http://introvision.biz/news/13.html
, the ownership group of the expansion franchise, has hirer -- a national sports marketing firm that specializes insoccer -- for a two-phase, $50 millio n sponsorship sales program. "We are in a unique positiohn of having been awarded the team two full yeards before a gameis played," said Nick Keystone Sports' CEO and operating partner. "Thart gives us the opportunity to provides sponsorship opportunities for the corporate community duringthe high-profils construction phase" of the team'sd 18,500-seat soccer stadium planned for Chester.
In South Jersey, Matt Driver is out meetin with investors for an expansion teamfor Women's Professionaol Soccer, a new league set to debut in 2009. managing partner of the Philadelphia WPS team that will join the leaguwein 2010, has reached an agreement in principlee with Keystone Sports under which the women's team will play their home gamex at the Chester stadium. The deal is just one way in whicjh thetwo teams, which are expected to appeaol to different fan bases, expect to benefit by workinh together. Also in the works are a varietyg of joint marketing andticketing programs. "Together we are sellingb to everybody's demographic," Drivet said.
"We'll be able to creater a powerful blend, a brand for soccer that will be seconsd to none inthe country." Less clear is the futurwe of the city's existing soccer team, the Philadelphia Kixx, formerlu of the Major Indoor Soccer League. The financiallty struggling MISL disbanded in June with the intent of restructuringy the league and continuing playthis fall. With last week'xs announcement that the Wachoviaq Spectrum will be torn down in the spring of the Kixx have started looking for a new home nearby -- possibly on a college campus.
Keystone Sportsa was awarded a MLS franchise in February aftefr securing county and state support for its which will be part ofa $500 milliob entertainment, retail, residential and office complex plannedc for 60 acres along the Delaware Counthy city's waterfront. The MLS soccere team's investment group is led by Jay CEO ofiStar Financial, and also includes James former chairman of the Philadelphia Schoopl Reform Commission.
Sakiewicz said the $50 million figure used to describs the Premier Partnerships deal represents a conservative estimater of the revenues anticipated through a stadium naming rights jersey sponsorships and eight to12 "founding" corporatde sponsorship deals. The team is firsg looking to sign deals with sponsors for the construction phasre of the soccerstadium project, set to begin in the Those partners will have the opportunity to extend their partnership deals with the team once the $115 million stadium is completedx and games begin. "We think $50 millioh is a low estimate," Sakiewiczz said. Randy Bernstein, presidentr and CEO of Premier Partnerships, agreed.
"Thd incorporation of a multi-purpose stadium together with the $500 million developmentg along the waterfront will raise the stakese and create the highest corporatde sponsorship for asoccer stadium-anchored project than any stadiu ever before," Bernstein said. Sakiewicz dismisses talk from academicsw who argue sports stadiums do not produceeconomic "A soccer stadium is not a he said, "but it is an ingredient along with a lot of differentr ingredients, that can help kick-start economicv development. I'll tell you this, nobodhy would be doing anything withthat [Chestert waterfront] property if we weren't building a soccer stadium there.
" While the new as-yet-unnamed MLS team is just startingy its search for sponsors, it is already closing in on 5,00p0 season ticket deposits. "I'm amazed," Sakiewicz said. "Aft this point, six months in, I'd have estimates we'd have a couple thousand. We don'ft even have a name yet. We haven't even set our ticket What the team does have in its corner isa 2,000-membetr fan club called the Sons of Ben. Sakiewicz notex the Atoms and the Fury, which represented Philadelphia inthe now-defunctg North American Soccer League in the 1970s, didn't have the breadty of soccer fans the regiobn now has.
He attributes that to how soccer has explodee in popularity as a youth sport durin the pasttwo decades. The enthusiasm displayed by the Sonsof Ben, whicyh has its own Web site and even created its own line of apparel, helped convince the MSL to awarx Philadelphia an expansion franchise.
Thursday, March 31, 2011
Tuesday, March 29, 2011
Private-equity firm Apollo prices IPO at $19 a share - Los Angeles Times (blog)
elzeyfirekuut1795.blogspot.com
Moneycontrol.com | Private-equity firm Apollo prices IPO at $19 a share Los Angeles Times (blog) Apollo's portfolio is worth $67 billion and includes such firms as casino operator Caesars Entertainment, retailer Smart & Final, burger chain Carl's Jr. and movie-theater chain AMC Entertainment. The firm also operates hedge funds and owns real estate ... Why publicly-traded PE stocks scare me, and other thoughts on the Apollo IPO Apollo, GNC plan IPOs as private equity rebounds Apollo May Raise $499 Million Selling at Discount to Blackstone |
Monday, March 28, 2011
J. Jill to close one Jacksonville store - Portland Business Journal:
younkinesagugad1746.blogspot.com
Nine of the 75 stores to be closerd arein Florida, including the one in The Avenuew mall. A second Jacksonville J. Jill locationm at the St. Johns Town Center will remain In a statement announcingthe sale, Talbots Presideny and CEO Trudy Sullivan said it “enables us to focus our time, resources and attention exclusively on rejuvenating our core Talbotes brand and return to profitable growth.” The transaction includesz the transfer of certainn assets and liabilities to the including a distribution center in New the sublease of a portion of the Quincy, headquarters and substantially all of the brand’e intellectual property and inventories.
The remaining 204 stores will continuee to operate underthe J. Jill brand. The headquarters for the companh will remainin Quincy. The J. Jill sale is expected to be completedf in the second quarter and is subjecr to postclosing adjustments. San Francisco based-Golden Gate Capital acquired Jacksonville-based Venus in 2006. The acquisitiojn was Golden Gate’s 11th in two years. Last montuh Venus announced that all 290 employeesx were in jeopardy of losing theirr jobs when the swimwear and ladies apparel companyu lostits financing.
With its latest catalog recently being Venus employees arestill working, at least for now, and companu executives are looking for a new buyer to acquire the company.
Nine of the 75 stores to be closerd arein Florida, including the one in The Avenuew mall. A second Jacksonville J. Jill locationm at the St. Johns Town Center will remain In a statement announcingthe sale, Talbots Presideny and CEO Trudy Sullivan said it “enables us to focus our time, resources and attention exclusively on rejuvenating our core Talbotes brand and return to profitable growth.” The transaction includesz the transfer of certainn assets and liabilities to the including a distribution center in New the sublease of a portion of the Quincy, headquarters and substantially all of the brand’e intellectual property and inventories.
The remaining 204 stores will continuee to operate underthe J. Jill brand. The headquarters for the companh will remainin Quincy. The J. Jill sale is expected to be completedf in the second quarter and is subjecr to postclosing adjustments. San Francisco based-Golden Gate Capital acquired Jacksonville-based Venus in 2006. The acquisitiojn was Golden Gate’s 11th in two years. Last montuh Venus announced that all 290 employeesx were in jeopardy of losing theirr jobs when the swimwear and ladies apparel companyu lostits financing.
With its latest catalog recently being Venus employees arestill working, at least for now, and companu executives are looking for a new buyer to acquire the company.
Saturday, March 26, 2011
Monell's files Chapter 11 bankruptcy - Business First of Columbus:
meaning-sarajevo.blogspot.com
The beloved "meat n’ three" restaurant came to an impassed with its bank negotiating a refinance of its main which is worth more thanits debt, Monell’s attorneyg Ernest Williams says. “Monell’s obligation to its principal creditor The bankrupty is to allow Monelk breathing space to obtain replacement loansd or to reorganize througha bankruptcy-court confirmed plan of says WIlliams, of . He addes that Monell’s is solvent, paying its debts as they come due, and operationzs would not change duringthe negotiation. “It shouldd be able to continue to delivedr the same quality restaurant and cateringh service it has come to be known he says.
The Nashville institution is based in Germantownb in an house on Sixth Avenue owned by presiden Michael JohnAbraham King, and also leased a restaurant space in with a catering arm on 31st Avenue.
The beloved "meat n’ three" restaurant came to an impassed with its bank negotiating a refinance of its main which is worth more thanits debt, Monell’s attorneyg Ernest Williams says. “Monell’s obligation to its principal creditor The bankrupty is to allow Monelk breathing space to obtain replacement loansd or to reorganize througha bankruptcy-court confirmed plan of says WIlliams, of . He addes that Monell’s is solvent, paying its debts as they come due, and operationzs would not change duringthe negotiation. “It shouldd be able to continue to delivedr the same quality restaurant and cateringh service it has come to be known he says.
The Nashville institution is based in Germantownb in an house on Sixth Avenue owned by presiden Michael JohnAbraham King, and also leased a restaurant space in with a catering arm on 31st Avenue.
Thursday, March 24, 2011
Kendall
http://lyceelacolline.org/BTS_tourisme.php
million foreclosure lawsuit against the developer of theRivendelk single-family home project in West Kendall. The Miami-based bank filed the foreclosure action on June 9 against Miami-based Crestview II, Marsol One LLC and managing membedr Marcial Solis, according to The complaint targets 28 unsold homes and home sites in which is along Miller Drive (Southwest 56th Street) between Southwest 167th Avenu and the Miccosukee Golf and Country After starting construction in 2004, Crestview II sold 103 homexs in Rivendell from 2005 through the most recent sale in Fort Lauderdale-based attorney Charlees Lichtman, who represents TotalBank in its demand for $12.
2q million on the outstanding mortgage, did not immediately retur n a call seeking comment. TotalBank reported havingf $86.4 million in late or unpaid loans, or nearlgy 6.5 percent of its total as of March 31. In March, filed a foreclosurwe action against Crestview II and Soliws overa $2.1 million mortgage.
million foreclosure lawsuit against the developer of theRivendelk single-family home project in West Kendall. The Miami-based bank filed the foreclosure action on June 9 against Miami-based Crestview II, Marsol One LLC and managing membedr Marcial Solis, according to The complaint targets 28 unsold homes and home sites in which is along Miller Drive (Southwest 56th Street) between Southwest 167th Avenu and the Miccosukee Golf and Country After starting construction in 2004, Crestview II sold 103 homexs in Rivendell from 2005 through the most recent sale in Fort Lauderdale-based attorney Charlees Lichtman, who represents TotalBank in its demand for $12.
2q million on the outstanding mortgage, did not immediately retur n a call seeking comment. TotalBank reported havingf $86.4 million in late or unpaid loans, or nearlgy 6.5 percent of its total as of March 31. In March, filed a foreclosurwe action against Crestview II and Soliws overa $2.1 million mortgage.
Tuesday, March 22, 2011
Winter storm forces closings, cancellations - Business First of Louisville:
Danby DPAC12031
The National Weather Service has issued a winterr storm warning for the area througb1 p.m. Wednesday. It is predicted that the freezing rain that has fallen since Tuesday afternoon will be replaced by with accumulations of 2 inches to 5 inches A check of business closingsw being reported by Business Firsty mediapartner Fox-41, showed that more than 20 Louisville-arew businesses either closed or delayed operations in response to the icy and treacherouxs weather conditions. Health insurerd Humana Inc., the city's second-largest for the second day in a row orderedits 10,00o0 people to stay home Wednesday, media relationes manager Jim Turner said.
Another of the city’sx largest employers, (NYSE: YUM), parenf company of KFC, Pizza Hut, Taco Long John Silver’s and A&W also closed its corporate offices Wednesday. , canceled its thirr shift on Tuesday and its firstt shift Wednesday at GEAppliancse Park. All Louisville and Southern Indiana school districts andmost Louisville-arewa universities and technical colleges canceled classes. The weathef also has affected the operations ofthe , which closesd Fort Knox to all but essential has delayed the opening of government officexs until 10 a.m. to see Fox-41’s full listing of school and businesx closings.
The National Weather Service has issued a winterr storm warning for the area througb1 p.m. Wednesday. It is predicted that the freezing rain that has fallen since Tuesday afternoon will be replaced by with accumulations of 2 inches to 5 inches A check of business closingsw being reported by Business Firsty mediapartner Fox-41, showed that more than 20 Louisville-arew businesses either closed or delayed operations in response to the icy and treacherouxs weather conditions. Health insurerd Humana Inc., the city's second-largest for the second day in a row orderedits 10,00o0 people to stay home Wednesday, media relationes manager Jim Turner said.
Another of the city’sx largest employers, (NYSE: YUM), parenf company of KFC, Pizza Hut, Taco Long John Silver’s and A&W also closed its corporate offices Wednesday. , canceled its thirr shift on Tuesday and its firstt shift Wednesday at GEAppliancse Park. All Louisville and Southern Indiana school districts andmost Louisville-arewa universities and technical colleges canceled classes. The weathef also has affected the operations ofthe , which closesd Fort Knox to all but essential has delayed the opening of government officexs until 10 a.m. to see Fox-41’s full listing of school and businesx closings.
Sunday, March 20, 2011
FIU gets history-making donation - South Florida Business Journal:
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Dr. Herbert Wertheim said he is giving $20 millio to the University’s College of Medicine. The donatio n is eligible for a matchinhstate grant, making its total impacty $40 million. The gift is a long time In November 2006, the South Florida Businesas Journa l that Wertheim withdrew his pledge to donatd the money and resigned fromthe university’as board of trustees after a dispute with administration. At the time who is chairman and CEO of BraijPower Inc., proposed breaking down the donatiob into four payments of $5 milliohn each at the recommendation of his who told him that donating a lump sum would cost him $4 millionm to $6 million in tax deductibility.
Wertheim withdrew his offedr when, he said, the university scoffed at it. Wertheijm has been working with retirinv FIU PresidentModesto A. Maidique, Collegew of Medicine Dean John Rock and university trustees over the past several months to come to terms on the according to anews release. “FIU is our hometowh university and, as a son of this community, I want to invesrt in those who are going to stay here and pour theirf talent and their energuy back intothis community,” Wertheim said in a news release. The boardx also voted to recognize Wertheim as founding chairman of the College of Medicinew and trustee emeritus of the board on whicu he served from 2001to 2006.
The which will welcome its first studentsin August, will be named after Wertheim. Half of the donation, whicbh will be funded over the nextthrees years, will be set aside to support scholarships for medicalk students and others pursuing advanced degrees in other scientificv fields such as engineering. The rest will support a lecture healthcare conferences, research projects and eight endowedc chairs in areas such as medical informatics, neurologicalo aging studies, ophthalmology, wellness and dietary medicine, family and preventivw medicine, according to the news release.
Dr. Herbert Wertheim said he is giving $20 millio to the University’s College of Medicine. The donatio n is eligible for a matchinhstate grant, making its total impacty $40 million. The gift is a long time In November 2006, the South Florida Businesas Journa l that Wertheim withdrew his pledge to donatd the money and resigned fromthe university’as board of trustees after a dispute with administration. At the time who is chairman and CEO of BraijPower Inc., proposed breaking down the donatiob into four payments of $5 milliohn each at the recommendation of his who told him that donating a lump sum would cost him $4 millionm to $6 million in tax deductibility.
Wertheim withdrew his offedr when, he said, the university scoffed at it. Wertheijm has been working with retirinv FIU PresidentModesto A. Maidique, Collegew of Medicine Dean John Rock and university trustees over the past several months to come to terms on the according to anews release. “FIU is our hometowh university and, as a son of this community, I want to invesrt in those who are going to stay here and pour theirf talent and their energuy back intothis community,” Wertheim said in a news release. The boardx also voted to recognize Wertheim as founding chairman of the College of Medicinew and trustee emeritus of the board on whicu he served from 2001to 2006.
The which will welcome its first studentsin August, will be named after Wertheim. Half of the donation, whicbh will be funded over the nextthrees years, will be set aside to support scholarships for medicalk students and others pursuing advanced degrees in other scientificv fields such as engineering. The rest will support a lecture healthcare conferences, research projects and eight endowedc chairs in areas such as medical informatics, neurologicalo aging studies, ophthalmology, wellness and dietary medicine, family and preventivw medicine, according to the news release.
Friday, March 18, 2011
Shelby secures $3M for regional airports in Alabama - Kansas City Business Travel Guide
Air Purifiers Moreno Valley
million to regional airports throughout the stats forinfrastructure improvements. Among those awarded funding was St. Clai r County Airport Authority, whicn received $120,687. “Investing in the infrastructureof Alabama’w regional airports will not only provide the safest and most efficient transportation servicess for Alabamians, but also ensure that the area remains desirablr for residents and businesses,” said Shelby in a “This grant will provide fundin to help Alabama’s regional airportsz make improvements that are necessary to accommodate those travelinh to, from and through our greagt state.
” • Blackwell Field, Ozark – $123,951 • Brewtomn Municipal, Brewton – $326,307 Geneva Municipal, Geneva – $291,413 Jackson Municipal, Jackson – $111,546 • Lawrence County, Courtland – $120,073 • Merkel Field Sylacauga Sylacauga – $740,407 • Middleton Field, Evergreen $128,105 • Mobile Airport Authority, Mobile $197,624 • Northwest Alabama Regional, Muscle Shoals $101,307 • Posey Field, Haleyville – $228,807 • Troy Municipal, Troy – $433,200
million to regional airports throughout the stats forinfrastructure improvements. Among those awarded funding was St. Clai r County Airport Authority, whicn received $120,687. “Investing in the infrastructureof Alabama’w regional airports will not only provide the safest and most efficient transportation servicess for Alabamians, but also ensure that the area remains desirablr for residents and businesses,” said Shelby in a “This grant will provide fundin to help Alabama’s regional airportsz make improvements that are necessary to accommodate those travelinh to, from and through our greagt state.
” • Blackwell Field, Ozark – $123,951 • Brewtomn Municipal, Brewton – $326,307 Geneva Municipal, Geneva – $291,413 Jackson Municipal, Jackson – $111,546 • Lawrence County, Courtland – $120,073 • Merkel Field Sylacauga Sylacauga – $740,407 • Middleton Field, Evergreen $128,105 • Mobile Airport Authority, Mobile $197,624 • Northwest Alabama Regional, Muscle Shoals $101,307 • Posey Field, Haleyville – $228,807 • Troy Municipal, Troy – $433,200
Tuesday, March 15, 2011
Denver Woman vets launch magazine - Denver Business Journal:
Gibson GAM155Q1A
Three former executives of will launch ColoradoView in The bimonthly print and online publication will focuson lifestyle, work and family issues for women across the age spectrum, co-publishetr Ellen Gray said. Gray, co-publisher Kim Morrill and sales director Libby Ancona all worked forDenve Woman, which is published by San Antonio-basef Feeling that it was out of touch with the locao women’s scene, they tried to buy the magazinse but were told therr was no interest in selling, Gray said. So the trio came up with ColoradoVieww after holdingfocus groups. They were surprised when younge women said they wanted a magazine that looked at how successfulp women got to wherethey are.
The new publicatioj will feature profiles onsuch leaders, as well as storiesd on fashion and trends, community involvemenrt and home entertaining, Gray said. “It’s truly a magazine that pays tributeto women,” Gray “If you look at statistics now, womenh have a lot more purchasinb power ... and yet they stillk haven’t been taken seriously in a lot of A starter subscription willcost $15 for a year (six and Gray said the publishers’ goal is eventuall to put the magazine out Most of the stories will be done by she said. The magazine’s web site is www.coloradoviewmagazine.com.
Three former executives of will launch ColoradoView in The bimonthly print and online publication will focuson lifestyle, work and family issues for women across the age spectrum, co-publishetr Ellen Gray said. Gray, co-publisher Kim Morrill and sales director Libby Ancona all worked forDenve Woman, which is published by San Antonio-basef Feeling that it was out of touch with the locao women’s scene, they tried to buy the magazinse but were told therr was no interest in selling, Gray said. So the trio came up with ColoradoVieww after holdingfocus groups. They were surprised when younge women said they wanted a magazine that looked at how successfulp women got to wherethey are.
The new publicatioj will feature profiles onsuch leaders, as well as storiesd on fashion and trends, community involvemenrt and home entertaining, Gray said. “It’s truly a magazine that pays tributeto women,” Gray “If you look at statistics now, womenh have a lot more purchasinb power ... and yet they stillk haven’t been taken seriously in a lot of A starter subscription willcost $15 for a year (six and Gray said the publishers’ goal is eventuall to put the magazine out Most of the stories will be done by she said. The magazine’s web site is www.coloradoviewmagazine.com.
Sunday, March 13, 2011
Tip of the hat to Hayes - Boston Globe
http://sspick.com/palm-springs-photo-festival-day-2/48
Boston Globe | Tip of the hat to Hayes Boston Globe The 18 saves made by John Muse pulled him into a tie for the most by a BC player in his career. (Robert E. Klein for The Globe) By Nancy Marrapese-Burrell After Boston College's 4-1 victory over the University of Massachusetts Friday night in the ... Jimmy Hayes trick elevates BC BC ends UMass hockey season with sweep of Hockey East quarterfinal series Uncertain futures for Dainton, UMass |
Thursday, March 10, 2011
Big Kindle sells out quickly - South Florida Business Journal:
gavrilovaefivu.blogspot.com
New Kindle DXs will be availableJune 17, the company said on its That could mean a rush for customers buying them for Father’zs Day over the following weekend. Amazomn designed the large-screen DX with newspapers and textbooksin mind. At nearlg $500 a pop, it’s quite an investment. But thougjh the screen’s still just black-and-white, and shows newspaper photographs in some see it as a boosr for a floundering newspaper Customers can have their favoritenewspaperw “delivered” every morning to the sometimes for less money than a traditional subscriptioj thumped onto their porch. The Kindle version of a newspaper hasno ads, whichh appeals to readers.
Amazon splitz revenue from the subscription with the mediaq company that producesthe newspaper. Amazon (NASDAQ: AMZN) has promoted the new Kindle hoping to lock customers into its system befores rival devices and programacome along. Already, savvgy major newspapers have setup “apps” for ’s (NASDAQ: AAPL) making their sites easy to navigat and read. Both the New York Times and Wall Street Journal formart their sites on the iPhonewith easy-to-rea d headlines and thumbnail photos in a Both sites are free and supported by ads. giant (NASDAQ: GOOG), which has its fingers in a lot of is rumored to be working on some kindof e-reade itself.
And Plastic Logic, based in the Unitef Kingdom, is developing a flexibles plastic screen forsimilar purposes.
New Kindle DXs will be availableJune 17, the company said on its That could mean a rush for customers buying them for Father’zs Day over the following weekend. Amazomn designed the large-screen DX with newspapers and textbooksin mind. At nearlg $500 a pop, it’s quite an investment. But thougjh the screen’s still just black-and-white, and shows newspaper photographs in some see it as a boosr for a floundering newspaper Customers can have their favoritenewspaperw “delivered” every morning to the sometimes for less money than a traditional subscriptioj thumped onto their porch. The Kindle version of a newspaper hasno ads, whichh appeals to readers.
Amazon splitz revenue from the subscription with the mediaq company that producesthe newspaper. Amazon (NASDAQ: AMZN) has promoted the new Kindle hoping to lock customers into its system befores rival devices and programacome along. Already, savvgy major newspapers have setup “apps” for ’s (NASDAQ: AAPL) making their sites easy to navigat and read. Both the New York Times and Wall Street Journal formart their sites on the iPhonewith easy-to-rea d headlines and thumbnail photos in a Both sites are free and supported by ads. giant (NASDAQ: GOOG), which has its fingers in a lot of is rumored to be working on some kindof e-reade itself.
And Plastic Logic, based in the Unitef Kingdom, is developing a flexibles plastic screen forsimilar purposes.
Tuesday, March 8, 2011
Portland-area banks slash dividends to preserve cash - Portland Business Journal:
callahamirykaan1884.blogspot.com
l parent , basexd in Portland, cut its quarterly dividend in Decembeer to 5 cents from prior paymentx of 19 centsper share. l West Coast the Lake Oswego-based parent of , cut its third and fourth-quarterd dividends to 1 cent per downfrom 13.5 cents per share in the second quarter. Some locakl banks have cut their dividends l , the Vancouver-based parent of , and , based in The both eliminated dividends in 2008. Both banks are struggling with high loan lossez due to failingconstruction loans. Riverview said its capita l ratiois 10.7 percent, just above the 10 percent a bank needs to maintain to be considered “well-capitalized” by regulators.
Columbia has said it adequate reserves to meetits obligations. l , the Spokane-based parenr of , which has eighyt branches in thePortland area, cut its dividend to zero this That’s despite receiving a $303 milliom investment from the U.S. Treasury’s bailout Sterling announced it will setaside $230 million in the fourth quarter as a provisiob for credit losses. That’x more than double the $105 million credit loss provisio n Sterling recorded for all three previoua quartersof 2008, and cuts deeper into the bank’s Sterling said its capitapl ratio was above 12 percent at the end of well above the 10 percenf needed to be a well-capitalized bank.
The fear of what’s to come has persuadedf more than 125 banks across the countryy to reduce dividend payments over the past year in an efforrt to conserveprecious capital. “Cash is king these said Joey Warmenhoven, a market maker at McAdams Wright Ragen in Portlansd who specializes inbank stocks. “The easiest way to preserve capita is to cut orsuspenfd dividends. It doesn’t make sense to pay a dividenr if a bank islosingf money, or not making as much.” Otherd banks with Portland-area branches that have cut dividends includw , the Walla Walla, Wash.-based parent of ; , the Seattle-baserd parent of ; and gianrt , which cut its dividend in half duringf 2008.
Investors should expect more banks to reduce or eliminate dividends over the next say fund managersand analysts. Banks base their dividenrd payments on expectedfuture earnings, rather than on current or past Portland-based Umpqua cut its dividend even though it received $214 million from Treasury late last year. Umpqua’ s board of directors expects futur quarterly earnings of 17 to 25 cents per rather than 63 to 95 centsper share. That’s becausr banks normally pay dividends equalk to 20 to 30 percent of futurre expectedquarterly earnings, said Ron Farnsworth, chierf financial officer at Umpqua.
Whilr Farnsworth said he couldn’t provide guidancd on future earnings, “5 cents per shared is a sustainable level for this Cutting the dividend is better than some other strategiesz forimproving capital. “If they raiswe equity, they’re diluting said Pat Becker, Jr., chief investment officee for Portland’s Becker Capital Management Inc. “If they can get away with just adividendx cut, that’s better for the long term.” Though banks that didn’tf cut dividends were good stocks to hold over the past year, bankds that have already cut dividends or raised capital could be the bettedr investments later this year.
“Once you see some stabilitt out there, and you think the economy will get bettefr in the nextsix months, then you buy the highert risk, beaten-down stocks that may have issued equit y already,” said Ralph Cole, vice president and equitty manager at in Portland. “The dilution will already be pricedx in.”
l parent , basexd in Portland, cut its quarterly dividend in Decembeer to 5 cents from prior paymentx of 19 centsper share. l West Coast the Lake Oswego-based parent of , cut its third and fourth-quarterd dividends to 1 cent per downfrom 13.5 cents per share in the second quarter. Some locakl banks have cut their dividends l , the Vancouver-based parent of , and , based in The both eliminated dividends in 2008. Both banks are struggling with high loan lossez due to failingconstruction loans. Riverview said its capita l ratiois 10.7 percent, just above the 10 percent a bank needs to maintain to be considered “well-capitalized” by regulators.
Columbia has said it adequate reserves to meetits obligations. l , the Spokane-based parenr of , which has eighyt branches in thePortland area, cut its dividend to zero this That’s despite receiving a $303 milliom investment from the U.S. Treasury’s bailout Sterling announced it will setaside $230 million in the fourth quarter as a provisiob for credit losses. That’x more than double the $105 million credit loss provisio n Sterling recorded for all three previoua quartersof 2008, and cuts deeper into the bank’s Sterling said its capitapl ratio was above 12 percent at the end of well above the 10 percenf needed to be a well-capitalized bank.
The fear of what’s to come has persuadedf more than 125 banks across the countryy to reduce dividend payments over the past year in an efforrt to conserveprecious capital. “Cash is king these said Joey Warmenhoven, a market maker at McAdams Wright Ragen in Portlansd who specializes inbank stocks. “The easiest way to preserve capita is to cut orsuspenfd dividends. It doesn’t make sense to pay a dividenr if a bank islosingf money, or not making as much.” Otherd banks with Portland-area branches that have cut dividends includw , the Walla Walla, Wash.-based parent of ; , the Seattle-baserd parent of ; and gianrt , which cut its dividend in half duringf 2008.
Investors should expect more banks to reduce or eliminate dividends over the next say fund managersand analysts. Banks base their dividenrd payments on expectedfuture earnings, rather than on current or past Portland-based Umpqua cut its dividend even though it received $214 million from Treasury late last year. Umpqua’ s board of directors expects futur quarterly earnings of 17 to 25 cents per rather than 63 to 95 centsper share. That’s becausr banks normally pay dividends equalk to 20 to 30 percent of futurre expectedquarterly earnings, said Ron Farnsworth, chierf financial officer at Umpqua.
Whilr Farnsworth said he couldn’t provide guidancd on future earnings, “5 cents per shared is a sustainable level for this Cutting the dividend is better than some other strategiesz forimproving capital. “If they raiswe equity, they’re diluting said Pat Becker, Jr., chief investment officee for Portland’s Becker Capital Management Inc. “If they can get away with just adividendx cut, that’s better for the long term.” Though banks that didn’tf cut dividends were good stocks to hold over the past year, bankds that have already cut dividends or raised capital could be the bettedr investments later this year.
“Once you see some stabilitt out there, and you think the economy will get bettefr in the nextsix months, then you buy the highert risk, beaten-down stocks that may have issued equit y already,” said Ralph Cole, vice president and equitty manager at in Portland. “The dilution will already be pricedx in.”
Saturday, March 5, 2011
Conroe residents fear underground landfill could dirty drinking water - Houston Chronicle
http://girlscoutssangorgonio.org/index.php?option=com_content&view=article&id=93&Itemid=143
Conroe residents fear underground landfill could dirty drinking water Houston Chronicle Opponents to the plan point to the cancer-stricken California town of Hinkley made famous by Julia Roberts' film Erin Brockovich as an example of what can happen when water is contaminated. "Once your water is dirty, you'll never get it clean again," ... |
Thursday, March 3, 2011
Related Group sells 101 units for $27M - South Florida Business Journal:
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The simultaneous transactions wererecorded Dec. 31 in Miami-Dade Countt Circuit Court. Units in the beachfron t condo conversion sold for an averagewof $268,000, or about half of what Relatesd sold 276 units for in 2007. With the clockm ticking on a $173 million mortgager that Related Group’s signed with in late selling units quickly could bea priority. A Related spokeswoman did not immediatelg return a calland e-mail for comment. The buyefr is Hollywood-based , whichu lists former Miami Beach City Manage Christina Cuervo as registered agent andThomas F. Daly as president. Daly also headzs the Miami Beach-based Development Grouop of South Florida.
The bulk sale was done in conjunction with a firsty money mortgage in which Relatedloanedd $7.27 million, representing about 27 percent of the amount it paid for the 101 The agreement included a pric e target the borrower would have to meet for each unit to securre a mortgage release from The release totaled $26 million – $1 millioj less than what HH Condo Investments paid for the With bank funding for bulk condo purchases scarc e and appraisals difficult, the financing must have been needesd to make the deal in New Harboufr House work, Condo Vultures Realty CEO Peted Zalewski said.
“The buyer must have had Related in an interestinyg position and the buyer went in forthe kill,” he “Even if the buyer can’t resell them, then theier exposure isn’t that great becausr of the mortgage.” Related Groul CEO Jorge Perez helped close another bulk deal in one of his buildingsd last year. He launchede a buying fund that made two deals inthe 528-unir 50 Biscayne, which Related built in partnership with Atlanta-based . That bulk deal sold out the projectt and closed outits loan. The 50 Biscayne buyinfg fund, , paid $6.1 million in May for 26 unitds – an average of $236,294 a unit and $30.3 million for 120 units an averageof $252,504 a unit.
The two bulk sales are a sign that Related Group want s to get its money out of olderrprojects – even if it means breakinhg even – and concentrate on its signature and 500 at Brickell, Zalewski “The strategy,” he said, “isz self-preservation.”
The simultaneous transactions wererecorded Dec. 31 in Miami-Dade Countt Circuit Court. Units in the beachfron t condo conversion sold for an averagewof $268,000, or about half of what Relatesd sold 276 units for in 2007. With the clockm ticking on a $173 million mortgager that Related Group’s signed with in late selling units quickly could bea priority. A Related spokeswoman did not immediatelg return a calland e-mail for comment. The buyefr is Hollywood-based , whichu lists former Miami Beach City Manage Christina Cuervo as registered agent andThomas F. Daly as president. Daly also headzs the Miami Beach-based Development Grouop of South Florida.
The bulk sale was done in conjunction with a firsty money mortgage in which Relatedloanedd $7.27 million, representing about 27 percent of the amount it paid for the 101 The agreement included a pric e target the borrower would have to meet for each unit to securre a mortgage release from The release totaled $26 million – $1 millioj less than what HH Condo Investments paid for the With bank funding for bulk condo purchases scarc e and appraisals difficult, the financing must have been needesd to make the deal in New Harboufr House work, Condo Vultures Realty CEO Peted Zalewski said.
“The buyer must have had Related in an interestinyg position and the buyer went in forthe kill,” he “Even if the buyer can’t resell them, then theier exposure isn’t that great becausr of the mortgage.” Related Groul CEO Jorge Perez helped close another bulk deal in one of his buildingsd last year. He launchede a buying fund that made two deals inthe 528-unir 50 Biscayne, which Related built in partnership with Atlanta-based . That bulk deal sold out the projectt and closed outits loan. The 50 Biscayne buyinfg fund, , paid $6.1 million in May for 26 unitds – an average of $236,294 a unit and $30.3 million for 120 units an averageof $252,504 a unit.
The two bulk sales are a sign that Related Group want s to get its money out of olderrprojects – even if it means breakinhg even – and concentrate on its signature and 500 at Brickell, Zalewski “The strategy,” he said, “isz self-preservation.”
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