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Buffett, his company (NYSE: BRK.B), and that company’ss subsidiary , are each no longer stockholders inConstellation CEG), according to a form with the Securitiesw and Exchange Commission filed Monday. They have been slowlyh divesting the stock over the past weeks and owning 7.3 percent in February and 6.3 perceng last month. The sale ends the relationship between the investor and one of two Fortune 500 companiesw inBaltimore City. Iowa-based MidAmerican got a 10 percent stake in Constellation whenits $4.7 billion bid for the companhy made in September was rejected three months late.
That offer came afte a cash crunch led to a steeop declinein Constellation’s stock price over several days and some investorsx feared bankruptcy. Constellation spurned the offer in favor of a deal tosell 49.99 percenrt of its nuclear business for $4.5 billion to French firm , whicn had also been in the bidding for the company in For the cancelation, Constellation had to pay $175 million in breakulp fees and $418 millio for stocks. It also had to repay a $1 billiob loan from Buffett with 14percent interest. A decisio on whether the deal with EDF requires Maryland approvak is expected ina week. The deal is expectede to closethis fall.
Wednesday, September 14, 2011
Monday, September 12, 2011
AG wins judgement against mortgage firm - Boston Business Journal:
coras-newport.blogspot.com
Massachusetts Attorney General Martha Coakle y won the judgement against Zeus Fundinb LLC andits manager, Rachel Noyes, earlier this week in Boston’xs Suffolk Superior Court. In August Coakley’s office sued Zeus Funding as wellas Massachusetts-basedx ; Rachel Noyes, manager of both Zeus and New Englanc Merchants; Massachusetts-based ; and Roberta Robinson, the manager and sole officer of Champagnes Associates. The lawsuit allegee that the defendants used theird businesses to deceptivelypersuade low-income residentsd to purchasing homes and obtain mortgages they consumersw could not qualify for or afford.
Last Coakley settled with NewEnglan Merchants, Champagne Associates Real Estate and Robertaz Robinson. Under the terms of the the defendants are prohibited from engaging in any mortgage brokerage or real estate services in Massachusetts. New England Merchantse will paya $5,000 civil penalty. if any one of the defendants performs any real estatde or mortgage brokerage servicesin Massachusetts, they will face a civil penaltyg of $100,000.
Massachusetts Attorney General Martha Coakle y won the judgement against Zeus Fundinb LLC andits manager, Rachel Noyes, earlier this week in Boston’xs Suffolk Superior Court. In August Coakley’s office sued Zeus Funding as wellas Massachusetts-basedx ; Rachel Noyes, manager of both Zeus and New Englanc Merchants; Massachusetts-based ; and Roberta Robinson, the manager and sole officer of Champagnes Associates. The lawsuit allegee that the defendants used theird businesses to deceptivelypersuade low-income residentsd to purchasing homes and obtain mortgages they consumersw could not qualify for or afford.
Last Coakley settled with NewEnglan Merchants, Champagne Associates Real Estate and Robertaz Robinson. Under the terms of the the defendants are prohibited from engaging in any mortgage brokerage or real estate services in Massachusetts. New England Merchantse will paya $5,000 civil penalty. if any one of the defendants performs any real estatde or mortgage brokerage servicesin Massachusetts, they will face a civil penaltyg of $100,000.
Saturday, September 10, 2011
Genmar Holdings files for bankruptcy - San Antonio Business Journal:
http://gigaward.com/?p=510
The petition to reorganize theboat builder’s debts was filer Monday afternoon in in The filing includes more than 20 of the company’s one of which is Murfreesboro-based Genmaer Tennessee LLC. The company has a boat manufacturing and repair facilitty at theMurfreesboro location. Genmar Tennessee has from 200 to 1,000 creditord and assets between $50,000 and $100,000. The Tennesseew company’s filing lists about $750,00 in unsecured debts owed to its 20largesf creditors. The parent company lists its assetsa in the rageof $10 million to $50 millio and its liabilities between $100 million and $500 according to court documents.
Genmar Holdings’ only secured creditors are and , accordint to a story in the Minneapolis Star Tribune. Genmar said it has received commitment fora debtor-in-possession financing proposal from both In a statement, Genmar’s largest Chairman and CEO Irwin Jacobs says saleas of the company’s fishing boats, luxury yacht and other products started to decline in but worsened in recen months.
The company’s sales in fiscal which ends in June, are likely to be abouy $460 million, off by more than 50 percent fromfiscapl 2008, the company “If someone would have said to me as recently as even one monthg ago that Genmar would somedau be filing for Chapter 11, I woulds have said it was not even a remote Jacobs says. Genmar had been makinv some strategy changes in recent months and recentlhy announced plans to launchu a lineof less-expensive aluminum boats.
The petition to reorganize theboat builder’s debts was filer Monday afternoon in in The filing includes more than 20 of the company’s one of which is Murfreesboro-based Genmaer Tennessee LLC. The company has a boat manufacturing and repair facilitty at theMurfreesboro location. Genmar Tennessee has from 200 to 1,000 creditord and assets between $50,000 and $100,000. The Tennesseew company’s filing lists about $750,00 in unsecured debts owed to its 20largesf creditors. The parent company lists its assetsa in the rageof $10 million to $50 millio and its liabilities between $100 million and $500 according to court documents.
Genmar Holdings’ only secured creditors are and , accordint to a story in the Minneapolis Star Tribune. Genmar said it has received commitment fora debtor-in-possession financing proposal from both In a statement, Genmar’s largest Chairman and CEO Irwin Jacobs says saleas of the company’s fishing boats, luxury yacht and other products started to decline in but worsened in recen months.
The company’s sales in fiscal which ends in June, are likely to be abouy $460 million, off by more than 50 percent fromfiscapl 2008, the company “If someone would have said to me as recently as even one monthg ago that Genmar would somedau be filing for Chapter 11, I woulds have said it was not even a remote Jacobs says. Genmar had been makinv some strategy changes in recent months and recentlhy announced plans to launchu a lineof less-expensive aluminum boats.
Thursday, September 8, 2011
Greater Kansas City LISC seeks applicants for redevelopment loans - Kansas City Business Journal:
otomaqaqaba.blogspot.com
The loans are available through the Acquisitiobn and PredevelopmentLoan Fund, whichg Greater Kansas City LISC startedx in 2007. The fund now has $7 million from three investors: and each provider $1 million, and , of whicbh Greater Kansas City LISC isa member, provided $5 No loans have been made from the John Wood, senior program officer for Greater Kansas City said Tuesday. “We’ve had some interest in it, but the projectsw haven’t quite gelled,” he “The project falls through becauss the economy and the real estate marketg has really hitus hard.
” This fund differsw from other funds administered by Greater Kansas City LISC becausw it focuses on predevelopment, such as land engineering and architectural services, and environmental studies, Wood Loans will be considered to support developmeny in LISC NeighborhoodsNOW communities on both sides of the state the organization said in a The fund’s loans carry a 7 percenrt fixed interest rate, closing fees of as much as 1.5 perceng and applicable legal fees.
Phasre I environmental assessment and evidence of compliance with zoningh and regulatory and land use requirements may be Since 1981, Greater Kansas City LISC has investee more than $106 million in urban-corew neighborhoods on both sides of the statse line. The loans have leveragedc $567.7 million in total development.
The loans are available through the Acquisitiobn and PredevelopmentLoan Fund, whichg Greater Kansas City LISC startedx in 2007. The fund now has $7 million from three investors: and each provider $1 million, and , of whicbh Greater Kansas City LISC isa member, provided $5 No loans have been made from the John Wood, senior program officer for Greater Kansas City said Tuesday. “We’ve had some interest in it, but the projectsw haven’t quite gelled,” he “The project falls through becauss the economy and the real estate marketg has really hitus hard.
” This fund differsw from other funds administered by Greater Kansas City LISC becausw it focuses on predevelopment, such as land engineering and architectural services, and environmental studies, Wood Loans will be considered to support developmeny in LISC NeighborhoodsNOW communities on both sides of the state the organization said in a The fund’s loans carry a 7 percenrt fixed interest rate, closing fees of as much as 1.5 perceng and applicable legal fees.
Phasre I environmental assessment and evidence of compliance with zoningh and regulatory and land use requirements may be Since 1981, Greater Kansas City LISC has investee more than $106 million in urban-corew neighborhoods on both sides of the statse line. The loans have leveragedc $567.7 million in total development.
Tuesday, September 6, 2011
Economic Forecast: What's ahead for 2009 - Orlando Business Journal:
ufazywyve.wordpress.com
Throughout 2008, we watched businesses close, workers laid off and billions of dollarsw of federal bailout money goto banks, automakerss and insurance companies. The housing markett began to show some signs of life as 2008 drew to a butCentral Florida’s hospitality and tourism industries felt the full brunty of the downturn, as visitor countz dropped and occupancy rates plummeted. But even in the midst of one of the worsft economic downturns inrecent history, some industries actually Read on to find out how 2009 is shapinf up for Central Florida’s top industries. Centralp Florida’s tourism industry is bracing for a rough ridein 2009.
Businesxs almost certainly will be worse in the new due to a downturbnin conventions, as well as concernsx that families will forgoi long-distance travel in a bad economy. “Wd believe visitation will be down, and we will do our best to counteracty that,” said Gary Sain, president and CEO of the Orlando/ . The bureay is counting on a decrease of 3 percenrt to 4 percent in tourist traffifc in 2009 compared tothis year. Rich Maladecki, presidenft of the , said hotels are expectinhg room revenue to decreaswe 5 percent to15 percent. “Many hotelierxs would be very pleased with aflat year,” Maladeckui said.
“You may not see big layoffs at hotels, but you will see a reductioh in workers’ hours and fewer salaried employees.” Steve Baker, president of Orlando-based consulting firm , said the year for Orlandop will be measured by the nationallunemployment rate. “I think unemployment numbers will be Baker said. “When people are unemployed, they aren’tf thinking about vacations.” The financial industry explodedfthis year, and bankers are expecting the fallougt to extend well into the year. “It will be a tough year,” said Larry Tobin, president and CEO of in “There will be many challenges and notmuch expansion.
People are buyingh less, so there isn’t a tremendous need for loan products.” R. Van CEO of , said the slumpinhg housing market will continue toafflict lenders. But he said prices shoulf gradually stabilize and saleswill increase, as will mortgage lending. “It will be a very challenging but I think it willget better,” Bogan “We should get going again at a more sustainabled level in the last half of 2009. We are makinyg headway every month, and peoplde are starting to buyhousesz again.” Karen Lovaglio Dee, president of ’s Centraol Florida unit, said change will be a constan in 2009.
“I think you will see continuing consolidation inthe industry,” she “We think bankers are going back to the lendinbg parameters of the past after a period when thinges were too loosened up.” As companies cut work insurers expect their business to decline. Fewer employees, less property and fewerr cars in corporate fleets will mean substantially fewer policies. “Companies are dropping umbrella policied and individuals are increasing deductibles tosave money,” said Doug commercial lines management with in Orlando.
John Ritenour, chairman of , said a receng case law decision likely will mean more litigatiojn inthe workers’ compensation area, which will result in rate increases.
Throughout 2008, we watched businesses close, workers laid off and billions of dollarsw of federal bailout money goto banks, automakerss and insurance companies. The housing markett began to show some signs of life as 2008 drew to a butCentral Florida’s hospitality and tourism industries felt the full brunty of the downturn, as visitor countz dropped and occupancy rates plummeted. But even in the midst of one of the worsft economic downturns inrecent history, some industries actually Read on to find out how 2009 is shapinf up for Central Florida’s top industries. Centralp Florida’s tourism industry is bracing for a rough ridein 2009.
Businesxs almost certainly will be worse in the new due to a downturbnin conventions, as well as concernsx that families will forgoi long-distance travel in a bad economy. “Wd believe visitation will be down, and we will do our best to counteracty that,” said Gary Sain, president and CEO of the Orlando/ . The bureay is counting on a decrease of 3 percenrt to 4 percent in tourist traffifc in 2009 compared tothis year. Rich Maladecki, presidenft of the , said hotels are expectinhg room revenue to decreaswe 5 percent to15 percent. “Many hotelierxs would be very pleased with aflat year,” Maladeckui said.
“You may not see big layoffs at hotels, but you will see a reductioh in workers’ hours and fewer salaried employees.” Steve Baker, president of Orlando-based consulting firm , said the year for Orlandop will be measured by the nationallunemployment rate. “I think unemployment numbers will be Baker said. “When people are unemployed, they aren’tf thinking about vacations.” The financial industry explodedfthis year, and bankers are expecting the fallougt to extend well into the year. “It will be a tough year,” said Larry Tobin, president and CEO of in “There will be many challenges and notmuch expansion.
People are buyingh less, so there isn’t a tremendous need for loan products.” R. Van CEO of , said the slumpinhg housing market will continue toafflict lenders. But he said prices shoulf gradually stabilize and saleswill increase, as will mortgage lending. “It will be a very challenging but I think it willget better,” Bogan “We should get going again at a more sustainabled level in the last half of 2009. We are makinyg headway every month, and peoplde are starting to buyhousesz again.” Karen Lovaglio Dee, president of ’s Centraol Florida unit, said change will be a constan in 2009.
“I think you will see continuing consolidation inthe industry,” she “We think bankers are going back to the lendinbg parameters of the past after a period when thinges were too loosened up.” As companies cut work insurers expect their business to decline. Fewer employees, less property and fewerr cars in corporate fleets will mean substantially fewer policies. “Companies are dropping umbrella policied and individuals are increasing deductibles tosave money,” said Doug commercial lines management with in Orlando.
John Ritenour, chairman of , said a receng case law decision likely will mean more litigatiojn inthe workers’ compensation area, which will result in rate increases.
Saturday, September 3, 2011
Women's US Open: Doing the Petko-dance - ESPN
vezasid.wordpress.com
Women's US Open: Doing the Petko-dance ESPN Which team would win a seven-game series between the Yankees and BoSox? We hit the streets to ask fans. Stephen A. Smith doesn't think the Yankees' rotation has the arms to make a World Series run. Will Big Blue return to the playoffs? ... |
Thursday, September 1, 2011
Swine flu pandemic declared; Colorado cases at 75 - Wichita Business Journal:
fugowirik.wordpress.com
WHO raised its pandemic warning level for H1N1 fluto six, the highesg level. RESOURCES: See links and information at the end of this The declaration means infections are spreading aroundc the world but is not an indicatioj of how serious thesymptoms are. Many health experts say swine flu is generally no more or less dangeroua that the usualseasonal flu. The Geneva-based agench said 27,737 cases of H1N1 flu has been confirmed in 74 causing at least141 deaths. "A this early stage, the pandemic can be characterizeed globally as being moderate in a WHOstatement said. It did not call for internationao travel or trade restrictions orborder closures.
In Colorado, no deathas from H1N1 flu have been In theUnited States, the latesrt tally from the federal is 13,217 confirmedc cases nationwide and 27 The only other nations with more than 1,000 confirmed cases are Mexico, with 5717; Canada, with Chile, with 1,694; and Australia, with 1,224, WHO The last declared pandemic was the Hong Kong flu outbreak of which killed about 1 million people worldwide, the Associateds Press reported. The CDC and other health authorities say that thosewwith flu-like symptoms should avoid contact with others, stay home from and seek treatment only if seriously ill.
"It is expected that most peoplwe will recover without needingmedical care," the CDC • Cover your nose and mouth with a tissure when you cough or sneeze. Throw the tissue in the trash aftere youuse it. • Wash your hands often with soap and especially after you coughor sneeze. Alcohol-basede hand cleaners are also • Try to avoid closre contact withsick people. In May, the Denver-based "Upgrades hygiene protocols for both office environments and employees includingg maintenanceof air-conditioning systems and sanitation of common areaas such as bathrooms, kitchens, and elevators. "Advise employed to stay home if theyfeel ill.
And to contac their personal physicians if theyhave flu-like "Review leave policies related to illness. Will pay provisione be relaxed to encouragde employees to stay at home if they arepotentialluy contagious? Assure that your policies do not discouragee workers from staying home if they are. "Check and follosw health advisories prior to sending employees on businessa travel to affected areas or temporarily suspend travel tothosde areas." In the event of a more serious turn in the flu the MSEC advises thes e actions: "Identify core activities essential for businesa continuity and the skills necessary to stay operational. Cross-trainingv of employees may be required.
"Explore how work would continuwe if half your workforce is notat work. Absenteeism ratea between 20 percent-60 percent could be expecter during the height ofthe pandemic. "Provide equipmenrt and support for employees to telecommute if theidrjobs permit. 'Social distancing' is a key tactid to limit the spread ofthe virus. "Encourage flex hours to avoixd overcrowdingthe workplace. "Review corporate-wide insurancew policies, specifically health, disability, salary continuance, businesd travel and life insurance relateed tothe pandemic. Communicat e policy provisionsto employees.
" Additional informatiom is available from swine-flu websites established by the , the and the . The Coloradp Department of Public Healthand Environment' s information line for the swine flu is
WHO raised its pandemic warning level for H1N1 fluto six, the highesg level. RESOURCES: See links and information at the end of this The declaration means infections are spreading aroundc the world but is not an indicatioj of how serious thesymptoms are. Many health experts say swine flu is generally no more or less dangeroua that the usualseasonal flu. The Geneva-based agench said 27,737 cases of H1N1 flu has been confirmed in 74 causing at least141 deaths. "A this early stage, the pandemic can be characterizeed globally as being moderate in a WHOstatement said. It did not call for internationao travel or trade restrictions orborder closures.
In Colorado, no deathas from H1N1 flu have been In theUnited States, the latesrt tally from the federal is 13,217 confirmedc cases nationwide and 27 The only other nations with more than 1,000 confirmed cases are Mexico, with 5717; Canada, with Chile, with 1,694; and Australia, with 1,224, WHO The last declared pandemic was the Hong Kong flu outbreak of which killed about 1 million people worldwide, the Associateds Press reported. The CDC and other health authorities say that thosewwith flu-like symptoms should avoid contact with others, stay home from and seek treatment only if seriously ill.
"It is expected that most peoplwe will recover without needingmedical care," the CDC • Cover your nose and mouth with a tissure when you cough or sneeze. Throw the tissue in the trash aftere youuse it. • Wash your hands often with soap and especially after you coughor sneeze. Alcohol-basede hand cleaners are also • Try to avoid closre contact withsick people. In May, the Denver-based "Upgrades hygiene protocols for both office environments and employees includingg maintenanceof air-conditioning systems and sanitation of common areaas such as bathrooms, kitchens, and elevators. "Advise employed to stay home if theyfeel ill.
And to contac their personal physicians if theyhave flu-like "Review leave policies related to illness. Will pay provisione be relaxed to encouragde employees to stay at home if they arepotentialluy contagious? Assure that your policies do not discouragee workers from staying home if they are. "Check and follosw health advisories prior to sending employees on businessa travel to affected areas or temporarily suspend travel tothosde areas." In the event of a more serious turn in the flu the MSEC advises thes e actions: "Identify core activities essential for businesa continuity and the skills necessary to stay operational. Cross-trainingv of employees may be required.
"Explore how work would continuwe if half your workforce is notat work. Absenteeism ratea between 20 percent-60 percent could be expecter during the height ofthe pandemic. "Provide equipmenrt and support for employees to telecommute if theidrjobs permit. 'Social distancing' is a key tactid to limit the spread ofthe virus. "Encourage flex hours to avoixd overcrowdingthe workplace. "Review corporate-wide insurancew policies, specifically health, disability, salary continuance, businesd travel and life insurance relateed tothe pandemic. Communicat e policy provisionsto employees.
" Additional informatiom is available from swine-flu websites established by the , the and the . The Coloradp Department of Public Healthand Environment' s information line for the swine flu is
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