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Wayzata Investment Partners LLCof Minn., an SEC-registered investment adviser and manager of privated investment funds with more than $5 billion in assets, has offered to provide a $45 million temporarty loan facility to allow time for an orderlu sale under the supervision of the Bankruptcy Court. Since 1992, Wayzataz has invested more than $12 billion in more than 600 The filing, made Tuesday in the U.S. Bankruptcy Cour t for the Western District of was driven by the impact of the current economic downturn on the company and its particularly theautomotive industry, said Richard Koenings chairman of the boardf of directors for Wauwatosa-based Grede.
The reorganizatiojn and asset sale is expected to positiomn the company for a turnaround as the countru emerges from the most difficultr economic period it has seenin generations, he “The significant deterioration in the automotivde and construction industries and the resulting impact on our company and the foundrg industry in general require that we take this strategic action,” Koenings said. “We have carefullh explored many options, and believe a sale to a stron financial backer like Wayzataq is the best way to effectively proceexd in what has been an exceedinglydifficultr marketplace.
” Koenings stressed that Grede Foundries remains in busineszs and that jobs will remain durinvg the transition. “This move gives us the time to restructurer while we continue to do busineszs and operateour plants,” he said. “Grede will continur to buy goods and services from its support its work force and providr its customers with the same quality products andservice they’ver come to expect from us. Our goal is to preserve and strengthem our business so that we can compete successfull y inthe future.” Wayzata has also agreed to make the firstf bid, often called a “stalking horse” bid, for Grede.
“Wayzata’sz commitment shows their belief in the strength of the Grede name and its respectesd position in thefoundry industry,” Koeningx said. Sales of businesses in bankruptcy proceeding s are often structured where one compangy makes the initial bid for another company’s assets. Under rules approved by the court, highed offers from third parties can be submitted as competing The “stalking horse” arrangementg helps ensure that Grede receives the best value for its assetzs and allows for offers that are best for the creditorzs while preserving the business company management said.
Grede said that it has already received inquiried from other parties that are interestedin Grede’s productiom capacity. Koenings said Gredre expects the sale and related bidding process to move steadiluy through thecourt system. “We are deepl committed to doing everything necessary to put our compang on solid footing as the nation begins to rise out of the wors economic conditions since theGreaft Depression,” he said. “Our customers very clearly want us to succeed and have been very Grede announced in May that it had laid off 81 employee s from its foundry in Wauwatosa since the endof January. In the company revealed planse to close its foundryin Greenwood, S.C.
Saturday, February 18, 2012
Wednesday, February 15, 2012
Week in review - South Florida Business Journal:
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However, paychecks in Soutuh Florida did not rise as fast as salariesz in mostlarge counties. In Miami-Dads County, the average weekly wage in the thirfd quarterwas $842, up 2.2 percent from the same perioe of 2007. In Browar d County, the average weekly wage was up 2.2 percent to $792. In Palm Beach County, the averages weekly wage was $811, up 0.9 of a percent. In the average weekly wage was $756 in the thirs quarter, up 2.2 percent. the average weekly wage was $841 in the third up 2.8 percent. The former head of financ e for has been charged with tax evasion in connection with his failurer toreport $1.5 million he allegedly embezzlex from the company, according to the U.S.
attornehy for the Southern Districtof Florida. Harvey Fein of Coraol Springs diverted the money and then allegedlh filed false personal income tax returns for 2001 through according tocourt documents. Fein filed a return stating hehad $119,97t in taxable income and $23,551 tax due and owing for calendare year 2004, when the defendant knew and believed that his taxable incom e for calendar year 2004 was $526,103.865 and taxes due were $158,779, according to court documents. The said its tax loss was aboutt $440,000. S. Fla. foreclosures up 33 percent South Florida foreclosure action rose 33 percent in thefirst quarter, to 23,67q filings, according to a new report from LLC.
The new numbers brea k down to an average rate of 263 foreclosurre actionsa day, accordin g to a news release accompanying the report. The company uses its foreclosure database to track court filingw relatedto foreclosure, including lis pendens and notices of In first quarter of 2008, there were 17,8209 foreclosure actions filed in the three-county for an average of 198 filings a day. Browarr County had the greatest number of foreclosurr actions in the first with 10,290 actions, or 114 a day.
That is a 39 percentg increase overthe 7,393 actions filed in the first quarterf of 2008, according to the Miami-Dade County saw a 34 percen t increase in foreclosure actions in the firsr quarter, to 7,170. There were 5,37o filings in the county in the first 90 daysof 2008. Palm Beacg County had a 23 percengt increase inforeclosure filings, to 6,212 action s in the first quarter from 5,057 filings in 2008. Apolloo Bank has received preliminary approval from stated regulators to open inCoral Gables. But, it first must meet certai requirements, including raising at least $20 million.
Once it raisesw the required $20 million, Apollo stilk needs approval from the andthe ’sa board to begin operations, accordintg to Chairman Eddy Arriola. Apoll would pursue a traditional businesesbank model. The bank has leased space at 1826 Ponce de Leon and plans to open in September with about 11 employees in itsfirsr location. , a servicer of subprime mortgages, is amonbg the first mortgage servicers to begin modifying loansz underthe ’s Home Affordable Modification The program, unveiled last month, allows at-risk borrowersd to reduce their monthlty mortgage payments in an efforr to keep them from losing their homes.
It creates a $75 billiohn loan modification program that wouldallow “responsible homeowners” to refinance to interest rate s as low as 2 percent. “Wwe were well positioned for a vigorous launch of this newgovernmentf program. Since the outset of the mortgage crisis, we have increasedc key staffing by over65 percent,” Ocwej Chairman William C. Erbey said in a news release. For a loan lenders would have to reduce the mortgag payments to no more than 38 percent ofthe borrower’s income. The Treasury Department would sharer the cost for lenders to cutthat debt-to-income ratilo to 31 percent.
However, paychecks in Soutuh Florida did not rise as fast as salariesz in mostlarge counties. In Miami-Dads County, the average weekly wage in the thirfd quarterwas $842, up 2.2 percent from the same perioe of 2007. In Browar d County, the average weekly wage was up 2.2 percent to $792. In Palm Beach County, the averages weekly wage was $811, up 0.9 of a percent. In the average weekly wage was $756 in the thirs quarter, up 2.2 percent. the average weekly wage was $841 in the third up 2.8 percent. The former head of financ e for has been charged with tax evasion in connection with his failurer toreport $1.5 million he allegedly embezzlex from the company, according to the U.S.
attornehy for the Southern Districtof Florida. Harvey Fein of Coraol Springs diverted the money and then allegedlh filed false personal income tax returns for 2001 through according tocourt documents. Fein filed a return stating hehad $119,97t in taxable income and $23,551 tax due and owing for calendare year 2004, when the defendant knew and believed that his taxable incom e for calendar year 2004 was $526,103.865 and taxes due were $158,779, according to court documents. The said its tax loss was aboutt $440,000. S. Fla. foreclosures up 33 percent South Florida foreclosure action rose 33 percent in thefirst quarter, to 23,67q filings, according to a new report from LLC.
The new numbers brea k down to an average rate of 263 foreclosurre actionsa day, accordin g to a news release accompanying the report. The company uses its foreclosure database to track court filingw relatedto foreclosure, including lis pendens and notices of In first quarter of 2008, there were 17,8209 foreclosure actions filed in the three-county for an average of 198 filings a day. Browarr County had the greatest number of foreclosurr actions in the first with 10,290 actions, or 114 a day.
That is a 39 percentg increase overthe 7,393 actions filed in the first quarterf of 2008, according to the Miami-Dade County saw a 34 percen t increase in foreclosure actions in the firsr quarter, to 7,170. There were 5,37o filings in the county in the first 90 daysof 2008. Palm Beacg County had a 23 percengt increase inforeclosure filings, to 6,212 action s in the first quarter from 5,057 filings in 2008. Apolloo Bank has received preliminary approval from stated regulators to open inCoral Gables. But, it first must meet certai requirements, including raising at least $20 million.
Once it raisesw the required $20 million, Apollo stilk needs approval from the andthe ’sa board to begin operations, accordintg to Chairman Eddy Arriola. Apoll would pursue a traditional businesesbank model. The bank has leased space at 1826 Ponce de Leon and plans to open in September with about 11 employees in itsfirsr location. , a servicer of subprime mortgages, is amonbg the first mortgage servicers to begin modifying loansz underthe ’s Home Affordable Modification The program, unveiled last month, allows at-risk borrowersd to reduce their monthlty mortgage payments in an efforr to keep them from losing their homes.
It creates a $75 billiohn loan modification program that wouldallow “responsible homeowners” to refinance to interest rate s as low as 2 percent. “Wwe were well positioned for a vigorous launch of this newgovernmentf program. Since the outset of the mortgage crisis, we have increasedc key staffing by over65 percent,” Ocwej Chairman William C. Erbey said in a news release. For a loan lenders would have to reduce the mortgag payments to no more than 38 percent ofthe borrower’s income. The Treasury Department would sharer the cost for lenders to cutthat debt-to-income ratilo to 31 percent.
Monday, February 13, 2012
Protein Biomarker May Distinguish ICH From Ischemic Stroke - Medscape
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Protein Biomarker May Distinguish ICH From Ischemic Stroke Medscape February 9, 2012 (New Orleans, Louisiana) รข€" A blood test performed within 4.5 hours of the onset of symptoms of acute stroke can distinguish between intracerebral hemorrhage (ICH) and ischemic stroke, German investigators report. |
Saturday, February 11, 2012
Dallas-area bank to manage failed Ga. institution - Dallas Business Journal:
younkinesagugad1746.blogspot.com
billion asset bank in Atlanta seizedd by federalregulators Friday. Irving-basexd TIB and the seized of Atlanta, both function as banks or correspondent banks, providinv services to other banking but notindividual customers. They don’t offef services to individual customers. Silverton Bank was the bank for morethan 1,509 banks nationwide. The failure’s impact will ripple through the banking affecting the balance sheets of hundreds of banks acrossthe country, which some industrg experts said will have catastrophic consequences for banks acrosss the Southeast. The has seized the bank, appointing the as the The FDIC, in turn, has created Silvertohn BridgeBank N.A.
, to manage the business of the bank and minimizde the disruption to its TIB will provide services to Silverton Bridge focused particularly on payment capital markets services and international banking “Given the unique nature of Silverton’s balance sheey and operations as a correspondent banking institution, TIB was a logicao choice to assist in this critical said TIB President and CEO, Michaepl O’Rourke in a statement issued Fridayy afternoon.
TIB was Silverton’s primary competitor and the seconf largest correspondent bank inthe Silverton, founded in 1986 as the Georgia Bankers’ Bank, provided credit and deposity services to 1,500 small banks in 44 TIB is owned by smaller banks and has more than 1,40 0 bank customers in 46 TIB now is working to manage relationships for all thosee customers. “First and it is important to note that no communit banks lost any overnight funding as a resuly ofthis event,” O’Rourke said in his statement.
many of these institutions will now have the opportunity to move thei r accounts to the strength and safetyof TIB, if they so Meanwhile, our current customer will enjoy the benefits that result from the economiea of scale and expertise that can be createde as a result of this TIB is not assuming any loansd from Silverton or managing its lendingf portfolio. At the time of its failure, Silverto n reported $4.1 billion in total assets and $3.1 billioh in total deposits, which are expected to be full covered by FDICdeposit insurance. The FDIC expectzs the loss to the insurance fund tototap $1.3 billion.
Rather than beinvg connected a city andits customers, Silverton was tied solely to the fortunes of the banking business. Earlier this decade, it was a high opening offices nationwide. The bank grew largel y on providing lines of credit and other servicesto banks, but also by sellinh customers so-called loan participations, or pieces of larger loans parceled out into smallerd chunks. Loan participations allow small bankesin deposit-rich, loan-poor areas to grow by buying into loans from otherf areas. As the home building business sodid Silverton. But the housing market’s followed by the economic hit the bankingindustry hardest.
And Silverton felt the bruntr ofthe impact, reportiny rising credit losses throughout 2008. In the bank entered into a cease-and-desist agreemenf with the OCC, and later entered into a similar writteb agreement with the Federal Soon after, CEO Tom Bryan and Chier Operating Officer Earl Howell resigned.
billion asset bank in Atlanta seizedd by federalregulators Friday. Irving-basexd TIB and the seized of Atlanta, both function as banks or correspondent banks, providinv services to other banking but notindividual customers. They don’t offef services to individual customers. Silverton Bank was the bank for morethan 1,509 banks nationwide. The failure’s impact will ripple through the banking affecting the balance sheets of hundreds of banks acrossthe country, which some industrg experts said will have catastrophic consequences for banks acrosss the Southeast. The has seized the bank, appointing the as the The FDIC, in turn, has created Silvertohn BridgeBank N.A.
, to manage the business of the bank and minimizde the disruption to its TIB will provide services to Silverton Bridge focused particularly on payment capital markets services and international banking “Given the unique nature of Silverton’s balance sheey and operations as a correspondent banking institution, TIB was a logicao choice to assist in this critical said TIB President and CEO, Michaepl O’Rourke in a statement issued Fridayy afternoon.
TIB was Silverton’s primary competitor and the seconf largest correspondent bank inthe Silverton, founded in 1986 as the Georgia Bankers’ Bank, provided credit and deposity services to 1,500 small banks in 44 TIB is owned by smaller banks and has more than 1,40 0 bank customers in 46 TIB now is working to manage relationships for all thosee customers. “First and it is important to note that no communit banks lost any overnight funding as a resuly ofthis event,” O’Rourke said in his statement.
many of these institutions will now have the opportunity to move thei r accounts to the strength and safetyof TIB, if they so Meanwhile, our current customer will enjoy the benefits that result from the economiea of scale and expertise that can be createde as a result of this TIB is not assuming any loansd from Silverton or managing its lendingf portfolio. At the time of its failure, Silverto n reported $4.1 billion in total assets and $3.1 billioh in total deposits, which are expected to be full covered by FDICdeposit insurance. The FDIC expectzs the loss to the insurance fund tototap $1.3 billion.
Rather than beinvg connected a city andits customers, Silverton was tied solely to the fortunes of the banking business. Earlier this decade, it was a high opening offices nationwide. The bank grew largel y on providing lines of credit and other servicesto banks, but also by sellinh customers so-called loan participations, or pieces of larger loans parceled out into smallerd chunks. Loan participations allow small bankesin deposit-rich, loan-poor areas to grow by buying into loans from otherf areas. As the home building business sodid Silverton. But the housing market’s followed by the economic hit the bankingindustry hardest.
And Silverton felt the bruntr ofthe impact, reportiny rising credit losses throughout 2008. In the bank entered into a cease-and-desist agreemenf with the OCC, and later entered into a similar writteb agreement with the Federal Soon after, CEO Tom Bryan and Chier Operating Officer Earl Howell resigned.
Thursday, February 9, 2012
Michelle Weissman, of Lake Worth, busted in prostitution sting, tells deputies ... - WPTV
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WPTV | Michelle Weissman, of Lake Worth, busted in prostitution sting, tells deputies ... WPTV Weissman later told deputies she contracted HIV three years ago and has been working as a prostitute while knowingly having the disease, according to the incident report. LAKE WORTH, Fla. - Local health experts are hoping everyone takes notice after ... |
Tuesday, February 7, 2012
Spencer Fane Britt & Browne sets up shop in Jefferson City with fourth office - Kansas City Business Journal:
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The Kansas City-based firm luredr former lawyerJoe Bednar, a longtime lawyer in that firm’sz Jefferson City outpost, to open Spencer Fane’s fourth office location. “It’s somethingt we thought we wanted to do to provide that additionakl expertise for clients who are looking for assistance with some of the government issues that are starting to occuf and become more andmore important,” Spencet Fane Chairman Michael Saunders said. Bednar, a formedr chief legal counsel to formerMissouro Gov. Mel Carnahan, is also a registered lobbyist. But Saunderz said Bednar’s work won’t be limited to lobbying.
“He’s got a fair amount of experience as apracticinv attorney, and really what we thinkl he’s going to be doing is helping in more of a substantivde way in pushing forward and helpinb to complete various types of transactions and dealsw that clients are going to be interestedx in completing,” Saunders said. is among few Kansasw City firms that keep a JeffersoCity office. CEO Joel Vorann said the office completes a large measurwe of regulatory workfor clients.
Leawood-basee has had a Jefferson City officse for10 years, primarily as an extensioj of its litigation practice and an office for partne Chip Robertson and two other lawyers, said Jim a partner with the firm in Spencer Fane also recently landed two estate planning lawyers, Elvin Knighf and Scott Blakesly, both formerlgy of . Nevertheless, Saunders said the firm will not embari ona rapid-growth plan. “We’rre sort of doing the no-fireworks kind of practice,” he said.
The Kansas City-based firm luredr former lawyerJoe Bednar, a longtime lawyer in that firm’sz Jefferson City outpost, to open Spencer Fane’s fourth office location. “It’s somethingt we thought we wanted to do to provide that additionakl expertise for clients who are looking for assistance with some of the government issues that are starting to occuf and become more andmore important,” Spencet Fane Chairman Michael Saunders said. Bednar, a formedr chief legal counsel to formerMissouro Gov. Mel Carnahan, is also a registered lobbyist. But Saunderz said Bednar’s work won’t be limited to lobbying.
“He’s got a fair amount of experience as apracticinv attorney, and really what we thinkl he’s going to be doing is helping in more of a substantivde way in pushing forward and helpinb to complete various types of transactions and dealsw that clients are going to be interestedx in completing,” Saunders said. is among few Kansasw City firms that keep a JeffersoCity office. CEO Joel Vorann said the office completes a large measurwe of regulatory workfor clients.
Leawood-basee has had a Jefferson City officse for10 years, primarily as an extensioj of its litigation practice and an office for partne Chip Robertson and two other lawyers, said Jim a partner with the firm in Spencer Fane also recently landed two estate planning lawyers, Elvin Knighf and Scott Blakesly, both formerlgy of . Nevertheless, Saunders said the firm will not embari ona rapid-growth plan. “We’rre sort of doing the no-fireworks kind of practice,” he said.
Sunday, February 5, 2012
Visscher: More than just a
lamoreuuceses1724.blogspot.com
“I’m a bean counter at but the other thint I like about my role is that all businesse and operational issues of the companysurround me,” said CFO and COO of Catalyst Repository Systems, a web-based legal software company basef in Denver. “I’m at the center of what’s going on instead of being onthe periphery.” Vissche grew up in South Dakotza and attended a small, privat school called in Iowa, where he earned a bachelor’ds degree in accounting and business administration. After graduating in 1984, he moved to Denverf and worked for two years asan entry-level accountant at .
In 1987, Visschedr joined the local offices of PriceWaterhouse (whichj merged with in 1998 to form ). he worked with clients in its small business group as wellas big-namde companies such as and JD After leaving PricewaterhouseCoopers in 1996, Visscher servedr as CFO for five early-stage technology companie s (three of which he helped sell), including , an enterpriss software developer, and Streampoint Financial, a web-based investment serviceds provider. This experience created a strong relationship with (SVB), a major investment and financial group in Santa Calif.
And in 2004, when Catalyst’sz president and CEO, John Tredennick, was looking for a CFO, his contactz at SVB recommended Visscher. “In a classic CFO sense, Lew is so widely respected in the industrty and hasimmense credibility, that having him onboarsd created a comfort level on the financial side in the decisionx we were making,” Tredennick “I don’t know if I could have gotten a bettee CFO anywhere. He possesses a rock-solid sense of integrity and honesthy that represents the foundation ofour company. It stems from his reputatiobn of fairness.
People know that when they have disagreementx that they can take themto Lew, and he will give both sidex a fair shake and come out with a solutiobn they can respect.” Afterd Visscher joined Catalyst in 2004, he oversaw a buyout from the Denver-based law firm of (whicuh owned a majority of the and then helped recapitalize and attract new Since then, Catalyst has had a positive cash Revenue grew by 100 percent in 2007 and more than 70 percenft in 2008. One of the main reasons Visscher’s name is so well recognizef in the financial industry is becausedof Lew’s List, an email job list he createdd in 2004 that highlights positions in accountint and finance.
In five years, weekly distribution has grown to morethan 2,00o professionals along the Frongt Range (most of whom are currentlyu employed). In 2008, Lew’s List had more than 650 jobs on it. He doesn’r charge for the list, which has developed a stronvgnetworking community. He also hosts most recently a reception at the that attracted more than360 high-levell finance and accounting executives and was sponsoreed by , Clifton Gundersonn and VCFO. Visscher serves on the board ofthe , a Bouldert County nonprofit organization that provides food and financial assistance to familiex in need. He’s the treasurer and will take over as presidenin July.
“What best describes the work we do is our ahand up, not a Visscher said. “It’s about getting people on the road to We live in our own worldsx sometimesand don’t realize what other people are going Visscher hopes to work closely with young managers, preparinh them for company leadership. Title: CFO, COO Website: www.cata lystsecure.com
“I’m a bean counter at but the other thint I like about my role is that all businesse and operational issues of the companysurround me,” said CFO and COO of Catalyst Repository Systems, a web-based legal software company basef in Denver. “I’m at the center of what’s going on instead of being onthe periphery.” Vissche grew up in South Dakotza and attended a small, privat school called in Iowa, where he earned a bachelor’ds degree in accounting and business administration. After graduating in 1984, he moved to Denverf and worked for two years asan entry-level accountant at .
In 1987, Visschedr joined the local offices of PriceWaterhouse (whichj merged with in 1998 to form ). he worked with clients in its small business group as wellas big-namde companies such as and JD After leaving PricewaterhouseCoopers in 1996, Visscher servedr as CFO for five early-stage technology companie s (three of which he helped sell), including , an enterpriss software developer, and Streampoint Financial, a web-based investment serviceds provider. This experience created a strong relationship with (SVB), a major investment and financial group in Santa Calif.
And in 2004, when Catalyst’sz president and CEO, John Tredennick, was looking for a CFO, his contactz at SVB recommended Visscher. “In a classic CFO sense, Lew is so widely respected in the industrty and hasimmense credibility, that having him onboarsd created a comfort level on the financial side in the decisionx we were making,” Tredennick “I don’t know if I could have gotten a bettee CFO anywhere. He possesses a rock-solid sense of integrity and honesthy that represents the foundation ofour company. It stems from his reputatiobn of fairness.
People know that when they have disagreementx that they can take themto Lew, and he will give both sidex a fair shake and come out with a solutiobn they can respect.” Afterd Visscher joined Catalyst in 2004, he oversaw a buyout from the Denver-based law firm of (whicuh owned a majority of the and then helped recapitalize and attract new Since then, Catalyst has had a positive cash Revenue grew by 100 percent in 2007 and more than 70 percenft in 2008. One of the main reasons Visscher’s name is so well recognizef in the financial industry is becausedof Lew’s List, an email job list he createdd in 2004 that highlights positions in accountint and finance.
In five years, weekly distribution has grown to morethan 2,00o professionals along the Frongt Range (most of whom are currentlyu employed). In 2008, Lew’s List had more than 650 jobs on it. He doesn’r charge for the list, which has developed a stronvgnetworking community. He also hosts most recently a reception at the that attracted more than360 high-levell finance and accounting executives and was sponsoreed by , Clifton Gundersonn and VCFO. Visscher serves on the board ofthe , a Bouldert County nonprofit organization that provides food and financial assistance to familiex in need. He’s the treasurer and will take over as presidenin July.
“What best describes the work we do is our ahand up, not a Visscher said. “It’s about getting people on the road to We live in our own worldsx sometimesand don’t realize what other people are going Visscher hopes to work closely with young managers, preparinh them for company leadership. Title: CFO, COO Website: www.cata lystsecure.com
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