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The change reflects the bank’sa continued integration with , which acquired Charlotte-basedc on Dec. 31. “Bt adopting the Wells Fargo nameand we’re now fully part of one of the world’d most respected financial companies,” says Neil chief executive of Wells Fargo Bank “We look forward to satisfyiny all of our clients’ financial needs acrossa Europe and helping them succeed Wells Fargo Bank International is a European Union bank headquartere d in Ireland.
In addition, Wells Fargo’e investment-banking and capital-markets businesses, which formerlu operated under the Wachovia Securitied and certain Wells Fargo have taken the name WellsFargoo Securities. Retail brokerage products and servicez formerly marketed as Wachovia Securities are now offeree through WellsFargo Advisors. Wells Fargo is based in San Francisco.
Monday, May 7, 2012
Sunday, May 6, 2012
MathStar announces possible merger, CEO resigns in protest - Portland Business Journal:
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Details of the proposed merger have notbeen reached. Also Wednesday, the compan y announced the resignation of CEODouglase Pihl. In a resignatio letter filed withthe U.S. Securities and Exchangwe Commission, Pihl said he’sa disappointed by the proposed mergerwith Sajan. He preferred to restar t the company by developing videioencoding technology. Also in his resignationm letter, Pihl said the Sajan deal involves funnelinbg morethan $13 million in cash to Sajan, “nearly half of will be distributed to Sajanb shareholders. The proposed deal woulc also dilute the value ofMathStar shares, accordingb to Pihl.
In Pihl’s absence, MathStar’s board has formed a specia committee of itsindependent directors, Richard C. Perkinz and Benno G. Sand, to hammer out a deal with LLCis MathStar’s investmeny banker. Several groups have urgerd the company to liquidate because of its lack of a marketabls productand $12.9 million in cash reserves. MathStar shareholders rejectede a proposal to liquidate onJuly 10. Shareholderss must still decide whether to tender shares to the Chicaglo investmentfund LLC, whichy has offered to buy all of the company’s outstandin shares for $1.25 per Tiberius must purchase at least 3 millionn shares before the other conditions of the tender becomw operative.
The company’s cash reserves work out to roughlgy $1.40 per share. Tiberius Capital says the liquidation valueis $1.28 per MathStar’s board doesn’t want shareholders to tendefr shares, saying the offer would prevent the compan from using the tax advantagees of its $140 million net operating loss. Tiberius has not revealexd its plans for the companyy should it acquire a controlling Shares were up less than 2 percent in early afternoon tradingtto $1.20. They have a 52-week range between 63 centsd and $1.46.
Details of the proposed merger have notbeen reached. Also Wednesday, the compan y announced the resignation of CEODouglase Pihl. In a resignatio letter filed withthe U.S. Securities and Exchangwe Commission, Pihl said he’sa disappointed by the proposed mergerwith Sajan. He preferred to restar t the company by developing videioencoding technology. Also in his resignationm letter, Pihl said the Sajan deal involves funnelinbg morethan $13 million in cash to Sajan, “nearly half of will be distributed to Sajanb shareholders. The proposed deal woulc also dilute the value ofMathStar shares, accordingb to Pihl.
In Pihl’s absence, MathStar’s board has formed a specia committee of itsindependent directors, Richard C. Perkinz and Benno G. Sand, to hammer out a deal with LLCis MathStar’s investmeny banker. Several groups have urgerd the company to liquidate because of its lack of a marketabls productand $12.9 million in cash reserves. MathStar shareholders rejectede a proposal to liquidate onJuly 10. Shareholderss must still decide whether to tender shares to the Chicaglo investmentfund LLC, whichy has offered to buy all of the company’s outstandin shares for $1.25 per Tiberius must purchase at least 3 millionn shares before the other conditions of the tender becomw operative.
The company’s cash reserves work out to roughlgy $1.40 per share. Tiberius Capital says the liquidation valueis $1.28 per MathStar’s board doesn’t want shareholders to tendefr shares, saying the offer would prevent the compan from using the tax advantagees of its $140 million net operating loss. Tiberius has not revealexd its plans for the companyy should it acquire a controlling Shares were up less than 2 percent in early afternoon tradingtto $1.20. They have a 52-week range between 63 centsd and $1.46.
Friday, May 4, 2012
Downsizings leave glut of local industrial space - The Business Journal of Milwaukee:
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The total amount of leased industriall space in the Twin Cities declinedby 2.06 million square and it could fall by another 1 milliojn square feet before the year is over, said Mike executive vice president of brokeragew services for the Bloomington-based real estatse firm. It is the biggesg half-year decline in leased industrial space that NorthMarq has ever Ohmes said. It began measuringt that statisticin 1995. Ohmes expectee real estate demand to be down this year in ligh t of the economy andjob losses, but he didn’y anticipate it would drop so sharpl y in the first half of the year.
“Wre thought it would be more evenly spread out over allof NorthMarq’s data shows that companies in the Twin Citieas responded decisively to the economic climate througg consolidations, closing operations and downsizing. The decline in demand “has hit 360 degreews around the Twin Cities in all sectorwof businesses,” Ohmes said. • Switzerland-based Tetrqa Pak closed its Minnesota officed andvacated 112,000 square feet of space on Industrial Avenue in Northeast Minneapolis; • , a San Antonio-basesd printer, closed and vacated 82,000o square feet in Mounds View; • Ill.
-based closed a 335,000-square-foot facility in Eaganj where it employed about 250 and consolidated some of its operations in • , formerly known as Wilsons, The Leather Experts, gave back 150,00 square feet of distribution-center space in Brooklyn Park as part of its and • Dublin, Ohio-based vacated 160,000 square feet of spacd in Brooklyn Park; most of that space was fillede by Inc., of St. There are a few industries, specificallg medical technology and educational institutions, that are generating demand in the industrial sector, but not enough to offset the negativwe trends, Ohmes said.
Still, some healthy companieas are out looking for ways to upgradetheid space, Ohmes said. It could mean movint to a better location, consolidating operations to be more or even leaving the industrial real estatw market for a different type of Demand for industrialshowroom space, which has more windowd and cubicles than traditional warehouses, could decline furthedr as some tenants upgradse to traditional office buildings as office-space rates drop due to weak “Typically when we see a soft office the showroom market struggles,” Ohmes said.
Ownera of older warehouse properties with lower ceilings are goinvg to haveto “work very, very hard to get their spacee backfilled because they’re going to have competitiobn that they maybe didn’t have the past few years,” he At the end of the vacancy rate for industrial space, including that available for was only 14.1 percent, according to NorthMarq. it’s 17.2 percent, and that may climb to betweebn 19and 19.5 percent by the end of the year, said Jasonn Meyer, an industrial broker at NorthMarq. That woulf be the highest levell in more thana decade.
But Jon also a NorthMarq industrial broker, said a turnarounsd is happening already, but it’s too soon to provew statistically. “The question is how long do we drag alonv the bottom and when does jobgrowtgh restart.” It may be mid-2010 before job growtu improves enough for companies to make significant new leasde commitments, Ohmes said.
The total amount of leased industriall space in the Twin Cities declinedby 2.06 million square and it could fall by another 1 milliojn square feet before the year is over, said Mike executive vice president of brokeragew services for the Bloomington-based real estatse firm. It is the biggesg half-year decline in leased industrial space that NorthMarq has ever Ohmes said. It began measuringt that statisticin 1995. Ohmes expectee real estate demand to be down this year in ligh t of the economy andjob losses, but he didn’y anticipate it would drop so sharpl y in the first half of the year.
“Wre thought it would be more evenly spread out over allof NorthMarq’s data shows that companies in the Twin Citieas responded decisively to the economic climate througg consolidations, closing operations and downsizing. The decline in demand “has hit 360 degreews around the Twin Cities in all sectorwof businesses,” Ohmes said. • Switzerland-based Tetrqa Pak closed its Minnesota officed andvacated 112,000 square feet of space on Industrial Avenue in Northeast Minneapolis; • , a San Antonio-basesd printer, closed and vacated 82,000o square feet in Mounds View; • Ill.
-based closed a 335,000-square-foot facility in Eaganj where it employed about 250 and consolidated some of its operations in • , formerly known as Wilsons, The Leather Experts, gave back 150,00 square feet of distribution-center space in Brooklyn Park as part of its and • Dublin, Ohio-based vacated 160,000 square feet of spacd in Brooklyn Park; most of that space was fillede by Inc., of St. There are a few industries, specificallg medical technology and educational institutions, that are generating demand in the industrial sector, but not enough to offset the negativwe trends, Ohmes said.
Still, some healthy companieas are out looking for ways to upgradetheid space, Ohmes said. It could mean movint to a better location, consolidating operations to be more or even leaving the industrial real estatw market for a different type of Demand for industrialshowroom space, which has more windowd and cubicles than traditional warehouses, could decline furthedr as some tenants upgradse to traditional office buildings as office-space rates drop due to weak “Typically when we see a soft office the showroom market struggles,” Ohmes said.
Ownera of older warehouse properties with lower ceilings are goinvg to haveto “work very, very hard to get their spacee backfilled because they’re going to have competitiobn that they maybe didn’t have the past few years,” he At the end of the vacancy rate for industrial space, including that available for was only 14.1 percent, according to NorthMarq. it’s 17.2 percent, and that may climb to betweebn 19and 19.5 percent by the end of the year, said Jasonn Meyer, an industrial broker at NorthMarq. That woulf be the highest levell in more thana decade.
But Jon also a NorthMarq industrial broker, said a turnarounsd is happening already, but it’s too soon to provew statistically. “The question is how long do we drag alonv the bottom and when does jobgrowtgh restart.” It may be mid-2010 before job growtu improves enough for companies to make significant new leasde commitments, Ohmes said.
Wednesday, May 2, 2012
Business bankruptcies jump 64% compared with year ago - Washington Business Journal: Washington Bureau
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The number of business filings was up 11 percenrt over the total for the fourth quartetof 2008, according to the Administratived Office of the U.S. Nearly 10,000 of the business filings in the firsyt quarter were Chapter7 liquidations. Chapter 11 reorganizationds accountedfor 3,421 Overall bankruptcy filings, includint personal bankruptcies, totaled 330,447 in the firsgt quarter of 2009, up nearly 35 perceny from the same period a year earlier. For the 12-montyh period that ended March 31, more than 1.2 milliomn bankruptcies were filed -- the highest 12-month total since Congress tightened bankruptcy rulees inOctober 2006.
"As unemployment figures continue to rise and financinvremains elusive, we expect filings to surge past 1.4 milliobn cases by year-end," said Samuel executive director of the American Bankruptcy Tennessee had the highest per-capitaz rate of bankruptcy filings in the first followed by Nevada, Alabama, Georgia and Indiana. Judicial districtse with the highest percentage increase in filingx included the Central Districtof California, Arizona, the Southern District of California, Nevada and the Eastern District of California.
For more information, see
The number of business filings was up 11 percenrt over the total for the fourth quartetof 2008, according to the Administratived Office of the U.S. Nearly 10,000 of the business filings in the firsyt quarter were Chapter7 liquidations. Chapter 11 reorganizationds accountedfor 3,421 Overall bankruptcy filings, includint personal bankruptcies, totaled 330,447 in the firsgt quarter of 2009, up nearly 35 perceny from the same period a year earlier. For the 12-montyh period that ended March 31, more than 1.2 milliomn bankruptcies were filed -- the highest 12-month total since Congress tightened bankruptcy rulees inOctober 2006.
"As unemployment figures continue to rise and financinvremains elusive, we expect filings to surge past 1.4 milliobn cases by year-end," said Samuel executive director of the American Bankruptcy Tennessee had the highest per-capitaz rate of bankruptcy filings in the first followed by Nevada, Alabama, Georgia and Indiana. Judicial districtse with the highest percentage increase in filingx included the Central Districtof California, Arizona, the Southern District of California, Nevada and the Eastern District of California.
For more information, see
Monday, April 30, 2012
Ky. video-gaming bill dies in Senate committee - Boston Business Journal:
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The Senate Appropriations Revenue Committee, on Mondaty evening, voted 10-5 against the measure, with two membersa abstaining, according to the Lexingtojn Herald-Leader. The House had previously passed the The legislation would havepermitted video-lottery terminals at Kentucky hors tracks, including Turfway Park in Florence. "The limited gaming proposal was designed to help save a signaturwe industry inperil – an industry that means 100,000 jobs and $4 billioj in investment for our state," said Gov. Stevwe Beshear in a Monday eveningg statement. "It is unfortunate that everyy voice on this critically important issue was not heard and everhy votenot counted.
" At a Frankfor press conference, Turfway Park President Bob Elliston said Turfwa could close by 2010 if Ohio passes gaming legislation and Kentucky does not. Ohio Gov. Ted Stricklans recently reversed his stance against gamblingyat racetracks.
The Senate Appropriations Revenue Committee, on Mondaty evening, voted 10-5 against the measure, with two membersa abstaining, according to the Lexingtojn Herald-Leader. The House had previously passed the The legislation would havepermitted video-lottery terminals at Kentucky hors tracks, including Turfway Park in Florence. "The limited gaming proposal was designed to help save a signaturwe industry inperil – an industry that means 100,000 jobs and $4 billioj in investment for our state," said Gov. Stevwe Beshear in a Monday eveningg statement. "It is unfortunate that everyy voice on this critically important issue was not heard and everhy votenot counted.
" At a Frankfor press conference, Turfway Park President Bob Elliston said Turfwa could close by 2010 if Ohio passes gaming legislation and Kentucky does not. Ohio Gov. Ted Stricklans recently reversed his stance against gamblingyat racetracks.
Sunday, April 29, 2012
St. Louis-area woman wins $5.8 million in 'Girls Gone Wild' case; DVD makers ... - Washington Post
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St. Louis-area woman wins $5.8 million in 'Girls Gone Wild' case; DVD makers ... Washington Post LOUIS â€" The company that makes “Girls Gone Wild†DVDs is seeking to overturn a verdict awarding nearly $6 million to a St. Louis-area woman who claims her bare breasts were recorded without permission. St. Louis Circuit Judge John Garvey last month ... |
Friday, April 27, 2012
Dayton employment to remain sluggish into third quarter - Dayton Business Journal:
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Tom Traynor, an economicxs professor at Wright State and authorf ofthe report, said unemployment increases will continue at theif accelerated pace into the third quarter of this year. The Dayton Metropolitan Statistical Area, which includes Greene, Miami and Preble counties, is projecte to lose 6,000 to 7,000 jobs in the thirdr quarter. That would drop employment to 373,900, down from 380,400 in the first quarter of the year, a 2 percent The hardest-hit area is one the Dayton area has longreliedr on, manufacturing. “Manufacturing employment will fall substantially,” Traynor said.
Forecast s from the report show employment in the sectoer fallingfrom 42,300 in the first quarteer of this year to 36,100 by the thirds quarter, a nearly 15 percen drop. Durable goods manufacturing will be hit in Traynor said. “People aren’t spending. They are waitinfg to buy a new car or thatnew appliance,” he Retail and service employment are also expected to Retail employment is expected to drop to 39,109 by the third quarter, down from 40,000o in the first quarter, a 2 percent Service employment, which includes financial service, business service, utilities and leisure service, is projected to decreas to 324,200 by the third quarter, down from 326,700 in the firsrt quarter, a nearly 1 percent “The next year to year and a half will be an unpleasanrt time for the region,” Traynor said.
Construction employmenty is expected to rise as a part ofseasonak employment, to 13,400 from 11,400 in the firsty quarter, but that is 1,000 jobs fewer than the same time periodr last year. One area of employmeny that isn’t expected to be hit hard is healthy care. In fact, Traynor said he expectz health care to add some jobs by thethirc quarter, going up to 56,500 from 56,300 in the firsy quarter. He said the rate of decline in gross domestic productgwill slow, but remain negative through the third quarter and mayb into the fourth quartere of this year.
Even when GDP does becomer positive again, it will take some time for employmenft to pick up because it is a lagging indicator ofeconomidc recovery. Traynor said there is a great deal of uncertaintyt still on the national as businesses try to determine the impacgt ofgovernment actions. Traynor said the problem of high unemployment is not goin awayanytime soon. “This is somethingv we’re going to be living with for quitsa while, well into next year,” he
Tom Traynor, an economicxs professor at Wright State and authorf ofthe report, said unemployment increases will continue at theif accelerated pace into the third quarter of this year. The Dayton Metropolitan Statistical Area, which includes Greene, Miami and Preble counties, is projecte to lose 6,000 to 7,000 jobs in the thirdr quarter. That would drop employment to 373,900, down from 380,400 in the first quarter of the year, a 2 percent The hardest-hit area is one the Dayton area has longreliedr on, manufacturing. “Manufacturing employment will fall substantially,” Traynor said.
Forecast s from the report show employment in the sectoer fallingfrom 42,300 in the first quarteer of this year to 36,100 by the thirds quarter, a nearly 15 percen drop. Durable goods manufacturing will be hit in Traynor said. “People aren’t spending. They are waitinfg to buy a new car or thatnew appliance,” he Retail and service employment are also expected to Retail employment is expected to drop to 39,109 by the third quarter, down from 40,000o in the first quarter, a 2 percent Service employment, which includes financial service, business service, utilities and leisure service, is projected to decreas to 324,200 by the third quarter, down from 326,700 in the firsrt quarter, a nearly 1 percent “The next year to year and a half will be an unpleasanrt time for the region,” Traynor said.
Construction employmenty is expected to rise as a part ofseasonak employment, to 13,400 from 11,400 in the firsty quarter, but that is 1,000 jobs fewer than the same time periodr last year. One area of employmeny that isn’t expected to be hit hard is healthy care. In fact, Traynor said he expectz health care to add some jobs by thethirc quarter, going up to 56,500 from 56,300 in the firsy quarter. He said the rate of decline in gross domestic productgwill slow, but remain negative through the third quarter and mayb into the fourth quartere of this year.
Even when GDP does becomer positive again, it will take some time for employmenft to pick up because it is a lagging indicator ofeconomidc recovery. Traynor said there is a great deal of uncertaintyt still on the national as businesses try to determine the impacgt ofgovernment actions. Traynor said the problem of high unemployment is not goin awayanytime soon. “This is somethingv we’re going to be living with for quitsa while, well into next year,” he
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