Sunday, October 31, 2010
GM files bankruptcy - The Business Journal of Milwaukee:
billion and assets of $82.3 billion. The bankruptcy, filed in New lists unsecured claims bythe ($20.7 billion) and the International Union of Electronic, Electrical, Machine and Furniture Workers/Communication Workers ($2.7 Other unsecured debt listed in the filin includes $22.8 billion serviced by and $4.5 billionj by . Boca Raton-based has a claij for $4.75 million, according to the filed with the U.S. Bankruptcy Court of the Souther District ofNew York. Auto retailers that survive the bankruptciew of GMand Chrysler, whichb filed in April, hope it helps to pave the way to recoverg in the industry.
“Today’s actiom will allow GM to move forward and be competitive in the spokesman Marc Cannon said Monday inan e-mailed statement. “Ths goal of making GM profitable ata 10-million, new-unit sellinvg rate will position them for when the industrhy begins to recover later in Fort Lauderdale-based AutoNation, the nation'es largest auto retailer, has six GM franchisew and seven Chrysler franchises on the automakers’ closure Although viewed as inevitabld and necessary by Chairman John McEleney said in a news releasr that the filing mark s “a historically sad day for American business.
” Chrysler is expected to emerge from its Chaptet 11 process soon after shutterinv 789 dealerships. GM also announceds plans to close 1,100 GM announced April 27 that it anticipates reducingits U.S. dealer count from 6,246 to 3,605 by the end of 2010. Dealershil closings already have started. According to Associateed Press, GM will rely on more government assistance: $30 billion of additiona l financial assistance from theand $9.5 billion from on top of about $20 billionh it already received in low-interest loans. GM’s lead bankruptcg law firm is WeilGotshaw & with attorney Stephen Karotkin signing the filing.
In a news the automaker said it woule focus on the following prioritiexs when emergingfrom bankruptcy: Focus on four core brands in the U.S. – Chevrolet, Cadillac, Buick and GMC - with fewer nameplatesw and a more competitive levelo of marketing supportper brand. Close a competitivse gap in active labor costs compared with foreigjauto makers. Increase the percentage of U.S. sales manufactured Feature lower costs ata U.S. total industry volume of approximately 10million vehicles, which would be substantiallh below the 15 million to 17 million annual vehicle sales rates recorded between 1995 and 2007.
Achieve lower structural in part, by further reducing 2009 salaried employmenrt in North America to approximately froma year-end total of 35,100, and continue to improvw its balance sheet by reducinv retiree benefits for salaried retireees and non-UAW hourly retirees. Increase its investmenf in fuel economy and advancerdpropulsion technologies. Click to read the
Friday, October 29, 2010
NASA Talk Highlights the 'New' Langley Research Center - PR Newswire (press release)
DatacenterDynamics | NASA Talk Highlights the 'New' Langley Research Center PR Newswire (press release) Finelli's Center Operations Directorate at NASA Langley provides operations and research support services to the entire Center. He is the former director of ... NASA uses RFID in the data center |
Thursday, October 28, 2010
Startup snags $5M - Austin Business Journal:
has raised at least $5 million from Pa.-based Adams Capital Management, according to filings with the PennsylvaniaSecuritied Commission. Those same filings call for the company to raiser upto $10 million. Gordon Burk, vice president of marketing for says the company is in the middle of its firsg round of private equity funding but declines to commentgon specifics. K.C. Murphy, president and CEO of NextIO, declinex to comment. George general partner with Adams couldn't be reached for Aside from landing $5 million, the 9-month-old startup is about to add toits workforce. NextIO has 12 employees now but plane to have 20 by the end of the year and hopexs to hire 10 moreduring 2004.
Thosee people will help designthe product, but Burk declinesz to give the expected launch date. NextIO has moved into 10,0000 square feet at 12401 Research Blvd. in Northwest Austin. NextI O was founded by former executives at Advance d MicroDevices Inc. and Austin chip startup Banderacom Inc. Banderacomj had been designing chips for theInfiniBand market, but aftert adoption of the technology slowed to a it changed its focus to design chipa for the gigabit Ethernet market. InfiniBanr is a technology that allows servers to sharr information more quickly thancurrent standards.
"I think that things in the economt are improving enough and high tech companiesd are starting to see orders comingbaround ... so we decided it was time to take the risk and start a company," Burk says. NextIO remain s in "stealth mode," but Burk says it is developinv a new chip architecture to be used forconnectingy servers. He says the chip woulxd lower the cost of servers dramaticallyt and increase the flexibility of information technology staffers. "It's pretty rare that a chip would lower costs andincrease flexibility; typically, you can do one or the Burk says.
"I think what has gotten the attentionm to our potentialcustomers is, 'Here's the best of both worlds and they are not trading one against the Potential customers are large server manufacturers such as N.Y.-based IBM Corp., Round Rock-based Dell Inc. and Palo Calif.-based Hewlett-Packard Co. Burk says the startupo is talking to customers but declines tocomment further. Michae l Krause, an engineering fellow at HP, declinesx to comment on NextIO. Krause, who workss with server interconnect technologiesat HP, says server connections are based on technologyh that most people don't want to understand.
"Thd challenge is to make the [interconnect] technology cost-effectiv and perform well and have the technology talk to the devicde efficiently so the devices are orchestratiny movementbetween servers," Krauswe says. He compares the technology drivinh communication between servers to the fuel injection system ofa car'd engine: "You don't know how it works; you just want it to Breaking into the server market could be lucrative for Research firm Interactive Data estimates $49 billion worth of serversw were sold in 2002, with the markety growing to $58 billion a year by 2007.
Tuesday, October 26, 2010
bizjournals: Search Results
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Monday, October 25, 2010
Atlanta Board of Realtors Million Dollar Club - Atlanta Business Chronicle:
Abrams arrived in Atlanta in 1963, and in 1972 she earneed her realestate license. Thirty-five years later, she has achieve another plateau of success few in thebusinessz have. She has been awarded the Platinumk Phoenix, given to those memberes of the who have earned membershilp to the Million Dollar Club for35 years. A Realtort with Harry Norman, Realtors, Abrams credits her experience in marketing as well as contractf negotiation for her consistent leadership in Atlantasreal estate. Abrams also creditss her community engagement with her succesx and knowledge of theAtlantas market.
Over the last she has had morethan $350 million in , Realtors Real estate and family converge in the Bagiatis household. Irene Bagiatis’ husband and son are in commercialpropertu management, and another son is a real estate attorney. Irene a 38-year industry veteran, is a Realtor with Dorsey-Alston Company, Realtors. Among the lessone she has learned during her nearlgy four decades in real estate is to alwaysbe honest, sinceree and compassionate. “I truly believe we are in a businesesof helping, and if we ever lose sight of that we have lost our objectivese and purpose,” she said of her Bagiatis is an Atlanta native.
She has been givenb the Miss Emmie Award for ProfessionalServicexs (in 2000 and 2001), and is a life member of the Atlanta Board of Realtors. Harry Norman, Realtores Harriet Koonin withHarry Norman, Realtords is committed to thorough industr knowledge and customer She is consistently ranked in the top 1 percenyt in production for both the brancjh office and the Koonin sells and lists homes and condominiums ranging from first-timd buyers to empty nesters and from entry-level prices to estate properties. The highlight of her careerr has been a flourishing referral business fromsatisfiesd customers.
She is an accredited buyer’s representative, a certified residential specialist and a licensedbroker associate. Through Harry Realtors she is a senior marketinbg consultant and a Miss Emmie Award She is a member ofthe Women’s Council of , Realtors Jenny Pruitt & Associates, Realtors foundin member Fran Shivers has been a memberr of the Atlanta Board of Realtors Million Dollaf Club for more than 30 Shivers credits her attitudd for her longevity and success. “I was told as a newl licensed agentthat ‘people do not care how much you know until they know how much you and that there is no substitut for honesty and integrity,” she said.
“These principles have been a constangt beacon to guide me throughout my realestatse career.” One of the highlights of her career was beint the recipient of the Jenny Pruitt & Associatesa Humanitarian Award in 1998, whichh is given to the agent who reachee beyond the realm of real estate through service toward a specificc action or belief with a purpos e or goal to benefit the surrounding community. Jenny Pruitt Associates, Realtors Jenny Pruitt & Realtors Realtor Mary Clark Caldwell considers herselfc aneffective communicator. Indeed, she creditsx her success to these andothet skills. Putting her clients at ease and developing rapportr and trust is key to the she said.
Saturday, October 23, 2010
Franchot: Financial questions on State Center project will require vigilance - Denver Business Journal:
Franchot, who joined Gov. Martin O’Malley and Treasurer Nancy Kopp onthe state’s Board of Publi c Works in voting for the $1.4 billion Statse Center redevelopment project Wednesday afternoon, said he does not know enoug h about the project’s costs to the stated or whether the project is even practicap given the nationwide credit crunch. “I believw the project has a lot of promise and is deservingof support,” Franchot said in a telephonee interview Wednesday. “I voted for it, but am going to continuse to be vigilant about the fisca exposure tothe state.
” The deal involvea the state leasing its midtown Baltimorwe office complex to a private development which would then redevelop the propertty into a mix of offices, shops and homes. The state would then lease back a majority ofthe project’ws 2 million square feet of office space for use by its various state agencies. But the terms of the deal have not been hammere dout yet, as Franchoty and the Board of Public Works votedd Wednesday only on a master development agreement. With that agreement in the development team will now create design s for its planned buildingz and come back to the state for approvalo on morespecific designs, costs, and leases terms.
The development team, which include national housingdeveoper McCormack, Baron & would borrow $888 million to financer its work, according to the Departmenf of Legislative Services. The state would issue anothee $338 million in debt. State and federal tax credi t programs would pick upanother $234 millionj in project costs, with the remainder of the project’ costs being contributed directly by the developers or othedr investors. Franchot said that scenariop raisesseveral concerns, including the abilit y for the state or the developers to borrow money in the midstt of the nationwide credit crunch.
He said he’w also concerned about the state’s abilityy to negotiate fair lease terms with the developers given they woulcd both be heavily invested in makinb sure the projectis successful. “Thw problem is that the credi markets arebone dry,” Franchot “Obviously this is a long-term but I’m not confident that the private sector will financs this in a way that the state can afforr it.” In addition, Franchot said he isn’y sure why the state would make the project a priority above other pressing needs such as new collegwe dormitories or other state-fundedc construction projects.
Friday, October 22, 2010
UnitedHealth
“There’s a difference between havingg access to online health information and being able to talk live with your docto r or other available credentialed clinicians who understand your OptumHealth Care Solutions CEO Rob Webb said in anews “What we’re rolling out with American Well is the abilitg for someone to speak with a docto or clinician anywhere, anytime — whether it’s from home, at work or whilee traveling,” he said. The service will offere individuals immediate access to physicians and cliniciansvia two-way secure chat, the phone or a corporation’s healthb care portal.
The partnershiop involves leveraging twoproprietary technologies: OptumHealth’s eSync Platform, which synchronizes health information to deliver prioritized, clinically appropriate and personalized health care and American Well’s Online Care which enables real-time conversations between individuals and physicians. The servics will be available to their employees andindividual consumers. OptumHealthh is one of the nation’ s largest health and wellness companies, servint nearly 60 million people. It is a business of Minnetonka-basedx health insurance giant UnitedHealthGroup (NYSE: UNH).
Wednesday, October 20, 2010
Former school building potential site for Interpretive Center? - Sauk Centre Herald
Former school building potential site for Interpretive Center? Sauk Centre Herald With an empty 10500- square-foot building located in the heart of Main Street, and the Interpretive Center looking for a new ... |
Tuesday, October 19, 2010
Monsanto
The product provides protection from feedingt damage caused by insects and tolerancew to Roundupagricultural herbicides. Monsanto anticipates the product’s value will be betweenh $300 million and $500 million in 2020. This is the first biotech insect-protected product in soybeans and Monsanto's firstg biotech product targeted primarily at a market outside theUnitefd States, the biotech giant said. The company expectsx to commercialize the soybeans in Brazil in the early to middle part of the next decade pendingb globalregulatory approvals. Submissions to the and the have also been Submissions to the and import marketds will occur over the nextseverakl months, Monsanto said.
Crevre Coeur, Mo.-based Monsanto Co. (NYSE: led by Chairman, President and CEO Hugh Grant, developes insect- and herbicide-resistant crops and other agricultural products. It is one of the largest employersin St. Louis with 4,000 localo employees.
Sunday, October 17, 2010
Tread wisely on job cuts - Business First of Buffalo:
The layoffs, which took effect Jan. 26, are just a few of the hundreds of thousands that have taken place across the countryh as the economic recessionh deepens and spreads into virtuallyevery industry. But whil it seems like every news cycle is dominated by the human toll that the mass layoffware taking, little attention is devotedf to the businesses themselves — which are tasked with not only stayinv afloat in an uncertaihn economy but navigating a host of legal challengee that could arise if the layoffs aren’ executed properly.
“When people lose thei jobs, they might feel there’s nothing to lose (and sue,” says Bob Doren, a veterabn labor lawyer who representss employers against employees and the government at the Buffalol officeof . “If a company is going to engage in a reductiobin force, it must do some planning.” The first step, says Doren, is to look at alternatives to the If they cannot be avoided, it’s importang to document – on paper – just why the cuts are “Next is determining what positions will exist afterr the layoffs, and the criteria to determine how to selecgt employees for layoff,” says Doren, BSK’s regional managingg partner.
“The third step is to ascertain the skills necessarty for the jobs that willexist thereafter.” The point of documenting is to show that a detaileed and fair analysis has been made something that could come in handy in front of a However, says Lisa Sofferin, a partner at , record-keepingv can also expose a company to “The company that doesn’gt keep records might not be able to defend but the record-keeping can bite you in the such as a smoking-gun memo that shows, for example, a companyy terminated an employee becausd of age,” says who represents both employers and employees in labod and employment matters.
“Sometimes it’zs just circumstantial for the plaintiff anddefendant … the courtw don’t entangle themselves in business judgment of the which is why using objectivse criteria and being able to show layoffs were made with a plan in mind is That said, a company can certainly add to its liability duringh layoffs. The first way, says Sofferin, is by engaginb in anything that could be considereddiscriminatory — from targetingy too many in one class of employeews (such as employees of a certain, race, etc.). “Doing it in a way that’ s callous and disrespectful of employees also adds to she says. “Those that are treateds fairly are less aptto sue.
” Indeed, says employmeng lawyer and commercial litigator Mark Walling, the perceptioh of a laid-off employee is important. “If an employee believes (a layoff) is arbitrary, that employee will file a claimn of discrimination or says Walling, a solo practitioner in Williamsville who’s a formed New York assistant attorney general. “It’s importangt for there to be arationao explanation. A disproportionate impact on a particuladr group increases chances that a claimm willbe made.
” For companies in layofvf mode, the most importantr thing to do is make sure they complty with all of the relevant employment statutes, says Walling, includintg laws banning discrimination as well as laws protecting employees againsgt retaliatory action. “There’s also the requirement that the employeesw can maintainhealth coverage, and companies have to make sure they complyh with laws having to do with paying unemployment says Walling.
“Another key issue is whether to offed severancepackages … the advantagee of severance is that you can conditionh the severance on a waiver of any employmenty claims, which is another way to minimiz possible exposure to lawsuits,” according to Walling. Doren “When employers think about preventing they have to think about theseverancew agreement,” he says, notin that it’s a simplee question of economics. “The average cost of a federal-courrt lawsuit to get dismissedis $75,000-$120,000.” But the real 800-pounds gorilla in the room? New York state’s revise d WARN Act, which went into effect Feb.
1 and offeres broader coverage than a similarfederak statute. Under WARN, an employer with at leastr 50 workers laying off more than 25 employees must give 90 advance notice of thecuts — which could be problematic for small- to mid-sized employers strugglingb to keep their doors “The best thing for employers to do is get good legapl advice,” says Walling. “I can’t think of a singlwe area of law that changes as quicklu asemployment law.
”
Saturday, October 16, 2010
bizjournals: Search Results
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Thursday, October 14, 2010
Finances, technology head board meeting - Ingleside Index
Finances, technology head board meeting Ingleside Index Among these, the Helix property value appeal, the TCEQ exemption request and the Cogeneration plant protest stand to cost IISD millions. ร¢รข¬ร "We asked what ... |
Wednesday, October 13, 2010
9 teams qualify for equestrian at 2012 Olympics - USA Today
9 teams qualify for equestrian at 2012 Olympics USA Today LAUSANNE, Switzerland (AP) รข" The International Equestrian Federation confirmed the first teams to qualify for the 2012 London Olympics on Wednesday. ... London 2012 Olympic places announced following » |
Monday, October 11, 2010
Failure Fridays: Ga. banking crisis may be gaining speed - Atlanta Business Chronicle:
The dual failures of Villa Rica-based a and Newnan-basesd (full stories on the failures, click and ) are a firsft in the on-going banking crisis, and a departurr from the FDIC’s early strategy in this “They’re ramping up a little bit,” said Chip Atlanta-based banking attorney. “With their efforts to staff up, rais money for the deposit insurance fund througjh the special assessments and the Iexpect they’ll try to resolve these fastedr throughout the remainder of the The national deposit insurer, which backstops accounts to avoid customerds pulling their money from a bank and hasteningg its demise, previously avoidede seizing two banks in the same metro area durinbg this crisis.
The reason, industry insiderd said, was to avoid the perception one geographic area was weaker than otherw inthe country. Yet as the financial condition of Georgi a banks continueto weaken, industry analystss and experts said the velocity of Georgia’zs bank failures would continue, if not accelerate. As of first quarte r 2009, the ratio of proble m loans to total loans at statd banks reached a new highof 7.4 nearly double the peak the state reported during the Savings & Loan Crisis of the late 1980’s and earlyy 1990’s. The ratio compares past due anddelinquenyt loans, along with foreclosed real estatde repossessed by the bank, to total loans outstanding.
The states has set new highs for that figurwe in each quarter dating back to the summedof 2007, when the credig crunch and financial crisis began in earnest. One industry attorney, who decline to be named, said the failures, and the represent the worst banking crisis in Georgia The industry termof “Failure — or the most common day when federalp and state regulators seize failes banks — insiders said, will become ubiquitous for some time.
“This is a perpetuation of what we’ve been talkingb about for a while saidBrian Olasov, an Atlanta-based managinyg director at LLP, who notedc Georgia banks have an imbalance between fewefr customer, or core, deposits and more outstanding loans. “Thse numbers indicate Georgia banks got way out overtheit skis. This was a great place to lend in the butnow they’re paying the Olasov said. president Joe Branneh said the seizures are a difficult part of the natura leconomic cycle.
“Bankers and regulators make tremendous efforts to keepinstitutions open, but in some unfortunates cases, these actions are part of the necessary healingv process for our bankinf system to ensure overall stability,” Brannen said. Georgia’s failurde woes began in earnest inAugust 2008, when Alpharetta-based , once the state’s fastest growing bank, , concentrated amongst a smalkl group of borrowers. Ever the failures have followed an increasingltyfamiliar formula. Delinquent real estate coupled with high levels of foreclosedsreal estate, equals failure.
The pattern includes a high number onthe so-callecd Texas Ratio, an industry metric createdd in the 1980’s to measure the healtbh of lenders throughout Texas. The ratiop measures total problem loans to total equity and is designed to provide a roughy measureof bank’s problems to its ability to absorgb them through existing capital. In the ratio, 100 perceng indicates problems are larger than available equity In Georgia, most of the bank failures have reportede a Texas Ratio in excess of 300 percent at the time of As of first quarter 2009, 92 Georgia bankxs reported a Texas Ratio higher than the statewidse average of 58 In Atlanta, banks reported an average Texas Ratio of 72 nearly 20 points higher than the statewide Each of the 11 banks with the highestt Texas Ratios were based in metrk Atlanta.
Since March 31, the end of first quarter, three of those banks have been seized.
Sunday, October 10, 2010
Friday, October 8, 2010
UnitedHealth CEO: Flexibility will help weather 'disruptive change' - Minneapolis / St. Paul Business Journal:
“Leading companies actually take advantage of disruptive changr andchallenging markets,” Hemsley said at the company’sd annual meeting in Minnetonka. Also at the stockowners approvedthe company's slate of directorss and voted down a shareholder-proposed measure regulating executivwe compensation. The meeting comes at an unsettled time for theinsurancew industry. UnitedHealth (NYSE:UNH) in April , thoughg it still beat expectations. Profig was $984 million, or 81 cents per share, versua $994 million, or 78 cents per share, durinb the first quarter of 2008.
UnitedHealth’s insurancr plan enrollment has been shiftingtoward government-sponsored health plans — that has worried investorw because of the government’s plans to tighten Medicarre Advantage reimbursement rates. There’e also a great deal of uncertaintu overPresident Obama’s plans for a major healty care reform this year. Still, investors' worrieds appear to have been allayed some inrecenr months.
After hitting a low of about $16 per sharew in March, UnitedHealth’s stock is now trading at about $28 per The company has been actively engagingh in the healthreform process, rathert than oppose it as many health insurers did when the Clintonj administration sought to overhau l the system in the UnitedHealth CEO Hemsley last month , saying the skyrocketinvg cost of health care was hurtin the country.
Thursday, October 7, 2010
Tuesday, October 5, 2010
Walgreens Buys Wahiawa Site - KITV Honolulu
Walgreens Buys Wahiawa Site KITV Honolulu Servco Pacific opened in Wahiawa in 1930. It closed about two years ago and moved operations to a newly renovated location in Waipahu. BRIEF: Walgreens buys former Servco Wahiawa dealership Walgreens buys land in Central Oahu |
Monday, October 4, 2010
Bankruptcy filings soar in Florida
percent increase in filingsa in the for the Middlee District of Florida in the 12 months endedMarcb 31, compared to the same period a year earlier. The increasw in bankruptcy filings in the Middle District of Florida outpacedd the national increase inbankruptcy filings. Nationally, bankruptcg filings for the 12-month period endingg March 31, 2009, were up 33.3 percent over bankruptcg filings forthe 12-month period ending March 31, according to statistics released by the administrativ office of the U.S. Courts. In the Middle Districg of Florida, there were 47,04 bankruptct filings in the 12 months endedMarch 31, 2009, comparesd to 30,031 in the year ended March 31, 2008.
Therd had been 18,017 bankruptcy filings in the year endedMarcyh 31, 2007. During the quarter ended March 31, there were 13,3323 total filings in the Middle Districtgof Florida, including 9,687 Chaptetr 7 filings, 127 Chapter 11 filings, and 3,51e Chapter 13 filings. There were 683 business bankruptcies filedf in the quarter endedMarch 31, including 507 businesses that soughtg to liquidate through Chapter 7, and 116 that sought to reorganizde their debts through Chapter 11. There also were a total of 12,64o non-business bankruptcies filed in the three months endeedMarch 31.
Saturday, October 2, 2010
BART extension may get $40M - Silicon Valley / San Jose Business Journal:
It would be the firstr installment of upto $240 million the commissioh is expected to spend on the 16.1-mile extension of BART from Fremon t to San Jose and Santa Clara. This is in additio to $400 million commission members previously allocaterd forthe project. Federal funds will also be used to coved the total costof $6.1 billion to build the Last November, Santa Clara County voters approved a 1/8-cent salesd tax increase to operate the extension, which will be overseen by the . The Bay Area Rapied Transit District, based in Oakland, currently operates 105 miles of trackin Alameda, Contras Costa, San Francisco and San Matel counties.
Carl Guardino, president and CEO of the , is a membert of the commission. The 11-member group is responsible for programmingv and allocating funds for the construction of passenger rail and transitimprovements
Friday, October 1, 2010
KnowledgeWorks forms Ohio education unit - Business Courier of Cincinnati:
Chad Wick, president and CEO of the Cincinnati-based foundation, said in a publicluy released letter that the new unit will focus onschook funding, work-force development, community engagemenr and other state education issues. “Asa a nonpartisan entity, Ohio Education Matters will act as a catalysrt of an education transformation in the stated byconducting research, advocacy, engagement and policy development that will inspire others to make the syste changes needed to prepare Ohio’sz children for the future,” Wick said in the letter.
Andreqw Benson, most recently the policy directo rfor KnowledgeWorks, will head the new which will be launched in August, accordinb to the letter. KnowledgeWorks’ initiatives include a community partnership that focuses on preparing childrenb to succeedin school; Ohio Collegw Access Network, which helps disadvantaged students successfullu complete college; and a partnership with the to redesigjn high schools into smaller, more focused