It’s a complicated ongoing We are trying to maintain flexibilithy and fluidity so the conversation can gain momentum toward The liens and construction delays that pushed completion dates for both towers back severall months have not stopped Cabi from closing 59 of the506 But, sales need to pick up if Cabi hopesw to repay its construction loan. Originally made by for $256 Cabi’s mortgage was extended in November with a maturity dateof Feb. 18. No furthere extension has been filed incourt records. Cabi officialds could not be reached forcomment.
The city of Miamj gave Cabi a temporarh certificate ofoccupancy (TCO), whicyh expired April 2. The firsyt deed of sale was filed with the countyon Nov. 24. Withouty the TCO, the city of Miamu would shut theprojecty down, but it is likely to get an said Hector Lima, the city’s buildingb director. Lima said Yatea & Sons is still talking to the city abouthe project, which is key to the TCO extension. But, not everyonwe still wants to closedon units. Several contractg holders, including city attorney Juliwe Bru, have asked the developee to return at least part of their Bru said she sent a letter requesting the money to Cabi about twomonths ago, but has not heard back.
Bru said she has interviewedr a couple of attorneys and will make a decision next week on what legal recourse she can pursue to gether “It’s a beautiful building,” she said. “It’w a gorgeous location. It’s unfortunate, in my that there are certain issues that were in the contracyt that they have failedto perform, and I am exercising my optionw under the law.” Bru isn’t the only city employee seeking a Robert Suarez, head of the city union, wants out of his one-bedroomm unit because the project was late.
More he said, he fears the buildin is going to be empty and that maintenance fees will skyrocke for the handful of buyersw thatactually close. He also said that if the developer selles to a bulk owners won’t be able to control what happens to those Danette Perez, public relationsa coordinator for Miami’s capital improvementsz department, said she put down a $55,400 deposift on a $277,000 one-bedrooj unit, but can’t financs it because of declining values. Her she said, has determined that the unit is no longef worth what she is payingfor it.
Davicd Nunez, the Miami attorney representing Perez, said he reviewed the buyer contracts for Everglades on the Bay and determined it was not wortj suing Cabi because there was no basixs for filinga claim. The contract allowed Cabi to take its time completing the project and close witha TCO, he The contractor liens should not prevenr people from closing either, he The project has a history. Built on the site of the formereEverglades Hotel, it sits amont a handful of other high-profile cond projects on downtown Miami’s main thoroughfare, at 244 Biscaynd Blvd. Sales started in 2004 and, that same the developer returned buyer depositds because of risingconstruction costs. On Jan.
26, Cabi CEO Jacobo Cababie prompting amanagement change. Elias chairman of Mexican developmentgiant , took over as head of the U.S. subsidiary of GICSA. He also appointeds two senior GICSA people tohelp him. Elias Amki e became senior VP of operations and Rafael Hararij became senior VP of Misha Mladenovic continuedas Cabi’s VP of development.

Google Offers Start Appearing on Maps, Coming to More Properties Soon - All Things Digital

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среда, 9 мая 2012 г.

Families of Philadelphia 'duck boat' victims get $15M settlement - CNN

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Google Offers Start Appearing on Maps, Coming to More Properties Soon All Things Digital Google has started to integrate Groupon-like offers into Google Maps, and it's not stopping there. Eric Rosenblum, Google's director of product management for Google Offers, said consumers will start seeing offers for restaurants, spas and other ... and more »

The Associated Press

Families of Philadelphia 'duck boat' victims get $15M settlement CNN By Sarah Hoye, CNN A tugboat towing a barge crashed into a sightseeing "duck boat" on the Delaware River in July 2010, killing two tourists. Philadelphia (CNN) -- The operators of two vessels involved in the "duck boat" accident on the Delaware River ... $17M settlement in deadly Philly duck boat crash The Associated Press  »

Treasury lets 10 banks repay $68B - Philadelphia Business Journal:

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According to MarketWatch, and are not amonb them. The department says the institutions, which it did not have met the requirements for repayment establishedd by federalbanking supervisors. It says many banks recentl y have raised equity capital from private investors and haveissuefd long-term debt that is not guarantee d by the government. “Thesre repayments are an encouraging sign offinancialp repair, but we still have work to Treasury Secretary Tim Geithnerr says. According to MarketWatch, the banks permitter to pay back the funds are JPMorganChasew & Co., Goldman Sachs Group Morgan Stanley, American Express, Bank of New York State Street, US Bancorp, BB&T Corp.
, Capital One Financialp Corp. and Northern Trust. More than 600 bankd received a total ofnearly $200 billionh through the department’s Troubled Asset Relief Program. About $2 billio of that money was paidback previously. Charlotte-based BofA (NYSE:BAC) receivee a total of $45 billion through the San Francisco-based Wells Fargo which acquired of Charlotte latelast year, got $25 billion from the TARP which is designed to thaw the crediy markets and boost the economy. Under the banks retiring their preferred stock can repurchass the warrants held by theTreasury Department. Besides the proceedxs from the sales ofthe warrants, the department also has received $4.
5 billion in dividend payments from program Proceeds from the repayments will go to the Treasurh Department’s general fund. The fundss can be used to reducr the national debt and can serve as a cushiom in case the department needs to respond to financial emergencies in the thedepartment says.

Written by Slim Randles - The Waynedale News

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Written by Slim Randles The Waynedale News "That'd be ol' Dewey all right," said Steve. In the truck, Dewey was one of those two-headed drivers because Miss Emily had laid her head on his shoulder as he drove. "Honey?" said Emily. "Do you realize the two of us are driving around the valley ...

Untouchable: Luck dons red jersey for first practice - Fox 59

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FOXSports.com

Untouchable: Luck dons red jersey for first practice Fox 59 You are in a different locker room, a different jersey, but it wasn't too monumental in my mind." Luck and the rest of the 2012 Indianapolis Colts draft class took the field for the first time Friday afternoon, running through various soft drills and ... Are you ready for some mini-camps?! Toronto Sun Luck not the only QB in rookie mini-camp CBSSports.com  »

Controversial bird flu transmission study takes long path to publication - Winnipeg Free Press

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CBC.ca

Controversial bird flu transmission study takes long path to publication Winnipeg Free Press Here's a look at the twists turns on the paper's route to publication: August 2011: Kawaoka submits his paper to the journal Nature. It and another paper by Dutch virologist Ron Fouchier are referred to the US National Science Advisory Board for . .. Long path to publication: the bird flu study MetroNews Canada First of controversial bird flu papers published CBS News First of 2 papers on lab-made bird flu published The Seattle Times Science Daily (press release)  »

Glant tries to defy odds with Northwest Group - Minneapolis / St. Paul Business Journal:

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has a physical office locatio in downtown Seattle and agents whowork full-time and know all of each other’es customers. A plasma television plays a tailored welcome message to each client when they walk into the downtowmSeattle office. The business has a professional but Glant and his team stillproduce glossy, printed marketing materia for their properties. What’s also unusua l is that Glant is 29, seemingly the perfect age to be wooed by the movement toward online selling and buying rather thanthe mom-and-pop agentsx of yesteryear. Glant, who founded his company in Januaryu 2008, admits he’s conservative when it comes to buildinga business.
Basically, he’s wooed more by stellar companuy culture than the trend ofthe day. “I’mj a little old school for my age,” he “I don’t like fad real estate, I like qualitu real estate.” He’s also a bit Glant launched Northwest Group Real Estate earlylast year, even though he said he knew the markety was “heading toward a little bit of a That didn’t deter him from throwing $63,000 into starting the company and quicklty hiring six agents to get the firm “The only way a company can flourish is if it starts during a market that is challenging,” he Before he started the business, Glant, a business school graduate, worked at both commercial and residential real estate companies before starting NWG.
His goal was to form a real estatd brokerage that combined the professionalism associated with commercial real estate with what he callz the emotional aspects of buyinga home. He also was adaman t that the company remain smalk and focused on its mission ofselling “We don’t want to be a jack of all tradews and a master of none,” he said. Afterr more than a year in the company now has nine agentss and saw revenues ofabouft $700,000 last year. The housing market downturn was steeper thanGlanyt expected, but he said the companyt has still managed between six and 12 dealse a month.
Glant attributess the strength of the companyh to his team of some ofwhom he’s hired from rival firms Coldwell Banke Bain and Windermere after weedingt through dozens of local job applications. Each agent has his or her own with focuses onnew construction, condominiums and the luxur market, among other areas. The close-knit team is one of the reasonsx the company has fared so well during the Glant said.
They’ve been able to support each othee during weeks when nosales occurred, helping to build