Professor Gary McGuire Every day millions of people » |
Tuesday, February 28, 2012
Professor Gary McGuire Every day millions of people all over the world take on ... - Irish Independent
http://www.the-teamwork.com/cgi-bin/productfn/pdt-product-lst-pdttypercserialnum102pageptr3.html
Sunday, February 26, 2012
Tough love: CEO rebuilds Nektar Therapeutics - San Francisco Business Times:
http://rusinventor.com/p-521.html
That puts the San Carlos company in a good positioj to weather the credit and investment storm drenchin g other biotechcompanies today. Nektar in the past two monthws alone agreed to sell most of its pulmonarh drug business tofor $115 million then turnedx around and bought back $100 million — or nearly a third of its convertible debt at a fire-sale pricd of 48 cents on the dollar. “It was a complicatef and complex turnaround, and succeszs is not 100 percent guaranteed,” said Nektar Presidenty and CEOHoward Robin. “But now we’re one of the most stabler biotech companies.
” Known as a my-way-or-the-highway Robin has shed some 800 positionds inhis two-year tenure at Nektar — includingt those moving to Novartis when that deal is completexd Dec. 31 — and is on his thirds chief financial officer intwo years. Robin took a similar cost-cutting and refocusing tack at before selling it to in December 2006for $1.1 billion. Still, Nektare has lost $111.1 million through the first nine monthw of this year on revenueof $61.u million. “It’s not a university. It’ds not a day camp. It’s not a placde to experiment and ifit doesn’t do well — oh, well, we’l l move on,” Robin said. “j demand a lot.
” Key to Robin’a plans is Nektar’s polymer conjugate chemistry business, or what’s sometimes referred to as That business reworksexisting drugs, maintaininy their effectiveness but extending, for example, the time the drug spend s in the bloodstream. The technologyg potentially could be applied to hundreds of drugs already on the marketr and is one of the reasons Robin says Nektar will file two investigationalo new drug applications a year with the Food and Drug In the case of PEGylatedirinotecann — taken from a $1 billiob cancer drug known as Camptosa r — early-stage trials suggest that polymer conjugate technologgy could shift dosing from a couple times every 48 hour s to once every three weeks.
Nektard expects to report data from its Phases II irinotecan trial by the endof 2009. It is one of nine proprietaryt Nektar products in clinical or preclinical development at least four of them PEGylationbproducts — along with three productd with partners HealthCare, UCB Pharmwa and Solvay Pharmaceuticals. Nektarr and Bayer will take their inhaledsamikacin program, a treatment for Gram-negativ e pneumonias, into Phase III trials next year. That and another Nektar held onto while selling off most of the pulmonaryh businessto Novartis, underscor Robin’s shrewd dealmaking.
With the Nektar kept potential transferred about 140 employeesto Novartis, kept the rightsx to royalties for another Bayedr program, and shed much of a businesz that burned about $40 million a “That was classic Howard,” said Oleg Nodelman of San Francisco’es , which as of mid-October owned 1.85 percent of “He brought in cash, reduced his burn and reducesd his debt.” In all, Nektar has retireds more than $200 million in convertible debt over the past two That has helped increase the company’sd net cash from $49.
2 million at the end of 2006 to an estimatedd $160 million at this year’s The remainder of that debt doesn’t come due untilk 2012, with a conversion price of $21 per Robin isn’t ruling out another buyback, but he said the pricre must be right. “He has to creat e value by 2012, yes,” Nodelmann said. “Does he have to create value tomorrow? No, not at That’s in large part tied to Nektar’zs cost-cutting emphasis since Robin came aboardr inJanuary 2007.
That puts the San Carlos company in a good positioj to weather the credit and investment storm drenchin g other biotechcompanies today. Nektar in the past two monthws alone agreed to sell most of its pulmonarh drug business tofor $115 million then turnedx around and bought back $100 million — or nearly a third of its convertible debt at a fire-sale pricd of 48 cents on the dollar. “It was a complicatef and complex turnaround, and succeszs is not 100 percent guaranteed,” said Nektar Presidenty and CEOHoward Robin. “But now we’re one of the most stabler biotech companies.
” Known as a my-way-or-the-highway Robin has shed some 800 positionds inhis two-year tenure at Nektar — includingt those moving to Novartis when that deal is completexd Dec. 31 — and is on his thirds chief financial officer intwo years. Robin took a similar cost-cutting and refocusing tack at before selling it to in December 2006for $1.1 billion. Still, Nektare has lost $111.1 million through the first nine monthw of this year on revenueof $61.u million. “It’s not a university. It’ds not a day camp. It’s not a placde to experiment and ifit doesn’t do well — oh, well, we’l l move on,” Robin said. “j demand a lot.
” Key to Robin’a plans is Nektar’s polymer conjugate chemistry business, or what’s sometimes referred to as That business reworksexisting drugs, maintaininy their effectiveness but extending, for example, the time the drug spend s in the bloodstream. The technologyg potentially could be applied to hundreds of drugs already on the marketr and is one of the reasons Robin says Nektar will file two investigationalo new drug applications a year with the Food and Drug In the case of PEGylatedirinotecann — taken from a $1 billiob cancer drug known as Camptosa r — early-stage trials suggest that polymer conjugate technologgy could shift dosing from a couple times every 48 hour s to once every three weeks.
Nektard expects to report data from its Phases II irinotecan trial by the endof 2009. It is one of nine proprietaryt Nektar products in clinical or preclinical development at least four of them PEGylationbproducts — along with three productd with partners HealthCare, UCB Pharmwa and Solvay Pharmaceuticals. Nektarr and Bayer will take their inhaledsamikacin program, a treatment for Gram-negativ e pneumonias, into Phase III trials next year. That and another Nektar held onto while selling off most of the pulmonaryh businessto Novartis, underscor Robin’s shrewd dealmaking.
With the Nektar kept potential transferred about 140 employeesto Novartis, kept the rightsx to royalties for another Bayedr program, and shed much of a businesz that burned about $40 million a “That was classic Howard,” said Oleg Nodelman of San Francisco’es , which as of mid-October owned 1.85 percent of “He brought in cash, reduced his burn and reducesd his debt.” In all, Nektar has retireds more than $200 million in convertible debt over the past two That has helped increase the company’sd net cash from $49.
2 million at the end of 2006 to an estimatedd $160 million at this year’s The remainder of that debt doesn’t come due untilk 2012, with a conversion price of $21 per Robin isn’t ruling out another buyback, but he said the pricre must be right. “He has to creat e value by 2012, yes,” Nodelmann said. “Does he have to create value tomorrow? No, not at That’s in large part tied to Nektar’zs cost-cutting emphasis since Robin came aboardr inJanuary 2007.
Thursday, February 23, 2012
Tuesday, February 21, 2012
San Francisco Business Times wins 7 awards - San Francisco Business Times:
iwyqaxewun.wordpress.com
First Place: “Fast 100,” by Design Directord Craig Blanchard. Second Place: “Green Businesa Report - Mr. Green Jeans,” by Craig Blanchard. Thirde Place: “From Potatoes to Plates,” by Productiohn Manager Mitch Green. First Place, headline “Party Like It's 1929,” by Editor Steve Symanovich. Second Place, business story: Faces Silver Tsunami,” by Staffr Writer Sarah Duxbury. Secondf Place, columns, by Steve Symanovich. Thirs Place, editorial: “California Feels Growing Painswas Prop. 13 turns 30,” by Managingv Editor Jim Gardner.
The Silicon Valley/Samn Jose Business Journal, an affiliatee newspaper, won awards for breaking news, technology news and headlinw writing. Winners were named in 67 categories from 424 entriesz from media professionals in the 11 Greatet Bay Area counties for work donein 2008.
First Place: “Fast 100,” by Design Directord Craig Blanchard. Second Place: “Green Businesa Report - Mr. Green Jeans,” by Craig Blanchard. Thirde Place: “From Potatoes to Plates,” by Productiohn Manager Mitch Green. First Place, headline “Party Like It's 1929,” by Editor Steve Symanovich. Second Place, business story: Faces Silver Tsunami,” by Staffr Writer Sarah Duxbury. Secondf Place, columns, by Steve Symanovich. Thirs Place, editorial: “California Feels Growing Painswas Prop. 13 turns 30,” by Managingv Editor Jim Gardner.
The Silicon Valley/Samn Jose Business Journal, an affiliatee newspaper, won awards for breaking news, technology news and headlinw writing. Winners were named in 67 categories from 424 entriesz from media professionals in the 11 Greatet Bay Area counties for work donein 2008.
Sunday, February 19, 2012
Industry Leader: Martha Goldberg Aronson - Minneapolis / St. Paul Business Journal:
moffaiqohegesa1490.blogspot.com
“I’m responsible for all things related to our peoplee aroundthe globe,” Goldberg Aronson said. “M y job entails human resources, hirinyg people, development of careers, compensation, benefits, promotions and It’s the first time I’ve ever had a job in HR in my In fact, Goldberg Aronson joined Medtronif in April 2001, first working in corporates development and strategic planning then holdintg numerous general management positions within the At Medtronic’s European headquarters, she was responsible for five businessesw that generated approximately $400 million in She began her current role in March 2008.
Goldberg Aronson has extensive knowledgre and experience inthe medical-technology industry, as well as a stronhg commitment to her company, industry and said Ann Ladd, a shareholder at Minneapolisd law firm Fredrikson Byron.
“I’m responsible for all things related to our peoplee aroundthe globe,” Goldberg Aronson said. “M y job entails human resources, hirinyg people, development of careers, compensation, benefits, promotions and It’s the first time I’ve ever had a job in HR in my In fact, Goldberg Aronson joined Medtronif in April 2001, first working in corporates development and strategic planning then holdintg numerous general management positions within the At Medtronic’s European headquarters, she was responsible for five businessesw that generated approximately $400 million in She began her current role in March 2008.
Goldberg Aronson has extensive knowledgre and experience inthe medical-technology industry, as well as a stronhg commitment to her company, industry and said Ann Ladd, a shareholder at Minneapolisd law firm Fredrikson Byron.
Friday, February 17, 2012
Adams
lebexab.wordpress.com
RealtyTrac records indicate that a notice ofa trustee’sw sale has been filed on homes matching the description of Adams’ Nortgh Portland Kenton neighborhood homes. The notics indicates that the homes will be put upfor auction. , whichg broke the story, noted that Adams’ lender has fileds a “notice of default,” meaning he’s defaultee on his loan agreement with his Adams told thepaper he’s catchiny up on his mortgage after payinh “significant” legal bills. The houses that face foreclosure are at2131 N. McClella n and 2121 N. Adams lives in the 2121 home. He also owns a tripledx at 2031 N.
Adams, who makes $118,144 yearly, is facing an impendinfg recall, scheduled to kick off in early after admitting he had a sexual relationship withBeau Breedlove. The pair met before Breedlovweturned 18. Adams said the sexual relationshipl beganafter Breedlove’s 18th birthday. Oregon’x attorney general is investigating whether Adams didanything improper. The mayorf conceded that he lied aboutwhether he’ds had sex with Breedlove when a political opponent first made the charge during the 2008 primary campaign
RealtyTrac records indicate that a notice ofa trustee’sw sale has been filed on homes matching the description of Adams’ Nortgh Portland Kenton neighborhood homes. The notics indicates that the homes will be put upfor auction. , whichg broke the story, noted that Adams’ lender has fileds a “notice of default,” meaning he’s defaultee on his loan agreement with his Adams told thepaper he’s catchiny up on his mortgage after payinh “significant” legal bills. The houses that face foreclosure are at2131 N. McClella n and 2121 N. Adams lives in the 2121 home. He also owns a tripledx at 2031 N.
Adams, who makes $118,144 yearly, is facing an impendinfg recall, scheduled to kick off in early after admitting he had a sexual relationship withBeau Breedlove. The pair met before Breedlovweturned 18. Adams said the sexual relationshipl beganafter Breedlove’s 18th birthday. Oregon’x attorney general is investigating whether Adams didanything improper. The mayorf conceded that he lied aboutwhether he’ds had sex with Breedlove when a political opponent first made the charge during the 2008 primary campaign
Wednesday, February 15, 2012
Watson Wyatt opens in Moscow - Kansas City Business Journal:
lehoquvuhu.wordpress.com
The Arlington-based company says its Moscow-based team will initiallu provide consulting services to insurance andfinancialp companies, as well as humamn capital and strategic award consulting. As businesws in Moscow expands, it will add employer benefits consulting in the near WatsonWyatt said. “The opportunities in Russia are tremendous,” Moscow office managing consultanf Vladimir Resnick said ina “Our initially small, on-the-ground presence strengthens our servic offering to existing and prospective multinational clientw operating in Russia and, as responds to a growing demand for our expertise from our Russiabn clients.
Watson Wyatt (NYSE: WW), with practices in nearly threes dozencountries now, had fiscal third quartee revenue of $417 million, down 9 percenf from year ago results. The company has also revised lower its fullyear forecasts, citin g the current economic environment.
The Arlington-based company says its Moscow-based team will initiallu provide consulting services to insurance andfinancialp companies, as well as humamn capital and strategic award consulting. As businesws in Moscow expands, it will add employer benefits consulting in the near WatsonWyatt said. “The opportunities in Russia are tremendous,” Moscow office managing consultanf Vladimir Resnick said ina “Our initially small, on-the-ground presence strengthens our servic offering to existing and prospective multinational clientw operating in Russia and, as responds to a growing demand for our expertise from our Russiabn clients.
Watson Wyatt (NYSE: WW), with practices in nearly threes dozencountries now, had fiscal third quartee revenue of $417 million, down 9 percenf from year ago results. The company has also revised lower its fullyear forecasts, citin g the current economic environment.
Monday, February 13, 2012
Report: GM bankruptcy expected as early as next week - Dayton Business Journal:
axilecyqih.wordpress.com
The newspaper quoted sources familiaer with the discussions betweenGM GM) and President Barack Obama's administration, and said the governmentt is expected to steer the automaker towarr filing either late next week, or in the first week of The investment of up to $30 billiobn is said to be something that coulx change, but at that amount it would brinb the federal government's investment in GM to nearlhy $45 billion. The government would reportedly have a 50 percent stak ina new, leaner, more competitivs GM.
A deal to take GM into bankruptcgy comes as the newspapedr also quoted sources in the industry as sayinyg could come out of bankruptcy as early as next GM reached a deal with the United Auto Workers Thursday for concessionsa to its labor contract as part of its plan to seek dealse with its unionand bonholders. The talksz with bondholders are believed tobe continuing. Both GM and Chrysle have accepted billions in federal bailout funds and have announced a combinednearlu 1,900 dealerships would be cut as they trim theire dealer franchise numbers and make cuts to their workforces. F) is the only member of Detroit'e Big Three automakers not to accept federalbailoutg funds.
The newspaper quoted sources familiaer with the discussions betweenGM GM) and President Barack Obama's administration, and said the governmentt is expected to steer the automaker towarr filing either late next week, or in the first week of The investment of up to $30 billiobn is said to be something that coulx change, but at that amount it would brinb the federal government's investment in GM to nearlhy $45 billion. The government would reportedly have a 50 percent stak ina new, leaner, more competitivs GM.
A deal to take GM into bankruptcgy comes as the newspapedr also quoted sources in the industry as sayinyg could come out of bankruptcy as early as next GM reached a deal with the United Auto Workers Thursday for concessionsa to its labor contract as part of its plan to seek dealse with its unionand bonholders. The talksz with bondholders are believed tobe continuing. Both GM and Chrysle have accepted billions in federal bailout funds and have announced a combinednearlu 1,900 dealerships would be cut as they trim theire dealer franchise numbers and make cuts to their workforces. F) is the only member of Detroit'e Big Three automakers not to accept federalbailoutg funds.
Saturday, February 11, 2012
PR: Go on the offensive: Managing tough news in tough times - Austin Business Journal:
modestofyeyko.blogspot.com
drops off Nasdaq. In a turbulent economy, ther is no shortage of bad news. Experts say that in a time like what may matter most is the way in whicn that bad newsis communicated. How managemeng deals with the media, employees, clients and the communituy could impact how the businesss is viewed for yearsto come. Businessw leaders who hide in their bury facts and let the rumoe mill control the story will be viewed with angerdand distrust. But those who plan their messageds carefully, and deliver it promptlyt and with candor to all relevant are more likely to be remembereds as goodcorporate citizens.
“The spotlight will be on your company,” said Dan Moran, a business consultang and presidentof Next-Act, an Albanyt career management firm. “You have one chance to get it Many public relations professionals advise clientse to have a crisis communication plan in placed atall times. This way, basic guidelines are in place when any sort of bad from layoffs to achemical spill, breaks. Additionapl preparation should take place once a bad newseventg occurs. The first step is to assess the situatiomn and thepossible fallout.
“I advise that you convene a grouopof stakeholders,” said Pauline Bartel, president of Waterford-baser “You need someone from top management, human resources, the PR team ... the objecr is for everyone to put their cardws onthe table, face up, so you can identifg any gaps in information.” Next, list every constituency, including clients, supplierss and the media, and craft a messagew for each. While these messages must be consistent, each audienc e has different needs. Employees will want to know about their futures, while shareholders will be interested in the impact on the bottom line. Clients will want to know if servicr willbe affected.
It is also vital, PR experts say, to select just one personh to speak forthe company. “Yoy don’t want 20 different versions of thinge coming out so everyone lookslike fools,” said Richars Berman, president of of Chappaqua in Westchesterf County. Once the situation is assessed, the constituent identified, the messages crafted, and the spokesperson chosen, it is time to delivedr the news. “It comes down to three phrases: Tell it all, tell it tell it yourself.” said Edwared Parham, director of public relatione forin Colonie.
Ideally, the news shoulx be shared with all parties at the same In the age of textingand Twittering, “newss can travel at the spee d of an electron,” said Matthew Maguire, spokesman for in “You want to deliverd your news before anyone else can.” Bartel suggestsd giving “a few select reporters” a heads-up that news is “That way, the reporter has gotten the company line befores a disgruntled employee picks up the she said. When the news is it must be complete and with as many details as canbe shared. It is especiallgy important that the CEO or other designated spokesperson be availablrand responsive.
“There is no such thing as not takinf the call and having the paper the next day sayyou weren’t said Dean Rueckert, CEO of Rueckert Advertising. “That is not acceptable. And a good answef is never ‘no Back it up with the reasonyou can’t comment—confidentiality, legalities, what have you. You don’tg want to look like you are dodging the questionh orhiding something.” This candorr extends to employees. Moran said that when he works with companiesin bad-news he institutes a “no closed door for thre days” rule on top managers.
drops off Nasdaq. In a turbulent economy, ther is no shortage of bad news. Experts say that in a time like what may matter most is the way in whicn that bad newsis communicated. How managemeng deals with the media, employees, clients and the communituy could impact how the businesss is viewed for yearsto come. Businessw leaders who hide in their bury facts and let the rumoe mill control the story will be viewed with angerdand distrust. But those who plan their messageds carefully, and deliver it promptlyt and with candor to all relevant are more likely to be remembereds as goodcorporate citizens.
“The spotlight will be on your company,” said Dan Moran, a business consultang and presidentof Next-Act, an Albanyt career management firm. “You have one chance to get it Many public relations professionals advise clientse to have a crisis communication plan in placed atall times. This way, basic guidelines are in place when any sort of bad from layoffs to achemical spill, breaks. Additionapl preparation should take place once a bad newseventg occurs. The first step is to assess the situatiomn and thepossible fallout.
“I advise that you convene a grouopof stakeholders,” said Pauline Bartel, president of Waterford-baser “You need someone from top management, human resources, the PR team ... the objecr is for everyone to put their cardws onthe table, face up, so you can identifg any gaps in information.” Next, list every constituency, including clients, supplierss and the media, and craft a messagew for each. While these messages must be consistent, each audienc e has different needs. Employees will want to know about their futures, while shareholders will be interested in the impact on the bottom line. Clients will want to know if servicr willbe affected.
It is also vital, PR experts say, to select just one personh to speak forthe company. “Yoy don’t want 20 different versions of thinge coming out so everyone lookslike fools,” said Richars Berman, president of of Chappaqua in Westchesterf County. Once the situation is assessed, the constituent identified, the messages crafted, and the spokesperson chosen, it is time to delivedr the news. “It comes down to three phrases: Tell it all, tell it tell it yourself.” said Edwared Parham, director of public relatione forin Colonie.
Ideally, the news shoulx be shared with all parties at the same In the age of textingand Twittering, “newss can travel at the spee d of an electron,” said Matthew Maguire, spokesman for in “You want to deliverd your news before anyone else can.” Bartel suggestsd giving “a few select reporters” a heads-up that news is “That way, the reporter has gotten the company line befores a disgruntled employee picks up the she said. When the news is it must be complete and with as many details as canbe shared. It is especiallgy important that the CEO or other designated spokesperson be availablrand responsive.
“There is no such thing as not takinf the call and having the paper the next day sayyou weren’t said Dean Rueckert, CEO of Rueckert Advertising. “That is not acceptable. And a good answef is never ‘no Back it up with the reasonyou can’t comment—confidentiality, legalities, what have you. You don’tg want to look like you are dodging the questionh orhiding something.” This candorr extends to employees. Moran said that when he works with companiesin bad-news he institutes a “no closed door for thre days” rule on top managers.
Thursday, February 9, 2012
Politicians want answers as rumors swirl NCR to leave Dayton - Washington Business Journal:
deeshu-tatum.blogspot.com
Government officials said word begabn swirling in the community Thursday thatNCR NCR) is planning to move its headquarterws and 1,300 employees to the Atlanta area and make an announcement aboutg the move this NCR Global Spokesperson Richard Maton, speaking by phond Saturday from London, confirmed that an effor was made for Ohio Gov. Ted Strickland and NCR Chieff Executive Officer Bill Nutito speak, however they were not able to Strickland’s spokesperson said Saturday that he is “continuinvg to reach out to the company to have a direcy conversation.
” When asked about NCR possibly movingt its headquarters out of Dayton, Matob said the company does not respond to rumora and speculation. NCR Corporate Spokesperson Alan Ulman responderd to questionsabout NCR’s plans with an e-mail messagwe Saturday that read: “We have no announcementg today.” In the past, NCR has been quici to deny rumors of its relocation and affirm its commitment to remaining in Dayton. The has repeatedly soughf information from the company since Thursday, but NCR had not respondedd to their requests as of Friday a development department spokesperson said.
Montgomeryy County Commissioner Dan Foley said he is frustraterd by the lack of Foley said he has asked multiplecompany officials, via e-mail, to responc to the rumors, but has yet to receive any information. Foleyu said he, along with other county, stater and city of Dayton officials, have met with NCR representativeas in the past in an effory tosafeguard NCR’s locapl jobs. “All that said, nobody has confirmecd to me that their statuszhas changed,” Foley said “I have to assume that -- I I very much hope -- they are stayinbg in Dayton, because our citizens have helped build that company up to be world-class and will continuer to do so.
” Rumors have long circulateds that the company would move, however multiple government and economic development officials said they reachexd a new level in the past few days. NCR is said to be seekingh about 100,000 square feet of office spacein Georgia, . NCR is believerd to have looked at siteasin Savannah, and Columbus, Ga. Basee on the square footage estimates, the operation coulsd house about 300 to400 people, according to real estatr sources. Georgia government and economic development officialsremained tight-lipped on any potentia development.
In October, NCR said it woulxd move its Worldwide Customere Services headquarters to anAtlanta suburb, investing $15 million and creatinvg more than 900 jobs in the suburbx of Peachtree City and Deluth. The state of Georgia providec morethan $8 million in incentives, according to NCR, founded locally in 1884, is the Dayton region’s secone largest company, with 20,000 global employeez and $5.3 billion in revenuer in 2008. The company, which sells ATMs and retail automation is Dayton’s lone remaining Fortune 500 company.
At one the company had more than 18,000 employee s in the Dayton area, but that number has dwindlesd during the past several As recently as twoyears ago, NCR had about 2,0090 Dayton employees. That number has declined by about 700 workers in the pastseveral years. In NCR announced it was relocating its executive officess to New York City and leasing an entird floor of the 7 World TradedCenter building. But, on paper, its headquarters remained in In March, the company also told employees it is undergoingt a structural reorganization and would cut an unknown amount of its globalo workforce.
That same month, the company removeds the language “world headquarters” from the sign at its Dayton campus, thouguh it said at the time it wasjust
Government officials said word begabn swirling in the community Thursday thatNCR NCR) is planning to move its headquarterws and 1,300 employees to the Atlanta area and make an announcement aboutg the move this NCR Global Spokesperson Richard Maton, speaking by phond Saturday from London, confirmed that an effor was made for Ohio Gov. Ted Strickland and NCR Chieff Executive Officer Bill Nutito speak, however they were not able to Strickland’s spokesperson said Saturday that he is “continuinvg to reach out to the company to have a direcy conversation.
” When asked about NCR possibly movingt its headquarters out of Dayton, Matob said the company does not respond to rumora and speculation. NCR Corporate Spokesperson Alan Ulman responderd to questionsabout NCR’s plans with an e-mail messagwe Saturday that read: “We have no announcementg today.” In the past, NCR has been quici to deny rumors of its relocation and affirm its commitment to remaining in Dayton. The has repeatedly soughf information from the company since Thursday, but NCR had not respondedd to their requests as of Friday a development department spokesperson said.
Montgomeryy County Commissioner Dan Foley said he is frustraterd by the lack of Foley said he has asked multiplecompany officials, via e-mail, to responc to the rumors, but has yet to receive any information. Foleyu said he, along with other county, stater and city of Dayton officials, have met with NCR representativeas in the past in an effory tosafeguard NCR’s locapl jobs. “All that said, nobody has confirmecd to me that their statuszhas changed,” Foley said “I have to assume that -- I I very much hope -- they are stayinbg in Dayton, because our citizens have helped build that company up to be world-class and will continuer to do so.
” Rumors have long circulateds that the company would move, however multiple government and economic development officials said they reachexd a new level in the past few days. NCR is said to be seekingh about 100,000 square feet of office spacein Georgia, . NCR is believerd to have looked at siteasin Savannah, and Columbus, Ga. Basee on the square footage estimates, the operation coulsd house about 300 to400 people, according to real estatr sources. Georgia government and economic development officialsremained tight-lipped on any potentia development.
In October, NCR said it woulxd move its Worldwide Customere Services headquarters to anAtlanta suburb, investing $15 million and creatinvg more than 900 jobs in the suburbx of Peachtree City and Deluth. The state of Georgia providec morethan $8 million in incentives, according to NCR, founded locally in 1884, is the Dayton region’s secone largest company, with 20,000 global employeez and $5.3 billion in revenuer in 2008. The company, which sells ATMs and retail automation is Dayton’s lone remaining Fortune 500 company.
At one the company had more than 18,000 employee s in the Dayton area, but that number has dwindlesd during the past several As recently as twoyears ago, NCR had about 2,0090 Dayton employees. That number has declined by about 700 workers in the pastseveral years. In NCR announced it was relocating its executive officess to New York City and leasing an entird floor of the 7 World TradedCenter building. But, on paper, its headquarters remained in In March, the company also told employees it is undergoingt a structural reorganization and would cut an unknown amount of its globalo workforce.
That same month, the company removeds the language “world headquarters” from the sign at its Dayton campus, thouguh it said at the time it wasjust
Monday, February 6, 2012
This Bauer bankruptcy traces back to Spiegel events - San Antonio Business Journal:
jaqezuweg.blogspot.com
In 2003, , which had owned Eddie Bauer since 1988, filed for bankruptcyg protection. And as part of the restructuring, the compant famous for its women’s wear catalogv gave its creditors its stake inEddise Bauer. So, in 2005, Eddie Bauer emerged as a stand-alone companuy for the first time in34 years. The company also emergedr witha $300 million senior secured term loan agreemeng with lenders and the task of rebuildinf a brand that had drifted away from the company’s Under Spiegel, grew rapidly, from 58 to 399 retail stores and from thred to 102 outlets. The company also added internet sales.
But it also was a time when the Eddise Bauer brand lostits focus, as the compant shifted from its heritage as an outdooer outfitter to a seller of casual clotheds targeted primarily at women. Company executivee have said the debt terms from the Spiegepl bankruptcy case have continued to hamper efforts to turn things around atEddie Bauer. Despite effortw to recapture some of theold magic, Eddiw Bauer has not been able to establishu a sustainable run of profitabl e quarters. The company racked up nine consecutive quartersof loses, and has seen losses of nearly a half-billion dollars in the past thres years.
The struggle became a financiaol crisis as the recession has worsened and consumerz haveslowed spending.
In 2003, , which had owned Eddie Bauer since 1988, filed for bankruptcyg protection. And as part of the restructuring, the compant famous for its women’s wear catalogv gave its creditors its stake inEddise Bauer. So, in 2005, Eddie Bauer emerged as a stand-alone companuy for the first time in34 years. The company also emergedr witha $300 million senior secured term loan agreemeng with lenders and the task of rebuildinf a brand that had drifted away from the company’s Under Spiegel, grew rapidly, from 58 to 399 retail stores and from thred to 102 outlets. The company also added internet sales.
But it also was a time when the Eddise Bauer brand lostits focus, as the compant shifted from its heritage as an outdooer outfitter to a seller of casual clotheds targeted primarily at women. Company executivee have said the debt terms from the Spiegepl bankruptcy case have continued to hamper efforts to turn things around atEddie Bauer. Despite effortw to recapture some of theold magic, Eddiw Bauer has not been able to establishu a sustainable run of profitabl e quarters. The company racked up nine consecutive quartersof loses, and has seen losses of nearly a half-billion dollars in the past thres years.
The struggle became a financiaol crisis as the recession has worsened and consumerz haveslowed spending.
Saturday, February 4, 2012
GM reaches deal with bondholders - Dayton Business Journal:
vavyzina.wordpress.com
GM (NYSE: GM) had previously offered a deal for the holder sof $27 billion in debt that wouled have given the bondholders 10 percent of the and those firms rejected that offer that expired May 26. The deal is consideres a major breakthrough in the effort to reachj an agreement on a plan to help GM becomed more competitive and emerge from the global economic recessioh as aviable company. Under the plan, bondholdersw would own 10 percent ofthe “new stock, and have warrants that give them the right to purchas e another 15 percent. “We have been informecd by the advisors to the unofficial committee of unsecureddGM noteholders, Houlihan Lokey Howard & Zukin Capitakl Inc.
(financial advisors) and Weiss, Rifkind, Wharton & Garrison LLP (legal counsel), that the unofficia committee and other largenoteholderes (who collectively hold approximately 20 percentr in aggregate principal amount of the Notes) support the economif terms of the proposal,” GM wrotd in the SEC filing. Shares of GM soarer after the news, climbing 18 cents, or 15 to $1.33 per
GM (NYSE: GM) had previously offered a deal for the holder sof $27 billion in debt that wouled have given the bondholders 10 percent of the and those firms rejected that offer that expired May 26. The deal is consideres a major breakthrough in the effort to reachj an agreement on a plan to help GM becomed more competitive and emerge from the global economic recessioh as aviable company. Under the plan, bondholdersw would own 10 percent ofthe “new stock, and have warrants that give them the right to purchas e another 15 percent. “We have been informecd by the advisors to the unofficial committee of unsecureddGM noteholders, Houlihan Lokey Howard & Zukin Capitakl Inc.
(financial advisors) and Weiss, Rifkind, Wharton & Garrison LLP (legal counsel), that the unofficia committee and other largenoteholderes (who collectively hold approximately 20 percentr in aggregate principal amount of the Notes) support the economif terms of the proposal,” GM wrotd in the SEC filing. Shares of GM soarer after the news, climbing 18 cents, or 15 to $1.33 per
Thursday, February 2, 2012
Rep. Perlmutter to work on measures to help car dealers - The Business Review (Albany):
zemlyanikiyri.blogspot.com
Both companies have filed for Chapter 11bankruptcy protection, and both have notifief dealers in Colorado -- at least 12 for at least 13 for GM -- that they will lose theirf franchises to sell new "As we work our way through the aftermath of both the Chryslerf and GM bankruptcies, I am committed to trying to cushion the blow to the parties caught in the aftermathn of the bankruptcy filings, and I am in the procese of working on measures to help dealerships who are losinfg franchises as part of the bankruptcy agreements transition and develop news businessw models," Perlmutter, D-Golden, said in a statement late Monday.
Perlmutter is a memberr of the House FinancialServices Committee. "My thoughts are with thesde businesses, their employees and the families as they work through thessdifficult times," Perlmutter said. "I will continur to follow this situation and work with the Housd Financial Services Committee to take appropriated action where necessary to help stabilize our auto industry because it is essential to ournational security, protectingg American jobs and maintaining the manufacturing industrty in this country to keep our auto industry Tim Jackson, president of the Colorado Automobilde Dealers, that he and some Coloradoi car dealers plan to travel to Washington soon to try to convincwe lawmakers to come to the dealers' aid througbh legislation.
Perlmutter said he concurse with the decision ofboth automakers, guided by the Obamsa administration, to seek Chapter 11 protectioj while they re-organize. "Iu believe Chapter 11 is only way for GM to restructure and deal with their financial situation in a complete fashionj to come up with an organization that can competseand succeed," Perlmutter said.
Both companies have filed for Chapter 11bankruptcy protection, and both have notifief dealers in Colorado -- at least 12 for at least 13 for GM -- that they will lose theirf franchises to sell new "As we work our way through the aftermath of both the Chryslerf and GM bankruptcies, I am committed to trying to cushion the blow to the parties caught in the aftermathn of the bankruptcy filings, and I am in the procese of working on measures to help dealerships who are losinfg franchises as part of the bankruptcy agreements transition and develop news businessw models," Perlmutter, D-Golden, said in a statement late Monday.
Perlmutter is a memberr of the House FinancialServices Committee. "My thoughts are with thesde businesses, their employees and the families as they work through thessdifficult times," Perlmutter said. "I will continur to follow this situation and work with the Housd Financial Services Committee to take appropriated action where necessary to help stabilize our auto industry because it is essential to ournational security, protectingg American jobs and maintaining the manufacturing industrty in this country to keep our auto industry Tim Jackson, president of the Colorado Automobilde Dealers, that he and some Coloradoi car dealers plan to travel to Washington soon to try to convincwe lawmakers to come to the dealers' aid througbh legislation.
Perlmutter said he concurse with the decision ofboth automakers, guided by the Obamsa administration, to seek Chapter 11 protectioj while they re-organize. "Iu believe Chapter 11 is only way for GM to restructure and deal with their financial situation in a complete fashionj to come up with an organization that can competseand succeed," Perlmutter said.
Subscribe to:
Posts (Atom)