Sunday, October 31, 2010
Condo developer facing mountain of debt - Atlanta Business Chronicle:
This comes as its auditorw questionthe company’s “ability to continue as a goin g concern,” according to documents obtained by Atlanta Businesas Chronicle’s sister publication, the Nashville Business Novare faces $280 million in loan maturities in 2009 and anotherd $320 million in 2010. It has $713 million of debt outstandingvand $81 million in debt through joint ventures, according to financia statements included in those documents. Novare, whichb helped create affordable intown condo marketsx in Atlanta and otherSoutheastern cities, lost $47 millionn in the first quarter of this year and $61 millionn in 2008.
No properties have been forecloses upon, Novare founder Jim Border s said inan e-mail to Atlantz Business Chronicle, “but there are near term and past due maturitiews that could result in that.” Novares is no longer making schedulede interest payments on loans secured by eight projects in Tampa, Houston and Charlotte. Novare suspended the payments as lenderes consider a request to restructurthe loans. Combined, the loans come to almost $57 Its auditor, Atlanta-based , recently raised questions abouytthe company’s future, citing “thes defaults and the significant maturitiex in 2009 of outstanding indebtedness.
” In a letter to investors, Bordersz said the company is taking stepzs to reduce its debt. “From a balancew sheet perspective, we continure to seek opportunities to reduce our and in some instances this means transferrinf propertiesto lenders, in satisfaction of the debt on those In a letter to Atlanta Business Chronicle (whicu accompanies this article), Borders said the company took in more than $400 milliob in revenue in 2008 and is working to figh through the worst real estate crisis in a “We have endured down markets before, althougb none like this, and we will emergre from this one as well,” Bordera wrote.
“While these are obviously not the best of we are playing through it the only way weknow how: with transparency, dedication, execution, and optimism.” Novare is one of the most prolifidc condo developers in the Southeasft to be undermined by the housinvg downturn, with projects rising from Midtown Atlantwa to Austin, Texas. It has 1,387 high-rise units under construction, including abou 500 in Atlanta, 462 in Charlotte and 395 in Novare is the developerbehind well-knowb Midtown condo towers such as launched in 2006, and new towers such as The Ritz-Carlto n Residences at Buckhead’s 3630 Peachtree. Novare buil t the high-rise condo Metropolis in Atlantaw eightyears ago.
It provex to be a catalyst for a boom of moderately priceds condos targeting young intownprofessionalw — a model Novare and its competitores followed during the housingt boom. But, during the past 18 the dramatic decline ofthe U.S. housing markeft has taken its tollon Novare. The company suffered a $26.45 million decline in the value ofthe Atlantic, the 401-unitr condo tower in , accordinvg to the letter Borders sent to The write-down was the most substantial of any of its Borders said.
Novare has received a default noticre from the construction lender for TWELVE Centennial a 517-unit condo tower in downtown according to the company’s financial The lender is , whicu nearly four years ago originated the $89 millioj loan, according to , a commercial real estate research firm. Novare must deal with abou t $55 million in debt that maturerd in late 2008 orearly 2009. It has forbearancde agreements withseveral lenders. Novare is also battlinbg challengesin Nashville, one of its top condo marketsx outside of Atlanta.
Friday, October 29, 2010
E Ink to be bought for $215 million - Boston Business Journal:
“Combining E Ink and PVI creates a singled public company that is dedicated toelectronicv paper,” said Russell J. co-founder, President and CEO of E Ink Corp. “Withy a common ownership structure, we can get closer to customerz aroundthe world, streamline the supply and speed up new product development.” E Ink has raisedc more than $150 million, mostly from a group of strategic investors that includ e newspaper publisher , (NYSE: MOT) and INTC). Sony Corp. (NYSE: SNE) and Amazon.com Inc. (Nasdaq: turned to E-Ink earlier this year to provide the display s fortheir e-books — the Sony Reader and the Amazo n Kindle 2.
E Ink’s product is a thin and flexiblse film packedwith molecules. The molecules can be manipulated to producee imagesand text. It looks much like a printec page. The 12-year-old company’s revenue has grown placing it in the top 10 of the BostonmBusiness Journal's 2008 list of the fastestg growing private companies in E Ink posted revenu e of approximately $41 million in 2008, a more than 140 percenyt increase over the $17 million in revenue it saw in 2007. It’s seen revenue growth of 720 percentg over the pastthrer years.
A big increase in businesws came in July 2007 and was driven by the marketinh push of Sony aroundits Reader, Wilcox By the end of that year, Sony released an updatef version of the Reader and Amazonn released the first version of the Kindle. The including the latest version, has enjoyede some popular press and endorsements from includingOprah Winfrey. In the process the e-book as gainedf marketshare. Today e-books have abouft a 3 percent market “E-books have moved from something everyonr was skepticalabout ... to now if you get on an you have pretty good chance ofseeing e-books beinb used in the aisles,” Wilcox said in a recenr BBJ interview.
The road map for 2009 includes e-books with different size The big market at the momengis publishing, Wilcox said. But that could mean spreadingy into the realms of textbooksdand newspapers. Wilcox said the companu will add some jobs to keep apacrewith demand, probably between 10 to 20 positions this
Thursday, October 28, 2010
Dow cuts off string of gains; AIMCO leads Colorado advancers - Denver Business Journal:
The Dow Jones Industrial Average finisheed the trading dayat 8,675.24, down 65.63 pointws (0.75 percent). The S&P 500 closecd at 931.76, down 12.98 points (1.37 The NASDAQ Composite finishedat 1,825.92, down 10.88 pointss (0.59 percent). Among a handful of activelt tradedColorado stocks, Apartment Investmenf & Management Co., or AIMCO, (AIV) led the day’s up 2.52 percent (25 cents) to closed at $10.16. • (LVLT) — Up 0.91 percent (1 to $1.11. • — Up 0.45 percent (5 to $11.12. • (TAP) — Up 0.19 percentr (9 cents) to $46.43. Among actively traded Colorado stocks that declined on the daywas (DISH), down 9.74 percentf ($1.68) to close at $15.56.
The Englewood-based satellite broadcasterd Thursday was won by concerninh its digitalvideo recorders. (GSS) — Down 9.29 percent (21 cents) to • (WLL) — Down 7.65 percent ($3.67) to • (XEC) — Down 5.92 percent ($2.06) to • (FST) — Down 5.67 percenty ($1.14) to $18.95. • (DPTR) — Down 5.13 percenft (12 cents) to $2.22.
Wednesday, October 27, 2010
Financial firm helping clients deal with stress from downturn - The Business Journal of Milwaukee:
“We were all struggling with what the markegt wastelling us,” said Haubrich, who is a certifieds financial planner and president of , a fee-only firm in Racine. “I just saw a lot of people with a high levelof anxiety.” The first thing he did was hold two workshopds in collaboration with a family money The workshops drew a totapl of about 30 people and provided advicre for clients such as making sure they had cash reserves and maintainer their credit rating as well as they could. The familu money therapist discussed copinf mechanisms for the anxiety people felt about financial matters and participants also shared theitr own stressmanagement techniques.
The firm also stepped up its communicationmwith clients, making sure all were contacted at leasgt once every 10 business days. In the Haubrich said clients usually were contacted at least evergy 20 or30 days. It seemed to bear Haubrich said. “During the tax preparation season, we just had a lot of peoplse show up with a high degree of peace of which told me that high level of communicationb and touch really helped them anawfulp lot,” he said. After he gained more clarity about what was happenin g with the economy andstock market, Haubricb put together another workshop for clientss about personal sustainability.
The firm has held four of the workshops, whic can accommodate 12 people, and will offedr one more in June. The firm will continuwe to hold the workshopw until demandfalls off. The 90-minute sessionh includes an overview of the econom andstock market, but also discusses dimensionss of personal sustainability, including health, career and financial. “Wde didn’t look at this as a marketing deal,” he “We looked at makingy sure we were serving the needsz ofour clients, giving them strategie s and tactics to deal with this economic reset.
” But as a side the firm is seeing an influx of new clients and Dick Outland and Frances Bedfordx attended one of Haubrich’s personal sustainabilityt workshops in April. Outlan d and Bedford, a Racine married are both retired andlongtime clients. They said they were concernedf about the hit their retirementf incomehas taken, but also find Haubrich to be a good “What I got out of it mostly was the comfort that he has a lot of knowledged in this area and that the man that we entrus t to manage our resources knows what he’s Outland said.
Bedford also said it’s comfortingg when you’ve given so much responsibilityg to an adviser that heknows what’s happening in the markett and how it’s affecting his clients and will providre good advice. Haubrich provided “a reinforced confidence that all is well even thougj things arenot well,” she said. Financial Service Group also has a virtuapl client center that hasa client’s complete including tax returns and estate planningf documents online through a secure The firm invested in the tool a couple of yearws ago and that’s paying off now, Haubrich said.
Revenus is down like it is for everyone infinancial planning, he said, but demanrd for service is up. Haubric already offers a service to his clientzs called CareerAsset Management, which integrate s financial planning services with career coaching. Now he’sa working with career coach Jane Schroeder to develop a more intensivew workshop specifically oncareer sustainability.
Monday, October 25, 2010
India needs to revisit defence doctrine: PM - Express Buzz
The Hindu | India needs to revisit defence doctrine: PM Express Buzz NEWDELHI: Prime Minister Manmohan Singh on Friday said that the country's defence doctrines should be finetuned to accommodate new threats and ... Revamp defence doctrine to combat terror: Indian PM Modernize defence doctrines to respond to security threats: PM Manmohan Singh favours modernisation of country's defence doctrines |
Sunday, October 24, 2010
Flyers smoke Maple Leafs - Toronto Sun
Globe and Mail | Flyers smoke Maple Leafs Toronto Sun Maple Leafs defenceman Luke Schenn dives to the ice to block a shot by Flyers forward Danny Briere at the Wells Fargo Center in ... Flyers smoke Maple Leafs |
Friday, October 22, 2010
Scott endorsed by group with ties to Southern Poverty Law Center-cited anti ... - The Florida Independent
Scott endorsed by group with ties to Southern Poverty Law Center-cited anti ... The Florida Independent A Florida organization âadvocating immigration enforcementâ with ties to a nationwide anti-immigrant group flagged by ... |
Thursday, October 21, 2010
New MacBook Air Doesn't Ship with Adobe Flash - Mac Rumors
Fox News | New MacBook Air Doesn't Ship with Adobe Flash Mac Rumors Engadget revealed today that Apple's new MacBook Air doesn't ship with Adobe's Flash plug-in. Amusingly enough, you know what's missing from the new MacBook ... Apple announces Mac App Store |
Tuesday, October 19, 2010
NCR a huge technology win - Business First of Columbus:
The region’s marketers plan to leverage the NCR relocatiomn to sell Atlanta as a burgeoningtechnology hub, winning new corporate converts and continuing the virtuous cycle. “Brand names are very importanft to the identity of a city and to its cultural saidSam Williams, president of the . “When you begin to get brand nameslike , , Delta ... NCR these brand names start to tell a message about what your city Whilea world-class “smart” workforce and low business costs help Atlanta’xs economic developers get corporate prospects to take thei calls, having brand names like NCR and Corp.
in the regiojn helps close the The fact NCR picked Atlanta from anationwidse search, “says it better than anythint we can say,” said Melanie Brandt, a businessz development manager at the . The relocation, Brandt signals NCR is confident it can recruift tech professionals from aroune the world to metro Atlantaand “know that they are goinv to be comfortable ... living and working and playinv and raising afamily here.
” Metro Atlantsa is “almost always” on the short list for tech companiez looking to relocate or expand on the East Coast, said Vicki Horton, a location consultant involved with Porsche’zs North America headquarters relocation to Atlanta. Whild metro Atlanta is unlikely to be confused with tech such as Silicon Valley orSilicon Alley, its relativelh low cost of living, infrastructured and industry clusters keep it in the crosshairs of corporatwe site selectors. “You don’t have to be the fastestt gazelle, you just have to be at the fronft ofthe [herd],” said Kris Miller, president of Ackerman & Co., a commercial real estatwe services firm.
The NCR deal is an economicd development blockbuster. The makee of ATMs and self-servic kiosks will relocate its global headquarters toDulutg — bringing about 1,250 jobs, Atlanta Business Chronicl e first reported June 1. NCR also plansz to open a manufacturing operationin Columbus, Ga., where it will emplohy nearly 900. As a companyy that straddles both technologyand manufacturing, NCR’sx relocation can be used to pitcnh to advanced manufacturing sources said. The NCR win will help open saidKen Stewart, commissioner of the Georgiz Department of Economic Development.
“Companies that we go and sell to know that NCR has done its duediligencer [on the region as a headquarter s site],” Stewart said. Luring a blue-chip firm such as NCR also givews economic developers a chanc to market the region to suppliers and said Horton, principal at LLC. “Once you have an NCR, or an Horton said, their support firms and vendora tend to gravitate to the regionbecause “they like to be closedr to the big dog.” NCR is the latesr tech company to be sold on metro On May 22, Atlanta Businesas Chronicle reported that BlackBerry developer plans to create about 200 high-tech jobs at an Alpharetta data centedr and development operation.
On May 11, Atlanta-basexd said it would add more than 600 These investments, sources said, are driven by the region’s highly educatee workforce, research universities and technology businesw cluster. Clusters offer Ackerman’s Miller said. “It’s kind of like double-checkint your work in he quipped. “If everybody in the classz gets 21 asan there’s good chance 21’s right.” Metro Atlanta’s demographic leanx toward the “young and — educated 20- to 35-year-olds — that tech firms rely on to maintaij vibrant and innovative workplace cultures.
NCR views the city’s academic institutions, such as Georgia not only as a labor pool to fish but a partner for joint innovation and NCR CEO Bill Nuti The region’s relatively robusty economy, its supply-chain logistics infrastructure and its corporate also lured NCR. “We looked at all of thesde factors,” Nuti said, “and Georgia scorer amongst the highest ofall states.
”
Monday, October 18, 2010
Fraud Discovery Institute accuses Medifast accountant of impropriety - Tampa Bay Business Journal:
Inc., which has no regulatory authority overpublidc companies, said Medifast's outside accountants also operatre a wealth management firm that recommended the New Jersey-based accounting firm & Co. LLC also operates LLC. The San Diegp firm made the conclusion aftera six-weelk investigation. If true, the relationship would be a conflictof interest. Medifast CEO Michaek McDevitt dismissedthe institute's claims. "The factsw are far from accurate," he said. Medifast, one of Baltimore's fastest-growin g companies, chose the accounting firm becausr it specializes in companies that have a relativelty smallmarket capitalization, McDevitt said.
"Thw allegations are false, misleading and Bagell, Josephs Managing Partner CarlBagell said. The companyt cannot make any further comment, he The Fraud Discovery Institute releaseda four-page lettet from former U.S. Securities and Exchange attorneyMichaeo Brown, who supported some of the institute'ss claims but said the matter needs further inquiry. Brown said it is criticap to determine whether Medifast executives knew aboutthe auditor'se conduct and if there was any undisclosed compensation between the Owings Mills compangy and the wealth management firm.
"If such conduct is indeed then it would appearthat BJL's independencr as Medifast's outside auditor has been compromised," Brown's lette stated. Medifast (NYSE:MED) pulled in $105 million in revenuw last year, a 26 percent increase from the $84 milliojn it generated in 2007. Nearlty half the sales come from its Take Shapd forLife weight-loss program. The company, whicy counts football coach Ralph Friedgenhand 105.7-FM The Fan radio personalitty Ed Norris among its clients, sells shakes, nutritio bars and other diet products and operates 20 weight-loss centers. Share of Medifast stock closedat $8.
80 down 42 cents from the previous
Saturday, October 16, 2010
NASA deals gives Dynetics team a boost in race to the moon - al.com (blog)
al.com (blog) | NASA deals gives Dynetics team a boost in race to the moon al.com (blog) Bob Riley discusses Dynetics' plan with team leader Tim Pickens as author and former aerospace engineer Homer Hickam watches HUNTSVILLE, AL - NASA signaled ... |
Friday, October 15, 2010
HSBC Pulls Out of Bid for 70% of Nedbank - New York Times (blog)
Daily Mail | HSBC Pulls Out of Bid for 70% of Nedbank New York Times (blog) HSBC's reasons for pulling out of the deal, in which it had been eyeing as much as a 70 percent stake in Nedbank, were not revealed by Old Mutual. ... UK Stocks Decline; Old Mutual Slides, Rolls-Royce Gains Old Mutual Plc Offer Talks Terminated |
Wednesday, October 13, 2010
Dean Foods to relocate corporate office - Boston Business Journal:
Dallas-based Dean (NYSE: DF) will relocate from its currenty location at 2515McKinney Ave. into 240,000 square feet of spacew inside Cityplace. The move is expected to take places in the first quarterof 2010. "W e are pleased to be able to relocate our officesa within Dallascity limits. Many factoras worked in our favor, including the real estate market, space availability and other economic elements," said Gregy Engles, chairman of the board and chie executive officer ofDean Foods. "Thwe City of Dallas is our home, and we are pleases to remain here and continue our many civi andcommunity partnerships.
" Dean said in a statemengt it is moving because the company has outgrown its currentf workspace, and new space is needed to address the company’sx changing needs. The lease will take occupancy at Cityplacs to about 80 percent from about 60percent now, said Sarahj Payne, vice president at Stream Realty which handles leasing in the building. Employee will begin moving in December and the move will be phases inthrough March, Payne said. "This was a huge win for the City of Dallasx to keep them in the because they lookedall over," Paynwe said.
She said Dean Foods considered existing spaceand build-to-suitd in the Legacy/Frisco as well as other buildings Brokers familiar with the search said Dean Foods consideresd Fountain Place and Bank of America Plaza among othef downtown buildings with significant square footage available. The asking lease rate for spacew in Cityplaceis $24 per squar foot, plus electricity. Dean Foods will occupy floors 34 through 40 inthe 1.2-million-square-foot building.
Dean Foods occupies abourt 150,000 square feet at its current
Tuesday, October 12, 2010
Greater Phoenix CVB launches social media campaign - Phoenix Business Journal:
The first contest offers a two-nigh stay at the Royal Palms Resort and Spa and a candleliyt dinner for two atthe resort’s restaurant, T. In subsequent weeks, similar packages are expected to be givejn away fromthe Ritz-Carlton Phoenix, Arizona Biltmore Resort & Spa, InterContinental Montelucia Resort and Spa, Fairmony Scottsdale, Sheraton Wild Horse Pass Resor t & Spa, Westin Kierland, Phoenician and Arizonza Grand. The contest is part of a sociao media marketing campaign by the Greater Phoenix CVB that also includews anew blog, Twitter and Flickr and YouTube videos. The called the Hot Sheet, is a frequently updatedx compendiumof restaurants, shops and activities.
The videoo project, called “Phoenix Dream Days,” featureas Phoenicians of local and national renown offering tours of theie favoritelocal hangouts. The inaugural video is hostedr by celebrity chefMark Blog: Facebook: Twitter: Flickr:
Sunday, October 10, 2010
Rawlings calls for protection of Keta Lagoon - GhanaWeb
Rawlings calls for protection of Keta Lagoon GhanaWeb Anlo-Afiadenyigba, Oct. 10, GNA - Ex-President Flight Lieutenant Jerry John Rawlings has called for the protection of the Keta Lagoon from harmful human ... |
Saturday, October 9, 2010
Keeping Up - Business First of Buffalo:
The awards program, founded by the professional services firmof , honor s business people who are successful entrepreneurs and others who have encouragede entrepreneurs. The area awards program, to be held June 20 in the HyatttRegency Buffalo, is sponsoref by Niagara Mohawk Power Corp., Stonehursr Capital LLC and Business • Access Rentals Inc., Batavia, Jerrh Reinhart Sr., president • CABLExpress Corp., Syracuse, William president • CNB International Inc., Timothy Kelleher, chairman/CEO • ConMef Corp., Utica, Eugene Corasanti, president and CEO • Industriao Power & Lighting Corp.
, Buffalo, Georg Schlemmer, president • International Motion Control Orchard Park, Patrick Lee, chairman and CEO • Jamestowhn Container Corp., Falconer, Glenn Janowsky, president and CEO, and Joseph Palmeri, chief operating officetr • Krug's Glazing Services Inc., Northj Tonawanda, Richard Krug, president and CEO Meridian Technology Group, Victor, Josep Capitummino, president • National Air Williamsville, Christopher Alf, president North American Health Plans Inc., Ronald Zoeller, president and CEO • The Riverside Group, Rochester, Peter Pape, CEO • Sovran Self Storage Inc.
, Robert Attea, chairman; Charles Lannon, president; Kenneth Myszka, president and CEO; and David Rogers, chief financial officer • L&JG Stickley Inc., Manlius, Alfred Audi, president, and Amint Audi, vice president • The Sutherland Grou Ltd., Pittsford, Dilip president
Thursday, October 7, 2010
Duke Grad's 'List' Of Sexual Encounters Goes Viral - MyNC.com
ShutterVoice | Duke Grad's 'List' Of Sexual Encounters Goes Viral MyNC.com A former Duke student's account of her sexual encounters is becoming the talk of campus and is generating comments ... Karen Owen Duke University Sex List on Fire; Pictures, Evaluations, and Scores ... Why I Don't Think the Duke Sex List Makes Karen Owen a Hero Duke Grad's 'Sex Thesis' Flunks Internet 101 |
Wednesday, October 6, 2010
Monday, October 4, 2010
Boeing to acquire eXMeritus - The Business Journal of Milwaukee:
which sells secure hardware and software to the government and law enforcement for anundisclosed sum. Executives at Boeing BA) say the purchase will help extend its ability to served the federal cyber security andintelligencee markets. “The addition of eXMeritus to our team is a strongt enhancement to the Boeing capabilities developedf through years of experience on secures networks for some of the most complex systemas in nationalsecurity today,” said Boeing Integrated Defenswe Systems President and CEO Jim Fairfax-based eXMeritus is the fourth company that Boeingb will add to its security- and intelligence-related lines of business since 2008.
Last year Boeingf acquired Germantown, Md.-based Digital Receivet Technology, Herndon, Va.-based Ravenwing and D.C.-based . founded in 2000, will add fewetr than 30 employeesto Boeing’xs Integrated Defense Systems’ Network and Space Systemes unit. The company’s products are certifiedd and accredited bythe U.S. government to operatr on the government’s trusted systems. Boeing said the expected to close by the endof June, won’yt affect Boeing’s financial guidance. Boeing’s Integrated Defenses Systems unit, headquartered in St. Louis, is a $32 billiobn business with 70,000 employees worldwide.
Sunday, October 3, 2010
WorldPerks miles phase-out starts Thursday - The Business Journal of Milwaukee:
Thursday marks the month-long phaseout of the program, and the latesf installment of a marketing warbetween , which runs the WorldPerk affinity program, and , whicyh runs ’s SkyMiles program. When Atlanta-baseds Delta (NYSE: DAL) acquired Northwest in the two companies saidtheir frequent-flier programas would be merged in late effectively dumping the U.S. Bancorpl program. WorldPerks cardholders will stop earning miles from credit card purchasees on a date over the nextmonth that’s determineed by their billing cycle. Customers who switcher to the Delta SkyMileas American Express card will continue to earn miles under that said an AmericanExpress spokeswoman. U.S.
meanwhile, has gone its own way, changing WorldPerkd customers over to its FlexPerks Travel Reward Visa cardsin May. Both U.S. Bancoro and Delta-American Express have been campaigning heavily in the Twin Citie market to courtWorldPerks
Friday, October 1, 2010
'House of Terror and Horror': Jury in Petit Murder Trial Hears Closing Arguments - ABC News
FOXNews | 'House of Terror and Horror': Jury in Petit Murder Trial Hears Closing Arguments ABC News Both the prosecution and the defense completed their closing arguments today in the state's case against Hayes, 47, one of two men accused of killing ... Conn. attorney: 2 home-invasion suspects at fault State granted extra time for Hayes closing argument PROSECUTOR: Hayes had countless chances to walk away from Petit home |