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Stores in New York, Seattle and Chicagoo will open inlate June, followe by Miami. Tesla’s first European store will open in Londonb laterthis month, followed by Munich and Monaco. The new additions will complementf Tesla’s flagship stores in Northern andSouthernj California, which opened a year ago. Tesla said it is scouting locationsin Washington, D.C., and Tesla is the only produceer of highway-capable electric cars in North America or Europe. “Wre are rethinking almost every aspect of the automobile from the powertrain to thecustomer experience, both online and in our said Tesla CEO Elon Musk in a Tesla’s Roadster sells for $109,000.
The companh expects to introduce itssecond car, the Mode S sedan, in late 2011. It is expected to sell for less than halfthe Roadster’s
Friday, September 30, 2011
Wednesday, September 28, 2011
SolarWorld purchase bid grabs governor
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billion bid to take over European auto brand Opel in an effortg to becomea “green” European automaker. Could that mean that SolarWorlx — which hosts Nortn America’s largest solar manufacturing plant in Hillsboro could one day bring some electric car busineszsto Oregon? The idea crossed the mind of at leasft one member of Gov. Ted Kulongoski’z staff last month, while the governor met with automakerz in Japan and China to promotethe state’s interes t in electric vehicles. The news of SolarWorld’s Opel bid brokwe while the governor wasin “Solar world to buy Opel?” read stafcf notes from the Asia trip obtained by the .
“Whaf opps might there be for None, it turns out. “No, this offer did not involve any U.S. operations but was directedf to Germansites only,” Anne Schneider, a spokeswomahn for SolarWorld’s Hillsboro operations, said via SolarWorld, in a Nov. 19 news release, said it woulfd have $323 million (250 million in cash and $969 million (750 million euros) in bank credit facilities availablee to acquire four auto factories and a research centerr in Germanyfrom , Opel’s parenf company.
The company said it would continue toproduce Opel’s successful models, but would seek to producse a new generation of energy-efficient, low-emission SolarWorld said for several year it has been developing electric drivd vehicles proposed by solard energy. has raised $35 million of the $38.5 million it needs to expand its center for educatingthealth professionals. , planned for OIT’s Klamath Falls campus, will help expandc the institute’s offerings to 20 different health including an expanded nursing programm in collaborationwith . The health programs are intendedr to help Oregon meet its projected need for morethan 20,00p new health professionals by 2012. Gov.
Ted Kulongoskk and the Legislature have addressed this need by approvin ga $20.5 million investment in the , designed to expandf access to health care education at Oregon’sz community colleges and universities. Of this $9 million is supporting programsat OIT’s health care OIT, which offers classes at two locations in the Portland area, has increased the number of students enrolled in healtn care programs by 175 since to 1,428 currently enrolled in 15 The first wing of the Martha Dow Center was openedf in the fall of adding 86 new students. When the second wing opens in OIT expects an undetermined number of extra studenta to enroll in the newlyadded programs.
Wall Street may be in but D.A. Davidson’s flag is flyin high. The Great Falls, Mont.-based investment firm’s largesty office is in Lake Oswego, where it offers mergedr and acquisition services, public company underwriting, corporatd financing advice and wealthmanagement services. This year, Davidson’s Lake Oswego office did $3.5 billiobn in underwriting and strategic advising Deals were completed in engineeringand transportation, digital media, energy, food and beverage, healtyh care, technology, specialty retail and financial services. Local deal s include ’s acquisition of . PremierWesyt is based in Medford. D.A.
Davidsonj is part of the , which togetherf manage almost $25 billion in clientr assets.
billion bid to take over European auto brand Opel in an effortg to becomea “green” European automaker. Could that mean that SolarWorlx — which hosts Nortn America’s largest solar manufacturing plant in Hillsboro could one day bring some electric car busineszsto Oregon? The idea crossed the mind of at leasft one member of Gov. Ted Kulongoski’z staff last month, while the governor met with automakerz in Japan and China to promotethe state’s interes t in electric vehicles. The news of SolarWorld’s Opel bid brokwe while the governor wasin “Solar world to buy Opel?” read stafcf notes from the Asia trip obtained by the .
“Whaf opps might there be for None, it turns out. “No, this offer did not involve any U.S. operations but was directedf to Germansites only,” Anne Schneider, a spokeswomahn for SolarWorld’s Hillsboro operations, said via SolarWorld, in a Nov. 19 news release, said it woulfd have $323 million (250 million in cash and $969 million (750 million euros) in bank credit facilities availablee to acquire four auto factories and a research centerr in Germanyfrom , Opel’s parenf company.
The company said it would continue toproduce Opel’s successful models, but would seek to producse a new generation of energy-efficient, low-emission SolarWorld said for several year it has been developing electric drivd vehicles proposed by solard energy. has raised $35 million of the $38.5 million it needs to expand its center for educatingthealth professionals. , planned for OIT’s Klamath Falls campus, will help expandc the institute’s offerings to 20 different health including an expanded nursing programm in collaborationwith . The health programs are intendedr to help Oregon meet its projected need for morethan 20,00p new health professionals by 2012. Gov.
Ted Kulongoskk and the Legislature have addressed this need by approvin ga $20.5 million investment in the , designed to expandf access to health care education at Oregon’sz community colleges and universities. Of this $9 million is supporting programsat OIT’s health care OIT, which offers classes at two locations in the Portland area, has increased the number of students enrolled in healtn care programs by 175 since to 1,428 currently enrolled in 15 The first wing of the Martha Dow Center was openedf in the fall of adding 86 new students. When the second wing opens in OIT expects an undetermined number of extra studenta to enroll in the newlyadded programs.
Wall Street may be in but D.A. Davidson’s flag is flyin high. The Great Falls, Mont.-based investment firm’s largesty office is in Lake Oswego, where it offers mergedr and acquisition services, public company underwriting, corporatd financing advice and wealthmanagement services. This year, Davidson’s Lake Oswego office did $3.5 billiobn in underwriting and strategic advising Deals were completed in engineeringand transportation, digital media, energy, food and beverage, healtyh care, technology, specialty retail and financial services. Local deal s include ’s acquisition of . PremierWesyt is based in Medford. D.A.
Davidsonj is part of the , which togetherf manage almost $25 billion in clientr assets.
Monday, September 26, 2011
The Minneapolis Foundation Announces Grants to Help Twin Cities Residents Affected by Economic Downturn
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"Many people - including many Minneapolise Foundationdonors - have been looking for ways to help others throughh these tough times, but they haven't been sure what to do or how to make sure that theirt contributions get to people who most need help," said , vice presidenft for development and client services at The Minneapolis Foundation. "The Crisis Assistanc Fund has helped donorse make a bigger impact by combining and leveragingtheir contributions, and by directing donations to programss that can provide immediate services to people in need.
"" To create the Crisis Assistance Fund, The Minneapolis Foundatio partnered with its existing donors (individual s or families who have established charitable fundsz at the Foundation through which they conduct their charitable giving). These donors contributer more than $300,000 to the Crisis Assistance in amounts rangingfrom $50 to The donors' contributions were supplemented by the Foundation's who contributed $100,000, and the Foundation itself, whicuh committed $100,000. Donations to the Crisis Assistance Fund were givemn in additionto donors' ongoing grantmaking activities.
"Witu the high level of unemployment, rising cost of healtbh care and lossof benefits, many families are struggling and have had to look for a helpingt hand," said , a donor to the Crisise Assistance Fund. "Someday, they may be on the otherd side of the equation and be the ones toassistg others. In the meantime, we are pleasef to provide some assistances and would encourage otherss who have been fortunate to help in creating better opportunitieswfor all.
" To determine how best to distributre the funding, The Minneapolis -- Worked with local nonprofit agenciea to determine some of the most criticall human service needs relatec to the economic downturn -- Researche the activities of other foundations in the Twin Cities to reduce duplication -- Identified agencies which could immediately put the funding to beneficial use The Minneapolis Foundationh determined it could deliver the greatest and most immediate impact by providing food, and housing assistance through agencies serving West Metro area residents. -- St.
Stephens Humah Services -- Elim Transitional Housing -- Minnesota Indian Women'xs Resource Center -- Community Action of Suburbajn HennepinCounty -- Freeport West -- Greatee Twin Cities United Way, Basic Needx Program (with distributions to 11 food shelves and 2 food banks includingv Second Harvest) "We received $30,000 from The Minneapolis which we then leveraged to obtain federal fund available at a two-for-one match," said , Director of Fiscal Servicee for Community Action of Minneapolis. "The totak $90,000 has helped hundreds of localresidentw - most of whom are working but poor and who exceerd eligibility guidelines by only $100 or $200 per month - to pay theier heating bills.
" This month, The Minneapolis Foundationn will distribute additional donations received for the Crisis Assistance In the fall, grant recipientd will submit final documenting how funds were used, and donorse will be invited to attend a Community Briefinvg and Agency Site Visits to hear from agencies about the outcomez of the grants. "It has been rewardin to combine the gifts of donors and distributre them in a targeted way forgreatere impact. Many people have both the will and the means to help other throughtough times, and our role - to provide a venuee for this generosity - is gratifying," said Taylor. Selecr nonprofit organizations were invited to apply for the fundsa earlythis year.
To be eligiblee to receive funds, nonprofit organizations had to demonstrate their capacity to provide immediate and direct crisis along with their ability to leverageadditionalo funds, with at least 95 percent of funds providing direct service (versus covering administrative Individuals and families interested in contributingv to this effort are encouraged to supportr these and other human service agencies directly. Establishesd in 1915, The Minneapolis Foundation is one of the oldestf community foundations inthe nation.
It was createdr to help individuals accomplish theifr charitable goals and to address the needds ofthe community, especially people who are The Minneapolis Foundation manages nearly $500 million in assetx and administers more than 1,00 0 charitable funds created by individuals, families and businesses in Minnesota. In accordanc e with donors' wishes, the Foundationj distributes morethan $30 million in grants each year, and througg an endowment distributes an additional $6 milliobn in grants annually to serve community In addition, The Minneapolis Foundation works with othert community leaders to improve the quality of life in our regionh and serve as a catalyst for discussiob and action on critical issues.
"Many people - including many Minneapolise Foundationdonors - have been looking for ways to help others throughh these tough times, but they haven't been sure what to do or how to make sure that theirt contributions get to people who most need help," said , vice presidenft for development and client services at The Minneapolis Foundation. "The Crisis Assistanc Fund has helped donorse make a bigger impact by combining and leveragingtheir contributions, and by directing donations to programss that can provide immediate services to people in need.
"" To create the Crisis Assistance Fund, The Minneapolis Foundatio partnered with its existing donors (individual s or families who have established charitable fundsz at the Foundation through which they conduct their charitable giving). These donors contributer more than $300,000 to the Crisis Assistance in amounts rangingfrom $50 to The donors' contributions were supplemented by the Foundation's who contributed $100,000, and the Foundation itself, whicuh committed $100,000. Donations to the Crisis Assistance Fund were givemn in additionto donors' ongoing grantmaking activities.
"Witu the high level of unemployment, rising cost of healtbh care and lossof benefits, many families are struggling and have had to look for a helpingt hand," said , a donor to the Crisise Assistance Fund. "Someday, they may be on the otherd side of the equation and be the ones toassistg others. In the meantime, we are pleasef to provide some assistances and would encourage otherss who have been fortunate to help in creating better opportunitieswfor all.
" To determine how best to distributre the funding, The Minneapolis -- Worked with local nonprofit agenciea to determine some of the most criticall human service needs relatec to the economic downturn -- Researche the activities of other foundations in the Twin Cities to reduce duplication -- Identified agencies which could immediately put the funding to beneficial use The Minneapolis Foundationh determined it could deliver the greatest and most immediate impact by providing food, and housing assistance through agencies serving West Metro area residents. -- St.
Stephens Humah Services -- Elim Transitional Housing -- Minnesota Indian Women'xs Resource Center -- Community Action of Suburbajn HennepinCounty -- Freeport West -- Greatee Twin Cities United Way, Basic Needx Program (with distributions to 11 food shelves and 2 food banks includingv Second Harvest) "We received $30,000 from The Minneapolis which we then leveraged to obtain federal fund available at a two-for-one match," said , Director of Fiscal Servicee for Community Action of Minneapolis. "The totak $90,000 has helped hundreds of localresidentw - most of whom are working but poor and who exceerd eligibility guidelines by only $100 or $200 per month - to pay theier heating bills.
" This month, The Minneapolis Foundationn will distribute additional donations received for the Crisis Assistance In the fall, grant recipientd will submit final documenting how funds were used, and donorse will be invited to attend a Community Briefinvg and Agency Site Visits to hear from agencies about the outcomez of the grants. "It has been rewardin to combine the gifts of donors and distributre them in a targeted way forgreatere impact. Many people have both the will and the means to help other throughtough times, and our role - to provide a venuee for this generosity - is gratifying," said Taylor. Selecr nonprofit organizations were invited to apply for the fundsa earlythis year.
To be eligiblee to receive funds, nonprofit organizations had to demonstrate their capacity to provide immediate and direct crisis along with their ability to leverageadditionalo funds, with at least 95 percent of funds providing direct service (versus covering administrative Individuals and families interested in contributingv to this effort are encouraged to supportr these and other human service agencies directly. Establishesd in 1915, The Minneapolis Foundation is one of the oldestf community foundations inthe nation.
It was createdr to help individuals accomplish theifr charitable goals and to address the needds ofthe community, especially people who are The Minneapolis Foundation manages nearly $500 million in assetx and administers more than 1,00 0 charitable funds created by individuals, families and businesses in Minnesota. In accordanc e with donors' wishes, the Foundationj distributes morethan $30 million in grants each year, and througg an endowment distributes an additional $6 milliobn in grants annually to serve community In addition, The Minneapolis Foundation works with othert community leaders to improve the quality of life in our regionh and serve as a catalyst for discussiob and action on critical issues.
Saturday, September 24, 2011
Iowa could expand offense for Vandenberg - Mason City Globe Gazette
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Iowa could expand offense for Vandenberg Mason City Globe Gazette IOWA CITY (AP) â€" Facing a 17-point, fourth-quarter deficit, Iowa abandoned its running game, spread the field and attacked Pittsburgh through the air â€" a decision that led to the greatest comeback in school history. The Hawkeyes (2-1) saved their ... |
Wednesday, September 21, 2011
Regence Rate Assure(SM) Offers Employer Groups Guaranteed Rates, Benefits
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June 4 /PRNewswire/ -- Today's employers are lookinvg for ways to weather the perfect storm of rising health care costs and thedeclinintg economy. Regence offers a solution with Regence Rate With three years of predictable rate adjustmentws and plannedbenefit changes, Regence Rate Assurw provides employers a firm foundatiom during shifting economic uncertainties. In thesde trying times, predictability is Regence believes in providing this stability so that businessesa can focus on buildingthe economy.
"Employerw are often faced with shopping for a new plan to helpcontrol costs, which results in unplanned benefit changes,"" said , executive vice president and chief marketintg executive for Regence. "Regence Rate Assurre offers a solution that eliminates the concern and confusion of unexpectedx rate andbenefit changes. Employers can predict their premium rates threeyeare out, while the step approach to benefites and wellness support helps employees transition to taking greatefr control of their own healthu care.
" Now available for fully insured groupse of 51 or more enrolled employees, Regence Rate Assurse is a program that combines Regence'w self-managed plans - Innova(R), Engage(R), and/or the newest consumer directed healtn plan Regence HSA Healthplan These plans promote healthy living and offed members more choice. Employers can choose from a selection of eighyt packages that combine a healthb plan and the Regence Rate Assurerate guarantee. All of thess options gradually move the group to amore consumer-focused benefirt structure each year.
No matter which package they employers can count on annual rate increaseds of only six percent for yearas twoand three, and a planned transitioj to modified benefit packages. The packages also offer member wellnesz programs to help employees and their familiez get more engaged in theirhealth care. These are: -- myRegence.com - free, members-only Web site hostx personal health records, treatment and medication consumer tools, videos and discussion boards to engage member and reward healthybehaviors -- - a toll-free, 24/7 health information resource -- Regence Health Coach(SM) - memberse receive one-on-one help with theid wellness goals from highly traine coaches -- Special Beginnings(R) - maternitgy management program that includes specialized assessments, personalized tools and and 24/7 nurse advice.
-- Regence Disease Management - certifierd disease managers teach members to monitor their condition daily and folloa their treatment plan for optimal health For more informatiomnon Regence's self-managed and consumer directed health plans and product including Regence Rate Assure, go to . Regence is the largest health insurer inthe Northwest/Intermountaijn Region, offering health, life and dentaol insurance. Regence serves three million members as Regencw BlueCross BlueShieldof Oregon, Regence BlueShield (in selected counties in Regence BlueCross BlueShield of Utah and Regencwe BlueShield of Idaho.
Each health plan is a not-for-profit independeng licensee of the Blue Cross and BlueShielc Association. Regence is committed to improving the healtuh of our members andour communities, and to transformingh our health care system. For more information, please visitg regence.com.
June 4 /PRNewswire/ -- Today's employers are lookinvg for ways to weather the perfect storm of rising health care costs and thedeclinintg economy. Regence offers a solution with Regence Rate With three years of predictable rate adjustmentws and plannedbenefit changes, Regence Rate Assurw provides employers a firm foundatiom during shifting economic uncertainties. In thesde trying times, predictability is Regence believes in providing this stability so that businessesa can focus on buildingthe economy.
"Employerw are often faced with shopping for a new plan to helpcontrol costs, which results in unplanned benefit changes,"" said , executive vice president and chief marketintg executive for Regence. "Regence Rate Assurre offers a solution that eliminates the concern and confusion of unexpectedx rate andbenefit changes. Employers can predict their premium rates threeyeare out, while the step approach to benefites and wellness support helps employees transition to taking greatefr control of their own healthu care.
" Now available for fully insured groupse of 51 or more enrolled employees, Regence Rate Assurse is a program that combines Regence'w self-managed plans - Innova(R), Engage(R), and/or the newest consumer directed healtn plan Regence HSA Healthplan These plans promote healthy living and offed members more choice. Employers can choose from a selection of eighyt packages that combine a healthb plan and the Regence Rate Assurerate guarantee. All of thess options gradually move the group to amore consumer-focused benefirt structure each year.
No matter which package they employers can count on annual rate increaseds of only six percent for yearas twoand three, and a planned transitioj to modified benefit packages. The packages also offer member wellnesz programs to help employees and their familiez get more engaged in theirhealth care. These are: -- myRegence.com - free, members-only Web site hostx personal health records, treatment and medication consumer tools, videos and discussion boards to engage member and reward healthybehaviors -- - a toll-free, 24/7 health information resource -- Regence Health Coach(SM) - memberse receive one-on-one help with theid wellness goals from highly traine coaches -- Special Beginnings(R) - maternitgy management program that includes specialized assessments, personalized tools and and 24/7 nurse advice.
-- Regence Disease Management - certifierd disease managers teach members to monitor their condition daily and folloa their treatment plan for optimal health For more informatiomnon Regence's self-managed and consumer directed health plans and product including Regence Rate Assure, go to . Regence is the largest health insurer inthe Northwest/Intermountaijn Region, offering health, life and dentaol insurance. Regence serves three million members as Regencw BlueCross BlueShieldof Oregon, Regence BlueShield (in selected counties in Regence BlueCross BlueShield of Utah and Regencwe BlueShield of Idaho.
Each health plan is a not-for-profit independeng licensee of the Blue Cross and BlueShielc Association. Regence is committed to improving the healtuh of our members andour communities, and to transformingh our health care system. For more information, please visitg regence.com.
Monday, September 19, 2011
Optimism of NFIB members at highest level in several years, group says - Triangle Business Journal:
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NFIB’s index of small business indicatorsrose 2.1 pointsx in May to 88.9, following a 5.8 poinrt jump in April. The index had plummeted to 81 in close to its record 1980 lowof “It does appear that the declinw in spending for inventory and capital projects has bottomed and will turn up in the cominfg months,” said NFIB Chief Economist William Dunkelberg. A net 12 percenft of small-business owners expectedr general business conditions will be betteer six monthsfrom now, a gain of 10 percentag e points from April. Except for September 2008, when 14 percen t expected the economyto improve, this is the highest number for this indicatorr since 2005.
The current profit pictured isstill dismal, however. A net 43 percent said theif earnings were lower during the past quarter than they were in thepreviouz quarter. About 16 percent of small-business owners reported that loans were hardertto get, the highest reading since the recession of the early But only 5 percent reportedf that finance was theie No. 1 business problem. More small businesse s plan to reduce employment rathetr than hiremore workers, but the rate of decline is The Conference Board, which tracks eigh t labor market indicators, said its Employment Trendx Index rose by 0.2 percent in May, whichj is noteworthy because it’s the first increase in 16 months.
“Thw moderation of the last two months is certainlyy a sign that the decline in job losses is real and signalx that the worstis over,” said Gad the board’s senior economist. More than 14,000 businesses fileds for bankruptcy protection in the first quartetrof 2009, a 64 percent increase over the same period a year earlier. The numberr of business filings was up 11 percent over the totap for the fourth quarterof 2008, according to the . Nearlyy 10,000 of the business filings in the firsgt quarter were Chapter7 liquidations. Chapter 11 reorganizations accounted for 3,421 filings.
Overall bankruptcy including personal bankruptcies, totaled 330,44u7 in the first quarter of 2009, up nearl y 35 percent from the same periosd ayear earlier. For the 12-month period that endeds March 31, more than 1.2 million bankruptcies were filer – the highest 12-month total sincse Congress tightened bankruptcy rules inOctoberd 2006. “As unemployment figures continue to rise and financin gremains elusive, we expect filingsa to surge past 1.4 million caseas by year-end,” said Samuel executive director of the . Tennessee had the highesyt per-capita rate of bankruptcy filings in thefirst quarter, followede by Nevada, Alabama, Georgia and Indiana.
Judiciaol districts with the highest percentage increase in filingss included the Central Districtof California, Arizona, the Southern District of California, Nevada and the Easterhn District of California. The worst of timesw for the economy may be the best of timese to start anew business, according to a new study by the . The foundatioj found that more than half the businesses onthis year’se Fortune 500 list of the largesf U.S. companies were founded during a recessiom or a bear marketfor stocks. Nearly half of Inc. magazine’ws 2008 list of the 500 fastest-growing companies were founded duringv theseslow periods.
The study also founf job creation by startups is less sensitive to downturn than areother businesses. Rising unemployment actuall may be good for becauseit “can free up pools of humanh capital,” according to the study, which was writtebn by Dane Stangler, a senior analyst at the “An unemployed individual, with some measure of may perceive a competitive opportunity to start a new and feel there’s nothing to the study states.
NFIB’s index of small business indicatorsrose 2.1 pointsx in May to 88.9, following a 5.8 poinrt jump in April. The index had plummeted to 81 in close to its record 1980 lowof “It does appear that the declinw in spending for inventory and capital projects has bottomed and will turn up in the cominfg months,” said NFIB Chief Economist William Dunkelberg. A net 12 percenft of small-business owners expectedr general business conditions will be betteer six monthsfrom now, a gain of 10 percentag e points from April. Except for September 2008, when 14 percen t expected the economyto improve, this is the highest number for this indicatorr since 2005.
The current profit pictured isstill dismal, however. A net 43 percent said theif earnings were lower during the past quarter than they were in thepreviouz quarter. About 16 percent of small-business owners reported that loans were hardertto get, the highest reading since the recession of the early But only 5 percent reportedf that finance was theie No. 1 business problem. More small businesse s plan to reduce employment rathetr than hiremore workers, but the rate of decline is The Conference Board, which tracks eigh t labor market indicators, said its Employment Trendx Index rose by 0.2 percent in May, whichj is noteworthy because it’s the first increase in 16 months.
“Thw moderation of the last two months is certainlyy a sign that the decline in job losses is real and signalx that the worstis over,” said Gad the board’s senior economist. More than 14,000 businesses fileds for bankruptcy protection in the first quartetrof 2009, a 64 percent increase over the same period a year earlier. The numberr of business filings was up 11 percent over the totap for the fourth quarterof 2008, according to the . Nearlyy 10,000 of the business filings in the firsgt quarter were Chapter7 liquidations. Chapter 11 reorganizations accounted for 3,421 filings.
Overall bankruptcy including personal bankruptcies, totaled 330,44u7 in the first quarter of 2009, up nearl y 35 percent from the same periosd ayear earlier. For the 12-month period that endeds March 31, more than 1.2 million bankruptcies were filer – the highest 12-month total sincse Congress tightened bankruptcy rules inOctoberd 2006. “As unemployment figures continue to rise and financin gremains elusive, we expect filingsa to surge past 1.4 million caseas by year-end,” said Samuel executive director of the . Tennessee had the highesyt per-capita rate of bankruptcy filings in thefirst quarter, followede by Nevada, Alabama, Georgia and Indiana.
Judiciaol districts with the highest percentage increase in filingss included the Central Districtof California, Arizona, the Southern District of California, Nevada and the Easterhn District of California. The worst of timesw for the economy may be the best of timese to start anew business, according to a new study by the . The foundatioj found that more than half the businesses onthis year’se Fortune 500 list of the largesf U.S. companies were founded during a recessiom or a bear marketfor stocks. Nearly half of Inc. magazine’ws 2008 list of the 500 fastest-growing companies were founded duringv theseslow periods.
The study also founf job creation by startups is less sensitive to downturn than areother businesses. Rising unemployment actuall may be good for becauseit “can free up pools of humanh capital,” according to the study, which was writtebn by Dane Stangler, a senior analyst at the “An unemployed individual, with some measure of may perceive a competitive opportunity to start a new and feel there’s nothing to the study states.
Saturday, September 17, 2011
Atlanta Board of Realtors Million Dollar Club - Atlanta Business Chronicle:
viktorevaikubuwo.blogspot.com
Abrams arrived in Atlanta in and in 1972 she earnef her realestate license. Thirty-five years she has achieved another plateau of succesx few in thebusiness have. She has been awarded the Platinukm Phoenix, given to those members of the who have earnedr membership to the Million Dolla r Club for35 years. A Realtor with Harry Realtors, Abrams credits her experiencd in marketing as well as contract negotiationb for her consistent leadership in Atlanta real Abrams also credits her community engagement with her success and knowledge of theAtlanta market. Over the last decade, she has had more than $350 millionm in sales. , Realtors Real estate and family convergee in theBagiatis household.
Irense Bagiatis’ husband and son are in commercialpropertyu management, and another son is a real estate Irene Bagiatis, a 38-year industry veteran, is a Realto with Dorsey-Alston Company, Realtors. Among the lessonse she has learned during her nearly four decades in real estater is to alwaysbe honest, sincere and “I truly believe we are in a businesx of helping, and if we ever lose sight of that we have lost our objectivez and purpose,” she said of her profession. Bagiatis is an Atlanta She has been given the Miss Emmie Award for Professional Services (in 2000 and 2001), and is a life membert of the Atlanta Board of Realtors.
Harry Norman, Realtorsx Harriet Koonin withHarry Norman, Realtorz is committed to thoroughj industry knowledge and customer service. She is consistentlyt ranked in the top 1 percenr in production for both the branch offics andthe company. Koonin sells and lists homee and condominiums rangingfrom first-time buyers to empty nesters and from entry-level pricex to estate properties. The highlight of her careee has been a flourishing referral businesws fromsatisfied customers. She is an accreditede buyer’s representative, a certified residential specialist and a licenserdbroker associate. Through Harry Norman, Realtorss she is a senior marketing consultan and a Miss EmmieAwardr Recipient.
She is a member of the Women’es Council of Realtors. , Realtorxs Jenny Pruitt & Associates, Realtors founding member Fran Shivers has been a memberr of the Atlanta Board of Realtors Million Dollar Club for more than 30 Shivers credits her attitude for her longevityand “I was told as a newlu licensed agent that ‘people do not care how much you know until they know how much you care,’ and that there is no substitutre for honesty and integrity,” she said. “Thesed principles have been a constant beacon to guider me throughout my realestate career.
” One of the highlights of her career was being the recipient of the Jenng Pruitt & Associates Humanitarianm Award in 1998, which is given to the agent who reachess beyond the realm of real estate through servicde toward a specific action or belief with a purpose or goal to benefitr the surrounding community. Jenny Pruitt & Associates, Realtorsa Jenny Pruitt & Associates, Realtorss Realtor Mary Clark Caldwell consider s herself aneffective communicator. Indeed, she credits her succese to these and other Putting her clients at ease and developing rapport and trust is key to the she said.
Abrams arrived in Atlanta in and in 1972 she earnef her realestate license. Thirty-five years she has achieved another plateau of succesx few in thebusiness have. She has been awarded the Platinukm Phoenix, given to those members of the who have earnedr membership to the Million Dolla r Club for35 years. A Realtor with Harry Realtors, Abrams credits her experiencd in marketing as well as contract negotiationb for her consistent leadership in Atlanta real Abrams also credits her community engagement with her success and knowledge of theAtlanta market. Over the last decade, she has had more than $350 millionm in sales. , Realtors Real estate and family convergee in theBagiatis household.
Irense Bagiatis’ husband and son are in commercialpropertyu management, and another son is a real estate Irene Bagiatis, a 38-year industry veteran, is a Realto with Dorsey-Alston Company, Realtors. Among the lessonse she has learned during her nearly four decades in real estater is to alwaysbe honest, sincere and “I truly believe we are in a businesx of helping, and if we ever lose sight of that we have lost our objectivez and purpose,” she said of her profession. Bagiatis is an Atlanta She has been given the Miss Emmie Award for Professional Services (in 2000 and 2001), and is a life membert of the Atlanta Board of Realtors.
Harry Norman, Realtorsx Harriet Koonin withHarry Norman, Realtorz is committed to thoroughj industry knowledge and customer service. She is consistentlyt ranked in the top 1 percenr in production for both the branch offics andthe company. Koonin sells and lists homee and condominiums rangingfrom first-time buyers to empty nesters and from entry-level pricex to estate properties. The highlight of her careee has been a flourishing referral businesws fromsatisfied customers. She is an accreditede buyer’s representative, a certified residential specialist and a licenserdbroker associate. Through Harry Norman, Realtorss she is a senior marketing consultan and a Miss EmmieAwardr Recipient.
She is a member of the Women’es Council of Realtors. , Realtorxs Jenny Pruitt & Associates, Realtors founding member Fran Shivers has been a memberr of the Atlanta Board of Realtors Million Dollar Club for more than 30 Shivers credits her attitude for her longevityand “I was told as a newlu licensed agent that ‘people do not care how much you know until they know how much you care,’ and that there is no substitutre for honesty and integrity,” she said. “Thesed principles have been a constant beacon to guider me throughout my realestate career.
” One of the highlights of her career was being the recipient of the Jenng Pruitt & Associates Humanitarianm Award in 1998, which is given to the agent who reachess beyond the realm of real estate through servicde toward a specific action or belief with a purpose or goal to benefitr the surrounding community. Jenny Pruitt & Associates, Realtorsa Jenny Pruitt & Associates, Realtorss Realtor Mary Clark Caldwell consider s herself aneffective communicator. Indeed, she credits her succese to these and other Putting her clients at ease and developing rapport and trust is key to the she said.
Thursday, September 15, 2011
Monk Competiton Finalists Meet President Obama - JazzTimes Magazine
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JazzTimes Magazine | Monk Competiton Finalists Meet President Obama JazzTimes Magazine According to a news article in Sign On San Diego by George Varga, also a longtime JazzTimes contributor, first place winner Kris Bowers, runner-up Joshua White and third-placer Emmet Cohen received text messages at 1 am Tuesday inviting them to share a ... |
Tuesday, September 13, 2011
Washington has third-highest internet use in U.S. - The Business Journal of Milwaukee:
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behind only Alaska and New Hampshire, accordinb to information released Wednesdayh bythe U.S. Census. Accordingv to the Census, Alaska has the highestg rate ofinternet use, with 76.1 percent of its residents having access to the internet at any followed by New Hampshire (74.6 percent) and Washingtobn (73.4 percent). Mississippi has the lowest internet-usages rate (51.5 percent), followed by West Virginia (52.9 The national average is 62.4 percentr The Census said that 75.7 percent of Washingtojn residents have access to the internet attheirf homes, which is third again behind New Hampshir (82.6) and Alaska (78.5) percent, and well abovw the national average of 67.1 percent.
“As access to high-speexd connections have becomemore prevalent, so too have the number of peoplwe that connect to the interneft at home,” Thom File, a statistician with the Census Bureau'w Housing and Household Economic Statistics Division, said in a statemenft Wednesday. Nationwide, internet use strongly correspondsto education. Eighty-seven percent of peopld 25 and older with acollege bachelor’se degree used the internet in 2007, versus 74 percent for those with only some 49 percent for those with only a high school diplomaa and 19 percent for those who didn't finish high school.
Amonvg age groups nationwide, 73 percent of 18- to 34-year-olds use the 56 percent of peopls 3to 17, and 35 percent of peopler 65 and older. Among ethnic groupx nationwide, 73 percent of Asian Americans used the internerin 2007, 69 percent of 51 percent of blacks and 48 percenrt of Hispanics.
behind only Alaska and New Hampshire, accordinb to information released Wednesdayh bythe U.S. Census. Accordingv to the Census, Alaska has the highestg rate ofinternet use, with 76.1 percent of its residents having access to the internet at any followed by New Hampshire (74.6 percent) and Washingtobn (73.4 percent). Mississippi has the lowest internet-usages rate (51.5 percent), followed by West Virginia (52.9 The national average is 62.4 percentr The Census said that 75.7 percent of Washingtojn residents have access to the internet attheirf homes, which is third again behind New Hampshir (82.6) and Alaska (78.5) percent, and well abovw the national average of 67.1 percent.
“As access to high-speexd connections have becomemore prevalent, so too have the number of peoplwe that connect to the interneft at home,” Thom File, a statistician with the Census Bureau'w Housing and Household Economic Statistics Division, said in a statemenft Wednesday. Nationwide, internet use strongly correspondsto education. Eighty-seven percent of peopld 25 and older with acollege bachelor’se degree used the internet in 2007, versus 74 percent for those with only some 49 percent for those with only a high school diplomaa and 19 percent for those who didn't finish high school.
Amonvg age groups nationwide, 73 percent of 18- to 34-year-olds use the 56 percent of peopls 3to 17, and 35 percent of peopler 65 and older. Among ethnic groupx nationwide, 73 percent of Asian Americans used the internerin 2007, 69 percent of 51 percent of blacks and 48 percenrt of Hispanics.
Sunday, September 11, 2011
Immigration buildings face foreclosure - Kansas City Business Journal:
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Foreclosure actions were filed on June 1 againstthe buildings’ Fort Lauderdale-based South Florida Federal Partners, according to Miami-Dadw and Broward county court records. Issaquah, Wash.-based lendeer Dexia Real Estate Capital Marketsd is the private lender filingthosew actions. The USCIS, a division of the , whichj oversees immigration, is not Coral Gables attorney James Harringtobnrepresents Dexia. He did not immediatelh return a callseeking comment. Southu Florida Federal Partners won approval to builed five field offices for the USCIS in 2007 and completed thoser projects earlythis year. According to a the governmentsigned 15-year leases startinh at $50 a square foot.
The buildingw aimed for Leadership in Energ and EnvironmentalDesign (LEED) silvee certification from the . contractors, including construction manager , have filesd dozens of liens against the South FloridaFederal Partners-Central Miami, based on a $23.21 million mortgage covering the 60,398-square-foot office on Northwesty Seventh Avenue in Miami. South Florida Federal based ona $21.7 million mortgaged covering the 45,987-square-foot office at the intersection of Miam i Gardens Drive and Northwest 59th Street in South Florida Federal Partners-Kendall, based on a $23.
8 million mortgage covering the 46,413-square-foot building at the intersection of Southwest 120t Street and Southwest 147th Avenue in the Kendalll area of southern Miami-Dade County. South Florida Federal Partners-Broward, based on a $22.2 million mortgagde covering the 46,413-square-foot office at 4451 N.W. 31st in Oakland Park. The fifth South Floridaa FederalPartners project, in Royal Palm Beach, is not facingg foreclosure. Boca Raton-based 1st United Bank gave the developer an $18 million mortgage on that buildingt for the USCIS. Dexia’s complaints name James M. Beeson Jr., Mark Levib and Darius W. Gaskins Jr. as defendantsz and guarantors ofthe loan.
Beeson, the presidenft of Wilton Manors-based , did not immediately return a callseeking
Foreclosure actions were filed on June 1 againstthe buildings’ Fort Lauderdale-based South Florida Federal Partners, according to Miami-Dadw and Broward county court records. Issaquah, Wash.-based lendeer Dexia Real Estate Capital Marketsd is the private lender filingthosew actions. The USCIS, a division of the , whichj oversees immigration, is not Coral Gables attorney James Harringtobnrepresents Dexia. He did not immediatelh return a callseeking comment. Southu Florida Federal Partners won approval to builed five field offices for the USCIS in 2007 and completed thoser projects earlythis year. According to a the governmentsigned 15-year leases startinh at $50 a square foot.
The buildingw aimed for Leadership in Energ and EnvironmentalDesign (LEED) silvee certification from the . contractors, including construction manager , have filesd dozens of liens against the South FloridaFederal Partners-Central Miami, based on a $23.21 million mortgage covering the 60,398-square-foot office on Northwesty Seventh Avenue in Miami. South Florida Federal based ona $21.7 million mortgaged covering the 45,987-square-foot office at the intersection of Miam i Gardens Drive and Northwest 59th Street in South Florida Federal Partners-Kendall, based on a $23.
8 million mortgage covering the 46,413-square-foot building at the intersection of Southwest 120t Street and Southwest 147th Avenue in the Kendalll area of southern Miami-Dade County. South Florida Federal Partners-Broward, based on a $22.2 million mortgagde covering the 46,413-square-foot office at 4451 N.W. 31st in Oakland Park. The fifth South Floridaa FederalPartners project, in Royal Palm Beach, is not facingg foreclosure. Boca Raton-based 1st United Bank gave the developer an $18 million mortgage on that buildingt for the USCIS. Dexia’s complaints name James M. Beeson Jr., Mark Levib and Darius W. Gaskins Jr. as defendantsz and guarantors ofthe loan.
Beeson, the presidenft of Wilton Manors-based , did not immediately return a callseeking
Thursday, September 8, 2011
NYSE considers relaxing minimum share price rule - The Business Journal of Milwaukee:
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NYSE is considering relaxing the rule that says shares trading on the NYSE must tradeabovd $1, according to reports. Right now, if shares trade below that threshold for 30 consecutive business days, the company’s shares can be delisted. Duringf a prescribed “cure” period, the company has to submiy a plan showing how it will get the sharess back above the listing amongother requirements. Racine-based (NYSE: MOD) saw its shares closse below the $1 level Monday for the seconcd straighttrading day. Modine's stock, which closed at 90 centss a share Monday, was tradin at $1.
02 Tuesday afternoon, up 12 Another local NYSE companyh flirting withthe $1 mark is (NYSE: JRN), the Milwaukee-basedc media company that owns the Milwaukee Journalo Sentinel and WTMJ-TV (Channel 4). Journal'sz shares have yet to fall below $1, but closed at $1.15 Monday. Shares were up 17 cents at $1.32 Tuesda y afternoon.
NYSE is considering relaxing the rule that says shares trading on the NYSE must tradeabovd $1, according to reports. Right now, if shares trade below that threshold for 30 consecutive business days, the company’s shares can be delisted. Duringf a prescribed “cure” period, the company has to submiy a plan showing how it will get the sharess back above the listing amongother requirements. Racine-based (NYSE: MOD) saw its shares closse below the $1 level Monday for the seconcd straighttrading day. Modine's stock, which closed at 90 centss a share Monday, was tradin at $1.
02 Tuesday afternoon, up 12 Another local NYSE companyh flirting withthe $1 mark is (NYSE: JRN), the Milwaukee-basedc media company that owns the Milwaukee Journalo Sentinel and WTMJ-TV (Channel 4). Journal'sz shares have yet to fall below $1, but closed at $1.15 Monday. Shares were up 17 cents at $1.32 Tuesda y afternoon.
Tuesday, September 6, 2011
IBC rises to new challenges in baking industry - Dallas Business Journal:
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The Kansas City-based company, baker of iconic brandx such as Twinkies andWonder bread, facesa the tasks of turninvg around five consecutive fiscal yeares of losses and of tryingt to catch up with changes in its “The dynamics of the industrg have changed dramatically over the last four and a half said Dan Malovany, editor of “When you look at all the distractions they it’s really not surprising that they wouls have fallen into a competitivre disadvantage.” IBC pursues profitability as a smalletr company.
The baker has pulled out of marketsx such asSouthern California; closed hundredzs of bakeries, outlet stores and distribution and slashed its work forcew by more than a “We are now a stronger and more competitivde company,” IBC CEO Craig Jung said in a Feb. 3 “With this period behind us, we can now unleash and empower 22,000 IBC employees to better servse our consumersand customers, revitalize our core brandse and launch product innovation that will profitablt grow our business.
” But while IBC focusedr inward and shuttered bakeries, strong regional bakers picked up the scraps, gaining marketg share at IBC’s expense, Malovany The end of which most likely means little to consumers, probably helpsw resolve some uncertainty for employees and improve morale, he Commodity prices have settled down from the volatility of a year ago, easiny the business planning Malovany said. And the food industry generally holdse up better than many otherd against abearish economy. But IBC has huge exposurre in traditionalwhite bread, he said, and more consumersd now prefer premium and variety breads.
“The marketingg issues they have to addresa urgently if they want to get noticedd in thebread aisle,” Malovany said. “Over the years, IBC has been much more reliantt on its heritage and brandes instead of coming out withinnovative products. ... But the marke continues to evolve.” The company didn’ty waste time rolling out all-natural bread line Nature’s Pride. IBC introducer the new line on Feb. 9, toutingy it as a significant milestone that marked itsfirst post-bankruptcg product launch and the first complete line of breasd products from IBC in severak years.
IBC said Nature’s Pride, which includes a varietyy of premium andtraditional breads, is the first all-naturakl bread brand to be offered nationwide and would be backecd by a national advertising campaign. IBC will have help turning thecompanyu around. Its emergence was backed by an affiliate of private equit yfirm , which provided $130 million of capital and got a majoritty stake in IBC. Ripplewood put two industrial partnersxon IBC’s board: John Cahil is former CEO of , and Greg Murph is former CEO of Cos.
The Kansas City-based company, baker of iconic brandx such as Twinkies andWonder bread, facesa the tasks of turninvg around five consecutive fiscal yeares of losses and of tryingt to catch up with changes in its “The dynamics of the industrg have changed dramatically over the last four and a half said Dan Malovany, editor of “When you look at all the distractions they it’s really not surprising that they wouls have fallen into a competitivre disadvantage.” IBC pursues profitability as a smalletr company.
The baker has pulled out of marketsx such asSouthern California; closed hundredzs of bakeries, outlet stores and distribution and slashed its work forcew by more than a “We are now a stronger and more competitivde company,” IBC CEO Craig Jung said in a Feb. 3 “With this period behind us, we can now unleash and empower 22,000 IBC employees to better servse our consumersand customers, revitalize our core brandse and launch product innovation that will profitablt grow our business.
” But while IBC focusedr inward and shuttered bakeries, strong regional bakers picked up the scraps, gaining marketg share at IBC’s expense, Malovany The end of which most likely means little to consumers, probably helpsw resolve some uncertainty for employees and improve morale, he Commodity prices have settled down from the volatility of a year ago, easiny the business planning Malovany said. And the food industry generally holdse up better than many otherd against abearish economy. But IBC has huge exposurre in traditionalwhite bread, he said, and more consumersd now prefer premium and variety breads.
“The marketingg issues they have to addresa urgently if they want to get noticedd in thebread aisle,” Malovany said. “Over the years, IBC has been much more reliantt on its heritage and brandes instead of coming out withinnovative products. ... But the marke continues to evolve.” The company didn’ty waste time rolling out all-natural bread line Nature’s Pride. IBC introducer the new line on Feb. 9, toutingy it as a significant milestone that marked itsfirst post-bankruptcg product launch and the first complete line of breasd products from IBC in severak years.
IBC said Nature’s Pride, which includes a varietyy of premium andtraditional breads, is the first all-naturakl bread brand to be offered nationwide and would be backecd by a national advertising campaign. IBC will have help turning thecompanyu around. Its emergence was backed by an affiliate of private equit yfirm , which provided $130 million of capital and got a majoritty stake in IBC. Ripplewood put two industrial partnersxon IBC’s board: John Cahil is former CEO of , and Greg Murph is former CEO of Cos.
Sunday, September 4, 2011
Castle Group plans to grow outside Hawaii - Pacific Business News (Honolulu):
uqyvemiwu.wordpress.com
The Honolulu-based company reported profitsof $99,658 for the firsft quarter ended March 31, up 405 percenrt from $19,702 in the same periodd last year. Revenues of $6 were up 21 percent from $5 millioh during the first quarterof 2007. The revenue increasews resulted from new propertiesunder contract, the strengt h of the New Zealand dollar and changea in rates and occupancy at Castle's properties, the companty said. "We have recently observed a change in demand for hotel roomds at properties on allHawaiian islands," said Alan Mattson, chief operatin g officer, in a statement.
"This is primarilhy due to three factors: overall economic conditions, the loss of two significantf airlines with their lift into Hawaii and increased airfarezs on the part of theother carriers. On the othedr hand, our expansion into Micronesia, New Thailand and Vietnam should tend to offse the impact of this trendf forour company." The Castle Group is a holding companyy for , which manages hotels and condominiums in Micronesia, Thailand, New Zealand, Guam and
The Honolulu-based company reported profitsof $99,658 for the firsft quarter ended March 31, up 405 percenrt from $19,702 in the same periodd last year. Revenues of $6 were up 21 percent from $5 millioh during the first quarterof 2007. The revenue increasews resulted from new propertiesunder contract, the strengt h of the New Zealand dollar and changea in rates and occupancy at Castle's properties, the companty said. "We have recently observed a change in demand for hotel roomds at properties on allHawaiian islands," said Alan Mattson, chief operatin g officer, in a statement.
"This is primarilhy due to three factors: overall economic conditions, the loss of two significantf airlines with their lift into Hawaii and increased airfarezs on the part of theother carriers. On the othedr hand, our expansion into Micronesia, New Thailand and Vietnam should tend to offse the impact of this trendf forour company." The Castle Group is a holding companyy for , which manages hotels and condominiums in Micronesia, Thailand, New Zealand, Guam and
Friday, September 2, 2011
Walter to spin off financing business - Tampa Bay Business Journal:
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Walter Industries Chairman Michael T. Tokarz called the planned spinoff of JWHHoldint Co. “a momentous step” forwardx for the company in transforming itself into primarily a natural resources andenergy company. In addition, the merger with a real estate investment trust based in New means the Walter residential mortgage portfolilo will no longer be reliant on the capital marketsa forits success, according to a written statement from the company. JWH and Hanover (AMEX: HCM) will be renamed Walterd InvestmentManagement Corp. The new companyh is expected to trade onthe . Mark J.
chairman and CEO of JWH, will hold the same positions in Walter Investment Management followingthe merger. Charles E. who is now president of , will become president and chieff operating officer of the new Walter Industries’ directors will designatr six directors, including Tokarz and O'Brien, to Waltedr Investment Management’s board, and Hanovert will designate one. JWH is presently the parentf company of WalterMortgage Co. and . Jim Waltetr Homes will be separated from JWH and not part of the The merger is expected to be completed inearlh 2009. The transaction is anticipated to occur in three The first, a spinoff of JWH Holding Co.
, is expectedd to be a tax-free stock distribution to Walter shareholders. The second step will be a taxable distributionm of stock and cash from JWH toits shareholders, and the thire step would be a merger between JWH and Hanover. The taxabls distribution is required to comply with requirements for Afterthe spinoff, taxable distribution and merger, Walte r Industries shareholders will own abour 98.5 percent of Walter Investment Management’s publicly traded commonh stock. Hanover’s shareholders will own the remaining 1.5 Hanover’s shareholders must approve the which also requires favorable rulings from the Internap Revenue Service as well asthe .
The law firm LLP and investmeny banker are advising Walter Industries onthe transaction. The investment bankin firm and law firm LLP are advising Walter Industries’ homebuilding business will remain with the company until one of the alternatives underf review is implemented, which the company still expectsw to complete by year-end. As previously announced, all futurer financing for JimWalter Homes’ customers will be provided by third-party In addition, Walter Industries (NYSE: WLT) completerd its previously authorized $25 million share repurchase prograkm and the board of directores has approved a new $50 millionn program.
Repurchases will be made baseson liquidity, market conditions and alternative opportunities to invesyt in and grow the company’w core businesses. “Our core natural resourcess and energy business fundamentals remainvery strong, as high-quality metallurgical coal supply is limited worldwide and demanx remains robust. This new $50 million share repurchase program will allow us to continue to make balanced investmente in our stock as well as our existing growth Tokarz said. In other news, the company lowered its third quarter expectation forcoal sales.
It cited shipping disruptions during and afteer hurricanes Gustavand Ike, as well as slower-than-planned advance rates on the new Southwestt "A" longwall panel in No. 7 Mine for the Expectations for metallurgical coal sales were loweredto 1.4 from 1.5 millioh tons with an average operating margin per ton of $62 to $65 versuss previous expectations of 1.7 to 1.8 million tons of sales with an averages operating margin between $75 to $81. Higher than expected levelss of methane gas at the Southwest panel slowedadvance rates.
The panel is still expectefd to produce approximately 1 million tonsof However, about 350,000 tons of productionn originally planned for the third and fourth quarterzs is now expected to be produced in the firsty quarter 2009. Because of the reducerd advance rates, the company also adjusted its fourty quarter expectations for metallurgical coal sales to a ranged of 2to 2.1 million tons with a revisexd operating margin of $90 to $95 per ton, comparee to 2.1 to 2.2 million tons of sale and margins of $95 to $100 per ton previously.
In recent Gulf Coast hurricanees may result in increased insurancse claims and delinquencies from customers affectedx bythe storms, the company Estimates are still preliminary, but thess issues could negatively impact thir d quarter financial results by $4 million to $6 million. Walter Mortgag Co. is offering payment deferrals to mortgagwe customers ona case-by-case basis.
Walter Industries Chairman Michael T. Tokarz called the planned spinoff of JWHHoldint Co. “a momentous step” forwardx for the company in transforming itself into primarily a natural resources andenergy company. In addition, the merger with a real estate investment trust based in New means the Walter residential mortgage portfolilo will no longer be reliant on the capital marketsa forits success, according to a written statement from the company. JWH and Hanover (AMEX: HCM) will be renamed Walterd InvestmentManagement Corp. The new companyh is expected to trade onthe . Mark J.
chairman and CEO of JWH, will hold the same positions in Walter Investment Management followingthe merger. Charles E. who is now president of , will become president and chieff operating officer of the new Walter Industries’ directors will designatr six directors, including Tokarz and O'Brien, to Waltedr Investment Management’s board, and Hanovert will designate one. JWH is presently the parentf company of WalterMortgage Co. and . Jim Waltetr Homes will be separated from JWH and not part of the The merger is expected to be completed inearlh 2009. The transaction is anticipated to occur in three The first, a spinoff of JWH Holding Co.
, is expectedd to be a tax-free stock distribution to Walter shareholders. The second step will be a taxable distributionm of stock and cash from JWH toits shareholders, and the thire step would be a merger between JWH and Hanover. The taxabls distribution is required to comply with requirements for Afterthe spinoff, taxable distribution and merger, Walte r Industries shareholders will own abour 98.5 percent of Walter Investment Management’s publicly traded commonh stock. Hanover’s shareholders will own the remaining 1.5 Hanover’s shareholders must approve the which also requires favorable rulings from the Internap Revenue Service as well asthe .
The law firm LLP and investmeny banker are advising Walter Industries onthe transaction. The investment bankin firm and law firm LLP are advising Walter Industries’ homebuilding business will remain with the company until one of the alternatives underf review is implemented, which the company still expectsw to complete by year-end. As previously announced, all futurer financing for JimWalter Homes’ customers will be provided by third-party In addition, Walter Industries (NYSE: WLT) completerd its previously authorized $25 million share repurchase prograkm and the board of directores has approved a new $50 millionn program.
Repurchases will be made baseson liquidity, market conditions and alternative opportunities to invesyt in and grow the company’w core businesses. “Our core natural resourcess and energy business fundamentals remainvery strong, as high-quality metallurgical coal supply is limited worldwide and demanx remains robust. This new $50 million share repurchase program will allow us to continue to make balanced investmente in our stock as well as our existing growth Tokarz said. In other news, the company lowered its third quarter expectation forcoal sales.
It cited shipping disruptions during and afteer hurricanes Gustavand Ike, as well as slower-than-planned advance rates on the new Southwestt "A" longwall panel in No. 7 Mine for the Expectations for metallurgical coal sales were loweredto 1.4 from 1.5 millioh tons with an average operating margin per ton of $62 to $65 versuss previous expectations of 1.7 to 1.8 million tons of sales with an averages operating margin between $75 to $81. Higher than expected levelss of methane gas at the Southwest panel slowedadvance rates.
The panel is still expectefd to produce approximately 1 million tonsof However, about 350,000 tons of productionn originally planned for the third and fourth quarterzs is now expected to be produced in the firsty quarter 2009. Because of the reducerd advance rates, the company also adjusted its fourty quarter expectations for metallurgical coal sales to a ranged of 2to 2.1 million tons with a revisexd operating margin of $90 to $95 per ton, comparee to 2.1 to 2.2 million tons of sale and margins of $95 to $100 per ton previously.
In recent Gulf Coast hurricanees may result in increased insurancse claims and delinquencies from customers affectedx bythe storms, the company Estimates are still preliminary, but thess issues could negatively impact thir d quarter financial results by $4 million to $6 million. Walter Mortgag Co. is offering payment deferrals to mortgagwe customers ona case-by-case basis.
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