Crescent Resources files Chapter 11 - Austin Business Journal:

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Charlotte, N.C.-based Crescent Resources -- a joint venture of and that specializesin mixed-use developments -- said the move is part of its strategyt to reduce debt and improv e its capital structure. The bankruptcyu filing was made inthe U.S. Bankruptcyt Court in the Western Districrof Texas, Austin Division. Before the Chapter 11 Crescent faced paymentsof $50 million by the end of this $75 million in 2010 and $100 millionn in 2011 on its debt. Crescent Resources has landed $110 million in debtor-in-possession financinbg from a group of its existing which will provide sufficient funds to operates its ongoingbusiness activities.
Crescent Resources CEO Arthur Fields has retires from the company and will continue to work with the compan in anadvisory capacity. Andrew Hede, Crescent’ss chief restructuring officer, will serve as CEO. Hede, a managinb director with , has more than 15 yearse of financial restructuring andbusiness experience. “We have been in activre discussions with our lenders and other stakeholdera as we work towards an agreemeny that will bring our capital structure in line with the currentgeconomic environment,” Hede said in a news “...
Despite the unprecedented challenges facing the real estate webelieve Crescent's underlying business model is solid, and our assets remain very attractive. We are encouragedf that our lenders have agreed to provide additional funding to support our continued operations and allowe us to maintain the high levep of service and amenities our customers have cometo expect. We intenrd to reach an agreement on our new capita l structure and emerge frombankruptcy quickly.” Life insurance giang could keep Crescent Resources as its joiny development partner on the new 20-story Phippss Tower, commercial real estate broker and developers have said.
And Manulife has optionds to see the building throughto completion, brokers and developers have Phipps Tower is a nearlu 500,000-square-foot building next to Phipps Plazza in Atlanta’s posh Buckhead area. Crescent Resourcee is active in commercial and residentialo real estate development and land management across the Southeasg and Southwest and hascreated mixed-use business and industrial parks, country-club communities, single-family neighborhoods and apartment and condo complexes. It has 38 residential communities undedr development inthe Carolinas, Georgia, Florida and Arizona, and is currentlhy building 1,200 apartment units. It also owns 75,00o0 acres of land.
Crescent has 264

Accountants Rank Soft Skills as More Important for Leaders Than Technical Skills in Ajilon Finance/Institute of Management Accountants Survey

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June 10 /PRNewswire/ -- Accountantd have strong opinions about what constitutes leadershipl inthis economy, according to a new survehy by Ajilon Finance, a leading specialty finance and accounting staffin firm, and the Institute of Management Accountanta (IMA). The survey, which polled over 700 accountante as partof IMA's Inside Talk Webinar Series, found that leadershio priorities change depending on whethed the economy is good or bad but that certaibn workforce activities and initiatives remain non-discretionary investment s at companies, such as training and development and workforce flexibility.
Among key findings, the surveu found that leadership priorities change depending on the performanc e of theoverall economy. In good economic accountants say the top three most challenging decisions for leaderw tomake are: recruiting and retaining top talenty (47%), pursuing growth opportunitiezs (42%) and maintaining a competitive edge (42%). In productivity, or doing more with less, motivating the workforce and pursuinygrowth opportunities, are the top challenges facinv leaders in poor economic times, representing 49%, 44% and 33% of respectively.
-- Soft Skills Beat Hard Skills: Accordinvg to the survey, one-third (33%) of accountants feel an ability to inspire and motivatw is the most important quality of leadership in the 21st centurh followed by communicationsskills (15%) and people management skilla (13%), all soft skills. In contrast, accountants said that hard skilld such asglobal knowledge/expertise, financiak acumen and keen decision-making were more rewardedx leadership qualities at their organizations.
-- Training still a non-discretionary Despite the downturn, workforce training remains an importangt investment for many companieswith 31% of survey respondentws saying training is a non-discretionarg expense at their companies. Othert non-discretionary expenses include: workforce flexibility successionplanning (26%), leadership development and enhancing the company's brand (25%). -- Accountants Say They Need Time, More Than Anything When asked what they need most to beeffectivd leaders, most accountants said more time. Only 14% of respondentds said more moneyand 13% said more influence over others.
"Althoughu leadership priorities change depending on the statwe ofthe economy, taking leadership in your careetr and your life is important no matterr what your role," said , vice president of training and development at Ajilon Finance. "Whether it involves finding ways to cut costzs in yourown department, using your access to marketplace researcy to provide support for new business or just being a cheerleadert in your office, there are numerous 'soft skills' financs professionals can employ to demonstrate leadership in their jobs today. And, while soft skillw are very important, it doesn'tf mean a leader should be soft.
The tric is finding the right balanc in motivating your staff to perform at the highest levels both individually and asa team. " This survey of more than 700 accountants was conducte on April 22 as part of the Institute of Management Accountants Inside Talk Webinar Seriesw hosted byAjilon Finance. Ajilon Professional Staffin is a leader in recruitingh andproject consulting, with specialthy divisions in finance and accounting, managementy and office support, and legal.
In North more than 200 offices service a range of clients througy an integrated suite of human capital Ajilon Finance specializes in the temporarhyand direct-hire placement of premier accounting, financia and bookkeeping professionals. offers clientzs specialized administrative and managemeng professionals on a temporaryand direct-hire Ajilon Legal places highly-qualified candidates in a wide rangd of specialized positions including attorneys, paralegals and legal supporr professionals. Ajilon Finance Solutionse provides senior-level financial and operations professionals to companies on a projecty orinterim basis.

The NeXT big thing: OncoMed finds a home - Dallas Business Journal:

http://seponix.com/funds/in-great-britain-are-dying-simply-logistics/
But there was a problem: The neighbors were animals. During the post-dot-com years while 800 Chesapeakw Drive hadsat vacant, the subgrade and foundatiojn separated from each other enough for wildlife to move in undeer the 44,000-square-foot structure. Foxes, raccoons, feral cats and large rodents were eventually trappefd andreleased elsewhere, and the foundation was The work was worthy the trouble, said Chuck Alaimo, OncoMed'x director of operations. The site was betweehn South San Francisco andMountain View, the company's former and close for employees coming from San Francisco, San Jose or the East Bay via the San Matei Bridge.
What's more, he said, the spacse allowed the company, which is developing ways to destroty cancerstem cells, to consolidated outsourced animal labs, keep its out-of-pockeft expense low and retaihn space for growth. It didn'tg hurt that the buildiny has anentrepreneurial heritage. It's where Steve Jobs firsg basedNeXT Computer. Jobs commissioned architect I.M. Pei to desighn a "floating staircase" that remains a dramaticc centerpiece ofthe building, albeirt updated to meet building codes. "It is a very nice It's on the waterfront, looking out at the harbor," Alaimi said. "It's peaceful and calming.
I don'tf think you can put a dollar valuson that." Still, even afterr the wild animals had left the building and the subgrade was shoreds up, much work remained before OncoMed coulf move in. The foundation still wasn't strong enougnh to support mechanical systemd that the company needed as it mover its offices and15 labs, including a vivariumn that had been outsourced. DES Architectsx & Engineers proposed an 8,000-square-foot annex, linking 800 Chesapeake and 900 That included anHVAC system, watetr system and high-pressure steam boiler, with shaftx and pipes over to 800 Chesapeake. The annec also gave OncoMed space for a loading dock and The work was paid for througha $6.
3 millionj tenant improvement loan, Alaimo said, that OncoMed negotiatedr with , which then owned the Slough sold the site and the rest of its U.S. biotech portfolio earlier this yearto . with 47 full-time employees, moved into the buildinhg in mid-January. The company was started in August 2004by Dr. Michaeol Clarke and Dr. Max Wicha, researchers who led the discovery of cancer stem cells while atthe . Clarke now is the associatw director of the Stanford Institute for Stem Cell and Regenerativde Medicineat . The move to Chesapeake Drive and the annez addition has helped OncoMedd consolidate staff as its early preclinical programwsramp up, Alaimo said.
Before the employees could make multiple trips betweeb the Mountain View offices and the outsourced vivarium in Palo That was an importan considerationas Alaimo, CEO Paul corporate development head Martin Goldstein, R&Ds chief John Lewicki and Austin Gurney, the vice presidenr of molecular and cellular biology, lookeed to leave Mountain View. There OncoMed would have been boxed inby , Alaimp said. OncoMed is mulling subleasinyg 15,000 square feet of office space on the first floor of the RedwooedCity building, Alaimo said, but that leaswe would likely be short term. "Our programx are getting larger scale, and we'red bringing more functions intothe fold," he said.
"We'v been scaling up to a point that we had to brinhg itall together."

King Soopers, workers heading back to bargaining table - Business First of Buffalo:

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The contract at hand involved an increase inpreventative health-care programws and a wage increase, as well as a decrease in pension benefits, King Soopers spokeswoman Diane Mulligan said. workers had protested the pensionmbenefit cuts, with the Uniter Food and Commercial Workers Union Locall No. 7 warning that some could lose $100,000o over the life of the and said the wage increases werenot enough. “We are willing and able to get back to the bargaining tablse if the corporation is willing to meetus halfway,” King Soopers worker Julie Gonzalez said in a news release put out by the “All we’re asking for is a fair deal.
And we really hope they don’t lock us out for asking for livablr wages and a pension plan that recognizes our contributiohn tocompany profits.” About 17,000 union workersz from the area’s three largest grocery chains — King Soopers and — have been in negotiations with the grocers sincer April 9 on new five-year Safeway workers have vote d to extend their contract until June 26, which Albertsones and King Soopers employeees currently are working without contracts. The rejection of the latest King Soopers contract proposal came quickly after votingbegan Monday.
Workers in Coloradoo Springs, Longmont and Boulder are votinb today, while Pueblo workers are scheduled to castballotas Wednesday. King Soopers spokeswoman Diane Mulliganh said that the rejection of the deal will not have any tangibl effect onstore operations. King Soopersz workers have not cast ballotto strike. “We’re disappointed in the vote, but we look forwarrd to getting backto negotiations,” Mulligan said King Soopers is a unit of Cincinnati-basedr

Advanced Cancer Therapeutics licenses Brown Cancer Center discovery - Business First of Louisville:

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ACT now has an exclusive licensd to develop and commercialize a compound aimerd at inhibitingcholine kinase, an enzyme required for tumorxs to grow. Doctors Brian Clem, Sucheta Telang, John Trent and Jason Chesney screenecd millions of compounds before they discovered one that inhibitszthe enzyme. The choline kinase inhibitodr has been proven to kill lung tumors in Advanced Cancer Therapeutics was founded in 2007 with the intent ofgetting anti-cancer drugs to market more quickly. U of L has a 30 percenft ownership stake in the The recent licensing deal is the fifth such agreement betweeh U of Land ACT. “We’re intervening at a criticao juncture for thecancer cells...
to divide and grow,” said Randall president and CEO of ACT. Riggs said the compound potentially could be used as a cancef therapy and as adiagnostic tool. He called the discoveryh “very novel.” ACT works with researcheras atthe university’s cancer treatment centetr who in the early stages of developinvg cancer treatments. The companuy then seeks to sell or license those treatmentse to larger pharmaceutical or biotech companiexs that would carry the treatments throughu later stages of development and into the When ACT licensesa discovery, the universitty and researchers receive an upfronr fee, though Riggs declined to say how They also receive “downstream remunerations,” as the commercialization process progresses.
A significant portiomn of the money paid by ACT is used to fundfuturd research, Riggs said. Riggs recentlyy presented the discovery to a number of companieds duringlast month’s Biotechnologyy Industry Organization International Convention, in Atlanta. they were interested in this,” he said. The researchers will continuse to evaluate this and related compounds to ensure they have the most potent compound to inhibit the cholindkinase enzyme, Riggs said. ACT could begin havingh “substantive discussions” with potential partners to licenses the discovery to a larger entity as earl y aslate 2009, he “We’re placing a very significant priorityy on this program.
”

Wiring circuit boards for success - Memphis Business Journal:

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Nick Barbin, co-founder, presidentr and CEO, said that the company, which designw and makes the boards on asmalk scale, is always searching for new customers to replace thosde who fold or get acquired. “I woul have to say we’ve had completer turnover on our customer list maybre two or threetimes over,” he said. But that’s a game that Pleasanton-basef Optimum Design has been winning. From 2006 to the company’s revenue grew 138 percen — to $13.14 million. And it is on pace to grow 20 percengt to 40 percentin 2009. The company has been profitable every year sinc its foundingin 1991.
The company’s secrert has been its willingness to look for new Barbin and his partners at first kept the firmsmalk — with about 8 to 15 employees. And they only did layou and design ofthe boards, partnering with manufacturerd to produce them. But at the urgingb of some of the company’s Optimum Design added the manufacturing side in2001 — and that’sx been a catalyst for Today, the company has about 50 employees, and it’s hiring this probably four to five peoples for the manufacturing side of the business. Anothetr successful strategy has been choosing the right It mostly works with companies doing work for the militarh or makingmedical instruments.
Both of thosee have fairly inelastic and both industries have traditionally contracterdwith on-shore companies, rather than lookintg to India and China for cheapet deals. But Barbin says that the company’s ability to identif y strong markets to chase has helpedit “In this industry you go as your customers he said. “There are a lot of companieas that are some of our competitorse where their focus is aparticulaf industry. If they’re really focuseds on telecom, they’re sufferint right now, but 10 yearw ago they were doing The third factor that sets Optimumm Design apart is that itstaysz small.
The company only builds high-end boards that are extremelyg complicated, and they only fill ordersw that range from 100to 10,000 It’s that last factor that keepas it relatively safe from much bigger and cheaper competition, said Jim Walker, who coverz the industry for . Walke r said that almost all of the biggest printed circuit boarc companies arein Asia. The only U.S. companiezs that survive are ones that aremakinf high-end or prototype boards that eventually get shipperd off to overseas foundries to get Walker also said that the industry is ripe for consolidationj but that companies like Optimumj Design are fairly insulated from the firstf wave of those because they’re too small to make an impacrt on larger companies’ bottom lines.
One of Optimum Design’x customers, an aerospace company that askeed not to be identified for thisarticlse (Optimum signs non-disclosure agreements with many of its makes equipment for the military and uses Optimum Desigmn for its printed circuit boards. One of the engineers at the Randy, said that the firm used to make its own butin 2000, it contracted out the work due to budge t cuts. Randy said he rarely findw problems with the product and that the company is now starting to work more closely with Optimumn Design since it has run three boards through theentirew process. “They admitted ...
that they actually cost a little bit more than the guy next but we have experiencesd the high quality fromthem that’zs kept us coming back,” he said. And Barbin says that Randy’sx attitude is what makes the company successful. Therew are a couple of hundre printed-circuit-board companies in the Bay Area, he But by offering the full process, and keeping qualitty high, they’ve been able to find success. “The designers we have here are he said. “There’s really no one out there that can competr withour designers.
”

Please Stop Using Jeremy Lin to Illustrate Your Pet Theories - The Atlantic

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ABC News

Please Stop Using Jeremy Lin to Illustrate Your Pet Theories The Atlantic By Ta-Nehisi Coates If your writing file displays little interest in professional sports, Jeremy Lin is a re »