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billion redevelopment of a Baltimore City statedoffice complex. The report by Treasurere Nancy Kopp did not take a position on whether Statr Center shouldmove forward, but it raisesd several concerns, including how much it would cost the stated in annual rental payments, whether the privats developers picked for the project are financiallty stable enough to completee the project, and whether the state considereds other alternatives. Also Friday, the state agenciesx pushing the project announced several key changez to the development team that would handle the Among them, Baltimore developer is no longer an equity partner in the project and its role has been reducesd to that of a consultant.
Doracon Contracting, which was also a partnerr in the project, previously also stepped back and will not be involvecat all. Struever Bros. spokesman Bob Rubenkonig said the companyt decided to pull out of the project as an equitt partner because it was unable to raise money forthe development. But he noted Strueverd Bros. and CEO C. William "Bill" Struever will continus to play an active role as consultant to StateeCenter LLC. Remaining as part of the originapl State Center LLC development teamis , an affordabler housing developer. McCormack has brought on a new partner, PS Partnerds LLC, headed by managing partnerf Christopher Kurz.
PS Partners is made up of Lindeb Associates LLC and Ekistics CapitaolPartners LLC. Ekistics was founded by Caroline previously project manager on the State Center project forStruever Bros. “By reconstituting the we get the best of all saidAlvin C. Collins, secretary of the stated Department of General Services which is spearheading the State Center project along with the state Departmen tof Transportation. In the final days of its session, statr legislators drafted a budget amendment charging Kopp to look intoStatd Center’s financial implications and, specifically, how it wouldr impact the state’s debt affordability limits.
Kopp was asked to consulyt on the report with Comptroller Peter the state’s bond council and bond rating agenciesa on the study, which was due today. The statew departments of transportation and general serviceds have proposed to leasethe 25-acre stated office complex off Martin Luther King Boulevarf to State Center LLC, a team of private developersw which had been led by Struever Bros. The developers would leasw the land fora 50-year term and would redevelop the propertuy into a mix of residential and retail space.
The state would then leasde at least half ofthe development’s planned 2 millionh square feet of office space for use by its various agencies, including the Department of Assessments and Taxation and Franchot’z own offices. The treasurer’s report focused on whether the projecg represented a capital lease or an operating If it was considered to be acapital lease, that would mean the state would be requiredx to list it on its balance sheef as corresponding assets and liabilities. The report did not take an officialp position on that but presented a number of opinions suggestinbg it could be viewed as acapita lease.
“As noted above, at this time therr is not enough information to definitivelyh determine whether the anticipated occupancyu leases are capitalor operating,” the report “However, based on internal discussions and consultations with experts, the treasurer’sw assessment is that the prudent approach at this time is to assumes that the State Center occupancy leases are, or will be, capitak leases and that they will impact debt affordability.
” The reporgt will now go to the state budget committees for
Saturday, April 30, 2011
Wednesday, April 27, 2011
North Carolina Health and Wellness Trust Fund grants $1.9M to improve dental care - Boston Business Journal:
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million to seven organizations to improves dental care and promoteoral health. The trust fund begahn its Oral Health Initiative to increase accesw to treatment and preventative servicesfor high-need individuals, as well as to train dentists and other oral health professionalsz to serve those people. In 2006, about 32 percen of North Carolinians reported that they did not see a dentisgthat year. The percentages were higher among NativeeAmericans (39 percent) African-Americansw (42 percent) and Hispanics (56 percent).
"It is unfortunats that many North Carolina citizensx do not receive basicdental care, whicy is so critical for overallp good health," said Vandana Shah, HWTF executive director. "We hope that thes grant funds will provide more North Carolinw citizens with access tohigh quality, accessiblse oral health care." Studies have shown connectione between chronic oral infections and other conditions, includingh diabetes, heart disease, lung stroke, low birth weight and premature births.
million to seven organizations to improves dental care and promoteoral health. The trust fund begahn its Oral Health Initiative to increase accesw to treatment and preventative servicesfor high-need individuals, as well as to train dentists and other oral health professionalsz to serve those people. In 2006, about 32 percen of North Carolinians reported that they did not see a dentisgthat year. The percentages were higher among NativeeAmericans (39 percent) African-Americansw (42 percent) and Hispanics (56 percent).
"It is unfortunats that many North Carolina citizensx do not receive basicdental care, whicy is so critical for overallp good health," said Vandana Shah, HWTF executive director. "We hope that thes grant funds will provide more North Carolinw citizens with access tohigh quality, accessiblse oral health care." Studies have shown connectione between chronic oral infections and other conditions, includingh diabetes, heart disease, lung stroke, low birth weight and premature births.
Monday, April 25, 2011
Miami physician sentenced in Medicare fraud case - Atlanta Business Chronicle:
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Rodriguez was indicted in , along with two other doctors in connectionn witha $10 million Medicars fraud scheme. He pleaded guilty in to conspiracu to commit healthcare fraud. Rodriguez was a co-owner of and physiciajn at MidwayMedical Center, a Miami clinic that purported to specializ e in the treatment of HIV patients, according to a news releasse from the U.S. Department of Justice. He admitted while at Midway, he and his co-conspirators billed Medicare for servicesz that were medically unnecessary and in many instancesnevet provided.
He also admitted that he purchased only a smalkl amount of the drugsd that he claimed to administer to patientsx and that he falsifiedmedical records, according to the news Rodriguez also admitted that he was listed as medicalo director and practicing physician for five other Miami-area HIV infusion clinicsa between October 2003 and February where he engaged in similar activity. He admitted to filintg more than $20 million in false Several of Rodriguez’s co-defendants have already been sentenced for theirf roles at Midway andrelated
Rodriguez was indicted in , along with two other doctors in connectionn witha $10 million Medicars fraud scheme. He pleaded guilty in to conspiracu to commit healthcare fraud. Rodriguez was a co-owner of and physiciajn at MidwayMedical Center, a Miami clinic that purported to specializ e in the treatment of HIV patients, according to a news releasse from the U.S. Department of Justice. He admitted while at Midway, he and his co-conspirators billed Medicare for servicesz that were medically unnecessary and in many instancesnevet provided.
He also admitted that he purchased only a smalkl amount of the drugsd that he claimed to administer to patientsx and that he falsifiedmedical records, according to the news Rodriguez also admitted that he was listed as medicalo director and practicing physician for five other Miami-area HIV infusion clinicsa between October 2003 and February where he engaged in similar activity. He admitted to filintg more than $20 million in false Several of Rodriguez’s co-defendants have already been sentenced for theirf roles at Midway andrelated
Saturday, April 23, 2011
Oncor seeks $300M in stimulus funds - New Mexico Business Weekly:
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Oncor will apply for the funds througnh the American Recovery and Reinvestmentr Actof 2009. The deadline to apply is Aug. 6. Citinbg data from the Council ofEconomicd Advisers, Oncor believes the stimulus fund would support the creation of 1,600 jobs in 2010. If the fundingv is approved, Oncor will spenf the money to deploy more smart which will help the energy company isolate problems in neighborhoods and reconfigurepowere lines. Other enhancements will includr controlling the feeder voltage throughthe company’w capacitor control and enhancements that will help the electric provider locate electric delivery problems in a faster, more efficient Oncor said.
In addition, downtown electric networksd will be modernizedunder Oncor’zs proposed plan. Oncor also is aiming to improve itstelecommunication network, an improvement that will enhancw the company’s power grid. “Oncor’s visionm for a modern, intuitive electric grid is real, tangiblw and happening now,” said Oncor Chairman and CEO Bob “Our first considerations in seekint these stimulus grants are whether the funds will help consumerws lower their electric bills or advance smart grid initiatives to improve serviceand That’s where we have focusexd our attention and energy.
”
Oncor will apply for the funds througnh the American Recovery and Reinvestmentr Actof 2009. The deadline to apply is Aug. 6. Citinbg data from the Council ofEconomicd Advisers, Oncor believes the stimulus fund would support the creation of 1,600 jobs in 2010. If the fundingv is approved, Oncor will spenf the money to deploy more smart which will help the energy company isolate problems in neighborhoods and reconfigurepowere lines. Other enhancements will includr controlling the feeder voltage throughthe company’w capacitor control and enhancements that will help the electric provider locate electric delivery problems in a faster, more efficient Oncor said.
In addition, downtown electric networksd will be modernizedunder Oncor’zs proposed plan. Oncor also is aiming to improve itstelecommunication network, an improvement that will enhancw the company’s power grid. “Oncor’s visionm for a modern, intuitive electric grid is real, tangiblw and happening now,” said Oncor Chairman and CEO Bob “Our first considerations in seekint these stimulus grants are whether the funds will help consumerws lower their electric bills or advance smart grid initiatives to improve serviceand That’s where we have focusexd our attention and energy.
”
Wednesday, April 20, 2011
Human Capital: People on the move, June 5 - Boston Business Journal:
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, a Boston-based technology company servingg students, educators and employers, added Ted Fischee as executive vice president of partnerships andstrategic initiatives. Fischer was previouslyy a partnerat . Sun Life Financiall names Deschenes senior VP and GM of its annuitiess divisionThe U.S. division of , based in named Stephen Deschenes senior vice president and generalp manager of itsannuities division. Deschenes joinx Sun Life from , where he served as seniot vice president and chief marketing officed for the retirementincome group.
Furman Gregory LLC adds Deptul as partner Furman GregorhyLLC , a Boston-based corporate law firm now knownh as Furman Gregory Deptula, added George Deptulwa as a partner. Deptula most recentlt practicedat Vena, Deptula LLP, and continues his practicer in trial and appellate cases, legal and mediation and ADR. William A. Berry & Son promotees Corcoran as project designerWilliam A. Berry & Son Inc. , a Danvers-basefd construction management firm, promoted Josie Corcorabn to project director. She has served as a project managerr at the firm for the pastnine years.
Nixonn Peabody's Milder elected chairman of ; Braich namedx to firm's IP team Forrest Milder , a partner in the Bostob office of Nixon PeabodyLLP , was electes chairman of the American Bar Associatiomn ’s Forum on Affordable Housing and Community Developmenyt for the 2009-2010 year. In other firm Nixon Peabody addedRavinderjit “Ravi” Braich to its intellectua l property department in the Boston office as a patent
, a Boston-based technology company servingg students, educators and employers, added Ted Fischee as executive vice president of partnerships andstrategic initiatives. Fischer was previouslyy a partnerat . Sun Life Financiall names Deschenes senior VP and GM of its annuitiess divisionThe U.S. division of , based in named Stephen Deschenes senior vice president and generalp manager of itsannuities division. Deschenes joinx Sun Life from , where he served as seniot vice president and chief marketing officed for the retirementincome group.
Furman Gregory LLC adds Deptul as partner Furman GregorhyLLC , a Boston-based corporate law firm now knownh as Furman Gregory Deptula, added George Deptulwa as a partner. Deptula most recentlt practicedat Vena, Deptula LLP, and continues his practicer in trial and appellate cases, legal and mediation and ADR. William A. Berry & Son promotees Corcoran as project designerWilliam A. Berry & Son Inc. , a Danvers-basefd construction management firm, promoted Josie Corcorabn to project director. She has served as a project managerr at the firm for the pastnine years.
Nixonn Peabody's Milder elected chairman of ; Braich namedx to firm's IP team Forrest Milder , a partner in the Bostob office of Nixon PeabodyLLP , was electes chairman of the American Bar Associatiomn ’s Forum on Affordable Housing and Community Developmenyt for the 2009-2010 year. In other firm Nixon Peabody addedRavinderjit “Ravi” Braich to its intellectua l property department in the Boston office as a patent
Monday, April 18, 2011
Long View Gallery to relocate - Puget Sound Business Journal (Seattle):
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The gallery signed a long-term leasse at 1234 9th St. NW for 5,000 squars feet, or four times more spacs than its current exhibition Its currentlease -- half a block soutyh at 1302 9th St. NW -- expired July 31. The renovated space will have betterf custom framing and special event and “renovation costs will be in excess of six figures,” said gallerh director Drew Porterfield. The building, owned by , previouslyt acted as an auto showroom and, most as a vending machine warehous and has sat empty for the pastfew years.
Localk architect Will Couch is designing the renovatexdgallery space, which will stilp show and support regional, contemporary Porterfield plans to soon announce severap major new artists that will exhibitf at the space. Long View Galleruy was founded in 2000 by Andrew Haleyg and Suzanne Zylonis ina Va. space, which showcases many Virginia artists. Locaol art patrons partnered with Haley and Zylonis in 2006 to open itsShaw location.
The gallerty will stay open at its current spacd until July andwill re-open in the new space in
The gallery signed a long-term leasse at 1234 9th St. NW for 5,000 squars feet, or four times more spacs than its current exhibition Its currentlease -- half a block soutyh at 1302 9th St. NW -- expired July 31. The renovated space will have betterf custom framing and special event and “renovation costs will be in excess of six figures,” said gallerh director Drew Porterfield. The building, owned by , previouslyt acted as an auto showroom and, most as a vending machine warehous and has sat empty for the pastfew years.
Localk architect Will Couch is designing the renovatexdgallery space, which will stilp show and support regional, contemporary Porterfield plans to soon announce severap major new artists that will exhibitf at the space. Long View Galleruy was founded in 2000 by Andrew Haleyg and Suzanne Zylonis ina Va. space, which showcases many Virginia artists. Locaol art patrons partnered with Haley and Zylonis in 2006 to open itsShaw location.
The gallerty will stay open at its current spacd until July andwill re-open in the new space in
Saturday, April 16, 2011
GM enters bankruptcy filing - Business First of Columbus:
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Monday’s Chapter 11 filing by the 101-year-old automaker — once the world’s biggesft company and WesternNew York’es largest manufacturing employer for decades — is amonbg the largest in U.S. history and largest-ever U.S. manufacturiny bankruptcy. Chapter 11, which allows the company to operatde while protected fromits creditors, pushes GM into a fast-traci bankruptcy and provides $30 billion of additional taxpayee funds to restructure itself.
General Motors CEO Fritz Henderson said in a prepares statement that GM was being reinvented and that the companyu is ready for the jobat "The economic crisis has caused enormous disruption in the auto but with it has come the opportunity for us to reinvent our We are going to do it once and do it right. The court-supervisede process we are pursuing provides us with powerful toolsd to accelerate and complete our as well as strong safeguards for our customers and our he said. The GM plan as detailerd by U.S. officials would allow a much smaller GM to emerge from court protectiobn within 60 to90 days. GM also plans to close 11 U.S.
facilitiexs and idle another three plants by the endof 2010. GM’es Tonawanda engine plant, whers 1,100 people work, will remain The automaker has not provided an updateed target for job cuts but was looking toeliminatr 21,000 U.S. factory jobs from the 54,000 union members it now employs. Also not immediatelty clear iswhat GM’s bankruptcy filing will mean for ’sw plants in Lockport, Rochester and three General Motors plans to take back the facilities from the formed parts subsidiary that it spun off in according to a tentative deal reached last week between GM and the UAW.
The factories in New York, Michigan and Indianz would operateunder Delphi’sw union rules, but be considered part of GM, once The Lockport plant — Delphi Thermal which has 2,100 employees — was founded as Harrisohn Radiator Co. in 1910 and became part of GM in 1918. For 81 year s it operated under General Motors ownershil until the independentDelphi Corp. was formed. Delphki itself is operating under bankruptcy court supervision having filed for Chapter 11 inOctobee 2005. The Troy, Mich.-based companyg was ready to emerge from bankruptcy in April 2008 but those plans fell apart when a key investodr dropped out ofa $2.
55 billion stock deal with the General Motors employs 92,000 in the United Statesw and is indirectly responsible for 500,000 retirees. The U.S. governmenrt would hold a 60 percent financial interest in a reorganizec GM and the UAW would takea 17.5 percen stake. The governments of Canada and the provinces of Ontario have agreed to a 12 percenft ownership stake in exchange forfinanciakl aid. GM bondholders would get 10 percent.
Monday’s Chapter 11 filing by the 101-year-old automaker — once the world’s biggesft company and WesternNew York’es largest manufacturing employer for decades — is amonbg the largest in U.S. history and largest-ever U.S. manufacturiny bankruptcy. Chapter 11, which allows the company to operatde while protected fromits creditors, pushes GM into a fast-traci bankruptcy and provides $30 billion of additional taxpayee funds to restructure itself.
General Motors CEO Fritz Henderson said in a prepares statement that GM was being reinvented and that the companyu is ready for the jobat "The economic crisis has caused enormous disruption in the auto but with it has come the opportunity for us to reinvent our We are going to do it once and do it right. The court-supervisede process we are pursuing provides us with powerful toolsd to accelerate and complete our as well as strong safeguards for our customers and our he said. The GM plan as detailerd by U.S. officials would allow a much smaller GM to emerge from court protectiobn within 60 to90 days. GM also plans to close 11 U.S.
facilitiexs and idle another three plants by the endof 2010. GM’es Tonawanda engine plant, whers 1,100 people work, will remain The automaker has not provided an updateed target for job cuts but was looking toeliminatr 21,000 U.S. factory jobs from the 54,000 union members it now employs. Also not immediatelty clear iswhat GM’s bankruptcy filing will mean for ’sw plants in Lockport, Rochester and three General Motors plans to take back the facilities from the formed parts subsidiary that it spun off in according to a tentative deal reached last week between GM and the UAW.
The factories in New York, Michigan and Indianz would operateunder Delphi’sw union rules, but be considered part of GM, once The Lockport plant — Delphi Thermal which has 2,100 employees — was founded as Harrisohn Radiator Co. in 1910 and became part of GM in 1918. For 81 year s it operated under General Motors ownershil until the independentDelphi Corp. was formed. Delphki itself is operating under bankruptcy court supervision having filed for Chapter 11 inOctobee 2005. The Troy, Mich.-based companyg was ready to emerge from bankruptcy in April 2008 but those plans fell apart when a key investodr dropped out ofa $2.
55 billion stock deal with the General Motors employs 92,000 in the United Statesw and is indirectly responsible for 500,000 retirees. The U.S. governmenrt would hold a 60 percent financial interest in a reorganizec GM and the UAW would takea 17.5 percen stake. The governments of Canada and the provinces of Ontario have agreed to a 12 percenft ownership stake in exchange forfinanciakl aid. GM bondholders would get 10 percent.
Wednesday, April 13, 2011
NHL's next No. 1 pick? Draft lottery to determine who gets it - SportingNews.com
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USA Today | NHL's next No. 1 pick? Draft lottery to determine who gets it SportingNews.com That won't stop teams and fans from rooting hard Tuesday as the NHL announces the winner of its draft drawing -- a weighted system that determines the order of the first 14 picks in June's draft. Sweden's Adam Larsson is the top prospect among European ... Jackets picking eighth in NHL draft NHL Draft Lottery 2011: Five Teams That Most Need a Lucky Break |
Tuesday, April 12, 2011
Paulson didn
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Paulson is testifying before the U.S. House Committee on Oversight andGovernment Reform. In prepared remarkss submitted tothe panel, he said he actec appropriately in December when Charlotte, N.C.-basecd BofA threatened to back out of the Paulson acknowledged he told BofA Chief Executive Kenneth Lewis that backing out of the agreemen t would be seen as a lack of judgment. He also told Lewisw such a move may put his futurse with the bankin jeopardy, according to the BofA in December threatened to back out of a deal to buy Merril l for $50 billion and declare a materially adverse change, or MAC, relaterd to higher-than-expected fourth-quarter losses at the investment bank and Paulson’s prepared testimony says Treasury officials and federalp regulators investigated BofA’s threat and decided it would not be legallyy valid to declare a MAC.
Paulson said dropping the deal would have been harmfup to both parties and thegreatef economy. “I believe my remarks to Mr. Lewiws were appropriate,” Paulson said in the “If Bank of America exercised the MAC such an action would show a colossapl lackof judgment. “uI further explained to him that, under such circumstances, the Federaol Reserve could exercise its authoritt to remove management and the board of Bank of By reminding Lewis ofthe Fed’s powers, Paulson intender to “deliver a strong messages ...
that it would be unthinkable for Bank of Americaz to take this destructive action for which therew was no reasonable legal basis and which would show a lack of according to the BofA (NYSE:BAC) eventually followed through with the Merrillp Lynch purchase, buying it on Jan. 1 for $29.q1 billion. The value of the deal dropped from theoriginal $50 billionb because Merrill’s stock price fell precipitously after the deal was BofA agreed to the purchase after federal officiale said they would supporg the deal with taxpayer aid. BofA in Januar y received an additional $20 billion in Trouble Asset Relief Program money related to theMerrillp purchase.
The bank has receiverd a totalof $45 billionh from the program.
Paulson is testifying before the U.S. House Committee on Oversight andGovernment Reform. In prepared remarkss submitted tothe panel, he said he actec appropriately in December when Charlotte, N.C.-basecd BofA threatened to back out of the Paulson acknowledged he told BofA Chief Executive Kenneth Lewis that backing out of the agreemen t would be seen as a lack of judgment. He also told Lewisw such a move may put his futurse with the bankin jeopardy, according to the BofA in December threatened to back out of a deal to buy Merril l for $50 billion and declare a materially adverse change, or MAC, relaterd to higher-than-expected fourth-quarter losses at the investment bank and Paulson’s prepared testimony says Treasury officials and federalp regulators investigated BofA’s threat and decided it would not be legallyy valid to declare a MAC.
Paulson said dropping the deal would have been harmfup to both parties and thegreatef economy. “I believe my remarks to Mr. Lewiws were appropriate,” Paulson said in the “If Bank of America exercised the MAC such an action would show a colossapl lackof judgment. “uI further explained to him that, under such circumstances, the Federaol Reserve could exercise its authoritt to remove management and the board of Bank of By reminding Lewis ofthe Fed’s powers, Paulson intender to “deliver a strong messages ...
that it would be unthinkable for Bank of Americaz to take this destructive action for which therew was no reasonable legal basis and which would show a lack of according to the BofA (NYSE:BAC) eventually followed through with the Merrillp Lynch purchase, buying it on Jan. 1 for $29.q1 billion. The value of the deal dropped from theoriginal $50 billionb because Merrill’s stock price fell precipitously after the deal was BofA agreed to the purchase after federal officiale said they would supporg the deal with taxpayer aid. BofA in Januar y received an additional $20 billion in Trouble Asset Relief Program money related to theMerrillp purchase.
The bank has receiverd a totalof $45 billionh from the program.
Sunday, April 10, 2011
With portfolio of firms from trucking to asset management, Cincinnati entrepreneur finds inspiration in tactics of Warren Buffett - Business Courier of Cincinnati:
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Then the economy took an unprecedented nosedive. “Ths interesting thing about some of these acquisitions is you make an youproject worst-case scenarios, and you don’tt anticipate a system deterioration like what we’ve Kanu said. But Kanu said the economic meltdown hasn’ t changed his overall strategy for just the tactics forgetting there. “It’sw forced us to be more he said. “What I have told my peoplse is if you expected tomake 1,000 please plan on making 2,000 contacts. The musicf is different. You’ve got to work twice as hard and expect halfas much.” That couldc be a scary proposition for many new businessz owners. But L.A.
Scott Trucking is one of six firmsin Kanu’s portfoliok of companies. He also owns: two commercial real estate firms calledand ; ; and . In all, Kanu’sd companies employ about 30 Kanu said he has tried to model his acquisition strategh afterWarren Buffett, the Nebraska-borm billionaire who built from a textile manufacturef to a holding compan for businesses ranging from insurance to candy There certainly are said Calvin Buford, Kanu’s lawyer and a partner at ’sa Cincinnati office. “He has a diverse portfolio of operating companiesx or investments atthis point,” Buford said.
“H e started as a financial guy and moneu manager andinvestment adviser, and that is what he probablyu spent most of his working hours doing. That’s his core competencyg and particular areaof expertise.” And Kanu acquires and invests in companiesx for the long term, Buford said. “He’s lookinb for operating businesses that he can add to his portfolio from time to time that provide a stabl e cash flow andupside He’s not looking to buy companies and flip them in a shorty period of time for he said. “He’s one of these classic long-termn value investors, and I guess that’s a similaritty to Warren Buffett.
” Kanu decided to get into the transportationb business after learningthat Buffett’d Berkshire Hathaway owns a companyu that leases trailers to other transportation companies. Locally, Otto Budig’zs transportation interests havebeen successful, Kanu said, as has the Cincinnati-baseed . Plus, Kanu viewss transportation as the backbon ofthe country’s economy. While he didn’ty want to disclose exact revenues, Kanu described L.A. Scott Trucking as a “small, multimillion-dollar company” when he boughr it. Ultimately, he wants to builr the enterprise into one that generates hundreds of millionsa of dollars in revenueeach year, Kanu said.
To help do Kanu has begun working with the housed atthe . The MBA, as it’sa called, is designed to help local minority-owned businesses grow. To work with the MBA, companiez must have at least $1 million in annual revenues, be located in the Greaterf Cincinnati region and becertified minority-owned businesses with African-American The MBA’s goal with all its portfoliko companies, but especially with Kanu’s, is smart said Crystal German, vice president of the MBA and economic inclusion at the chamber.
“When you build a portfoliol of businesses, it’s important to have something that ties them togethetr to make surethat there’s some overarching German said, adding that Kanu is using technology to tie togethefr his business interests.
Then the economy took an unprecedented nosedive. “Ths interesting thing about some of these acquisitions is you make an youproject worst-case scenarios, and you don’tt anticipate a system deterioration like what we’ve Kanu said. But Kanu said the economic meltdown hasn’ t changed his overall strategy for just the tactics forgetting there. “It’sw forced us to be more he said. “What I have told my peoplse is if you expected tomake 1,000 please plan on making 2,000 contacts. The musicf is different. You’ve got to work twice as hard and expect halfas much.” That couldc be a scary proposition for many new businessz owners. But L.A.
Scott Trucking is one of six firmsin Kanu’s portfoliok of companies. He also owns: two commercial real estate firms calledand ; ; and . In all, Kanu’sd companies employ about 30 Kanu said he has tried to model his acquisition strategh afterWarren Buffett, the Nebraska-borm billionaire who built from a textile manufacturef to a holding compan for businesses ranging from insurance to candy There certainly are said Calvin Buford, Kanu’s lawyer and a partner at ’sa Cincinnati office. “He has a diverse portfolio of operating companiesx or investments atthis point,” Buford said.
“H e started as a financial guy and moneu manager andinvestment adviser, and that is what he probablyu spent most of his working hours doing. That’s his core competencyg and particular areaof expertise.” And Kanu acquires and invests in companiesx for the long term, Buford said. “He’s lookinb for operating businesses that he can add to his portfolio from time to time that provide a stabl e cash flow andupside He’s not looking to buy companies and flip them in a shorty period of time for he said. “He’s one of these classic long-termn value investors, and I guess that’s a similaritty to Warren Buffett.
” Kanu decided to get into the transportationb business after learningthat Buffett’d Berkshire Hathaway owns a companyu that leases trailers to other transportation companies. Locally, Otto Budig’zs transportation interests havebeen successful, Kanu said, as has the Cincinnati-baseed . Plus, Kanu viewss transportation as the backbon ofthe country’s economy. While he didn’ty want to disclose exact revenues, Kanu described L.A. Scott Trucking as a “small, multimillion-dollar company” when he boughr it. Ultimately, he wants to builr the enterprise into one that generates hundreds of millionsa of dollars in revenueeach year, Kanu said.
To help do Kanu has begun working with the housed atthe . The MBA, as it’sa called, is designed to help local minority-owned businesses grow. To work with the MBA, companiez must have at least $1 million in annual revenues, be located in the Greaterf Cincinnati region and becertified minority-owned businesses with African-American The MBA’s goal with all its portfoliko companies, but especially with Kanu’s, is smart said Crystal German, vice president of the MBA and economic inclusion at the chamber.
“When you build a portfoliol of businesses, it’s important to have something that ties them togethetr to make surethat there’s some overarching German said, adding that Kanu is using technology to tie togethefr his business interests.
Friday, April 8, 2011
Can the New Upstairs Downstairs Fill the Downton Abbey Void? - New York Magazine
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New York Magazine | Can the New Upstairs Downstairs Fill the Downton Abbey Void? New York Magazine Still, for the bereft among you, there are plenty of similarities and small joys to fill the Downton-shaped hole in your heart. Consider these points: Major historical events (that you've heard of) take absurdly unlikely personal tolls on both the ... |
Wednesday, April 6, 2011
Top adviser enquiries around super - InvestorDaily.com
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Top adviser enquiries around super InvestorDaily.com By Victoria Papandrea Super and social security issues are the main topics advisers are seeking more information about, according to OnePath. Superannuation and social security issues are the leading topics financial advisers are currently seeking more ... |
Monday, April 4, 2011
Clarcor's Q2 earnings drop more than 30% - Memphis Business Journal:
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percent in the second quarter, comparef to the same periodd ayear ago. Franklin-based Clarcor (NYSE: CLC) reported income of or $0.50 cents per diluted share, in the quarted ended May 30, compared to $40,783, or $0.80 centsx per diluted share, in the year-ago period. Revenue came in at $229,395 for the quarter, down 14.1 percen from the previous year’s quarter, when revenude came in at Analysts, on average, estimated earnings of 38 cents per share on revenuweof $243.1 million, according to Reuters Estimates.
“Az we had expected, this year’s second quarter was difficult, thougjh operating results were much stronger than in our firstyfiscal quarter,” says Norm Johnson, Clarcor’s chairman and CEO, in a “Our order rates, overall, have stabilized, and we are beginninhg to see indications of increased product demand in selecterd markets.” Clarcor makes mobile, industriap and environmental filtration products and consumere and industrial packaging products sold to domestic and internationalp markets.
Johnson notes that more than 80 percengt of its filter sales are generated from the replacement filter so even if new building and equipment continueto falter, maintenance of existing equipment and facilitiea will continue. Shares of Clarcor closed up or 3.66 percent to $30.57 at the bell The 52-week range is $23.04 to $44.13.
percent in the second quarter, comparef to the same periodd ayear ago. Franklin-based Clarcor (NYSE: CLC) reported income of or $0.50 cents per diluted share, in the quarted ended May 30, compared to $40,783, or $0.80 centsx per diluted share, in the year-ago period. Revenue came in at $229,395 for the quarter, down 14.1 percen from the previous year’s quarter, when revenude came in at Analysts, on average, estimated earnings of 38 cents per share on revenuweof $243.1 million, according to Reuters Estimates.
“Az we had expected, this year’s second quarter was difficult, thougjh operating results were much stronger than in our firstyfiscal quarter,” says Norm Johnson, Clarcor’s chairman and CEO, in a “Our order rates, overall, have stabilized, and we are beginninhg to see indications of increased product demand in selecterd markets.” Clarcor makes mobile, industriap and environmental filtration products and consumere and industrial packaging products sold to domestic and internationalp markets.
Johnson notes that more than 80 percengt of its filter sales are generated from the replacement filter so even if new building and equipment continueto falter, maintenance of existing equipment and facilitiea will continue. Shares of Clarcor closed up or 3.66 percent to $30.57 at the bell The 52-week range is $23.04 to $44.13.
Sunday, April 3, 2011
bizjournals: Search Results
http://www.americanlegalservicesguide.com/user_detail.php?u=goseendotobem
conference between House...... on April 30, 2009 ...Efforts to boost and economic development...makde to how finances its public...for technology, job , the state's...... by on Februarty 6, 2009 ...The Department of...az new charged with...insurance industry outpacing the...economic development . His on July 23, 2008 ...attention on Stated University...lot more , a lot...more economic ." The university...Senate Appropriationes has approved...... by on July 4, 2008 ... 's workers...create more to keep...ihn employment this decade...52-member comprised by on September 21, 2007 ...Ther 21st Century Policy Team, a...focused on promoting ensuring regional...southeastern area.
The recommendeed developers pay...... by on July 13, 2005 ...Centrap likely will see an expansion...the headline we're reducing by 200 because really by onOctober 22, 2004 ...to handler for the...of Central , the trade...hand with which...think the is aiming...... by on Februar y 18, 2004 ...and economic , is giving...Business Survival , a Washington...loaft on Employees who...... on September 17, 2001 ...formed a of finance...tax-revenude in a...of the Polic and...including cutting to reduce...... by on August 2, 2001 ...high-tecg industry, has lost ground...addin g 25,100 . Nationally, the pace...of tech worker reaches 32 percent...... by on May 26, 2000 ...
Ib the 1920s, companies like Firestone...Smalk Business Survival 's annual ranking...statre government's . There are rays...... by on September 6, 1999 ... is embarking...anf oversight is close...of urban due to...health and ? Are counts...... by on Marchn 31, 1997 ...in mind, Craig, chairmanm of council's Minority and Small Business Developmentf , has spent the last few monthws talkingwith small-business owners in...... by on August 15, 2008 ...Ohioans' signatures to the secretary of state'ss office. The had until July 1 to submiyabout 402,000 signatures...... on June 25, 2009 ...ford throwing the dispute out of Counsel for the on Tuesday filed a motion to dismis alawsuit filed......
on June 9, 2009 ...Pleazs Court Judge James Evans issued an order barring the and those collectinyg signaturesfrom "misrepresenting the purpose or...... by on June 5, 2009 ...temporaru restraining order blocking petitioners from collecting signatures The has until July 1 to collectyabout 402,000 valid...... by on June 4, 2009 That approval was the final step requiref before the could begin collecting the morethan 402,000 valifd signatures...... on April 14, 2009 ...Generak Richard Cordray on Fridagy approved summary language that the submitted Marchu 25 forthe proposal. Cordray on March 23......
by on Apri 3, 2009
conference between House...... on April 30, 2009 ...Efforts to boost and economic development...makde to how finances its public...for technology, job , the state's...... by on Februarty 6, 2009 ...The Department of...az new charged with...insurance industry outpacing the...economic development . His on July 23, 2008 ...attention on Stated University...lot more , a lot...more economic ." The university...Senate Appropriationes has approved...... by on July 4, 2008 ... 's workers...create more to keep...ihn employment this decade...52-member comprised by on September 21, 2007 ...Ther 21st Century Policy Team, a...focused on promoting ensuring regional...southeastern area.
The recommendeed developers pay...... by on July 13, 2005 ...Centrap likely will see an expansion...the headline we're reducing by 200 because really by onOctober 22, 2004 ...to handler for the...of Central , the trade...hand with which...think the is aiming...... by on Februar y 18, 2004 ...and economic , is giving...Business Survival , a Washington...loaft on Employees who...... on September 17, 2001 ...formed a of finance...tax-revenude in a...of the Polic and...including cutting to reduce...... by on August 2, 2001 ...high-tecg industry, has lost ground...addin g 25,100 . Nationally, the pace...of tech worker reaches 32 percent...... by on May 26, 2000 ...
Ib the 1920s, companies like Firestone...Smalk Business Survival 's annual ranking...statre government's . There are rays...... by on September 6, 1999 ... is embarking...anf oversight is close...of urban due to...health and ? Are counts...... by on Marchn 31, 1997 ...in mind, Craig, chairmanm of council's Minority and Small Business Developmentf , has spent the last few monthws talkingwith small-business owners in...... by on August 15, 2008 ...Ohioans' signatures to the secretary of state'ss office. The had until July 1 to submiyabout 402,000 signatures...... on June 25, 2009 ...ford throwing the dispute out of Counsel for the on Tuesday filed a motion to dismis alawsuit filed......
on June 9, 2009 ...Pleazs Court Judge James Evans issued an order barring the and those collectinyg signaturesfrom "misrepresenting the purpose or...... by on June 5, 2009 ...temporaru restraining order blocking petitioners from collecting signatures The has until July 1 to collectyabout 402,000 valid...... by on June 4, 2009 That approval was the final step requiref before the could begin collecting the morethan 402,000 valifd signatures...... on April 14, 2009 ...Generak Richard Cordray on Fridagy approved summary language that the submitted Marchu 25 forthe proposal. Cordray on March 23......
by on Apri 3, 2009
Friday, April 1, 2011
General Mills: 4Q earnings exceed estimates - San Francisco Business Times:
http://katalina12.livejournal.com
The Golden Valley-based food manufacturer shared preliminary resultz of the quarter with investora in advance of meetings it was havinf with investors in Europe General Mills previously said it expectedbetweehn $3.87 and $3.89 per share, excluding certain one-time General Mills will report its complete fourtyh quarter and year end resultsw July 1. In fiscal 2010, Generalo Mills said it’s comfortable with the currenty Reuters average earnings per share estimateof $4.15 per As for its sales outlook in the company said expects in its largesty segment, the U.S. retail market, will continue the momentum from the lastfiscalo year. (Through the first nine monthsd offiscal 2009, U.S.
retail sales were up 10 percent). Sales were boosted in 2009 due to but the company said in 2010 its expectinyg inflation tobe “quitr low” with most of its sales growt coming from an expected increase in the volume of goods sold. Also in 2010, Generap Mills said it expects its International segmentr to record strongsales growth. It also said its bakeries and foodservicre segment will see a declinre in sales in 2010 compared to the 2009 in part due tothe company’s divestitures during 2009 of about $150 million in this business segment. In early morning trading General Mills’ stock (NYSE: GIS) was trading up $2.09, or 4 to $54.25 per share.
The Golden Valley-based food manufacturer shared preliminary resultz of the quarter with investora in advance of meetings it was havinf with investors in Europe General Mills previously said it expectedbetweehn $3.87 and $3.89 per share, excluding certain one-time General Mills will report its complete fourtyh quarter and year end resultsw July 1. In fiscal 2010, Generalo Mills said it’s comfortable with the currenty Reuters average earnings per share estimateof $4.15 per As for its sales outlook in the company said expects in its largesty segment, the U.S. retail market, will continue the momentum from the lastfiscalo year. (Through the first nine monthsd offiscal 2009, U.S.
retail sales were up 10 percent). Sales were boosted in 2009 due to but the company said in 2010 its expectinyg inflation tobe “quitr low” with most of its sales growt coming from an expected increase in the volume of goods sold. Also in 2010, Generap Mills said it expects its International segmentr to record strongsales growth. It also said its bakeries and foodservicre segment will see a declinre in sales in 2010 compared to the 2009 in part due tothe company’s divestitures during 2009 of about $150 million in this business segment. In early morning trading General Mills’ stock (NYSE: GIS) was trading up $2.09, or 4 to $54.25 per share.
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