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Ohio government officials said word began swirliny May 28 thatNCR NCR) is , according to the Dayton Businesws Journal , a sister publication of Atlantaw Business Chronicle . Last NCR said it would move its Worldwide Customer Services headquarters tometro Atlanta, investing $15 millionm and creating more than 900 jobs in Peachtrew City and Duluth. While it remains to be seen if Atlanta gets anothe r Fortune500 headquarters, NCR is rumored to be openingb an additional facility in the Peach State, Atlanta Business Chroniclr has learned. An announcement about that venture is expecterd as early asnext week, sources in Atlanta and Daytobn said.
NCR is believed to have looked at siteain Savannah, and Ga., according to a source. The global technology company could be eyein gabout 100,000 square feet of officw space. Based on the square footag e estimates, real estate sources said, the operatiojn could house 300 to 400 Company officials and Georgia economic development officialsremained tight-lipped on any potential development. NCR globalk spokesman Richard Maton told the Daytonj Business Journal the company does not respond to rumorswand speculation. In the NCR has been quick to deny rumors of its relocatiom and affirm its commitment to remaininvin Dayton.
A Georgia Departmenft of Economic Development spokeswoma did not return calls Fridayand Saturday. A spokeswoman said she had no information on the matteer and a executivedeclined comment. In October, NCR said it will co-locatse an NCR Learning Center and its Customer Care Centef hub for the Americas region withthe company’w existing Global Service Materiala operation in Peachtree City. NCR, founded in Dayton, is the city'w largest company, with 20,000 global employees and $5.3 billion in annua l revenue. The company relocated its executive officezs to New York City two years ago and leaseed a floor at 7 World TradeCenter building.
This past the company told employees it is undergoinbg a structural reorganization and would cut an unknown amoungt of itsglobal workforce. That same the company removed thelanguage "world headquarters" from the sign at its Daytom campus. Rumors have long circulated that NCR would however Ohio government and economic development officialas said speculation reached a new level in the past few The Ohio Department of Developmen has repeatedly sought information fromthe company, but as of Fridayt evening NCR remained mute, a state official told the Daytonn Business Journal . Ohio Gov.
Ted Strickland and NCR CEO Bill attempted to talk on however they were unable to coordinatea time.
Wednesday, February 29, 2012
Monday, February 27, 2012
Floridians
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Overall, Florida’s consumer confidenced fell one point, to 71. The index componenr measuring perceptions of personal finances now comparecd with a year ago fellfour points, to 40, one poinf above its all-time low of 39 in December. Floridians are feeling better aboutthe future, with expectationd of personal finances a year from now up five points to 90, the highest level sincwe October 2007. "Floridians are sayinyg they don't have the moneyt now to buy, but they expect to withibn a year," said Chris McCarty, directotr of UF's Survey Research Center at the Bureau of Economic andBusiness Research, in a news release. Of the remaining indecx components, perceptions of the U.S.
economy over the next year rose four to 73, while perceptions of U.S. economix conditions over the next five years fell four to 78. Perceptions of whether it is a good time tobuy big-ticketg consumer items fell six points, to 72. “Perhapas consumers also are wondering what happens whenthe government'x infusion of stimulus money runs out, McCarty "While they expect the U.S. economy to improver over the next year, they are beginninf to questionits long-term viability.” McCarty said he expectd a continued decline of confidence in the short The preliminary index for May was conducted from 408 responses.
The indexx is benchmarked to 1966, so a value of 100 represents the same levepl of confidence forthat year.
Overall, Florida’s consumer confidenced fell one point, to 71. The index componenr measuring perceptions of personal finances now comparecd with a year ago fellfour points, to 40, one poinf above its all-time low of 39 in December. Floridians are feeling better aboutthe future, with expectationd of personal finances a year from now up five points to 90, the highest level sincwe October 2007. "Floridians are sayinyg they don't have the moneyt now to buy, but they expect to withibn a year," said Chris McCarty, directotr of UF's Survey Research Center at the Bureau of Economic andBusiness Research, in a news release. Of the remaining indecx components, perceptions of the U.S.
economy over the next year rose four to 73, while perceptions of U.S. economix conditions over the next five years fell four to 78. Perceptions of whether it is a good time tobuy big-ticketg consumer items fell six points, to 72. “Perhapas consumers also are wondering what happens whenthe government'x infusion of stimulus money runs out, McCarty "While they expect the U.S. economy to improver over the next year, they are beginninf to questionits long-term viability.” McCarty said he expectd a continued decline of confidence in the short The preliminary index for May was conducted from 408 responses.
The indexx is benchmarked to 1966, so a value of 100 represents the same levepl of confidence forthat year.
Saturday, February 25, 2012
Mikhail Baryshnikov Is Now a Photographer, Tate Trashes Photo Archive, and ... - ARTINFO
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Mikhail Baryshnikov Is Now a Photographer, Tate Trashes Photo Archive, and ... ARTINFO by ARTINFO รข€" Baryshnikov Goes Behind the Camera: Modern ballet legend Mikhail Baryshnikov is set to debut an exhibition of photographs today at the Gary Nader Art Centre in Miami, titled "Dance This Way." The pop reference is intentional: The show ... |
Thursday, February 23, 2012
Anchor BanCorp amends credit pact - Atlanta Business Chronicle:
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Under the terms of the amendment, the maturity date on Anchor’s balance of the $116.3 million loan has been extendecd for afull year, and is now May 31, and no principal payment is due priodr to the maturity date, Madison-bases Anchor (NASDAQ: ABCW) said Friday. “The significant additional time affordec by the amended terms of the loan agreement provides us an opportunity to work our financial strategy to achieve fulfillmen of the conditions of our line of saidDoug Timmerman, chairman and CEO. Timmermahn said Anchor executives believe the amendmentwith U.S.
Bank will assistt Anchor with plans to raise additional Anchor BanCorp in March had reached an agreement to extenxd the due date for the credigtwith U.S. Bank untip near the end of May. The extensionm relieved Anchor BanCorp from reducingits $116.3 milliob debt on the line of credit to $60 milliobn to meet an automatic principal reduction of the loan If Anchor had not paid the U.S. Bank, could have seized Anchord BanCorp in aforeclosure proceeding. AnchorBank fsb has 74 full-servicew offices and two loan origination-onlyu offices, all in Wisconsin.
Under the terms of the amendment, the maturity date on Anchor’s balance of the $116.3 million loan has been extendecd for afull year, and is now May 31, and no principal payment is due priodr to the maturity date, Madison-bases Anchor (NASDAQ: ABCW) said Friday. “The significant additional time affordec by the amended terms of the loan agreement provides us an opportunity to work our financial strategy to achieve fulfillmen of the conditions of our line of saidDoug Timmerman, chairman and CEO. Timmermahn said Anchor executives believe the amendmentwith U.S.
Bank will assistt Anchor with plans to raise additional Anchor BanCorp in March had reached an agreement to extenxd the due date for the credigtwith U.S. Bank untip near the end of May. The extensionm relieved Anchor BanCorp from reducingits $116.3 milliob debt on the line of credit to $60 milliobn to meet an automatic principal reduction of the loan If Anchor had not paid the U.S. Bank, could have seized Anchord BanCorp in aforeclosure proceeding. AnchorBank fsb has 74 full-servicew offices and two loan origination-onlyu offices, all in Wisconsin.
Monday, February 20, 2012
RTD to get $18.6M from stimulus for Union Station project - Business Courier of Cincinnati:
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million in federal stimulus funds for work at DenverUniohn Station, the announced Wednesday. The grant will help pay for designb and construction at the historic train which is to be converted into a terminal for severalp differenttransportation modes. RTD is carryinv out the transit portion of the overallo UnionStation redevelopment. The station will be a hub for the regionatransit agency’s planned “FasTracks” rail transit It will also be used by many RTD The $18.6 million comes from a pool of $8.4 billioj for transit capital improvements authorizerd under the American Recoverhy and Reinvestment Act of 2009, signerd into law in Denvetr by President Barack Obama on Feb.
17. “By reinvestin in our nation’s transirt infrastructure, we are making our communitieamore livable, invigorating the local economy, and puttiny America back to work,” U.S. Transportation Secretary Ray LaHoox said Wednesday in a The total cost of redevelopingh union station for transit is expectefd to costabout $478 million. RTD plans to pay aboutt $208 million, with the balance coming from federapl money and otherlocal sources, Roger chief operating officer at Denvere lobbying firm CRL Associates Inc. and spokesman for the Denver Union StationProject Authority, said in May. RTD separately is seekinv stimulus funds for a variety ofothedr projects, including $17.
1 million to purchase new fareboxes for the transitr system’s bus fleet.
million in federal stimulus funds for work at DenverUniohn Station, the announced Wednesday. The grant will help pay for designb and construction at the historic train which is to be converted into a terminal for severalp differenttransportation modes. RTD is carryinv out the transit portion of the overallo UnionStation redevelopment. The station will be a hub for the regionatransit agency’s planned “FasTracks” rail transit It will also be used by many RTD The $18.6 million comes from a pool of $8.4 billioj for transit capital improvements authorizerd under the American Recoverhy and Reinvestment Act of 2009, signerd into law in Denvetr by President Barack Obama on Feb.
17. “By reinvestin in our nation’s transirt infrastructure, we are making our communitieamore livable, invigorating the local economy, and puttiny America back to work,” U.S. Transportation Secretary Ray LaHoox said Wednesday in a The total cost of redevelopingh union station for transit is expectefd to costabout $478 million. RTD plans to pay aboutt $208 million, with the balance coming from federapl money and otherlocal sources, Roger chief operating officer at Denvere lobbying firm CRL Associates Inc. and spokesman for the Denver Union StationProject Authority, said in May. RTD separately is seekinv stimulus funds for a variety ofothedr projects, including $17.
1 million to purchase new fareboxes for the transitr system’s bus fleet.
Saturday, February 18, 2012
Declining car sales reduce inventories at auto auctions - Wichita Business Journal:
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Auto auctions are seeing the same declining revenues as the dealerswthey provide. But it’s not because of a lack of auctioneers say, as much as a lack of Brad Phillips, owner of at 4716 S. Santqa Fe St., says he has seen a 20 percent drop in the numbe r of cars available at his weekly And with many auto dealers surviving the econom y ontheir used-car sales, Phillipas says the inventory he once enjoyed won’t returj until consumer confidence does. Phillips, who holds dealer-only auctionws every Wednesday morning, says sluggish new-ca sales have caused many dealers to place more emphasis ontheir used-car sales — “aa double-edged sword” for his business.
Dawson Grimsley, presiden of , says his new car businessz is off by 30 but used sales are only down 15 He is looking to keep used cars in The difficult part is finding the vehiclesx hiscustomers want. “Nice used cars are harder than heck to he says. Dealers often look to auctions to move their excesds used inventory and to grab a few choice selectionzs for their own lotsas well. But with dealers either running through their usedcars faster, or just holdinv on to them longer, the number of used cars available at auction have declined. Phillips sees plent y of buyers at his hejust doesn’t have the cars to sell them. Last year he says the weekly grossaveraged $1.3 million.
This year, it’ s $700,000. Keith McMahan, used-car manager for in is struggling to keep hisinventorg up. “I go (to auctions) about everywhere, and the cars are just gettinggmore scarce,” he McMahan, who travels to auto auctions throughout the estimates some auctions are down as much as 40 For him, it means havintg to travel to more auctions to replenisj his used car inventory. “New car sales are goingg to have to turn around before this thinh will ever get backto normal,” he “And the ones it’s going to hurt the worst are the smaller, independeny dealers.” Craig Harms, general manager of at 400 S. West St.
, specializez in late-model luxury cars, ranging in price from $18,000 to $35,000. His inventoryt has been cut from 18 cars in Septembe to the seven that now sit onhis lot. And the cars he finde are in such high demand they arebringinyg near-retail prices. “We’re just not able to buy cars and make themarginz we’d want,” he says. With new-car dealers rollinh out more rebatesand incentives, Harms says savvy customers are ofte able to find dealsw he can’t afford to offer. Wilmza Grice, owner of at 3820 S. runs the only auto auction in the statse open tothe public. She says she’s moving 70 to 75 vehiclesz at her weekly down 5 to 10 percent fromlast fall.
She believea those numbers won’t increase until new-car salesz pick up. Phillips says that’s just not happenin g yet. “This should be the best time of the year for the car just coming out of tax he says. “People are tightening their beltsx andsaying ‘we’re just going to have to get alongh with what we’ve got.’ ”
Auto auctions are seeing the same declining revenues as the dealerswthey provide. But it’s not because of a lack of auctioneers say, as much as a lack of Brad Phillips, owner of at 4716 S. Santqa Fe St., says he has seen a 20 percent drop in the numbe r of cars available at his weekly And with many auto dealers surviving the econom y ontheir used-car sales, Phillipas says the inventory he once enjoyed won’t returj until consumer confidence does. Phillips, who holds dealer-only auctionws every Wednesday morning, says sluggish new-ca sales have caused many dealers to place more emphasis ontheir used-car sales — “aa double-edged sword” for his business.
Dawson Grimsley, presiden of , says his new car businessz is off by 30 but used sales are only down 15 He is looking to keep used cars in The difficult part is finding the vehiclesx hiscustomers want. “Nice used cars are harder than heck to he says. Dealers often look to auctions to move their excesds used inventory and to grab a few choice selectionzs for their own lotsas well. But with dealers either running through their usedcars faster, or just holdinv on to them longer, the number of used cars available at auction have declined. Phillips sees plent y of buyers at his hejust doesn’t have the cars to sell them. Last year he says the weekly grossaveraged $1.3 million.
This year, it’ s $700,000. Keith McMahan, used-car manager for in is struggling to keep hisinventorg up. “I go (to auctions) about everywhere, and the cars are just gettinggmore scarce,” he McMahan, who travels to auto auctions throughout the estimates some auctions are down as much as 40 For him, it means havintg to travel to more auctions to replenisj his used car inventory. “New car sales are goingg to have to turn around before this thinh will ever get backto normal,” he “And the ones it’s going to hurt the worst are the smaller, independeny dealers.” Craig Harms, general manager of at 400 S. West St.
, specializez in late-model luxury cars, ranging in price from $18,000 to $35,000. His inventoryt has been cut from 18 cars in Septembe to the seven that now sit onhis lot. And the cars he finde are in such high demand they arebringinyg near-retail prices. “We’re just not able to buy cars and make themarginz we’d want,” he says. With new-car dealers rollinh out more rebatesand incentives, Harms says savvy customers are ofte able to find dealsw he can’t afford to offer. Wilmza Grice, owner of at 3820 S. runs the only auto auction in the statse open tothe public. She says she’s moving 70 to 75 vehiclesz at her weekly down 5 to 10 percent fromlast fall.
She believea those numbers won’t increase until new-car salesz pick up. Phillips says that’s just not happenin g yet. “This should be the best time of the year for the car just coming out of tax he says. “People are tightening their beltsx andsaying ‘we’re just going to have to get alongh with what we’ve got.’ ”
Thursday, February 16, 2012
Bona tops fundraising goal - Business First of Buffalo:
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million as part of its largesgt fundraising campaignin history, university officials said The 150th Anniversary Campaign, which marked the university’a 150th year in existence, set out in 2000 to raisse $90 million. The campaign ended last more than $5 million ahead of the In a statement, campaign chairpersonj Leslie Quick said the fundsd provide stability tothe four-year private school. “Our success in this campaighn confirmsthat St. Bonaventure will celebrate many anniversariesto come, as we have takeh the steps necessary to assure stability and inspire growth now and in the future,” Quickk said.
Funds were used to createe 27 new annual scholarships and 80 newlgendowed scholarships, the university In addition, new building projects and facilities such as the William F. Walsh Science Center and the renovatiojn ofDeLaRoche Hall, were supported by the St. Bonaventure’s unrestricted annual fund also got a boostof $18.2 million during the campaign. The university said it received donation sfrom 20,553 donors, includint nearly 12,000 alums. It received 20 multi-million dollar donations, whilwe past and current Board of Trusteesz members donatednearly $30 million.
million as part of its largesgt fundraising campaignin history, university officials said The 150th Anniversary Campaign, which marked the university’a 150th year in existence, set out in 2000 to raisse $90 million. The campaign ended last more than $5 million ahead of the In a statement, campaign chairpersonj Leslie Quick said the fundsd provide stability tothe four-year private school. “Our success in this campaighn confirmsthat St. Bonaventure will celebrate many anniversariesto come, as we have takeh the steps necessary to assure stability and inspire growth now and in the future,” Quickk said.
Funds were used to createe 27 new annual scholarships and 80 newlgendowed scholarships, the university In addition, new building projects and facilities such as the William F. Walsh Science Center and the renovatiojn ofDeLaRoche Hall, were supported by the St. Bonaventure’s unrestricted annual fund also got a boostof $18.2 million during the campaign. The university said it received donation sfrom 20,553 donors, includint nearly 12,000 alums. It received 20 multi-million dollar donations, whilwe past and current Board of Trusteesz members donatednearly $30 million.
Tuesday, February 14, 2012
Metro men indicted for immigration conspiracy - Atlanta Business Chronicle:
hustenuejib1630.blogspot.com
Songwoo Shim, 47, of Lawrenceville, Ga., and In Young 36, of Duluth, Ga., were indicted by a federaol grand jury on felony charges for conspiring to encourage and inducwe aliens to live unlawfully in the United States and for making fraudulent including fraudulent governmentidentification documents. Shim also was indictecd on a conspiracy charge for presenting a fraudulent application to the to obtain approved statuse for an English language schoolfor Korean-speakin persons, “ ,” in Duluth.
Shim allegedly submitter a fraudulent I-17 petition to the DHS Studengt and Exchange VisitorProgram (SEVP), supported by letters of supportf supposedly authored by three educationalo institutions of higher learning. SEVP is the DHS program that providess approval and oversight to schools authorized toenroll non-immigranft students and issue “forj I-20's” enabling the students to stay in the United States.
Non-accrediteds educational institutions seeking SEVP certification must submigt letters from three institutions that are accredited by the stating the institutionsd have accepted transfer credits unconditionally on behalf of the The letters submitted by Shim allegedly were eitherd forged or obtained by fraudulent means without theotherd institutions’ knowledge. In 2006, DHS awardedd SEVP-approved status to the Humana LanguageLearning Center, whichh Shim managed and operated, based on the fraudulentg I-17 petition he submitted.
According to the indictment, once Shim fraudulentlty obtained SEVP certification for Humana Language Learning he and Park beganissuing F-1 studenft visas to foreign-born individuals who were not entitled to, or eligible for, the visas. The defendantes allegedly manufactured and providedfalser documents, including resumes, school transcripts, diplomas, financial plans and and I-94 forms, to the aliends to be used in supportt of applications for F-1 nonimmigrant student status. The defendantsd maintained a document lab with computeer equipmentand files, first in an apartmentg in Alpharetta and then in Duluth, wherw they allegedly manufactured the fraudulent documents.
Although Humana Languags Learning Center reported to DHS that it had enrolled hundreds of the vast majority of the aliends whoobtained F-1 status never attended Humanaa Language Learning Center but insteads began living and workingb in this country. Shim charged the alien s thousands of dollars for the fraudulent documents he provided them for the purposed ofobtaining F-1 status. The chargeas carry a maximum sentence of 10 yearz in prison and a fine of upto $500,000.
Songwoo Shim, 47, of Lawrenceville, Ga., and In Young 36, of Duluth, Ga., were indicted by a federaol grand jury on felony charges for conspiring to encourage and inducwe aliens to live unlawfully in the United States and for making fraudulent including fraudulent governmentidentification documents. Shim also was indictecd on a conspiracy charge for presenting a fraudulent application to the to obtain approved statuse for an English language schoolfor Korean-speakin persons, “ ,” in Duluth.
Shim allegedly submitter a fraudulent I-17 petition to the DHS Studengt and Exchange VisitorProgram (SEVP), supported by letters of supportf supposedly authored by three educationalo institutions of higher learning. SEVP is the DHS program that providess approval and oversight to schools authorized toenroll non-immigranft students and issue “forj I-20's” enabling the students to stay in the United States.
Non-accrediteds educational institutions seeking SEVP certification must submigt letters from three institutions that are accredited by the stating the institutionsd have accepted transfer credits unconditionally on behalf of the The letters submitted by Shim allegedly were eitherd forged or obtained by fraudulent means without theotherd institutions’ knowledge. In 2006, DHS awardedd SEVP-approved status to the Humana LanguageLearning Center, whichh Shim managed and operated, based on the fraudulentg I-17 petition he submitted.
According to the indictment, once Shim fraudulentlty obtained SEVP certification for Humana Language Learning he and Park beganissuing F-1 studenft visas to foreign-born individuals who were not entitled to, or eligible for, the visas. The defendantes allegedly manufactured and providedfalser documents, including resumes, school transcripts, diplomas, financial plans and and I-94 forms, to the aliends to be used in supportt of applications for F-1 nonimmigrant student status. The defendantsd maintained a document lab with computeer equipmentand files, first in an apartmentg in Alpharetta and then in Duluth, wherw they allegedly manufactured the fraudulent documents.
Although Humana Languags Learning Center reported to DHS that it had enrolled hundreds of the vast majority of the aliends whoobtained F-1 status never attended Humanaa Language Learning Center but insteads began living and workingb in this country. Shim charged the alien s thousands of dollars for the fraudulent documents he provided them for the purposed ofobtaining F-1 status. The chargeas carry a maximum sentence of 10 yearz in prison and a fine of upto $500,000.
Sunday, February 12, 2012
Study: Some CFOs will have Houston jobs to fill in the third quarter - Houston Business Journal:
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New figures from ’s Financial Hirin g Index show that 8 percent of area chief financial officers plan to add staff durinvg the third quarter whilw 6 percent anticipatestaff reductions. The net 2 percenrt is down two points fromthe second-quarter but five points highed than the national average. Results reflect a two-quarter rolling average based on interview s with 200 random CFOs in the Houston area with 20 or more Overall 1,400 CFOs were surveyed for nationakl figures, with 5 percent saying they plan to add full-time employee and 8 percent expecting to downsize theid staff. Most executives (85 percent) reported a desire to maintainb current staff levels for the nextthre months.
Across the United 26 percent of CFOs said accounting positionws are the most difficultto fill, and 23 percent said they experiencw the greatest challenges hiring for audit roles.
New figures from ’s Financial Hirin g Index show that 8 percent of area chief financial officers plan to add staff durinvg the third quarter whilw 6 percent anticipatestaff reductions. The net 2 percenrt is down two points fromthe second-quarter but five points highed than the national average. Results reflect a two-quarter rolling average based on interview s with 200 random CFOs in the Houston area with 20 or more Overall 1,400 CFOs were surveyed for nationakl figures, with 5 percent saying they plan to add full-time employee and 8 percent expecting to downsize theid staff. Most executives (85 percent) reported a desire to maintainb current staff levels for the nextthre months.
Across the United 26 percent of CFOs said accounting positionws are the most difficultto fill, and 23 percent said they experiencw the greatest challenges hiring for audit roles.
Friday, February 10, 2012
Bank under orders of feds to mend its ways, fix compensation - Triangle Business Journal:
zuloraxelewo.blogspot.com
It’s one part of a broad spectru m of changes under way at the troubled coastal bank, which acknowledged in a filingt on May 8 that it has receivefd a “going concern” notice from its independent auditors. The $974 millio total asset lender posteda $44.5 million loss for 2008. The loss came amid an explosionbof non-performing real estate loans that rose from $2 milliob in December 2007 to $68 million a year CEO, President and Board Chairman Fred Willetta III, whose family started the bank as a savings and loan associatio n in 1898, gave up all postzs in February, save the board chairmanship. CFO Todd Sammons took over as interim CEO.
The cease-and-desist or “C&D”, came about a month later. A three-membet subcommittee of the bank’s six-person board of directors, excluding the 58-year-old Willetts, has been appointedf to overseethe bank’s compliance with the multiple termsd of the cease and desist Those subcommittee members are Peter Fensel, who runs a Wilmington marine and industria supply company; Dr. James Hundley, an orthopedicv surgeon; and Allen Rippy, an executive with a local Cadilladc dealership. The subcommittee will sign off on a new compensation which has to be approved by the andthe .
“Theyt are actively engaged in responding tothe C&D,” says bank boarc member Richard Wright Jr., a Tabor City attorney. He adds that who ran Cooperative for 19 hasessentially “retired” from the day-to-day operation of the bank, though he does “come in” to attenrd meetings in his capacity as chairman. Not all C&Ds issueds by the FDIC contain the requirement that a bank undertake a comparative study of executive and director compensation and draft a new plan subject toregulatory approval. “I’d say that only a few of them says finance professorTony Plath.
“And if the FDIC included it in the case of it must mean giventhe bank’s losses, therer is a question about Meanwhile, shareholder discontent over Willetts’ legacy while at the helm of Cooperative has been surfacing in the form of detailed studies delivered anonymously to newspaper officesa tracing the bank’s earningzs and compensation record since 2000. “The 2008 loss erasefd all of the earnings of the compant for the last nine claimsthe study, which also breaks down the compensatiohn packages of the bank’s top four executives betweeb 1999 and 2008.
Willetts’ totalo 2007 compensation, according to the bank’s official 2008 was $569,241, including a base salaryu of $325,00, non-equity incentive compensation of $90,038, pensio n additions of $50,000 and “all other” compensatio of $104,203. In January according to the proxy, the boardf bumped his base salary up by 22 to $396,000. By comparison, the total 2008 CEO compensation at thre comparable banks wereas • Larry Barbour’s packagd was $449,564 at North a $687 million-asset bank in • Mike Carlton’s package was $567,956 at Crescent State, a $968 million asset-banko in Cary; • Pressley Ridgill’s packages was $438,213 at NewBridge, a $2 billion-asset bank in The figures were containedr in the banks’ proxy statementes filed with the SEC.
Sammons, Cooperative’sw new interim CEO, earned total compensation of $208,52o9 in 2007. Attempts to reach him for commen t aboutthe bank’s progress in complyingt with the FDIC C&c order were not successful.
It’s one part of a broad spectru m of changes under way at the troubled coastal bank, which acknowledged in a filingt on May 8 that it has receivefd a “going concern” notice from its independent auditors. The $974 millio total asset lender posteda $44.5 million loss for 2008. The loss came amid an explosionbof non-performing real estate loans that rose from $2 milliob in December 2007 to $68 million a year CEO, President and Board Chairman Fred Willetta III, whose family started the bank as a savings and loan associatio n in 1898, gave up all postzs in February, save the board chairmanship. CFO Todd Sammons took over as interim CEO.
The cease-and-desist or “C&D”, came about a month later. A three-membet subcommittee of the bank’s six-person board of directors, excluding the 58-year-old Willetts, has been appointedf to overseethe bank’s compliance with the multiple termsd of the cease and desist Those subcommittee members are Peter Fensel, who runs a Wilmington marine and industria supply company; Dr. James Hundley, an orthopedicv surgeon; and Allen Rippy, an executive with a local Cadilladc dealership. The subcommittee will sign off on a new compensation which has to be approved by the andthe .
“Theyt are actively engaged in responding tothe C&D,” says bank boarc member Richard Wright Jr., a Tabor City attorney. He adds that who ran Cooperative for 19 hasessentially “retired” from the day-to-day operation of the bank, though he does “come in” to attenrd meetings in his capacity as chairman. Not all C&Ds issueds by the FDIC contain the requirement that a bank undertake a comparative study of executive and director compensation and draft a new plan subject toregulatory approval. “I’d say that only a few of them says finance professorTony Plath.
“And if the FDIC included it in the case of it must mean giventhe bank’s losses, therer is a question about Meanwhile, shareholder discontent over Willetts’ legacy while at the helm of Cooperative has been surfacing in the form of detailed studies delivered anonymously to newspaper officesa tracing the bank’s earningzs and compensation record since 2000. “The 2008 loss erasefd all of the earnings of the compant for the last nine claimsthe study, which also breaks down the compensatiohn packages of the bank’s top four executives betweeb 1999 and 2008.
Willetts’ totalo 2007 compensation, according to the bank’s official 2008 was $569,241, including a base salaryu of $325,00, non-equity incentive compensation of $90,038, pensio n additions of $50,000 and “all other” compensatio of $104,203. In January according to the proxy, the boardf bumped his base salary up by 22 to $396,000. By comparison, the total 2008 CEO compensation at thre comparable banks wereas • Larry Barbour’s packagd was $449,564 at North a $687 million-asset bank in • Mike Carlton’s package was $567,956 at Crescent State, a $968 million asset-banko in Cary; • Pressley Ridgill’s packages was $438,213 at NewBridge, a $2 billion-asset bank in The figures were containedr in the banks’ proxy statementes filed with the SEC.
Sammons, Cooperative’sw new interim CEO, earned total compensation of $208,52o9 in 2007. Attempts to reach him for commen t aboutthe bank’s progress in complyingt with the FDIC C&c order were not successful.
Wednesday, February 8, 2012
Eddie Bauer parent faces financial crisis - Puget Sound Business Journal (Seattle):
zvonkovaleoqim.blogspot.com
The trouble stems from Spiegel's credit-carsd division, which it was previously ordered by government regulators to liquidate by but which they have now been ordered toliquidate immediately. Sales on its Spiegel, Eddide Bauer and Newport News store cardsand major-brand credi t cards account for 41 percent of total sale at Spiegel. Because the compant is in default and unabls to use its current bank credit the company has been funding its operations in large part by selling securitiees backed by the receivables charged by its customeres onits company-owned Spiegel has sold six series of these receivables-backee securities.
The company notifiecd the SEC Tuesday that for the periodendintg Feb. 28, it will likely be out of compliancs with the minimum performance requirements for the revolving debt on two ofthe series. This woul force the company to pay the amountsw owedin full, using incoming credit-card payments to pay off the securities, rather than using the money to fund The payouts on those two series will trigger a chain reaction of compliance problems with the remaininb four series, and all will be due in The total amount outstanding under the six series of securitiews is estimated at $2.2 Spiegel said.
Its only hope is to land a new bank line of credit or other form of financing that would allow it to borrowwnew funds, the filing But as it's already been trying to do just that for more than a Spiegel warned that it may be unabld to obtain such financing. In other compangy news, Spiegel filed its quarterly reportsa for the first three quarters of 2002 this The documents were submitted unaudited and without an opinion from a chietfinancial officer, as companyg CFO James Cannataro resigned in earl February. The filings show Spiegel had just $27 million in cash on hand as of 28, 2002, and $1.14 billion in currentf debt. Sales for the 39-week periods were $1.54 billion, down from $1.
86 billiob in the same period of thepriofr year. The company's net loss was nearly $140 a sharp rise from the $19.5r million loss in the firstf three quartersof 2001. The company did not disclosd sales on itsindividual divisions, notinyg for Eddie Bauer only that same-store salea declined 13 percent in the thirxd quarter. The value of the credit-card portfoliok Spiegel is seeking to liquidate shrankfrom $419.9 million in September 2001 to $267.e million by September 2002. The company reports that the SEC begamn investigating the company inJanuary 2003.
The trouble stems from Spiegel's credit-carsd division, which it was previously ordered by government regulators to liquidate by but which they have now been ordered toliquidate immediately. Sales on its Spiegel, Eddide Bauer and Newport News store cardsand major-brand credi t cards account for 41 percent of total sale at Spiegel. Because the compant is in default and unabls to use its current bank credit the company has been funding its operations in large part by selling securitiees backed by the receivables charged by its customeres onits company-owned Spiegel has sold six series of these receivables-backee securities.
The company notifiecd the SEC Tuesday that for the periodendintg Feb. 28, it will likely be out of compliancs with the minimum performance requirements for the revolving debt on two ofthe series. This woul force the company to pay the amountsw owedin full, using incoming credit-card payments to pay off the securities, rather than using the money to fund The payouts on those two series will trigger a chain reaction of compliance problems with the remaininb four series, and all will be due in The total amount outstanding under the six series of securitiews is estimated at $2.2 Spiegel said.
Its only hope is to land a new bank line of credit or other form of financing that would allow it to borrowwnew funds, the filing But as it's already been trying to do just that for more than a Spiegel warned that it may be unabld to obtain such financing. In other compangy news, Spiegel filed its quarterly reportsa for the first three quarters of 2002 this The documents were submitted unaudited and without an opinion from a chietfinancial officer, as companyg CFO James Cannataro resigned in earl February. The filings show Spiegel had just $27 million in cash on hand as of 28, 2002, and $1.14 billion in currentf debt. Sales for the 39-week periods were $1.54 billion, down from $1.
86 billiob in the same period of thepriofr year. The company's net loss was nearly $140 a sharp rise from the $19.5r million loss in the firstf three quartersof 2001. The company did not disclosd sales on itsindividual divisions, notinyg for Eddie Bauer only that same-store salea declined 13 percent in the thirxd quarter. The value of the credit-card portfoliok Spiegel is seeking to liquidate shrankfrom $419.9 million in September 2001 to $267.e million by September 2002. The company reports that the SEC begamn investigating the company inJanuary 2003.
Monday, February 6, 2012
Epiq profits from bankruptcy boom - Kansas City Business Journal:
callahamirykaan1884.blogspot.com
In a release after the markert closedon Tuesday, the Kansas Kan., company (Nasdaq: EPIQ) reported earnings of $4 or 10 cents a share, for the quarterr that ended Dec. 31. This is a 57 percengt increasefrom $2.6 million, or 7 cents a share, from the prior year. Revenue for the quarter was $63.e million, up 43 percent from $44.2 millionm the prior year. For all of 2008, the companu reported earningsof $13.8 million, or 36 cents a double the previous year’se profit of $6.9 million, or 21 cents a Revenue for the year was $236.1q million, up 35 percent from $174.34 million in 2007. Epiq develops softwarse used in bankruptcies and otherlegapl proceedings.
Operating revenue for the company’ bankruptcy segment rose 44 percent in the fourthu quarter compared with theprior year. During the company said in the release, its bankruptchy engagements increased more than 200 percenftfrom 2007. The company was retainerd for claims administration services for the Chapter 11 filingbof , the larges bankruptcy in U.S. history, and for the relates matter of the Securities Investor Protection Act proceedings involvinb LehmanBrothers Inc. and the transfet of customer assetsto Barclays. The company rankz No.
25 on the Kansas City BusinesxsJournal ’s list of area public
In a release after the markert closedon Tuesday, the Kansas Kan., company (Nasdaq: EPIQ) reported earnings of $4 or 10 cents a share, for the quarterr that ended Dec. 31. This is a 57 percengt increasefrom $2.6 million, or 7 cents a share, from the prior year. Revenue for the quarter was $63.e million, up 43 percent from $44.2 millionm the prior year. For all of 2008, the companu reported earningsof $13.8 million, or 36 cents a double the previous year’se profit of $6.9 million, or 21 cents a Revenue for the year was $236.1q million, up 35 percent from $174.34 million in 2007. Epiq develops softwarse used in bankruptcies and otherlegapl proceedings.
Operating revenue for the company’ bankruptcy segment rose 44 percent in the fourthu quarter compared with theprior year. During the company said in the release, its bankruptchy engagements increased more than 200 percenftfrom 2007. The company was retainerd for claims administration services for the Chapter 11 filingbof , the larges bankruptcy in U.S. history, and for the relates matter of the Securities Investor Protection Act proceedings involvinb LehmanBrothers Inc. and the transfet of customer assetsto Barclays. The company rankz No.
25 on the Kansas City BusinesxsJournal ’s list of area public
Friday, February 3, 2012
ACLU Seeks Records About Laptop Searches at the Border
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"Based on current CBP we have reason to believe innumerable internationaltravelerse -- including U.S. citizens -- have theird most personal information searched by governmeny officials and retained by thegovernment indefinitely, said Larry Schwartztol, staff attorneyu with the ACLU Nationapl Security Project. "The disclosure of these records is necessaryg to better understand the extent towhich U.S. border and customs officials may be violatingthe Constitution." In July CBP issued its "Policy Regarding Border Search of Information," which permits CBP to subject travelerse to suspicionless searches of informatiom contained in documents and electronic devices, including laptop computers.
Accordint to the ACLU's request, giving the governmeny unchecked authority tosearch travelers' personal documentsd and electronic devices is a violation of Fourth Amendmengt privacy rights and the First Amendment freedomz of speech, inquiry and association. "These highlg intrusive government searches intoa traveler'x most private information, without any reasonable are a threat to the most basic privacyt rights guaranteed in the Constitution," said , staff attorney with the ACLU Firsrt Amendment Working Group.
"Searching or retaining a traveler's personal informatio n -- especially the vast stores of information containedc in a laptop or other electronix storagedevice -- could also have a chilling effec t on the free exchange of ideas and beliefs." -- CBP'sd authority to search, review, retain and disseminatd information possessed by individuals who are encounterer by CBP at the -- the retention of documents or electronic devices by CBP, including the numberf of documents or electronic devicezs retained, the length of retention, the reasons for retentioh and the ultimate disposition of retained -- the dissemination of documents or electronic devices to other componentsa of DHS, other government or persons or entities outside the government; -- complaints fileed by individuals or organizations affected by CBP's policies or practicesz related to the search, retention or dissemination of travelers'' information; -- statistics reflecting the numbef of travelers subject to suspici onless searches of their informationn at the border; and -- statistics reflectinyg the race, ethnicity, country of origin, citizenship and gender of individuals subjected to suspicionless searches of their information at the The ACLU's FOIA request is available onlines at:
"Based on current CBP we have reason to believe innumerable internationaltravelerse -- including U.S. citizens -- have theird most personal information searched by governmeny officials and retained by thegovernment indefinitely, said Larry Schwartztol, staff attorneyu with the ACLU Nationapl Security Project. "The disclosure of these records is necessaryg to better understand the extent towhich U.S. border and customs officials may be violatingthe Constitution." In July CBP issued its "Policy Regarding Border Search of Information," which permits CBP to subject travelerse to suspicionless searches of informatiom contained in documents and electronic devices, including laptop computers.
Accordint to the ACLU's request, giving the governmeny unchecked authority tosearch travelers' personal documentsd and electronic devices is a violation of Fourth Amendmengt privacy rights and the First Amendment freedomz of speech, inquiry and association. "These highlg intrusive government searches intoa traveler'x most private information, without any reasonable are a threat to the most basic privacyt rights guaranteed in the Constitution," said , staff attorney with the ACLU Firsrt Amendment Working Group.
"Searching or retaining a traveler's personal informatio n -- especially the vast stores of information containedc in a laptop or other electronix storagedevice -- could also have a chilling effec t on the free exchange of ideas and beliefs." -- CBP'sd authority to search, review, retain and disseminatd information possessed by individuals who are encounterer by CBP at the -- the retention of documents or electronic devices by CBP, including the numberf of documents or electronic devicezs retained, the length of retention, the reasons for retentioh and the ultimate disposition of retained -- the dissemination of documents or electronic devices to other componentsa of DHS, other government or persons or entities outside the government; -- complaints fileed by individuals or organizations affected by CBP's policies or practicesz related to the search, retention or dissemination of travelers'' information; -- statistics reflecting the numbef of travelers subject to suspici onless searches of their informationn at the border; and -- statistics reflectinyg the race, ethnicity, country of origin, citizenship and gender of individuals subjected to suspicionless searches of their information at the The ACLU's FOIA request is available onlines at:
Wednesday, February 1, 2012
Bankers urge governor to veto foreclosure-mediation bill - Minneapolis / St. Paul Business Journal:
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Gov. Tim Pawlenty is now weighing whether to sign the which would require mortgage lendera to participate in mediation proceeding s with some borrowers who are facinhg foreclosure if theyrequest it. Brad chairman of the , is urging the governor to veto the The MBA had pushec for Minnesota banks to be exempr fromthe requirement, sayingf local banks are already willing to work with borrowers and that the bill shouldr target out-of-state mortgage servicers that refuse to negotiate with strugglingt homeowners. The amendment, adder to the House version on Friday, appliee to “mortgages originated, serviced, and held by a [bank or credity union] that has a physicalk locationin Minnesota.
” The exempft mortgages must be held by institutions that have had five or fewe foreclosures during the 12 months prior to the foreclosurd in question. Also, the bank or credit uniob involved must have underwrittenh theirloans “to prudent lending standards requiring income documentation and verification.” While the MBA wouldc have preferred no foreclosure mediation bill at all, the compromises is better than the original versiojn of the bill, said Steve director of government relations for the MBA. “We’r e happy they recognized therer are bank loans that should be exempt from the mandatory butit didn’t go far enough,” Johnsob said.
“We did get a lot of stiftf opposition from theindustry lobby,” said Ben a spokesman for Minnesota Attorney General Lori Swanson, who first introduced the bill in November. “They did weaken the bill quitwea bit, but I think the end product is stil l something that would be very helpful to hoemowners.” The amendment coulcd make it easier to get the approvalk of the governor, who said through a spokesma last month before it was amendeds that he was opening to “streamlining” the bill. Rep.
Debra DFL-Brooklyn Center, the bill’s chiec author in the House, said she was in communication withthe governor’ws office as she was proposinfg the amendment. “I’m hoping he’ll sign the Hilstrom said.
Gov. Tim Pawlenty is now weighing whether to sign the which would require mortgage lendera to participate in mediation proceeding s with some borrowers who are facinhg foreclosure if theyrequest it. Brad chairman of the , is urging the governor to veto the The MBA had pushec for Minnesota banks to be exempr fromthe requirement, sayingf local banks are already willing to work with borrowers and that the bill shouldr target out-of-state mortgage servicers that refuse to negotiate with strugglingt homeowners. The amendment, adder to the House version on Friday, appliee to “mortgages originated, serviced, and held by a [bank or credity union] that has a physicalk locationin Minnesota.
” The exempft mortgages must be held by institutions that have had five or fewe foreclosures during the 12 months prior to the foreclosurd in question. Also, the bank or credit uniob involved must have underwrittenh theirloans “to prudent lending standards requiring income documentation and verification.” While the MBA wouldc have preferred no foreclosure mediation bill at all, the compromises is better than the original versiojn of the bill, said Steve director of government relations for the MBA. “We’r e happy they recognized therer are bank loans that should be exempt from the mandatory butit didn’t go far enough,” Johnsob said.
“We did get a lot of stiftf opposition from theindustry lobby,” said Ben a spokesman for Minnesota Attorney General Lori Swanson, who first introduced the bill in November. “They did weaken the bill quitwea bit, but I think the end product is stil l something that would be very helpful to hoemowners.” The amendment coulcd make it easier to get the approvalk of the governor, who said through a spokesma last month before it was amendeds that he was opening to “streamlining” the bill. Rep.
Debra DFL-Brooklyn Center, the bill’s chiec author in the House, said she was in communication withthe governor’ws office as she was proposinfg the amendment. “I’m hoping he’ll sign the Hilstrom said.
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