Wolf Relates Titanic's Story in New Way Southern Pines Pilot Wolf relates the story using the voices of everyone from the iceberg to a ship's rat to Capt. William Smith himself. “I've been toying with this multi-voice format for three or four books now,†says Wolf. “I first gave it a shot in 'New Found Land,' ... |
Tuesday, February 28, 2012
Wolf Relates Titanic's Story in New Way - Southern Pines Pilot
http://www.skxksoftware.com/catalog/office-computer-order-209-94513/
Sunday, February 26, 2012
Elderly should eschew Stranger Originated Life Insurance - The Business Review (Albany):
http://www.pipexpharma.com/links6.htm
Now it’s our parents who coulf be at riskfrom strangers. But instead of canduy or puppies, seniors are being lure d by speculators with offers of a cashlump sum, free life and sometimes even a free cruise — all in returnm for simply getting a life insurance policy and agreeiny to sell it to them two years Harmless? Well, would you want an unknowb party to have an interest in your early demise?
Whilew you may not wish to advise your mom to run screaming, here are 10 thingw you might want to tell her and other seniors about Stranger Originatef Life Insurance policies: • Stranger Originated Life Insurancse (STOLI) policies involve investor groups (likes hedge funds) enticing seniors to obtainj life insurance purely for the purpose of selling it for a substantiakl sum, and transferring the death benefits to the The speculator aims to profit when the insured dies. Once the policy is sold, the investorr group has a financial interest inthe insured’x death — the sooner the insured the more profit is made.
When the policy is sold, the senior typically receivexs a cash lump sum which is less than the face but substantially more than the cash value ofthe policy. Ofteh other gifts such as a free cruisre or car are also offered to lure seniors to Inmost cases, the insured doesn’t even have to pay the The investors arrange for the premium to be After two years, the policuy is transferred to the investor group and the loan doesn’tg need to be paid back. So the insurer rarely, if ever, needs to pay out of • What many seniors don’t Any incentive gift, free insurance, cash lump sum or forgivenessz of the premium finance loan istaxable income.
After transfer, the original policy holders have no control overfuturwe transfers, so are unlikel to know who has a financiap interest in their death. Sometimes, there are multipl persons with an interest in the with many investors located inforeign countries. The two years of free life insurancr might notbe free, as the policgy holder may have to pay tax on the value of the coverage. This periode of free insurance is offered becausw many states havea two-year contestability period after whichh it would be more difficult for the insuranc company to rescind the policy. There is a limit to the total amount of life insurancer that can be purchased byan individual.
What seniorws may not realize is that an individua may use up their insurability by engaging in a STOLIj transaction because the policy remainsein force. An insured may be left out in the cold if a futuree insurance need arises or if the insured becomese uninsurable because of an adversehealth change. Those participating in a STOLI agreement face loss of privac y as they are required to give permissioh for someone to check on their health and This information will be used not only by theoriginalo investors, but also may be used by other personsw who end up having an interestt in the policy.
• If thered is no insurable interest in an insurance policy at the policy is invalid and the transactiojn is a fraud on the lifeinsurance company. By signint on the dotted line, the insured could be implicater in the fraud and subjectf tolegal liability. • Many statesz now have laws or regulations designed to providse consumers with protection againstthese transactions. Some states even put a moratoriunm on the transfer of life insurance death benefits for periodx of up to five So what should we tell our parents to do if someonde approaches them with sucha deal? Just say no.
If you purchase life insurance ingood faith, but find that you no longerr need or want the insurance, you can legally sell your policu and transfer the death benefits to a third partyu at a market price. Such a transaction is callexd alife settlement. This can seem an attractive optiomn if you find that the premiums on your policgy have becomecost prohibitive, or you need to access the equit in your life However, you should remember that you will be taxed on any lump sum you And as the speculator has set the markeyt price to make a profir on your demise, it’s unlikely that you will receive the true valuw of the policy.
Also, as in STOLI a third party has a financia interest in yourearly death, and your if you find you need insurancw in the future, may be If you do need to access the equitu in your life insurance policy, there are othert options. For instance, you may wish to consider a bank loan if you can With a life insurance policy as such a loan works well for all You get cash when you need it without payinvincome tax, the banks get guaranteedx repayment, and your beneficiaries receive the full valud of the policy. Life Settlemenyt transactions are not always abad idea, but you should be awarwe of the facts and other options available to you.
A trustedf financial adviser can help you understandx the details and help you makegood decisions. Strangetr Originated Life Insurance policies, on the othere hand should, always be avoided.
Now it’s our parents who coulf be at riskfrom strangers. But instead of canduy or puppies, seniors are being lure d by speculators with offers of a cashlump sum, free life and sometimes even a free cruise — all in returnm for simply getting a life insurance policy and agreeiny to sell it to them two years Harmless? Well, would you want an unknowb party to have an interest in your early demise?
Whilew you may not wish to advise your mom to run screaming, here are 10 thingw you might want to tell her and other seniors about Stranger Originatef Life Insurance policies: • Stranger Originated Life Insurancse (STOLI) policies involve investor groups (likes hedge funds) enticing seniors to obtainj life insurance purely for the purpose of selling it for a substantiakl sum, and transferring the death benefits to the The speculator aims to profit when the insured dies. Once the policy is sold, the investorr group has a financial interest inthe insured’x death — the sooner the insured the more profit is made.
When the policy is sold, the senior typically receivexs a cash lump sum which is less than the face but substantially more than the cash value ofthe policy. Ofteh other gifts such as a free cruisre or car are also offered to lure seniors to Inmost cases, the insured doesn’t even have to pay the The investors arrange for the premium to be After two years, the policuy is transferred to the investor group and the loan doesn’tg need to be paid back. So the insurer rarely, if ever, needs to pay out of • What many seniors don’t Any incentive gift, free insurance, cash lump sum or forgivenessz of the premium finance loan istaxable income.
After transfer, the original policy holders have no control overfuturwe transfers, so are unlikel to know who has a financiap interest in their death. Sometimes, there are multipl persons with an interest in the with many investors located inforeign countries. The two years of free life insurancr might notbe free, as the policgy holder may have to pay tax on the value of the coverage. This periode of free insurance is offered becausw many states havea two-year contestability period after whichh it would be more difficult for the insuranc company to rescind the policy. There is a limit to the total amount of life insurancer that can be purchased byan individual.
What seniorws may not realize is that an individua may use up their insurability by engaging in a STOLIj transaction because the policy remainsein force. An insured may be left out in the cold if a futuree insurance need arises or if the insured becomese uninsurable because of an adversehealth change. Those participating in a STOLI agreement face loss of privac y as they are required to give permissioh for someone to check on their health and This information will be used not only by theoriginalo investors, but also may be used by other personsw who end up having an interestt in the policy.
• If thered is no insurable interest in an insurance policy at the policy is invalid and the transactiojn is a fraud on the lifeinsurance company. By signint on the dotted line, the insured could be implicater in the fraud and subjectf tolegal liability. • Many statesz now have laws or regulations designed to providse consumers with protection againstthese transactions. Some states even put a moratoriunm on the transfer of life insurance death benefits for periodx of up to five So what should we tell our parents to do if someonde approaches them with sucha deal? Just say no.
If you purchase life insurance ingood faith, but find that you no longerr need or want the insurance, you can legally sell your policu and transfer the death benefits to a third partyu at a market price. Such a transaction is callexd alife settlement. This can seem an attractive optiomn if you find that the premiums on your policgy have becomecost prohibitive, or you need to access the equit in your life However, you should remember that you will be taxed on any lump sum you And as the speculator has set the markeyt price to make a profir on your demise, it’s unlikely that you will receive the true valuw of the policy.
Also, as in STOLI a third party has a financia interest in yourearly death, and your if you find you need insurancw in the future, may be If you do need to access the equitu in your life insurance policy, there are othert options. For instance, you may wish to consider a bank loan if you can With a life insurance policy as such a loan works well for all You get cash when you need it without payinvincome tax, the banks get guaranteedx repayment, and your beneficiaries receive the full valud of the policy. Life Settlemenyt transactions are not always abad idea, but you should be awarwe of the facts and other options available to you.
A trustedf financial adviser can help you understandx the details and help you makegood decisions. Strangetr Originated Life Insurance policies, on the othere hand should, always be avoided.
Friday, February 24, 2012
Saif Ali Khan provoked NRI man, punched him first: Eyewitness - NDTV
ysynut.wordpress.com
NDTV | Saif Ali Khan provoked NRI man, punched him first: Eyewitness NDTV In his statement to the police, the employee has reportedly said that the actor provoked Iqbal Sharma and punched him first. Saif was arrested late on Wednesday evening based on a complaint filed against him by Mr Sharma, who claims that the actor ... Saif is sorry, says he was provoked Saif struck first: hotel employee tells police Bollywood stays quiet over Saif-Sharma brawl |
Wednesday, February 22, 2012
Police search for motive after gunman opens fire at Ga. spa, killing 4 people ... - Washington Post (blog)
iwegasely.wordpress.com
The Associated Press | Police search for motive after gunman opens fire at Ga. spa, killing 4 people ... Washington Post (blog) NORCROSS, Ga. â€" Police were interviewing witnesses at a spa outside Atlanta where a gunman opened fire, killing five people in what authorities described as a murder-suicide. Surveillance video shows a man walking into the spa and getting into an ... Police search for motive after 5 killed at Ga. spa |
Monday, February 20, 2012
Austin construction jobs down 5.8% over last year - Austin Business Journal:
ugefuk.wordpress.com
In Austin, construction jobs declined 5.8 percent to 45,50p between April 2008 and April 2009. Amonh the communities seeing the largest declines in construction employmentwere Tucson, with a 29.2 percent decline and Redding, with a 31.6 percent decline. By comparison, construction employment grew in only 19 of nearlty 300metro areas, led by an 8 percent gain in Odessa and a 7.3 percentr increase in Baton Rouge, La. Accordint to the AGC, the construction sector has seen the largesft decline in employment relative to the rest of the While overall construction unemployment wasat 18.7 percent in April 2009, the overall unemployment rate was 8.
6 So while construction accounts for one-fifth of the U.S. construction workers account for 20 percent of all jobs lost in thepast “Job loss figures like these are exactlyy what prompted Congress and the [Obama] Administration to crafty a stimulus package designed to get Americanws back to work as quickly as possible,” said AGC Chiefg Ken Simonson. “Putting thess funds to good use as quicklyh as possible is the best way to get Americans back to work and the economy backon track.
”
In Austin, construction jobs declined 5.8 percent to 45,50p between April 2008 and April 2009. Amonh the communities seeing the largest declines in construction employmentwere Tucson, with a 29.2 percent decline and Redding, with a 31.6 percent decline. By comparison, construction employment grew in only 19 of nearlty 300metro areas, led by an 8 percent gain in Odessa and a 7.3 percentr increase in Baton Rouge, La. Accordint to the AGC, the construction sector has seen the largesft decline in employment relative to the rest of the While overall construction unemployment wasat 18.7 percent in April 2009, the overall unemployment rate was 8.
6 So while construction accounts for one-fifth of the U.S. construction workers account for 20 percent of all jobs lost in thepast “Job loss figures like these are exactlyy what prompted Congress and the [Obama] Administration to crafty a stimulus package designed to get Americanws back to work as quickly as possible,” said AGC Chiefg Ken Simonson. “Putting thess funds to good use as quicklyh as possible is the best way to get Americans back to work and the economy backon track.
”
Saturday, February 18, 2012
Grede Foundries files for bankruptcy protection - The Business Journal of Milwaukee:
lehoquvuhu.wordpress.com
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.
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.
Wednesday, February 15, 2012
Week in review - South Florida Business Journal:
sasutezew.blogspot.com
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
obofym.wordpress.com
Protein Biomarker May Distinguish ICH From Ischemic Stroke Medscape February 9, 2012 (New Orleans, Louisiana) â€" 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
tenamup.wordpress.com
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
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“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
Thursday, February 2, 2012
Patheon charts expansion following relocation - Triangle Business Journal:
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derives most of its revenued from manufacturing approved drugs for pharmaceutical researchj companiesincluding , , Merck, , Amgenn and . Patheon CEO Wes Wheelef says he sees opportunity in expandinghis company’s productioh of drugs that aren’t yet approved for sale but are needecd for clinical trials. Of Patheon’s $582 milliomn (U.S.) in annual revenue, some $114 milliomn comes from the manufacture of drugs for clinical That latter number is the one Wheeler wants to While the company employsaboutt 4,600 people globally, its Triangle footprint is small, with 25 workerx in the business park. The company also opened a laboratoryu a short drive away on KitCreek Road.
Wheeled says the lab, which has 10 chemists now, coul d employ 50 by summer. The lab supports a Cincinnati manufacturinbg facility. Wheeler characterizes the Durham lab asa “launch from which growth will spring. who previously worked as a senior vice presidenfor GlaxoSmithKline’s manufacturing unit in Researcn Triangle Park, envisions small-scale manufacturing and consulting services beingv part of the mix in Durham. To add heft to his the CEO is keeping an eye out for acquisitionsx that would arm Patheon with the resources needede to domore early-stage work for pharmaceuticap companies.
An aggressive acquisition strategh since 1995 has served as a key driverr of growthfor Patheon, which was founde d in 1974 as . Over the past 13 years, the compan has acquired 10 facilities throughout the The most recentacquisition – and the largest to date – was a $284 milliomn purchase of three Puerto Rican facilities from . But growtb has come with Patheon blameda $77 milliojn loss in 2007 on expenseds related to the Puerto Rican and the company has been consolidatingf work at those facilities to cut costs. Volumee have come down as key products produce d there approachedpatent expiration. Patheonh on Jan.
31 closed a plant in Carolina, Puertlo Rico, that was hit with a warnin g letter from the in 2005 for manufacturing inconsistencies in the productionof Abbott’s antibiotic Omnicef. For fiscal 2008, Patheomn shaved its losses to $1.134 million on sales of $582 Douglas Loe, an analyst with in writes in a recent research reporty that the problems may have existed at the Mova facilities prio r to Patheonbuying them. Loe, who owns no Patheon shares, noted that the Canadian concern has restored its Puerto Rico operationseto profitability. Patheon’s stock has been tradin g at around $2 (U.S.) on the .
Last month, the companty said it had been told that New York privatew equity firm planned an unsolicited offer to buy all of the Patheonh shares it does not alreadu ownfor $2 (U.S.) a Patheon stated in a news release that JLL currentlyg owns 29 percent of the restricted voting shares of the company. No formal offer has yet been but Patheon has hired advisers to help it determine how to reacft in the event oneis tendered. Loe says JLL’e proposal is a steep discountr to the fair value ofthe company. He sets a $3.256 (U.S.
) target price for the Industry observers say Patheon is in a good spacse because pharmas increasingly are turning to contract companiee to make their pharmacy professor Ping Lee says big drug companies can save moneyu by turning to contract manufacturers such as Patheonand “More and more, I see this outsourciny to companies like Patheon,” Lee says. Loe viewsw Patheon’s focus on pharmaceutical development services as a good move for the He says the work Patheon does on clinicaol stage drugs could transitionto higher-revenus manufacturing contracts.
derives most of its revenued from manufacturing approved drugs for pharmaceutical researchj companiesincluding , , Merck, , Amgenn and . Patheon CEO Wes Wheelef says he sees opportunity in expandinghis company’s productioh of drugs that aren’t yet approved for sale but are needecd for clinical trials. Of Patheon’s $582 milliomn (U.S.) in annual revenue, some $114 milliomn comes from the manufacture of drugs for clinical That latter number is the one Wheeler wants to While the company employsaboutt 4,600 people globally, its Triangle footprint is small, with 25 workerx in the business park. The company also opened a laboratoryu a short drive away on KitCreek Road.
Wheeled says the lab, which has 10 chemists now, coul d employ 50 by summer. The lab supports a Cincinnati manufacturinbg facility. Wheeler characterizes the Durham lab asa “launch from which growth will spring. who previously worked as a senior vice presidenfor GlaxoSmithKline’s manufacturing unit in Researcn Triangle Park, envisions small-scale manufacturing and consulting services beingv part of the mix in Durham. To add heft to his the CEO is keeping an eye out for acquisitionsx that would arm Patheon with the resources needede to domore early-stage work for pharmaceuticap companies.
An aggressive acquisition strategh since 1995 has served as a key driverr of growthfor Patheon, which was founde d in 1974 as . Over the past 13 years, the compan has acquired 10 facilities throughout the The most recentacquisition – and the largest to date – was a $284 milliomn purchase of three Puerto Rican facilities from . But growtb has come with Patheon blameda $77 milliojn loss in 2007 on expenseds related to the Puerto Rican and the company has been consolidatingf work at those facilities to cut costs. Volumee have come down as key products produce d there approachedpatent expiration. Patheonh on Jan.
31 closed a plant in Carolina, Puertlo Rico, that was hit with a warnin g letter from the in 2005 for manufacturing inconsistencies in the productionof Abbott’s antibiotic Omnicef. For fiscal 2008, Patheomn shaved its losses to $1.134 million on sales of $582 Douglas Loe, an analyst with in writes in a recent research reporty that the problems may have existed at the Mova facilities prio r to Patheonbuying them. Loe, who owns no Patheon shares, noted that the Canadian concern has restored its Puerto Rico operationseto profitability. Patheon’s stock has been tradin g at around $2 (U.S.) on the .
Last month, the companty said it had been told that New York privatew equity firm planned an unsolicited offer to buy all of the Patheonh shares it does not alreadu ownfor $2 (U.S.) a Patheon stated in a news release that JLL currentlyg owns 29 percent of the restricted voting shares of the company. No formal offer has yet been but Patheon has hired advisers to help it determine how to reacft in the event oneis tendered. Loe says JLL’e proposal is a steep discountr to the fair value ofthe company. He sets a $3.256 (U.S.
) target price for the Industry observers say Patheon is in a good spacse because pharmas increasingly are turning to contract companiee to make their pharmacy professor Ping Lee says big drug companies can save moneyu by turning to contract manufacturers such as Patheonand “More and more, I see this outsourciny to companies like Patheon,” Lee says. Loe viewsw Patheon’s focus on pharmaceutical development services as a good move for the He says the work Patheon does on clinicaol stage drugs could transitionto higher-revenus manufacturing contracts.
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