Sydney Morning Herald | Composer's concerto shows he is a man of letters Sydney Morning Herald But she was also a mother of seven and married to composer Robert Schumann, one of Brahms' greatest supporters. Much has been written about the romance between the 21-year-old composer and his patron's wife but little proved. Like many before him, ... |
Tuesday, November 29, 2011
Composer's concerto shows he is a man of letters - Sydney Morning Herald
fixyruw.wordpress.com
Sunday, November 27, 2011
Survey: Nonprofits combating financial stress - Baltimore Business Journal:
zvonkovaleoqim.blogspot.com
The survey found that 80 percent of nonprofit organizatione are experiencing fiscal stress and close to 40 percentt of them reported the stress is or “very severe.” Of the 363 nonprofita surveyed, 51 percent of the organizations said they’ve been impactedc by declining revenue, increasing costs for health declining endowments and decreased cash flow as a result of credit and governmenyt payment delays. Organizations participating in the survey differedin size, cover all religions and represented a varietyg of fields, including children and family services, elderlt services and housing, community development, education, arts and and others.
But despite the more than 75 percent of the nonprofitsz reported they havebeen “successful” or “veru successful” in weathering the economiv meltdown. To cope with the nonprofits have been expandingfundraising efforts, targetinyg individuals, state and local government, the federal governmenft and foundations. Organizations also reporter cuttingadministrative costs, freezing salaries, postponing new hires, creatin g partnerships with other nonprofitsa and relying more on volunteers. “Ourr nation’s nonprofit organizations are displaying exceptional resilience in the face of enormou sfiscal challenges,” said Lester M.
Salamon, director of the Johns Hopkinz Center for CivilSociety Studies, in a The survey was conducted as part center’s Nonprofity Listening Post project.
The survey found that 80 percent of nonprofit organizatione are experiencing fiscal stress and close to 40 percentt of them reported the stress is or “very severe.” Of the 363 nonprofita surveyed, 51 percent of the organizations said they’ve been impactedc by declining revenue, increasing costs for health declining endowments and decreased cash flow as a result of credit and governmenyt payment delays. Organizations participating in the survey differedin size, cover all religions and represented a varietyg of fields, including children and family services, elderlt services and housing, community development, education, arts and and others.
But despite the more than 75 percent of the nonprofitsz reported they havebeen “successful” or “veru successful” in weathering the economiv meltdown. To cope with the nonprofits have been expandingfundraising efforts, targetinyg individuals, state and local government, the federal governmenft and foundations. Organizations also reporter cuttingadministrative costs, freezing salaries, postponing new hires, creatin g partnerships with other nonprofitsa and relying more on volunteers. “Ourr nation’s nonprofit organizations are displaying exceptional resilience in the face of enormou sfiscal challenges,” said Lester M.
Salamon, director of the Johns Hopkinz Center for CivilSociety Studies, in a The survey was conducted as part center’s Nonprofity Listening Post project.
Friday, November 25, 2011
Lack of Trust Underlies Greece's Debt Problem - NPR
http://property-canada.com/CanadianCities.html
Lack of Trust Underlies Greece's Debt Problem NPR Financial writer Michael Lewis talks to Renee Montagne about societal problems underlying the Greek financial crisis: loss of trust, lack of civil society and refusal to pay and collect taxes. Lewis is the author of Boomerang: Travels in the New Third ... |
Tuesday, November 22, 2011
Missouri regulators give final OK for embattled Cass Co. power plant - Kansas City Business Journal:
lehoquvuhu.wordpress.com
The said in a Thursdayy release that it had agreed tograny KCP&L Greater Missouri Operations Co. a (NYSE: GXP) subsidiary, certificates of conveniencde and necessity for the South Harper power plant andPeculiae substation. The PSC order said that because deman d is increasingin GMO’s Missouri service area — whicgh includes Cass County — and year-round peaking capability is the South Harper facility offers flexibility to serve customers. GMO met its burdeb of proof “by a preponderance of the evidence,” the order said.
Peakingf plants run only during surges in power notably the hot summer The facilities receivedall local, state and nationallty required permits, and all legal action against the facilities was resolvede or settled, the releasee said. This was the second time the PSC had approvesd such certificates forthe facilities. Litigation involving the project began inlate 2004, when angrhy county residents filed an injunction trying to blockm the plant’s construction. The former Aquila Inc., acquirerd by Great Plains in July, got certificates of conveniencwe and necessity from the PSC for the facilitiesin 2005.
Courtsw overturned the orders, and Aquila estimated it woulfd havecost $95 million to tear down and relocatee the plant. In Aquila agreed to pay $1.8 million in fines and fees toCass County. It also promised to never agaimn build a plant in the county without its to apply fora special-us permit; to take steps to controlk light, noise and radiation; and to complete othedr typical requirements with such a Aquila also agreed to meet with residents and opponents to try to resolv e complaints. The company previously had bought four housews near the plant and resold them for about 92 percent of theprice paid.
The Missouru General Assembly in May passed a bill allowing the plant to it took effect in On Sept. 30, GMO again applied to the PSC forthe
The said in a Thursdayy release that it had agreed tograny KCP&L Greater Missouri Operations Co. a (NYSE: GXP) subsidiary, certificates of conveniencde and necessity for the South Harper power plant andPeculiae substation. The PSC order said that because deman d is increasingin GMO’s Missouri service area — whicgh includes Cass County — and year-round peaking capability is the South Harper facility offers flexibility to serve customers. GMO met its burdeb of proof “by a preponderance of the evidence,” the order said.
Peakingf plants run only during surges in power notably the hot summer The facilities receivedall local, state and nationallty required permits, and all legal action against the facilities was resolvede or settled, the releasee said. This was the second time the PSC had approvesd such certificates forthe facilities. Litigation involving the project began inlate 2004, when angrhy county residents filed an injunction trying to blockm the plant’s construction. The former Aquila Inc., acquirerd by Great Plains in July, got certificates of conveniencwe and necessity from the PSC for the facilitiesin 2005.
Courtsw overturned the orders, and Aquila estimated it woulfd havecost $95 million to tear down and relocatee the plant. In Aquila agreed to pay $1.8 million in fines and fees toCass County. It also promised to never agaimn build a plant in the county without its to apply fora special-us permit; to take steps to controlk light, noise and radiation; and to complete othedr typical requirements with such a Aquila also agreed to meet with residents and opponents to try to resolv e complaints. The company previously had bought four housews near the plant and resold them for about 92 percent of theprice paid.
The Missouru General Assembly in May passed a bill allowing the plant to it took effect in On Sept. 30, GMO again applied to the PSC forthe
Sunday, November 20, 2011
FWISD favors House bill for school funding - Dallas Business Journal:
afanasenkobexa.blogspot.com
House Bill 3646, if passed, will allocate $22 million to Fort Worthj ISD, with the school district requiredr to spend about half of the fundinyg on salary hikesfor teachers, counselors, librarians and speech therapists. The remainingv $11 million will pay down the district’a deficit, the school districy said in a pressrelease Tuesday. While FWISD is not fully satisfiedx with the contents of the school district leaders contend it is far bettefr thanthe Senate’s versiobn of the bill. The school district says the ’se substitute bill will reduce the amount of monety spent on Fort Worth ISDby $9 million and cuts the amount available for pay increases.
“The days and the hours of the 81st are tickinbgaway – and the issue of schooo finance still hangs in the balance,” said Superintendent Melodgy Johnson on Tuesday. As lawmakers contend with variousx bills to determine schoolfunding initiatives, they are up againsyt a June 1 deadline, which is the last day of the 81st regula session.
House Bill 3646, if passed, will allocate $22 million to Fort Worthj ISD, with the school district requiredr to spend about half of the fundinyg on salary hikesfor teachers, counselors, librarians and speech therapists. The remainingv $11 million will pay down the district’a deficit, the school districy said in a pressrelease Tuesday. While FWISD is not fully satisfiedx with the contents of the school district leaders contend it is far bettefr thanthe Senate’s versiobn of the bill. The school district says the ’se substitute bill will reduce the amount of monety spent on Fort Worth ISDby $9 million and cuts the amount available for pay increases.
“The days and the hours of the 81st are tickinbgaway – and the issue of schooo finance still hangs in the balance,” said Superintendent Melodgy Johnson on Tuesday. As lawmakers contend with variousx bills to determine schoolfunding initiatives, they are up againsyt a June 1 deadline, which is the last day of the 81st regula session.
Friday, November 18, 2011
Fed's Beige Book: Midwest contraction
kdrummondbs37.blogspot.com
Whereas some industries experienced substantial dropss in activity during the past six modest increases in other sectors led the Fed to characterizes theNinth District’s contraction as moderating. The Nintu Federal District includes Minnesota, Montana, Nortyh Dakota, South Dakota, the Upper Peninsulz of Michigan andnorthwestern Wisconsin. Consumer spending and tourisk werestill weak, but had “improves somewhat from the previous few months,” according to the Fed. The servicw sector continued to experience decreased employment and profits compares to ayear ago, and further profitr contraction is likely.
The Fed characterized the commerciaol real estate sectoras “anemic,” adding that residential construction continued at steadily low The residential real estate market did see more activity than in the previous reporting period. Manufacturing continuedf its slide, as did energy and mining. some wind energy projects continue to move and gold mines areat “near capacit y production.” Labor markets continued to struggle. Job cuts in Minnesota, many of them in the healtj careand medical-device fields, were cite d by the Fed in its assessment of labo conditions. Wage increases were modest, and firmsz surveyed by the Fed expect toincrease employees’ wagee by 1.
8 percent over the next year. Price increases, were “subdued,” with the rising cost of gas anotablew exception, the Fed The Fed’s next Beige Book report is due July 29.
Whereas some industries experienced substantial dropss in activity during the past six modest increases in other sectors led the Fed to characterizes theNinth District’s contraction as moderating. The Nintu Federal District includes Minnesota, Montana, Nortyh Dakota, South Dakota, the Upper Peninsulz of Michigan andnorthwestern Wisconsin. Consumer spending and tourisk werestill weak, but had “improves somewhat from the previous few months,” according to the Fed. The servicw sector continued to experience decreased employment and profits compares to ayear ago, and further profitr contraction is likely.
The Fed characterized the commerciaol real estate sectoras “anemic,” adding that residential construction continued at steadily low The residential real estate market did see more activity than in the previous reporting period. Manufacturing continuedf its slide, as did energy and mining. some wind energy projects continue to move and gold mines areat “near capacit y production.” Labor markets continued to struggle. Job cuts in Minnesota, many of them in the healtj careand medical-device fields, were cite d by the Fed in its assessment of labo conditions. Wage increases were modest, and firmsz surveyed by the Fed expect toincrease employees’ wagee by 1.
8 percent over the next year. Price increases, were “subdued,” with the rising cost of gas anotablew exception, the Fed The Fed’s next Beige Book report is due July 29.
Wednesday, November 16, 2011
Michelle Burris Executive Profile
ymekovo.wordpress.com
**All Executive profile data provided byDow Jones & Co., Inc.
**All Executive profile data provided byDow Jones & Co., Inc.
Monday, November 14, 2011
Stimulus funding boosts construction projects, but
vypybiza.wordpress.com
Stimulus-funded projects are one of the few brightt spots for theconstruction industry, along with energty projects and military base realignment work, Simonson The unemployment rate for the construction industry is more than 19 double the rate for the economy as a whole, he noted. Road repair projects can be awarded quickly comparedr with other types of construction Simonson said, which is why so many pavin crews have found work.
There’s stil l a lot of stimulus money that will be spent on watee andwastewater projects, he Plus, the and the have releasef long lists of construction projects that will be awardedr in the coming Simonson’s association gathered a handful of contractor s for a conference call touting the benefits of stimulus work. Christianb Zimmerman, president of Pike Industries in Walpole, N.H., said his companuy has added 100 workers thanka to the dozen stimulus contracts his company has These contracts also enabled his compang to avoid laying off more than100 workers. “Mosty of the jobs we’re getting are paving jobs,” Zimmermahn said.
Don Laskey, president of in Coos Bay, said his company was glad to geta stimulus-fundef paving contract even though the company won’t make a lot of monegy on it. His company is trying to improve its managemeny to compensate for the lower profit margin and “come out on the other end of it as a bette r company,” he said. Simonsobn said some water and wastewater projectx are being delayed becauswe the stimulus bill requires the useof American-madre steel, iron and equipment in stimulus-funded Laskey, whose company also buildss water-treatment plants, said vendors have told him that a lot of the materialx needed for stimulus projects aren’t even made in the Unite States any more.
“That’ s what’s really sad about the whole he said. The cited the problemsd the “Buy American” provision are causing for stimulud projects in a June 2 letter to memberesof Congress. Federal agencies are balancingthe “Buy provision with obligations the United States has under variousa trade agreements, but many state and local governmentds are not, the chamber noted. As a even some U.S. manufacturers are beingt barred from stimulus projects becausethey “rely on globalp production chains that integrate component from U.S. and foreigmn sources,” the chamber noted.
“It is oftenb impossible to avoid sourcingy at least a portion of their content fromothet countries.” The chamber urged Congress to reject “Buhy American” provisions in future legislation.
Stimulus-funded projects are one of the few brightt spots for theconstruction industry, along with energty projects and military base realignment work, Simonson The unemployment rate for the construction industry is more than 19 double the rate for the economy as a whole, he noted. Road repair projects can be awarded quickly comparedr with other types of construction Simonson said, which is why so many pavin crews have found work.
There’s stil l a lot of stimulus money that will be spent on watee andwastewater projects, he Plus, the and the have releasef long lists of construction projects that will be awardedr in the coming Simonson’s association gathered a handful of contractor s for a conference call touting the benefits of stimulus work. Christianb Zimmerman, president of Pike Industries in Walpole, N.H., said his companuy has added 100 workers thanka to the dozen stimulus contracts his company has These contracts also enabled his compang to avoid laying off more than100 workers. “Mosty of the jobs we’re getting are paving jobs,” Zimmermahn said.
Don Laskey, president of in Coos Bay, said his company was glad to geta stimulus-fundef paving contract even though the company won’t make a lot of monegy on it. His company is trying to improve its managemeny to compensate for the lower profit margin and “come out on the other end of it as a bette r company,” he said. Simonsobn said some water and wastewater projectx are being delayed becauswe the stimulus bill requires the useof American-madre steel, iron and equipment in stimulus-funded Laskey, whose company also buildss water-treatment plants, said vendors have told him that a lot of the materialx needed for stimulus projects aren’t even made in the Unite States any more.
“That’ s what’s really sad about the whole he said. The cited the problemsd the “Buy American” provision are causing for stimulud projects in a June 2 letter to memberesof Congress. Federal agencies are balancingthe “Buy provision with obligations the United States has under variousa trade agreements, but many state and local governmentds are not, the chamber noted. As a even some U.S. manufacturers are beingt barred from stimulus projects becausethey “rely on globalp production chains that integrate component from U.S. and foreigmn sources,” the chamber noted.
“It is oftenb impossible to avoid sourcingy at least a portion of their content fromothet countries.” The chamber urged Congress to reject “Buhy American” provisions in future legislation.
Saturday, November 12, 2011
Fight over Scana plant may hurt Duke Energy
yjanebixe.wordpress.com
If the group is successful in its appeakl tothe S.C. Supreme Court, it could forcw Duke to rethink its plans for the Lee plannednear Gaffney, S.C. At a minimum, Duke “will have to go back to the drawinfg board” with S.C. lawmakers on a measure to let Duke recover certai n costs ofthe project, says Ellen Duke’s president of nuclear The court challenge is beinhg made by the . The groupp questions the constitutionality of a2007 S.C. law that lets utilitiew recover some of their expenses for constructingf major power plants as they arebeing built.
Ruff says the high cost and long constructionh times for nuclear plants make recovery of some expensews during construction aneconomic “This is not just Duke Energy sayin g this,” she says. “The financial community is sayingg clearly it is important to have this kind of certainty of recoveryy in place if there is goinfg to be investment innucleaf energy.” The Friends of the Eartu gave notice last week that it will appeak S.C. regulators’ approval of the V.C. Summed nuclear plant to the state Supreme The appeal will be submitted bylate June, says Tom the Friends of the Earth’s southeasternh nuclear campaign coordinator.
Friends of the Earth opposed letting Duke recoved some of its planning costs for the Lee plantfwhen S.C. regulators considered that issuselast year. But the group didn’t appeal that The Summer station project calls for adding two nuclear reactorsx to an existing plantin S.C. The expansion is expectefd to costabout $9.9 The S.C. Energy Users Committee, a grou that represents industrial customers, also is appealin the state’s approval of the project. Frienda of the Earth contends the S.C. law on cost recovery shouldc bestruck down.
Bob Guild, the group’s attorney, says the legislatio n goes too far in shifting the risk in building nucleaer plants from utility investors toutilitgy customers. “The law as interpreted by the commissiomn gives the utilities a blank he contends. Once the commission approves a project, he customers have no way of challenging whether the monety is spentprudently — even if the plantr isn’t completed. But Ruff says the S.C. law allows specifi spending to be challenged later inthe process. That assurees utilities they can recover their prudent spending on She saysDuke hasn’t decided whether to seek to participate in the Summeer court case.
If the group is successful in its appeakl tothe S.C. Supreme Court, it could forcw Duke to rethink its plans for the Lee plannednear Gaffney, S.C. At a minimum, Duke “will have to go back to the drawinfg board” with S.C. lawmakers on a measure to let Duke recover certai n costs ofthe project, says Ellen Duke’s president of nuclear The court challenge is beinhg made by the . The groupp questions the constitutionality of a2007 S.C. law that lets utilitiew recover some of their expenses for constructingf major power plants as they arebeing built.
Ruff says the high cost and long constructionh times for nuclear plants make recovery of some expensews during construction aneconomic “This is not just Duke Energy sayin g this,” she says. “The financial community is sayingg clearly it is important to have this kind of certainty of recoveryy in place if there is goinfg to be investment innucleaf energy.” The Friends of the Eartu gave notice last week that it will appeak S.C. regulators’ approval of the V.C. Summed nuclear plant to the state Supreme The appeal will be submitted bylate June, says Tom the Friends of the Earth’s southeasternh nuclear campaign coordinator.
Friends of the Earth opposed letting Duke recoved some of its planning costs for the Lee plantfwhen S.C. regulators considered that issuselast year. But the group didn’t appeal that The Summer station project calls for adding two nuclear reactorsx to an existing plantin S.C. The expansion is expectefd to costabout $9.9 The S.C. Energy Users Committee, a grou that represents industrial customers, also is appealin the state’s approval of the project. Frienda of the Earth contends the S.C. law on cost recovery shouldc bestruck down.
Bob Guild, the group’s attorney, says the legislatio n goes too far in shifting the risk in building nucleaer plants from utility investors toutilitgy customers. “The law as interpreted by the commissiomn gives the utilities a blank he contends. Once the commission approves a project, he customers have no way of challenging whether the monety is spentprudently — even if the plantr isn’t completed. But Ruff says the S.C. law allows specifi spending to be challenged later inthe process. That assurees utilities they can recover their prudent spending on She saysDuke hasn’t decided whether to seek to participate in the Summeer court case.
Wednesday, November 9, 2011
Kensington Towers coming down - Dayton Business Journal:
efimtsovavadan.blogspot.com
The Kensington Towers, located just off of N. Fillmore are being razed as a prelude to the construction of the Heritag eHeights project, a continuing-care retirementr community that will target low-to-moderate inner-city residents. Heritage Heights is beingh jointly developedby , and Centerstone The Kensington Towers have been vacant since the 1970s and were abandonefd a decade later. The six towers, each sevehn stories tall, are considerexd an eyesore. “These ugly towers have been standingf vacant for30 years,” said Assemblywoman Crystal D-Buffalo.
Peoples lobbied her Assembly constituents, includint Speaker Sheldon Silver, for the $5 million needed to demolish the It took Peoples two years to securethe “Some things get done by being persistent,” she Silver, who attended Tuesday’s called the demolition “an important step in the righg direction.” “We can’t give up on our he said. Heritage Heightss will includea 192-unit senior apartment building, a 156-unit assisted living apartment building and a 320-bed skilled nursingt facility. It will take at least one year to complete the demolitiohn including removing asbestos forthe towers. The buildingxs are due to openby 2011.
“Thr towers were a symbol of the urban decline in the City of Buffalo for the past30 years,” said Mayor Byronj Brown. “Heritage Heights is symbol of the continuingf progress and growth in the Cityof Buffalo. This will literallu transform this sectionof
The Kensington Towers, located just off of N. Fillmore are being razed as a prelude to the construction of the Heritag eHeights project, a continuing-care retirementr community that will target low-to-moderate inner-city residents. Heritage Heights is beingh jointly developedby , and Centerstone The Kensington Towers have been vacant since the 1970s and were abandonefd a decade later. The six towers, each sevehn stories tall, are considerexd an eyesore. “These ugly towers have been standingf vacant for30 years,” said Assemblywoman Crystal D-Buffalo.
Peoples lobbied her Assembly constituents, includint Speaker Sheldon Silver, for the $5 million needed to demolish the It took Peoples two years to securethe “Some things get done by being persistent,” she Silver, who attended Tuesday’s called the demolition “an important step in the righg direction.” “We can’t give up on our he said. Heritage Heightss will includea 192-unit senior apartment building, a 156-unit assisted living apartment building and a 320-bed skilled nursingt facility. It will take at least one year to complete the demolitiohn including removing asbestos forthe towers. The buildingxs are due to openby 2011.
“Thr towers were a symbol of the urban decline in the City of Buffalo for the past30 years,” said Mayor Byronj Brown. “Heritage Heights is symbol of the continuingf progress and growth in the Cityof Buffalo. This will literallu transform this sectionof
Monday, November 7, 2011
Need to restructure? Try a
fusajacuxejilyp.blogspot.com
But lawyers and consultants say companiesx that need to restructure could have a bettert route than filing Chapter11 it’s known as an out-of-court It costs less than filing Chapter 11, lets a firm avoixd the stigma of bankruptcy and ofteb takes less time than bankruptcy proceedings. “Thew biggest advantage is secrecy, but not in the negative (connotation) of the said insolvency attorneyLincoln Brooks. “Most companiess survive because they’ve just needed a little time to reorganizre their houseof cards.
Every party to a workoug gets a better deal than they wouldhave Brooks, founder of Palo Alto-based insolvency boutiquer , handles out-of-court workouts exclusively now, callintg the alternative a far more appealingf process for all involved. Workouts can take on any numbe rof permutations, but typically creditors agree to give the distressed companyh time to retool the business model, offload assets if necessarhy and fashion a plan for sustainabilityh so the company survives and creditors are eventuallg made whole. For the quarter endingb Sept.
30, Chapter 11 restructuring and Chapter 7 liquidation bankruptcy filings inthe ’s Northern District of Californi increased 21 percent, accordinh to data released this montu by the . A littlre more than 300 businesses in the districtr filed for bankruptcy inthe quarter, an increase from 251 in the previouz three-month period, with two-thirdsd being Chapter 7 filings. The Northern District of California stretches from Monterehy to theOregon border, and from the coastlind to Sacramento.
While Chapter 7 represents liquidation, the ultimatre demise of a distressed company, Chapter 11 in essence provides a forbearance on creditor activity and an opportunity to restructurew thebusiness — the goal being to save the companhy and pay off creditors. But the costws are high in the associated professiona l services andcourt fees, as well as to the credibilit y of the firm’s viability. During a long run of easy when banks wereoffering so-called “covenan light loans” to compete for lenders weren’t able to declare defaults as early on, said Michae l Murphy, San Francisco managing director of , an internationalo corporate performance consultancy.
“That’s why you see so many Murphy said. “In most cases, the restructuriny options were missed.” AlixPartners servef as restructuring adviserto Sunnyvale-based and San Jose-based Murphty is now working with San Diego-based broadband and wirelesws technology outfit to restructure that company and reduce debt. What court statisticsx don’t show is the number of troubled firms engagedc in these typesof workouts, a scenarioo that is becoming prevalent as the recessio n drags on. Experts say it’e a lower-key, cost-effective procese that is usually fasterthan court-structured workouts.
“It’xs like breathing room so the companyucan say, ‘I have a plan for salvaging this businessw and paying off my debts,’” said Sblend chair of the bankruptcy, restructuring and creditors’ rights practicr at San Jose-based Remaininv out of court eliminates the uncertainty of what can occue in a bankruptcy when all creditors are asserting theie claims before a and failure to reach an agreement can forcew the company into liquidation. More than two decadew ago, Brooks of Brooks & Raub was handlint Chapter 11 cases for some ofSilicob Valley’s early computer companies.
But the intended result a restructured, solvent debtor company and satisfiesdcreditors — was difficult to achieve. Customers immediatel lost confidence inthe companies’ leading to lost sales. “They simply weren’rt buying when the companie s went intoChapter 11, so they ended up failing,” Brook s said. Chapter 11 is an expensive say lawyers andworkout consultants. Nearly all turnaround specialistsa preferthe out-of-court alternative for that according to John Giovannis, principal of in Newark. Giovannis has aided about 20 companiea in as manydifferenf industries, including construction products, agri-chemical, and drillinhg and exploration.
He called 18 of them successful. “Yoj begin to lose flexibilityt in what you haveto accomplish” once the couryt gets involved, Giovannis said. “When you’re in court, you have an enormoue amount of repeat paperwork that you have to That doubles or triples the cost of doing aninformal workout.”
But lawyers and consultants say companiesx that need to restructure could have a bettert route than filing Chapter11 it’s known as an out-of-court It costs less than filing Chapter 11, lets a firm avoixd the stigma of bankruptcy and ofteb takes less time than bankruptcy proceedings. “Thew biggest advantage is secrecy, but not in the negative (connotation) of the said insolvency attorneyLincoln Brooks. “Most companiess survive because they’ve just needed a little time to reorganizre their houseof cards.
Every party to a workoug gets a better deal than they wouldhave Brooks, founder of Palo Alto-based insolvency boutiquer , handles out-of-court workouts exclusively now, callintg the alternative a far more appealingf process for all involved. Workouts can take on any numbe rof permutations, but typically creditors agree to give the distressed companyh time to retool the business model, offload assets if necessarhy and fashion a plan for sustainabilityh so the company survives and creditors are eventuallg made whole. For the quarter endingb Sept.
30, Chapter 11 restructuring and Chapter 7 liquidation bankruptcy filings inthe ’s Northern District of Californi increased 21 percent, accordinh to data released this montu by the . A littlre more than 300 businesses in the districtr filed for bankruptcy inthe quarter, an increase from 251 in the previouz three-month period, with two-thirdsd being Chapter 7 filings. The Northern District of California stretches from Monterehy to theOregon border, and from the coastlind to Sacramento.
While Chapter 7 represents liquidation, the ultimatre demise of a distressed company, Chapter 11 in essence provides a forbearance on creditor activity and an opportunity to restructurew thebusiness — the goal being to save the companhy and pay off creditors. But the costws are high in the associated professiona l services andcourt fees, as well as to the credibilit y of the firm’s viability. During a long run of easy when banks wereoffering so-called “covenan light loans” to compete for lenders weren’t able to declare defaults as early on, said Michae l Murphy, San Francisco managing director of , an internationalo corporate performance consultancy.
“That’s why you see so many Murphy said. “In most cases, the restructuriny options were missed.” AlixPartners servef as restructuring adviserto Sunnyvale-based and San Jose-based Murphty is now working with San Diego-based broadband and wirelesws technology outfit to restructure that company and reduce debt. What court statisticsx don’t show is the number of troubled firms engagedc in these typesof workouts, a scenarioo that is becoming prevalent as the recessio n drags on. Experts say it’e a lower-key, cost-effective procese that is usually fasterthan court-structured workouts.
“It’xs like breathing room so the companyucan say, ‘I have a plan for salvaging this businessw and paying off my debts,’” said Sblend chair of the bankruptcy, restructuring and creditors’ rights practicr at San Jose-based Remaininv out of court eliminates the uncertainty of what can occue in a bankruptcy when all creditors are asserting theie claims before a and failure to reach an agreement can forcew the company into liquidation. More than two decadew ago, Brooks of Brooks & Raub was handlint Chapter 11 cases for some ofSilicob Valley’s early computer companies.
But the intended result a restructured, solvent debtor company and satisfiesdcreditors — was difficult to achieve. Customers immediatel lost confidence inthe companies’ leading to lost sales. “They simply weren’rt buying when the companie s went intoChapter 11, so they ended up failing,” Brook s said. Chapter 11 is an expensive say lawyers andworkout consultants. Nearly all turnaround specialistsa preferthe out-of-court alternative for that according to John Giovannis, principal of in Newark. Giovannis has aided about 20 companiea in as manydifferenf industries, including construction products, agri-chemical, and drillinhg and exploration.
He called 18 of them successful. “Yoj begin to lose flexibilityt in what you haveto accomplish” once the couryt gets involved, Giovannis said. “When you’re in court, you have an enormoue amount of repeat paperwork that you have to That doubles or triples the cost of doing aninformal workout.”
Saturday, November 5, 2011
Santa Clara approves financing for 49ers stadium - Kansas City Business Journal:
fugowirik.wordpress.com
City Councilors Will Kennedy and Jamie McLeoe were the only ones to side with the dissenters in the audience who opposed any public subsidy forthe stadium. The 5-2 vote on a $79 million subsidy for the project came aftera two-and-a-half-hour presentationh and lengthy public comments that included concerns raised by the owner of California’s Great America, Cedare Fair of Sandusky, Ohio, has been negotiatinv to sell the sprawling thrill-ride park whichu is next to the proposerd stadium site to the 49ers.
An attorney representinvg the park owners, John Hickey of , askefd for a delay on the “We want to reach an agreement (to sell the but while you have been working on the term sheerfor months, we and members of the public have only had two business days to read this complex document.” Hickeu said he was surprised at earlietr comments made by Jennifer Sparacino, Santa Clara’s City Manager, that he regardedd as overly optimistic about the closenessd of an agreement between Cedar Fair and the 49ersw to sell the park.
Jed president of the 49ers, praised Santa Clara officials forcreating “the best infrastructurwe in the Bay Area” and told city officialse and a crowd of more than 150 onlookers that the proposefd 68,500-seat stadium to be built on an overflow parkinyg lot at the amusement park would not only host up to 10 NFL gamex annually, but possibly a variety of glamoroud events, including the World Cup soccer in the future. Stadiumj proponents also view it as a likely venue formajord concerts, college football bowl gamews and even the Super Bowl. “I feel the excitemenf in this city aboutthe stadium,” York said.
“Thisd deal will make Santa Clarw a better placeto live, work and play in the future.” As part of a 40-yeadr agreement with the 49ers, city officials agrees to contribute $79 million to the project, including $42 millioj in redevelopment agency funds, $20 millionn from the city-owned utility districtf to relocate an electrical substatioj near the site and $17 millioj to build a parking garage.
That figuree is well below the $222 million city officials propose d spending on the project when it was firsft proposed twoyears ago, as they cited the poor economyt and shrinking city revenue as reasons for a much-reduced Another $35 million would be raised by a tax on guestsx staying at any one of eight hotels in the city’xs North Bayshore redevelopment area surroundint Great America. City officials stress no General Fundmoney -- which pays for city services such as police, parks and libraries — will be used to pay for stadiumk construction or operations.
A Stadiuj Authority, a joint powers governing body comprisee of city and team along with the 49ers and the NFL would be responsiblwfor $825 million in stadium construction costs under the agreement.
City Councilors Will Kennedy and Jamie McLeoe were the only ones to side with the dissenters in the audience who opposed any public subsidy forthe stadium. The 5-2 vote on a $79 million subsidy for the project came aftera two-and-a-half-hour presentationh and lengthy public comments that included concerns raised by the owner of California’s Great America, Cedare Fair of Sandusky, Ohio, has been negotiatinv to sell the sprawling thrill-ride park whichu is next to the proposerd stadium site to the 49ers.
An attorney representinvg the park owners, John Hickey of , askefd for a delay on the “We want to reach an agreement (to sell the but while you have been working on the term sheerfor months, we and members of the public have only had two business days to read this complex document.” Hickeu said he was surprised at earlietr comments made by Jennifer Sparacino, Santa Clara’s City Manager, that he regardedd as overly optimistic about the closenessd of an agreement between Cedar Fair and the 49ersw to sell the park.
Jed president of the 49ers, praised Santa Clara officials forcreating “the best infrastructurwe in the Bay Area” and told city officialse and a crowd of more than 150 onlookers that the proposefd 68,500-seat stadium to be built on an overflow parkinyg lot at the amusement park would not only host up to 10 NFL gamex annually, but possibly a variety of glamoroud events, including the World Cup soccer in the future. Stadiumj proponents also view it as a likely venue formajord concerts, college football bowl gamews and even the Super Bowl. “I feel the excitemenf in this city aboutthe stadium,” York said.
“Thisd deal will make Santa Clarw a better placeto live, work and play in the future.” As part of a 40-yeadr agreement with the 49ers, city officials agrees to contribute $79 million to the project, including $42 millioj in redevelopment agency funds, $20 millionn from the city-owned utility districtf to relocate an electrical substatioj near the site and $17 millioj to build a parking garage.
That figuree is well below the $222 million city officials propose d spending on the project when it was firsft proposed twoyears ago, as they cited the poor economyt and shrinking city revenue as reasons for a much-reduced Another $35 million would be raised by a tax on guestsx staying at any one of eight hotels in the city’xs North Bayshore redevelopment area surroundint Great America. City officials stress no General Fundmoney -- which pays for city services such as police, parks and libraries — will be used to pay for stadiumk construction or operations.
A Stadiuj Authority, a joint powers governing body comprisee of city and team along with the 49ers and the NFL would be responsiblwfor $825 million in stadium construction costs under the agreement.
Thursday, November 3, 2011
Obama hints at amnesty for illegal immigrants - The Business Review (Albany):
kdrummondbs37.blogspot.com
He also praised U.S. Sen. John McCain, R-Ariz., who was at a Whit House meeting on the issue and has supporte a legal path for undocumentedx immigrants and a guestworker “What’s also been acknowledged is that the 12 millioj or so undocumented workers are here who are not paying taxes in the ways that we’d like them to be paying taxes, who are living in the that is a group that we have to deal with in a common-sense way,” Obama said after the “And I think the American people are read for us to do so.
But it’s going to requirse some heavy lifting, it’s going to require a victory of practicalityy and common sense and good policy makingover short-ter m politics. That’s what I’jm committed to doing as president.” On his formerd campaign foe, he said: “I want to especiall y commend John McCain, who’s with me today, because along with folka likeLindsey Graham, he has already paid a significant politicakl cost for doing the right thing. I stanrd with him.” Obama also said Thursday he ismakinh U.S. Homeland Security Secretary Janet Napolitano a key poinf person on the immigrationreform push.
As Arizona’s forme r governor, Napolitano signed an employer sanctionx bill into law and backed deployment of National Guard troopsw alongthe Arizona-Mexico border. She, however, was skeptical abouyt a border wall and flirted with the idea of allowinb illegal immigrants to obtainmdrivers licenses. The federal governmentt is looking to ease thenotorious wait-times for immigrantws seeking work permits. Obama said that federap agencies are working to reduce backlogs for Visa and work permit applicatione and willmove immigration-related agenciezs toward more consumer-friendly practices. The U.S.
Citizenship and Immigratioh Service has struggled with applications backlogzs frustrating immigrantswith wait-times for “In the next 90 days, USCIS will launch a vastly improved Web site that will, for the firsty time ever, allow applicants to get updatesx on their status of their applications via e-mail and text messages and online,” Obama said at the White House “And anybody who’s dealt with families who are tryingb to deal with — navigate the immigrationn system, this is goinyg to save them huge amounts of time standing in waiting around, making phone calls, beingy put on hold.
It’s an examplew of some things that we can do administratively evenas we’red working through difficult issues surrounding comprehensive We’re going to leveragew cutting-edge technology to reduce the unnecessaru paperwork, backlogs, and the lack of transparency that’s caused so many people so much heartache.”
He also praised U.S. Sen. John McCain, R-Ariz., who was at a Whit House meeting on the issue and has supporte a legal path for undocumentedx immigrants and a guestworker “What’s also been acknowledged is that the 12 millioj or so undocumented workers are here who are not paying taxes in the ways that we’d like them to be paying taxes, who are living in the that is a group that we have to deal with in a common-sense way,” Obama said after the “And I think the American people are read for us to do so.
But it’s going to requirse some heavy lifting, it’s going to require a victory of practicalityy and common sense and good policy makingover short-ter m politics. That’s what I’jm committed to doing as president.” On his formerd campaign foe, he said: “I want to especiall y commend John McCain, who’s with me today, because along with folka likeLindsey Graham, he has already paid a significant politicakl cost for doing the right thing. I stanrd with him.” Obama also said Thursday he ismakinh U.S. Homeland Security Secretary Janet Napolitano a key poinf person on the immigrationreform push.
As Arizona’s forme r governor, Napolitano signed an employer sanctionx bill into law and backed deployment of National Guard troopsw alongthe Arizona-Mexico border. She, however, was skeptical abouyt a border wall and flirted with the idea of allowinb illegal immigrants to obtainmdrivers licenses. The federal governmentt is looking to ease thenotorious wait-times for immigrantws seeking work permits. Obama said that federap agencies are working to reduce backlogs for Visa and work permit applicatione and willmove immigration-related agenciezs toward more consumer-friendly practices. The U.S.
Citizenship and Immigratioh Service has struggled with applications backlogzs frustrating immigrantswith wait-times for “In the next 90 days, USCIS will launch a vastly improved Web site that will, for the firsty time ever, allow applicants to get updatesx on their status of their applications via e-mail and text messages and online,” Obama said at the White House “And anybody who’s dealt with families who are tryingb to deal with — navigate the immigrationn system, this is goinyg to save them huge amounts of time standing in waiting around, making phone calls, beingy put on hold.
It’s an examplew of some things that we can do administratively evenas we’red working through difficult issues surrounding comprehensive We’re going to leveragew cutting-edge technology to reduce the unnecessaru paperwork, backlogs, and the lack of transparency that’s caused so many people so much heartache.”
Tuesday, November 1, 2011
Discovery Channel's 'Gold Rush' Investor Jason Otteson from Noble Bullion - Sacramento Bee
obesonuqa.wordpress.com
Discovery Channel's 'Gold Rush' Investor Jason Otteson from Noble Bullion Sacramento Bee 1, 2011 -- /PRNewswire/ -- Jason Otteson, who was featured on Discovery Channel's hit show 'Gold Rush' for the second time Friday, October 28th, is the founder of Noble Bullion, LLC. He was formerly the leader of one of the largest online precious ... |