vykyvimote.wordpress.com
The changes were authorized in the American Recovery and Reinvestmentt Actof 2009. The 504 loan programj is administered through 271 Certifie Development Companies across the On Wednesday, SBA began implementing the changesa by publishing them as a permanengt rule in the Federal Register. The legislation allows 504 program projects to include a limited amount of debt refinancing if thers is a business expansion and the debt refinanced does not exceecd 50 percent of the projectedexpansion cost.
The followingg are some conditions under which borrowers will be eligiblwefor refinancing: • The debt being refinanced was incurred to acquirwe land, to construct a buildiny or to purchase equipment. The assets acquire must be eligible for financing under the504 • The existing debt is collateralizede by fixed assets. • The existing debt was incurred for the benefit of thesmall business. • The new financing provideas a substantial benefit to the borrowerr whenprepayment penalties, financing fees, and other financingt costs are taken into account. • The borrower has been currenyt on all payments of existing debt for one year priore to the dateof refinancing.
“Lower interestt rates mean lower paymentws and less money going out the door each month in debt That means more cash on hand to keep theifdoors open, their employees working and to even expand and createe more jobs,” said SBA Administrato r Karen Mills. The permanent changes allow small businesses to restructurew eligible debt to help improve their cash flow in turn, will enhance theirt viability and support growth and job creation. The 504 loan progranm can be used to purchasee business real estate orfixed assets, such as heavyy equipment or machinery, and expand currengt development projects.
Mills said the 504 program’s refinancing changes are the latest in several Recover Act provisions implemented by the SBA inrecentr weeks. On March 16, the agencyg temporarily raised to 90 percent the guarantee level on many ofits 7(a) program loans and reduced fees on both 7(a) and 504 loans.Iyt also doubled to $5 million the surety bond guarantee level for smalp businesses competing for construction and service Additionally, on June 15, SBA’x American Recovery Capital loansx became available for small businessed facing immediate financial hardship.
Monday, April 30, 2012
Sunday, April 29, 2012
Tukwila may finally see exhibition center - Puget Sound Business Journal (Seattle):
vuwodu.wordpress.com
But now McLeod and others say it's lookingv more likely that the long-unrealized $20 milliojn project will go into constructionthis spring. "I'vew got my fingers crosses and I'll say yes, it's going to happen," said Tukwilaq Mayor Wally Rants, who has directec a variety of city resources to supportingthe project. Those efforts included waiving some environmental restraints and street lighting and assigning city finance directoe Alan Doerschel to help arrange The 153,000-square-foot convention project would add even more economifc momentum to a suburban area already bustling alonf with Boeing's rebound and the nearby Southcentet Mall.
Several hotel projects are undetrdevelopment nearby. Boeing is building out its "Worldr Headquarters" next to the site. Developers are puttingb up warehouses wherever possible to the soutgh inKent Valley. A Familt Fun Center amusement park providing the likeesof go-cart riding and a golf putt-putt course is going in to the across Interstate 405. Rants said McLeod'sd track record of delivering on theproject "is not real But the mayor said McLeod now has a verbao commitment from KeyBank to financee the project. The bank is expected to give its writtenn loan commitment in the nexttwo months. "From our we see it as very Rants said.
McLeod had received financing once beforw from aColorado lender, but that was for a largefr project from which he then backed away. Now, he said, "Wde plan to break ground in May." The project, locatee on 24 acres immediately westof Boeing'd old Longacres Racetrack site, would be calle d Northwest Expo Center. McLeod produced the twice-yearlyg McLeod Collector Car Auction and Show starting in often atthe Kingdome. Nine years ago he envisioned buildinf his own exhibition center at which to hold those along with otherconsumet exhibitions.
He began buying the land that and now controls all28 acres, he He hasn't staged a show in the past couplre of years, devoting himself full-time to the project as presidenft of McLeod Development Co. He also owns and operates a car repai r centerin Kirkland. He said he plans to resumw holdinghis auctions, at Northwest Expo Center, next "It's been a labor of love for Stan, and it'es been challenging," said Jay a convention center management veteran now workinfg for McLeod on the project.
Green worked as assistantg director of the Kingdome from 1976 to then was manager of the Tacoma Domeuntipl 1994, and subsequently ran the Canadian Airlineas Saddle Dome in Calgary, Alberta. "The site is probablyg 95 percent readyto go," Greebn said. He said he has a variety of showsa booked fornext year, but neithe he nor McLeod would identify them other than to say they includex "a holiday show" and a "horticultural The one-story center would take a narrow rectangular shape to fit the long, narrow with surface parking at its north and south ends for a totall of 2,750 parking spaces, Green It would provide 143,009 square feet of exhibition space, with the remaining 10,000 square feet comprising the lobby and meeting rooms.
The architect is Mulvannyg Partnership. Construction would take sevemn months, Green said. McLeod previously sought to buildx 220,000 square feet. The Colorado lende r provided a loanfor that, but McLeod said it wasn' enough funds for everything he wanted to do. "Wes reevaluated the market conditions and scaleddit down," he said. "We're more comfortabld starting at 150,000. We can expand up to He said he's 90 percent owner of the with a British Columbia friendc owning the other 10 Chris Corr, an avid observer of Kent Valley real estatee goings-on as an industrial broker for Kidder Mathews Segner, is among those skeptics who wonder whether Northwesg Expo will come out of the But with area convention centersw and the Kingdome "booked a lot, there's a real market for a 'tweener," he said, referrinfg to the project's smaller size.
But now McLeod and others say it's lookingv more likely that the long-unrealized $20 milliojn project will go into constructionthis spring. "I'vew got my fingers crosses and I'll say yes, it's going to happen," said Tukwilaq Mayor Wally Rants, who has directec a variety of city resources to supportingthe project. Those efforts included waiving some environmental restraints and street lighting and assigning city finance directoe Alan Doerschel to help arrange The 153,000-square-foot convention project would add even more economifc momentum to a suburban area already bustling alonf with Boeing's rebound and the nearby Southcentet Mall.
Several hotel projects are undetrdevelopment nearby. Boeing is building out its "Worldr Headquarters" next to the site. Developers are puttingb up warehouses wherever possible to the soutgh inKent Valley. A Familt Fun Center amusement park providing the likeesof go-cart riding and a golf putt-putt course is going in to the across Interstate 405. Rants said McLeod'sd track record of delivering on theproject "is not real But the mayor said McLeod now has a verbao commitment from KeyBank to financee the project. The bank is expected to give its writtenn loan commitment in the nexttwo months. "From our we see it as very Rants said.
McLeod had received financing once beforw from aColorado lender, but that was for a largefr project from which he then backed away. Now, he said, "Wde plan to break ground in May." The project, locatee on 24 acres immediately westof Boeing'd old Longacres Racetrack site, would be calle d Northwest Expo Center. McLeod produced the twice-yearlyg McLeod Collector Car Auction and Show starting in often atthe Kingdome. Nine years ago he envisioned buildinf his own exhibition center at which to hold those along with otherconsumet exhibitions.
He began buying the land that and now controls all28 acres, he He hasn't staged a show in the past couplre of years, devoting himself full-time to the project as presidenft of McLeod Development Co. He also owns and operates a car repai r centerin Kirkland. He said he plans to resumw holdinghis auctions, at Northwest Expo Center, next "It's been a labor of love for Stan, and it'es been challenging," said Jay a convention center management veteran now workinfg for McLeod on the project.
Green worked as assistantg director of the Kingdome from 1976 to then was manager of the Tacoma Domeuntipl 1994, and subsequently ran the Canadian Airlineas Saddle Dome in Calgary, Alberta. "The site is probablyg 95 percent readyto go," Greebn said. He said he has a variety of showsa booked fornext year, but neithe he nor McLeod would identify them other than to say they includex "a holiday show" and a "horticultural The one-story center would take a narrow rectangular shape to fit the long, narrow with surface parking at its north and south ends for a totall of 2,750 parking spaces, Green It would provide 143,009 square feet of exhibition space, with the remaining 10,000 square feet comprising the lobby and meeting rooms.
The architect is Mulvannyg Partnership. Construction would take sevemn months, Green said. McLeod previously sought to buildx 220,000 square feet. The Colorado lende r provided a loanfor that, but McLeod said it wasn' enough funds for everything he wanted to do. "Wes reevaluated the market conditions and scaleddit down," he said. "We're more comfortabld starting at 150,000. We can expand up to He said he's 90 percent owner of the with a British Columbia friendc owning the other 10 Chris Corr, an avid observer of Kent Valley real estatee goings-on as an industrial broker for Kidder Mathews Segner, is among those skeptics who wonder whether Northwesg Expo will come out of the But with area convention centersw and the Kingdome "booked a lot, there's a real market for a 'tweener," he said, referrinfg to the project's smaller size.
Friday, April 27, 2012
Dr Pepper Snapple hints at new TEN launches in 2013 as non-carbonate sales slump - FoodNavigator-USA.com
sucujovide.wordpress.com
Dr Pepper Snapple hints at new TEN launches in 2013 as non-carbonate sales slump FoodNavigator-USA.com Dr Pepper Snapple Group's net income fell year-on-year in Q1 2012 with a marked slump in non-carbonate sales, although Dr Pepper TEN drove higher carbonates sales, with the firm hinting at further launches on this platform in 2013. |
Wednesday, April 25, 2012
BioMed refinances Center for Life Science - Portland Business Journal:
vadimsudigrenev.blogspot.com
The five-year, fixed-rate loan was used to pay off a portio of anexisting $507.1 million construction loan, with BioMee paying off the remaining balance usingv an unsecured line of credit. The new mortgage has an interestr rateof 7.75 percent and is due in June 2014. Accordinb to a statement from the new loan addressesthe “last of BioMed’s debt maturities in The loan was provided by , and AG. arranged the loan on behalff of BioMed RealtyTrust BMR), a real estate investment trustg based in San Diego, Calif. The 18-storgy lab and office building is located in the Longwood Medicakl and Academic Area and is leasedto , , , and a Japanese pharmaceutical company.
The properthy also includes a six-level, 750-space undergrounds parking garage. BioMed Realty Trust owns or has intereste in69 properties, representing 112 buildings with approximately 10.5 millioj rentable square feet, including approximatelyu 640,000 square feet of development in progress.
The five-year, fixed-rate loan was used to pay off a portio of anexisting $507.1 million construction loan, with BioMee paying off the remaining balance usingv an unsecured line of credit. The new mortgage has an interestr rateof 7.75 percent and is due in June 2014. Accordinb to a statement from the new loan addressesthe “last of BioMed’s debt maturities in The loan was provided by , and AG. arranged the loan on behalff of BioMed RealtyTrust BMR), a real estate investment trustg based in San Diego, Calif. The 18-storgy lab and office building is located in the Longwood Medicakl and Academic Area and is leasedto , , , and a Japanese pharmaceutical company.
The properthy also includes a six-level, 750-space undergrounds parking garage. BioMed Realty Trust owns or has intereste in69 properties, representing 112 buildings with approximately 10.5 millioj rentable square feet, including approximatelyu 640,000 square feet of development in progress.
Monday, April 23, 2012
Saturday, April 21, 2012
Core Communities warns of loan defaults on Tradition - South Florida Business Journal:
authors-morphology.blogspot.com
Its lenders are asking Core Communities to put up cash to keep the amountr of its loans in proportion to the declining valued ofits properties, according to a Securitied and Exchange Commission filing by Fort Lauderdale-based Woodbridgs (Pink Sheets: WDGH) on Monday. One of those loans with $58.3 million outstanding matures in but could be extended with extra cash inthe mix. Anotherf loan with an $86.7 million balance does not matur euntil 2011, but the lender’ss ongoing appraisal of the property will result in a demand for cash from Core the company warned. It said the exact amount has notbeen determined. Core Communities wantzs to get loan extensions withougt putting upmore cash.
If the lenderss don’t agree and Woodbridge declines to inject capital intoits subsidiary, it raisees “substantial doubt regarding Core’s ability to continuew as a going concern,” the SEC filinb stated. Woodbridge Chairman and CEO Alan Levanm said the language inthe company’s regulatory filint is a “worst-case and he is optimistic that the lenderd will approve modifications for Core Communities. “W e firmly believe Tradition Florida and Tradition Hilton Head are two of thebest master-plannexd communities in the country, and these with miles of frontage on I-95, are he said in an e-mail.
“They will be amonv the first developments to see residential salesx recover when themarket rebounds.” While the filint did not say which property was covered by the delinquenft loans, one default could put Core entire portfolio in jeopardy. Many of the developer’s otheer loans have a cross-default provision that would make payment immediateluy due should Core Communities defaultt onanother loan. Tradition Florida is an 8,300-acre master-plannerd community in Port St. Lucie, whicj had been one of the nation’s fastest-growing areas durinfg the realestate boom, but it has crashedr hard in the recession.
It included a mixed-use town center, a retail plazwa and property for several biomedical researcgh companies that are supported by Floridztax dollars. Covering 5,3009 acres, Tradition Hilton Head is a master-plannerd community in the early stages of developmentr nearthe Georgia-South Carolina border. In the SEC Woodbridge warned that Core Communitie s is experiencing a cash flow deficit because of its inability to lease commercial property andsell homes. The subsidiaruy is looking to raiswe cash by selling off property or obtainint outsideequity financing.
“Whiler funding from Woodbridge is a possible sourceof liquidity, Woodbridgew is under no obligation to provide fundingg to Core and there can be no assurancse that it will do Woodbridge stated in its filing. Woodbridge said it is not liablr forCore Communities’ troubled loans. Filingb for Chapter 11 bankruptcy protection would be a good move for Core Communitiess because it would allow the company to gain a stronger positionm from which to negotiate with its saidJack McCabe, CEO of Deerfield Beach-based McCabew Research & Consulting.
“Historically, in othed real estate downturns, we’ve seen developere utilize bankruptcy as a tool to accommodater the bestpossible restructuring,” McCabd said. McCabe said he expects Tradition inPort St. Lucie to rebound when the real estatdmarket improves, so buying more time coulcd benefit Core Communities, he added. In the company declined to financially support the problem loansz held by itshomebuilding subsidiary, which filee for Chapter 7 bankruptcy. The Levitt and Sons case actuallty provided a big boost to Woodbridge in thefirsty quarter. The company gained $40.
4 million as part of its settlementf to divest itself of the company and its Thatboosted Woodbridge’s net income to $14.8 million on revenu of $4.3 million in the first compared with a loss of $10.4 million on revenue of $3.1 milliom in the same quarter of 2008. The gain from the Levitr and Sons case was partialluy offset by impairment charges to itsstocik holdings. Woodbridge took impairments of $20.4 millionj and $2.4 million over the declining valuse of its investmentsin (NASDAQ: BXG) and ODP). Woodbridge shares were unchangedat $1.01 in morning The 52-week high was $9.55 on May 12, 2008. The 52-wee k low was 2 centz on Oct. 24.
Its lenders are asking Core Communities to put up cash to keep the amountr of its loans in proportion to the declining valued ofits properties, according to a Securitied and Exchange Commission filing by Fort Lauderdale-based Woodbridgs (Pink Sheets: WDGH) on Monday. One of those loans with $58.3 million outstanding matures in but could be extended with extra cash inthe mix. Anotherf loan with an $86.7 million balance does not matur euntil 2011, but the lender’ss ongoing appraisal of the property will result in a demand for cash from Core the company warned. It said the exact amount has notbeen determined. Core Communities wantzs to get loan extensions withougt putting upmore cash.
If the lenderss don’t agree and Woodbridge declines to inject capital intoits subsidiary, it raisees “substantial doubt regarding Core’s ability to continuew as a going concern,” the SEC filinb stated. Woodbridge Chairman and CEO Alan Levanm said the language inthe company’s regulatory filint is a “worst-case and he is optimistic that the lenderd will approve modifications for Core Communities. “W e firmly believe Tradition Florida and Tradition Hilton Head are two of thebest master-plannexd communities in the country, and these with miles of frontage on I-95, are he said in an e-mail.
“They will be amonv the first developments to see residential salesx recover when themarket rebounds.” While the filint did not say which property was covered by the delinquenft loans, one default could put Core entire portfolio in jeopardy. Many of the developer’s otheer loans have a cross-default provision that would make payment immediateluy due should Core Communities defaultt onanother loan. Tradition Florida is an 8,300-acre master-plannerd community in Port St. Lucie, whicj had been one of the nation’s fastest-growing areas durinfg the realestate boom, but it has crashedr hard in the recession.
It included a mixed-use town center, a retail plazwa and property for several biomedical researcgh companies that are supported by Floridztax dollars. Covering 5,3009 acres, Tradition Hilton Head is a master-plannerd community in the early stages of developmentr nearthe Georgia-South Carolina border. In the SEC Woodbridge warned that Core Communitie s is experiencing a cash flow deficit because of its inability to lease commercial property andsell homes. The subsidiaruy is looking to raiswe cash by selling off property or obtainint outsideequity financing.
“Whiler funding from Woodbridge is a possible sourceof liquidity, Woodbridgew is under no obligation to provide fundingg to Core and there can be no assurancse that it will do Woodbridge stated in its filing. Woodbridge said it is not liablr forCore Communities’ troubled loans. Filingb for Chapter 11 bankruptcy protection would be a good move for Core Communitiess because it would allow the company to gain a stronger positionm from which to negotiate with its saidJack McCabe, CEO of Deerfield Beach-based McCabew Research & Consulting.
“Historically, in othed real estate downturns, we’ve seen developere utilize bankruptcy as a tool to accommodater the bestpossible restructuring,” McCabd said. McCabe said he expects Tradition inPort St. Lucie to rebound when the real estatdmarket improves, so buying more time coulcd benefit Core Communities, he added. In the company declined to financially support the problem loansz held by itshomebuilding subsidiary, which filee for Chapter 7 bankruptcy. The Levitt and Sons case actuallty provided a big boost to Woodbridge in thefirsty quarter. The company gained $40.
4 million as part of its settlementf to divest itself of the company and its Thatboosted Woodbridge’s net income to $14.8 million on revenu of $4.3 million in the first compared with a loss of $10.4 million on revenue of $3.1 milliom in the same quarter of 2008. The gain from the Levitr and Sons case was partialluy offset by impairment charges to itsstocik holdings. Woodbridge took impairments of $20.4 millionj and $2.4 million over the declining valuse of its investmentsin (NASDAQ: BXG) and ODP). Woodbridge shares were unchangedat $1.01 in morning The 52-week high was $9.55 on May 12, 2008. The 52-wee k low was 2 centz on Oct. 24.
Friday, April 20, 2012
Struever Bros. Eccles & Rouse stops work on Baltimore projects - San Francisco Business Times:
iwibacibem.wordpress.com
It’s part of the prolific and nationallyknown builder’sz decision to ride out the recession as a for-fewe consultant and contractor and extends to most of its projectw from New England to North company CEO C. William “Bill” Struever said. who pioneered the idea of Baltimore’s waterfronty as a “Digital Harbor” and home for high-tech businesses, said he was forced into the positiojn by mounting debts and the inability to borrowe money tofinance projects. Those he said, developed more quickly than he expected due to the economic downturn and nationwidecredit crunch. Baltimore-bases Struever Bros.
has significantly reduced its work forc in response tothe shift, and now employse fewer than 100 people. “I’m a ebullient, optimistic guy; that’s why I’mj in trouble,” Struever “I never would have guessed how hard it was goinf to be to get financing forthose projects.” The compant has amassed more than $10 million in debtxs and loan defaults, according to court records, and like competitorx in the downturn, it is havingy trouble raising money to fuel its developments.
Acros Baltimore, developers have put the brakese on projects for a lack of financing andmarketg demand, including two planned skyscrapers along the Inner Harbor and several residential towers. For Struever Bros., those problemse date back to its inability to raise funds for a condominiujm project called the Olmsterdin Baltimore’s Charles Village neighborhood. From the company developed a plan to rais money by bringing on equity partnersx and sellingoff assets. But as the economuy worsened, Struever Bros. founfd it was unable to attractnew partners.
And as the credi markets seized up, it found it couldn’t find buyers for its propertiees or lenders to borrow money or refinanceits debts. Thoss factors contributed to Struever Bros.’ decision last monthb to step down as an equithy partner inState Center, the $1.4 billiohn planned redevelopment of a midtown Baltimore stat e office complex. It also has reduced its stake ina $1.5 billionb Southwest Washington, D.C., waterfront redevelopment and is renegotiatinbg with H&S Properties Development its role in Harbor Point. Harbor Point is a former chromre plant on which Struever workecdwith H&S Properties for nearly a decadr to remake into a 1.
8 million-square-foot mixed-use development. The two firms spent more than $3 millionm preparing the site for development and anestimated $22.89 million to build the first a 240,000-square-foot office building to be partially occupied by financia l firm Morgan Stanley. That building is slated for completion in the firsrquarter 2010. Christopher H. Janian, H&S Properties’ assistangt development manager, confirmed Struever Bros. is seekingg a change from its role as equity partnert inthe project. He referred questions abouty those talksto H&S Properties President Michael S.
Beatty, who could not be reached for Janiansaid H&S Properties still plan s to develop other parts of Harbor but the project’s next two a 350-unit apartment building and a four-star Westin are on hold for at least two more years until the economy improves. Many of Struever projects involved bringing new businessexs and jobs into the communities where theywere focused. Thos e include keeping Legg Mason in Baltimore in a new headquarters atHarbod East, creating more office space at Harbor Poing for Morgan Stanley, and luring Humanim from Howard County to the American Brewery buildingb in East Baltimore.
“They’ve done some wonderfu projects thatI don’t know anybody else wouldc have done; certainly Clipper Mill comes to mind,” said Baltimore Development Corp. Presidenf M.J. “Jay” Brodie, who has known Struever sincre the 1970s when Struever was a budding contracting firm and Brodisewas Baltimore’s housing “I know they’ve been struggling. I don’g know what the end resuly will be. It’s my hope that they survivew this very difficult economic situation because I think they can stilkl do somegood things.
” The move from developmenr to fee-based work hasn’t been withoug its heartbreak for regarded by former employees, colleagues and city officialsd as a visionary and leader of urban redevelopment He relished his role taking on thesw projects such as State which featured many of the common elementxs at other Struever projects like green transit-oriented development, urban redevelopment and job retention. Struever said he expectws to complete work on all itsexistinh projects, including the conversion of a forme Overflo storage warehouse in Locusty Point into new office, retail and showroom space for its marquees Tide Point tenant, Under Armour Inc.
But it does not expecgt to take on any new as either an equity partner or lead and Struever is instead focusing on workint with its creditors and paying downits “I’m getting projects finished and peoplr paid. Night and day, that’s my No. 1 Struever said. “I feel in my hearyt the obligation to getpeoplde paid.” It’s not the first recession Struever said he has been But he said it is the deepest he’s seen, and he’s hopingb his firm can once again survive the recession by steppinvg out of the developmenyt business and focusing on fee-basee work consulting and contracting for developers in better financial standing.
In that role, Struevert Bros. will serve as a consultant to the new State Centerdevelopment team. It is also serving as a contractor to the National Aquarium in Baltimore for its Middl e Branchexpansion project. Struever said he hopesw to avoid bankruptcy by running aleaner company. “It’a tough times, and there’s no guarantees,” he Through layoffs or resignations, the ranksx of Struever Bros. employees has dwindled from more than 350 employeese fewerthan 100.
It’s lost severa key members of itsdevelopment team, includingy Fran Weld, who oversaw the company’s sustainabilit and preservation initiatives, and Tim a development director overseeing Struever now-tabled plans to expand Tide Dominic Wiker left Struever Bros. in Novembere 2007, after five yearzs handling development projects including Charles Center andthe ill-fatesd former Olmsted condominium projectr in Charles Village. Struever Bros. halte the Olmsted project whenthe city’s condominiunm market slumped, and the company sold the property to Johnsz Hopkins University for $12.5 million May 7.
Wiker now worka for Pikesville developer Mark Sapperstein on the redevelopment of McHenry Row inLocustt Point. He has kept an eye on the company sinceehe left, and said he hopes Struever Bros. is able to recover from its financial “It was a tremendouslgy exciting experience; it’s just a great learning Wiker said. “Bill undertook some very challenging They were challenging even in the bestof times.
”
It’s part of the prolific and nationallyknown builder’sz decision to ride out the recession as a for-fewe consultant and contractor and extends to most of its projectw from New England to North company CEO C. William “Bill” Struever said. who pioneered the idea of Baltimore’s waterfronty as a “Digital Harbor” and home for high-tech businesses, said he was forced into the positiojn by mounting debts and the inability to borrowe money tofinance projects. Those he said, developed more quickly than he expected due to the economic downturn and nationwidecredit crunch. Baltimore-bases Struever Bros.
has significantly reduced its work forc in response tothe shift, and now employse fewer than 100 people. “I’m a ebullient, optimistic guy; that’s why I’mj in trouble,” Struever “I never would have guessed how hard it was goinf to be to get financing forthose projects.” The compant has amassed more than $10 million in debtxs and loan defaults, according to court records, and like competitorx in the downturn, it is havingy trouble raising money to fuel its developments.
Acros Baltimore, developers have put the brakese on projects for a lack of financing andmarketg demand, including two planned skyscrapers along the Inner Harbor and several residential towers. For Struever Bros., those problemse date back to its inability to raise funds for a condominiujm project called the Olmsterdin Baltimore’s Charles Village neighborhood. From the company developed a plan to rais money by bringing on equity partnersx and sellingoff assets. But as the economuy worsened, Struever Bros. founfd it was unable to attractnew partners.
And as the credi markets seized up, it found it couldn’t find buyers for its propertiees or lenders to borrow money or refinanceits debts. Thoss factors contributed to Struever Bros.’ decision last monthb to step down as an equithy partner inState Center, the $1.4 billiohn planned redevelopment of a midtown Baltimore stat e office complex. It also has reduced its stake ina $1.5 billionb Southwest Washington, D.C., waterfront redevelopment and is renegotiatinbg with H&S Properties Development its role in Harbor Point. Harbor Point is a former chromre plant on which Struever workecdwith H&S Properties for nearly a decadr to remake into a 1.
8 million-square-foot mixed-use development. The two firms spent more than $3 millionm preparing the site for development and anestimated $22.89 million to build the first a 240,000-square-foot office building to be partially occupied by financia l firm Morgan Stanley. That building is slated for completion in the firsrquarter 2010. Christopher H. Janian, H&S Properties’ assistangt development manager, confirmed Struever Bros. is seekingg a change from its role as equity partnert inthe project. He referred questions abouty those talksto H&S Properties President Michael S.
Beatty, who could not be reached for Janiansaid H&S Properties still plan s to develop other parts of Harbor but the project’s next two a 350-unit apartment building and a four-star Westin are on hold for at least two more years until the economy improves. Many of Struever projects involved bringing new businessexs and jobs into the communities where theywere focused. Thos e include keeping Legg Mason in Baltimore in a new headquarters atHarbod East, creating more office space at Harbor Poing for Morgan Stanley, and luring Humanim from Howard County to the American Brewery buildingb in East Baltimore.
“They’ve done some wonderfu projects thatI don’t know anybody else wouldc have done; certainly Clipper Mill comes to mind,” said Baltimore Development Corp. Presidenf M.J. “Jay” Brodie, who has known Struever sincre the 1970s when Struever was a budding contracting firm and Brodisewas Baltimore’s housing “I know they’ve been struggling. I don’g know what the end resuly will be. It’s my hope that they survivew this very difficult economic situation because I think they can stilkl do somegood things.
” The move from developmenr to fee-based work hasn’t been withoug its heartbreak for regarded by former employees, colleagues and city officialsd as a visionary and leader of urban redevelopment He relished his role taking on thesw projects such as State which featured many of the common elementxs at other Struever projects like green transit-oriented development, urban redevelopment and job retention. Struever said he expectws to complete work on all itsexistinh projects, including the conversion of a forme Overflo storage warehouse in Locusty Point into new office, retail and showroom space for its marquees Tide Point tenant, Under Armour Inc.
But it does not expecgt to take on any new as either an equity partner or lead and Struever is instead focusing on workint with its creditors and paying downits “I’m getting projects finished and peoplr paid. Night and day, that’s my No. 1 Struever said. “I feel in my hearyt the obligation to getpeoplde paid.” It’s not the first recession Struever said he has been But he said it is the deepest he’s seen, and he’s hopingb his firm can once again survive the recession by steppinvg out of the developmenyt business and focusing on fee-basee work consulting and contracting for developers in better financial standing.
In that role, Struevert Bros. will serve as a consultant to the new State Centerdevelopment team. It is also serving as a contractor to the National Aquarium in Baltimore for its Middl e Branchexpansion project. Struever said he hopesw to avoid bankruptcy by running aleaner company. “It’a tough times, and there’s no guarantees,” he Through layoffs or resignations, the ranksx of Struever Bros. employees has dwindled from more than 350 employeese fewerthan 100.
It’s lost severa key members of itsdevelopment team, includingy Fran Weld, who oversaw the company’s sustainabilit and preservation initiatives, and Tim a development director overseeing Struever now-tabled plans to expand Tide Dominic Wiker left Struever Bros. in Novembere 2007, after five yearzs handling development projects including Charles Center andthe ill-fatesd former Olmsted condominium projectr in Charles Village. Struever Bros. halte the Olmsted project whenthe city’s condominiunm market slumped, and the company sold the property to Johnsz Hopkins University for $12.5 million May 7.
Wiker now worka for Pikesville developer Mark Sapperstein on the redevelopment of McHenry Row inLocustt Point. He has kept an eye on the company sinceehe left, and said he hopes Struever Bros. is able to recover from its financial “It was a tremendouslgy exciting experience; it’s just a great learning Wiker said. “Bill undertook some very challenging They were challenging even in the bestof times.
”
Wednesday, April 18, 2012
If I were North Carolina's governor
elisovadinaimar.blogspot.com
How should we respond to such a profoundx andhistoric challenge? I believe there’as really only one answer — action. It’s cleatr that job one is to solvse the budget crisis that confronts our The budget for the upcomingfiscall year, which starts July 1, is around $4.8 billioh short. There is simply no way on Eartj for us to make up such a huge gap with cuts Not only would such massive cuts devastatr ourpublic schools, social safety net and public-safety systems, they woulrd make the recession more severe by robbinv our economy of vital jobs and activity. I will not allo w us to retreat into sucha self-destructivde shell. We must keep movingt forward.
Therefore, I hereby call on the Generalk Assembly to send me a balanced budgeyt for the upcoming fiscal year that includes a plan to fill the budget holewith three, roughly equal The first third will be made up of across-the-boared spending cuts. We can enact such cuts with a minimu m of service disruption if we focus on modest and temporargy pay cuts for current employeezs rather than broad reductionsin services. larger pay cuts of 5% to 6% woulxd be targeted at employees making morethan $75,00p0 per year. State employees making less would receive a pay cutof 3% to 4%. The second third will be made up with federalk assistance from the American Recovery andReinvestmeng Act.
We should do everything withibn our power to maximizs our ability to draw downthese funds. The fina third should be filled with a package of modesft and progressivetax hikes. These increase s should include, at a minimum, the closur e of several outdated business tax a broadening of thestatd sales-tax base as recently proposedx by the state Senate, and the addition of two slightly higher income-tax brackets for the It’s a plan that calls upon all North Carolinianss to sacrifice and it’s a balancefd plan that allows us to move aheax without, as I like to say, eating our seed Let us all remind ourselves of what it is that made Nortjh Carolina the best state in the union — our common commitmeng to a better future for When we stick together, we can’ft be beat.
Thank you and good
How should we respond to such a profoundx andhistoric challenge? I believe there’as really only one answer — action. It’s cleatr that job one is to solvse the budget crisis that confronts our The budget for the upcomingfiscall year, which starts July 1, is around $4.8 billioh short. There is simply no way on Eartj for us to make up such a huge gap with cuts Not only would such massive cuts devastatr ourpublic schools, social safety net and public-safety systems, they woulrd make the recession more severe by robbinv our economy of vital jobs and activity. I will not allo w us to retreat into sucha self-destructivde shell. We must keep movingt forward.
Therefore, I hereby call on the Generalk Assembly to send me a balanced budgeyt for the upcoming fiscal year that includes a plan to fill the budget holewith three, roughly equal The first third will be made up of across-the-boared spending cuts. We can enact such cuts with a minimu m of service disruption if we focus on modest and temporargy pay cuts for current employeezs rather than broad reductionsin services. larger pay cuts of 5% to 6% woulxd be targeted at employees making morethan $75,00p0 per year. State employees making less would receive a pay cutof 3% to 4%. The second third will be made up with federalk assistance from the American Recovery andReinvestmeng Act.
We should do everything withibn our power to maximizs our ability to draw downthese funds. The fina third should be filled with a package of modesft and progressivetax hikes. These increase s should include, at a minimum, the closur e of several outdated business tax a broadening of thestatd sales-tax base as recently proposedx by the state Senate, and the addition of two slightly higher income-tax brackets for the It’s a plan that calls upon all North Carolinianss to sacrifice and it’s a balancefd plan that allows us to move aheax without, as I like to say, eating our seed Let us all remind ourselves of what it is that made Nortjh Carolina the best state in the union — our common commitmeng to a better future for When we stick together, we can’ft be beat.
Thank you and good
Monday, April 16, 2012
UT partners with Raytheon on cybersecurity research - Austin Business Journal:
tiqosi.wordpress.com
Waltham, Mass.-based Raytheon will provide funding over the next 10 yeard for CIAS faculty working on technically challengin g computer security and informationassurance projects. or protection of digital data, is now one of the majotr national security problems facing theUnited States, and President Barackm Obama has said that protectingg the country's digital infrastructure is a top priority for his The 21 faculty members in the a research unit in the Department of Computefr Science, are working to address increasingly criticalo issues such as privacy, passworxd cracking, network security, intrusion detection, verification and wireless networking.
"It is impossible to defend against everh conceivable threat without the great innovations of said Dr. J Smart, chief technologh director for Raytheon's Intelligenc e and InformationSystems business. "By partnerinf with The University of Texas at Raytheon will tap into some of the best and brightestt minds to help design security capabilities for business and governmenty customers and develop new technologiesz to protectagainst high-target Raytheon has more than 30 years of experiencde in cybersecurity, information operations and information assurance.
Waltham, Mass.-based Raytheon will provide funding over the next 10 yeard for CIAS faculty working on technically challengin g computer security and informationassurance projects. or protection of digital data, is now one of the majotr national security problems facing theUnited States, and President Barackm Obama has said that protectingg the country's digital infrastructure is a top priority for his The 21 faculty members in the a research unit in the Department of Computefr Science, are working to address increasingly criticalo issues such as privacy, passworxd cracking, network security, intrusion detection, verification and wireless networking.
"It is impossible to defend against everh conceivable threat without the great innovations of said Dr. J Smart, chief technologh director for Raytheon's Intelligenc e and InformationSystems business. "By partnerinf with The University of Texas at Raytheon will tap into some of the best and brightestt minds to help design security capabilities for business and governmenty customers and develop new technologiesz to protectagainst high-target Raytheon has more than 30 years of experiencde in cybersecurity, information operations and information assurance.
Saturday, April 14, 2012
Ford sales climb to highest level since July - Houston Business Journal:
iqukikofor.wordpress.com
But sales were down 24.2 percent compared with May when the companysold 213,238 units. For the first five monthse of 2009, Dearborn, Mich.-basecd Ford (NYSE: F) sold 620,303 units, compared with 981,150 unitx during the same period a year a 36.8 percent decline. In a sign that buyers mighty be coming back to the luxuryvehiclw market, Ford’s Lincoln division reportesd that it sold 8,566 units in May, a 2.2 percent increas e over May 2008, when it sold 8,36 units. Sales of Ford made at the Louisville Assembly Plang on FernValley Road, declined 34.6 percent, to 5,315 units from 8,123 units a year ago. Sales of the Mercury Mountaineer, also made at Louisvillde Assembly, dropped 45.
2 percent, to 402 from 734 unites a year earlier. Sales of F-Series pickuop trucks, including Super Duty trucks made at the Kentucky Trucik Plant onChamberlain Lane, dropped 22.3 to 33,381 units, from 42,973 units in May 2008. Salesd of Ford Expedition SUVs, whichh began production at Kentucky Truck Plant in declined40 percent, to 3,150 unit from 5,252 units a year earlier. Salesx of the Lincoln Navigator, also made at Kentucky Truc k Plant, dropped 40.6 percent, to 790 units from 1,329i units a year earlier. Ford saw year-over-year gainsz in some of its car categories. The company sold 19,787 Fusion sedans in May, up 9.4 perceny from the year-earlier period when it sold 18,088 units.
Lincolbn sold 1,553 Town Cars in May, up 103.3 percent from May 2008, when it sold 764 of the luxurgy vehicles. Ford’s Volvo division sold 590 of its S60 up 9 percent fromMay 2008, when it sold 542 Also Tuesday, Ford announced a summer promotion to draw more consumerse to dealerships. Through June 30, the automaker will cover as much as threed months of payments upto $2,100, and its Ford Creditt subsidiary will offer zero percent financing on selecf Ford, Lincoln and Mercury vehicles.
But sales were down 24.2 percent compared with May when the companysold 213,238 units. For the first five monthse of 2009, Dearborn, Mich.-basecd Ford (NYSE: F) sold 620,303 units, compared with 981,150 unitx during the same period a year a 36.8 percent decline. In a sign that buyers mighty be coming back to the luxuryvehiclw market, Ford’s Lincoln division reportesd that it sold 8,566 units in May, a 2.2 percent increas e over May 2008, when it sold 8,36 units. Sales of Ford made at the Louisville Assembly Plang on FernValley Road, declined 34.6 percent, to 5,315 units from 8,123 units a year ago. Sales of the Mercury Mountaineer, also made at Louisvillde Assembly, dropped 45.
2 percent, to 402 from 734 unites a year earlier. Sales of F-Series pickuop trucks, including Super Duty trucks made at the Kentucky Trucik Plant onChamberlain Lane, dropped 22.3 to 33,381 units, from 42,973 units in May 2008. Salesd of Ford Expedition SUVs, whichh began production at Kentucky Truck Plant in declined40 percent, to 3,150 unit from 5,252 units a year earlier. Salesx of the Lincoln Navigator, also made at Kentucky Truc k Plant, dropped 40.6 percent, to 790 units from 1,329i units a year earlier. Ford saw year-over-year gainsz in some of its car categories. The company sold 19,787 Fusion sedans in May, up 9.4 perceny from the year-earlier period when it sold 18,088 units.
Lincolbn sold 1,553 Town Cars in May, up 103.3 percent from May 2008, when it sold 764 of the luxurgy vehicles. Ford’s Volvo division sold 590 of its S60 up 9 percent fromMay 2008, when it sold 542 Also Tuesday, Ford announced a summer promotion to draw more consumerse to dealerships. Through June 30, the automaker will cover as much as threed months of payments upto $2,100, and its Ford Creditt subsidiary will offer zero percent financing on selecf Ford, Lincoln and Mercury vehicles.
Thursday, April 12, 2012
Western Conference is barely recognizable - Soccer America
bentlyoupapa1810.blogspot.com
Western Conference is barely recognizable Soccer America by Ridge Mahoney, April 12th, 2012 3:08AM The MLS season is barely underway and already the Western Conference is barely recognizable compared to last year's version. Some changes that had been anticipated haven't transpired. |
Wednesday, April 11, 2012
Nutrisoda returns bigger, shinier - Minneapolis / St. Paul Business Journal:
a-aveywe.blogspot.com
Ardea has scaled back distribution of thenutritionally enhanced, carbonaterd beverage as it trie s out a new look and can size meantf to give it more mass-market appeal. The 8.4-ounce cans are gone, replaced by standard-size, 12-ounce cans with a silvert color. Since May, Ardea only has been sellin g the drink online and at storesd intwo pilot-project areas — the Twin Citiew and San Diego — and has halvesd the number of flavorss to four. If sales go it will expand to othefr markets latethis year.
“We think the packaging and marketing materials we have put togethee have made it a much more widelyaccepteed product, while before it was really a nich e product,” said Richard Wilson, Ardea’s president and general manager. Nutrisodas sales in 2008 were 30 percent less than the year as large retailers suchas Minneapolis-based Target Corp. and Montvale, N.J.-based The Great Atlantiv & Pacific Tea Co. Inc. (a regional grocefr better knownas A&P) stopped carrying the beverage. Ardeqa — which moved its headquarters from Hopkinswto Schaumburg, Ill.
, after Minneapolis-based PepsiAmericasw acquired it in 2006 — retained Minneapolis advertising firm Hunt Adkins to conducg focus groups to find out how to give Nutrisod a more appeal. The firm concluded the beverage was too closelhy associated with energy drinks and too limited to a core markeftof young, health-conscious adults. One of Hunt major conclusions was that the drink should be selling in a traditionak soda can if it was to widen itscustomeer base. The plan had an added Ardea could save a lot of moneuyusing 12-ounce cans. That’s because Ardea’s owner, is the world’s second-largest manufacturer, seller and distributor of PepsiCpo Inc.
beverages, and has easy access to 12-ounce aluminum By dropping a canning deal with Cold Sprinfg Brewery in Cold Spring and instead using a PepsiAmericazs facilityin Urbandale, Iowa, Ardea now is able to sell Nutrisodqa for 50 to 60 percent less per ounce. Wilson said an 8.4-ouncre can of Nutrisoda used to sellfor $1.79. The 12-ounce can sellds for 99 cents. Six-packs selling for less than $5.999 are expected soon. “Everybody is looking for a good-valuee scenario where they canfind it,” Wilson Besides the can size and Ardea also has sought to make the soda more attractive to a mass market by giving the formula a stronger flavor.
The company is spending more than $1 milliobn to show off the new Nutrisoda on public busses and a lightrail train. There’es also a bicycle-pulled soda station showing upat events, includingb a recent Minnesota Twins game. The campaign’s message is that the drink is “hubbly,” i.e. “healthy” and “bubbly.” John editor and publisher of the biweeklyBeverage Digest, said it will be up to the consumerd to decide whether the rebrandinfg pays off.
But he said even major soda suchas Pepsi, have to be refreshed from time to “Keeping brands current and relevant and fresgh for consumers is very
Ardea has scaled back distribution of thenutritionally enhanced, carbonaterd beverage as it trie s out a new look and can size meantf to give it more mass-market appeal. The 8.4-ounce cans are gone, replaced by standard-size, 12-ounce cans with a silvert color. Since May, Ardea only has been sellin g the drink online and at storesd intwo pilot-project areas — the Twin Citiew and San Diego — and has halvesd the number of flavorss to four. If sales go it will expand to othefr markets latethis year.
“We think the packaging and marketing materials we have put togethee have made it a much more widelyaccepteed product, while before it was really a nich e product,” said Richard Wilson, Ardea’s president and general manager. Nutrisodas sales in 2008 were 30 percent less than the year as large retailers suchas Minneapolis-based Target Corp. and Montvale, N.J.-based The Great Atlantiv & Pacific Tea Co. Inc. (a regional grocefr better knownas A&P) stopped carrying the beverage. Ardeqa — which moved its headquarters from Hopkinswto Schaumburg, Ill.
, after Minneapolis-based PepsiAmericasw acquired it in 2006 — retained Minneapolis advertising firm Hunt Adkins to conducg focus groups to find out how to give Nutrisod a more appeal. The firm concluded the beverage was too closelhy associated with energy drinks and too limited to a core markeftof young, health-conscious adults. One of Hunt major conclusions was that the drink should be selling in a traditionak soda can if it was to widen itscustomeer base. The plan had an added Ardea could save a lot of moneuyusing 12-ounce cans. That’s because Ardea’s owner, is the world’s second-largest manufacturer, seller and distributor of PepsiCpo Inc.
beverages, and has easy access to 12-ounce aluminum By dropping a canning deal with Cold Sprinfg Brewery in Cold Spring and instead using a PepsiAmericazs facilityin Urbandale, Iowa, Ardea now is able to sell Nutrisodqa for 50 to 60 percent less per ounce. Wilson said an 8.4-ouncre can of Nutrisoda used to sellfor $1.79. The 12-ounce can sellds for 99 cents. Six-packs selling for less than $5.999 are expected soon. “Everybody is looking for a good-valuee scenario where they canfind it,” Wilson Besides the can size and Ardea also has sought to make the soda more attractive to a mass market by giving the formula a stronger flavor.
The company is spending more than $1 milliobn to show off the new Nutrisoda on public busses and a lightrail train. There’es also a bicycle-pulled soda station showing upat events, includingb a recent Minnesota Twins game. The campaign’s message is that the drink is “hubbly,” i.e. “healthy” and “bubbly.” John editor and publisher of the biweeklyBeverage Digest, said it will be up to the consumerd to decide whether the rebrandinfg pays off.
But he said even major soda suchas Pepsi, have to be refreshed from time to “Keeping brands current and relevant and fresgh for consumers is very
Monday, April 9, 2012
Central Hudson raising rates - The Business Review (Albany):
yfimuna.wordpress.com
The rate plan established by the PSC increasew annual electric service delivery ratesby $38 million, and gas delivert rates by $13.6 million, or a totao of $51.6 million. PSC officials say the increase authorized by the statw agencyis $18.1 million less than the company Central Hudson had sought increased rates for both electric and gas service of $66.1 million and $20.2 respectively, for a total of $86.3 million. Instead, the utility is being allowed $38 millionn for electric service, $13.6 million for gas service, and $16.65 million for a temporary surcharge, or a totaol of $68.2 million.
Central Hudsob says its needs the added revenues to compensate for lowe r sales and increased pension The Poughkeepsie-based utility has 300,000 electric customer s and 74,000 natural gas customers from north of New York to the Capital Region.
The rate plan established by the PSC increasew annual electric service delivery ratesby $38 million, and gas delivert rates by $13.6 million, or a totao of $51.6 million. PSC officials say the increase authorized by the statw agencyis $18.1 million less than the company Central Hudson had sought increased rates for both electric and gas service of $66.1 million and $20.2 respectively, for a total of $86.3 million. Instead, the utility is being allowed $38 millionn for electric service, $13.6 million for gas service, and $16.65 million for a temporary surcharge, or a totaol of $68.2 million.
Central Hudsob says its needs the added revenues to compensate for lowe r sales and increased pension The Poughkeepsie-based utility has 300,000 electric customer s and 74,000 natural gas customers from north of New York to the Capital Region.
Saturday, April 7, 2012
CareWorks deal for Plannet Group shines amid dull economy - Sacramento Business Journal:
gonyzyf.wordpress.com
, a homegrown tech company with agrowing clientele, was acquireed May 21 by Dublin-based , which planxs to add high-paying jobs to support the purchasr over the coming year. Terms of the deal between the privately heldcompaniews weren’t disclosed. The sale also frees Plannet Grouo founder Jim Mazotas to start anotheer tech operation that could begin hirinbg over the coming yearas “This first rush to the finish line ended on a positivee note,” Mazotas said. “And it looks like there is going to be anothe r onepast this.” The 39-year-old Mazotax has been running the race for seven years.
He foundedx Plannet Group in 2002 to develop network securityh andmanagement software. He started the businesds after becoming unhappy with the directio of the software development company where hadhe worked. Mazotaas decided to focus on developingh a program that could help computer network managers visuallyy managetheir environment, rather than forcing them to searc through lines of code for He called the program Mission Control and financed Plannet Group with $70,000 from savingas and a second mortgage. He focused on government client – including the city of Columbue and CuyahogaCounty – becausde of the large compute networks they maintain.
Mazotas also moved into the gaming industryt in March after signing a contractwith , owner of the Indianaw Live Casino outside Indianapolis. Mission Control is what attractedCareWorkds Technologies, said President Todd Cameron. Part of the CareWorks Familuy of Companies, a workers’ compensation management companyin Dublin, CareWorks Technologies provides informationb technology services to a broader clienf base than the parent company. Cameron said the addition of Plannet Group and its services should increase revenue at CareWorkxs Technologies by 25 percentthis year, althougn he declined to be specific about eithe company’s financials.
“We hope it grows exponentially after that,” Cameron said. “(Mazotas) doesn’t have a sales team at all andwe do. It’ds a diamond in the rough.” Mazotas said the lack of a salesw team athis 10-employeew company was one of the reasonz he decided to sell. He said the firm reached a “tippint point” in early 2008 after hearing interest from other companies looking to purchasePlannet Group, includinb one from out of state. “Should we continue as we were or take the next Mazotas said. “We wanted to get (Planneft Group) to the maturity that could be founr by linking up with a compangylike CareWorks.
” It’s fortunate for the region and its tech community that a local companh bought Plannet Group, said Ted Ford, CEO of , the industryh advocacy group that housed Planneyt Group at its business incubator from 2005 to 2008. “If you defins success as keeping jobs in the area and continuing with a foundatiofor growth, then this is a Ford said. “The goal is to grow technologyjobs here, and Columbus is becominy a very good place to do that sort of All of Plannet Group’s Hilliard-based employees have joinef CareWorks in Dublin and, over the next year, likeluy will be joined by five to 10 Cameron said.
Those jobs likelyh will pay between $70,0000 and $100,000 a year. While Mazotas is joining he does so asa consultant. His primart focus will be on his nextventure – . Mazotas is building OnGuarfd around a behavioral analysis security tool that flagsw suspicious patterns that could harm a computer A patent is being sought on the Mazotas said, and CareWorks Technologies has invested in the new By the time the productt is ready for general release in 2010, Mazotasx hopes to have a 25- to 30-workee payroll. Mazotas hopes he will be telling a similart story a yearfrom now. “It just goes to show that littlse guys can have ahome run,” he “Even in this economy.
”
, a homegrown tech company with agrowing clientele, was acquireed May 21 by Dublin-based , which planxs to add high-paying jobs to support the purchasr over the coming year. Terms of the deal between the privately heldcompaniews weren’t disclosed. The sale also frees Plannet Grouo founder Jim Mazotas to start anotheer tech operation that could begin hirinbg over the coming yearas “This first rush to the finish line ended on a positivee note,” Mazotas said. “And it looks like there is going to be anothe r onepast this.” The 39-year-old Mazotax has been running the race for seven years.
He foundedx Plannet Group in 2002 to develop network securityh andmanagement software. He started the businesds after becoming unhappy with the directio of the software development company where hadhe worked. Mazotaas decided to focus on developingh a program that could help computer network managers visuallyy managetheir environment, rather than forcing them to searc through lines of code for He called the program Mission Control and financed Plannet Group with $70,000 from savingas and a second mortgage. He focused on government client – including the city of Columbue and CuyahogaCounty – becausde of the large compute networks they maintain.
Mazotas also moved into the gaming industryt in March after signing a contractwith , owner of the Indianaw Live Casino outside Indianapolis. Mission Control is what attractedCareWorkds Technologies, said President Todd Cameron. Part of the CareWorks Familuy of Companies, a workers’ compensation management companyin Dublin, CareWorks Technologies provides informationb technology services to a broader clienf base than the parent company. Cameron said the addition of Plannet Group and its services should increase revenue at CareWorkxs Technologies by 25 percentthis year, althougn he declined to be specific about eithe company’s financials.
“We hope it grows exponentially after that,” Cameron said. “(Mazotas) doesn’t have a sales team at all andwe do. It’ds a diamond in the rough.” Mazotas said the lack of a salesw team athis 10-employeew company was one of the reasonz he decided to sell. He said the firm reached a “tippint point” in early 2008 after hearing interest from other companies looking to purchasePlannet Group, includinb one from out of state. “Should we continue as we were or take the next Mazotas said. “We wanted to get (Planneft Group) to the maturity that could be founr by linking up with a compangylike CareWorks.
” It’s fortunate for the region and its tech community that a local companh bought Plannet Group, said Ted Ford, CEO of , the industryh advocacy group that housed Planneyt Group at its business incubator from 2005 to 2008. “If you defins success as keeping jobs in the area and continuing with a foundatiofor growth, then this is a Ford said. “The goal is to grow technologyjobs here, and Columbus is becominy a very good place to do that sort of All of Plannet Group’s Hilliard-based employees have joinef CareWorks in Dublin and, over the next year, likeluy will be joined by five to 10 Cameron said.
Those jobs likelyh will pay between $70,0000 and $100,000 a year. While Mazotas is joining he does so asa consultant. His primart focus will be on his nextventure – . Mazotas is building OnGuarfd around a behavioral analysis security tool that flagsw suspicious patterns that could harm a computer A patent is being sought on the Mazotas said, and CareWorks Technologies has invested in the new By the time the productt is ready for general release in 2010, Mazotasx hopes to have a 25- to 30-workee payroll. Mazotas hopes he will be telling a similart story a yearfrom now. “It just goes to show that littlse guys can have ahome run,” he “Even in this economy.
”
Thursday, April 5, 2012
Mother held on suspicion of texting while driving with baby in lap - Los Angeles Times
karnergetajequ1416.blogspot.com
Mother held on suspicion of texting while driving with baby in lap Los Angeles Times A mother of three was arrested this week on suspicion of texting while driving with an infant in her lap on the 405 Freeway, police said. Shawndeeia Bowen, 29, was arrested Tuesday after another driver spotted her on the northbound 405, according to ... |
Tuesday, April 3, 2012
Ohio Senate taking up second temp budget - Business Courier of Cincinnati:
deeshu-tatum.blogspot.com
The Republican-controlled Senate is set to take up House Bill 245 on The legislation covers state operations from Wednesday througgJuly 14. Strickland last week signed a firstf temporary budget thatexpires Tuesday. The interinm budget is in place as Stricklandx and Senate Republicans remain at an impasswe on a proposal the governor offered up more than two weeks ago to help pluga $3.2 billion budget hole by installing video lottery terminals at the state’sx seven horse racing tracks. Republicans have said the part of a larger budget framework to balancethe two-yearr budget that began last Wednesday, is shorft on details.
Strickland on Monday reiteratecd his stance that the stalled talkz are little morethan “partisan political The Senate has been holding hearingzs in an effort to garner more detailsx on the slots proposal, while the Democrat-controlleed House of Representatives has initiated hearings on the potential effecft of more cuts in the absencre of the projected $933 million in slots revenue.
The Republican-controlled Senate is set to take up House Bill 245 on The legislation covers state operations from Wednesday througgJuly 14. Strickland last week signed a firstf temporary budget thatexpires Tuesday. The interinm budget is in place as Stricklandx and Senate Republicans remain at an impasswe on a proposal the governor offered up more than two weeks ago to help pluga $3.2 billion budget hole by installing video lottery terminals at the state’sx seven horse racing tracks. Republicans have said the part of a larger budget framework to balancethe two-yearr budget that began last Wednesday, is shorft on details.
Strickland on Monday reiteratecd his stance that the stalled talkz are little morethan “partisan political The Senate has been holding hearingzs in an effort to garner more detailsx on the slots proposal, while the Democrat-controlleed House of Representatives has initiated hearings on the potential effecft of more cuts in the absencre of the projected $933 million in slots revenue.
Sunday, April 1, 2012
Obama: 'Doing nothing' about health care not an option - Minneapolis / St. Paul Business Journal:
bojony.wordpress.com
“Health care reform is not something I just cookec up when Itook office,” Obama told a crowrd of about 1,500 people Thursday at in the Greehn Bay suburb of Ashwaubenon. “It is central to our economidc future. In past years and decades, there may have been some disagreemen t onthis point. But not anymore.” Earlier this month, Obamqa said he wants Congress to pass a comprehensive health care bill by the end of the summef and ready for his signature by Many Democrats, including the favor a government-sponsored health insurance plan that woulsd compete with private insurers and be availabler for people not eligible for other government health care programs such as Medicare or Medicaid.
Most Republicane and many business however, say a competing plan that isn’t profit-driven woulx drive private insurers outof business. On Thursday, the , a physician’ group Obama is scheduled to meet with Monda yin Chicago, said it is opposed to a government-sponsored insurance Obama said his administration is working on a Health Insuranc Exchange that would allow peopled to compare insurance benefits and prices. None of the plans included in the exchangw would be allowed to deny coverage basedon pre-existingg conditions and all must includee an affordable, basic benefit option.
“I also strongly believ e that one of the options in the Exchange should be a publiv insuranceoption – because if the private insurancer companies have to compete with a public option, it will keep them honest and help keep prices down,” Obamw said. Supporters of health care reformm say it would provide health insurancd coverage to millions of Americans and make coveragre more affordable for those who arealready covered. Because healtg insurance premiums have doubled over the last nine and have grown at a rate thred times fasterthan wages, even those with coverage have reached a breaking point, Obamq said. Employers are not faring any better.
Small busines owners have been forced to cut healt care benefits or drop coverage entirely because ofrisintg costs, Obama said. “We have the most expensive healtuh care system in the Obama said. “We spend almost 50 percent more per persoh on health care than the next mostcostlyh nation. But here’s the thing, Greehn Bay: we’re not any healthier for Obama vowed to let Americans who are content with their coverag e and their physicians keep whatthey have, but said the countrty has reached a pointy where doing nothing about the cost of healthg care is no longer an option.
“Icf we do nothing, within a decade we will be spending one out of everyh five dollars we earn onhealth care,” Obama said. “In 30 years, it will be one out of everyh three.” Obama acknowledged covering all Americans woulebe expensive, but promised health care reform would not add to the country’z deficit over the next 10 years. “Tlo make that happen, we have alreaduy identified hundreds of billions worth of savings in ourbudget – savings that will come from stepsx like reducing Medicare overpayments to insurance companies and rootingb out waste, fraud and abuse in both Medicar and Medicaid,” Obama In addition, Obama is proposing that Congress scale back the amountg the highest-income Americans can deduct on their taxes and use that mone to help finance health care.
Obamaz spoke for about 20 minutes and then took questions from six peoplse in the audience who expressesd fearover “socialized medicine,” asked questionws about wellness and even questioned the country’as education system. Regarding the idea of socializede medicine, Obama said that isn’t what he, or anyond in Congress, wants.
“Health care reform is not something I just cookec up when Itook office,” Obama told a crowrd of about 1,500 people Thursday at in the Greehn Bay suburb of Ashwaubenon. “It is central to our economidc future. In past years and decades, there may have been some disagreemen t onthis point. But not anymore.” Earlier this month, Obamqa said he wants Congress to pass a comprehensive health care bill by the end of the summef and ready for his signature by Many Democrats, including the favor a government-sponsored health insurance plan that woulsd compete with private insurers and be availabler for people not eligible for other government health care programs such as Medicare or Medicaid.
Most Republicane and many business however, say a competing plan that isn’t profit-driven woulx drive private insurers outof business. On Thursday, the , a physician’ group Obama is scheduled to meet with Monda yin Chicago, said it is opposed to a government-sponsored insurance Obama said his administration is working on a Health Insuranc Exchange that would allow peopled to compare insurance benefits and prices. None of the plans included in the exchangw would be allowed to deny coverage basedon pre-existingg conditions and all must includee an affordable, basic benefit option.
“I also strongly believ e that one of the options in the Exchange should be a publiv insuranceoption – because if the private insurancer companies have to compete with a public option, it will keep them honest and help keep prices down,” Obamw said. Supporters of health care reformm say it would provide health insurancd coverage to millions of Americans and make coveragre more affordable for those who arealready covered. Because healtg insurance premiums have doubled over the last nine and have grown at a rate thred times fasterthan wages, even those with coverage have reached a breaking point, Obamq said. Employers are not faring any better.
Small busines owners have been forced to cut healt care benefits or drop coverage entirely because ofrisintg costs, Obama said. “We have the most expensive healtuh care system in the Obama said. “We spend almost 50 percent more per persoh on health care than the next mostcostlyh nation. But here’s the thing, Greehn Bay: we’re not any healthier for Obama vowed to let Americans who are content with their coverag e and their physicians keep whatthey have, but said the countrty has reached a pointy where doing nothing about the cost of healthg care is no longer an option.
“Icf we do nothing, within a decade we will be spending one out of everyh five dollars we earn onhealth care,” Obama said. “In 30 years, it will be one out of everyh three.” Obama acknowledged covering all Americans woulebe expensive, but promised health care reform would not add to the country’z deficit over the next 10 years. “Tlo make that happen, we have alreaduy identified hundreds of billions worth of savings in ourbudget – savings that will come from stepsx like reducing Medicare overpayments to insurance companies and rootingb out waste, fraud and abuse in both Medicar and Medicaid,” Obama In addition, Obama is proposing that Congress scale back the amountg the highest-income Americans can deduct on their taxes and use that mone to help finance health care.
Obamaz spoke for about 20 minutes and then took questions from six peoplse in the audience who expressesd fearover “socialized medicine,” asked questionws about wellness and even questioned the country’as education system. Regarding the idea of socializede medicine, Obama said that isn’t what he, or anyond in Congress, wants.
Subscribe to:
Posts (Atom)