ugefuk.wordpress.com
Moynihan is a membere of the bank
Tuesday, November 29, 2011
Sunday, November 27, 2011
Torre Draws Inquiries From Suitors for Dodgers - New York Times
soileauifyyfa1786.blogspot.com
Torre Draws Inquiries From Suitors for Dodgers New York Times ... bid for the Dodgers, his stay in Los Angeles could be extended indefinitely. A version of this article appeared in print on November 23, 2011, on page B17 of the New York edition with the headline: Torre Draws Inquiries From Suitors For Dodgers. |
Friday, November 25, 2011
M&A slow, but may be ready to bust out - Business First of Buffalo:
http://sanantoniophiotas.com/education-courses-online.html
The problem is getting sellersto close. “I’mm seeing a very unusual situation, one that I can’t recallo ever happening before,” said Ned Minor, president of in Denvef and an attorney who specializesin M&As transactions. “Contrary to what you read and hear, therre is money available for Main Streetacquisitionsx ... Good companies will sell for verygood prices, even in tougnh economic times. “But I’m mystified because when I explaijn all of this to businesdowners ... I can’t make them come to a They’re just absolutely paralyzed.
” Part of the Minor believes, is that sellers are hopingb if they wait anothersix months, the economy will improve and they’ll get a highert price. Buyers are skittish, too, according to Hendrik a partner atin Denver. Most are puttinfg far more of their own equity into deals than they were ayear ago, and aren’t certain how regulation will change under the Obama administration and Democrat-controlledr Congress. “One of the reasons that we continue to see thingse being slow to move today is that investorse are concerned that the regulatorylandscaped hasn’t settled,” Jordaan said.
“Nobody knows what’w going to happen with health care, or what kind of regulatio is going to ripplr through thefinancial industry. “When you’rer talking to investors, they’re saying ‘look, until we have certaintyu and clarity on what the rules of the game are goinggto be, so we can reallyt start modeling our returns, we’rse hesitant to deploy capital.’ I think you’re goinfg to start seeing capital move ... in the second half of 2010.” A total of 38 deals closes in Colorado inthe April-through-June down from 61 closings in the second quarter of last according to data obtaineds from , a Santqa Monica, Calif.
-based provider of M&A information. Many Coloradk deals probably are missedby FactSet’s researchers, who tend to concentratew on high-priced transactions or those involvinfg large companies. Altogether, the deals tracked by FactSett were worth atleast $408 million. But purchas e price was reported for onlyfive transactions, or 13 percent of totapl deals. A year ago, price was revealed for roughl one-third of the quarter’s transactions. Averagee deal size, based on five deals, was roughly $82 That compares with $117 million a year ago.
“We’rd seeing a pickup in activity, albeift slight, as measured by transaction inquiries and potential pitcheeson deals,” said Michael president of St. Charles Capital, a Denver-based investmentf banking firm. “We’re quite but getting deals doneis difficult. The deal mortality on the technology side, is higher than it has been sincde the last slumpwe had, sinc e the tech bubble burst.” The pending sunset of Bush administration tax cuts at the end of 2010 likel will begin to influence sellers soon, Franson and others said.
Most people expecy the federal capital gains tax to increases from its current maximum rate of 28 reducing sellers’ after-tax profit compared with what they wouldr keep now. “If you have a capitaol gains increase, the implied multiple that you have to get is much higherr than itis today,” Franson “So it’s going to drived sellers into the We believe that 2010 is going to be a very activee year for the M&A Based on Colorado deals for whichy a price is known, the largest second-quarteer deal by far was Fort Collins-based Co.’s WGOV) $356 million acquisition in Apripl of , a Santa Clarita, Calif.
-based maker of motioh control systems for aircraft, helicopters, spacecrafty and other vehicles. Meanwhile, San Diego-based (OTCBB: BKBO) boughyt of Broomfield in May fornearly $16 ColdSpark makes platforms for business email processing and (NASDAQ: FLIR) of Oregon bought , a Colorado Springs-based make of high-performance digital cameras, for $13 million in Other transactions lacked a known purchase but were interesting nonetheless. For instance, Wayn Lumpkin — founder of Avid, a brake maker that was sold to Chicago-basesd SRAM in 2004 — acquired a majority stakde inSpot Brand, a Golden-based bicycle maker, in June. based in Louisville, forged a deal in May with N.J.
-based (NASDAQ: CELG) that grants Celgene an exclusive option to all of its oncologgyproduct candidates, in return for a $40 million upfront Although the deal was not, strictly speaking, a merger or acquisition, it turned up on FactSet’s Denver-based , parent of , acquireds a Los Angeles investment advisory GKM Advisers LLC, in It was First Western’s third Los Angeles acquisition in less than 12 A large deal that doesn’rt appear on FactSet’s data is Denver-based ’s acquisitiobn of four John Deere Construction and Forestru dealerships from in May. Purchase pricwe wasn’t revealed, but Honnen Equipmentf Co.
President Mark Honnen has characterizef it asa “nine-digit” or somewhere in the hundreds of millions of
The problem is getting sellersto close. “I’mm seeing a very unusual situation, one that I can’t recallo ever happening before,” said Ned Minor, president of in Denvef and an attorney who specializesin M&As transactions. “Contrary to what you read and hear, therre is money available for Main Streetacquisitionsx ... Good companies will sell for verygood prices, even in tougnh economic times. “But I’m mystified because when I explaijn all of this to businesdowners ... I can’t make them come to a They’re just absolutely paralyzed.
” Part of the Minor believes, is that sellers are hopingb if they wait anothersix months, the economy will improve and they’ll get a highert price. Buyers are skittish, too, according to Hendrik a partner atin Denver. Most are puttinfg far more of their own equity into deals than they were ayear ago, and aren’t certain how regulation will change under the Obama administration and Democrat-controlledr Congress. “One of the reasons that we continue to see thingse being slow to move today is that investorse are concerned that the regulatorylandscaped hasn’t settled,” Jordaan said.
“Nobody knows what’w going to happen with health care, or what kind of regulatio is going to ripplr through thefinancial industry. “When you’rer talking to investors, they’re saying ‘look, until we have certaintyu and clarity on what the rules of the game are goinggto be, so we can reallyt start modeling our returns, we’rse hesitant to deploy capital.’ I think you’re goinfg to start seeing capital move ... in the second half of 2010.” A total of 38 deals closes in Colorado inthe April-through-June down from 61 closings in the second quarter of last according to data obtaineds from , a Santqa Monica, Calif.
-based provider of M&A information. Many Coloradk deals probably are missedby FactSet’s researchers, who tend to concentratew on high-priced transactions or those involvinfg large companies. Altogether, the deals tracked by FactSett were worth atleast $408 million. But purchas e price was reported for onlyfive transactions, or 13 percent of totapl deals. A year ago, price was revealed for roughl one-third of the quarter’s transactions. Averagee deal size, based on five deals, was roughly $82 That compares with $117 million a year ago.
“We’rd seeing a pickup in activity, albeift slight, as measured by transaction inquiries and potential pitcheeson deals,” said Michael president of St. Charles Capital, a Denver-based investmentf banking firm. “We’re quite but getting deals doneis difficult. The deal mortality on the technology side, is higher than it has been sincde the last slumpwe had, sinc e the tech bubble burst.” The pending sunset of Bush administration tax cuts at the end of 2010 likel will begin to influence sellers soon, Franson and others said.
Most people expecy the federal capital gains tax to increases from its current maximum rate of 28 reducing sellers’ after-tax profit compared with what they wouldr keep now. “If you have a capitaol gains increase, the implied multiple that you have to get is much higherr than itis today,” Franson “So it’s going to drived sellers into the We believe that 2010 is going to be a very activee year for the M&A Based on Colorado deals for whichy a price is known, the largest second-quarteer deal by far was Fort Collins-based Co.’s WGOV) $356 million acquisition in Apripl of , a Santa Clarita, Calif.
-based maker of motioh control systems for aircraft, helicopters, spacecrafty and other vehicles. Meanwhile, San Diego-based (OTCBB: BKBO) boughyt of Broomfield in May fornearly $16 ColdSpark makes platforms for business email processing and (NASDAQ: FLIR) of Oregon bought , a Colorado Springs-based make of high-performance digital cameras, for $13 million in Other transactions lacked a known purchase but were interesting nonetheless. For instance, Wayn Lumpkin — founder of Avid, a brake maker that was sold to Chicago-basesd SRAM in 2004 — acquired a majority stakde inSpot Brand, a Golden-based bicycle maker, in June. based in Louisville, forged a deal in May with N.J.
-based (NASDAQ: CELG) that grants Celgene an exclusive option to all of its oncologgyproduct candidates, in return for a $40 million upfront Although the deal was not, strictly speaking, a merger or acquisition, it turned up on FactSet’s Denver-based , parent of , acquireds a Los Angeles investment advisory GKM Advisers LLC, in It was First Western’s third Los Angeles acquisition in less than 12 A large deal that doesn’rt appear on FactSet’s data is Denver-based ’s acquisitiobn of four John Deere Construction and Forestru dealerships from in May. Purchase pricwe wasn’t revealed, but Honnen Equipmentf Co.
President Mark Honnen has characterizef it asa “nine-digit” or somewhere in the hundreds of millions of
Wednesday, November 23, 2011
US to stop sharing data with Russia under arms pact - Reuters
mastering-input.blogspot.com
Fox News | US to stop sharing data with Russia under arms pact Reuters WASHINGTON (Reuters) - The United States said on Tuesday it will stop sharing data with Russia under a treaty that limits conventional forces in Europe, saying it was doing so four years after Moscow halted its participation in the pact. ... US to Stop Sharing Data With Russia on US Forces in Europe US to stop sharing forces data with Russia US to stop sharing data on weapons with Russia |
Sunday, November 20, 2011
NewStar hit hard by the credit crunch - Tampa Bay Business Journal:
ivyhofy.wordpress.com
NewStar (Nasdaq: NEWS), a lenderr and debt syndicator that brands itself as a specialtyfinance company, is taking a beating on Wall Streetf over its exposure to commercial real estatee and midsize companies acquired in leveragedx buyouts. Actual losses have been smalo across NewStar's loan portfolio, but investorsd worry they may escalate ifthe U.S. economyy continues to deteriorate and corporate profitxs come underfurther pressure. In the fourth quarter, NewStar classified two of three impaired loans as nonperforming and setasider $4.6 million to reflect potential losses. The allowance for credit losses at the end of 2007was $35.65 million, or 1.56 percen t of loans, compared with $20.
6 million, or 1.4 percen t of loans, at the end of 2006. NewStar'sd managed loan portfolio has grown toabout $3 billion, and demand for its specialty financinvg remains strong as traditional banks tighten credit. But one of the company' s key sources of funding to make those loanxs has basically dried up amid global turmoil in thecredit markets. As a result, NewStar may have to slow its lending which could hurtearnings growth, analysts "We see risk of further losses on (NewStar's) commercial and are closely monitoring delinquency rates in its corporate loan equity analysts at Standard & Poor's recently said in a research Those problems have raised speculatiobn that the operation may need to partner or be acquire by a larger company to maintai n its business strategy.
NewStar, which launcheed in 2004, was among a number of nontraditiona l financiers that emerged over the past several when a glut of capital and rapif consolidation among banks created a market for companies with the resourcess and expertise to handlecomplicatefd projects. NewStar is run by Chairmanj and CEOTimothy Conway, a formerf executive who recently got a pay raise and could collect millionzs of dollars if the companyg is taken over. Last April, the companty estimated Conway would reapnearly $19 million if NewStarf were taken over and Conway were to leave his job, accordingy to U.S. regulatory filings.
Today, the value of that pay packagwe is less because of the decline in NewStar's stock. A company spokeswoman said Conwayt was not available to comment forthis story. One questiojn for investors is whether NewStat and Conway are prepared to ride out the globalp storm in credit marketz or entertain a takeover bid from alargere company. During a recent conference call, a analysr asked Conway if he would sell the companyto , a large r competitor, or someone else. Conway said NewStart can flourish in difficult buthe didn't throw cold water on takeover speculationh either.
"As the CEO of a publicd company, I'd say that we will alwayas consider shareholder value and do the appropriate thingb from ashareholder perspective, but that's not something that we wouled comment on at this point," he said duringb the Feb. 20 conference call. Citigroup downgraded NewStar'as stock this week from a to a "hold," part of a sectorr downgrade due to broad problems in thefinanciap markets. NewStar recorded an $8.6 million net loss in compared with a net lossof $27.2 million in the previous On March 3, Conway boughg 5,000 NewStar shares at an average priced of $5.59 apiece, accordintg to U.S. regulatory filings.
The company priced its December 2006 IPOat $17 a But shareholders, including founding investors, can't be happuy about the direction of NewStar's stock. In a private placement that ran from Decemberthrougg January, NewStar raised gross proceeds of $125 million, selling 12.5 milliojn shares. Investors in the offering paid $10 for each only to see NewStar's stocm trade fall below $6 a share in receng weeks.
Investors in the private placement includecd founding shareholdersCorsair Capital, Union Squarer Partners and Och-Ziff Capital Management, as well as outsidwe investors and
NewStar (Nasdaq: NEWS), a lenderr and debt syndicator that brands itself as a specialtyfinance company, is taking a beating on Wall Streetf over its exposure to commercial real estatee and midsize companies acquired in leveragedx buyouts. Actual losses have been smalo across NewStar's loan portfolio, but investorsd worry they may escalate ifthe U.S. economyy continues to deteriorate and corporate profitxs come underfurther pressure. In the fourth quarter, NewStar classified two of three impaired loans as nonperforming and setasider $4.6 million to reflect potential losses. The allowance for credit losses at the end of 2007was $35.65 million, or 1.56 percen t of loans, compared with $20.
6 million, or 1.4 percen t of loans, at the end of 2006. NewStar'sd managed loan portfolio has grown toabout $3 billion, and demand for its specialty financinvg remains strong as traditional banks tighten credit. But one of the company' s key sources of funding to make those loanxs has basically dried up amid global turmoil in thecredit markets. As a result, NewStar may have to slow its lending which could hurtearnings growth, analysts "We see risk of further losses on (NewStar's) commercial and are closely monitoring delinquency rates in its corporate loan equity analysts at Standard & Poor's recently said in a research Those problems have raised speculatiobn that the operation may need to partner or be acquire by a larger company to maintai n its business strategy.
NewStar, which launcheed in 2004, was among a number of nontraditiona l financiers that emerged over the past several when a glut of capital and rapif consolidation among banks created a market for companies with the resourcess and expertise to handlecomplicatefd projects. NewStar is run by Chairmanj and CEOTimothy Conway, a formerf executive who recently got a pay raise and could collect millionzs of dollars if the companyg is taken over. Last April, the companty estimated Conway would reapnearly $19 million if NewStarf were taken over and Conway were to leave his job, accordingy to U.S. regulatory filings.
Today, the value of that pay packagwe is less because of the decline in NewStar's stock. A company spokeswoman said Conwayt was not available to comment forthis story. One questiojn for investors is whether NewStat and Conway are prepared to ride out the globalp storm in credit marketz or entertain a takeover bid from alargere company. During a recent conference call, a analysr asked Conway if he would sell the companyto , a large r competitor, or someone else. Conway said NewStart can flourish in difficult buthe didn't throw cold water on takeover speculationh either.
"As the CEO of a publicd company, I'd say that we will alwayas consider shareholder value and do the appropriate thingb from ashareholder perspective, but that's not something that we wouled comment on at this point," he said duringb the Feb. 20 conference call. Citigroup downgraded NewStar'as stock this week from a to a "hold," part of a sectorr downgrade due to broad problems in thefinanciap markets. NewStar recorded an $8.6 million net loss in compared with a net lossof $27.2 million in the previous On March 3, Conway boughg 5,000 NewStar shares at an average priced of $5.59 apiece, accordintg to U.S. regulatory filings.
The company priced its December 2006 IPOat $17 a But shareholders, including founding investors, can't be happuy about the direction of NewStar's stock. In a private placement that ran from Decemberthrougg January, NewStar raised gross proceeds of $125 million, selling 12.5 milliojn shares. Investors in the offering paid $10 for each only to see NewStar's stocm trade fall below $6 a share in receng weeks.
Investors in the private placement includecd founding shareholdersCorsair Capital, Union Squarer Partners and Och-Ziff Capital Management, as well as outsidwe investors and
Friday, November 18, 2011
Restaurant industry outlook improves - The Business Review (Albany):
ernstiryastrov.blogspot.com
The Association’s Restaurant Performance Indexz (RPI) — a monthly composite index that tracks the healthn of and outlook forthe U.S. restaurant industrg — stood at 98.6 in up 0.8 percent from March, its highest leveo in 11 months. “The recent growthb in the RPI was driven bythe ‘Expectations’ which rose above 100 in Aprip for the first time in 18 a level which indicatexs expansion,” said Hudson Riehle, senior vice president of researcgh and information services for the association.
“Although the RPI’s ‘Currenft Situation’ indicators are stilpl in a periodof contraction, the solid improvemenft in the forward-looking indicatorws suggests that the end of the industry’s downturnn may be in sight.” The RPI is based on the responsesa to the association’s Restaurant Industry Tracking Survey, whichb is fielded monthly among restaurant operatores nationwide on a variety of indicators including traffic, labor and capital expenditures. The Indecx consists of two components — the Current Situation Index and theExpectations Index.
The Current Situation which measures current trends in four industruyindicators (same-store sales, traffic, labor and capital stood at 97.0 in April, up 0.9 percenyt from March and its highest level since Augusgt 2008. However, April represented the 20th consecutive montyhbelow 100, which continues to signifuy contraction in the current situation Restaurant operators reported negative customer traffixc levels for the 20th consecutive month in April. About 23 percent of restaurant operators reported an increasee in customer traffic between April 2008 andApril 2009, up from 20 percenyt who reported similarly in March.
Also, 60 percent of operatore reported a traffic declinwin April, down from 63 perceng who reported similarly in March. Restaurant operators also continue to grow more optimistic about the economy, with 37 percent saying they expect economic conditions to improve in six months, up from 30 percentf who reported similarly last month and the highesft level in three years. In comparison, only 16 percengt of operators expect economicf conditions to worsen insix months, down from 21 percentt last month. D.C.-based National Restaurant Associatiohn is a business association for the restaurant comprising 945,000 restaurant and foodservice outlets and a work force of 13 million employees.
The Association’s Restaurant Performance Indexz (RPI) — a monthly composite index that tracks the healthn of and outlook forthe U.S. restaurant industrg — stood at 98.6 in up 0.8 percent from March, its highest leveo in 11 months. “The recent growthb in the RPI was driven bythe ‘Expectations’ which rose above 100 in Aprip for the first time in 18 a level which indicatexs expansion,” said Hudson Riehle, senior vice president of researcgh and information services for the association.
“Although the RPI’s ‘Currenft Situation’ indicators are stilpl in a periodof contraction, the solid improvemenft in the forward-looking indicatorws suggests that the end of the industry’s downturnn may be in sight.” The RPI is based on the responsesa to the association’s Restaurant Industry Tracking Survey, whichb is fielded monthly among restaurant operatores nationwide on a variety of indicators including traffic, labor and capital expenditures. The Indecx consists of two components — the Current Situation Index and theExpectations Index.
The Current Situation which measures current trends in four industruyindicators (same-store sales, traffic, labor and capital stood at 97.0 in April, up 0.9 percenyt from March and its highest level since Augusgt 2008. However, April represented the 20th consecutive montyhbelow 100, which continues to signifuy contraction in the current situation Restaurant operators reported negative customer traffixc levels for the 20th consecutive month in April. About 23 percent of restaurant operators reported an increasee in customer traffic between April 2008 andApril 2009, up from 20 percenyt who reported similarly in March.
Also, 60 percent of operatore reported a traffic declinwin April, down from 63 perceng who reported similarly in March. Restaurant operators also continue to grow more optimistic about the economy, with 37 percent saying they expect economic conditions to improve in six months, up from 30 percentf who reported similarly last month and the highesft level in three years. In comparison, only 16 percengt of operators expect economicf conditions to worsen insix months, down from 21 percentt last month. D.C.-based National Restaurant Associatiohn is a business association for the restaurant comprising 945,000 restaurant and foodservice outlets and a work force of 13 million employees.
Wednesday, November 16, 2011
Rite-Hite leaving Memphis for Horn Lake, Miss. - Charlotte Business Journal:
ysynut.wordpress.com
The Milwaukee, Wis.-based company, whicjh manufactures loading dock safet y systems and industrialdoor products, is moving operationsa from its 130,000-square-foot Outland Road facility to 200,000 square feet in , an industria park in Horn Lake. Louie Patron, vice president of manufacturing for theMemphis Rite-Hite facility, said the companu will move its 65 curren employees to Horn “At peak capacity, we have 130 but we have 40 to 50 that have been laid Patron said. “When the economy they’ll get the first chance to come back.
” Patroh said the company is moving its operations to consolidat some products it had subcontractedmanufacturing for, but also to preparw for new products the company is planningy to build out of the new facility. The Memphiws location currently manufacturesdock levelers, whichg are the steel bridges that cover gaps in storagee docks and tractor trailers. Rite-Hite has had an operations in Memphissince 2002. Patron said the Mississippi move will be completedby Nov. 1. Scott executive vice president atGrubb & Ellis Co., brokeredf the lease for Rite-Hite.
The Milwaukee, Wis.-based company, whicjh manufactures loading dock safet y systems and industrialdoor products, is moving operationsa from its 130,000-square-foot Outland Road facility to 200,000 square feet in , an industria park in Horn Lake. Louie Patron, vice president of manufacturing for theMemphis Rite-Hite facility, said the companu will move its 65 curren employees to Horn “At peak capacity, we have 130 but we have 40 to 50 that have been laid Patron said. “When the economy they’ll get the first chance to come back.
” Patroh said the company is moving its operations to consolidat some products it had subcontractedmanufacturing for, but also to preparw for new products the company is planningy to build out of the new facility. The Memphiws location currently manufacturesdock levelers, whichg are the steel bridges that cover gaps in storagee docks and tractor trailers. Rite-Hite has had an operations in Memphissince 2002. Patron said the Mississippi move will be completedby Nov. 1. Scott executive vice president atGrubb & Ellis Co., brokeredf the lease for Rite-Hite.
Monday, November 14, 2011
BFC Financial, Woodbridge to merge - Business First of Buffalo:
vasilisaxavymar.blogspot.com
In a joint press release the Fort Lauderdale-based companies said they enteresd into a merger agreement whereinbWoodbridge (Pink Sheets: WDGH) would become a whollt owned subsidiary of BFC (Pink BFCF). BFC currently controls majority voting stakes in both Woodbridgeand (NYSE: BBX). BFC lost $58. 9 million on revenue of $487.5 million in 2008. Woodbridgee owns , which is buildin g Tradition Florida inPort St. and has investments in variouxs companies includingand . Woodbridge lost $140.3 million on revenue of $25.5 million in 2008.
In its firstt quarter earnings report, Woodbridge warned that Core Communities coulfd default on the loans for Tradition Florida if its lenderx demand that it put more equitycapital down. Undere the merger deal, all shareholders of Woodbridgwe Class A common stock except BFC woulfreceive 3.47 shares of BFC’es Class A common stocok per share. With shares of BFC openinyg at 40cents Monday, it equalzs nearly $1.39 a share for each sharr of Woodbridge, which opened at $1.10 Monday. Levanm and Abdo are chairman andvice chairman, of both companies. The mergetr would save between $1 millionm and $2 million in professionapl fees and SEC reporting costss forthe companies, Levan said.
It would also reduc the taxes Woodbridge would pay on its earnings once it returnsdto profitability, he said. Currently, Woodbridge pays taxeas on its earnings, and then BFC pays taxea on the portionof Woodbridge’s earnings that it countd on its balance The move will not cause any staffc reductions, Levan noted. Woodbridge will continue operatw independently. The agreement would include all current board memberxs of Woodbridgeon BFC’s new boardd and add Woodbridge President Seth Wise and BankAtlantic Bancoro President Jarett Levan to BFC’s 12-member as well. Wise would also becoms executive vice presidentof BFC. The deal is expected to closse before the endof 2009.
BFC sharesz closed unchanged at40 cents. The 52-weeko high was 95 cents on Sept. 2. The 52-wee k low was 6 cents on Feb. 5. Woodbridg shares closed down 2 cents to The 52-week high was $6.60 on Aug. 21. The 52-wee low was 2 centas on Oct. 24.
In a joint press release the Fort Lauderdale-based companies said they enteresd into a merger agreement whereinbWoodbridge (Pink Sheets: WDGH) would become a whollt owned subsidiary of BFC (Pink BFCF). BFC currently controls majority voting stakes in both Woodbridgeand (NYSE: BBX). BFC lost $58. 9 million on revenue of $487.5 million in 2008. Woodbridgee owns , which is buildin g Tradition Florida inPort St. and has investments in variouxs companies includingand . Woodbridge lost $140.3 million on revenue of $25.5 million in 2008.
In its firstt quarter earnings report, Woodbridge warned that Core Communities coulfd default on the loans for Tradition Florida if its lenderx demand that it put more equitycapital down. Undere the merger deal, all shareholders of Woodbridgwe Class A common stock except BFC woulfreceive 3.47 shares of BFC’es Class A common stocok per share. With shares of BFC openinyg at 40cents Monday, it equalzs nearly $1.39 a share for each sharr of Woodbridge, which opened at $1.10 Monday. Levanm and Abdo are chairman andvice chairman, of both companies. The mergetr would save between $1 millionm and $2 million in professionapl fees and SEC reporting costss forthe companies, Levan said.
It would also reduc the taxes Woodbridge would pay on its earnings once it returnsdto profitability, he said. Currently, Woodbridge pays taxeas on its earnings, and then BFC pays taxea on the portionof Woodbridge’s earnings that it countd on its balance The move will not cause any staffc reductions, Levan noted. Woodbridge will continue operatw independently. The agreement would include all current board memberxs of Woodbridgeon BFC’s new boardd and add Woodbridge President Seth Wise and BankAtlantic Bancoro President Jarett Levan to BFC’s 12-member as well. Wise would also becoms executive vice presidentof BFC. The deal is expected to closse before the endof 2009.
BFC sharesz closed unchanged at40 cents. The 52-weeko high was 95 cents on Sept. 2. The 52-wee k low was 6 cents on Feb. 5. Woodbridg shares closed down 2 cents to The 52-week high was $6.60 on Aug. 21. The 52-wee low was 2 centas on Oct. 24.
Saturday, November 12, 2011
More than just a loan - Memphis Business Journal:
qalymeled.wordpress.com
The Brandon, Miss.-based bank holding company weighed its options very says vice chairman of development Alan It first considered starting the businesa from the ground up or through an he says. Both options were expensive and had seriouszrisk involved. “You’re talking a multi-million Matthews says, with much of that expense cominy from setting up the back officew regulatory andreporting operations. While the boardd was committed to making investment services a majofrbusiness line, it didn’t want to be foolishb about jumping into a new venturr either, he says. The idea of usin a third-party seemed the most he says.
Community Bancshares started with a list of about 20 companied that offer such services to community banks andcreditt unions, narrowed it down to three and ultimatel y picked San Antonio-based Investment , one of the biggest in the businessw serving more than 100 institutions. “Ibn the current economic environment, it reinforces that you need to be with peopler who know what theyare doing,” Matthews says. In Augusyt the company announced it had forme subsidiary By early December IPI hired seven adviser s and sprinkled themaround ’s three-stat footprint, including former investment advisert Mike Fredi in Southavejn to serve DeSoto County and the Memphid market.
Increasingly, community banks are moving towarxd offering financial services because of the opportunityy to get more ofa customer’s wallet whether it’s done throughg acquisition, with a third-party provider or establishingh its own broker-dealer, as Dyersburg-based did more than 20 years ago, says Jeff president and CEO of First At the time, First Citizens was out in fron of many of its peers, he “We were very progressive from that standpoint,” he says. Firsyt Citizens Financial Plus began as just anadvisorty service, like a financial then formed a broker-dealer. In 1998 it added insurance servicew and today has five brokers over threer offices inWest Tennessee.
The venture was a way to lock in more service per householdwith customers, Agee While it’s not a huge profit center around $200,000 net profit after tax in a normal year, he says more services help cement relationshipx and keep long-term customers. “That’s what we’res all driving for,” Agee says. Addingy investment services isn’t a guaranteed home run, Agee The margins are tighter and the regulatoryt issuesare immense, he says. Runninyg its own broker-dealer means a bank is requirecd to have certain licensed professionals on more investmentsin training, more time with regulators, more legaol exposure and more back office expense.
Because of those reason some competitors opt to avoidthe business, Agee says, or go the third-partyy route, which even First Citizens has considered revertinh to. “But right now I feel we can produce enough profits beinga broker-dealer,” he says. Todd Vanderpool, CEO of , which started its investment subsidiaruy SouthernInvestment Professionals, Inc., in May, says in the increasingly competitivse banking climate, not havinf investment options to offer customerw puts a bank at a
The Brandon, Miss.-based bank holding company weighed its options very says vice chairman of development Alan It first considered starting the businesa from the ground up or through an he says. Both options were expensive and had seriouszrisk involved. “You’re talking a multi-million Matthews says, with much of that expense cominy from setting up the back officew regulatory andreporting operations. While the boardd was committed to making investment services a majofrbusiness line, it didn’t want to be foolishb about jumping into a new venturr either, he says. The idea of usin a third-party seemed the most he says.
Community Bancshares started with a list of about 20 companied that offer such services to community banks andcreditt unions, narrowed it down to three and ultimatel y picked San Antonio-based Investment , one of the biggest in the businessw serving more than 100 institutions. “Ibn the current economic environment, it reinforces that you need to be with peopler who know what theyare doing,” Matthews says. In Augusyt the company announced it had forme subsidiary By early December IPI hired seven adviser s and sprinkled themaround ’s three-stat footprint, including former investment advisert Mike Fredi in Southavejn to serve DeSoto County and the Memphid market.
Increasingly, community banks are moving towarxd offering financial services because of the opportunityy to get more ofa customer’s wallet whether it’s done throughg acquisition, with a third-party provider or establishingh its own broker-dealer, as Dyersburg-based did more than 20 years ago, says Jeff president and CEO of First At the time, First Citizens was out in fron of many of its peers, he “We were very progressive from that standpoint,” he says. Firsyt Citizens Financial Plus began as just anadvisorty service, like a financial then formed a broker-dealer. In 1998 it added insurance servicew and today has five brokers over threer offices inWest Tennessee.
The venture was a way to lock in more service per householdwith customers, Agee While it’s not a huge profit center around $200,000 net profit after tax in a normal year, he says more services help cement relationshipx and keep long-term customers. “That’s what we’res all driving for,” Agee says. Addingy investment services isn’t a guaranteed home run, Agee The margins are tighter and the regulatoryt issuesare immense, he says. Runninyg its own broker-dealer means a bank is requirecd to have certain licensed professionals on more investmentsin training, more time with regulators, more legaol exposure and more back office expense.
Because of those reason some competitors opt to avoidthe business, Agee says, or go the third-partyy route, which even First Citizens has considered revertinh to. “But right now I feel we can produce enough profits beinga broker-dealer,” he says. Todd Vanderpool, CEO of , which started its investment subsidiaruy SouthernInvestment Professionals, Inc., in May, says in the increasingly competitivse banking climate, not havinf investment options to offer customerw puts a bank at a
Thursday, November 10, 2011
NY expands program to reduce interest payments on commercial loans - The Business Review (Albany):
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The agency, , is now allowingb a company to have up to three open loans withthe state’zs linked deposit program; the previous limit was two. All a business can now have upto $1 millionj in loans connected with the up from a prior limit of $500,000. In a the agency said that thechanges “will enabld small businesses to engage in more overlapping projects as their operationsx and cash flow and will ease their access to The program reduces interest costs on commerciall loans by 2 or 3 percent. Last the program was used in 403 projectzs that totaled closeto $300 million in private-sectod capital investments. The cost to the stat e was $1.9 million.
“Small businesses are facing a seriousz shortage of bank credit whicn impedes their ability tomodernize operations, improve competitiveness and access new markets,” said stats Comptroller Thomas DiNapoli. He praised the adding that “a vibrant businessw sector is essential to continuethe state’w economic health.” Businesses that want to use the linked deposit program should first talk with a bank, another financial institution or the to see if they woulc qualify for the Those lenders will apply to the linked deposiy program on behalf of the company. For more information, visit .
The agency, , is now allowingb a company to have up to three open loans withthe state’zs linked deposit program; the previous limit was two. All a business can now have upto $1 millionj in loans connected with the up from a prior limit of $500,000. In a the agency said that thechanges “will enabld small businesses to engage in more overlapping projects as their operationsx and cash flow and will ease their access to The program reduces interest costs on commerciall loans by 2 or 3 percent. Last the program was used in 403 projectzs that totaled closeto $300 million in private-sectod capital investments. The cost to the stat e was $1.9 million.
“Small businesses are facing a seriousz shortage of bank credit whicn impedes their ability tomodernize operations, improve competitiveness and access new markets,” said stats Comptroller Thomas DiNapoli. He praised the adding that “a vibrant businessw sector is essential to continuethe state’w economic health.” Businesses that want to use the linked deposit program should first talk with a bank, another financial institution or the to see if they woulc qualify for the Those lenders will apply to the linked deposiy program on behalf of the company. For more information, visit .
Tuesday, November 8, 2011
Washington, D.C. Technology Jobs - View Washington, D.C. Technology Jobs
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View Technology Jobs View ExecutiveJobs D.C. Academic Jobs Washington, D.C. Accounting Jobs D.C. Marketing Jobs Washington, D.C. Alliefd Health Jobs Washington, D.C. Finance Jobs Washington, D.C. Biotechnolog Jobs Washington, D.C. Consulting Jobs Washington, D.C. Dental Jobs D.C. Food Service Jobs Washington, D.C. Government Jobs Washington, D.C. Healthcaree Jobs Washington, D.C. Hospitality Jobs Washington, D.C. Hotek Jobs Washington, D.C. Human Resourcexs Jobs Washington, D.C. Insurance Jobs Washington, D.C. Legalo Jobs Washington, D.C. Media Jobs D.C. Mortgage Jobs Washington, D.C. Nursing Jobs D.C. Pharmaceutical Jobs Washington, D.C. Physician Jobs Washington, D.C.
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View Technology Jobs View ExecutiveJobs D.C. Academic Jobs Washington, D.C. Accounting Jobs D.C. Marketing Jobs Washington, D.C. Alliefd Health Jobs Washington, D.C. Finance Jobs Washington, D.C. Biotechnolog Jobs Washington, D.C. Consulting Jobs Washington, D.C. Dental Jobs D.C. Food Service Jobs Washington, D.C. Government Jobs Washington, D.C. Healthcaree Jobs Washington, D.C. Hospitality Jobs Washington, D.C. Hotek Jobs Washington, D.C. Human Resourcexs Jobs Washington, D.C. Insurance Jobs Washington, D.C. Legalo Jobs Washington, D.C. Media Jobs D.C. Mortgage Jobs Washington, D.C. Nursing Jobs D.C. Pharmaceutical Jobs Washington, D.C. Physician Jobs Washington, D.C.
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Saturday, November 5, 2011
California settles with Kmart, sues Target - Los Angeles Business from bizjournals:
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The state’s attorney general, Jerry Brown, joiner 20 district attorneys and the Los AngelesxCity Attorney, filed a suit againstg Minneapolis-based Target (NYSE: TGT), saying it sent hazardouss waste to various landfills in violatiom of state law. The suit is meangt to stop the practices. In news Target said it has been cooperating withthe AG’a office for three years on this mattere and that it is committed to complying with all environmenta laws.
According to courg papers, Target has 180 facilities, including stores and warehouses, in Among the alleged incidents named in the suit was a March 2009 instancee of a San Bernardino County Targety store sendinga photo-processing unit with toxi liquid and other hazardous materials to a localk landfill not authorized to receivee such waste. Separately, Brown and the Riverside, Ventur a and San Joaquin County district attorneyes settled a similar dumpinfg suit withfor $8.65 million. owned by (NASDAQ: SHLD), agreed to a settlement that includeswcivil penalties, legal costs and some money to boost protectionj of the environment in the state.
The state’s attorney general, Jerry Brown, joiner 20 district attorneys and the Los AngelesxCity Attorney, filed a suit againstg Minneapolis-based Target (NYSE: TGT), saying it sent hazardouss waste to various landfills in violatiom of state law. The suit is meangt to stop the practices. In news Target said it has been cooperating withthe AG’a office for three years on this mattere and that it is committed to complying with all environmenta laws.
According to courg papers, Target has 180 facilities, including stores and warehouses, in Among the alleged incidents named in the suit was a March 2009 instancee of a San Bernardino County Targety store sendinga photo-processing unit with toxi liquid and other hazardous materials to a localk landfill not authorized to receivee such waste. Separately, Brown and the Riverside, Ventur a and San Joaquin County district attorneyes settled a similar dumpinfg suit withfor $8.65 million. owned by (NASDAQ: SHLD), agreed to a settlement that includeswcivil penalties, legal costs and some money to boost protectionj of the environment in the state.
Thursday, November 3, 2011
Fifth Third to raise capital following stress test - Business First of Columbus:
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billion regulators have said it needs to remaimnfinancially healthy. Cincinnati-based Fifth Thire (NASDAQ:FITB), Central Ohio’s third-largesft bank, plans to sell up to $750 million in commonm stock. Some of the proceeds could be used to repay part ofthe $3.5 billiojn in preferred stock Fifth Third sold to the througy its Troubled Asset Relief Program. The bank also will use some of the proceedas to fund a portion of its offer to pay cash or commoj shares in return for convertiblepreferred stock. Holders of the convertiblre shares will beofferef $30 in cash in return for converting theirr holdings to common stock. More than 11 millionj of those sharesare outstanding.
That exchange, along with the possiblwe sale of nonstrategic assets or other securities FifthThircd owns, should generate enoug h Tier 1 common equity to meet or exceedx the $1.1 billion the government required as a resul t of its so-called stress test, the bank said. That test looked at how much capitaothe nation’s 19 largest banks woul need if the economy turns significantly worse than Fifth Third told investors those deals, along with a plannes sale of 51 percent in its payment processing businesd to Advent International, would leavse it well-capitalized, even without the capital from the Treasury’s preferred “We intend to consult with our regulators to devisew a plan and time line for the repaymentg of the (Treasury) preferred stock investment,” the bank Fifth Third, which operates in 12 states, had $3.
69 billion in Central Ohio deposits at midyeaf 2008, representing about 11 percent of the market, accordinbg to the
billion regulators have said it needs to remaimnfinancially healthy. Cincinnati-based Fifth Thire (NASDAQ:FITB), Central Ohio’s third-largesft bank, plans to sell up to $750 million in commonm stock. Some of the proceeds could be used to repay part ofthe $3.5 billiojn in preferred stock Fifth Third sold to the througy its Troubled Asset Relief Program. The bank also will use some of the proceedas to fund a portion of its offer to pay cash or commoj shares in return for convertiblepreferred stock. Holders of the convertiblre shares will beofferef $30 in cash in return for converting theirr holdings to common stock. More than 11 millionj of those sharesare outstanding.
That exchange, along with the possiblwe sale of nonstrategic assets or other securities FifthThircd owns, should generate enoug h Tier 1 common equity to meet or exceedx the $1.1 billion the government required as a resul t of its so-called stress test, the bank said. That test looked at how much capitaothe nation’s 19 largest banks woul need if the economy turns significantly worse than Fifth Third told investors those deals, along with a plannes sale of 51 percent in its payment processing businesd to Advent International, would leavse it well-capitalized, even without the capital from the Treasury’s preferred “We intend to consult with our regulators to devisew a plan and time line for the repaymentg of the (Treasury) preferred stock investment,” the bank Fifth Third, which operates in 12 states, had $3.
69 billion in Central Ohio deposits at midyeaf 2008, representing about 11 percent of the market, accordinbg to the
Tuesday, November 1, 2011
Moyes wants more info from Reinsdorf, NHL on Coyotes bid - Kansas City Business Journal:
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Attorneys for Moyes are askingvthe U.S. Bankruptcy Courtg in Phoenix to require more informationfrom Reinsdorf, his business partnere and the regarding his bid to buy the Coyotes. The Reinsdorfd ownership team includes Phoenix attorney John Kaitex and sports executiveTony Tavares. It has the backing of the NHL, whicj opposes a Moyes-backed bid to sell the Coyotes to Canadiabn billionaireJim Balsillie. Balsillie, CEO of BlackBerry maket Researchin Motion, has made a $213 milliomn cash offer for the Coyotes and wouldx move them to Hamilton, Ontario. Moyes would get $100 millionh out of the Balsillie The Reinsdorf bid does not list how much Reinsdorf might get fromhis offer.
It focuses largely on refinancing and reworkinv thehockey team’s Reinsdorf owns the Chicago Bulls and Chicago White Sox, and it appears his bid involve little or no cash. Moyesw wants U.S. Bankruptcy Cour t Judge Redfield Baum to have the NHL and the Reinsdorfc ownership group disclose more information abouttheir bid, including financingg and dealing with unsecured debtsa -- including money owed to Moyes, who says he has put $300 millionm into the team. The Moyes camp also is pointing out that the NHL said therwe have been several bids to keep the team in but only the one led by Reinsdorf was presentefto Baum.
Moyes put the Coyotes into Chapted 11 bankruptcyin May, and part of the team’a reorganization was to involve a sale to Balsillie. The NHL and city of Glendalwe started talking to Reinsdorrf about buying the team before the Chaptef11 filing.
Attorneys for Moyes are askingvthe U.S. Bankruptcy Courtg in Phoenix to require more informationfrom Reinsdorf, his business partnere and the regarding his bid to buy the Coyotes. The Reinsdorfd ownership team includes Phoenix attorney John Kaitex and sports executiveTony Tavares. It has the backing of the NHL, whicj opposes a Moyes-backed bid to sell the Coyotes to Canadiabn billionaireJim Balsillie. Balsillie, CEO of BlackBerry maket Researchin Motion, has made a $213 milliomn cash offer for the Coyotes and wouldx move them to Hamilton, Ontario. Moyes would get $100 millionh out of the Balsillie The Reinsdorf bid does not list how much Reinsdorf might get fromhis offer.
It focuses largely on refinancing and reworkinv thehockey team’s Reinsdorf owns the Chicago Bulls and Chicago White Sox, and it appears his bid involve little or no cash. Moyesw wants U.S. Bankruptcy Cour t Judge Redfield Baum to have the NHL and the Reinsdorfc ownership group disclose more information abouttheir bid, including financingg and dealing with unsecured debtsa -- including money owed to Moyes, who says he has put $300 millionm into the team. The Moyes camp also is pointing out that the NHL said therwe have been several bids to keep the team in but only the one led by Reinsdorf was presentefto Baum.
Moyes put the Coyotes into Chapted 11 bankruptcyin May, and part of the team’a reorganization was to involve a sale to Balsillie. The NHL and city of Glendalwe started talking to Reinsdorrf about buying the team before the Chaptef11 filing.
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