uhalugupuzyma.blogspot.com
That would be on top of his offeeof $213 million for the financially troubled hockeuy team to Coyotes owner Jerryh Moyes. U.S. Bankruptcy Court Judge Redfiele Baum is hearing arguments Tuesday on whether the Coyotes can move to Canada as part of theidr Chapter 11bankruptcy reorganization. Baum is not expectexd to rule on thematter Tuesday, but focusedr on rights and some kind of relocatioh fee to reimburse the league for its lost expansionm team opportunity in Hamilton should the Coyotes move The $100 million figure was cited in court documents.
NHL Commissioner Gary Bettman declined to commenty outside the downtown Phoenix bankruptcy courtr onthe $100 million or what a relocation fee might The NHL and other pro sports leagues are fightingt the Coyotes move saying it could prompt othere teams to file bankruptc in an attempt to move to othed markets. Baum, however, noted that moves by the Baltimoree Colts, San Diego Clippers and others have not hada long-tern detrimental impact on pro NHL representatives said Tuesday that the leagure will continue to fund the Coyotes throughb next season if need be, and its priority is an ownershipo group that would keep the team in If that’s not then bidders looking to move the team could be considered, officialsz said.
Balsillie contends that NHL hockey is not financiallyh viable in the Phoenix markeft and is pushing for his offe r to be approved by the endof June. The Coyotes have lost more than $300 milliojn since moving to the Phoenid market in 1996from Winnipeg. The courtr hearing was slated to continue Tuesday afternoon includinh arguments against the Coyotes move from the city of whichowns Jobing.com Arena where the hockey team
Monday, February 28, 2011
Saturday, February 26, 2011
PharMerica elects directors - Business First of Louisville:
grihanovveimavox.blogspot.com
Louisville-based PharMerica (NYSE: one of the largest providers of pharmaceuticals to institution s such asnursing facilities, long-term care homes and held the meeting of stockholders June 4. The stockholders re-elected these membera of the board of Gregory S. Weishar, Thomas P. Mac Frank E. Collins, W. Robertf Dahl Jr., Marjorie W. Dorr, Dr. Thomas P. Gerrity, Danie N. Mendelson and Dr. Robert A. Oakley. They will serve untio the 2010 annual meetingof stockholders. Shareholders also ratified the appointment of asthe company’s independent registered public accounting firm for 2009. PharMeric Corp. operates institutional pharmacies in 40 Last year, the company reported $1.
95 billion in compared with $1.22 billion in 2007.
Louisville-based PharMerica (NYSE: one of the largest providers of pharmaceuticals to institution s such asnursing facilities, long-term care homes and held the meeting of stockholders June 4. The stockholders re-elected these membera of the board of Gregory S. Weishar, Thomas P. Mac Frank E. Collins, W. Robertf Dahl Jr., Marjorie W. Dorr, Dr. Thomas P. Gerrity, Danie N. Mendelson and Dr. Robert A. Oakley. They will serve untio the 2010 annual meetingof stockholders. Shareholders also ratified the appointment of asthe company’s independent registered public accounting firm for 2009. PharMeric Corp. operates institutional pharmacies in 40 Last year, the company reported $1.
95 billion in compared with $1.22 billion in 2007.
Wednesday, February 23, 2011
Governor Chris Christie's Budget Proposal Includes Winners and Losers - Examiner.com
http://v-and-j.com/about.html
Governor Chris Christie's Budget Proposal Includes Winners and Losers Examiner.com The voracious desire of Governor Chris Christie to abate government expenditure is overt in his budget proposal. The main cardinal of the proposal is slashing New Jersey's budget deficit. Governor Christie proposed a budget of $29.4 billion to the ... |
Monday, February 21, 2011
Tough love: CEO rebuilds Nektar Therapeutics - San Francisco Business Times:
steel roofing
That puts the San Carlos company in a good positiojn to weather the credit and investment storm drenching other biotechjcompanies today. Nektar in the past two monthd alone agreed to sell most of its pulmonaryg drug business tofor $115 million then turned arounsd and bought back $100 million or nearly a third of its convertible debt at a fire-sale price of 48 centsa on the dollar. “It was a complicatexd and complex turnaround, and success is not 100 percent guaranteed,” said Nektad President and CEOHoward Robin. “But now we’rw one of the most stable biotech companies.
” Knownj as a my-way-or-the-highway manager, Robin has shed some 800 positionsd inhis two-year tenure at Nektar — including those movinyg to Novartis when that deal is completed Dec. 31 and is on his third chief financialk officer intwo years. Robin took a similae cost-cutting and refocusing tack at befor selling it to in December 2006for $1.1 Still, Nektar has lost $111.1 milliohn through the first nine months of this year on revenues of $61.8 million. “It’s not a university. It’s not a day It’s not a place to experimenf and ifit doesn’t do well oh, well, we’ll move on,” Robin said. “Io demand a lot.
” Key to Robin’s plansw is Nektar’s polymer conjugate chemistry or what’s sometimes referred to as PEGylation. That businessz reworks existing drugs, maintaining theirt effectivenessbut extending, for example, the time the drug spends in the The technology potentially could be applied to hundred of drugs already on the market and is one of the reasonzs Robin says Nektar will file two investigationalo new drug applications a year with the Food and Drug In the case of PEGylated irinotecan — taken from a $1 billiom cancer drug known as Camptosar — early-stage trials suggest that polymer conjugate technology couls shift dosing from a couple timesx every 48 hours to once every threed weeks.
Nektar expects to report data from its Phase II irinotecan trial by the endof 2009. It is one of nine proprietargy Nektar products in clinical or preclinicapdevelopment — at least four of them PEGylation productas — along with three products with partneres HealthCare, UCB Pharma and Solvay Nektar and Bayer will take theirt inhaled amikacin program, a treatment for Gram-negativer pneumonias, into Phase III trials next That program, and another Nektafr held onto while selling off most of the pulmonargy business to Novartis, underscore Robin’s shrew d dealmaking.
With the deal, Nektar kept potentiao moneymakers, transferred about 140 employees to kept the rights to royalties for anothertBayer program, and shed much of a businessd that burned about $40 millionn a year. “That was classic Howard,” said Oleg Nodelmanm of San Francisco’s , which as of mid-October owned 1.85 percenyt of Nektar. “He brought in cash, reduced his burn and reducex his debt.” In all, Nektar has retired more than $200 milliomn in convertible debt over the past two That has helped increasethe company’d net cash from $49.2 milliob at the end of 2006 to an estimated $160 milliohn at this year’s close.
The remainder of that debt doesn’yt come due until 2012, with a conversion pricd of $21 per share. Robin isn’t ruling out another buyback, but he said the price must be “He has to create value by yes,” Nodelman said. “Does he have to create value tomorrow? No, not at all.” That’s in large part tied to Nektar’zs cost-cutting emphasis since Robin came aboarsd inJanuary 2007.
At the time, Nektarf had turned out several PEGylated products forothedr companies, but the economics of the deals were weak for The company had no drugs of its own in clinicapl development and its only product, the inhalef insulin drug and device Exubera, took 17 yearss to bring to market. Nektar was burninf cash at the rateof $120 millionj to $130 million a year. Exubera was hailed as a blockbuster drug byPfizer Inc., whicb won FDA approval for the product in 2006 and was in chargee of marketing. Exubera’s revenue could pay for the development of newNektatr programs, Robin thought as he joinede the company.
But Exubera sales never took off, and Pfizerd suddenly pulled the device off the marketf inOctober 2007. Robi negotiated a $135 million payout by Pfizetr and continued tocut costs, build a productt pipeline and look for deals. At the same Robin has put his stamp on Nektar’s culture as well as its business “It’s not a 9-to-5 company,” he said. “I’d rather see people in a room workingv on a problem on a white board at 10 at nightg with pizza boxes onthe
That puts the San Carlos company in a good positiojn to weather the credit and investment storm drenching other biotechjcompanies today. Nektar in the past two monthd alone agreed to sell most of its pulmonaryg drug business tofor $115 million then turned arounsd and bought back $100 million or nearly a third of its convertible debt at a fire-sale price of 48 centsa on the dollar. “It was a complicatexd and complex turnaround, and success is not 100 percent guaranteed,” said Nektad President and CEOHoward Robin. “But now we’rw one of the most stable biotech companies.
” Knownj as a my-way-or-the-highway manager, Robin has shed some 800 positionsd inhis two-year tenure at Nektar — including those movinyg to Novartis when that deal is completed Dec. 31 and is on his third chief financialk officer intwo years. Robin took a similae cost-cutting and refocusing tack at befor selling it to in December 2006for $1.1 Still, Nektar has lost $111.1 milliohn through the first nine months of this year on revenues of $61.8 million. “It’s not a university. It’s not a day It’s not a place to experimenf and ifit doesn’t do well oh, well, we’ll move on,” Robin said. “Io demand a lot.
” Key to Robin’s plansw is Nektar’s polymer conjugate chemistry or what’s sometimes referred to as PEGylation. That businessz reworks existing drugs, maintaining theirt effectivenessbut extending, for example, the time the drug spends in the The technology potentially could be applied to hundred of drugs already on the market and is one of the reasonzs Robin says Nektar will file two investigationalo new drug applications a year with the Food and Drug In the case of PEGylated irinotecan — taken from a $1 billiom cancer drug known as Camptosar — early-stage trials suggest that polymer conjugate technology couls shift dosing from a couple timesx every 48 hours to once every threed weeks.
Nektar expects to report data from its Phase II irinotecan trial by the endof 2009. It is one of nine proprietargy Nektar products in clinical or preclinicapdevelopment — at least four of them PEGylation productas — along with three products with partneres HealthCare, UCB Pharma and Solvay Nektar and Bayer will take theirt inhaled amikacin program, a treatment for Gram-negativer pneumonias, into Phase III trials next That program, and another Nektafr held onto while selling off most of the pulmonargy business to Novartis, underscore Robin’s shrew d dealmaking.
With the deal, Nektar kept potentiao moneymakers, transferred about 140 employees to kept the rights to royalties for anothertBayer program, and shed much of a businessd that burned about $40 millionn a year. “That was classic Howard,” said Oleg Nodelmanm of San Francisco’s , which as of mid-October owned 1.85 percenyt of Nektar. “He brought in cash, reduced his burn and reducex his debt.” In all, Nektar has retired more than $200 milliomn in convertible debt over the past two That has helped increasethe company’d net cash from $49.2 milliob at the end of 2006 to an estimated $160 milliohn at this year’s close.
The remainder of that debt doesn’yt come due until 2012, with a conversion pricd of $21 per share. Robin isn’t ruling out another buyback, but he said the price must be “He has to create value by yes,” Nodelman said. “Does he have to create value tomorrow? No, not at all.” That’s in large part tied to Nektar’zs cost-cutting emphasis since Robin came aboarsd inJanuary 2007.
At the time, Nektarf had turned out several PEGylated products forothedr companies, but the economics of the deals were weak for The company had no drugs of its own in clinicapl development and its only product, the inhalef insulin drug and device Exubera, took 17 yearss to bring to market. Nektar was burninf cash at the rateof $120 millionj to $130 million a year. Exubera was hailed as a blockbuster drug byPfizer Inc., whicb won FDA approval for the product in 2006 and was in chargee of marketing. Exubera’s revenue could pay for the development of newNektatr programs, Robin thought as he joinede the company.
But Exubera sales never took off, and Pfizerd suddenly pulled the device off the marketf inOctober 2007. Robi negotiated a $135 million payout by Pfizetr and continued tocut costs, build a productt pipeline and look for deals. At the same Robin has put his stamp on Nektar’s culture as well as its business “It’s not a 9-to-5 company,” he said. “I’d rather see people in a room workingv on a problem on a white board at 10 at nightg with pizza boxes onthe
Friday, February 18, 2011
NY beats Ohio, Pa., Ill. for Yahoo! data center site - The Business Review (Albany):
steel roof tiles
Yahoo!, Tuesday morning, confirmed it will be buildingthe 190,000-square-foogt center at the Lockport Industrial Park. The data center could employ, initially, 125 people. Yahoo! has peggeds a 30-acre site in the park for the Yahoo!’s decision is considered a major especially against a backdrop of a weakenedc economy where unemployment has increased in the past year in Erie Countgyto 8.1 percent from 5.5 percent, and in Niagaraw County to 9.3 percent from 6.6 “This is a big win for the said Tom Kucharski, president and chiev executive officer. “We won the day.” Yahoo!
was beingh courted by several statesincluding Ohio, Pennsylvania and Illinois for the All offered a handsomed array of incentives. “When a high tech companhy like Yahoo! picks a community like Western New York, it’s like a lighthouse,” said Sen. Charlexs Schumer, New York’s senior senator, who played a key role in Lockportt landing thedata center. The regionb crafted its own aggressive incentives package including the offering 15 megawattsof low-cost hydropowef that could save Yahoo! an estimated $100 million over a 15-yearf period. also offered job training grants andother incentives. High level pitches also came from Gov. David Paterso n and Schumer.
Schumer made personal calls to Yahoo! CEO Carol Bartz to push the region. Construction on the data centef will beginin August, said Davids Dibble, Yahoo! senior vice The center will be open by May.
Yahoo!, Tuesday morning, confirmed it will be buildingthe 190,000-square-foogt center at the Lockport Industrial Park. The data center could employ, initially, 125 people. Yahoo! has peggeds a 30-acre site in the park for the Yahoo!’s decision is considered a major especially against a backdrop of a weakenedc economy where unemployment has increased in the past year in Erie Countgyto 8.1 percent from 5.5 percent, and in Niagaraw County to 9.3 percent from 6.6 “This is a big win for the said Tom Kucharski, president and chiev executive officer. “We won the day.” Yahoo!
was beingh courted by several statesincluding Ohio, Pennsylvania and Illinois for the All offered a handsomed array of incentives. “When a high tech companhy like Yahoo! picks a community like Western New York, it’s like a lighthouse,” said Sen. Charlexs Schumer, New York’s senior senator, who played a key role in Lockportt landing thedata center. The regionb crafted its own aggressive incentives package including the offering 15 megawattsof low-cost hydropowef that could save Yahoo! an estimated $100 million over a 15-yearf period. also offered job training grants andother incentives. High level pitches also came from Gov. David Paterso n and Schumer.
Schumer made personal calls to Yahoo! CEO Carol Bartz to push the region. Construction on the data centef will beginin August, said Davids Dibble, Yahoo! senior vice The center will be open by May.
Wednesday, February 16, 2011
Making deals in tough times: Burnett Staffing Specialists - Nashville Business Journal:
viktorevaikubuwo.blogspot.com
Opening its doors in 1974, Houston-based staffinv and placement service has maintained its steadg growth in good timesand bad, finding the resources to open offices and acquirew companies in any business climate. That strategy has provenn itself overthe company’zs 35 years and Sue Burnett, companyy president, plans to continuw with it in this downturn. The company has recentlty acquired Houston-based boutique staffing firm Ltd., headed by a long-times friend of Burnett, MK Stalder. “Two of my acquisitionas have been duringrecessionary times,” Burnett “You can grow during a recession by merging smalleer companies into yours.
” Maintaining a solid, debt-free balance sheet when business is good has allowed Burnett to grow her companyy while her competitors have been When the economy turns around after a Burnett Staffing reaps the benefits of its strengthened positionj in the market. Following the recession of theearlgy 2000s, revenue climbed back to $74 million in 2007 from $37 millio n in 2003, while the company grew its stature as one of the top placementt companies in Houston. Poor economivc climates are never easy for business but they can serve asteaching moments, Burnett allowing a company to refocus its strategy. “The recessio of 1982 and 1986 were she says.
“Prior to 1982 we were a direct-hir e placement firm. Afterwards, we changed the direction of the compant and took the focus from direct hire and put it more on the tempworkeer side.” When the mid-1980s downturn hit, Burnettr found the direct-hire model was struggling. Many if they were even still around, weren’t looking for permanent employees, she “We almost lost our Burnett says. “Half our clients went bankrupt.” With a new strategyh in hand, Burnett Staffing opened additional offices throughout Houston in 1986and 1988.
Throughouy the boom of the 1990s, Burnett continuesd to expand the buying an El Paso placement firm in 1996 and openin an office in Dallasin 1999. Durinfg the downturn of the early 2000s, Burnett Staffing scaled back some of its but never lost sight ofits long-term “We cut back costs right at the beginning (of the Burnett says. “We lost a major clieng in 2001. We cut our profit-sharing match, and we cut our raises and downsizeeour staff. That got us (but) we also went out and really aggressivel y hitthe street.” That “hitting the is essential to surviving tough Burnett says.
Trimming costs may be effective in the short butBurnett doesn’t hold any illusionsw about the most effective way to survive a downturn. “In a recessionary time it is very important to sell your way she says. “Every single week we have broughrt innew businesses. You can’t save your way out of a Burnett Staffing remained profitable during the lean years of 2001through 2004. By staying debt-free, the firm was able to self-finance the acquisitio n of Dallas-based TDY Temps in 2001 and open a call center for a largde client in Palestinein 2005.
So when the current downturn hit late last Burnett knew from experience that business would takea hit, but she also knew as the industry consolidated due to the companies such as hers could find an opportunity to strengthen themselves. Burnett Staffing’s deal with MK Personnel, whichg specialized in high-end administration and legalo support, diversifies Burnett’s specialitiesx and brings in top talent, namely MK Stalder, who is one of the top performersdin Houston’s market.
Stalder says she made the decisiohn to join BurnettStaffinbg because, after 28 years in the she wanted to “slow
Opening its doors in 1974, Houston-based staffinv and placement service has maintained its steadg growth in good timesand bad, finding the resources to open offices and acquirew companies in any business climate. That strategy has provenn itself overthe company’zs 35 years and Sue Burnett, companyy president, plans to continuw with it in this downturn. The company has recentlty acquired Houston-based boutique staffing firm Ltd., headed by a long-times friend of Burnett, MK Stalder. “Two of my acquisitionas have been duringrecessionary times,” Burnett “You can grow during a recession by merging smalleer companies into yours.
” Maintaining a solid, debt-free balance sheet when business is good has allowed Burnett to grow her companyy while her competitors have been When the economy turns around after a Burnett Staffing reaps the benefits of its strengthened positionj in the market. Following the recession of theearlgy 2000s, revenue climbed back to $74 million in 2007 from $37 millio n in 2003, while the company grew its stature as one of the top placementt companies in Houston. Poor economivc climates are never easy for business but they can serve asteaching moments, Burnett allowing a company to refocus its strategy. “The recessio of 1982 and 1986 were she says.
“Prior to 1982 we were a direct-hir e placement firm. Afterwards, we changed the direction of the compant and took the focus from direct hire and put it more on the tempworkeer side.” When the mid-1980s downturn hit, Burnettr found the direct-hire model was struggling. Many if they were even still around, weren’t looking for permanent employees, she “We almost lost our Burnett says. “Half our clients went bankrupt.” With a new strategyh in hand, Burnett Staffing opened additional offices throughout Houston in 1986and 1988.
Throughouy the boom of the 1990s, Burnett continuesd to expand the buying an El Paso placement firm in 1996 and openin an office in Dallasin 1999. Durinfg the downturn of the early 2000s, Burnett Staffing scaled back some of its but never lost sight ofits long-term “We cut back costs right at the beginning (of the Burnett says. “We lost a major clieng in 2001. We cut our profit-sharing match, and we cut our raises and downsizeeour staff. That got us (but) we also went out and really aggressivel y hitthe street.” That “hitting the is essential to surviving tough Burnett says.
Trimming costs may be effective in the short butBurnett doesn’t hold any illusionsw about the most effective way to survive a downturn. “In a recessionary time it is very important to sell your way she says. “Every single week we have broughrt innew businesses. You can’t save your way out of a Burnett Staffing remained profitable during the lean years of 2001through 2004. By staying debt-free, the firm was able to self-finance the acquisitio n of Dallas-based TDY Temps in 2001 and open a call center for a largde client in Palestinein 2005.
So when the current downturn hit late last Burnett knew from experience that business would takea hit, but she also knew as the industry consolidated due to the companies such as hers could find an opportunity to strengthen themselves. Burnett Staffing’s deal with MK Personnel, whichg specialized in high-end administration and legalo support, diversifies Burnett’s specialitiesx and brings in top talent, namely MK Stalder, who is one of the top performersdin Houston’s market.
Stalder says she made the decisiohn to join BurnettStaffinbg because, after 28 years in the she wanted to “slow
Sunday, February 13, 2011
EMC beefs up Mass. presence with Cambridge lab, MIT sponsorship deal - Business First of Columbus:
http://madisonvilletexas.us/index.php/agenda-jan-24-2011
The Hopkinton, Mass., storage and informatiohn managementgiant (NYSE: EMC) said Wednesday the Mediaa Lab sponsorship is one of severalp initiatives coordinated out of EMC Research which will be located at 11 Cambridge Ctr. in Mass. The center will housee EMC’s security-business research lab, RSA Laboratories, as well as aboutg a dozen researchers, technologists and business leadersacrosds EMC’s business units. The company also has researchu facilities in China andSantw Clara, Calif.
“Research and advanced technology groupsacross EMC, along with our global university research are discovering and exploring new technologies that will shapwe the future of digital information,” said Jeff EMC senior vice president and chiefr technology officer, in a statement. “Thia is an incredible opportunity for EMC to brintg together some ofthe world’se leading research minds and innovators in areas such as personaol information management, information integration and cloud As a consortium sponsor of the MIT Media Lab, EMC will be able to acceses the center’s research on how people use and interacy with new technologies.
EMC said its initiaol collaboration will be on new models for data ownership and usage, interfaces for business transactionz and health care IT initiatives. A consortium sponsorship costs $200,000 per year for a minimum of threew years. Sponsors receive full intellectual property rights to technology developed at the lab durinygtheir sponsorship. The announcement comes a week afterf EMC and a group of universities and technology companiews announced the development of a high performance computing research facilit yin Holyoke, Mass. Other tech giantes have built dedicated R&D lab in Cambridgwe in recent years.
(Nasdaq: MSFT), (Nasdaq: GOOG) and IBM) built research centers in the city in the pasttwo
The Hopkinton, Mass., storage and informatiohn managementgiant (NYSE: EMC) said Wednesday the Mediaa Lab sponsorship is one of severalp initiatives coordinated out of EMC Research which will be located at 11 Cambridge Ctr. in Mass. The center will housee EMC’s security-business research lab, RSA Laboratories, as well as aboutg a dozen researchers, technologists and business leadersacrosds EMC’s business units. The company also has researchu facilities in China andSantw Clara, Calif.
“Research and advanced technology groupsacross EMC, along with our global university research are discovering and exploring new technologies that will shapwe the future of digital information,” said Jeff EMC senior vice president and chiefr technology officer, in a statement. “Thia is an incredible opportunity for EMC to brintg together some ofthe world’se leading research minds and innovators in areas such as personaol information management, information integration and cloud As a consortium sponsor of the MIT Media Lab, EMC will be able to acceses the center’s research on how people use and interacy with new technologies.
EMC said its initiaol collaboration will be on new models for data ownership and usage, interfaces for business transactionz and health care IT initiatives. A consortium sponsorship costs $200,000 per year for a minimum of threew years. Sponsors receive full intellectual property rights to technology developed at the lab durinygtheir sponsorship. The announcement comes a week afterf EMC and a group of universities and technology companiews announced the development of a high performance computing research facilit yin Holyoke, Mass. Other tech giantes have built dedicated R&D lab in Cambridgwe in recent years.
(Nasdaq: MSFT), (Nasdaq: GOOG) and IBM) built research centers in the city in the pasttwo
Friday, February 11, 2011
Obama outlines financial regulatory overhaul - Memphis Business Journal:
http://gosdesign.com/portfolio/ning
In his speech, the presiden t said the goal isto “restorre markets in which we reward hard work and responsibility, not recklessnesds and greed – in which honest, vigorous competition in the systemk is prized, and those who game the syste m are thwarted.” Among other things, the president’s plan requirezs all financial firms that post a significant risk to the financial systemj at large to be overseen by consolidated supervision and regulation. An 89-page report by the notez that the “roots of the economiv crisis goback decades. Years without a seriouse economic recession bred complacency among financiao intermediariesand investors,” the report reads.
Rathert than scrap the entire system, Obama said the reformsd “pinpoint the structural weaknesses that allowed for this crisis and to make sure that thesew problems are dealt to avertfuturw crises.” Increase market discipline and transparencyh to make markets strong enough to withstand system-wide stress and the potentialp failure of one or more large financial institutions. Rebuild trust in the markets by creating the Consumer FinancialpProtection Agency. Provide the government with the tools needed to managed financial crises so it is not forced to choose betweebn bailouts andfinancial collapse. Raisd international regulatory standards and improveinternationao coordination.
In his speech, the presiden t said the goal isto “restorre markets in which we reward hard work and responsibility, not recklessnesds and greed – in which honest, vigorous competition in the systemk is prized, and those who game the syste m are thwarted.” Among other things, the president’s plan requirezs all financial firms that post a significant risk to the financial systemj at large to be overseen by consolidated supervision and regulation. An 89-page report by the notez that the “roots of the economiv crisis goback decades. Years without a seriouse economic recession bred complacency among financiao intermediariesand investors,” the report reads.
Rathert than scrap the entire system, Obama said the reformsd “pinpoint the structural weaknesses that allowed for this crisis and to make sure that thesew problems are dealt to avertfuturw crises.” Increase market discipline and transparencyh to make markets strong enough to withstand system-wide stress and the potentialp failure of one or more large financial institutions. Rebuild trust in the markets by creating the Consumer FinancialpProtection Agency. Provide the government with the tools needed to managed financial crises so it is not forced to choose betweebn bailouts andfinancial collapse. Raisd international regulatory standards and improveinternationao coordination.
Tuesday, February 8, 2011
Powhatan history lesson: Markers bear silent witness to forgotten events - Powhatan Today
surrounded-assistant.blogspot.com
Powhatan history lesson: Markers bear silent witness to forgotten events Powhatan Today Powhatan has such a stone. It is the memorial marker on Route 684, not far from the entrance to Belmead, and is inscribed, “S â€" F/Nov 14 1840 (Memento) MOCI ... |
Sunday, February 6, 2011
Palo Alto home prices rose in May - San Francisco Business Times:
lyubomiradete.blogspot.com
The median price in Palo Alto rose 4.9 percentt to $1.4 million from May 2008 to May 2009, the reportr by the and showed. Palo Alto and Campbelk in the south bay were the only Bay Area citiezs thathad year-over-year home pricer increases. The median price on a home in Campbelllrose 4.7 percent to $691,000. They were also among the 10 cities with the highest median home pricex in California duringMay 2009. The others were Los $1.5 million; Cupertino, $965,000; Santa Barbara, $870,750; $785,500; Los Gatos, $769,500; Newport Beach, $767,500; Santz Monica, $740,000 and Arcadia, $700,000.
A separate CAR report also showefd that the inventory for singled family homes in the state has shrunk dramaticallyh in the past year but homesa nonetheless are taking longerto sell. CAR'a Unsold Inventory Index for single-family detached homes in May was 4.2 months, compared with 8.7 monthe for the same period ayear ago. The index indicatex the number of months neededx to deplete the supply of homes on the market at the currengsales rate. The median number of days it took to sella single-familyu home was 53.5 days in May, compare with 49.2 days for the same perioed a year ago. The report showed that the number of sales increased statewide in Mayby 35.
2 percenr to a seasonally adjusted rate of 556,590 on an annualized while the median price of an single-family detached home dropped 30.4 percent to The price in May was up 4.2 percengt from April's median.
The median price in Palo Alto rose 4.9 percentt to $1.4 million from May 2008 to May 2009, the reportr by the and showed. Palo Alto and Campbelk in the south bay were the only Bay Area citiezs thathad year-over-year home pricer increases. The median price on a home in Campbelllrose 4.7 percent to $691,000. They were also among the 10 cities with the highest median home pricex in California duringMay 2009. The others were Los $1.5 million; Cupertino, $965,000; Santa Barbara, $870,750; $785,500; Los Gatos, $769,500; Newport Beach, $767,500; Santz Monica, $740,000 and Arcadia, $700,000.
A separate CAR report also showefd that the inventory for singled family homes in the state has shrunk dramaticallyh in the past year but homesa nonetheless are taking longerto sell. CAR'a Unsold Inventory Index for single-family detached homes in May was 4.2 months, compared with 8.7 monthe for the same period ayear ago. The index indicatex the number of months neededx to deplete the supply of homes on the market at the currengsales rate. The median number of days it took to sella single-familyu home was 53.5 days in May, compare with 49.2 days for the same perioed a year ago. The report showed that the number of sales increased statewide in Mayby 35.
2 percenr to a seasonally adjusted rate of 556,590 on an annualized while the median price of an single-family detached home dropped 30.4 percent to The price in May was up 4.2 percengt from April's median.
Thursday, February 3, 2011
Bank Holdings under cease and desist order - Portland Business Journal:
http://icscontrolplus.com/articles/getagrip.php
parent company of Reno-based , announced it is operating underd a cease and desist order to improve its capita position and cut its realestate losses. The bank operates as Silveradoo Bankin Roseville. “Nevada Security Bank face unprecedented challenges with the increasing levelpof non-performing loans, the steep declines in the underlying valuew of real estate collateral and the greater loan loss provisionss required,” said Hal Giomi, foundert and chairman of The Bank Holdings. He is also chiegf executive.
“Our priorities and objectives are well-defined as we purposelhy move forward toaddress issues, make prudent modifications, and work diligentlyy for the desired Giomi said. The bank’s executives entered the agreemen with Nevada banking authorities and the regulators at the end of andthe bank’s management had alreaduy started working to improve the bank’s capitap levels by cutting costs, reducingt the size of the balance sheet and seeking more The bank internally stopped making new construction and land developmenr loans in third-quarter 2007.
The regulatory ordere demands the bank’s management increase the company’s capital, reduce the concentration of commerciall real estate loans and changs internalmonitoring procedures. Nevada Security Bank has a concentrationm of construction and development loansin Reno, whic h was a booming real estate markert through much of this decade, but floundered starting in 2007. Bank Holdings was hammered in the fall by thefederalk government’s action to put Fannire Mae and Freddie Mac into conservatorship, whichy cost the company a $15 million loss of capitakl that had been invested in the stock of the two government-sponsoree secondary mortgage investment companies.
Bank Holdings startecd in 2001 with initial capitakof $14 million. It currently has $45 million in with four branches in Northern Nevadza and onein
parent company of Reno-based , announced it is operating underd a cease and desist order to improve its capita position and cut its realestate losses. The bank operates as Silveradoo Bankin Roseville. “Nevada Security Bank face unprecedented challenges with the increasing levelpof non-performing loans, the steep declines in the underlying valuew of real estate collateral and the greater loan loss provisionss required,” said Hal Giomi, foundert and chairman of The Bank Holdings. He is also chiegf executive.
“Our priorities and objectives are well-defined as we purposelhy move forward toaddress issues, make prudent modifications, and work diligentlyy for the desired Giomi said. The bank’s executives entered the agreemen with Nevada banking authorities and the regulators at the end of andthe bank’s management had alreaduy started working to improve the bank’s capitap levels by cutting costs, reducingt the size of the balance sheet and seeking more The bank internally stopped making new construction and land developmenr loans in third-quarter 2007.
The regulatory ordere demands the bank’s management increase the company’s capital, reduce the concentration of commerciall real estate loans and changs internalmonitoring procedures. Nevada Security Bank has a concentrationm of construction and development loansin Reno, whic h was a booming real estate markert through much of this decade, but floundered starting in 2007. Bank Holdings was hammered in the fall by thefederalk government’s action to put Fannire Mae and Freddie Mac into conservatorship, whichy cost the company a $15 million loss of capitakl that had been invested in the stock of the two government-sponsoree secondary mortgage investment companies.
Bank Holdings startecd in 2001 with initial capitakof $14 million. It currently has $45 million in with four branches in Northern Nevadza and onein
Tuesday, February 1, 2011
Ocwen income nearly triples in Q1 - South Florida Business Journal:
modestofyeyko.blogspot.com
The West Palm Beach-based company (NYSE: OCN) had net income of $15. 1 million on revenue of $120.6 million in the firstr quarter. In the same quarter last year, Ocwen earned $5.3 million on $133.3 millionh in revenue. The company said it was servicinyg $20.8 billion in nonperforming loans and foreclosed properties as ofMarch 31, up from $40.21 million at year-end. Most of thesr mortgages are held by bankx orsecurities funds. Ocwen completed 20,65 1 loan modifications during thefirst quarter. That’w the most quarterly loan modifications the compan has completed inits history.
The compan y also improved its first quartee results by reducing expenses 18 compared to the first quarterof 2008. Chairmanj and CEO William Erbey said the company is participating in theObamwa administration’s to keep borrowers in theidr homes and should generate significanrt revenue from this program in the third quarter. The companhy also started a special servicing arrangementfor high-riskl loans with the federal government-run r. Erbey said he is pleases with how this pilotr programis performing. Freddie Mac will revieew this program’s effectiveness in June.
Ocwen plans to file paperworl with the Securities and Exchange Commissionh in the current quartefr to spin off its Ocwen Solutions division as a separateepublic company, which could take effec in the third quarter. The Ocwen Solutions division includesmortgage services, financial services and technology These lines of business contributed $6.7 million in incomes from operations and $45.9 million in revenue to the company’e first quarter results. As it prepares for this Ocwen Financial is bolstering its balance Itraised $49 millio in net proceeds in Aprikl from a common equity private placement. Ocwen shared closed up $1.84 to a new 52-weem high of $12.83. The 52-week low was $4.
23 on June 25.
The West Palm Beach-based company (NYSE: OCN) had net income of $15. 1 million on revenue of $120.6 million in the firstr quarter. In the same quarter last year, Ocwen earned $5.3 million on $133.3 millionh in revenue. The company said it was servicinyg $20.8 billion in nonperforming loans and foreclosed properties as ofMarch 31, up from $40.21 million at year-end. Most of thesr mortgages are held by bankx orsecurities funds. Ocwen completed 20,65 1 loan modifications during thefirst quarter. That’w the most quarterly loan modifications the compan has completed inits history.
The compan y also improved its first quartee results by reducing expenses 18 compared to the first quarterof 2008. Chairmanj and CEO William Erbey said the company is participating in theObamwa administration’s to keep borrowers in theidr homes and should generate significanrt revenue from this program in the third quarter. The companhy also started a special servicing arrangementfor high-riskl loans with the federal government-run r. Erbey said he is pleases with how this pilotr programis performing. Freddie Mac will revieew this program’s effectiveness in June.
Ocwen plans to file paperworl with the Securities and Exchange Commissionh in the current quartefr to spin off its Ocwen Solutions division as a separateepublic company, which could take effec in the third quarter. The Ocwen Solutions division includesmortgage services, financial services and technology These lines of business contributed $6.7 million in incomes from operations and $45.9 million in revenue to the company’e first quarter results. As it prepares for this Ocwen Financial is bolstering its balance Itraised $49 millio in net proceeds in Aprikl from a common equity private placement. Ocwen shared closed up $1.84 to a new 52-weem high of $12.83. The 52-week low was $4.
23 on June 25.
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