tenamup.wordpress.com
The Blue Bell, Pa.-based information-technology companu said late Tuesday it has terminated the offerd that was to have expired tonightafter . In it was trying to get holders of four series of senio r notes with a total face valudeof $1.06 billion, and due beginninvg next year, to exchange them in a private offer for new senio r secured notes that would have paid 12.625 percent interesr and been due in 2014. Now, Unisys (NYSE:UIS) is tryiny to get holders of the seniod notes to exchange them in private placements for two series of new seniorsecured notes; eithetr nearly 73.7 million shares or 19.
9 percenyt of its stock, whichever is less; and up to $30 million in Unisys said it has negotiated thosd terms with representatives of a group that it has been told consistas of holders of 40 percengt of the senior notes. Unisys also is askinh the senior noteholders to agree to amendments that wouldc eliminate nearly allthe notes’ covenants and some of the clausew with which it must comply to avoir defaulting on the notes.
A noteholder that tenders a seniorf note is agreeing tothe amendments, Unisys The holders of each series of notes will vote as a separatde class and Unisys will consider a series to have agreerd to the amendments if the holders of the majority of the principal amount of the notes in the seried agree, the company The senior notes comprise $300 million of 6.875 percentt notes due 2010; $400 million of 8 percent notes due $150 million of 8.5 percent notes due 2015; and $210 millionj of 12.5 percent notes due 2016. Unisys said holderws of 25.6 percent of the 2010 notes, 23.8 percent of the 2012 54 percent of the 2015 notesand 15.
8 percenyt of the 2016 notes have agreed to tender their The company said the exchange offer is contingent upon at least 40 percent of the 2010 notes and 2012 notesw being tendered by Midnight EDT July 28.
Wednesday, August 31, 2011
Monday, August 29, 2011
An Olympian effort - St. Louis Business Journal:
stelauguqdinec.blogspot.com
million annual budget. They’ve pared that from what used tobe $2.5 but they’re still $1 millionn short. “We need more corporate support,” said Lecia Rives, the foundation’s executive director. Now the fun Sportscaster Bob Costas will host a galafundraiser Feb. 29 at the Four Seasonzs Hotel downtown, with an attendancwe goal of 500. Tickets are $300 or $3,00p0 for a table of 10. As companiez downsize, Quest Management Consultants is prospering. “This has been my best year saidJoe Wiley, who foundex the executive search and outplacement firm in 2003.
Quest has snaggesd work with , Wachovia and and has been hire to conduct the search for a new Metro presidentand CEO. a Billiken basketball Hall of Famer, said revenues will come in at $1.6 million this up from $995,000 last year. Ed Museb and Fred Steinbach mergedtheir firm, Musemn and Steinbach, with Image Works Public Relations this Musen and Steinbach, with annualizerd billings of $4.2 will be adding $1.1 million from Phyllis Image Works. She will oversee the public relationsx division; Musen will run the advertisinyg division; and Steinbach will concentrate on business The combined firm will be called Steinbachand Weiss.
Parachute tangle Word is that had an eye on acquirin troubled but lost in part, because of Chairman Richard Miller’d multi-million-dollar payout in the eventt of a sale. Truman, with $500 million in is under the thumb of theFederakl Reserve, which has ordered it to review and revisew virtually all of its business practices it had $4.5 milliohn in bad loans in the most recentg quarter alone.
Shaun Hayes, ’s CEO and Truman’s second-largest shareholder, is All in the family Anne Kirschner, daughtet of founder Victor Hermelin, is seekint the removal of her brother, Marc Hermelin, forme r KV chairman and CEO, and attorney Lawrencwe Brody as trustees of the Anne Trust established by her fathedr inher name. She wants an independenty trustee, according to a petition filerd Dec. 19 in St. Louis County Probate Court. The trust, fundec by KV shares and valued at morethan $95 million a year ago, has plummetedx 80 percent year to date.
In the news The Januar issue of OnWall Street, a financial servicez industry magazine, named Danny Ludeman, presidenr and chief executive of , as one of its 10 “powedr players.” Others include Timothy Geithner, the incominb U.S. Treasury secretary; Jamie Dimon, CEO of ; and Congressman Barneyt Frank. Wachovia shareholders approvedthe company’s $15.1 billioh sale to last week. A word of cautionm Even someone as careful as a bankedr canbe defrauded. Just ask Bill Donius, retiref CEO of .
Someone created a passporr in his name, using information gathered on the including his credit card number andhome “They charged $10,000 worth of airline ticketx around the world,” Doniu said. “If I can get anybody can get taken.”
million annual budget. They’ve pared that from what used tobe $2.5 but they’re still $1 millionn short. “We need more corporate support,” said Lecia Rives, the foundation’s executive director. Now the fun Sportscaster Bob Costas will host a galafundraiser Feb. 29 at the Four Seasonzs Hotel downtown, with an attendancwe goal of 500. Tickets are $300 or $3,00p0 for a table of 10. As companiez downsize, Quest Management Consultants is prospering. “This has been my best year saidJoe Wiley, who foundex the executive search and outplacement firm in 2003.
Quest has snaggesd work with , Wachovia and and has been hire to conduct the search for a new Metro presidentand CEO. a Billiken basketball Hall of Famer, said revenues will come in at $1.6 million this up from $995,000 last year. Ed Museb and Fred Steinbach mergedtheir firm, Musemn and Steinbach, with Image Works Public Relations this Musen and Steinbach, with annualizerd billings of $4.2 will be adding $1.1 million from Phyllis Image Works. She will oversee the public relationsx division; Musen will run the advertisinyg division; and Steinbach will concentrate on business The combined firm will be called Steinbachand Weiss.
Parachute tangle Word is that had an eye on acquirin troubled but lost in part, because of Chairman Richard Miller’d multi-million-dollar payout in the eventt of a sale. Truman, with $500 million in is under the thumb of theFederakl Reserve, which has ordered it to review and revisew virtually all of its business practices it had $4.5 milliohn in bad loans in the most recentg quarter alone.
Shaun Hayes, ’s CEO and Truman’s second-largest shareholder, is All in the family Anne Kirschner, daughtet of founder Victor Hermelin, is seekint the removal of her brother, Marc Hermelin, forme r KV chairman and CEO, and attorney Lawrencwe Brody as trustees of the Anne Trust established by her fathedr inher name. She wants an independenty trustee, according to a petition filerd Dec. 19 in St. Louis County Probate Court. The trust, fundec by KV shares and valued at morethan $95 million a year ago, has plummetedx 80 percent year to date.
In the news The Januar issue of OnWall Street, a financial servicez industry magazine, named Danny Ludeman, presidenr and chief executive of , as one of its 10 “powedr players.” Others include Timothy Geithner, the incominb U.S. Treasury secretary; Jamie Dimon, CEO of ; and Congressman Barneyt Frank. Wachovia shareholders approvedthe company’s $15.1 billioh sale to last week. A word of cautionm Even someone as careful as a bankedr canbe defrauded. Just ask Bill Donius, retiref CEO of .
Someone created a passporr in his name, using information gathered on the including his credit card number andhome “They charged $10,000 worth of airline ticketx around the world,” Doniu said. “If I can get anybody can get taken.”
Friday, August 26, 2011
iPhone won't make or break AT&T-T-Mobile merger - CNET (blog)
ibitasony.wordpress.com
CNET | iPhone won't make or break AT&T-T-Mobile merger CNET (blog) There's a curious line of thinking going around that suggests that if Sprint lands the next iPhone as rumored, the handset would undercut the carrier's push to stop the proposed AT&T and T-Mobile merger. As Frost & Sullivan analyst Brent Iadarola puts ... iPhone 5 Rumor Roundup: Hardware, Release Date, Carriers Sprint says iPhone 5 or not, it can't compete with a merged AT&T/T-Mobile As Jobs Departs, Apple Moves to Dismantle the Mobile Market |
Wednesday, August 24, 2011
Koster balks at GM reorganization agreement - Triangle Business Journal:
adavuxuf.wordpress.com
Koster said GM’s bankruptcy agreement will not extend producft liability requirements for the company thattakes GM’s place. That means customers who boughft GM cars before the bankruptcy settlement lose protectionw under lemon laws and product liability Koster said. Koster also objected to provisiond that allow a reorganized GM to altef dealership contracts with no sayfrom “The current agreement is terribly unfaire to these dealership owners, many of whom have been loyak GM dealers for decades and have investedr their life savings in these family Koster said in a Mondag release.
“It is unconscionable to force a dealershi p to waive its rights underd Missouri law simply because GM has Several other attorneys general fromother states, includingb Kansas, have raised similar objections.
Koster said GM’s bankruptcy agreement will not extend producft liability requirements for the company thattakes GM’s place. That means customers who boughft GM cars before the bankruptcy settlement lose protectionw under lemon laws and product liability Koster said. Koster also objected to provisiond that allow a reorganized GM to altef dealership contracts with no sayfrom “The current agreement is terribly unfaire to these dealership owners, many of whom have been loyak GM dealers for decades and have investedr their life savings in these family Koster said in a Mondag release.
“It is unconscionable to force a dealershi p to waive its rights underd Missouri law simply because GM has Several other attorneys general fromother states, includingb Kansas, have raised similar objections.
Monday, August 22, 2011
AP Poll College Football 2011: Top 25 Team Comparison to Past Champions - Bleacher Report
zutkomi.blogspot.com
Bleacher Report | AP Poll College Football 2011: Top 25 Team Comparison to Past Champions Bleacher Report What was once the scandal the media just couldn't get enough of is now a scandal that seems pretty minor in comparison to the implosion occurring at Miami. Still, don't expect the NCAA to simply forget about the transgressions and subsequent failed ... |
Saturday, August 20, 2011
BOCES to auction house built by students - Business First of Buffalo:
qozadaunu.blogspot.com
Now, the home is going up for auctionJune 12. The groupo is enrolled in the Building Trades Progra at Erie 1 BOCES Potter Career Technical Center where theygained hands-on experience of all constructionm phases — from rough framing to finish carpentry — when they built a 1,344 square-foott house in the parking lot this past school As part of the two-year and incorporated in the class project, students participatefd in foundation and floor framing, wall framing, ceilingg and roof framing, interior/exterior finish and cabinet They also learned about building blue print designs, plumbing and electrical systems.
Instructorw David Grieco and Brian Toth oversaw the which includesthree bedrooms, a full bathroom, a masterd suite bathroom with a jet tub, and a first-floof laundry room. As part of the process, upgrades and enhancementss were made so students could learn of changes affecgt the workday in theconstruction field. “These extras give the students theexperience they’lp need when they graduate and find a job in this They’ll be able to tell a futurew employer, ‘yes, I’ve done that,” Grieco said. More than $45,00 0 in materials was purchased to completwe the house constructedat Potter.
Over the last sevemn years, the average sale price of similar homea built by students at Technical Center in Cheektowaga isaround $55,000. This year, auctiohn attendees can choose from two that were built by Erie 1 BOCESS students andtheir instructors, as the Harkness Careet completed its project, too. Between both projects, arounc 35 students built the houses. On June 12, both will be auctioner to the highest bidders at the respective The Potter house will be auctionedcat 9:00 a.m., the Harkness house an hour Proceeds will go toward building supplies for next year’w class.
Now, the home is going up for auctionJune 12. The groupo is enrolled in the Building Trades Progra at Erie 1 BOCES Potter Career Technical Center where theygained hands-on experience of all constructionm phases — from rough framing to finish carpentry — when they built a 1,344 square-foott house in the parking lot this past school As part of the two-year and incorporated in the class project, students participatefd in foundation and floor framing, wall framing, ceilingg and roof framing, interior/exterior finish and cabinet They also learned about building blue print designs, plumbing and electrical systems.
Instructorw David Grieco and Brian Toth oversaw the which includesthree bedrooms, a full bathroom, a masterd suite bathroom with a jet tub, and a first-floof laundry room. As part of the process, upgrades and enhancementss were made so students could learn of changes affecgt the workday in theconstruction field. “These extras give the students theexperience they’lp need when they graduate and find a job in this They’ll be able to tell a futurew employer, ‘yes, I’ve done that,” Grieco said. More than $45,00 0 in materials was purchased to completwe the house constructedat Potter.
Over the last sevemn years, the average sale price of similar homea built by students at Technical Center in Cheektowaga isaround $55,000. This year, auctiohn attendees can choose from two that were built by Erie 1 BOCESS students andtheir instructors, as the Harkness Careet completed its project, too. Between both projects, arounc 35 students built the houses. On June 12, both will be auctioner to the highest bidders at the respective The Potter house will be auctionedcat 9:00 a.m., the Harkness house an hour Proceeds will go toward building supplies for next year’w class.
Wednesday, August 17, 2011
Building trades rejecting wage-freeze proposal - Minneapolis / St. Paul Business Journal:
gerazawa.wordpress.com
But the two-month-old effort so far has yieldedsfew results. With the exception of one group, localk trade unions have said no. Schedulefd wage increases, which vary by union, were part of three and four-year contracts signed when the economyu wasstill strong. “The idea was that we, hopefullh as an industry, woul walk hand-in-hand together and say we need to freez wages at a time when thisindustry can’g afford additional costs,” said Dave CEO of the of Minnesota (AGC), whicu negotiates contracts with unions representing tradeas such as carpenters, laborers, equipment bricklayers, cement masons and iron workers.
The recession has pummeler theconstruction industry, especially for companies that aren’t buildinfg roads and transportation projectas that benefit from the federal economic stimuluas package. Revenues are down at most firms, and layoffs of nonunionh staff and managementare widespread. The sector’ss unemployment rate ranges from 30 to50 percent, dependingy on the trade. Due to lack of prices of raw materials such as steel and coppef have declined between 5 and 10 percent in the past The AGC’s leaders figured that if they could hold laboer costs steady, it would help theif members lower bids for new projects, or revisr bids for stalled projects, and convincd an owner or developer that now is the time to “We’re trying to let the contractor take another bite at the Semerad said.
The AGC estimated that a $65 million projec t with 585,000 man hours of labor would save $965,250 in labor costs if the unionsa frozetheir wages. The theory is that this would mean a developer or owner would needroughly $1 million less in equity to get a project So far, the effort has stalled. “We’vw had some awfully good discussiondswith [the unions] and all have been They just didn’t feel that this is going to mattefr whether they take a wage Semerad said.
Although most of the scheduled wage increasesa beganMay 1, the AGC still thinke “there’s an outside chance that some trades may agree to other cost reductions for individual projects,” Semerad said. Dick president of the St. Paul-based , an alliance of crafrt unions, said the unions took AGC’s request seriously. Some unions rejected AGC’s efforts to suspened wage increases becausethey didn’t see enough evidence it actually would add jobs, Anfang Other unions couldn’t change course this springb because they had already set their budgets and needex the wage increases to fund their benefits pools that cover health care, pensions and the Some trades needed all of the increasesx just to keep their frings funds healthy, Anfang said.
“They found it very difficult to let go and put theier families and health care or pension in IBEWin St. Paul The one union that gave some grouned is theLocal 110. Members of St. Paul-basesd Local 110, which represents about 2,000 electriciansx who work in 13 countiesd of eastcentral Minnesota, voted 266 to 119 to defet its May 1 wage increase for six The union agreed to take only half of the 3.9 percentf wage increase it had coming. It is applying the half it is gettingg to its benefits saidRichard Wynne, manager of the St. Paul Chapterf of the , whichy negotiates with the IBEW on behalf of its memberws separately fromthe AGC.
Wynne credited Mike Redlund, the businessx manager at IBEWLocal 110, for showing leadership and recommending the temporar suspension. Redlund couldn’t be reached for Wynne doesn’t know whether the move will automaticallygadd jobs, but said it may preserve them. There will be probably ongoing accounts, that may not have been willinfg to swallow a price increasse due towage hikes, Wynne said. “It would be a prettg tough sell. ... [This freeze] could help preservse some of those relationships.
”
But the two-month-old effort so far has yieldedsfew results. With the exception of one group, localk trade unions have said no. Schedulefd wage increases, which vary by union, were part of three and four-year contracts signed when the economyu wasstill strong. “The idea was that we, hopefullh as an industry, woul walk hand-in-hand together and say we need to freez wages at a time when thisindustry can’g afford additional costs,” said Dave CEO of the of Minnesota (AGC), whicu negotiates contracts with unions representing tradeas such as carpenters, laborers, equipment bricklayers, cement masons and iron workers.
The recession has pummeler theconstruction industry, especially for companies that aren’t buildinfg roads and transportation projectas that benefit from the federal economic stimuluas package. Revenues are down at most firms, and layoffs of nonunionh staff and managementare widespread. The sector’ss unemployment rate ranges from 30 to50 percent, dependingy on the trade. Due to lack of prices of raw materials such as steel and coppef have declined between 5 and 10 percent in the past The AGC’s leaders figured that if they could hold laboer costs steady, it would help theif members lower bids for new projects, or revisr bids for stalled projects, and convincd an owner or developer that now is the time to “We’re trying to let the contractor take another bite at the Semerad said.
The AGC estimated that a $65 million projec t with 585,000 man hours of labor would save $965,250 in labor costs if the unionsa frozetheir wages. The theory is that this would mean a developer or owner would needroughly $1 million less in equity to get a project So far, the effort has stalled. “We’vw had some awfully good discussiondswith [the unions] and all have been They just didn’t feel that this is going to mattefr whether they take a wage Semerad said.
Although most of the scheduled wage increasesa beganMay 1, the AGC still thinke “there’s an outside chance that some trades may agree to other cost reductions for individual projects,” Semerad said. Dick president of the St. Paul-based , an alliance of crafrt unions, said the unions took AGC’s request seriously. Some unions rejected AGC’s efforts to suspened wage increases becausethey didn’t see enough evidence it actually would add jobs, Anfang Other unions couldn’t change course this springb because they had already set their budgets and needex the wage increases to fund their benefits pools that cover health care, pensions and the Some trades needed all of the increasesx just to keep their frings funds healthy, Anfang said.
“They found it very difficult to let go and put theier families and health care or pension in IBEWin St. Paul The one union that gave some grouned is theLocal 110. Members of St. Paul-basesd Local 110, which represents about 2,000 electriciansx who work in 13 countiesd of eastcentral Minnesota, voted 266 to 119 to defet its May 1 wage increase for six The union agreed to take only half of the 3.9 percentf wage increase it had coming. It is applying the half it is gettingg to its benefits saidRichard Wynne, manager of the St. Paul Chapterf of the , whichy negotiates with the IBEW on behalf of its memberws separately fromthe AGC.
Wynne credited Mike Redlund, the businessx manager at IBEWLocal 110, for showing leadership and recommending the temporar suspension. Redlund couldn’t be reached for Wynne doesn’t know whether the move will automaticallygadd jobs, but said it may preserve them. There will be probably ongoing accounts, that may not have been willinfg to swallow a price increasse due towage hikes, Wynne said. “It would be a prettg tough sell. ... [This freeze] could help preservse some of those relationships.
”
Monday, August 15, 2011
Valve announces Counter Strike: Global Offensive - Macgasm
ebopotohy.wordpress.com
PC Gamer Magazine | Valve announces Counter Strike: Global Offensive Macgasm By design, Valve wanted to create a game with a different feel, and over » |
Saturday, August 13, 2011
Investment sales dilemma: Anyone want a building? - Washington Business Journal:
inofiquxi.wordpress.com
“I’m in London — terrible snow storm,” Kamm reported from his BlackBerry. “In dinnere meeting in Knightsbridge withclient — I’m searchinf for capital in the parchedr landscape that is now the Very, very unsettling. I’m off to Frankfur later this week.” So goes the new normal for commercia l real estate types in the midsg of the worst financial crisissince 1929. Better food and drink than an AndersonCooper scene, but a disasterr nonetheless.
Licking their wounds after a painful 2008 when deal volume was down more than 77 percen from2007 — the localo commercial real estate industry is now poriny over tea leaves to decipher who the next wave of buyerzs will be. First the good news: Foreign investors just anointed D.C. the top destination for their real estate investment In snaringthis honor, the country’sa political capital toppled New York the quickly fading financial capital of the world, from its Savor the moment. The bad news is more sobering: It’s not at all cleaer who’s going to buy.
Real estater investment trustsare reeling, private equity is doint better with the “private” realm than the realm, life insurance companiesd are on life support and institutional investors have watcheds their investment values evaporate. Buyers who do have the cash and wherewitha to buy are still sitting on the waiting for the right numbers toroll in. For who works with ’s real estate investmentr banking group in that has meant his only clients right now are banks lookinyg to make sense oftheir books.
“We’rwe helping them value collateral andvalue notes, because they have no idea what they’re worth,” Kamm told a group of local real estatde heavyweights at Jones Lang’s Jan. 29 Capital Perspective “Our business is back to 2003 — financingg [subordinated debt], restructuring loans and recapitalizing And even that is not as easy as itonce was. “Fot every billion dollars worth of loan assets we look at fromwillinyg sellers, guess what percent actually has a Kamm asked. Somewhere between 5 and 15 he said. “The other 85 percent has no bids.
” That hasn’t quelled the curiosity about who might, someday, buy property or debt again. Untill this financial crisis obliterated all notions of it used to make sense to look backward to predictfthe future. Last year, investors spent abou $8.5 billion on commercial property in the making it the second most popular market inthe U.S. and sixthy in the world, according to Real Capitalo Analytics. Five of the seven most activew of those buyerswere Washington-area firms, includinyg and . Together, those firms bought only six propertie sin 2008. There’s no guarantee that any of 2008’s buyers will be 2009’ s buyers. WRIT, which closed on 2445 M St.
NW in got a good deal — and was able to take over a favorablwe loan from the private equitysellef — but like many REITs, it probably wouldn’t have done the deal if it hadn’t already committed to it last spring, before the crisis hit. “qA lot of it goes to makinhg sure, first and foremost, that you have capitall for your existingobligations — debt coming due, normal operating capital for capitakl [improvements] and brokerage commissions,” said Tom Regnell, WRIT’sz senior vice president for acquisitions. “Yoyu have to have all that firsy and foremost before you can thinok about buyinganything new.
” Still, WRIT is trollingf the market and will bite if the righf deal comes along, Regnell said. REIT stock pricezs as a whole dove 41 percentin 2008, and 15 percengt so far in 2009. Foreigm buyers, for the most part, are in no betterf position, according to market insiders. “German institutiones are completely crushed; the U.K. institutions can’t make heads or tailds of this market; South Koreanh funds are illiquid because they have such huge exposur to Japanese REITs withhuge losses; and, with the price of oil at $41 a Middle Eastern investors need to hang on to their said one broker, who asked not to be named lest he paintf too dreary a picture.
Open-endedf institutional funds that allow investors to withdraw their money are out of the markerbecause they’re instead focused on selling assetx to fund those redemption requests, the broker said. Privatse equity groups that aren’t hurting — privately, of course are demanding higher returns than can be found in Washingtobnreal estate, especially without access to lots of debt to push theidr own returns into the brokers say. Still, they’re raising capitalp and waiting for prices tocome Some, like the D.C.-baseed , are taking a cue from Kamm’ws bank clients.
Its real estate , is not interested in buyinfg buildingsnow — just It’s much more profitable, said Chip a Carlyle Realty managing director, at an conference on Feb. 3. Othersz say there are reasons tobe hopeful. “Buried withij the generalizations, there are a few investors that can step forwars anddo something,” said John Kevill, a Jonezs Lang managing director for investment sales. “That’s the key to this every asset is looked at differently and every investor classhas exceptions.” Two of the most activee buyers last year — D.C.-based and J Street Cos. are looking.
Carr is “selectively pursuing new office and multifamilyinvestment opportunities,” but believes the pickings will be better latee this year as lenders and partners pressure overleverage developers to sell, said Presideny and CEO Oliver Carr III. J Street CEO Bruce Baschuk says his firm is steering clear of broken development deals but mighrt pick up one or two Classs A assetsthis year.
“I’m in London — terrible snow storm,” Kamm reported from his BlackBerry. “In dinnere meeting in Knightsbridge withclient — I’m searchinf for capital in the parchedr landscape that is now the Very, very unsettling. I’m off to Frankfur later this week.” So goes the new normal for commercia l real estate types in the midsg of the worst financial crisissince 1929. Better food and drink than an AndersonCooper scene, but a disasterr nonetheless.
Licking their wounds after a painful 2008 when deal volume was down more than 77 percen from2007 — the localo commercial real estate industry is now poriny over tea leaves to decipher who the next wave of buyerzs will be. First the good news: Foreign investors just anointed D.C. the top destination for their real estate investment In snaringthis honor, the country’sa political capital toppled New York the quickly fading financial capital of the world, from its Savor the moment. The bad news is more sobering: It’s not at all cleaer who’s going to buy.
Real estater investment trustsare reeling, private equity is doint better with the “private” realm than the realm, life insurance companiesd are on life support and institutional investors have watcheds their investment values evaporate. Buyers who do have the cash and wherewitha to buy are still sitting on the waiting for the right numbers toroll in. For who works with ’s real estate investmentr banking group in that has meant his only clients right now are banks lookinyg to make sense oftheir books.
“We’rwe helping them value collateral andvalue notes, because they have no idea what they’re worth,” Kamm told a group of local real estatde heavyweights at Jones Lang’s Jan. 29 Capital Perspective “Our business is back to 2003 — financingg [subordinated debt], restructuring loans and recapitalizing And even that is not as easy as itonce was. “Fot every billion dollars worth of loan assets we look at fromwillinyg sellers, guess what percent actually has a Kamm asked. Somewhere between 5 and 15 he said. “The other 85 percent has no bids.
” That hasn’t quelled the curiosity about who might, someday, buy property or debt again. Untill this financial crisis obliterated all notions of it used to make sense to look backward to predictfthe future. Last year, investors spent abou $8.5 billion on commercial property in the making it the second most popular market inthe U.S. and sixthy in the world, according to Real Capitalo Analytics. Five of the seven most activew of those buyerswere Washington-area firms, includinyg and . Together, those firms bought only six propertie sin 2008. There’s no guarantee that any of 2008’s buyers will be 2009’ s buyers. WRIT, which closed on 2445 M St.
NW in got a good deal — and was able to take over a favorablwe loan from the private equitysellef — but like many REITs, it probably wouldn’t have done the deal if it hadn’t already committed to it last spring, before the crisis hit. “qA lot of it goes to makinhg sure, first and foremost, that you have capitall for your existingobligations — debt coming due, normal operating capital for capitakl [improvements] and brokerage commissions,” said Tom Regnell, WRIT’sz senior vice president for acquisitions. “Yoyu have to have all that firsy and foremost before you can thinok about buyinganything new.
” Still, WRIT is trollingf the market and will bite if the righf deal comes along, Regnell said. REIT stock pricezs as a whole dove 41 percentin 2008, and 15 percengt so far in 2009. Foreigm buyers, for the most part, are in no betterf position, according to market insiders. “German institutiones are completely crushed; the U.K. institutions can’t make heads or tailds of this market; South Koreanh funds are illiquid because they have such huge exposur to Japanese REITs withhuge losses; and, with the price of oil at $41 a Middle Eastern investors need to hang on to their said one broker, who asked not to be named lest he paintf too dreary a picture.
Open-endedf institutional funds that allow investors to withdraw their money are out of the markerbecause they’re instead focused on selling assetx to fund those redemption requests, the broker said. Privatse equity groups that aren’t hurting — privately, of course are demanding higher returns than can be found in Washingtobnreal estate, especially without access to lots of debt to push theidr own returns into the brokers say. Still, they’re raising capitalp and waiting for prices tocome Some, like the D.C.-baseed , are taking a cue from Kamm’ws bank clients.
Its real estate , is not interested in buyinfg buildingsnow — just It’s much more profitable, said Chip a Carlyle Realty managing director, at an conference on Feb. 3. Othersz say there are reasons tobe hopeful. “Buried withij the generalizations, there are a few investors that can step forwars anddo something,” said John Kevill, a Jonezs Lang managing director for investment sales. “That’s the key to this every asset is looked at differently and every investor classhas exceptions.” Two of the most activee buyers last year — D.C.-based and J Street Cos. are looking.
Carr is “selectively pursuing new office and multifamilyinvestment opportunities,” but believes the pickings will be better latee this year as lenders and partners pressure overleverage developers to sell, said Presideny and CEO Oliver Carr III. J Street CEO Bruce Baschuk says his firm is steering clear of broken development deals but mighrt pick up one or two Classs A assetsthis year.
Thursday, August 11, 2011
Week brings double-digit increases in gas prices - Minneapolis / St. Paul Business Journal:
bestimmung-amendments.blogspot.com
According to the ’s Weekend Gas the average priceof self-serve regular gasolined in the Los Angeles-Lony Beach area is $2.82 5 per gallon, which is 16.2 cents more than last 49 cents higher than last month, and $1.44r less than last year. On the Central Coast, the averagee price is $2.877, up 15.5 cents from last week, 44 cents above last month, and $1.48 belosw last year. In the Inland Empire, the averagde per gallon priceis $2.810, which is 14.9 cents more than last week, 48 centes more than last month, and $1.
47 less than last "Just as in 2008, commodities investors are pushing up crude oil and wholesale gasoline prices at a frenzied pace that seeme to have no connection to domestidc fuel consumption or availability. There have been some refineruy issues this year acrossthe U.S., but no more so than in othedr years," Auto Club spokesperson Jeffrey Spring said in a
According to the ’s Weekend Gas the average priceof self-serve regular gasolined in the Los Angeles-Lony Beach area is $2.82 5 per gallon, which is 16.2 cents more than last 49 cents higher than last month, and $1.44r less than last year. On the Central Coast, the averagee price is $2.877, up 15.5 cents from last week, 44 cents above last month, and $1.48 belosw last year. In the Inland Empire, the averagde per gallon priceis $2.810, which is 14.9 cents more than last week, 48 centes more than last month, and $1.
47 less than last "Just as in 2008, commodities investors are pushing up crude oil and wholesale gasoline prices at a frenzied pace that seeme to have no connection to domestidc fuel consumption or availability. There have been some refineruy issues this year acrossthe U.S., but no more so than in othedr years," Auto Club spokesperson Jeffrey Spring said in a
Monday, August 8, 2011
J. Jill to close one Jacksonville store - Phoenix Business Journal:
http://worldmythology.ws/celtic-mythology/the-belated-priest/
Nine of the 75 stores to be closedd arein Florida, including the one in The Avenuew mall. A second Jacksonville J. Jill locatiomn at the St. Johns Town Center will remain In a statement announcing the Talbots President and CEO Trudy Sullivan saidit “enablesd us to focus our time, resources and attention exclusivelyt on rejuvenating our core Talbots brand and returjn to profitable growth.” The transactiom includes the transfer of certain assets and liabilities to the including a distribution center in New Hampshire, the subleasr of a portion of the Quincy, headquarters and substantially all of the brand’sw intellectual property and inventories.
The remaining 204 stores will continue to operate underthe J. Jill brand. The headquarterw for the company will remainin Quincy. The J. Jill sale is expected to be completed in the secondc quarter and is subject to postclosinvg adjustments. San Francisco based-Golden Gate Capita acquired Jacksonville-based Venus in 2006. The acquisitionn was Golden Gate’s 11th in two years. Last month Venuzs announced that all 290 employeex were in jeopardy of losing theirf jobs when the swimwear and ladieas apparel company lostits financing.
With its latest catalo recentlybeing released, Venus employees are still working, at least for now, and companh executives are looking for a new buyer to acquir the company.
Nine of the 75 stores to be closedd arein Florida, including the one in The Avenuew mall. A second Jacksonville J. Jill locatiomn at the St. Johns Town Center will remain In a statement announcing the Talbots President and CEO Trudy Sullivan saidit “enablesd us to focus our time, resources and attention exclusivelyt on rejuvenating our core Talbots brand and returjn to profitable growth.” The transactiom includes the transfer of certain assets and liabilities to the including a distribution center in New Hampshire, the subleasr of a portion of the Quincy, headquarters and substantially all of the brand’sw intellectual property and inventories.
The remaining 204 stores will continue to operate underthe J. Jill brand. The headquarterw for the company will remainin Quincy. The J. Jill sale is expected to be completed in the secondc quarter and is subject to postclosinvg adjustments. San Francisco based-Golden Gate Capita acquired Jacksonville-based Venus in 2006. The acquisitionn was Golden Gate’s 11th in two years. Last month Venuzs announced that all 290 employeex were in jeopardy of losing theirf jobs when the swimwear and ladieas apparel company lostits financing.
With its latest catalo recentlybeing released, Venus employees are still working, at least for now, and companh executives are looking for a new buyer to acquir the company.
Saturday, August 6, 2011
Stick a fork in it - Orlando Business Journal:
http://risk-regulationit.com/?p=38
The store, located in a remodeled Wal-Mart on Colonial Drive in Winter carrieda $1 million inventoryu which filled the 85,00 0 square feet of space. Productd ranging from hot sauce to fresh flowersand walk-in coolers to chef's knives were offeres in a combination of Home Depoft and Williams & Sonoma -- with a bit of Farmer's Market and a 14,000-bottls wine cellar thrown in. Former Hard Rock Cafe Internationalo corporate chef Philip hired asthe Chef's Depot corporate chef, left the company shortly afterf the April 25 opening, beforwe his planned 200-seat show kitchen was even "Nothing worked together," says founder Dershya Song.
"The timing, the location -- we were, too optimistic" ... ... Vanishedf angels. When the soon-to-open Kres Steakhouse & Lounge on Church Street opensin mid-December, it will be missing one of the location' signature items. Gone are the legions of hand-carved wooden angels that hung fromthe high-ceiling of Pebbles and the Asian-themeed restaurant that preceded Pebbles. Craig Ustledr of Urban Life Management, co-owner and operater of Kres, assuresd OBJ, however, the angels are restin peacefully and, like most ultimately will return to provide moregood will. "Theyh have been carefully stored away, for a fund-raising auctioh some day.
We plan to donate a few to the historicalo museum andlocal leaders" ... ... As expected. The Californisa company that bought the militarty business ofSchwartz Electro-Optics has scooped up the commercia business, too. OSI Systems Inc. put in the winniny bid of $1.5 million for Schwartz's AutoSense toll road system. The system collectws tolls from vehicles without tollboothj stops. Bidding started at $825,000. That starting price was pushed higher by a surprise bidderfrom Canada. The owners of a toll road in Ontario that uses AutoSenss came to the table andbid $1.5 "The product works and it works well," says Dale a spokesman for the Ontario firm.
And there'es no hard feelings about losing out. "W hope to continue this good relationship," says Alberxs of the new owner of thesystem ... ... Unusua l pairs. Sometimes advertising makes stranger bedfellowdsthan politics. Witness a co-joined pair of billboardx at Goldenrod road near ValenciaCollege Lane. Beneathh the billboard toutingRylan Homes' Web site, , is a Channel 6 news billboard. The WKMG-TV billboard campaignm headlines upcoming specialnews features. The messagw on that billboard last week: "Warning -- Stay away from theid houses!
" "It's actually a piece about registered sex offenders who decorate their homesfor Halloween, perhaps luring kids inside," says WKMG generalk manager Henry Maldonado. Adding insuly to injury, the billboard comes at a timewhen WESH-TVc and the Orlando Sentinel have been heavilg promoting a series on the shortcomings of home builders. As for the confusing billboard that might befuddle viewers into watching the wrong Maldonado shrugsand says, "That's the ... ... Swedish sweep. Swedish soldiere will be the first foreign troops to use the advancee land mine detectors developed byCyTerra Corp.
CyTerra'sd Orlando operation developed the land mine detectors forthe U.S. which has deployed them in Iraqand
The store, located in a remodeled Wal-Mart on Colonial Drive in Winter carrieda $1 million inventoryu which filled the 85,00 0 square feet of space. Productd ranging from hot sauce to fresh flowersand walk-in coolers to chef's knives were offeres in a combination of Home Depoft and Williams & Sonoma -- with a bit of Farmer's Market and a 14,000-bottls wine cellar thrown in. Former Hard Rock Cafe Internationalo corporate chef Philip hired asthe Chef's Depot corporate chef, left the company shortly afterf the April 25 opening, beforwe his planned 200-seat show kitchen was even "Nothing worked together," says founder Dershya Song.
"The timing, the location -- we were, too optimistic" ... ... Vanishedf angels. When the soon-to-open Kres Steakhouse & Lounge on Church Street opensin mid-December, it will be missing one of the location' signature items. Gone are the legions of hand-carved wooden angels that hung fromthe high-ceiling of Pebbles and the Asian-themeed restaurant that preceded Pebbles. Craig Ustledr of Urban Life Management, co-owner and operater of Kres, assuresd OBJ, however, the angels are restin peacefully and, like most ultimately will return to provide moregood will. "Theyh have been carefully stored away, for a fund-raising auctioh some day.
We plan to donate a few to the historicalo museum andlocal leaders" ... ... As expected. The Californisa company that bought the militarty business ofSchwartz Electro-Optics has scooped up the commercia business, too. OSI Systems Inc. put in the winniny bid of $1.5 million for Schwartz's AutoSense toll road system. The system collectws tolls from vehicles without tollboothj stops. Bidding started at $825,000. That starting price was pushed higher by a surprise bidderfrom Canada. The owners of a toll road in Ontario that uses AutoSenss came to the table andbid $1.5 "The product works and it works well," says Dale a spokesman for the Ontario firm.
And there'es no hard feelings about losing out. "W hope to continue this good relationship," says Alberxs of the new owner of thesystem ... ... Unusua l pairs. Sometimes advertising makes stranger bedfellowdsthan politics. Witness a co-joined pair of billboardx at Goldenrod road near ValenciaCollege Lane. Beneathh the billboard toutingRylan Homes' Web site, , is a Channel 6 news billboard. The WKMG-TV billboard campaignm headlines upcoming specialnews features. The messagw on that billboard last week: "Warning -- Stay away from theid houses!
" "It's actually a piece about registered sex offenders who decorate their homesfor Halloween, perhaps luring kids inside," says WKMG generalk manager Henry Maldonado. Adding insuly to injury, the billboard comes at a timewhen WESH-TVc and the Orlando Sentinel have been heavilg promoting a series on the shortcomings of home builders. As for the confusing billboard that might befuddle viewers into watching the wrong Maldonado shrugsand says, "That's the ... ... Swedish sweep. Swedish soldiere will be the first foreign troops to use the advancee land mine detectors developed byCyTerra Corp.
CyTerra'sd Orlando operation developed the land mine detectors forthe U.S. which has deployed them in Iraqand
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