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Frances R. Roggenbaum, who practices in the firm’z insurance corporate and regulatorypracticr group, will serve as the office managinb partner. Also based out of the office will be tax partnerrDan A. Schulder, who joined from Wolf Block. The thirsd partner stationed there will beJeffrey J. Norton, the formet P.H. Glatfelter Co. general counsel who joinef the firm a few months ago and concentrates his practicewon energy, utilities, alternative clean and climate change matters, as well as corporatde regulatory and compliance matters, commercialo transactions, and mergers and acquisitions.
McGuinnes said the law firm woule like to add more regulatory lawyers and government relations personnel to theHarrisburg site. He said formet Wolf Block Chairman Mark Alderman and formefr Blank Rome ChairmanDavid Girard-diCarlo, who also joinee this spring, have been working on the government relationas practice in Washington, Philadelphia and New York but that the firm coul d use lobbyists on site in Harrisburg. The Wilkezs Barre office will be manned by anotherf lateral partner fromthis year, litigator John who joined from a small firm and has been workingt out of a virtual office. The firm has space at 120 S. Franklin St. The firm now has 24 totakl offices.
Cozen also said earlier this week that it has startedx a capital marketspractice group. The groul will counsel issuers, underwriters, investorse and other market Leading the group will beAbby Wenzel, the head of Wolf Block’a New York office who has take n on the same role for Former Wolf Block real estate partneer Helene Jaron will also work in the grouop along with Michael chairman of Cozen O’Connor’s business law McGuinness said the group will include at least five partneres and is another examplwe of the benefit of adding the almosyt 70 lawyers from dissolving Wolf Block earlier this year.
Monday, October 31, 2011
Saturday, October 29, 2011
Lexington Realty Trust to Present at Investor Conference
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Lexington's presentation is scheduled for June 4, 2009 at 10:15 a.m., Eastern Presenting will be T. Wilson Eglin , Lexington'd Chief Executive Officer, President and Chietf Operating Officer. A copy of the material used during the presentation will be availableon Lexington'a web site in the Investor Relations sectio beginning on Thursday, June 4, 2009. In connection with the Lexington is providing the following update on secondquartere activity: -- Lexington reduced its consolidatefd debt by $81.3 million, including $46. 6 million original principal amountof 5.45% Exchangeable Guaranteedx Notes repurchased at an 18.1% discount. As of June 3, 2009, $141.
9 million original principalp amountof 5.45% Exchangeable Guaranteed Notes remain outstanding. -- Lexington sold its interestw in five properties to unrelates parties for an aggregate sales price ofapproximatelyg $58.2 million. The properties generated annualizedr net operating incomeof $4.4 or 7.6% of the sales price. -- Lexingtobn received approximately $3.9 million in full satisfaction of two loanseit held. -- Lexington executed 18 new and renewal lease forapproximately 663,000 square feet.
Lexington Realtu Trust is a real estate investment trustthat owns, invests in, and managew office, industrial and retail propertiexs net-leased to major corporations throughout the United Statesx and provides investment advisory and asset managementf services to investors in the net lease Lexington shares are traderd on the New York Stock Exchangd under the symbol "LXP". Additional information aboutf Lexington isavailable on-line at or by contactin Lexington Realty Trust, , Suite New York, New York 10119-4015, Investor Relations.
Lexington's presentation is scheduled for June 4, 2009 at 10:15 a.m., Eastern Presenting will be T. Wilson Eglin , Lexington'd Chief Executive Officer, President and Chietf Operating Officer. A copy of the material used during the presentation will be availableon Lexington'a web site in the Investor Relations sectio beginning on Thursday, June 4, 2009. In connection with the Lexington is providing the following update on secondquartere activity: -- Lexington reduced its consolidatefd debt by $81.3 million, including $46. 6 million original principal amountof 5.45% Exchangeable Guaranteedx Notes repurchased at an 18.1% discount. As of June 3, 2009, $141.
9 million original principalp amountof 5.45% Exchangeable Guaranteed Notes remain outstanding. -- Lexington sold its interestw in five properties to unrelates parties for an aggregate sales price ofapproximatelyg $58.2 million. The properties generated annualizedr net operating incomeof $4.4 or 7.6% of the sales price. -- Lexingtobn received approximately $3.9 million in full satisfaction of two loanseit held. -- Lexington executed 18 new and renewal lease forapproximately 663,000 square feet.
Lexington Realtu Trust is a real estate investment trustthat owns, invests in, and managew office, industrial and retail propertiexs net-leased to major corporations throughout the United Statesx and provides investment advisory and asset managementf services to investors in the net lease Lexington shares are traderd on the New York Stock Exchangd under the symbol "LXP". Additional information aboutf Lexington isavailable on-line at or by contactin Lexington Realty Trust, , Suite New York, New York 10119-4015, Investor Relations.
Thursday, October 27, 2011
Judge puts off decision in Hilo Hattie case - Tampa Bay Business Journal:
showarticle-cultura.blogspot.com
The plan would also cancel the concession agreement that Maui Divers Jewelry has with Hilo Hatti e at itsseven stores. The amended plan was submittecdon Friday, a week after Donalc B.S. Kang, president of garment manufacturedr RoyalHawaiian Creations, acquired 100 percenyt of Hilo Hattie stock on June 19 for undisclosed Even though the stock has changecd hands, the fate of the company and its debtsd and assets remains tied up in bankruptcu court. Kang has said he has $1 milliomn in cash that would be used to immediately fund a line of credit for the His attorney, James told U.S.
Bankruptcy Judge Robert Farisx at a hearing Monday that Kang hasanother $2 millionm in credit lined up with Firsg Hawaiian Bank that would be used afterd the company emerges from bankruptcy reorganization. That couled be as early as September, Wagner told PBN. Wagnere also told the who lifted a suspension onHilo Hattie’s ability to that Kang would inject $500,000 cash into the business, and anotherr $500,000 in inventory until the Chapter 11 plan is Faris on Monday delayed a decision until July 15 on the efforty by Maui Divers Jewelry to buy Hilo Hattie.
Maui Divers offered to pay $1 million for the compang at closing and then to immediatelyinjectg $2 million in capital into the operations. Maui plan had the support of the committee ofunsecurex creditors, and an attorney for Generall Growth Properties, which is the landlord for two of its stores, said the companu had worked out a deal for the leases at Ala Moanaz Center and Prince Kuhio Plaza in Maui Divers had not reached agreement with the landlordsd of its five other stores, sayingh the landlords would not agree to a deal until they knew whetherr Maui Divers would becomde Hilo Hattie’s new owner.
Wagner, told the judge that Kang had agreementds withthose landlords, but not with Generap Growth. The mall owner, which is also in Chapter 11 was concernedthat post-bankruptcy Hilo Hattie stores would not contain Maui Diver concessions, which generate some 50 percent of the store’s according to General Growth’s attorney Ivan When Faris questioned Wagner about what would happenb if Hilo Hattie was unable to renegotiate a concession agreement with Maui Divers, Wagner said therwe were other concessions, other jewelry companiesx that could presumably take its place. “The debtodr is not averse to having MauiDiverws concessions,” Wagner told the court.
“W e can’t force Maui Divers to come to the bargaining Maui Divers President and CEO Bob Taylor declined to commeng after the hearing about the offer or the proposed cancellation of the concessions at the HiloHattire stores. The attorney for the committes ofunsecured creditors, Ted noted that Maui Divers had placer a $50,000 deposit on the deal. “Asw of today, Maui Divers has not asked for a refund oftheirf deposit, which I take as an indication that they are proceeding with their he told PBN. Pettit had argued that Kang’ acquisition of the Hilo Hattie stock was subject to courtf approval as part of the bankruptcy but Faris said that itwas not.
Faris also delayed ruling on the committee’as motion to appoint a Chapter 11 as well as a motion bythe U.S. Trustes to convert the case to Chaptee 7 liquidation or dismissit altogether. Kang took over as president and CEO of the compang last week after CEO Ted Nelsonb and President John Scott Craig Bingham remained CFO while adding the titles treasurert and executivevice president, while Mark who was treasurer, is now chief operating officer and executivr vice president.
David who is Kang’s is now executive vice president and secretary of the andTerri Funakoshi, Hilo Hattie’z general merchandise manager, was promoted to executive vice president of
The plan would also cancel the concession agreement that Maui Divers Jewelry has with Hilo Hatti e at itsseven stores. The amended plan was submittecdon Friday, a week after Donalc B.S. Kang, president of garment manufacturedr RoyalHawaiian Creations, acquired 100 percenyt of Hilo Hattie stock on June 19 for undisclosed Even though the stock has changecd hands, the fate of the company and its debtsd and assets remains tied up in bankruptcu court. Kang has said he has $1 milliomn in cash that would be used to immediately fund a line of credit for the His attorney, James told U.S.
Bankruptcy Judge Robert Farisx at a hearing Monday that Kang hasanother $2 millionm in credit lined up with Firsg Hawaiian Bank that would be used afterd the company emerges from bankruptcy reorganization. That couled be as early as September, Wagner told PBN. Wagnere also told the who lifted a suspension onHilo Hattie’s ability to that Kang would inject $500,000 cash into the business, and anotherr $500,000 in inventory until the Chapter 11 plan is Faris on Monday delayed a decision until July 15 on the efforty by Maui Divers Jewelry to buy Hilo Hattie.
Maui Divers offered to pay $1 million for the compang at closing and then to immediatelyinjectg $2 million in capital into the operations. Maui plan had the support of the committee ofunsecurex creditors, and an attorney for Generall Growth Properties, which is the landlord for two of its stores, said the companu had worked out a deal for the leases at Ala Moanaz Center and Prince Kuhio Plaza in Maui Divers had not reached agreement with the landlordsd of its five other stores, sayingh the landlords would not agree to a deal until they knew whetherr Maui Divers would becomde Hilo Hattie’s new owner.
Wagner, told the judge that Kang had agreementds withthose landlords, but not with Generap Growth. The mall owner, which is also in Chapter 11 was concernedthat post-bankruptcy Hilo Hattie stores would not contain Maui Diver concessions, which generate some 50 percent of the store’s according to General Growth’s attorney Ivan When Faris questioned Wagner about what would happenb if Hilo Hattie was unable to renegotiate a concession agreement with Maui Divers, Wagner said therwe were other concessions, other jewelry companiesx that could presumably take its place. “The debtodr is not averse to having MauiDiverws concessions,” Wagner told the court.
“W e can’t force Maui Divers to come to the bargaining Maui Divers President and CEO Bob Taylor declined to commeng after the hearing about the offer or the proposed cancellation of the concessions at the HiloHattire stores. The attorney for the committes ofunsecured creditors, Ted noted that Maui Divers had placer a $50,000 deposit on the deal. “Asw of today, Maui Divers has not asked for a refund oftheirf deposit, which I take as an indication that they are proceeding with their he told PBN. Pettit had argued that Kang’ acquisition of the Hilo Hattie stock was subject to courtf approval as part of the bankruptcy but Faris said that itwas not.
Faris also delayed ruling on the committee’as motion to appoint a Chapter 11 as well as a motion bythe U.S. Trustes to convert the case to Chaptee 7 liquidation or dismissit altogether. Kang took over as president and CEO of the compang last week after CEO Ted Nelsonb and President John Scott Craig Bingham remained CFO while adding the titles treasurert and executivevice president, while Mark who was treasurer, is now chief operating officer and executivr vice president.
David who is Kang’s is now executive vice president and secretary of the andTerri Funakoshi, Hilo Hattie’z general merchandise manager, was promoted to executive vice president of
Tuesday, October 25, 2011
MindComet Pivots to Focus Exclusively on Social Media Services - San Francisco Chronicle (press release)
uqudenlid.blogspot.com
MindComet Pivots to Focus Exclusively on Social Media Services San Francisco Chronicle (press release) "We are shifting our business to focus exclusively on social media services and further cultivate our leadership in the space." MindComet was a groundbreaker in social media marketing and started providing its services prior to the mainstream adoption ... |
Sunday, October 23, 2011
Gerberding helped steer CDC through new era - Atlanta Business Chronicle:
elisovadinaimar.blogspot.com
“I had hyperactive empathy said the former director ofthe . “I rescued the blinx bunny, injured bird, sick puppy.” Some youngt girls go to Girls Scout Gerberding was more interested in looking at things through a microscope and playing with achemistrgy set, she said. That set Gerberding, 53, on a course that wouled lead to her heading upthe nation’d largest health-care organization — seeingb it through tremendous global growth, a threat of national terrorism and an unprecedented Gerberding is being honored with the 2009 Lifetimr Achievement Health-Care Heroes award for her service to the community and the A South Dakota native and infectiouxs disease expert, Gerberding was named CDC directorf in 2002.
She joined the Atlanta-basee agency in 1998 as directof of the Division of HealthcareQualith Promotion, where she developed patient safetyt initiatives and other programs to prevent infections, antimicrobial resistancer and medical errors in health-care settings. Beforde that, Gerberding headed the Prevention Epicenter, an infectionm prevention program for patients atthe , San Gerberding may have had her biggest impacgt on health care while at , part of the UCSF campus, said Dr.
Juliusz Krevans, former dean of school of medicinew and chancellor at the A youngfaculty member, she helped create protocols and planas on how employers should deal responsibly with HIV-infectedr employees, he said. The and the federal government eventually adoptedd thesame guidelines, Krevans said. Gerberding was thrus t into the spotlight when she took the reinsd of the CDCin 2002, shortly following Sept. 11. “Here’es an infectious disease doc who came up through the rankss to run one of thebiggest health-carre organizations in the world,” said Tom Bell, CEO of , a personap friend. “In my opinion, she’z taken some very tough stances.
” Gerberding’s tenure was not without criticism. Detractors felt she sacrificed scienc e for politics in the Bush particularly in allowing her congressional testimony on globa warming tobe stricken. Gerberding helped change the CDC from beintg a great research and investigative system to an organization with a wholnew mandate, including dealing with bioterroriskm threats, Bell said. To make the CDC more Gerberding set out to restructure and reorganizse theoperation — also no smallk feat, said Kent C. “Oz” Nelson, retirec chairman and CEO of and honorary board membetr of the nonprofitCDC Foundation.
“It would have been very easy to do businesswas usual,” Nelson said. And Gerberding got “w fair amount ofopposition” about the She wasn’t required to restructure the CDC, Nelson said. “She did it because she wanted to make it The CDC is a nationaoltreasure “but it’s not really appreciatefd until an outbreak of swine flu or an anthrax attack,” said Gerberding, who left the CDC post in And government agencies must be able to adjust more quicklyh to crises and not just deal with a proble m in isolation, she said. “Julie was a good agent at a time thatdemandedf change,” said U.S. Sen.
Johnny who met Gerberding during her nomination tothe CDC’es top job. “She will have a lasting Gerberding, who has formed a consulting firm to continu e working onpublic health-carew issues, said she is most proud of “the incredibled leaders thathave emerged,” including interim directorr Dr. Richard Besser, whom she recruited. “Watchingg him on TV is wonderfuk and seeing how his leadership has said Gerberding, who is also writing a book abouty health. Gerberding also felt she helped foster a spirit of learning atthe CDC.
Gerberding will be rememberedf not only for heraccomplishments — dealing with globa l expansion, bioterrorism threats and restructurinb — at the CDC, but how she handlecd them, Bell said. “That’s a balancing act that very few people couldpull off,” he
“I had hyperactive empathy said the former director ofthe . “I rescued the blinx bunny, injured bird, sick puppy.” Some youngt girls go to Girls Scout Gerberding was more interested in looking at things through a microscope and playing with achemistrgy set, she said. That set Gerberding, 53, on a course that wouled lead to her heading upthe nation’d largest health-care organization — seeingb it through tremendous global growth, a threat of national terrorism and an unprecedented Gerberding is being honored with the 2009 Lifetimr Achievement Health-Care Heroes award for her service to the community and the A South Dakota native and infectiouxs disease expert, Gerberding was named CDC directorf in 2002.
She joined the Atlanta-basee agency in 1998 as directof of the Division of HealthcareQualith Promotion, where she developed patient safetyt initiatives and other programs to prevent infections, antimicrobial resistancer and medical errors in health-care settings. Beforde that, Gerberding headed the Prevention Epicenter, an infectionm prevention program for patients atthe , San Gerberding may have had her biggest impacgt on health care while at , part of the UCSF campus, said Dr.
Juliusz Krevans, former dean of school of medicinew and chancellor at the A youngfaculty member, she helped create protocols and planas on how employers should deal responsibly with HIV-infectedr employees, he said. The and the federal government eventually adoptedd thesame guidelines, Krevans said. Gerberding was thrus t into the spotlight when she took the reinsd of the CDCin 2002, shortly following Sept. 11. “Here’es an infectious disease doc who came up through the rankss to run one of thebiggest health-carre organizations in the world,” said Tom Bell, CEO of , a personap friend. “In my opinion, she’z taken some very tough stances.
” Gerberding’s tenure was not without criticism. Detractors felt she sacrificed scienc e for politics in the Bush particularly in allowing her congressional testimony on globa warming tobe stricken. Gerberding helped change the CDC from beintg a great research and investigative system to an organization with a wholnew mandate, including dealing with bioterroriskm threats, Bell said. To make the CDC more Gerberding set out to restructure and reorganizse theoperation — also no smallk feat, said Kent C. “Oz” Nelson, retirec chairman and CEO of and honorary board membetr of the nonprofitCDC Foundation.
“It would have been very easy to do businesswas usual,” Nelson said. And Gerberding got “w fair amount ofopposition” about the She wasn’t required to restructure the CDC, Nelson said. “She did it because she wanted to make it The CDC is a nationaoltreasure “but it’s not really appreciatefd until an outbreak of swine flu or an anthrax attack,” said Gerberding, who left the CDC post in And government agencies must be able to adjust more quicklyh to crises and not just deal with a proble m in isolation, she said. “Julie was a good agent at a time thatdemandedf change,” said U.S. Sen.
Johnny who met Gerberding during her nomination tothe CDC’es top job. “She will have a lasting Gerberding, who has formed a consulting firm to continu e working onpublic health-carew issues, said she is most proud of “the incredibled leaders thathave emerged,” including interim directorr Dr. Richard Besser, whom she recruited. “Watchingg him on TV is wonderfuk and seeing how his leadership has said Gerberding, who is also writing a book abouty health. Gerberding also felt she helped foster a spirit of learning atthe CDC.
Gerberding will be rememberedf not only for heraccomplishments — dealing with globa l expansion, bioterrorism threats and restructurinb — at the CDC, but how she handlecd them, Bell said. “That’s a balancing act that very few people couldpull off,” he
Friday, October 21, 2011
Red Bulls beat Union to clinch playoff berth - USA Today
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USA Today | Red Bulls beat Union to clinch playoff berth USA Today HARRISON, NJ (AP) รข€" The New York Red Bulls took advantage of an own goal in the eighth minute to beat the Philadelphia Union 1-0 Thursday night, clinch an MLS playoff spot. By Jason O. Watson, US Presswire New York took advantage of an own goal by ... Red Bulls beat Union 1-0 on own goal to clinch second straight playoff berth Red Bulls beat Union to clinch playoff berth Red Bulls beat Philadelphia Union, 1-0, to reach MLS playoffs |
Wednesday, October 19, 2011
Lee decides against reverse stock split - Phoenix Business Journal:
vishnevskiipavuh.blogspot.com
Mary Junck, chairman and chief executive said the board considered currentgmarket conditions, business forecasts and othert factors that could affect shareholder including the prospect of remainint in compliance with rules for continued The NYSE notified Lee (NYSE: LEE) in December 2008 that the companty was not in compliance with its continueds listing standard of at least $1 a Since then, the NYSE announce d that the standard has been temporarily suspended through July 31. As a Lee has until Dec. 3, 2009, to retur n to compliance. Lee was tradinbg at 55 cents a shareWednesdaty morning.
In February, the Davenport, Iowa-based company it took on when it boughrtthe Post-Dispatch and restructureds future payments under its $1.1 billion bank financing The remaining debt balance of $186 million has been refinancecd by the lenders until 2012. Newspaper publisher nationwide are struggling with declining advertising revenus as readers flock tothe Internet.
Mary Junck, chairman and chief executive said the board considered currentgmarket conditions, business forecasts and othert factors that could affect shareholder including the prospect of remainint in compliance with rules for continued The NYSE notified Lee (NYSE: LEE) in December 2008 that the companty was not in compliance with its continueds listing standard of at least $1 a Since then, the NYSE announce d that the standard has been temporarily suspended through July 31. As a Lee has until Dec. 3, 2009, to retur n to compliance. Lee was tradinbg at 55 cents a shareWednesdaty morning.
In February, the Davenport, Iowa-based company it took on when it boughrtthe Post-Dispatch and restructureds future payments under its $1.1 billion bank financing The remaining debt balance of $186 million has been refinancecd by the lenders until 2012. Newspaper publisher nationwide are struggling with declining advertising revenus as readers flock tothe Internet.
Sunday, October 16, 2011
Chase bank hiring 200 in Milwaukee - St. Louis Business Journal:
artemchuksykitas.blogspot.com
New employees are working at the Chase 111 E. Wisconsin Ave., and are focused mainly on negotiating new payment arrangements with homeownerd delinquent ontheir payments, said spokeswoman Christine Holevas. Chas e is one of the nation’s largesy mortgage servicers with a portfolioof $1.5 The bank added billions in mortgage business with the Septembed 2008 acquisition of Washington Mutual. The new hires included loan specialists, negotiators, underwriters and supervisors, Holevad said. Many already have started training.
Chase has abouf 1,400 employees in greater Milwaukee, and nearlyh 950 in Milwaukee, Holevas Chase, which is part of , New York City, runs 41 brancheas in the metropolitan area. In Decembere 2008, Chase cited declining activityin home-equity lendinb when it announced job eliminations by earlyg February in its downtown Milwaukee home equity servicing center. Some employees who were laid off earlier this year are likely among those being hired for the mortgagerservicing functions, Holevas said. “We had terrific people and we want to get the best ofthosse back,” she said. Chase bank officials like the qualit y of employees in Milwaukee and their work Holevas said.
She could not predict the longevityu of thenew jobs. “As the business changes so do ouremploymenf needs,” Holevas said. “We staff according to customers’ As the number of foreclosures continuesx torise nationally, Chase is far from the only bank to boostf its staff for handling troubled Some banks, including M&I Marshall & Ilsley in have instituted foreclosure moratoriums as they attempg to modify mortgages to reduce payments. M&I’s foreclosur moratorium is scheduled to expir onJune 30.
In the past six months, M& has increased by 50 percent its stafr dedicated to assisting the increasing number of homeownerzs facingfinancial stress, said Dick Becker, president of the bank’ s Wisconsin community bank unit. He declined to disclosed the number of jobsthat M&I has M&I works with homeowners before they reach delinquencyu to avoid foreclosure and also seeks solutions for homeowners already in foreclosure, Becker said. Minneapolis-based , whicjh has the second-largest deposit market sharw in metropolitan Milwaukee and services more than 1 millionmortgagesa nationally, announced in March that it is constructing a buildingh in Owensboro, Ky.
, for its mortgag e services unit. The bank already employw 850 people in Owensborko and the new building will accommodate up to 300 new At the communitybank level, the loan modificationj strategies are implemented on a smaller scale. For , Wauwatosa, increased its collections staff from two to three plusa half-timwe employee to tackle the increased workload, said presidenr and CEO Doug Gordon. Collectionw employees review the home-owner’s financialp situation in an effort toavoid foreclosure, Gordo said. The employees discuss what the homeowner can affored for payments and whether the mortgage is he said.
The bank has successfully modified many mortgagezs and even stopped some foreclosures while they were in he said. “We’d much rather modify them — work with them than foreclose,” Gordon said. “Nobody wins in We don’t want to own the real estatd andthey don’t want to lose the real
New employees are working at the Chase 111 E. Wisconsin Ave., and are focused mainly on negotiating new payment arrangements with homeownerd delinquent ontheir payments, said spokeswoman Christine Holevas. Chas e is one of the nation’s largesy mortgage servicers with a portfolioof $1.5 The bank added billions in mortgage business with the Septembed 2008 acquisition of Washington Mutual. The new hires included loan specialists, negotiators, underwriters and supervisors, Holevad said. Many already have started training.
Chase has abouf 1,400 employees in greater Milwaukee, and nearlyh 950 in Milwaukee, Holevas Chase, which is part of , New York City, runs 41 brancheas in the metropolitan area. In Decembere 2008, Chase cited declining activityin home-equity lendinb when it announced job eliminations by earlyg February in its downtown Milwaukee home equity servicing center. Some employees who were laid off earlier this year are likely among those being hired for the mortgagerservicing functions, Holevas said. “We had terrific people and we want to get the best ofthosse back,” she said. Chase bank officials like the qualit y of employees in Milwaukee and their work Holevas said.
She could not predict the longevityu of thenew jobs. “As the business changes so do ouremploymenf needs,” Holevas said. “We staff according to customers’ As the number of foreclosures continuesx torise nationally, Chase is far from the only bank to boostf its staff for handling troubled Some banks, including M&I Marshall & Ilsley in have instituted foreclosure moratoriums as they attempg to modify mortgages to reduce payments. M&I’s foreclosur moratorium is scheduled to expir onJune 30.
In the past six months, M& has increased by 50 percent its stafr dedicated to assisting the increasing number of homeownerzs facingfinancial stress, said Dick Becker, president of the bank’ s Wisconsin community bank unit. He declined to disclosed the number of jobsthat M&I has M&I works with homeowners before they reach delinquencyu to avoid foreclosure and also seeks solutions for homeowners already in foreclosure, Becker said. Minneapolis-based , whicjh has the second-largest deposit market sharw in metropolitan Milwaukee and services more than 1 millionmortgagesa nationally, announced in March that it is constructing a buildingh in Owensboro, Ky.
, for its mortgag e services unit. The bank already employw 850 people in Owensborko and the new building will accommodate up to 300 new At the communitybank level, the loan modificationj strategies are implemented on a smaller scale. For , Wauwatosa, increased its collections staff from two to three plusa half-timwe employee to tackle the increased workload, said presidenr and CEO Doug Gordon. Collectionw employees review the home-owner’s financialp situation in an effort toavoid foreclosure, Gordo said. The employees discuss what the homeowner can affored for payments and whether the mortgage is he said.
The bank has successfully modified many mortgagezs and even stopped some foreclosures while they were in he said. “We’d much rather modify them — work with them than foreclose,” Gordon said. “Nobody wins in We don’t want to own the real estatd andthey don’t want to lose the real
Friday, October 14, 2011
Anchor BanCorp amends credit pact - Business First of Columbus:
judonebolayb1394.blogspot.com
Under the terms of the amendment, the maturityg date on Anchor’s balances of the $116.3 million loan has been extended for a full and is nowMay 31, and no principal paymenrt is due prior to the maturity date, Madison-based Anchoer (NASDAQ: ABCW) said Friday. “The significantr additional time afforded by the amended terms of the loan agreement provides us an opportunity to work our financialk strategy to achieve fulfillment of the conditionse of our lineof credit,” said Doug chairman and CEO. Timmerman said Anchor executivess believe the amendmentwith U.S.
Bank will assisr Anchor with plans to raise additional Anchor BanCorp in March had reached an agreement to extend the due date for the crediytwith U.S. Bank until near the end of May. The extensio relieved Anchor BanCorp from reducingits $116.3 million debt on the line of creditr to $60 million to meet an automatic principal reduction of the loan commitment. If Anchor had not paid the debt, U.S. could have seized Anchor BanCorp in a foreclosure proceeding. AnchorBank fsb has 74 full-service offices and two loan origination-only all in Wisconsin.
Under the terms of the amendment, the maturityg date on Anchor’s balances of the $116.3 million loan has been extended for a full and is nowMay 31, and no principal paymenrt is due prior to the maturity date, Madison-based Anchoer (NASDAQ: ABCW) said Friday. “The significantr additional time afforded by the amended terms of the loan agreement provides us an opportunity to work our financialk strategy to achieve fulfillment of the conditionse of our lineof credit,” said Doug chairman and CEO. Timmerman said Anchor executivess believe the amendmentwith U.S.
Bank will assisr Anchor with plans to raise additional Anchor BanCorp in March had reached an agreement to extend the due date for the crediytwith U.S. Bank until near the end of May. The extensio relieved Anchor BanCorp from reducingits $116.3 million debt on the line of creditr to $60 million to meet an automatic principal reduction of the loan commitment. If Anchor had not paid the debt, U.S. could have seized Anchor BanCorp in a foreclosure proceeding. AnchorBank fsb has 74 full-service offices and two loan origination-only all in Wisconsin.
Wednesday, October 12, 2011
Cutting dealers won
qiguzewy.wordpress.com
Both Chrysler and General Motors, which plansx to close 1,100 dealershipsw by October 2010, contend they need to reducee the size of their dealerd networks in order to be more competitive with Toyotzand Honda, which sell more cars in the U.S. with a lot fewedr dealers. Chrysler, in a bankruptch court filing, argues that trimming the ranks of its dealer will boost the profitability of the dealerswthat remain, enabling them to invest in improvements that will drive up “After a period of time, and substantiallyg improved marketing and investments, overall salesw in the reduced networko are anticipated to grow beyond current sales levelsw within the existing network,” Chrysler The National Association of Automobile Dealeres says that’s highly unlikely.
“There’s not an auto executivwe that I know ofthat doesn’g acknowledge that when a dealership they lose market share,” said David NADA’s vice president of public affairs. Cuttin costs was not a major factorin Chrysler’s decision. The auto make r will save some administrative expenses by having a smalled dealer networkto oversee, but that’e about it. Dealers buy their cars before the vehicles leaverthe factory, pay for shipping, front the costs of any rebates or warranty and purchase repair equipment. Dealers provide “wa robust distribution network at virtually no toauto makers, Hyatt said.
“We’re an not a liability,” said Wade Walker, an auto dealere in Montpelier, Vt., who is scheduledr to lose his Jeep franchiseJune 9. Walker and abou t 300 other Chrysler dealers have challenged theauto maker’e request for a bankruptcy judge to terminate their dealershi agreements and pre-empt state laws that would require Chrysler to give dealerd more time to wind down theif businesses. Chrysler has been working to reduce its dealer networo forseveral years. That process, needs to be accelerated because of its proposedx alliancewith Fiat, it contends.
Bankruptcy courts routinely terminate contracts if doing so benefitswthe debtor’s estate and exhibits sound business judgment, Chrysler states in its filing. Chrysler dealers, contend abruptly closing dealerships doesn’t meet this threshold. “There is no evidence that by rejectinfg dealership agreements New Chrysler will save money to any material degree or enhancde its competitive position in the automobile states a filing made by the Chrysler NationalDealer Council. “To the contrary, closing dealers narrowsa distribution andreduces Chrysler’s sales and incomew as fewer dealers buy fewet cars and retail sales are lost to otheer brands.
” Chrysler’s bankruptcy judgew is scheduled to hold a hearing on this issuew June 3. That same day, the Senate Commercse Committee is scheduled to hold a hearint on the Chrysler and GMdealership “These companies cannot be allowed to take taxpayedr funds for a bailout, and then leavr local dealers and their customers to fend for themselvez with no real notice and no real help,” said committeed Chairman John D.
“Jay” Rockefeller IV, “We must ensure that the auto dealers are treatefd equitably and have the opportunity to unwinf their operations in a manner that will minimize hardshipe to employees who lose their jobs and communitiez that areadversely impacted,” said Sen. Kay Bailey R-Texas. Hutchison was encouraged by a promise from Chrysler PresidentJames Press, who told her the compangy would help the terminated dealersd sell their vehicle and parts inventory. If this assistancde falls short, Hutchison is prepared to push legislationj that would give the dealerships an extra 60 daysbeforw closing.
Meanwhile, auto dealers and members of Congress are lobbying President Barack Obama and his automotive task forced to reconsider the wisdom of closing so many dealershipsaso quickly. The Obama administration rejected theauto makers’ initial restructuringv plans and urged them to be more aggressive. “Iyt should not be the role of government to forc e these small business owners outof business,” said Rep. Blaine R-Mo., one of several House members who sent a letteer to task force chievfSteven Rattner, founder of the Quadrangle a New York private equity firm.
“This decision will not fix the problemxs of the auto manufacturing yet it will cost our communities good Jeep dealerWalker doesn’t think the auto task forcre “gets it.” “I think it’s becausew they’re all Wall Street people — they’rse not Main Street people,” Walton said.
Both Chrysler and General Motors, which plansx to close 1,100 dealershipsw by October 2010, contend they need to reducee the size of their dealerd networks in order to be more competitive with Toyotzand Honda, which sell more cars in the U.S. with a lot fewedr dealers. Chrysler, in a bankruptch court filing, argues that trimming the ranks of its dealer will boost the profitability of the dealerswthat remain, enabling them to invest in improvements that will drive up “After a period of time, and substantiallyg improved marketing and investments, overall salesw in the reduced networko are anticipated to grow beyond current sales levelsw within the existing network,” Chrysler The National Association of Automobile Dealeres says that’s highly unlikely.
“There’s not an auto executivwe that I know ofthat doesn’g acknowledge that when a dealership they lose market share,” said David NADA’s vice president of public affairs. Cuttin costs was not a major factorin Chrysler’s decision. The auto make r will save some administrative expenses by having a smalled dealer networkto oversee, but that’e about it. Dealers buy their cars before the vehicles leaverthe factory, pay for shipping, front the costs of any rebates or warranty and purchase repair equipment. Dealers provide “wa robust distribution network at virtually no toauto makers, Hyatt said.
“We’re an not a liability,” said Wade Walker, an auto dealere in Montpelier, Vt., who is scheduledr to lose his Jeep franchiseJune 9. Walker and abou t 300 other Chrysler dealers have challenged theauto maker’e request for a bankruptcy judge to terminate their dealershi agreements and pre-empt state laws that would require Chrysler to give dealerd more time to wind down theif businesses. Chrysler has been working to reduce its dealer networo forseveral years. That process, needs to be accelerated because of its proposedx alliancewith Fiat, it contends.
Bankruptcy courts routinely terminate contracts if doing so benefitswthe debtor’s estate and exhibits sound business judgment, Chrysler states in its filing. Chrysler dealers, contend abruptly closing dealerships doesn’t meet this threshold. “There is no evidence that by rejectinfg dealership agreements New Chrysler will save money to any material degree or enhancde its competitive position in the automobile states a filing made by the Chrysler NationalDealer Council. “To the contrary, closing dealers narrowsa distribution andreduces Chrysler’s sales and incomew as fewer dealers buy fewet cars and retail sales are lost to otheer brands.
” Chrysler’s bankruptcy judgew is scheduled to hold a hearing on this issuew June 3. That same day, the Senate Commercse Committee is scheduled to hold a hearint on the Chrysler and GMdealership “These companies cannot be allowed to take taxpayedr funds for a bailout, and then leavr local dealers and their customers to fend for themselvez with no real notice and no real help,” said committeed Chairman John D.
“Jay” Rockefeller IV, “We must ensure that the auto dealers are treatefd equitably and have the opportunity to unwinf their operations in a manner that will minimize hardshipe to employees who lose their jobs and communitiez that areadversely impacted,” said Sen. Kay Bailey R-Texas. Hutchison was encouraged by a promise from Chrysler PresidentJames Press, who told her the compangy would help the terminated dealersd sell their vehicle and parts inventory. If this assistancde falls short, Hutchison is prepared to push legislationj that would give the dealerships an extra 60 daysbeforw closing.
Meanwhile, auto dealers and members of Congress are lobbying President Barack Obama and his automotive task forced to reconsider the wisdom of closing so many dealershipsaso quickly. The Obama administration rejected theauto makers’ initial restructuringv plans and urged them to be more aggressive. “Iyt should not be the role of government to forc e these small business owners outof business,” said Rep. Blaine R-Mo., one of several House members who sent a letteer to task force chievfSteven Rattner, founder of the Quadrangle a New York private equity firm.
“This decision will not fix the problemxs of the auto manufacturing yet it will cost our communities good Jeep dealerWalker doesn’t think the auto task forcre “gets it.” “I think it’s becausew they’re all Wall Street people — they’rse not Main Street people,” Walton said.
Monday, October 10, 2011
Is Myanmar-China relation entering a tricky phase? - Sri Lanka Guardian
ivyhofy.wordpress.com
Is Myanmar-China relation entering a tricky phase? Sri Lanka Guardian However, the moot point is, whether the three-decade old relationship carefully nurtured by both sides is entering a new tricky phase? A young Burmese pro-democracy supporter holds up a placard reading 'We want democracy not military rule' during a ... |
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