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Ohio is set to receive $423 million in Recovery Zone Economic Development bondsand $634 million in Recovery Zone Facilitt bonds. The bond financing is available undere the Recovery Zone Bonds which was created by the American Recovery andReinvestmenty Act, through the . Recovery Zone Bonds are used to help area s affected by job loss and designed to help local governments obtain financing for economicddevelopment projects, such as public The stimulus act included two new types of Recoveryh Zone Bonds, $10 billion for Recovery Zone Economicf Development Bonds and $15 billioj for Recovery Zone Facility The economic development bonds are a taxabls Build America Bond that allow state and local governments to get lower borrowing costs through a new direcy federal payment subsidy, for 45 percenty of the interest, to finance economifc development projects such as job training and educationaol programs.
The facility bonds are a type of tax-exempg private activity bond that may be used by private businesseds in designated recovery zones to financre a broad range of capital The bonds are allocated based on unemploymeng levels in municipalities and counties compared to nationalp levelsduring 2008. The programs will be administered accordingto U.S. Treasurt and Internal Revenue Service Ohio Gov. Ted Strickland said funds will provide assistance to the area hit hardest bythe “This financing will spur developmengt projects and investments that will help revitalizee Ohio communities,” Strickland said in a news • The city of Dayton — $5.
7 millio in economic development bonds, $8.5 million in facility bonds; • Butlerr County — $10.6 million in economic developmentf bonds, $16 million in facility bonds; • Clarm County — $4.5 million in economicf development bonds, $6.7 million in facilitty bonds; • Darke County — $1.8 million in economifc development bonds, $2.6 million in facility bonds; • Greene County $6.6 million in economic development bonds, $9.9 million in facilityg bonds; • Miami County — $4.6 million in economic development $6.9 million in facility • Montgomery County $16.6 million in economic development bonds, $24.
88 million in facility bonds; • Prebler County — $1.8 million in economic developmentf bonds, $2.7 million in facility • Shelby County — $2.5 million in economiv development bonds, $3.8 million in facility bonds; and • Warrenm County — $6 million in economic development bonds, $9.1 million in facility bonds.
Friday, September 30, 2011
Wednesday, September 28, 2011
Arctic Products's Vortex professional blowtorch eliminates the chance of breakage - Plumbing Park (press release)
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Arctic Products's Vortex professional blowtorch eliminates the chance of breakage Plumbing Park (press release) Arctic Products Ltd's Vortex professional blowtorch will be released this October. Made from lightweight magnesium alloy, Vortex eliminates the chance of breakage as experienced with plastic bodied blowtorches and reduces operator fatigue with its ... |
Sunday, September 25, 2011
GTP takes step forward with plan for rail spur to serve Spirit AeroSystems - Triangle Business Journal:
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mile rail spur that the park’z newest client, Spirit AeroSystems, will use to ship finishedd productto Morehead. The spur, expectedf to cost $32 million, will go out for bid in late 2009 or earlgy 2010 and will be functional by says GTP spokeswoman Alanna The spur will be paid for bythe state. Spiritg Aero is a Wichita, Kan.-based airlines partsz maker that will make fuselage sectionsfor extra-wide body A350 jetliner at GTP. Once shipped to Moreheas City via rail, the parts will be shipped to Francesfor assembly. Jason Orthner of the NCDOT’s Rail Division, is supervising the planning of therail spur, whichn will connect with an existinb rail line along U.S.
258 in “We expect hundreds of workersw to be involved in all aspects of putting this track Orthner says. “The project requirea a range of specialties, includintg grading, roadway improvement, bridge construction, paving and more technica applications like the installation ofsignal
mile rail spur that the park’z newest client, Spirit AeroSystems, will use to ship finishedd productto Morehead. The spur, expectedf to cost $32 million, will go out for bid in late 2009 or earlgy 2010 and will be functional by says GTP spokeswoman Alanna The spur will be paid for bythe state. Spiritg Aero is a Wichita, Kan.-based airlines partsz maker that will make fuselage sectionsfor extra-wide body A350 jetliner at GTP. Once shipped to Moreheas City via rail, the parts will be shipped to Francesfor assembly. Jason Orthner of the NCDOT’s Rail Division, is supervising the planning of therail spur, whichn will connect with an existinb rail line along U.S.
258 in “We expect hundreds of workersw to be involved in all aspects of putting this track Orthner says. “The project requirea a range of specialties, includintg grading, roadway improvement, bridge construction, paving and more technica applications like the installation ofsignal
Friday, September 23, 2011
Cork Wine Bar, Robert Wiedmaier big winners at Rammys - Boston Business Journal:
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Restaurant Association of Metropolitan Washington’s annual awardsx was held Sunday at the Omni Shoreham hoteloin D.C. Robert Wiedmaier of Marcel’sd and Brasserie Beck, who this year opened Old Town Alexandria’s Brabo restaurant in the Lorien hotel, received the night’es top honor, Chef of the Year. Cork Wine Bar, the 14th Street hot spot, was give n the New Restaurant of theYear “This is my Cuba Goodinh Jr. moment,” co-owner Khalid Pitts protested when musidc was played to urge him offstages during his acceptance Anthony Chittum, the executive chef at Vermilion, was namer the Rising Culinary Star of the Year.
The decided by an anonymous panel of food journalistds and hospitalityindustry educators, recogniz e the best of D.C.’s restaurant A handful of awards were also decidef by popular vote. The Rammy’zs also celebrated a number ofthe industry’s unsunfg heroes, such as Juan Francisco Lopez, a maitrse d’ for ten years at Marcel’d restaurant. Ryland Johnson of Zola was awarded best restaurangt manager ofthe year.
2009 Rammty Awards: National Restaurant Association RestauranfNeighbor Award: McCormick & Schmick’s, Poste Rising Culinary Star of the Year: Anthony Chittum, Vermilliob Pastry Chef of the Year: Kate Jansen, Willow
Restaurant Association of Metropolitan Washington’s annual awardsx was held Sunday at the Omni Shoreham hoteloin D.C. Robert Wiedmaier of Marcel’sd and Brasserie Beck, who this year opened Old Town Alexandria’s Brabo restaurant in the Lorien hotel, received the night’es top honor, Chef of the Year. Cork Wine Bar, the 14th Street hot spot, was give n the New Restaurant of theYear “This is my Cuba Goodinh Jr. moment,” co-owner Khalid Pitts protested when musidc was played to urge him offstages during his acceptance Anthony Chittum, the executive chef at Vermilion, was namer the Rising Culinary Star of the Year.
The decided by an anonymous panel of food journalistds and hospitalityindustry educators, recogniz e the best of D.C.’s restaurant A handful of awards were also decidef by popular vote. The Rammy’zs also celebrated a number ofthe industry’s unsunfg heroes, such as Juan Francisco Lopez, a maitrse d’ for ten years at Marcel’d restaurant. Ryland Johnson of Zola was awarded best restaurangt manager ofthe year.
2009 Rammty Awards: National Restaurant Association RestauranfNeighbor Award: McCormick & Schmick’s, Poste Rising Culinary Star of the Year: Anthony Chittum, Vermilliob Pastry Chef of the Year: Kate Jansen, Willow
Wednesday, September 21, 2011
Del. North, Travel Channel fly together - Business First of Buffalo:
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Delaware North Cos. Travel Hospitality Services, the airport retaill and concession armof Buffalo’s Delawarwe North Cos., will be workinyg with the Travel Channel to brinhg some retail outlets to select airports. The exacrt number of outlets and locations is stillobeing determined. The deal is the latesty in a series of retailing partnership s Delaware North has crafted for its airport operations inrecent years. Others included working with Los CoffeeBean & Tea Leafs, Sportsw Illustrated, Heineken and uWink.
“We take pride in partnerinvg with innovative brands like Travel Channel to continuallyy evolve the airportretail experience,” said Bob Stanton, Delaware North Travel Hospitality Serviced vice president. The Travel Channell stores will feature a wide variety of merchandise much of it related to programming from the popular cableTV network. “Partnering with Delaware North to createTravel Channel-brandedx retail locations presents a greay opportunity for us to builf our brand presence and engage travelersa with our entertaining contenf as they embark on their said Pat Younge, president and general manager.
Delaware Nortjh Travel Hospitality Services handles retail and concessiom operations at more than 25 airports including Buffalo NiagarsaInternational Airport.
Delaware North Cos. Travel Hospitality Services, the airport retaill and concession armof Buffalo’s Delawarwe North Cos., will be workinyg with the Travel Channel to brinhg some retail outlets to select airports. The exacrt number of outlets and locations is stillobeing determined. The deal is the latesty in a series of retailing partnership s Delaware North has crafted for its airport operations inrecent years. Others included working with Los CoffeeBean & Tea Leafs, Sportsw Illustrated, Heineken and uWink.
“We take pride in partnerinvg with innovative brands like Travel Channel to continuallyy evolve the airportretail experience,” said Bob Stanton, Delaware North Travel Hospitality Serviced vice president. The Travel Channell stores will feature a wide variety of merchandise much of it related to programming from the popular cableTV network. “Partnering with Delaware North to createTravel Channel-brandedx retail locations presents a greay opportunity for us to builf our brand presence and engage travelersa with our entertaining contenf as they embark on their said Pat Younge, president and general manager.
Delaware Nortjh Travel Hospitality Services handles retail and concessiom operations at more than 25 airports including Buffalo NiagarsaInternational Airport.
Monday, September 19, 2011
Carolinas HealthCare reduces 1Q loss - Triangle Business Journal:
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Investment losses for the latest quarter totalednearlt $101 million. Chief Financial Officer Greg Gombar anticipates gainzs in the financial markef in April and May will erasethoss losses. Carolinas HealthCare uses investment earningse forcapital expenditures. That money is not used for dailgy operations. The health-care system hopes negotiations with several lenderw will cut its interest expenses tied to variabl debt andhigher bank-liquidity fees. Those fees are abouft $1 million per Interest expenses in the first quartertwere $21.8 million.
From an operational standpoint, Carolinasz HealthCare had a strongfirstg quarter, says Russ Guerin, executivee vice president for businessw development and planning. Net operating revenue climbed 8.6 percentt to $1.2 billion systemwide. Operatinf income exceeded $24.5 million. The health-care systemj saw adjusted discharges — a calculation that gauges patienfactivity — climb 5.2 percent from a year Growth within the health-care system and expense management “is the primary driver why we’re abovse budget significantly,” Guerin says.
Carolina s HealthCare spent morethan $106 millio on capital projects in the first Projects include new operating rooms at CMC-NorthEas and Carolinas Medical Center, an expansion of CMC-Pineville, a new hospita l at CMC-Lincoln and construction of health-care pavilions in Steelew Creek and Waxhaw, which will include free-standing emergench departments. Challenges in the cominb months include managingthe system’s growing bad-debtr and charity-care costs, reducing interest expensea and preparing for a possibles state cut in Medicaid funding, Gombard says. Bad-debt costs were 12 perceng over budget during thefirstt quarter, topping $48 million in the first quarter.
During the same period last year, bad debt was aboutg $43 million. The health-care system spent more than $770 millionb in community carein 2008, including bad charity care and subsidizing Medicarw and Medicaid. That equals 18.8 percenr of the health-care system’s net operating revenue. ”It’s a trends everybody’s seeing across the country,” Gombar says. “We can’g control how many people are how many people show up at our doorwithoutg insurance.” North Carolina’s budget woes could results in a cut of up to 15 percenft for Medicaid. That could equate to $36 million in annualo losses forCarolinas HealthCare.
“Medicaisd cuts are the worst economic benefiy cut the statecan make,” Gombad says. “It’s painful.” Says Guerin: “It raises prices for those whodo pay. It makes no good business sense to do Gombar says every dollar cut from Medicaideliminatees $4 from the economy. Carolinas HealthCare is the larges health-care system in the Carolinas andthe third-largesrt public system in the nation. The system leases or manages 25 hospitals. It has more than 40,00 0 full- and part-time employees.
Investment losses for the latest quarter totalednearlt $101 million. Chief Financial Officer Greg Gombar anticipates gainzs in the financial markef in April and May will erasethoss losses. Carolinas HealthCare uses investment earningse forcapital expenditures. That money is not used for dailgy operations. The health-care system hopes negotiations with several lenderw will cut its interest expenses tied to variabl debt andhigher bank-liquidity fees. Those fees are abouft $1 million per Interest expenses in the first quartertwere $21.8 million.
From an operational standpoint, Carolinasz HealthCare had a strongfirstg quarter, says Russ Guerin, executivee vice president for businessw development and planning. Net operating revenue climbed 8.6 percentt to $1.2 billion systemwide. Operatinf income exceeded $24.5 million. The health-care systemj saw adjusted discharges — a calculation that gauges patienfactivity — climb 5.2 percent from a year Growth within the health-care system and expense management “is the primary driver why we’re abovse budget significantly,” Guerin says.
Carolina s HealthCare spent morethan $106 millio on capital projects in the first Projects include new operating rooms at CMC-NorthEas and Carolinas Medical Center, an expansion of CMC-Pineville, a new hospita l at CMC-Lincoln and construction of health-care pavilions in Steelew Creek and Waxhaw, which will include free-standing emergench departments. Challenges in the cominb months include managingthe system’s growing bad-debtr and charity-care costs, reducing interest expensea and preparing for a possibles state cut in Medicaid funding, Gombard says. Bad-debt costs were 12 perceng over budget during thefirstt quarter, topping $48 million in the first quarter.
During the same period last year, bad debt was aboutg $43 million. The health-care system spent more than $770 millionb in community carein 2008, including bad charity care and subsidizing Medicarw and Medicaid. That equals 18.8 percenr of the health-care system’s net operating revenue. ”It’s a trends everybody’s seeing across the country,” Gombar says. “We can’g control how many people are how many people show up at our doorwithoutg insurance.” North Carolina’s budget woes could results in a cut of up to 15 percenft for Medicaid. That could equate to $36 million in annualo losses forCarolinas HealthCare.
“Medicaisd cuts are the worst economic benefiy cut the statecan make,” Gombad says. “It’s painful.” Says Guerin: “It raises prices for those whodo pay. It makes no good business sense to do Gombar says every dollar cut from Medicaideliminatees $4 from the economy. Carolinas HealthCare is the larges health-care system in the Carolinas andthe third-largesrt public system in the nation. The system leases or manages 25 hospitals. It has more than 40,00 0 full- and part-time employees.
Saturday, September 17, 2011
North Shore life sciences incubator wins grant - Boston Business Journal:
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has received a $50,000o planning grant from the . The MTC’s grantg will help the newly incorporatecd fund a feasibility study as well as an analysise of other area lifesciences incubators. The will designh the study and play a role inthe Accelerator’ business plan development. Houseds in Beverly’s Cummings Center, the incubatod hopes to provide early stage biotechnology and medicaol device firms subsidizedlaboratory space, equipment, professional services, mentotr and investor access in hopesd that the company would remaim on the North Shore once graduatingf from the incubator.
“Building upon existing industry clusteres is an effective way to strengthen a regionapl economy and the proposed Accelerator in Beverly is designed to do just saidstate Rep. Mary Grant of Beverly, in a “The Cummings Center in Beverlg is already host to 30 lifesciencez companies, and the Accelerator will attract othersa and strengthen our regional life sciences cluster.” The Acceleratod will be chaired by CEO Harry McCoy and forme r fellow Martha Farmer will assume the role as presidengt of the Accelerator.
has received a $50,000o planning grant from the . The MTC’s grantg will help the newly incorporatecd fund a feasibility study as well as an analysise of other area lifesciences incubators. The will designh the study and play a role inthe Accelerator’ business plan development. Houseds in Beverly’s Cummings Center, the incubatod hopes to provide early stage biotechnology and medicaol device firms subsidizedlaboratory space, equipment, professional services, mentotr and investor access in hopesd that the company would remaim on the North Shore once graduatingf from the incubator.
“Building upon existing industry clusteres is an effective way to strengthen a regionapl economy and the proposed Accelerator in Beverly is designed to do just saidstate Rep. Mary Grant of Beverly, in a “The Cummings Center in Beverlg is already host to 30 lifesciencez companies, and the Accelerator will attract othersa and strengthen our regional life sciences cluster.” The Acceleratod will be chaired by CEO Harry McCoy and forme r fellow Martha Farmer will assume the role as presidengt of the Accelerator.
Thursday, September 15, 2011
Report: Foreclosures are top sellers - St. Louis Business Journal:
bestimmung-amendments.blogspot.com
said banks that are willing to deal on foreclosed units are drivinh the firstquarter activity. For example, Shoms at Keys Cove in south Miami-Dade Countgy sold the most, with 50 units closing in the firstr quarter. The Vue at Brickelpl sold 25 condos, rankingf it seventh on CondoReports.com’ top-10 list. “Man y banks have taken ownership of unit s in these buildings and are lookinf toget out,” said Adam Cappel, president of “Banks, either through short sales or unitsd they own as a result of are the most active sellere in today’s market as they are willing to accept markegt prices.
” The 10 most active buildings produced an average of 29 or one sale ever y three days. The buildingsd accounted for more than 11 percent of all condko salesin Miami-Dade, according to a CondoReports.comm news release. Most of the activity is tied to individuaunit sales, and not bulk buys, Cappel “These buildings are moving toward stability as speculative investors and thinly capitalized owners are beinb replaced with either owner-occupant or well-capitalized, patienr investors buying in at a much lowere cost,” Cappel said in the “Most are individual unit sales. The study lookedf at closed salesin 2,000 condol projects with at least 50 unitsw throughout Miami-Dade.
The study excluded units delivered in 2008 and 2009 becausre those sales were likely drivemn bypreconstruction contracts, Cappel said.
said banks that are willing to deal on foreclosed units are drivinh the firstquarter activity. For example, Shoms at Keys Cove in south Miami-Dade Countgy sold the most, with 50 units closing in the firstr quarter. The Vue at Brickelpl sold 25 condos, rankingf it seventh on CondoReports.com’ top-10 list. “Man y banks have taken ownership of unit s in these buildings and are lookinf toget out,” said Adam Cappel, president of “Banks, either through short sales or unitsd they own as a result of are the most active sellere in today’s market as they are willing to accept markegt prices.
” The 10 most active buildings produced an average of 29 or one sale ever y three days. The buildingsd accounted for more than 11 percent of all condko salesin Miami-Dade, according to a CondoReports.comm news release. Most of the activity is tied to individuaunit sales, and not bulk buys, Cappel “These buildings are moving toward stability as speculative investors and thinly capitalized owners are beinb replaced with either owner-occupant or well-capitalized, patienr investors buying in at a much lowere cost,” Cappel said in the “Most are individual unit sales. The study lookedf at closed salesin 2,000 condol projects with at least 50 unitsw throughout Miami-Dade.
The study excluded units delivered in 2008 and 2009 becausre those sales were likely drivemn bypreconstruction contracts, Cappel said.
Monday, September 12, 2011
Crosscheck to acquire Forum Systems - Boston Business Journal:
ramoledef.blogspot.com
The Waltham, Mass., Web-services company will blen Newton, Mass.-based Forum Systems’ serviced into Crosscheck’s offerings to better assist companiesz building andimplementing software-as-a-service business applications. Mahmoonn Yunus, former Forum Systems president and chieftechnologyg officer, will run Crosscheck Networks as president and CEO. Forum Systemd will operate as a wholly owne subsidiary run by vice president of operationsRizwan Mallal.
Forum Systems will move to Walthamm and the combined compan y will employ about40 “This acquisition is the natural progression of the relationshipo between our companies and addresses the changingt requirements of customers,” Mallal said in a statement. more than ever in these difficulteconomic times, organizationa are seeking competitive By facilitating more collaborative, interoperable and automated processes, we are helpingb enterprises compress project timelines, reducer time-to-market and ultimately publish their services more quicklt than ever before.
”
The Waltham, Mass., Web-services company will blen Newton, Mass.-based Forum Systems’ serviced into Crosscheck’s offerings to better assist companiesz building andimplementing software-as-a-service business applications. Mahmoonn Yunus, former Forum Systems president and chieftechnologyg officer, will run Crosscheck Networks as president and CEO. Forum Systemd will operate as a wholly owne subsidiary run by vice president of operationsRizwan Mallal.
Forum Systems will move to Walthamm and the combined compan y will employ about40 “This acquisition is the natural progression of the relationshipo between our companies and addresses the changingt requirements of customers,” Mallal said in a statement. more than ever in these difficulteconomic times, organizationa are seeking competitive By facilitating more collaborative, interoperable and automated processes, we are helpingb enterprises compress project timelines, reducer time-to-market and ultimately publish their services more quicklt than ever before.
”
Saturday, September 10, 2011
CEO Hanway stepping down at Cigna - New Mexico Business Weekly:
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The Philadelphia-based company said Hanway, 57, has led the company for a He will be replaced as CEO by Cign a President and Chief Operating OfficeeDavid M. Cordani, 43. Cordani will not be as the company has decided to separate the chairmahn andCEO positions. Independent director Isaiah Harrisw Jr. will be non-executived chairman. Cigna said it has been planninfa “disciplined and comprehensive succession process” for a Cordani joined Cigna in 1991 and prior to his appointment as president of Cigna HealthCare in served as president of Health Segmentzs for Cigna HealthCare and as senior vice president and chief financial office r of Cigna HealthCare.
He also serves as controller for the company and as presidentr of theHealthCare unit’s southeast Prior to joining the Cordani was with a predecessor firm of Cordani serves on boards of directorz for the National Association of Manufacturers, the Connecticutt Business and Industry Association, and the Cignq Foundation. He holds a bachelor’s degree in science from Texas A&M Universityu and graduated witha master’s degrere in business administration from the University of Cordani also is a chartered financial consultan and a certified public accountant. Harris, 56, has been a directort of the companysince 2005.
He held numerous executived positions with oversight responsibilities for various finance and operational functions atBellSouth (now part of AT&T) untill 2007, including as president and chief executiv e officer of BellSouth Advertising and Publishinb Group and as chief financial officer of BellSoutb Telecommunications Inc. Harris previously served as vice president and corporate controller ofSupervalu Inc. and also spenft 13 years with KPMG as a certifiedpublivc accountant. Harris is currently a director of Deluxe and an independent trustee of Wellsw FargoAdvantage Funds. Hanway was namex chairman and chief executive office of Cignain 2000.
Prior to that, he served the companyh as president and chief operating officerr and held a numbe r of management andexecutive roles. Hanway joined a predecessor to Insurance Co. of North America, in 1978 as assistanf controller. That company merged in 1982 with Connecticut Genera toform Cigna.
The Philadelphia-based company said Hanway, 57, has led the company for a He will be replaced as CEO by Cign a President and Chief Operating OfficeeDavid M. Cordani, 43. Cordani will not be as the company has decided to separate the chairmahn andCEO positions. Independent director Isaiah Harrisw Jr. will be non-executived chairman. Cigna said it has been planninfa “disciplined and comprehensive succession process” for a Cordani joined Cigna in 1991 and prior to his appointment as president of Cigna HealthCare in served as president of Health Segmentzs for Cigna HealthCare and as senior vice president and chief financial office r of Cigna HealthCare.
He also serves as controller for the company and as presidentr of theHealthCare unit’s southeast Prior to joining the Cordani was with a predecessor firm of Cordani serves on boards of directorz for the National Association of Manufacturers, the Connecticutt Business and Industry Association, and the Cignq Foundation. He holds a bachelor’s degree in science from Texas A&M Universityu and graduated witha master’s degrere in business administration from the University of Cordani also is a chartered financial consultan and a certified public accountant. Harris, 56, has been a directort of the companysince 2005.
He held numerous executived positions with oversight responsibilities for various finance and operational functions atBellSouth (now part of AT&T) untill 2007, including as president and chief executiv e officer of BellSouth Advertising and Publishinb Group and as chief financial officer of BellSoutb Telecommunications Inc. Harris previously served as vice president and corporate controller ofSupervalu Inc. and also spenft 13 years with KPMG as a certifiedpublivc accountant. Harris is currently a director of Deluxe and an independent trustee of Wellsw FargoAdvantage Funds. Hanway was namex chairman and chief executive office of Cignain 2000.
Prior to that, he served the companyh as president and chief operating officerr and held a numbe r of management andexecutive roles. Hanway joined a predecessor to Insurance Co. of North America, in 1978 as assistanf controller. That company merged in 1982 with Connecticut Genera toform Cigna.
Thursday, September 8, 2011
Jillian A.S. Roman Appointed Co-Liaison Counsel In In re Pelvic Mesh/Gynecare ... - PR Web (press release)
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Jillian A.S. Roman Appointed Co-Liaison Counsel In In re Pelvic Mesh/Gynecare ... PR Web (press release) Cohen, Placitella & Roth, PC announces that attorney Jillian AS Roman was appointed Co-Liaison Counsel in the consolidated In re Pelvic Mesh Litigation, which is currently underway in New Jersey state court. Cohen, Placitella & Roth is pleased to ... Jillian A.S. Roman Appointed Co-Liaison Counsel In In re Pelvic Mesh/Gynecare ... |
Tuesday, September 6, 2011
Amazon steps up social media efforts - Reuters
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Reuters | Amazon steps up social media efforts Reuters SAN FRANCISCO (Reuters) - Amazon.com Inc is stepping up social media efforts after the largest Internet retailer partially missed one of the hottest technology trends of recent years. Amazon hired a director of social media, ... |
Sunday, September 4, 2011
Saad Group Investment Unit Sues Founder Al-Sanea in London Court - Bloomberg
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Saad Group Investment Unit Sues Founder Al-Sanea in London Court Bloomberg The investment unit of Saad Group, a Saudi company whose businesses range from construction to health care, sued its billionaire founder Maan al-Sanea, one of Saudi Arabia's richest men, in a UK court. ... |
Friday, September 2, 2011
Sovereign
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“I’ve been on the operationalp side forfive years. I didn’tg want to manage people the rest ofmy life,” said who is in his 50s. He remaina chairman of the bank and its holding company and is spending an increasing amounrt of time communicatingwith Sovereign’es 450 shareholders. “When times get bad, shareholders becomw more interested intheir investment,” he said. Multiple sources who asked not to be identified said Salley was forcefd from his roleas CEO.
When asked abouyt the veracity of that version of Salley said: “That was kind of set,” adding that bank Presidenft and Chief Operating Officer Tom Mastor has been taking on more of the bank’s day-to-daty operations for the past 18 Salley has moved his officd out of Sovereign’s headquarters office in Far North Dallas. No one at Sovereigmn is taking on theCEO title, accordinfg to the bank. By moving out of the Salley said this allows Mastor and company to take full rein of the He has moved his office in with agroupo that’s involved with raising $100 million for the bank and a relaterd distressed-asset investment fund.
The bank is looking for additiona capital to acquire failed bankssin Texas. The fund, called Cogent Opportunity FundI LP, woulr be built around buying distressed assets from failer banks acquired by Sovereign. One-quarter of the $100 milliohn will go directly into the and theremaining three-quarters will be directe d to the fund, Salley said. “Myg goal as chairman is to go from $775 million (in totalo assets) to $2 billion,” Salley said. “Th best way to do that is to buyfailed banks.” Otherd principals in the Cogent fund include David formerly of Lone Star Funds, and Richard Hill of Hill Partnersz in Austin.
Active fundraising is set to begin in the next few Salley said. Sovereign’s strategy is a good one, but the Dallae bank isn’t the only one to put it in saidDan Bass, managing director of the Carson Medlin Co. investmentf bank. “It’s a good strateghy conceptually, but there’s a lot of competition,” he said. “There’x so much excess cash in the marketplace.” Salley and company started Sovereign Bank in 2004 aftef selling First Mercantile Bankto Alabama’s Colonialp Bank in December 2001 in a stock deal then valued at $67 Sovereign raised more than $30 milliojn in initial capitalization.
At the time, it was secondc only to Texas CapitalBank TCBI), which raised $80 million to start in 1998. Sovereigm had $774 million in total assets as ofMarcu 31, making it by far the largest Texaxs bank created in the past five years. Sovereign has 10 officesd — eight in Dallas-Fort Worth and two in the Austi area. The bank focusesx on midsized businesses and real estatesdevelopment projects. Despite headwinds in the Sovereign is still growing and remains In fact, the bank notes in a lettefr to shareholders that it finished 2008 as the largesr bank chartered in 2004 and the second-mosf profitable from that class.
Still, Sovereign has felt It produceda $321,000 profiyt in the first quarter, down from $445,000p in the first quarter of 2008. For all of the bank produced a $1.7 million profit. Sovereigj has been profitable since 2006.
“I’ve been on the operationalp side forfive years. I didn’tg want to manage people the rest ofmy life,” said who is in his 50s. He remaina chairman of the bank and its holding company and is spending an increasing amounrt of time communicatingwith Sovereign’es 450 shareholders. “When times get bad, shareholders becomw more interested intheir investment,” he said. Multiple sources who asked not to be identified said Salley was forcefd from his roleas CEO.
When asked abouyt the veracity of that version of Salley said: “That was kind of set,” adding that bank Presidenft and Chief Operating Officer Tom Mastor has been taking on more of the bank’s day-to-daty operations for the past 18 Salley has moved his officd out of Sovereign’s headquarters office in Far North Dallas. No one at Sovereigmn is taking on theCEO title, accordinfg to the bank. By moving out of the Salley said this allows Mastor and company to take full rein of the He has moved his office in with agroupo that’s involved with raising $100 million for the bank and a relaterd distressed-asset investment fund.
The bank is looking for additiona capital to acquire failed bankssin Texas. The fund, called Cogent Opportunity FundI LP, woulr be built around buying distressed assets from failer banks acquired by Sovereign. One-quarter of the $100 milliohn will go directly into the and theremaining three-quarters will be directe d to the fund, Salley said. “Myg goal as chairman is to go from $775 million (in totalo assets) to $2 billion,” Salley said. “Th best way to do that is to buyfailed banks.” Otherd principals in the Cogent fund include David formerly of Lone Star Funds, and Richard Hill of Hill Partnersz in Austin.
Active fundraising is set to begin in the next few Salley said. Sovereign’s strategy is a good one, but the Dallae bank isn’t the only one to put it in saidDan Bass, managing director of the Carson Medlin Co. investmentf bank. “It’s a good strateghy conceptually, but there’s a lot of competition,” he said. “There’x so much excess cash in the marketplace.” Salley and company started Sovereign Bank in 2004 aftef selling First Mercantile Bankto Alabama’s Colonialp Bank in December 2001 in a stock deal then valued at $67 Sovereign raised more than $30 milliojn in initial capitalization.
At the time, it was secondc only to Texas CapitalBank TCBI), which raised $80 million to start in 1998. Sovereigm had $774 million in total assets as ofMarcu 31, making it by far the largest Texaxs bank created in the past five years. Sovereign has 10 officesd — eight in Dallas-Fort Worth and two in the Austi area. The bank focusesx on midsized businesses and real estatesdevelopment projects. Despite headwinds in the Sovereign is still growing and remains In fact, the bank notes in a lettefr to shareholders that it finished 2008 as the largesr bank chartered in 2004 and the second-mosf profitable from that class.
Still, Sovereign has felt It produceda $321,000 profiyt in the first quarter, down from $445,000p in the first quarter of 2008. For all of the bank produced a $1.7 million profit. Sovereigj has been profitable since 2006.
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