judonebolayb1394.blogspot.com
Dave Bianconi said he’ll have more time to develop the big-picturw vision and expand relationships for the Westerville company whilrestaying CEO, but he’ll hand the presidency to Kevinb Banion March 1. Promoted from chief operating officer, Banio will expand his role overseeing operations andexecutingy strategy. Insurers and third-party administrators use Progressive Medicaol to contain costs and procuremedical services, supplies and drugx for injured workers. It operates a mail-order pharmacyh and coordinates adaptations, such as vehiclse modifications, to help a patient return to work.
Some states also use the companhy because their auto insurancw liability laws handle personal injury cases ina workers’ comp-like Banion said. Revenue grew 27 percen to $241 million in 2008, and the company employs 450 in Centrapl Ohio and about 25 sales staff around the Tenyears ago, when Banion starte d in the finance Progressive had 50 workers and $17.56 million in sales. It’s the only company to appear every year on ColumbusBusinesz First’s annual Fast 50 list of rapidlyt growing companies since the program began 13 yearas ago. Bianconi had an accounting background when he started Progressivdin 1986. “I was programming computers.
I was I needed to delegate to grow,” he “Kevin over the last five years has been doing more and more thing s on a daily basi s that I as president would The transition started 10months ago, he culminating in a standing ovation from employeesw when the promotion was announced Jan. 30. Growth has come from new customere and increased use byexisting clients. Bianconi wantz to add service lines, possibly adding 100 jobs in the next two Someday he hopes to open a WestCoast
Tuesday, January 31, 2012
Sunday, January 29, 2012
SAHA to spend $14.5 million on local housing project upgrades - Minneapolis / St. Paul Business Journal:
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million in federal stimulus funds to repair and upgrade a number of public housing Out of 349 housing authorities in Texa s that received money from the Americab Recovery andReinvestment Act, San Antonio Housingv Authority, or SAHA, received the largesyt amount. SAHA is required to use the money for capitalo improvements and all the funds must be spent withinthree years. “These funds will alloa us to make much-needed repairs to our publidc housing properties and improve the safety and qualitu of life forour residents,” SAHA President and CEO Lourdes Castrl Ramirez says.
Among the properties slated for major upgradea is the LewisChatham Apartments, a 119-unig apartment complex for seniors on the city’ds South Side. Lewis Chathajm also will undergo anextensive modernization. In addition, stimulusz funds will be used to upgrad ethe security, elevators and fire safety at nearlhy 20 elderly communities. Other projectx will involve replacing fencing, windows, cabinets, and heating, ventilation and air conditionintg systems. SAHA Board Chairman Ramiro Cavazozs says the agency will encouragd the participation of smalland minority-owned businesses.
“We will also give additionapl weight to contractors that commitr to actively recruiting employees from the neighborhoods in and around wherr this work will he says. SAHA will issue requests for proposalzs to perform engineering and architectural servicezs relatedto stimulus-approved projects. Web site: www.saha.org
million in federal stimulus funds to repair and upgrade a number of public housing Out of 349 housing authorities in Texa s that received money from the Americab Recovery andReinvestment Act, San Antonio Housingv Authority, or SAHA, received the largesyt amount. SAHA is required to use the money for capitalo improvements and all the funds must be spent withinthree years. “These funds will alloa us to make much-needed repairs to our publidc housing properties and improve the safety and qualitu of life forour residents,” SAHA President and CEO Lourdes Castrl Ramirez says.
Among the properties slated for major upgradea is the LewisChatham Apartments, a 119-unig apartment complex for seniors on the city’ds South Side. Lewis Chathajm also will undergo anextensive modernization. In addition, stimulusz funds will be used to upgrad ethe security, elevators and fire safety at nearlhy 20 elderly communities. Other projectx will involve replacing fencing, windows, cabinets, and heating, ventilation and air conditionintg systems. SAHA Board Chairman Ramiro Cavazozs says the agency will encouragd the participation of smalland minority-owned businesses.
“We will also give additionapl weight to contractors that commitr to actively recruiting employees from the neighborhoods in and around wherr this work will he says. SAHA will issue requests for proposalzs to perform engineering and architectural servicezs relatedto stimulus-approved projects. Web site: www.saha.org
Friday, January 27, 2012
Kannapolis honored for economic strategy - Silicon Valley / San Jose Business Journal:
polinaagyvtiwu.blogspot.com
The city received the award in the categorg of Excellence in EconomicxDiversification Strategies, which recognizes responses to plant closurews and other economic dislocations, that promote economic diversification. The competition is open to nonprofits; local, stat and regional governments; and universities and Cabarrus and Rowan countieslost 4,30 manufacturing jobs when textile manufacturer Kannapolis-basedPillowtex Corp. closed in July 2003. Two yearss later, California billionaire David Murdoclk announced plans forthe N.C. Research Campus at the 350-acred former Pillowtex headquarters andmanufacturing site.
The life-sciencesa hub includes the participation ofDuke University, the UNC System, the N.C. Communitty College System, other educational institutions andbusinesz partners. The total investment is expected toreacyh $1.8 billion. Residential and commercial developmentes are rising around the campuz with hopes ofturning Kannapolis, a former textil e town, into a biotech center.
The city received the award in the categorg of Excellence in EconomicxDiversification Strategies, which recognizes responses to plant closurews and other economic dislocations, that promote economic diversification. The competition is open to nonprofits; local, stat and regional governments; and universities and Cabarrus and Rowan countieslost 4,30 manufacturing jobs when textile manufacturer Kannapolis-basedPillowtex Corp. closed in July 2003. Two yearss later, California billionaire David Murdoclk announced plans forthe N.C. Research Campus at the 350-acred former Pillowtex headquarters andmanufacturing site.
The life-sciencesa hub includes the participation ofDuke University, the UNC System, the N.C. Communitty College System, other educational institutions andbusinesz partners. The total investment is expected toreacyh $1.8 billion. Residential and commercial developmentes are rising around the campuz with hopes ofturning Kannapolis, a former textil e town, into a biotech center.
Wednesday, January 25, 2012
Photographer Annie Leibovitz says project that became Smithsonian exhibit ... - Washington Post
http://irecyclemybooks.com/christian-book/art_8.htm
msnbc.com | Photographer Annie Leibovitz says project that became Smithsonian exhibit ... Washington Post WASHINGTON â€" Photographer Annie Leibovitz says she has come back from some dark days and revived her creativity with a new project now on view at the Smithsonian American Art Museum that marks a departure from he r popular celebrity portraits. Annie Leibovitz opens new art show at Smithsonian Annie Leibovitz Finds Inspiration for New Smithsonian Exhibit |
Sunday, January 22, 2012
Mattos-led company wins $26M foreclosure judgment - South Florida Business Journal:
ramoledef.blogspot.com
million foreclosure judgment on an oceanfronrt site in Sunny Isles Sunny IslesDevelopment Co., an affiliate of Boca Raton-basedd Royal Palm Homes, once had planws for a 47-story condo with 232 units callex Paramount Beach on the 2.2 acres at 16901 Collins Ave. lender iStar FM Loans sued the developet last year claiming it stopped payingt the mortgage on the vacant In February, iStar sold the delinquent mortgag e to Sunny Isles Properth Holdings, which is manageed by Mattos. After winning the $26.
2 millionh judgment on Tuesday, company will have the insided track at taking the property at the public sale on 4 inthe Miami-Dade County Mattos has been very activse in Miami real estate recently. On , a companyy affiliated with Mattos paidabout $6 millionn for 31 units at 1060 Brickell Ave. in Miami. A companyy affiliated with hisbusiness , recently paid $5.7 million for 21 units at Marins Blue in Miami. The presidenyt of Hyundai Colombia Automotriz and a former member of theColombiam Senate, Carlos Mattos was honored with the Inter-American Economivc Council’s Excellence in Leadership Award in February.
million foreclosure judgment on an oceanfronrt site in Sunny Isles Sunny IslesDevelopment Co., an affiliate of Boca Raton-basedd Royal Palm Homes, once had planws for a 47-story condo with 232 units callex Paramount Beach on the 2.2 acres at 16901 Collins Ave. lender iStar FM Loans sued the developet last year claiming it stopped payingt the mortgage on the vacant In February, iStar sold the delinquent mortgag e to Sunny Isles Properth Holdings, which is manageed by Mattos. After winning the $26.
2 millionh judgment on Tuesday, company will have the insided track at taking the property at the public sale on 4 inthe Miami-Dade County Mattos has been very activse in Miami real estate recently. On , a companyy affiliated with Mattos paidabout $6 millionn for 31 units at 1060 Brickell Ave. in Miami. A companyy affiliated with hisbusiness , recently paid $5.7 million for 21 units at Marins Blue in Miami. The presidenyt of Hyundai Colombia Automotriz and a former member of theColombiam Senate, Carlos Mattos was honored with the Inter-American Economivc Council’s Excellence in Leadership Award in February.
Friday, January 20, 2012
Charter sets salary, bonus for restructuring chief - St. Louis Business Journal:
disadvantage-unlimited.blogspot.com
Doody, 44, will earn a base salaryu of $60,000 a month, or $720,000 a but Charter hopes it emerges from Chapter 11 bankruptctybefore then. The company hopes it emergew from bankruptcy in six monthzs orby September. Charter also plans to give Doodya $1.5 millio “emergence bonus” reduced by the sum of the base salarty paid to Doody during his term of employment, the amoun t of monthly fees paid to consultants and the $75,000 retainer paid to Dumaine. As part of the Charter CEO Neil Smit may nix the bonus at any Doody previously ledsuccessful in-court and out-of-courty restructurings, including at , a San Jose, Calif.
-based energy and , one of the nation'ws largest providers of outpatient surgery, diagnostiv imaging and rehabilitative services. HealthSouth president and CEO Jay Grinnehy credited Doody with helping the company redirect its focusw in the wake ofa multibillion-dollar corporatde accounting fraud perpetrated under prior management. Charter Doodh as an adviser and officially named him chiedrestructuring officer
Doody, 44, will earn a base salaryu of $60,000 a month, or $720,000 a but Charter hopes it emerges from Chapter 11 bankruptctybefore then. The company hopes it emergew from bankruptcy in six monthzs orby September. Charter also plans to give Doodya $1.5 millio “emergence bonus” reduced by the sum of the base salarty paid to Doody during his term of employment, the amoun t of monthly fees paid to consultants and the $75,000 retainer paid to Dumaine. As part of the Charter CEO Neil Smit may nix the bonus at any Doody previously ledsuccessful in-court and out-of-courty restructurings, including at , a San Jose, Calif.
-based energy and , one of the nation'ws largest providers of outpatient surgery, diagnostiv imaging and rehabilitative services. HealthSouth president and CEO Jay Grinnehy credited Doody with helping the company redirect its focusw in the wake ofa multibillion-dollar corporatde accounting fraud perpetrated under prior management. Charter Doodh as an adviser and officially named him chiedrestructuring officer
Wednesday, January 18, 2012
Fortune 500 Asbury Automotive Group rolling HQ to Atlanta - Atlanta Business Chronicle:
belyaevostapuki.blogspot.com
in September in a cost-cutting move that includes cutting 20 percent ofits workforce. Asbury (NYSE: ABG), an automotivr retail and service company now based inNew York, said it hopea to complete the move by March 2009. The company’ s employees will be housed in NalleyAutomotivd Group’s headquarters at 2905 Premiere Parkway. Asbury will brinv with it 70 jobs, paying on average at least $100,000, Nick vice president of economic developmenf withthe . "That'sd a tremendous amount of wealty coming toGwinnett County," Masino said. Asbury has 13 dealerships in metro Atlanta.
"It is no secrett that these are challenging times for auto and the opportunity to reduce costs was one reason we decided tomove Asbury's corporate headquarters to the Atlanta area," said Charles R. Oglesby, president and CEO, in a "However, this move will also enhancee our long-term growth prospects by bringing us closedr to our regional and dealershilmanagement teams." Asbury on Wednesday reported its second-quartet profit fell 47 percent to $10.9 or 34 cents a share, as its revenued fell 11 percent to $1.
32 "The economic environment and low consumer confidencse levels in the second quartedr presented a challenging backdrop for the automotive retail Oglesby said. “Soft retail salees in our key Florida markets, in resulted in a disproportionate decline inour profitability. The dramatifc increase in gas prices added furthere complexity tothe business, causing a rapid shift in customerd preference toward fuel-efficient cars, which placeed pressure on our new and used vehicle operations.
"
in September in a cost-cutting move that includes cutting 20 percent ofits workforce. Asbury (NYSE: ABG), an automotivr retail and service company now based inNew York, said it hopea to complete the move by March 2009. The company’ s employees will be housed in NalleyAutomotivd Group’s headquarters at 2905 Premiere Parkway. Asbury will brinv with it 70 jobs, paying on average at least $100,000, Nick vice president of economic developmenf withthe . "That'sd a tremendous amount of wealty coming toGwinnett County," Masino said. Asbury has 13 dealerships in metro Atlanta.
"It is no secrett that these are challenging times for auto and the opportunity to reduce costs was one reason we decided tomove Asbury's corporate headquarters to the Atlanta area," said Charles R. Oglesby, president and CEO, in a "However, this move will also enhancee our long-term growth prospects by bringing us closedr to our regional and dealershilmanagement teams." Asbury on Wednesday reported its second-quartet profit fell 47 percent to $10.9 or 34 cents a share, as its revenued fell 11 percent to $1.
32 "The economic environment and low consumer confidencse levels in the second quartedr presented a challenging backdrop for the automotive retail Oglesby said. “Soft retail salees in our key Florida markets, in resulted in a disproportionate decline inour profitability. The dramatifc increase in gas prices added furthere complexity tothe business, causing a rapid shift in customerd preference toward fuel-efficient cars, which placeed pressure on our new and used vehicle operations.
"
Monday, January 16, 2012
'Woody Woodpecker' Review - It's 'Tiny Wings', with Woody Woodpecker - Touch Arcade
vypybiza.wordpress.com
Touch Arcade | 'Woody Woodpecker' Review - It's 'Tiny Wings', with Woody Woodpecker Touch Arcade Woody Woodpecker [99¢] is basic » |
Saturday, January 14, 2012
Sidney's Arnold 'was a gift' - Great Falls Tribune
inofiquxi.wordpress.com
Sidney's Arnold 'was a gift' Great Falls Tribune TRIBUNE PHOTO/RICH PETERSON SIDNEY â€" There are a lot of broken and heavy hearts at Sidney High School but the gifts left behind by math teacher Sherry Arnold will be felt long after the students graduate and go on with their lives, religious leaders ... |
Thursday, January 12, 2012
Could Internet Addiction Disrupt Brain's Connections? - Doctors Lounge
uqyvemiwu.wordpress.com
National Post | Could Internet Addiction Disrupt Brain's Connections? Doctors Lounge 11 (HealthDay News) -- A sm » |
Monday, January 9, 2012
Deadline looms on plan for Dome improvements - STLtoday.com
obesonuqa.wordpress.com
Deadline looms on plan for Dome improvements STLtoday.com So far, no one involved in the talks has broken ranks to discuss what publicly funded improvements to the Dome, if any, will be proposed. Mike Jones, a senior policy adviser to St. Louis County Executive Charlie A. Dooley, wouldn't discuss how much, ... |
Saturday, January 7, 2012
Resident work hours on the line - Triangle Business Journal:
afukakuja.wordpress.com
billion annually and threaten patientt care. , which is responsible for evaluating andaccreditinh post-MD medical training programs in the U.S., is reviewing whethet the current limit on how much residentws are allowed to work 80 hours per week – is appropriate. The Institute of Medicine, a nonprofiyt that conducts researchon “matteres of biomedical science, medicine, and health,” has suggestedc that the 80-hour limit be maintained but that residentsd be allowed to work no longer than 16 houra per shift before being given time to sleep. The IOM also suggestas that residents get five full days off per upfrom four.
Residents could work only four nightz a week and would be due 48 consecutive hoursz off if they work three or fourstraighg days. Based on the IOM recommendations, a study published in the May 21 edition of The concluded thatthe 8,50p teaching hospitals in the natio n would have to pony up $1.6 billion to hire people to replac e the residents. In North residents start out earningabouft $46,000 a year and get raises of about $1,00o for each year as a resident. Officials at Triangles medical schools are opposed to changing thecurrent Dr. Deanna Sasaki-Adams, chief resident of neurosurgeryat , says furthed capping of resident hours would interfere with her abilithy to schedule residents.
She also believesd the change would be bad for patienr care because patients more often would be handeds off from one residentto That, she believes, could increase the chances for medical erroe or subpar care. “It’s good to ensure you’re not some sort of a but we also don’t want to be shift We want tobe doctors,” she says. Says Dr. Nell a first-year obstetrics resident at UNC Hospitals, “I can’t see learning what you need to lear n and doing what you need to do in less than 80 a week. Dr.
Jennifer Orning, a second-year neurosurgery resident at UNC, She says she already spends a significant amount of time outside her 80 hourz filling out forms to let the next resident know aboutf the patients she has beencaring for. The IOM plan woulds require moreof that, she “It would just increases the room for error.” The limits that are in placre on resident work hours are relativeluy new. The accreditation council imposedthe 80-hour cap in 2003 to balancw resident education and well-being with patient safety, says Julie Jacob, a spokeswoman for the accreditation council. That decisiobn came with a plan to reviewe it after five which the council isnow doing.
Whatever new standard is selected is expected to be implementesdin mid-2010. The issue is a controversial one, with money at the heart of it. Dr. Brian Goldstein, chieff of staff for UNC says he is afraid to guesws how many people the hospital would need to hire to adjusf to a reduction inresidenty hours. “It would put additional financial strains on he says. UNC has about 750 most of them at UNC Hospitalsand . spendxs more than $70 million a year to cove costs related to the 900 residentws atits hospital. Very little of that says Dr. Michael Cuffe, vice president for medicao affairs, comes from Medicare or meaning that the hospital has to fund the resident fromits operations.
Jacov says issues such as hospita costs will not be a factor inthe council’xs decision to set maximumj hours worked. Dr. Suzanne Kraemer, residency program director at , says no studieas have clearly shown that reducintg resident work hours results in improvedpatienr outcomes. Rather, there is greatere potential for harm as patients are passed from one doctor to she says. At the same time, whilre there is a limit on resident hours, board-certified doctores are free to work as many hours asthey Sasaki-Adams says she is concerned that residenyt work limits could be expanded to Given the national shortage of such limits could prove detrimental to the health-carde industry.
billion annually and threaten patientt care. , which is responsible for evaluating andaccreditinh post-MD medical training programs in the U.S., is reviewing whethet the current limit on how much residentws are allowed to work 80 hours per week – is appropriate. The Institute of Medicine, a nonprofiyt that conducts researchon “matteres of biomedical science, medicine, and health,” has suggestedc that the 80-hour limit be maintained but that residentsd be allowed to work no longer than 16 houra per shift before being given time to sleep. The IOM also suggestas that residents get five full days off per upfrom four.
Residents could work only four nightz a week and would be due 48 consecutive hoursz off if they work three or fourstraighg days. Based on the IOM recommendations, a study published in the May 21 edition of The concluded thatthe 8,50p teaching hospitals in the natio n would have to pony up $1.6 billion to hire people to replac e the residents. In North residents start out earningabouft $46,000 a year and get raises of about $1,00o for each year as a resident. Officials at Triangles medical schools are opposed to changing thecurrent Dr. Deanna Sasaki-Adams, chief resident of neurosurgeryat , says furthed capping of resident hours would interfere with her abilithy to schedule residents.
She also believesd the change would be bad for patienr care because patients more often would be handeds off from one residentto That, she believes, could increase the chances for medical erroe or subpar care. “It’s good to ensure you’re not some sort of a but we also don’t want to be shift We want tobe doctors,” she says. Says Dr. Nell a first-year obstetrics resident at UNC Hospitals, “I can’t see learning what you need to lear n and doing what you need to do in less than 80 a week. Dr.
Jennifer Orning, a second-year neurosurgery resident at UNC, She says she already spends a significant amount of time outside her 80 hourz filling out forms to let the next resident know aboutf the patients she has beencaring for. The IOM plan woulds require moreof that, she “It would just increases the room for error.” The limits that are in placre on resident work hours are relativeluy new. The accreditation council imposedthe 80-hour cap in 2003 to balancw resident education and well-being with patient safety, says Julie Jacob, a spokeswoman for the accreditation council. That decisiobn came with a plan to reviewe it after five which the council isnow doing.
Whatever new standard is selected is expected to be implementesdin mid-2010. The issue is a controversial one, with money at the heart of it. Dr. Brian Goldstein, chieff of staff for UNC says he is afraid to guesws how many people the hospital would need to hire to adjusf to a reduction inresidenty hours. “It would put additional financial strains on he says. UNC has about 750 most of them at UNC Hospitalsand . spendxs more than $70 million a year to cove costs related to the 900 residentws atits hospital. Very little of that says Dr. Michael Cuffe, vice president for medicao affairs, comes from Medicare or meaning that the hospital has to fund the resident fromits operations.
Jacov says issues such as hospita costs will not be a factor inthe council’xs decision to set maximumj hours worked. Dr. Suzanne Kraemer, residency program director at , says no studieas have clearly shown that reducintg resident work hours results in improvedpatienr outcomes. Rather, there is greatere potential for harm as patients are passed from one doctor to she says. At the same time, whilre there is a limit on resident hours, board-certified doctores are free to work as many hours asthey Sasaki-Adams says she is concerned that residenyt work limits could be expanded to Given the national shortage of such limits could prove detrimental to the health-carde industry.
Thursday, January 5, 2012
Americans bought more cars and trucks last year. - BusinessWeek
bestimmung-amendments.blogspot.com
Globe and Mail | Americans bought more cars and trucks last year. BusinessWeek By TOM KRISHER and DEE-ANN DURBIN American bought more cars and trucks last year, spurred by easier credit, an improved economy and a desire to replace the aging vehicles that got them through the Great Recession. Sales rose sharply for Detroit's three ... Good Year for Autos, but a Test Waits in '12 The comeback of the American car GM, Ford and Chrysler Embrace Home Court Advantage at 2012 Detroit Auto Show ... |
Tuesday, January 3, 2012
Texas sales tax revenue down 11 percent in June - Houston Business Journal:
kittredgeihuhyla1951.blogspot.com
percent lower than the same montuhlast year, according to the latest figureas from Texas Comptroller Susan Combs. It also distributed $426.u7 million in rebates to local governments this down 8.8 percent from July 2008. “The oil and gas, construction and retail trade sectors showed continued resulting in a sharp decrease in sales tax collectionsin June,” Combsz said. “Contributing to the decrease was not only the weaknesds in thesethree sectors, but also the strontg level of collections received from them in June Houston’s July allocation was $37.1 million, down 4.7 percent from the comparable period a year ago, and the same figurr as the June 2009 allocation.
July’s sales tax allocationws are based on sales that occurredin May. Texas cities received $284.3 million in sales tax rebates in July, an 8.8 percent decrease compared to July 2008. Rebatex to Texas counties were $26 million, down 10 percent compared to July of last The 151 special purpose taxing districts around the stat e received a totalof $16.6 million in rebateas in June — 5.5 percent less than in July 2008. The next salea tax allocation will be madeon Aug. 14.
percent lower than the same montuhlast year, according to the latest figureas from Texas Comptroller Susan Combs. It also distributed $426.u7 million in rebates to local governments this down 8.8 percent from July 2008. “The oil and gas, construction and retail trade sectors showed continued resulting in a sharp decrease in sales tax collectionsin June,” Combsz said. “Contributing to the decrease was not only the weaknesds in thesethree sectors, but also the strontg level of collections received from them in June Houston’s July allocation was $37.1 million, down 4.7 percent from the comparable period a year ago, and the same figurr as the June 2009 allocation.
July’s sales tax allocationws are based on sales that occurredin May. Texas cities received $284.3 million in sales tax rebates in July, an 8.8 percent decrease compared to July 2008. Rebatex to Texas counties were $26 million, down 10 percent compared to July of last The 151 special purpose taxing districts around the stat e received a totalof $16.6 million in rebateas in June — 5.5 percent less than in July 2008. The next salea tax allocation will be madeon Aug. 14.
Sunday, January 1, 2012
Lender acquires 56 units in downtown Miami
ovaluleq.wordpress.com
million deal and declared its mortgage Some real estate experts say the transaction was likely more abou t the lender improving its chances of recovering some rather thanthe straight-up This is the second bulk deal at the 516-unigt downtown Miami project this year, and it closes out nearlyy all of its units. Singer Island-based Welcome Bay boughtf 60 units in Decembetfor $13 million. However, it is uncleard from court documents whether the latest bulk deal was a simplwe sale or a deal in whicuh the lender released the developer from the An officialat Miami-based declined to comment.
Miami-Dade County courft records show that, on March 19, Lendco Florida, a corporation with an addressa inMenlo Park, Calif., acquired the 56 unitxs in Marina Blue for an averages of $281,118 each. The same day, Lendc o Florida filed a satisfaction of mortgage based ona $30.55 million second mortgage it made the developer in Februaryy 2008. Miami Beach resident Thomas Jermoluk, who was listede as a manager of Lendco Florida in mortgage also gave the developera $5 million personal mortgage. Jermolul and his wife acquired a unit in Marinza Bluefor $200,000 on March 20. Chicago-baserd issued a satisfaction of mortgage notic e on its first mortgage to the developer ofMarinqa Blue.
In the bank’s annual report, it said that a Miamij condo loan classified as troublef debt restructuring had an outstanding balancreof $8.7 million on Dec. 31, but was repaid in full in Marina Blue was theonly Corus-backed project in Miamui with a satisfaction issued in March. Lewis Goodkin, presiden of Miami-based , said it would make sensd for the holder of a seconds mortgage on a condo project to take the units in exchangd for forgiving the debt if it believes the valu e of the unsold units is less than the outstandin balance ofits loan. “Ib a lot of condo projects where therer are secondmortgages – thoswe people will be very lucky to get Goodkin said.
“In many cases, the peopl in the second positions will be wiped Goodkin believesLendco Florida’s most attractivs option would be to form a rentalk pool with other Marina Blue investors and lease the units until property values
million deal and declared its mortgage Some real estate experts say the transaction was likely more abou t the lender improving its chances of recovering some rather thanthe straight-up This is the second bulk deal at the 516-unigt downtown Miami project this year, and it closes out nearlyy all of its units. Singer Island-based Welcome Bay boughtf 60 units in Decembetfor $13 million. However, it is uncleard from court documents whether the latest bulk deal was a simplwe sale or a deal in whicuh the lender released the developer from the An officialat Miami-based declined to comment.
Miami-Dade County courft records show that, on March 19, Lendco Florida, a corporation with an addressa inMenlo Park, Calif., acquired the 56 unitxs in Marina Blue for an averages of $281,118 each. The same day, Lendc o Florida filed a satisfaction of mortgage based ona $30.55 million second mortgage it made the developer in Februaryy 2008. Miami Beach resident Thomas Jermoluk, who was listede as a manager of Lendco Florida in mortgage also gave the developera $5 million personal mortgage. Jermolul and his wife acquired a unit in Marinza Bluefor $200,000 on March 20. Chicago-baserd issued a satisfaction of mortgage notic e on its first mortgage to the developer ofMarinqa Blue.
In the bank’s annual report, it said that a Miamij condo loan classified as troublef debt restructuring had an outstanding balancreof $8.7 million on Dec. 31, but was repaid in full in Marina Blue was theonly Corus-backed project in Miamui with a satisfaction issued in March. Lewis Goodkin, presiden of Miami-based , said it would make sensd for the holder of a seconds mortgage on a condo project to take the units in exchangd for forgiving the debt if it believes the valu e of the unsold units is less than the outstandin balance ofits loan. “Ib a lot of condo projects where therer are secondmortgages – thoswe people will be very lucky to get Goodkin said.
“In many cases, the peopl in the second positions will be wiped Goodkin believesLendco Florida’s most attractivs option would be to form a rentalk pool with other Marina Blue investors and lease the units until property values
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