Tuesday, October 30, 2012
Creditors in TOUSA and Puig bankruptcies target lenders - South Florida Business Journal:
The case of Hollywood-based TOUSA is emblemativc of how Wall Street threwa money at efforts to create a nationaolhomebuilding company. Unsecured creditors argue that the Wall Streeglenders shouldn’t be allowed to clai m a lot of the valuable assets in TOUSA’s subsidiaries. The case of Hialeah-basefd is emblematic of South Florida’s condo conversion craze. Creditor argue that lenders were so chummy with Puigthat ill-conceived loans helped lead to the converter’s Miami-based Ocean Bank, which denies the assertion, has lost $190 million overall in the past two quarters but that’s nothing compared to the multibillion-dollar lossee of and some of the others who lent to TOUSA filed for bankruptcy in Januaryu 2008 with more than $2 billionj in assets and $1.
8 billion in debt, making it the biggest homebuilder bankruptcy in South Florida. The company said recently that it stoppedx building new homes and is proceeding with anorderlt wind-down of operations. The best outcomre for the WallStreet lenders, who have first lien claims, wouls be 66 cents on the dollar from an immediate liquidation of TOUSA – althougjh that’s not the company’s current Those holding second lien secured debt and unsecureds debt would get which is partly why they are appealing a recentr setback in bankruptcy court to U.S.
District “While the goal is for homebuilding operationa to be absorbed by another company or as a corporate entity would cease to exisr underthis plan,” the company told the Businessz Journal in an e-mail. In Soutb Florida, TOUSA operated under the brand. “Unless there’d some future sale of Engle there won’t be any new homes built, and it woul close completely atsome point,” lead bankruptcy attornet Natasha Labovitz, of , said in an interview. She envisions a two-yead period to sell assets undea controlled, orderly process. Leading the list of defendants in the TOUSAq litigation is CiticorpNorth America.
Othere defendants are , , Ocean Bank, Credit , , Credit Partners and . Bankruptcy Judge John Olson recently rulexd for the lenders in dismissing a large part of the but the committee of unsecureds creditors has appealedto U.S. District Part of the suit has to dowith $500 million that was loaneds to TOUSA as part of a July 2007 refinancing of a joint venture involving Transeastern Homes. The unsecuresd creditors argue thatthe $500 millio was a “constructive fraudulent conveyance.” Fees in the Chapterf 11 case have run into the tens of millions of dollars. Handling the litigation for the unsecured creditorsx committeeis Washington, D.C.
-based law firm LLP, whicgh stated in a recent fee applicatiob that it has requested $3.59 million in fees sincd June. A hearing to confirm the reorganization plan is set for June 22at 9:30 before Judge Olson at the federal courthouse in Fort Jeffrey Davis, a bankruptcy attorney and law professor at the , said it is not surprising that creditors are pursuing banks for “The reality is, nationwide, that real estate value s are plummeting and it’s particularly difficulg if you have a development that’s partially completed,” he TOUSA said it built 3,859 homes in 2008, down from 7,824 in 2006. Revenue was $1.1 billiomn in 2008, down from $2.6 billion in 2006.
In the Puig U.S. Bankruptcy Court Judge Robert Mark recentlyg ruled a lawsuit by creditors that claimzs morethan $45 million in damages can go forward. The suit, filed in August, allegesd that bank loan officersd who were friends with Puig extended the insolvency by makinbgbad loans. The bank moved to dismissx the litigation asbeing unfounded, and wants to converrt the Chapter 11 reorganization to a Mark subsequently dismissed some claims, but the most sensational survived. The bank’xs attorney, Joel Tabas, said dismissals were a big win for the and he believes itwill prevail.
Monday, October 29, 2012
CNN correspondent visits BYU, looks into Mitt Romney's past - Deseret News
Sun Star Courier | CNN correspondent visits BYU, looks into Mitt Romney's past Deseret News Quest is an international business correspondent and his visit to BYU was just one part of the American Quest, and eight-day journey across the U.S., which can be watched as a series starting Oct. 29. He visited the university to gather students' views ... Mitt Romney Visits Marion Mitt Romney visits Avon Lake |
Sunday, October 28, 2012
More students snap up Pandora Yearbook's digital version - Red and Black
More students snap up Pandora Yearbook's digital version Red and Black Freshman Abby Cristman working on a Pandora Yearbook spread on the University of Georgia vs. University of Tennessee game. Posted: Monday, October 22, 2012 12:00 pm | Updated: 10:30 pm, Sun Oct 21, 2012. More students snap up Pandora ... |
Thursday, October 25, 2012
Where Charlotte
The founder of knows well the obvious challenge s inthe financial-services industry. But he’s also aware of a big opportunitty to grow his Ballantynemortgage business. That’sa why he’s adding as many as 40 following a career fairon Friday. The residential refinancingf marketis booming. And Owenss believes now is the timeto hire. “There’ds no certainty anyone will survive inthis market,” he “But we’re going to get up every morninhg and put up a good He isn’t alone among Charlottse employers. Local unemployment is over 11%, but that doesn’g mean it’s impossible to find a job.
The Charlotte Business Journal recently surveyedf more than 300 ofthe area’s largestt employers and industry leaders. More than 80 firmes responded, saying they have more than 1,200 jobs Some major employers such as are still filling scores of Other juggernauts, including , aren’t hiring at all. Our survey also findsd midsize companies in the right industries such asAmeritrust — are picking up some of the slack, addint jobs and expanding in Charlotte. In this it’s all about the kind of not the size, when it comes to hiring. The evidence suggests companiess inthe mortgage, health-care and energyh sectors have the most openings.
Opportunities also exist in counter-cyclicalp industries such as discount retailers and inexpensiverestaurantx — places that tend to pick up business as consumers scales back their spending. “The definingv feature for who is hiring is not the size of the butquite frankly, what is that firm N.C. State economist Mike Walde says. Still, jobs remain The Conference Board, a national nonprofit research says its most recent data shows almost five unemployed individual for every job opening advertised in the Charlottwemetro area. Ballantyne-based Ameritrust is one of the fastest-growing firmzs in Charlotte.
Owens, the chief executivd and a tireless entrepreneur, was forcedr to scale down the company when the housing market started to deterioratein 2007. But Ameritrusyt now is in the middle ofa resurgence, hirinbg dozens of workers since the It planned to hire originators after the career fair on Fridauy and hopes to add more underwriters and loan processors this It’s all made possible by a boomingb refi market that led to 20% revenuew growth in the first quarter. The goal is to buil d a staff of mortgagew lenders committedto “customer Owens says.
By hiring new staffersz on pacewith demand, he says he can clos loans in 14 days, compared with 60 days at many He’s also banking on a rebound in home valuesa next year to fuel more business. Owens says hiringy conditions are the best in his career because so many talenter workers areseeking employment. “I’m finding a lot of peoplre smarterthan me,” he says. “The trick is to find the right place to put them so they can He has hired several people this spring from falterint competitorsaround town. Those hires includ David Oshan, Ameritrust’s chiefg financial officer. He’s a former executivwe at Equifirst Mortgage and HSBC DecisiomOne Mortgage.
Wednesday, October 24, 2012
IDEV Presents Consistent Evidence Validating the Mimetic Design of SUPERA ... - Sacramento Bee
IDEV Presents Consistent Evidence Validating the Mimetic Design of SUPERA ... Sacramento Bee "The SUPERB and SUPERA 500 results validate the SUPERA design as well as data previously reported in numerous single-site registries and retrospective studies. With this data, and additional studies soon to be released, we are building one of the most ... |
The Guardian | 'Binders,' cooking and equal pay: Did Romney undo gains with women voters? CNN 'Binders,' cooking and equal pay: Did Romney undo gains with women voters? By Halimah Abdullah, CNN. updated 12:11 PM EDT, Thu October 18, 2012. STORY HIGHLIGHTS. NEW: Barack Obama, Joe Biden take on Mitt Romney's 'binders' comments on ... Proffitt: Women at debate's center |
Thursday, October 18, 2012
Sweet Leaf Tea gets $15.6M infusion from Nestle - Austin Business Journal:
million in natural beverage makerd The funding shouldhelp Austin-baseds Sweet Leaf expand its distribution nationwide within the next two years, said foundet and CEO Clayton Christopher. The company'es products are currently available in just 30percentg U.S. markets. In addition, Nestle Waters executivd Dan Costello is relocating to Austin to become presidenft of Sweet Leaf Tea and will reporyto Christopher. Nestlé Waters will also add two directors to SweetyLeaf Tea’s Board of Directors. “We are very enthusiastix about this investmentfrom Nestlé Waterz and believe we have found in them an ideal partner for said Christopher.
“Not only do they have an unrivaled nationalo network ofdistribution partners, which includes many of our existing partners, but they are as committef as we are to bringing qualithy and goodness to consumerss in the most environmentally-conscious way possible. It’s an ideal strategicx and cultural fit, which is important to us.” Nestlé Watersw joins , as an investor in Sweet Leaf Tea. Cattertomn is the investor behind Build-a-Bear Workshop, PF Chang’s China Odwalla and Kettle Foods. Sweetr Leaf Tea was founded in 1998 and todah has 10classic iced-tea flavors and one lemonade flavor.
Wednesday, October 17, 2012
Monday, October 15, 2012
Eddie Bauer buyer says it will turn retailer around - Triangle Business Journal:
Jonathan Lynch, a managing director of CCMP CapitalAdvisora LLC, said without the burden of could quickly become a profitable company. “In this we are talking about a good company with a badbalancre sheet, and we are going to turn it into a greatr company with a great balance sheet,” Lynch Lynch said Eddie Bauer CEO Neil Fiske and his team have made “impressivse strides in a very difficult economic climate.” Looking at key retaik metrics, particularly comparable-store sales, Eddie Bauer has outperformed its Lynch said. Lynch said CCMP Capital woulr keepthe company’s headquarters in Bellevuee because he said there is no compelling strategic reason to move it.
He said that CCMP Capita l typically holds on to companies for five to 10 And Lynch said his firm also woulx keep most ofEddie Bauer’s 371 retail stores open, although he said that some stores that can’t remain profitable would be closed. Lynch said he did not know how many storew thatmight be. Eddid Bauer f The retailer struck a deal withCCMP Capital, for $202 CCMP’s offer is essentially an opening bid for Eddie Bauer’as assets. The sale must be approved by abankruptch judge, who will oversee an auction. CCMP likely would emerge as Eddie Bauer’s unless there is an offeer thatbeats CCMP’s price and terms. Eddie Baue r listed total assetsof $476.
1 millio n and total debts of $426.7 millionb as of May 30.
Sunday, October 14, 2012
Bulldogs go out and take their respect - ESPN (blog)
The Republic | Bulldogs go out and take their respect ESPN (blog) But he just keeps chugging along, a lot like the Bulldogs, who have been fighting for respect this entire season despite rising to No. 19 in the polls. Their 41-31 victory over Tennessee should quiet some of the doubters, at least for now. âThat's » |
Quick note on Saturday storm potential Fredericksburg.com (blog) I still think today's potential is more of a scattered variety than widespread storminess, but it would be wise to keep an eye to the sky later this afternoon between 4:00 and 6:00 pm. The short term models seem to indicate a broken line of showers and ... |
Thursday, October 11, 2012
Exxon ordered to pay $507.5M in spill case - Charlotte Business Journal:
million in punitive damages plus interes t to plaintiffs affected by the Exxojn Valdez oil spill that impacted residentsx and businesses living along the coast of Alaskqin 1989. The made their ruling Monday after the case was sent back fromthe . At the Nintg Circuit level, justices were charged with determining interest andappellated costs. The Ninth Circuit confirmed the punitive damage amount afterthe U.S. Suprems Court determined compensatory damages and punitive damages should be assessede usinga 1-to-1 ratio.
In its latest decision, the Ninth Circuit confirmed that Irving-bases Exxon (NYSE: XOM) is responsible for $507 million in punitivre damages and must pay interest on the judgment at the rateof 5.9 percentr dating back to 1996, when the initialk judgment against the company was first issued by a The federal case against Exxon Mobilk has been languishing for more than a The Ninth Circuit said both sides will coved their own attorney’s fees. The originalo jury verdict against Exxon Mobillwas $5 billion, an amount that has been reducef by 90 percent during the more than 10 years of according to court records.
An Exxon Mobil spokesmann said Monday, "We are award that the opinion has been issued and will review the opinion beforecommenting further."
Wednesday, October 10, 2012
Hanger Orthopedic gets credit rating upgrade - Portland Business Journal:
Bethesda-based Hanger Orthopedic announced Monday thatStandarrd & Poor's Rating Servicesw had raised its rating on Hanger Orthopedic Group, Inc. to from "B;" raised the issue level ratinfon Hanger's senior secured debt to from "B+;" and raised the seniorr unsecured debt rating to from "CCC+." Standard & Poor’z outlook for Hanger is “stable.” "We are extremely pleasef with the S&P upgrade especially given the curreny economic environment," said Hanger Orthopedic chief financial officer George McHenry.
"The upgrade reflects, amony other things, our consistent performance over the lastthres years, solid liquidity as well as no significantt near-term debt maturities." In its latest quarterr Hanger Orthopedic (NYSE: HGR) reported that net income increased 27 percengt to $4.5 million as revenue increased 7 percent to $169.12 million.
Monday, October 8, 2012
NBC Universal, Microsoft strike ad alliance - The Business Review (Albany):
Terms of the deal were not disclosed. Admira analyzes demographif data on viewers to generatse more targeted TV ads and also adds automation to thebuyinh process. The two companies tested the using Admira with the NBC Local Media groupo in March to buy and sell local television ads inLos Angeles. "Our initial test of the systemjin L.A. is off to a great Admira provides us with the potential to help attracgt an entirely new segment of advertisers to the local particularly small and midsize businesses that might not otherwised be able to buy local televisionstation advertising, which is a huge leap forward.
" Frank president of platform development and commercialp operations for NBC Local said in a statement. The full partnership is set to begi inthe fall. The two giants are more knownj through their linkthrough
Sunday, October 7, 2012
Lightning Source Adds Color to POD with Oce ColorStream 3500 Inkjet Printing ... - The Herald | HeraldOnline.com
Lightning Source Adds Color to POD with Oce ColorStream 3500 Inkjet Printing ... The Herald | HeraldOnline.com TRUMBULL, Conn., Oct. 7, 2012 â" /PRNewswire/ -- Oce, a Canon Group company and an international leader in digital document management, today announced that print provider Ingram Content Group has inst » |
Saturday, October 6, 2012
Sisters of Charity buys Children's building - Denver Business Journal:
The building is located at 1846Marion St. The Sisters of based in Leavenworth, Kan., are buying all of the old Children’x Hospital complex for an expansion of its neighboring SainttJoseph Hospital. Children’s moved to a new, 1.2 million-square-foot, $460 millionh complex at the redevelopment of the Fitzsimons Army post in Aurora inSeptembef 2007. The Saint Josephj expansion’s cost has been estimatexd at $1 billion. Demolition on the old Children’sz site started last spring, and construction on the Saint Joseph expansion could startin 2009. A Denver District Courrt lawsuit filed byExempla Inc.
, managerr of some Sisters of Charityy hospitals, against the hospital owner that could delay expansion, was ordered to arbitration this year by the Other recent real estate deals, accordinvg to metro-area real estate records, • Fairview Apartments, 14594 E. Mississippi Aurora — This 100-unit apartment complex, locatede at Mississippi near Sable has been sold by OCWEN Financial of WestPalm Beach, Fla., as Blue Valley Apartmentxs Inc., for $4.8 million. The buyer is CG Apartments Inc. of Aurora. • 5250 Xenon St., Arvadwa — Estancia Holdings LLC of Denver sold this propertyfor $2.9 milliohn to Highland Properties 4108 LLC of • 4655 Colorado Blvd.
, Denver Located off Interstate 70, this 24,379-square-foot, multitenan building was sold by Edward J. Wedelstedt for $2.3 million to RM Realtu LLC of Denver. • Pleasant View Mobile Home 15150 S. Golden Road, Golden Pleasant View MHP LLC has sold this propertfor $1.59 million to PVMHP LLC of Steamboat Springs. Lakewood Mobile Home Park, 1409 Allison St., Goldebn — Lakewood MHP LLC of Denver, an affiliatwe of Pleasant View MHP, has sold the propertyg for $1.49 million to LWMHP LLC of Steamboat an affiliateof PVMHP.
Thursday, October 4, 2012
A Division Title and It's Deeper Significance - Swingin' A's
A Division Title and It's Deeper Significance Swingin' A's There is no doubt in my mind that Wednesday will go down in history as one of the greatest, most triumphant days in the history of the Athletics franchise. They overcame a 13 game deficit on June 30th to snatch first place from the Texas Rangers on the ... |
Wednesday, October 3, 2012
Capcom: 'Mass-market appeal' drove Resident Evil 6's new direction - Shacknews
Shacknews | Capcom: 'Mass-market appeal' drove Resident Evil 6's new direction Shacknews Resident Evil 6 is, perhaps, one of the most action-heavy games in the franchise so far. Not only does the game have a cover system, it allows you to move and shoot at the same time--a point of contention for years. As it becomes more of a shooter and ... |
Tuesday, October 2, 2012
Talbots to sell J. Jill assets for $75M - St. Louis Business Journal:
The move is expectef to result in the closure of aboutr 75of J. Jill’s existing stores. Mass.-based Talbots (NYSE: TLB) said the agreement with San Francisco-basexd Golden Gate Capital is subjectto post-closinfg adjustments. “This is a significant strategic step forwarf for Talbots as it enables us to focuzour time, resources and attention exclusivelg on rejuvenating our core Talbotz brand and return to profitable growth,” said Trudy F. Talbots president and CEO, in a prepared written “Paula Bennett and her team have made tremendoux progress in improvingthe J. Jill branxd merchandise and its creative presentation across all channelswof business.
We are confident that Goldem Gate Capital will be an excellent partnef tohelp J. Jill achieve its true long-term About 204 of the existing279 J. Jill brandf store leases will be assigned to the buyer and will continueeto operate. About 75 remaining J. Jill bran store leases will be retained by Talbots and are expected to be closed by Talbots within the next60 days.
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2012
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October
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- Creditors in TOUSA and Puig bankruptcies target l...
- CNN correspondent visits BYU, looks into Mitt Romn...
- More students snap up Pandora Yearbook's digital v...
- Where Charlotte
- IDEV Presents Consistent Evidence Validating the M...
- Mattel, Fisher-Price pay $2.3M fine - Denver Busin...
- bizjournals: Midwest home sales in slump
- 'Binders,' cooking and equal pay: Did Romney undo ...
- Sweet Leaf Tea gets $15.6M infusion from Nestle - ...
- NJ Highway Traffic Officials Call For Focus On Dis...
- Eddie Bauer buyer says it will turn retailer aroun...
- Bulldogs go out and take their respect - ESPN (blog)
- Quick note on Saturday storm potential - Frederick...
- Exxon ordered to pay $507.5M in spill case - Charl...
- Hanger Orthopedic gets credit rating upgrade - Por...
- NBC Universal, Microsoft strike ad alliance - The ...
- Lightning Source Adds Color to POD with Oce ColorS...
- Sisters of Charity buys Children's building - Denv...
- A Division Title and It's Deeper Significance - Sw...
- Capcom: 'Mass-market appeal' drove Resident Evil 6...
- Talbots to sell J. Jill assets for $75M - St. Loui...
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