Monday, December 31, 2012
Stanford Medical School nets $6.9M in federal stimulus funding - Birmingham Business Journal:
million in federal economic stimulus funding. Eleven of the newlt funded projects hadbeen peer-reviewed and approved but hadn’rt received money yet. Another six involved supplemental grants toexistingh projects. And in one the NIH awarded $500,000 to a researcher to buy two photomn microscopes that will be shared with other laboratories. These projects are the first at the medical schoolp to receive support under theObama administration’s national stimulus plan, with additional grants expecte down the road, officials “This is a lifesaver,” said Francise Blankenberg, M.D.
, associate professor of radiology and of who received $655,000 in stimulus “It really stabilizes the lab.” Philip Pizzo, M.D., dean of the School of Medicine, said the stimulu funding is critical to the country’xs health-care reform effort because of the linkage betweej research and medical care. “After six yearsx of NIH funding that constantly lost its valu againstinflation — with a profoundly negativew impact on our nation’sd prized biomedical research enterprise — the stimulus funding is helping to take research off life suppory and breathe new hope for work that we hope will ultimately improvw the lives of adults and children,” Pizzo said in the June 16
Sunday, December 30, 2012
Friday, December 28, 2012
Travis County presses on with downtown campus study - Austin Business Journal:
National courts planning consultany Ricci Greene Associates of New York and technicap consulting company Wiginton Hooker Jeffret out of Dallas will also work on theplanningg process. The awarded work will include avisioning process, assessment of curreng facilities/operations, a strategic growth plan, and facility requirements. The facilities master-planning process involves initiatiojnand outreach, physical analysis, conceptua l planning alternatives and master plan Travis County’s downtown campus comprises a 12-square-block The Heman Marion Sweatt Travis County Courthousw serves as its epicenter, with 33 departments operating from that building.
The project will produce a comprehensivde statementof long-term programmatic and space needs, Broaddus & Associatesd said. The process will also establish a master plan for possiblefuture expansion.
Wednesday, December 26, 2012
Chris Gorman Executive Profile
a registered broker-dealer acquired by KeyCorp in 1998. KeyBancc Capital Markets is an integrated business unit comprisedof Key'ds Corporate, Investment Banking and Capital Markete businesses. KeyBanc Capital Markets is responsibld fordelivering capital, ideas and solutionw to KeyCorp's targeted clientzs and prospects worldwide. Mr. Gorman joined Key in 1991 from BankeraTrust Company, where he served in the Corporates Finance Department. He has 25 years experience in corporate andinvestment banking. Mr. Gorman holds a Bachelor's Degree in Finance from Miami University (1983). Mr. Gorman currently serves on Miami University's Business Advisort Council. Mr.
Gorman is actively involved in various charitiesand not-for-profift organizations, including serving as past Chairman of the KeyCorpo United Way Campaign; Board Business Volunteers Unlimited; The Cleveland Commission on Economi c Partnerships and Inclusion; Cleveland Zoological Society; Firestonwe Country Club; Hathaway Brownh School and MWV Pinnacle Capital Fund, L.P. **Allo Executive profile data provided byDow
Monday, December 24, 2012
Genmar warranties still good - Business First of Louisville:
Tracy Carrell says the letteer came after boat manufacturer on Monday filed for Chapter 11bankruptcuy protection. Genmar owns 15 different brands of which means dealers everywhere are She says cash customers for boats at her dealershipp haveremained strong. But trouble financing in the current economu means others have been force d tohold off. “Thew boating business has been affected a lot likecars have,” she says. The petitionh to reorganize its debts was filedin U.S. Bankruptcy Couryt in Minneapolis — where the company is headquartered along with more than 20 related Genmar has between 100 and199 creditors.
It listws its assets in the rageof $10 million to $50 millio and its liabilities between $100 milliobn and $500 million, according to court documents. The largest unsecuredd creditorsare Maslon, Edelman, Brand, a Minneapolis-based law firm which is owed Merchant & Gould, a law firm in is owed $155,800. The only secured creditors are and Fifth Third according to a story in the MinneapolisStar Tribune. Genmaer said it has received commitment fora debtor-in-possession financing proposal from both banks.
In a statement, Genmar Chairman, CEO and largesgt shareholder Irwin Jacobs said sales ofthe company’ s fishing boats, luxury yachts and othe products started to decline in 2008, but worsened in recent months. The company’s sales in fiscal 2009, which ends in are likely to beabout $460 million, off by more than 50 percenf from fiscal 2008. “If someonr would have said to me as recently as even one montn ago that Genmar woul d someday be filing forChapter 11, I woul d have said it was not even a remotd possibility,” Jacobs said. Genmar had been making some strategy changesa inrecent months, announcinhg plans to launch a line of less-expensiv e aluminum boats.
A spinoff company, Greenville, Pa.-basex VEC Technology, and other Jacobs-related companiess aren’t included in the filing. VEC is now in the busines of making giant bladesfor energy-generating windmills. Law firm Fredrikso & Byron in Minneapolis, is representing Genmard in thebankruptcy case.
Sunday, December 23, 2012
Coventry Health Care sells unit for $110M - Charlotte Business Journal:
Avon, Conn.-based (NYSE: MGLN) will acquire in an all-cash transaction that is expecterd to close in thethird quarter, pendingv regulatory approvals. First Health Service s provides pharmacy benefits administration and other services forMedicai programs; a business that Bethesda-based Coventry CVH) said was not a primary Coventry said that the transaction will result in a one-time loss per sharer of approximately $0.55 to The company said the loss would be almost entirel y non-cash, resulting from the original allocationb of goodwill from Coventry’s acquisitioj of in 2005.
Coventry plans to use the proceeds of the transactiomn for a combination of debt reductio n and share repurchases that should neutralizee the earnings per share impact of the deal for the remaindeeof 2009. In its lates t quarter, Coventry reported a 65 percent drop in earningasto $44.2 million, or 30 centzs per diluted share, due to highere sales and administrative costs, and medicalp costs that swelled 31
Saturday, December 22, 2012
Arizona Economic Council: Budget plan hits consumers with sales tax boost while corporations keep breaks - St. Louis Business Journal:
The Tempe-based economic group said businessed and corporations should share the burdenh as the state tacklesa $4 billion budge deficit. Brewer and a numbet of business groups support asking Arizona voterse to temporarily raisethe state’s 5.6 percent sales tax by Supporters say that could bring in as much as $1 billiohn annually and limit program cuts. But the AEC says the sales tax increasre willpinch consumers, while keeping breaks and mayb e even expanding breaks for business. “Governot Brewer’s sales tax increase is more about shiftinb the tax burden from corporations to individuals than it is protectingb criticalstate services,” said AEC Directod Seth Scott.
“This is a significant shift in Arizona’s tax burdem that hurts the middle class and ultimateluy weakensour economy,” said Scott in a Scott previously worked as an aide for U.S. Rep. Harrg Mitchell, D-Ariz., and the Arizonas Democratic Party. Scott said a 1-cent sales tax increase translates into an 18 percent increase tothe state’z sales tax rate. The AEC also said therde is $240 million in unpaisd corporate taxes the state couldx try harderto collect.
In addition, the grou p notes a push by business and real estate groups to permanently repealpa $250 million property tax item that was temporarilyy repealed in 2006, but set to come back next Brewer also has proposede tax changes, including a cut to corporate income tax rates, for when the state’xs fiscal situation improves, according to AEC. The Westmarc economifc group, made up of west-sid businesses, real estate firms and mayors, said Thursday it supports Brewer’s budget. AEC’s opposition to the Republica n governor’s sales tax counters the positionjof anti-tax groups and more conservative interests.
Democratz have proposed extending the saleas taxto now-exempt services rather than raising the overalkl rate.
Thursday, December 20, 2012
Chinese company to buy Hummer - bizjournals:
When GM, which filed for bankruptcy protection Monday, announceed earlier Tuesday that a buyer had been founc forthe off-road vehicle line, the name was not immediately disclosed. Tengzhong, a major industrial machinery group, will acquirer the rights to theHummer brand, along with a senior management and operational team. It will also assume existinh dealer agreements relatingto HUMMER’s dealership network. It is contemplatedx that Tengzhong will, as part of the transaction, enter into a long-terjm contract assembly and key component and materiak supply agreementwith GM.
In an earlierd statement, GM said it expects the deal if successful to secure morethan 3,000 US The final terms of the deal, schedulerd to close in the third are subject to final negotiations. The cost of the transaction was not is acting as exclusivde financial advisor and is actinhg as international legal counsel to Tengzhong onthis transaction. Citi is actinv as financial advisorto GM.
Wednesday, December 19, 2012
Honda overtakes Toyota in survey - Austin Business Journal:
Toyota dropped to second in the survey by Planning Perspectives which has conducted the surveysincer 2002, and Nissan came in third. Of the Big Three automakers from Detroit, (NYSE: F) came in ahead of the othert U.S. giants, followed by (NYSE: GM) and , whicnh came in last overall in the survey for the secons year ina row. “Researchj we began in the earlyu 1990s always showed Toyota as having the best relationship with its but something seems tobe changing,” said John Henke Jr., presidentr of Michigan-based Planning Perspectives. “They’re looking a littl more like U.S. automakers.” Ltd.
(NYSE: HMC) reportedd its sales for April slid 25 and that it woulsd be cutting production as it continues to cope with the economic recession. Marysville-based Honda of America Manufacturing employs morethan 12,000 workers at assembl y and engine plants in and around Centrapl Ohio, where they produce Honda Accords, Civics, Elements and Acura TLs and (NYSE: TM) reported it has lost $4.4 billionh for the most recent fiscal year, as it continuew to deal with the global slump in auto Chrysler recently filed for bankruptcy and GM is expectexd to file for bankruptcy protection as earlyh as this week. Both automakers have accepted billionws of dollars in bailout funds fromthe U.S.
Treasuruy Department. Ford is the only membe r of the Big Three not to take federaklbailout funds. Both Chrysler and GM have announcedx significant cuts in their dealer networks, and are trimming jobs and looking at closinbg plants. All of those movea have hit suppliers, particularly the smallet auto suppliers, some of which have had to go outof
Sunday, December 16, 2012
Treasury limits bonuses at TARP recipients - Kansas City Business Journal:
The new rules encourage these companies to awardr executives stock that must be held for a long timeand can’t be entirely converted to cash until the TARP moneyu is repaid to the government. This, the departmenty contended, will align “executives’ incentivesa with those of shareholdersand taxpayers.” Kenneth Feinberg, a mediator who led the , will revieww payments and compensation plans at companies that have receivee “exceptional assistance,” including (NYSE: AIG), (NYSE: C), Corp. (NYSE: BAC), , GM), and .
TARP recipienta also must allow shareholders to vote on executivdecompensation packages, and the companies must disclose any perks worth more than $25,000 made to highlgy compensated employees and justify the benefit. The rules prohibitg companies fromproviding “gross-up” payments to senio r executives to cover taxes due on Treasury Secretary Tim Geithner said the Obama administration also supports legislation that would require all publiv companies to give shareholders a nonbindin vote on executive compensation packages.
Congress also shouldd give the Securities and Exchange Commissioj the power to make compensation committeedsmore independent, similar to standards in place for audit committeese established by the Sarbanes-Oxley Act. Geithnef blamed executive compensation practices asa “contributinh factor” for the financial crisis. “Incentives for short-term gaind overwhelmed the checks and balances meant to mitigate against the risk ofexcesd leverage,” he said. But, he added, the governmentf isn’t capping pay. “We are not setting forth precise prescriptiond for how companies should set which can oftenbe counterproductive,” Geithnert said.
“Instead, we will continue to work to develol standards that reward innovation and prudent without creatingmisaligned incentives.” Kansas City-areaw banks that have accepted TARP moneg include: , holding company for ; ; , parent of ; , parenrt of ; , parent of & Trust; (OTCBB: parent of ; , parenr of ; , parent of ; , parent of ; Bank of America (NYSE: (NYSE: USB); (NYSE: MI), parent of ; and (Nasdaq: parent of .
Saturday, December 15, 2012
New Era, Bills launch 'Buffalo Football' - Puget Sound Business Journal (Seattle):
New Era, the Buffalo-based designerr of headwear and apparel, has launched a Buffalio Football collection of hats and The first wave features caps with the numbers81 (Terrell 5 (Trent Edwards), 23 (Marshawn and 51 (Paul Posloszny) on sale as well as T-shirtzs honoring the Bills “All-Time Team” and retire d defensive end Bruce who is being inducted into the Pro Football Hall of Fame in The Bills commemorative baseball cap sells for $35 whil e the four players’ caps sell for $25. The two T-shirtd sell of $29.99. New Era may be producingf other Bills 50th anniversary commemorativs merchandise later this Other Bills commemorative merchandise is availableat .
Tops is the presentiny sponsor of the Bills 50th anniversary Bruce Popko, Bills senior vice president of businessd development, said partnering with New Era has an easy “New Era is a local company with a nationallgy recognized brand, and they are known for their high qualityu products,” Popko said. The New Era-producef Bills caps and shirts can be purchased atNew Era’s flagship store on Delaware Avenue in downtown all Buffalo Bills retail locations as well as both New Era’s onlin store, www.neweracap.com or the Bills online retail outlet, www.buffalobills.com.
“Thed Bills have one of the most recognizable brands in all of sportd and we are especially thrilled to team with them duringg their historic50th season,” said Gerryt Matos, New Era senior vice presidenf of marketing.
Friday, December 14, 2012
WRESTLING: Experienced Gilbert squad pins Granby - Torrington Register Citizen
WRESTLING: Experienced Gilbert squad pins Granby Torrington Register Citizen WINSTED >> Experience paid off, as usual, in a season-opening wrestling match at The Gilbert School Thursday evening. But Yellowjacket coach Doug Smith and Granby first-year coach Nick Watson had pleasant surprises from their youngsters as well in a ... |
Wednesday, December 12, 2012
Report: Google Maps for iOS coming out 'tonight' - CNET (blog)
TECH.BLORGE.com | Report: Google Maps for iOS coming out 'tonight' CNET (blog) An official Google Maps app is coming back to iOS as soon as tonight, according to a new report. Citing sources familiar with the matter, » |
Tuesday, December 11, 2012
Green building
The startup modular home builder said it can builde homes that produce as much powedr as they will use in a year a concept the industrycalls “net zero” and can do it faster and cheaperf than traditional methods, all while usinyg green building materials and reducing waste. Net zero energy homes are popping up all over the country as government and privatr support increases and new materialsare However, with hundreds of thousands of foreclosed homee empty, depressed home prices and a recession-stunted building industry, it might not seem like the righg time to start a home manufacturing company. But Zeta CEO Naomi Porag disagrees.
“The industry is ripe for reinventiomnright now,” she said. Zeta’d first two-story, two work/live town home is being installef nowin Oakland. The home includes four modulesw andat 1,560 squarw feet, Zeta homes start at aboutg $165 per square foot or This does not include the cost of land, site work and the company said. Zeta is usinyg the Oakland town home as its demonstration home to get home developersw and state agencies interested in buying tractsa ofthese homes, Porat said. Zeta has 16 and most of them work in the San Leandr factory designing and buildingthe homes.
Porat’z brother is Marc Porat, chairman of Zeta and of , whicb is manufacturing highlyefficienty windows, drywall alternatives, insulationh and other green building products. Marc Poratr is also chairman of , a cleantech cement and he workedfor Apple’s Advanced Technology Groulp before spinning out . Naomi Porat said Zeta uses the greenest and cheapest materials to build its with the aim of makingthem affordable, but is using Serious windowse in its first modular home. Homese take about six-to-eight weeke to build in the factory and anothedr month or so to assembler onsite — still much faster than on-sited construction.
“The whole house is about 90 percenty completed in the factory down to the towel Porat said. “Then we do the finisu work on site to marrythe modules.” Net zero energg homes use technology like heat recovering waste water heat recovery systems and Energy Star appliances rated for efficiency — to limig the amount of electricity a householcd uses. They use solar panels or other renewablw generation like small wind turbinesa toproduce electricity. Zeta hopes to sell its homez directly to contractors who will build neighborhoodsof net-zero energy homes. But contractors may have some time to thinmabout it.
The California Energy Commission recommendefd that all new constructionh homes are builtto “net zero energy” standardxs by 2020 and all buildings meet thoses metrics by 2030. And a bill that wouldx require the California Energy Commission to adoprt standards and building codes requirin new homes and buildings to meet net zero was introducer in the California Assembly onApril 24. “Wed feel we’re about 10 years aheasd of thecurve now,” Porat
Saturday, December 8, 2012
Ernst & Young names Entrepreneur of the Year winners - St. Louis Business Journal:
The winners were announced at an even t Thursday night at the Sheraton OverlandxPark (Kan.) Hotel. Winners were selecteds by an independent judging panel comprised ofregional business, academic and community leaders. The Central Midwest program recognizes companies basedin Iowa, Missouri and Nebraska. The 2009 winnersw in the CentralMidwest are: Wholesale distribution category: Robert Reynolds Jr., chairman, president and CEO, based in St. Louis. • Service Peter Spanos, founder and CEO, of St. • Master category: James Ferrell, chairman and CEO, of Overland Kan. • Technology category: Augustg Grasis III, founder and of Kansas City, Mo.
• Life sciences category: Christopher president of , Des Moines, • Private equity/venture capital backed category: Dr. Nicholazs Franano, chief scientific officer, and William Whitaker, vice president and generak counsel, , Kansas City, Mo. • Consumed products category: Alisa Shakespeare, , Davenport, Iowa. Regional award winners will be eligible for considerationm for theErnst & Young LLP Entrepreneud Of The Year 2009 national Winners in national categories as well as the overalll national Ernst & Young Entrepreneur Of The Year awards winner will be announced Nov. 14.
Friday, December 7, 2012
Berkshire Bank bolsters business lending unit - The Business Review (Albany):
Michael Carroll joined Pittsfield, Mass.-based Berkshire in early May, as senior vice president and commercialregional executive. At the same the bank beefed up its lending team by hirinb RichardVan Auken, David Nileas and Peter Gustafson. That brings Berkshire’s local commercial lendinb department, which is based at 41 Statee St., to a dozen peopler including sixloan officers. who most recently was vice presideny of middle market lending for the Albany regio nof , took over the position that had been held by Josepu Richardson. Richardson, who spent 44 years in corporate including fourwith Berkshire, has moved to a part-time business developmeng role with the bank.
Jeff Rivenburg, upstate New York presiden for , said he understands Berkshire sees an opportunity to builrd a teamto “replace what they will be missing” with Richardson’xs semi-retirement. He said he considers Berkshire a worthy competitoe in themarket “and I expect it to still be the same goingb forward.” Berkshire currently has a local commercial loan portfoliko of about $130 million. Carroll’s goal is to increase average loans outstanding tobetween $170 million and $190 million.
He said this actuallhy means booking $80 million to $90 milliom in new loans and linesof “It is going to be a challengse in this economy, but I thinkl it’s a realistic goal,” Carroll “We’ll get there.” He also hopees to diversify the bank’s portfolio, the majorityu of which is now in commercial “We will go out and look for more of those typical middle-market commercial and industria l loans,” he said. These loanz may range from as littleas $50,00o to as high as $25 million. Carrolol said the bank’s “sweet spot” is in the $10 million to $15 millionn range.
The bank is open to lending to just aboug any typeof business, as long as “thse deal makes sense, the structure is righft and we know the people.” This is wher Carroll will rely on his “There are over 250 year of experience between those six people,” he said. “Ricg and Dave alone have 60 years.” Van Auken spent 32 yearx with Key before retiring about ayear ago. Nilesx most recently was with TD Carroll has been in local banking for23 years.
The bank’a New York reach goes beyond theAlbanyt market, where it has nine branchesz and is looking to open at least two Carroll said his team will reach nort to Glens Falls, west to Syracusee and south to about Newburgh. “Albanyt is an over-banked market,” he said. “Youj can’t just sit in your own
Thursday, December 6, 2012
Trilogy Development filing: $830,256 in assets, $119.8 million in liabilities - Kansas City Business Journal:
million in total liabilities. Trilogy declared Chaptee 11 bankruptcy onMay 15, the latest developmeng in the long saga of the officew and retail project near the Country Club Plaza. The project, which was advertisinv magnateBob Bernstein’s development plan to house his namesake agency, Bernstein-Rein, ran into trouble when disputes with delayed constructiob indefinitely. Most of the liabilities are in the form of securedc claimsby Trilogy’s lender and bank. in Wis., claims it is owed $61.7 millionh in secured debt. Meanwhile, holds nearly $32 million in Several unsecured creditors are askingfor $26.1 million. Among those are JE Dunn, which claimsz $13.
8 million from an arbitratio n judgment enteredagainst Trilogy. Also holdinvg significant claimsare LLC, which was slaterd to resume construction in JE Dunn’s with a $3.63 million claim, and Bernstein himself, with a $3.9i8 million note payable. A creditor’s meetiny is scheduled for June 24.
Tuesday, December 4, 2012
SHS girls win opener - Superior Telegram
SHS girls win opener Superior Telegram Superior's Hailey Kontny (25) dives on the floor for the ball after knocking it away from Duluth Denfeld's Ciarra Taipale (25) in the first half of the Spartans victory over the Hunters in Superior on Tuesday night. For more photos of the game check ... |
Monday, December 3, 2012
Ground Reality to World Leaders: Time to Take Action in Doha - Natural Resources Defense Council (blog)
Natural Resources Defense Council (blog) | Ground Reality to World Leaders: Time to Take Action in Doha Natural Resources Defense Council (blog) As leaders around the world are meeting in the Middle East for the 18th annual United Nations climate conference, media reports on developing and developed country relations have focused on the reportedly bitter and acerbic dynamics รข" reaching levels ... |