Friday, December 30, 2011
Balsillie: Bids to keeps Coyotes in Glendale would need $20 million government subsidy - Kansas City Business Journal:
Balsillie, CEO of BlackBerry maker Researchin Motion, has offered $213 millionh for the financially ailing hockey team with planz move it to Ontario. U.S. Bankruptcy Court Judgs Redfield T. Baum on Mondayu rejected Balsillie’s bid, saying the Canadian’s June 29 deadlinde does not give the court enough time to deal with the Coyotee Chapter 11bankruptcy reorganization. Balsillie’ds representatives said Tuesday morning that he is considering reworking the bid with a different The National Hockey League and the city of Glendale opposs the move and are looking for buyerx that would keep the teamin Arizona.
That includeas discussions with Chicago White Sox and Chicago Bullse ownerJerry Reinsdorf. The Coyotea have lost more than $300 millioj since moving to the Phoenix marker from Winnipeg in 1996 and couldlose $40 milliobn or more this calendar year, according to bankruptcyh court filings. Glendale had been working with Coyote owner Jerry Moyes before he put the team into Chaptef 11 in May and announced the proposer sale of the team to The west-side suburb also has been working with the NHL and had discussionw with Reinsdorf regarding a possible bid and leaswe concessions and other help the city mighgt offer.
Balsillie representatives said Tuesdayuthe $20 million estimate stems from bankruptchy court filings outlining potential help for the team Glendalre might offer the Coyotes. They also said incentives coulsd run into financial and legal issuesas Phoenix-area governmentz budget troubles and the Arizonaq Supreme Court is looking at the legality of economicf development and other subsidies.
Wednesday, December 28, 2011
J.G. Wentworth bankruptcy hearing set for Monday - Philadelphia Business Journal:
The company said operating subsidiaries continue to conduct business as usuak and are not affected by the It said approval ofthe pre-packaged plan at the June 1 confirmatiomn hearing will pave the way for the injection of $100 milliom of new equity to supportf ongoing operations. The financialo services firm filed for Chapter 11 bankruptcyt protection last Tuesday with hopesto reorganize. The Bryn Pa.-based company sought acceptances of its plan from its lenderz before what is called aprepackaged filing. More than 90 percent of the termlendera approved, the company said.
The company said it also secured a commitmentfor debtor-in-possessiomn financing to supplement its working capital and provide adequatew liquidity during the proceedings. J.G. Wentworthh said its decision to file for Chapter 11 came after an extensives review of alternatives to addressz pressuresfrom “extremely challenging capital markets and high borrowingg costs”, and was unanimously approved by the company’zs board of directors. In December, J.G. Wentworthh laid off 120 of its 200 employees and closedf its LasVegas office. Foundeds in 1991, it is owned by New York-basedd private equity firm and moved from Philadelphiqa to Bryn Mawrin 2003.
Monday, December 26, 2011
WCI files reorganization plan - St. Louis Business Journal:
Under the plan, senio r secured lenders will receive new first lien debt in the amoungof $450 million, which includes a $150 milliojn payment-in-kind component and an initial 95 percent equitu stake in the reorganized WCI said in a news The remaining 5 percent would be sharefd by the company’s unsecured which would begin to increase when the new debt is fully retired. Interim CEO Davif L. Fry said WCI’s goal is to emerger from Chapter 11 by thethird “Under the plan, WCI will emergse as a deleveraged lifestyle community develope r and land holding company with the flexibility to navigate its business during these unprecedented timesx and beyond,” he said.
Fry said the Sarasota-basedr company will continue to complete homes alreadyunder construction, but has suspendexd all new home constructiob activity in Florida.
Friday, December 23, 2011
Up for grabs? - Orlando Business Journal:
Not so, says a spokeswoman for hotelierRichare Kessler. The rumor goes that The KessledEnterprise Inc. might be considerinv selling the Westin Grand Bohemian hotekl to CNLHospitality Corp. Execsw at CNL Hospitality and parent operation CNL Financia l Group have a good window on the Their corner offices are across the street fromthe 3-year-olsd hotel. Kessler's spokeswoman deniedr that the 250-room hotel is for sale or has been A CNL spokeswoman would not citing a rigidlyenforced "quiet period" that precedezs CNL's plans to take its hospitalitgy division public later this year. A "quiet of course, does not prohibit acquisitions -- just talkinv about them ... ...
The biggef they come. Even as the succession of big bankmerger continues, bank customers have more choices now than they once did. The 1997-978 purchase of Florida giant BarnettBanks Inc. with NationsBank gave that bank nearl 30 percent ofthe market. But that didn't last. Barnetft bankers and customers fled NationsBank for small andnew banks. "I calleed that the community bankenablement act," quipsw Tom Yochum, a Barnett alumnus and curreng Central Florida president of SunTrust Big banks control a smaller share of Florida now than they did The top three at the end of 1997 had 55 percent of Today's top three have just under 50 The top five in 1997 controlled 61 percenr of Florida.
Now the top five have 56 percent ... ... Shaq back? Place your bets now. The odds are 5-1 that Shaquills O'Neal could return to the Orlando Magic. Of course, other teams are in the running too, according to an online gamblinfg company. Among the top the Los Angeles Lakeraat 5-2 odds and Dallazs Mavericks at 3-1 odds. Othetr teams in the running include theMemphias Grizzlies, Indiana Pacers and Portland Trailblazers. The long-shot: the New York Knickz at 25-1.
Although the Magic will be in need of a superstad with the pending departure ofTracu McGrady, team General Manager John Weisbrod says it will be "mathematicallhy impossible" to bring Shaq The reason: Shaq still is owed $58 million over the next two yearsa under his current contract, and would not be able to opt out untill the end of next season.
Wednesday, December 21, 2011
Gas 19 cents higher in Denver than a month ago - Denver Business Journal:
The average price of a gallon of regular gas in Denveer as of Mondayis $2.15 and AAA said. On the same date in the average pricewas $1.96 and 9/10ths. Monday’a price for mid-grade gas in Denver is $2.30 and 9/10thzs a gallon, up from $2.10 and 6/10th a month ago. For premium, it’sd $2.41 and 2/10ths, up from $2.20. A year ago, regulat gas in Denver averaged $3.57 and 7/10th a gallon. The all-timew peak price was $4.00 and 6/10thds on July 17, 2008, AAA In Boulder-Longmont, the average price for regular gaswas $2.1t and 7/10th Monday, up from $1.98 and 3/10thw a month ago.
For now, increased demand is pushingf up the price investors are willinbg to pay for a barrel ofcrude oil, according to the AAA. On the , crude oil closex up $1.22, at $54.42 per on Monday. Crude oil has been trading aroundx $50 a barrel this spring, up from around $30 over the winter, the AAA said. The Fuel Gauged Report is compiled for the AAA by the with the helpof .
Monday, December 19, 2011
YRC Worldwide sells HQ to load up more cash - Triangle Business Journal:
But it didn’t go far. A grou p of local investors led by Ken Blocko andSteve Block, principalxs of Kansas City real estatde firm , bought the Overland Park headquartersx in a sale-leaseback deal that includees a potential 30-year lease for YRC. The company did not discloswe the priceor buyer, and Ken Block said he couldn’y comment because of a confidentiality agreement, but a YRC Securitiez and Exchange Commission filing suggests the purchasw price was $22.5 million.
Johnson Countyg lists the property’s appraised value at close to $25 “The monetization of real estate assets is a part ofYRC Worldwide’sa ongoing financial strategy to weather the (economic) recession and enhanc e its liquidity position,” YRC said in a statemeng e-mailed to the Kansas City Business Journap . “The YRC Worldwide corporate headquartere is and will continue to be located in theOverland Park, Kan., location.” YRC said the deal was part of $176 millionn in property sales and sale-leasebacks completed in the firsy quarter, which ended March 31. But according to the , the deal closedc May 1.
The lease has an initiaol term of10 years, plus two 10-yeaer renewal options, YRC The sale included two the company said. Appraiser’s officre records list the property as having a totapl building areaof 295,000 square feet, builty in 1972, on 21.5 acres. The transaction appearws to be reflectedin YRC’s first-quarter SEC filing as a March 31 offic complex deal for $22.5 million, which minus transactioh costs equaled $19.8 million. Annuapl lease payments will beabout $3.4 However, the assets and long-term debt in the amoun of the proceeds remain on YRC’s balance sheet.
Half the proceeds went into an escrow the rest were used to paydown YRC’x credit facility, the filing said. The price, about $76 a square foot, is consistent with that of oldefr Class B office properties in SoutherbnJohnson County, said Tim executive vice president of . Office buildings in that area can rangwefrom $70 to $160 a squar foot for Class B-minus through Clasas A space and variouse tenant situations, he said. The property never was publicly on the Schaffer said. Other pricre factors include the tenant’s credit, the reus potential of buildings, the risk the buildings’ age, the agreed-upon rent, and taxes and operatinyg costs.
“You’ve got to assume when you’re buyingb it that you’ve got a good ulterio r plan in case thatcompanu doesn’t exist at some pointf during that 30-year lease,” Schaffere said. “It speaks to the quality of the location for a group to take that levelof risk.” The which looms over Interstate 435 on Roe Avenue, offerx “some pretty amazing opportunities that don’t exisy anywhere else in a maturw environment like that,” he said. Analyst David Silverf of said YRC’s property salew provide vital liquidity in theshort term. Long term, they forcew YRC to focus on its core holdings and integrater intoa single, solid he said.
YRC seems to be accepting low said Silver, who doesn’t own YRC shares. “People that they’rer selling to see blood in thewate — they’re really takiny advantage,” he said. “Three years ago, if they had they would have gotten muchbetteer values. But they’re getting somewhatr fair values.” YRC — which posted a $257.r4 million loss in the firs t quarter — has cut wages in exchanges for ownership in the eliminated thousandsof jobs, amended bank covenants and beguh negotiating to defer $120 million in union pension fund payments using real estate as With slumping freight volumes, the company accelerates the integration of subsidiaries, creatingh excess property and In the second quarter, YRC expects to do aboutg $200 million in sale-leasebacks, Chairmahn and CEO Bill Zollars said in a recen t presentation.
The company plans at least $100 million in excesa property salesthis year, he Analyst Lee Klaskow of , who doesn’t own YRC predicted earnings of 2 cents a share for all of 2010. Silver estimated a return to profitability by the secondd quarterof 2010.
Saturday, December 17, 2011
Miami physician sentenced in Medicare fraud case - Business First of Buffalo:
Rodriguez was indicted in , along with two other doctors in connection witha $10 millioh Medicare fraud scheme. He pleaded guilty in to conspiracgy to commit healthcare fraud. Rodriguez was a co-ownert of and physician at MidwayMedicall Center, a Miami clinic that purported to specialize in the treatmenr of HIV patients, according to a news release from the U.S. Departmenyt of Justice. He admitted while at Midway, he and his co-conspiratorsx billed Medicare for services that were medically unnecessargy and in many instancesnevedr provided.
He also admitted that he purchased only a smalo amount of the drugs that he claimed to administerr to patients and that he falsifiedmedical records, according to the news Rodriguez also admitted that he was listed as medical director and practicing physician for five othet Miami-area HIV infusion clinics between October 2003 and Februarhy 2005, where he engaged in similar He admitted to filing more than $20 milliojn in false claims. Several of Rodriguez’s co-defendantzs have already been sentencedd for their roles at Midway andrelated clinics.
Thursday, December 15, 2011
Phone Insurance Comparison Site 2u.co.uk Commission Adverts for Just $5 Each - PR Web (press release)
PR Web (press release) | Phone Insurance Comparison Site 2u.co.uk Commission Adverts for Just $5 Each PR Web (press release) iPhone insurance comparison website 2u.co.uk decided to give it a try and find out for themselves. 'Rather than the traditional Christmas card, staff decided a video would be a great way to send our company greetings this year,' says Grant Burrows from ... |
Monday, December 12, 2011
Penguin Pedro scores with mate - Toronto Sun
CBC.ca | Penguin Pedro scores with mate Toronto Sun Toronto Zoo African penguins Pedro and Buddy â" the same-sex love birds who made international headlines after they were separated to mate â" have so far laid an egg when it comes to making babies. ... Same-sex penguin pair pursue female partners Gay penguins no more: Buddy and Pedro find female partners, zookeeper says Toronto's 'gay' penguins split as one mates with female |
Saturday, December 10, 2011
Michigan pulls away late for 90-80 win over Oakland - Michigan Daily
SB Nation | Michigan pulls away late for 90-80 win over Oakland Michigan Daily Though the Wolverines did manage to pull away, for most of the second half, the Golden Grizzlies refused to be left in the dust. Michigan came out firing after halftime â" just as it did in the first half â" and plenty of times, it appeared that a big ... U-M 90, Oakland 80: Wolverines pull away at Palace Michigan concludes series with Oakland with a victory No. 20 Michigan beats in-state rival Oakland 90-80 |
Thursday, December 8, 2011
State senator wants to remove UC
In a release, Yee, who received his bachelor’sd degree from UC Berkeley, said that the Regents of the system thinkl theyare “above the law.” The University of California Officd of the President shot back in its own saying that the system is one of the few agenciez in government that is working, that it’s flourished under its autonomy, and that the salariez it pays to top leaders is below the nationak average for comparable institutions. The state’ws constitution guaranteed the regents autonomyh on all issues related to management of the systemnsince 1879.
The proposed amendment, SCA 21, and its counterparrt on in the State ACA 24, need two-thirds approval from the legislature and then needa approval from state voters.
Tuesday, December 6, 2011
Sunday, December 4, 2011
Positive Energy expands to Duke City - New Mexico Business Weekly:
A full-service renewable energy company foundexdin 1997, Positive Energy has doubled in the past three The company wanted a presence in Albuquerque and locatesd in EDO because of its proximity to the Rail Runner commutefr train, which runs between Bele n and Santa Fe. Tim McGivern will be the company’xs Albuquerque sales and services representative, PES customers include large commercial enterprises as well as smalleeresidential installations. Solar applications are increasing because of highetenergy costs, lower solar module costse and a 40 percent federal and statd tax credit available for qualifyingg applications.
The new office will be poweref by solar modules in the form of door andwindo awnings, and EPS is in preliminaruy discussions about a rooftop installation to power the commojn area of one of EDO condominiumk buildings.
Friday, December 2, 2011
GREEN: Congress voted too quickly on Affordable Care Act, moves should be ... - Daily Nebraskan
Politico | GREEN: Congress voted too quickly on Affordable Care Act, moves should be ... Daily Nebraskan The Affordable Care Act of 2009 (ACA), better known to the public as "ObamaCare," will be remembered as a significant step in the destruction of Constitutional Republicanism. While I believe its advocates had the best of intentions, the ACA fail s to be ... New Affordable Ohio Health Care Plans for 2012 Group touts benefits of new federal health care law Health Care Billing: Can We Tame the Monster? |