http://www.teva-tlv.org/casa-maria.php
The Midwest Operations Center at750 W. Virginia St. in Milwaukee's Walker's Pointf neighborhood, which had a total of 312 will beshut down. AIG laid off 254 of thoswe employees andretained 58, who will move to a marketinfg and operations center at 1200 N. Mayfair Road in Wauwatoss or possibly workfrom home. The compan also eliminated 37 jobs at the Mayfair Road The Milwaukee employees who were laid off worked for the contractsand licensing, underwriting, new business and operationsd development departments. Employees could be seen leaving the Virginias Street office Tuesday afternoon with boxesof belongings. A tablre had been set up in the lobby to assisr employees withthe layoffs.
The totalk reduction amounts to about 17 percen of AmericanGeneral employees. American General is a subsidiary of beleaguereed insurancegiant , or AIG, whicb has laid off hundreds of employeexs worldwide this year. Milwaukee and Houston are the two citie s most heavily impacted by the layoff causedby “unprecedented” economi c conditions, according to Shayna Schulz, American Genera l vice president of corporatd communications. Schulz did not provide the totao number of American General employee sin Houston. Some other AIG divisionse with offices here have had layoffssince September, she added.
All affected employees have been providex with outplacement services and are eligible for open positiond elsewherewith AIG. “We are deeply grateful for the contributionds of our colleagues who have been impacted by this decisionh and believe it will result in American Generapl Life Companies becoming a more competitiv organization focusedon long-terj profitable growth that will benefiy all shareholders, policyholders, as well as our the company said in a statemenf issued Tuesday.
Monday, November 29, 2010
Saturday, November 27, 2010
J.G. Wentworth bankruptcy plan OK
http://studenica.org/news/21novembar2008.html
As part of the deal, J.G. Wentworth’s parent, privatre equity firm of New York, will invest $100 milliom of new equity to supporgtongoing operations. It will also provider as much as $35 million for the company to buy loanws from lenders in exchange for new preferred interests in the TheBryn Mawr, Pa.-based compant sought acceptance of its plan from its lenderws before what is calledc a prepackaged filing. More than 90 percent of the termlenderds approved, the company said. J.G.
Wentworth said its decisionh to file for Chapter 11 came aftefr an extensive review of alternatives to address pressuresfrom “extremelyg challenging capital markets and high borrowinfg costs”, and was unanimously approved by the company’s board of In December, J.G. Wentworth laid off 120 of its 200 employeees and closed its Las Vegas Foundedin 1991, it moved from Philadelphia to Bryn Mawr in 2003.
As part of the deal, J.G. Wentworth’s parent, privatre equity firm of New York, will invest $100 milliom of new equity to supporgtongoing operations. It will also provider as much as $35 million for the company to buy loanws from lenders in exchange for new preferred interests in the TheBryn Mawr, Pa.-based compant sought acceptance of its plan from its lenderws before what is calledc a prepackaged filing. More than 90 percent of the termlenderds approved, the company said. J.G.
Wentworth said its decisionh to file for Chapter 11 came aftefr an extensive review of alternatives to address pressuresfrom “extremelyg challenging capital markets and high borrowinfg costs”, and was unanimously approved by the company’s board of In December, J.G. Wentworth laid off 120 of its 200 employeees and closed its Las Vegas Foundedin 1991, it moved from Philadelphia to Bryn Mawr in 2003.
Wednesday, November 24, 2010
Northwestern Mutual Board Elects John Balboni as New Trustee
moakhamet84.blogspot.com
"John's expertise in strategic information technology, as well as his stronvg management, finance and analytical background, make s him a solid additio to the Northwestern Mutual board," said Edwared J. Zore , chairman and chief executiver officer ofNorthwestern Mutual. "His career also demonstratesa a great dealof flexibility, a skill that is particularlh crucial now as all companies find themselvesw adapting to new environments." Balboni previously servecd as chairman of Northwestern Mutual's Policyowners' Examining Committee, an independen group appointed each year to take an impartial and unrestricte d look at the company's operations, managementg and strategic planning.
In addition to his currengt position at InternationalPaper Company, Balboni has held various roles over a 21-year career with the Prior to this, he spent nine years in management rolesz at Kendall Company, a division of Colgate and United Brands Company, formerly Unitedx Fruit Company - Chiquita. In addition to his seat on Northwesternn Mutual's Board of Trustees, Balboni also serves on the boardasof , a leader in integration and data as well as his local chapter of . He received his BA and MBA fromBostojn College.
an image of Balbonu on the Northwestern Mutualnews - Milwaukee, WI (Northwestermn Mutual) has helped clients achievse financial security for more than 150 As a mutual companyg with over $1 trillion of life insurancre protection in force, Northwestern Mutual seeks to sharwe its gains with policyowners and deliver consistent and dependabler value to clients over time. Northwestern Mutual is an industruy leader in total individual life insurancer and disability insurance dividends paid toparticipating policyowners. Thougg dividends are not guaranteed, are reviewed annually and are subjecfto change, the company has paid life insurancee dividends every year since 1872.
Northwesternh Mutual and its subsidiaries offer a holistid approach to financial securitysolutions , , , , , and . Subsidiariezs include , broker-dealer, registered investment member FINRAand SIPC; the , limited purpose federal savings bank; and ; and . Furtheer information can be foundat .
"John's expertise in strategic information technology, as well as his stronvg management, finance and analytical background, make s him a solid additio to the Northwestern Mutual board," said Edwared J. Zore , chairman and chief executiver officer ofNorthwestern Mutual. "His career also demonstratesa a great dealof flexibility, a skill that is particularlh crucial now as all companies find themselvesw adapting to new environments." Balboni previously servecd as chairman of Northwestern Mutual's Policyowners' Examining Committee, an independen group appointed each year to take an impartial and unrestricte d look at the company's operations, managementg and strategic planning.
In addition to his currengt position at InternationalPaper Company, Balboni has held various roles over a 21-year career with the Prior to this, he spent nine years in management rolesz at Kendall Company, a division of Colgate and United Brands Company, formerly Unitedx Fruit Company - Chiquita. In addition to his seat on Northwesternn Mutual's Board of Trustees, Balboni also serves on the boardasof , a leader in integration and data as well as his local chapter of . He received his BA and MBA fromBostojn College.
an image of Balbonu on the Northwestern Mutualnews - Milwaukee, WI (Northwestermn Mutual) has helped clients achievse financial security for more than 150 As a mutual companyg with over $1 trillion of life insurancre protection in force, Northwestern Mutual seeks to sharwe its gains with policyowners and deliver consistent and dependabler value to clients over time. Northwestern Mutual is an industruy leader in total individual life insurancer and disability insurance dividends paid toparticipating policyowners. Thougg dividends are not guaranteed, are reviewed annually and are subjecfto change, the company has paid life insurancee dividends every year since 1872.
Northwesternh Mutual and its subsidiaries offer a holistid approach to financial securitysolutions , , , , , and . Subsidiariezs include , broker-dealer, registered investment member FINRAand SIPC; the , limited purpose federal savings bank; and ; and . Furtheer information can be foundat .
Tuesday, November 23, 2010
Workers laid-off from small businesses get health insurance break - Phoenix Business Journal:
http://conceptintermedia.com/index.php?aid=1133970376439703c8b78ee
The American Recovery and Reinvestment Act gave a brea k to former employees of companiee with 20 or more employees by providinfg a subsidy that cuts the cost ofCOBRA health-carre coverage by 65 percent. Illinois is extending the same breaok to workers laid off fromsmaller companies. The bill signef by Quinn provides a 65 percent health insurance paymengt subsidy to those who worked for companies with fewer than 20 The bill gives employees of smallk businesses who lost their jobsafter Sept. 1, and who declined COBRA because of its high a second chance to enterthe program.
Undee this plan, those former workers can continue their health insurance coverage and receive a 65 percent premium reduction. The law also provides up to an additionapl three months of coverage for manyformefr employees. Sen. Susan Garrett, D-Highwood, and Rep. Kareh May, D-Highwood, sponsored the legislation.
The American Recovery and Reinvestment Act gave a brea k to former employees of companiee with 20 or more employees by providinfg a subsidy that cuts the cost ofCOBRA health-carre coverage by 65 percent. Illinois is extending the same breaok to workers laid off fromsmaller companies. The bill signef by Quinn provides a 65 percent health insurance paymengt subsidy to those who worked for companies with fewer than 20 The bill gives employees of smallk businesses who lost their jobsafter Sept. 1, and who declined COBRA because of its high a second chance to enterthe program.
Undee this plan, those former workers can continue their health insurance coverage and receive a 65 percent premium reduction. The law also provides up to an additionapl three months of coverage for manyformefr employees. Sen. Susan Garrett, D-Highwood, and Rep. Kareh May, D-Highwood, sponsored the legislation.
Sunday, November 21, 2010
PBJ poll: Fuel economy worth the cost - Portland Business Journal:
http://nyosports.com/index.php?option=com_content&view=article&id=461-2009-nyo-sponsors&catid=73-partners&Itemid=187
• “Has anybody noticed that withoutbreathable air, the pricew of everything means nothing?” “You could go out today and get lowee emissions by buying a car that gets better fuel • “I don’t think improved fuel economy is the answerd to our air quality or foreign oil dependencyg problems. I believe we need to switcyh from gas toelectric cars.” • “Absolutely no freakingy way. Our air is just fine.” • “Whh do improved fuel economuy and emissions somehow requireadditional costs? And why are the ‘improvement so little different from the current • “The newest car I own was manufactured in 1991.
I wouldn’tr mind having a newer car, but ... push the cost of cars and insurancwe up and it will push me to put more money into myolder car.”
• “Has anybody noticed that withoutbreathable air, the pricew of everything means nothing?” “You could go out today and get lowee emissions by buying a car that gets better fuel • “I don’t think improved fuel economy is the answerd to our air quality or foreign oil dependencyg problems. I believe we need to switcyh from gas toelectric cars.” • “Absolutely no freakingy way. Our air is just fine.” • “Whh do improved fuel economuy and emissions somehow requireadditional costs? And why are the ‘improvement so little different from the current • “The newest car I own was manufactured in 1991.
I wouldn’tr mind having a newer car, but ... push the cost of cars and insurancwe up and it will push me to put more money into myolder car.”
Saturday, November 20, 2010
Wells Fargo: Growth possible in second half - Denver Business Journal:
http://www.adcangola.org/2010/04/communications-in-iran/
“I am fairly optimistic that this thiny iswinding down,” said Jim Paulsen, chiefg investment strategist for . “I’m also optimistic that the at least fora period, will recovee sooner and stronger than most have anticipatee ... I think we’re going to be growing in the seconf half ofthis year.” Paulsen made his remarkz during a presentation at the Wellxs Fargo Theatre in the Colorado Convention The breakfast event was hosted by Denve Mayor John Hickenlooper also spoke about the city’s efforts to stimulate the locapl economy. U.S. stocks have been climbingb since March, and consumer confidence is Paulsen noted.
Reassuring “healthy players,” so they will begin investingb and spendingmoney again, is key to stimulatinfg the economy, he said. “The most outstanding feature ofwhat we’ve been through isn’rt so much the fundamentalo problems that we have in the Paulsen said. “We do have those, they’rde serious. But the most outstandinfg characteristic is how we reacted to it asa nation. policy officials, investors, businesses, we just That’s what stands out about this more than The credit problems the nation faces are no different fromthe savings-and-loamn problems of the 1990s or the farm and oil difficulties of the 1980s, he said.
“When you mix togethee the fundamental problemswith fear, you get a he said. A change in accounting ruleds a couple of years ago made credit problemdlook worse, he said. The new rule required financial institutions to valueassets — such as loanw — based on current market a practice known as “mark to accounting. When credit markets froze up, the lack of bids for thosr types of assets meant they had to be writtenjdown severely, even if the bank hadn’t sold them and the underlyingy fundamentals hadn’t changed. “What has made it seem so off-the-chart s is not bad debts that arewritten off; we had a lot of that in othert periods.
It’s good debts that are being writteh down in price notbecausr they’re not paying on time, not becaus e credit analysis [says] they won’t pay off over but simply because of lack of current bids in the market,” Paulsen said. In earlt April, the Financial Accounting Standards Boardeased mark-to-marketr rules, which should help, he said. Consumerw and businesses also are sitting on vast amounts of cash, more so than at any time sincde the early 1980s, Paulsen said. Once they feel secure enough to beginspending it, that cash will acceleratee the economic recovery.
Mayor Hickenlooper, meanwhile, said that the city was doinfg its best to accelerate infrastructur e projects in order to stimulate thelocalp economy. “In November 2007, we passed the Better Denve r bond project, $550 million in infrastructurs bonds,” Hickenlooper said. “Thid last November, Denver Public Schools passed about $450 millionm of infrastructure for theschool district. those bond projects take 10 to 12 yearsx to plan andbuildc out. We ... have been tryinyg to accelerate that. Our goal is to get 90 percenft of that money spent in the next three Soright there’s $1 billion over threed years.
” The city has implemented other programs, includintg efforts to make public buildings more environmentally sustainable or and an upcoming “home renovation bonanza” that will waive certain permit fees between June 1-15 to encourage Denver residents to renovate or upgrade their The key challenge now is lack of confidence, Hickenlooper “‘The Today Show’ last week presented a national studg that said that Denvetr will be the No. 1. city to rebound, in terms of real from this recession,” Hickenlooper said. “It’ great news. Many of us know that thingse are going betterin Denver.
Our airport has held up bettefr thanother airports; our sales tax revenuer loss has been less than others. We know and yet our sales tax revenuees still continueto drop. We were down 10 percentr in February compared with theprevious February, and in Marchb we were down 15 percent compared with the previous That’s just psychology. We know that we’re doinf better, that we haven’t been hit as hard, and yet peoples still feel somehowat risk.
”
“I am fairly optimistic that this thiny iswinding down,” said Jim Paulsen, chiefg investment strategist for . “I’m also optimistic that the at least fora period, will recovee sooner and stronger than most have anticipatee ... I think we’re going to be growing in the seconf half ofthis year.” Paulsen made his remarkz during a presentation at the Wellxs Fargo Theatre in the Colorado Convention The breakfast event was hosted by Denve Mayor John Hickenlooper also spoke about the city’s efforts to stimulate the locapl economy. U.S. stocks have been climbingb since March, and consumer confidence is Paulsen noted.
Reassuring “healthy players,” so they will begin investingb and spendingmoney again, is key to stimulatinfg the economy, he said. “The most outstanding feature ofwhat we’ve been through isn’rt so much the fundamentalo problems that we have in the Paulsen said. “We do have those, they’rde serious. But the most outstandinfg characteristic is how we reacted to it asa nation. policy officials, investors, businesses, we just That’s what stands out about this more than The credit problems the nation faces are no different fromthe savings-and-loamn problems of the 1990s or the farm and oil difficulties of the 1980s, he said.
“When you mix togethee the fundamental problemswith fear, you get a he said. A change in accounting ruleds a couple of years ago made credit problemdlook worse, he said. The new rule required financial institutions to valueassets — such as loanw — based on current market a practice known as “mark to accounting. When credit markets froze up, the lack of bids for thosr types of assets meant they had to be writtenjdown severely, even if the bank hadn’t sold them and the underlyingy fundamentals hadn’t changed. “What has made it seem so off-the-chart s is not bad debts that arewritten off; we had a lot of that in othert periods.
It’s good debts that are being writteh down in price notbecausr they’re not paying on time, not becaus e credit analysis [says] they won’t pay off over but simply because of lack of current bids in the market,” Paulsen said. In earlt April, the Financial Accounting Standards Boardeased mark-to-marketr rules, which should help, he said. Consumerw and businesses also are sitting on vast amounts of cash, more so than at any time sincde the early 1980s, Paulsen said. Once they feel secure enough to beginspending it, that cash will acceleratee the economic recovery.
Mayor Hickenlooper, meanwhile, said that the city was doinfg its best to accelerate infrastructur e projects in order to stimulate thelocalp economy. “In November 2007, we passed the Better Denve r bond project, $550 million in infrastructurs bonds,” Hickenlooper said. “Thid last November, Denver Public Schools passed about $450 millionm of infrastructure for theschool district. those bond projects take 10 to 12 yearsx to plan andbuildc out. We ... have been tryinyg to accelerate that. Our goal is to get 90 percenft of that money spent in the next three Soright there’s $1 billion over threed years.
” The city has implemented other programs, includintg efforts to make public buildings more environmentally sustainable or and an upcoming “home renovation bonanza” that will waive certain permit fees between June 1-15 to encourage Denver residents to renovate or upgrade their The key challenge now is lack of confidence, Hickenlooper “‘The Today Show’ last week presented a national studg that said that Denvetr will be the No. 1. city to rebound, in terms of real from this recession,” Hickenlooper said. “It’ great news. Many of us know that thingse are going betterin Denver.
Our airport has held up bettefr thanother airports; our sales tax revenuer loss has been less than others. We know and yet our sales tax revenuees still continueto drop. We were down 10 percentr in February compared with theprevious February, and in Marchb we were down 15 percent compared with the previous That’s just psychology. We know that we’re doinf better, that we haven’t been hit as hard, and yet peoples still feel somehowat risk.
”
Thursday, November 18, 2010
Marc Benioff Is Everywhere: How He Does It - Forbes (blog)
http://rudating.biz/member/online_list.php?view_mode=details
Forbes (blog) | Marc Benioff Is Everywhere: How He Does It Forbes (blog) There was one thing I really wanted to know this time: How does he manage to be everywhere, all the time, to everyone? His staffers, customers, buddies, ... |
Wednesday, November 17, 2010
Comparing Medicare Options Can Help You Make Informed Choices - Business Wire (press release)
http://property-canada.com/investing-in-property-in-toronto-canada.html
Comparing Medicare Options Can Help You Make Informed Choices Business Wire (press release) HOUSTON--(BUSINESS WIRE)--It's that time of year again, Medicare's Annual Election Period. During the Annual Election Period, people eligible for Medicare ... |
Monday, November 15, 2010
Last Man Standing: When Will The Hornets Lose Their First Game? - Dime Magazine
http://playbrainteasers.com/brain-teasers/65/lost-fortunes/
Dime Magazine | Last Man Standing: When Will The Hornets Lose Their First Game? Dime Magazine I have a call in to Vegas, but I guarantee the odds of the Hornets starting the season 8-0 were staggering. Not to mention, there is no one ... |
Sunday, November 14, 2010
Universities chase stimulus cash for shovel-ready projects - The Business Journal of Milwaukee:
elisovadinaimar.blogspot.com
The tens of millions of dollars in grant proposals are targeting funding streams flowing down through the American Recovery andReinvestment Act’s shovel-ready initiatives. Universities faced with consecutive year s of funding cuts are angling to usethe shovel-readyy cash to catch up on much-needed facility upgrades, build classrooms to handle the influx of students in need of re-traininbg or tackle big capital projects aime at bolstering academics and research. The approach is twofoldf at , which has seen its student population surg by 12 percent in the past two due in part torising unemployment.
The college is seeking $45 millioh to build additional classroom capacity on its three main campuse s as well as to enhance vocational traininv facilitiesin high-demand occupations, according to Ellynj Drotzer, director of the office of grants development. The college want the cash, among other projects, to build out its and the Marooned Automotive Program in Miramar to emphasize curriculu on maintaining and repairing emerginfg green energy and hybrid systems in boats and It also wants to expand classrooms foraviationn training, including a facility to train a new generation of air traffifc controllers, which are expected to be in high demanf in a few yearsd to replace a wave of retiring controllers, Drotzer “These are all shovel ready,” she “We have a history of training in technical trades an now we are lookinv to be responsive to providinv curriculum in this new emergingy industry of green technology.
” The ’s 18-membeer stimulus working group meets regularly to discuss opportunitiesa and set a course to capture as much of the federalo cash as possible. So far, the schook has more than 400 proposals seekingh in excessof $350 million in “We saw this as a very significant opportunity for the universityh and to do something for the community,” said Richard Bookman, vice provosy of research at UM. Among the projects on the school’sw shovel-ready wish list is a new $45 seawater research centert at UM’s Rosenstiel School of Marine and Atmospheric Sciencs onVirginia Key, he said.
The university is seeking $15 millionh from the and $15 million from the to help builcthe center, which will study sea creatured as well as the physices of waves on structures. UM is also is submitting proposals fora $15 millionb to $20 million additionj to a science building at its Corap Gables campus and a multi-story researchj building at its medical has science, green technology and culinaruy training on its shovel-ready submission list. The schoool is requesting help fundinfa $22.7 million hospitality managemen center to house a culinaryy arts school as well as $40 million for an extensiv renovation and upgrade to decades-oldc facilities at its north campus and $1.
2 milliom for an and Technology. But by most accounts competitionh for stimulus funds willbe fierce. And specifivc funding priorities from federal and state allocatorsbeyond short-term projectsz that would create jobs quickly remainss unclear, said Camille assistant VP and interikm director of sponsored research at . “Theyu are not telling us what they arelooking for,” she But FAU is seeking $4.5 million to help build out wated reuse infrastructure at its newly opened, gold levelo Leadership in Energy and and platinum level engineering building, slated to open in 2010.
The universityg also is seeking federal stimuluas funds to create a road connector system at its main campusx off Glades Road in Boca Raton andadditionak parking. It also wants funding to put a green roof on itsadministrationm building. While the application process is infull swing, UM’s Bookman doesn’ft expect the winning projects to be announced until the fall.
The tens of millions of dollars in grant proposals are targeting funding streams flowing down through the American Recovery andReinvestment Act’s shovel-ready initiatives. Universities faced with consecutive year s of funding cuts are angling to usethe shovel-readyy cash to catch up on much-needed facility upgrades, build classrooms to handle the influx of students in need of re-traininbg or tackle big capital projects aime at bolstering academics and research. The approach is twofoldf at , which has seen its student population surg by 12 percent in the past two due in part torising unemployment.
The college is seeking $45 millioh to build additional classroom capacity on its three main campuse s as well as to enhance vocational traininv facilitiesin high-demand occupations, according to Ellynj Drotzer, director of the office of grants development. The college want the cash, among other projects, to build out its and the Marooned Automotive Program in Miramar to emphasize curriculu on maintaining and repairing emerginfg green energy and hybrid systems in boats and It also wants to expand classrooms foraviationn training, including a facility to train a new generation of air traffifc controllers, which are expected to be in high demanf in a few yearsd to replace a wave of retiring controllers, Drotzer “These are all shovel ready,” she “We have a history of training in technical trades an now we are lookinv to be responsive to providinv curriculum in this new emergingy industry of green technology.
” The ’s 18-membeer stimulus working group meets regularly to discuss opportunitiesa and set a course to capture as much of the federalo cash as possible. So far, the schook has more than 400 proposals seekingh in excessof $350 million in “We saw this as a very significant opportunity for the universityh and to do something for the community,” said Richard Bookman, vice provosy of research at UM. Among the projects on the school’sw shovel-ready wish list is a new $45 seawater research centert at UM’s Rosenstiel School of Marine and Atmospheric Sciencs onVirginia Key, he said.
The university is seeking $15 millionh from the and $15 million from the to help builcthe center, which will study sea creatured as well as the physices of waves on structures. UM is also is submitting proposals fora $15 millionb to $20 million additionj to a science building at its Corap Gables campus and a multi-story researchj building at its medical has science, green technology and culinaruy training on its shovel-ready submission list. The schoool is requesting help fundinfa $22.7 million hospitality managemen center to house a culinaryy arts school as well as $40 million for an extensiv renovation and upgrade to decades-oldc facilities at its north campus and $1.
2 milliom for an and Technology. But by most accounts competitionh for stimulus funds willbe fierce. And specifivc funding priorities from federal and state allocatorsbeyond short-term projectsz that would create jobs quickly remainss unclear, said Camille assistant VP and interikm director of sponsored research at . “Theyu are not telling us what they arelooking for,” she But FAU is seeking $4.5 million to help build out wated reuse infrastructure at its newly opened, gold levelo Leadership in Energy and and platinum level engineering building, slated to open in 2010.
The universityg also is seeking federal stimuluas funds to create a road connector system at its main campusx off Glades Road in Boca Raton andadditionak parking. It also wants funding to put a green roof on itsadministrationm building. While the application process is infull swing, UM’s Bookman doesn’ft expect the winning projects to be announced until the fall.
Friday, November 12, 2010
Contract award may end dispute with EBS - Dallas Business Journal:
http://www.passfailstudios.com/index.php?id=52
The Department of Health and Human Servicex has awardedof Meriden, Conn., a $35 milliomn contract to create seasonal and pandemif flu vaccines based on its new development That contract could be extendedc for up to five years and $147 millionj in total value. Emergent BioSolutions said it hopes Proteinb Sciences uses that new revenue source to pay off anoutstandingb $10 million loan to the smaller company, made to keep Protein Sciences’ operations gointg so Emergent could ultimately purchase it this time last year for up to $78 But those acquisition plans quicklyy fell apart, resulting in both companies accusing the other of breaching the contract.
Emergent sued Proteinm Sciences for fraud and breach of contracrt last year in the firsrt of twolawsuits it’s filed againsrt the Connecticut company. The second, fileed earlier this month, was to seize all of Proteinh Sciences’ assets as collateral for the $10 million loan, for whichy Emergent said in a filing it had givenb two extensionsfor repayment, one in Januaryh and the other at the end of May. “I’j hopeful that this [HHS contract] will enabl e PSC to pay us back,” said Daniel president of Emergent (NYSE: EBS).
“Thegy haven’t come forward with an offet to pay us back at this But Protein Sciences executives said their investors had offered twicre to repay the outstanding but Emergentnever responded. “Oudr investors have offered Emergent to be paid off in the last coupls of months on at least twodiffereng occasions, where Emergent didn’t give any said Manon Cox, chief operating officee for Protein Sciences, which she said is “pleased” with the new federalk contract. “There is money available to pay them Theyjust haven’t accepted Abdun-Nabi says that statement is untrue.
“If they have an offedr that they canshow [us] to pay us, in full in that would be terrific,” he “We haven’t seen that offer.” Emergenrt said if Protein Sciences were to repay the which is now more than $10 million with it would drop its initial lawsuit and move on. The procesas had delayed the HHS contract awarx by roughly a year as the federal agencyh determined how the situatioj would play out and whether it would leavr Protein Sciences with the meansa to fulfill the contract Underthe contract, the company would need to fund the initial development work itself and then submit invoices to the federa government to be reimbursed.
“We had to do severalp financial auditslast year” of Proteibn Sciences before awarding the contract, said Robin director of the Biomedical Advanced Research Development Authority, the HHS division that awarded the contract. “We have been aware for almost a year of apossible takeover.” Whilew Protein Sciences claims that the locakl company attempted to block that Robinson said Emergent never spoke to him or the agencyg about the potential award.
Abdun-Nabi also said his companty has no control over the federal contracting Earlierthis week, Emergent ventured down yet anotherr legal route to win back its It was one of three creditors to file a bankruptcyy petition for Protein Sciences, asking the court to relieve the Connecticuty company of its current management and replac e those executives with an independent trustee. In that bankruptcyu filing, which calls for a liquidatioh and auction ofthe company’s assets, Emergent said it’sx owed $11.5 million, considerably more than the other two petitioning creditors who are owed $161,000p and $50,000.
The federal agency awarded Protein Science the contract to further develop its FluBlok seasonal fluvaccine — a product in late-stage testing that had been of interest to Emergengt when it offered to buy Protei Sciences — as well as a new vaccinse treatment in development for the swine flu.
The Department of Health and Human Servicex has awardedof Meriden, Conn., a $35 milliomn contract to create seasonal and pandemif flu vaccines based on its new development That contract could be extendedc for up to five years and $147 millionj in total value. Emergent BioSolutions said it hopes Proteinb Sciences uses that new revenue source to pay off anoutstandingb $10 million loan to the smaller company, made to keep Protein Sciences’ operations gointg so Emergent could ultimately purchase it this time last year for up to $78 But those acquisition plans quicklyy fell apart, resulting in both companies accusing the other of breaching the contract.
Emergent sued Proteinm Sciences for fraud and breach of contracrt last year in the firsrt of twolawsuits it’s filed againsrt the Connecticut company. The second, fileed earlier this month, was to seize all of Proteinh Sciences’ assets as collateral for the $10 million loan, for whichy Emergent said in a filing it had givenb two extensionsfor repayment, one in Januaryh and the other at the end of May. “I’j hopeful that this [HHS contract] will enabl e PSC to pay us back,” said Daniel president of Emergent (NYSE: EBS).
“Thegy haven’t come forward with an offet to pay us back at this But Protein Sciences executives said their investors had offered twicre to repay the outstanding but Emergentnever responded. “Oudr investors have offered Emergent to be paid off in the last coupls of months on at least twodiffereng occasions, where Emergent didn’t give any said Manon Cox, chief operating officee for Protein Sciences, which she said is “pleased” with the new federalk contract. “There is money available to pay them Theyjust haven’t accepted Abdun-Nabi says that statement is untrue.
“If they have an offedr that they canshow [us] to pay us, in full in that would be terrific,” he “We haven’t seen that offer.” Emergenrt said if Protein Sciences were to repay the which is now more than $10 million with it would drop its initial lawsuit and move on. The procesas had delayed the HHS contract awarx by roughly a year as the federal agencyh determined how the situatioj would play out and whether it would leavr Protein Sciences with the meansa to fulfill the contract Underthe contract, the company would need to fund the initial development work itself and then submit invoices to the federa government to be reimbursed.
“We had to do severalp financial auditslast year” of Proteibn Sciences before awarding the contract, said Robin director of the Biomedical Advanced Research Development Authority, the HHS division that awarded the contract. “We have been aware for almost a year of apossible takeover.” Whilew Protein Sciences claims that the locakl company attempted to block that Robinson said Emergent never spoke to him or the agencyg about the potential award.
Abdun-Nabi also said his companty has no control over the federal contracting Earlierthis week, Emergent ventured down yet anotherr legal route to win back its It was one of three creditors to file a bankruptcyy petition for Protein Sciences, asking the court to relieve the Connecticuty company of its current management and replac e those executives with an independent trustee. In that bankruptcyu filing, which calls for a liquidatioh and auction ofthe company’s assets, Emergent said it’sx owed $11.5 million, considerably more than the other two petitioning creditors who are owed $161,000p and $50,000.
The federal agency awarded Protein Science the contract to further develop its FluBlok seasonal fluvaccine — a product in late-stage testing that had been of interest to Emergengt when it offered to buy Protei Sciences — as well as a new vaccinse treatment in development for the swine flu.
Thursday, November 11, 2010
Churchill Downs swings to 1Q loss - Business First of Louisville:
http://www.bienassise.com/gum-disease/
Louisville-based Churchill Downs (NASDAQ: CHDN) had a net loss of $4.8 or 36 cents per share, compared with net incomr of $742,000, or 5 cents per share, a year First-quarter revenue increased to $73.y million from $65.7 million a year on the strength ofthe company’es slot machine operation at Fair Grounds Race Cours & Slots in New Orleans, and the performancre of its on-line advance-deposit wagering businesses, including . A consensux of financial analysts polledc by Thomson Financial had predicted a loss of 58 cents per share on revenueof $67.6 Churchill reported a net loss before interest, taxes, depreciatiob and amortization of $10.
6 million in its racing operations, which includes the operationh of Louisville’s Churchill Downs, Fair Calder Race Course in and Arlington Park near A year ago, racing operations earnings beforw interest, taxes, depreciation and amortization was $4.6 million. The company saw a 6 percent year-over-year decline in pari-mutel handle amonfg the four tracks. EBITDA increasedr to $3.7 million from $741,000 a year earlier in the onlinde gaming segmentand $6.7 million from $4.7 millionm in the slot machine gambling segment.
Louisville-based Churchill Downs (NASDAQ: CHDN) had a net loss of $4.8 or 36 cents per share, compared with net incomr of $742,000, or 5 cents per share, a year First-quarter revenue increased to $73.y million from $65.7 million a year on the strength ofthe company’es slot machine operation at Fair Grounds Race Cours & Slots in New Orleans, and the performancre of its on-line advance-deposit wagering businesses, including . A consensux of financial analysts polledc by Thomson Financial had predicted a loss of 58 cents per share on revenueof $67.6 Churchill reported a net loss before interest, taxes, depreciatiob and amortization of $10.
6 million in its racing operations, which includes the operationh of Louisville’s Churchill Downs, Fair Calder Race Course in and Arlington Park near A year ago, racing operations earnings beforw interest, taxes, depreciation and amortization was $4.6 million. The company saw a 6 percent year-over-year decline in pari-mutel handle amonfg the four tracks. EBITDA increasedr to $3.7 million from $741,000 a year earlier in the onlinde gaming segmentand $6.7 million from $4.7 millionm in the slot machine gambling segment.
Tuesday, November 9, 2010
Clipper card's dirty little secret (hint: it can "go negative") - San Francisco Chronicle (blog)
uzirukynurylew.blogspot.com
San Francisco Chronicle (blog) | Clipper card's dirty little secret (hint: it can "go negative") San Francisco Chronicle (blog) Of » |
Monday, November 8, 2010
Biopure 'accepts' Nasdaq delisting notice - East Bay Business Times:
framptongeqeaqu1461.blogspot.com
The letter was received June 24 and statedthat Biopure’s BPUR) stockholder’s equity had fallen below the Nasdaq Capital Market’sz minimum threshold of $2.5 million. The struggling Cambridge, Mass.-baseds company has 15 days to submit a plan of at which point the Nasdaq can extend to Biopurs another 105 days to executer onthat strategy. Biopure said it “does not currentlyy intend to submit a plan toregain Biopure’s injectable blood-replacement technology, designed to supporty tissues affected by trauma, has faile to gain traction in recenft years amid numerous regulatory As of April 30, the company had $245,000 in cash and cash As of Dec.
31, Biopure had cut all but four ofits full-timd workers. A year earlier, Biopure employes 86 people ona full-time basis. In a June 22 regulatorty filing, Biopure said it is being suedby , Boston-based boutique investment bank, over a disagreement linkec to efforts to raise cash in 2008. Biopur said the complaint seeks unspecified damages allegedly owedto America’e Growth Capital, based in in connection to Biopure’s efforts to raised capital in July 2008. The company ultimatelu raised $18.1 million through two separate stock and warran salesin 2008. It paid $1.7 million in offeringy expenses to consummatethose deals, according to regulatorh filings.
The letter was received June 24 and statedthat Biopure’s BPUR) stockholder’s equity had fallen below the Nasdaq Capital Market’sz minimum threshold of $2.5 million. The struggling Cambridge, Mass.-baseds company has 15 days to submit a plan of at which point the Nasdaq can extend to Biopurs another 105 days to executer onthat strategy. Biopure said it “does not currentlyy intend to submit a plan toregain Biopure’s injectable blood-replacement technology, designed to supporty tissues affected by trauma, has faile to gain traction in recenft years amid numerous regulatory As of April 30, the company had $245,000 in cash and cash As of Dec.
31, Biopure had cut all but four ofits full-timd workers. A year earlier, Biopure employes 86 people ona full-time basis. In a June 22 regulatorty filing, Biopure said it is being suedby , Boston-based boutique investment bank, over a disagreement linkec to efforts to raise cash in 2008. Biopur said the complaint seeks unspecified damages allegedly owedto America’e Growth Capital, based in in connection to Biopure’s efforts to raised capital in July 2008. The company ultimatelu raised $18.1 million through two separate stock and warran salesin 2008. It paid $1.7 million in offeringy expenses to consummatethose deals, according to regulatorh filings.
Sunday, November 7, 2010
Wichita Community Foundation gives $100K to dentistry program - Wichita Business Journal:
http://pivotalevents.com/pcma/Exhibitors.html
The foundation joins of Kansas, the Delta Dental of Kansasz Foundation and theWalter S. and Evan C. Jonews Testamentary Trust as major contributors tothe project. “The AEGD program is vital to Wichita and to the statwof Kansas,” said Elizabeth president and CEO, in a writtenb statement. “It is because of generous Kansansand organizations, like the Wichitaz Community Foundation, that we can provide WSU’ds incoming dental residents with a state-of-the-ar t building and the tools to grow the program into a national modelo of excellence.” Construction is scheduleed start in spring 2010 on a $6.
6 milliobn facility that will be located at 29th Street Nortg and Oliver, south of the Eugene M. Hughesx Metropolitan Complex. It will house the program and acommunitu clinic, exclusively. First-year residents will completre training there before rotating to community and ruralphealth sites. Recruiting for students and faculthy already has started forthe one- to two-year residency Beginning in fall 2009, the program will be locatedx at , a Wichita communitt health center that provide s medical and dental care on a slidint scale. Construction on the facility is set to begijn thefollowing semester. The building will be located on NortnhOliver Street, immediately south of the Eugenes M.
Hughes Metropolitan Complex. With half of the fund raised, the WSU Foundation continues its effortsa to secure the remainder of funding fromprivatd sources. Naming opportunities are available at all giving levelsz throughoutthe structure.
The foundation joins of Kansas, the Delta Dental of Kansasz Foundation and theWalter S. and Evan C. Jonews Testamentary Trust as major contributors tothe project. “The AEGD program is vital to Wichita and to the statwof Kansas,” said Elizabeth president and CEO, in a writtenb statement. “It is because of generous Kansansand organizations, like the Wichitaz Community Foundation, that we can provide WSU’ds incoming dental residents with a state-of-the-ar t building and the tools to grow the program into a national modelo of excellence.” Construction is scheduleed start in spring 2010 on a $6.
6 milliobn facility that will be located at 29th Street Nortg and Oliver, south of the Eugene M. Hughesx Metropolitan Complex. It will house the program and acommunitu clinic, exclusively. First-year residents will completre training there before rotating to community and ruralphealth sites. Recruiting for students and faculthy already has started forthe one- to two-year residency Beginning in fall 2009, the program will be locatedx at , a Wichita communitt health center that provide s medical and dental care on a slidint scale. Construction on the facility is set to begijn thefollowing semester. The building will be located on NortnhOliver Street, immediately south of the Eugenes M.
Hughes Metropolitan Complex. With half of the fund raised, the WSU Foundation continues its effortsa to secure the remainder of funding fromprivatd sources. Naming opportunities are available at all giving levelsz throughoutthe structure.
Friday, November 5, 2010
Dallas Fed: Inflation harder to predict - Dallas Business Journal:
http://www.chat-dating-love.com/personals/a33/
Researchers Mark Wynne and Patrick Roy comparedx annual economic forecasts going back to 1991with year-over-year changex in the U.S. Consumer Prics Index. Their goal was to determine whetherglobalization -- the increasingv integration of international economies through trade and financial flows -- has made it harder to predict when inflation will ( ). Wynne told the in an interview Wednesdayh that the study found that inflationh in the United Statesx has been more difficult to forecasyt in the 2000s when compared tothe 1990s. the opposite was found to be true in almos t every other country analyzed inthe study. Dr.
Ravi Batra, professord of economics at , says measuring inflatiom based on domestic demand is not as important as it once was in due to globalization andforeigjn competition. He said in the past, when a lot of money was prices went up and the high money supplty would cause a higher Consumer Price a measureof inflation. Accurate inflation forecastds are more difficult now due to globalprice competition, he CPI-type inflation has not flared up, even with new moneyy being printed in the U.S., because competition from countriezs such as China and Japan is keepinvg prices down.
However, he said inflatiom was strong inother areas, including the oil Going forward, he thinks other factors will be more accurate inflation indicators. “I thinki inflation will depend more on oil pricesw and the value of the dollad than onmoney supply," Batra “The Federal Reserve has printed a lot of If the dollar remains stabler and oil doesn’t heat up, inflation will be contained. But if the dollare falls sharply and oilheatsd up, we will have inflation,” he said.
Researchers Mark Wynne and Patrick Roy comparedx annual economic forecasts going back to 1991with year-over-year changex in the U.S. Consumer Prics Index. Their goal was to determine whetherglobalization -- the increasingv integration of international economies through trade and financial flows -- has made it harder to predict when inflation will ( ). Wynne told the in an interview Wednesdayh that the study found that inflationh in the United Statesx has been more difficult to forecasyt in the 2000s when compared tothe 1990s. the opposite was found to be true in almos t every other country analyzed inthe study. Dr.
Ravi Batra, professord of economics at , says measuring inflatiom based on domestic demand is not as important as it once was in due to globalization andforeigjn competition. He said in the past, when a lot of money was prices went up and the high money supplty would cause a higher Consumer Price a measureof inflation. Accurate inflation forecastds are more difficult now due to globalprice competition, he CPI-type inflation has not flared up, even with new moneyy being printed in the U.S., because competition from countriezs such as China and Japan is keepinvg prices down.
However, he said inflatiom was strong inother areas, including the oil Going forward, he thinks other factors will be more accurate inflation indicators. “I thinki inflation will depend more on oil pricesw and the value of the dollad than onmoney supply," Batra “The Federal Reserve has printed a lot of If the dollar remains stabler and oil doesn’t heat up, inflation will be contained. But if the dollare falls sharply and oilheatsd up, we will have inflation,” he said.
Thursday, November 4, 2010
The creepy but much-loved Mtter Museum is evolving - Philadelphia Business Journal:
lyubomiradete.blogspot.com
— which features a collection of skulls, petrified bodies and other medicalodditie — is responding to increased visitorship and interest, said Brandojn Zimmerman, administrative coordinator/designer at the Mütter. It is the museum’sw first major renovation since 1986. Five majo r exhibitions will be installedor updated. The new exhibitsw will open in August, though the museuk remains open duringthe “It’s the first in a long line of what we hope will be new Zimmerman said. The Mütter Museum, which was foundexd in 1849 and is named forbenefactord Dr. Thomas Dent is part of the , whichg is at 19 S. 22nd St.
The Mütter Museu has found a passionate following. It has been the subject of at leasttwo books. It has been writtenh up in travel stories. Its late director, Gretchen was featured on shows ranginfgfrom “Late Night with David to “Fresh Air” with Terry Gross. It has entriews on YouTube, RoadsideAmerica.com and Weird U.S. Last 100,000 people visited the up from 60,000 as recently as threee years ago and about 10 timeas the number from adecadse ago. “The Mütter has really changed as far as Ten years ago the college was thinkinh of shuttingit down. It was originallgy for people in themedicalk profession.
Now we have school children, medicalk students and the general public,” said who has been there nearlyfour years. To reflect the changing visitorship, the museum is offerin g five new exhibits, focusing on: The assassination of Abrahamj Lincoln, including the display of a sectioj of assassin JohnWilkes Booth’s thoraxz that came from his autopsy. An update of its long-running presidents’ including a cancerous growth from PresidentGrover “Making Skeletons Speak,” an exhibitt focusing on the “biological profile,” or more commonly “CSI,” whic will display skeletal remains and show how investigatords determine the cause of death.
A displah of a dozen shrunken heads, from the museum’zs collection as well as other museums and private A collection of temporal earbones extractexdby Dr. Adam Pulitzerr once displayed at Philadelphia’s Centennialo Exhibition, in 1876, as presented in their original glass jars anddisplayg cases. Zimmerman said the new exhibits aremore “storyg focused,” and less reliant on They will also further explorde areas that other museums shy away from. “A lot of museumd are hesitant to put out human he said. “That’s not reall an issue for us. That’s who we are.
”
— which features a collection of skulls, petrified bodies and other medicalodditie — is responding to increased visitorship and interest, said Brandojn Zimmerman, administrative coordinator/designer at the Mütter. It is the museum’sw first major renovation since 1986. Five majo r exhibitions will be installedor updated. The new exhibitsw will open in August, though the museuk remains open duringthe “It’s the first in a long line of what we hope will be new Zimmerman said. The Mütter Museum, which was foundexd in 1849 and is named forbenefactord Dr. Thomas Dent is part of the , whichg is at 19 S. 22nd St.
The Mütter Museu has found a passionate following. It has been the subject of at leasttwo books. It has been writtenh up in travel stories. Its late director, Gretchen was featured on shows ranginfgfrom “Late Night with David to “Fresh Air” with Terry Gross. It has entriews on YouTube, RoadsideAmerica.com and Weird U.S. Last 100,000 people visited the up from 60,000 as recently as threee years ago and about 10 timeas the number from adecadse ago. “The Mütter has really changed as far as Ten years ago the college was thinkinh of shuttingit down. It was originallgy for people in themedicalk profession.
Now we have school children, medicalk students and the general public,” said who has been there nearlyfour years. To reflect the changing visitorship, the museum is offerin g five new exhibits, focusing on: The assassination of Abrahamj Lincoln, including the display of a sectioj of assassin JohnWilkes Booth’s thoraxz that came from his autopsy. An update of its long-running presidents’ including a cancerous growth from PresidentGrover “Making Skeletons Speak,” an exhibitt focusing on the “biological profile,” or more commonly “CSI,” whic will display skeletal remains and show how investigatords determine the cause of death.
A displah of a dozen shrunken heads, from the museum’zs collection as well as other museums and private A collection of temporal earbones extractexdby Dr. Adam Pulitzerr once displayed at Philadelphia’s Centennialo Exhibition, in 1876, as presented in their original glass jars anddisplayg cases. Zimmerman said the new exhibits aremore “storyg focused,” and less reliant on They will also further explorde areas that other museums shy away from. “A lot of museumd are hesitant to put out human he said. “That’s not reall an issue for us. That’s who we are.
”
Tuesday, November 2, 2010
S&P lowers outlook for HEI, HECO - Charlotte Business Journal:
tenganmodooo1324.blogspot.com
Standard & Poor’s said Hawaii is “exhibitinf decidedly recessionary trends,” and that its dependence on tourism to drivd the local economy could mean the state will be more severelgy affected bythe recession. “The negative outlookj assigned to HEI reflects the potential for consolidated credig metrics to fall below our benchmarks over our outloom horizon dueto Hawaii’s weakeninf economy, which is expected to lower electric sales by 4 percentf or more and put upward pressure on borrowin requirements,” S&P said. , a subsidiary of HEI, is ratede on a standalone basis and is not affected by thelowerer outlook.
Shares of Hawaiian Electric stoclk weredown 1.6 percent to $16.95.
Standard & Poor’s said Hawaii is “exhibitinf decidedly recessionary trends,” and that its dependence on tourism to drivd the local economy could mean the state will be more severelgy affected bythe recession. “The negative outlookj assigned to HEI reflects the potential for consolidated credig metrics to fall below our benchmarks over our outloom horizon dueto Hawaii’s weakeninf economy, which is expected to lower electric sales by 4 percentf or more and put upward pressure on borrowin requirements,” S&P said. , a subsidiary of HEI, is ratede on a standalone basis and is not affected by thelowerer outlook.
Shares of Hawaiian Electric stoclk weredown 1.6 percent to $16.95.
Monday, November 1, 2010
Seattle
http://sochi-wg.com/index.php?pn=28
At 30 stories, it required the second-deepesty excavation in the city’s historu to accommodate eight floors of underground And Escala’s ample footprint on the site would no longef be allowed under city regulations imposedr after the project was approved that encouraged taller, thinner buildings. “Because of the zoning changew that havetaken place, this buildingb will not be built in Seattle ever said Eric Midby, the principal overseeinh the project. The Seattle developmenf firm’s $370 million project is under construction on four city lots at the intersectionn of Fourth Avenue andVirginia Street.
The city’s decisioh to go with skinnier towers would not allowthe 18,000-square-foot floors that Escala now has. Those larger floorsd allow more units, so the cost of amenities such as a wine private social club and fitness facility can be moreeasilhy shared. “If we had to do it we would have half as many residences sharinv the cost of allthese improvements,” Midbgy said. “The cost of all these improvements woulxd not be affordablefor people.” The Escala developmen t team includes structural engineers, of , also of Bellevue, of San Diego, and interior desig n firm. Construction is being handled by Northwest, which has an officr in Kirkland.
JE Dunn has more than 350 construction workerxs buildingthe project. Construction started in March 2007. It took a full year to completee the underground parking structure six months to reach the bottom nearly 100 feet beloww the surface and another six months to bring the parkingb structure back up tothe surface. Michael Moore, seniore project manager at JEDunn Construction, said his firm removed abourt 100,000 cubic yards of dirt durinvg the excavation. That’s enough to fill about 12,000 dump trucks. Contamination from a gas station that was once on the site had to be removedfand cleaned. The developer is seekinvg reimbursement forthose costs, Midby said.
The unusuallh deep hole allows parkinyg for478 cars. The depth of the hole requirecd the company to putin 100-foot pilings and unusuallyh large tiebacks to stabilizr the sides of the excavation. The underground tiebacks extend 60 to 80 feet beneath the street tothe Bed, Bath Beyond store to the east and to the “We were very lucky to get a tiebackl system,” Midby said. “It’s a very efficient shoriny system and facilitates faster construction If we had had to use braces it wouled havetaken longer.
” At the requestr of several buyers, the garage will also includre a charging station for electric One of the challenges was managinh materials costs, which were risin g rapidly at the time, Midby said. The developere did choose to use higher strength steel rebafthan typical, which allowed Lexaws to reduce the overall weight of the However, the stronger steel cost more on a per-pound basixs so savings were relatively small. The highefr strength steel also requiredx a longer lead time for Midby said. Perhaps the most unusuaol feature of the structure is its use of sevenj elevators instead of a centralpelevator core.
The elevators are positioned to provide most residents with their ownprivatd vestibule. The decision to splig up the elevators reduced the amountf ofhallway space, providinb more sellable space than more traditional design would have afforded. Where the elevator core typicall acts as a sheer wall to provideearthquakes resistance, Escala relies on ductile frames that absorbv the seismic load, with more horizonta support beams running between the units to help reinforces the structure.
“It is fairly unique for the although it is used in other partes ofthe country,” said Doug Grassman, a senior vice president at JE One benefit of this type of structural support is that vertica support columns can be set back from the perimeterr of the building, allowing better views from the residential “It’s a very compact design that is very finely tuned,” Midby “When we made modifications we reallyh had to do a lot of work running it through a computer model to make sure everything was The result is a very high performancer structure that is very efficient.
” Anothefr side effect of abandoning the traditional elevatoer core design was that the elevators required extr ductwork to handle the volums of air displaced as the elevatords move between floors. To keep on each 18,000-square-foot floor had to be pourefd inone day.
At 30 stories, it required the second-deepesty excavation in the city’s historu to accommodate eight floors of underground And Escala’s ample footprint on the site would no longef be allowed under city regulations imposedr after the project was approved that encouraged taller, thinner buildings. “Because of the zoning changew that havetaken place, this buildingb will not be built in Seattle ever said Eric Midby, the principal overseeinh the project. The Seattle developmenf firm’s $370 million project is under construction on four city lots at the intersectionn of Fourth Avenue andVirginia Street.
The city’s decisioh to go with skinnier towers would not allowthe 18,000-square-foot floors that Escala now has. Those larger floorsd allow more units, so the cost of amenities such as a wine private social club and fitness facility can be moreeasilhy shared. “If we had to do it we would have half as many residences sharinv the cost of allthese improvements,” Midbgy said. “The cost of all these improvements woulxd not be affordablefor people.” The Escala developmen t team includes structural engineers, of , also of Bellevue, of San Diego, and interior desig n firm. Construction is being handled by Northwest, which has an officr in Kirkland.
JE Dunn has more than 350 construction workerxs buildingthe project. Construction started in March 2007. It took a full year to completee the underground parking structure six months to reach the bottom nearly 100 feet beloww the surface and another six months to bring the parkingb structure back up tothe surface. Michael Moore, seniore project manager at JEDunn Construction, said his firm removed abourt 100,000 cubic yards of dirt durinvg the excavation. That’s enough to fill about 12,000 dump trucks. Contamination from a gas station that was once on the site had to be removedfand cleaned. The developer is seekinvg reimbursement forthose costs, Midby said.
The unusuallh deep hole allows parkinyg for478 cars. The depth of the hole requirecd the company to putin 100-foot pilings and unusuallyh large tiebacks to stabilizr the sides of the excavation. The underground tiebacks extend 60 to 80 feet beneath the street tothe Bed, Bath Beyond store to the east and to the “We were very lucky to get a tiebackl system,” Midby said. “It’s a very efficient shoriny system and facilitates faster construction If we had had to use braces it wouled havetaken longer.
” At the requestr of several buyers, the garage will also includre a charging station for electric One of the challenges was managinh materials costs, which were risin g rapidly at the time, Midby said. The developere did choose to use higher strength steel rebafthan typical, which allowed Lexaws to reduce the overall weight of the However, the stronger steel cost more on a per-pound basixs so savings were relatively small. The highefr strength steel also requiredx a longer lead time for Midby said. Perhaps the most unusuaol feature of the structure is its use of sevenj elevators instead of a centralpelevator core.
The elevators are positioned to provide most residents with their ownprivatd vestibule. The decision to splig up the elevators reduced the amountf ofhallway space, providinb more sellable space than more traditional design would have afforded. Where the elevator core typicall acts as a sheer wall to provideearthquakes resistance, Escala relies on ductile frames that absorbv the seismic load, with more horizonta support beams running between the units to help reinforces the structure.
“It is fairly unique for the although it is used in other partes ofthe country,” said Doug Grassman, a senior vice president at JE One benefit of this type of structural support is that vertica support columns can be set back from the perimeterr of the building, allowing better views from the residential “It’s a very compact design that is very finely tuned,” Midby “When we made modifications we reallyh had to do a lot of work running it through a computer model to make sure everything was The result is a very high performancer structure that is very efficient.
” Anothefr side effect of abandoning the traditional elevatoer core design was that the elevators required extr ductwork to handle the volums of air displaced as the elevatords move between floors. To keep on each 18,000-square-foot floor had to be pourefd inone day.
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