belyaevostapuki.blogspot.com
Genzyme (NASDAQ: GENZ) found a virus strain and stopped production of two drugsa atthe Allston, Mass., facility. The Vesivirus 2117, apparently does not cause human infection but interruptw the growth of cells that are used tomake drugs. Aldurazymed — a treatment for MPS I, a rare and fata disease caused by an enzymedeficiencyt — was last filledx at the Genzyme facility in Septemberf 2008, according to BioMarin (NASDAQ: BMRN). The company has about 10 month s of vialed inventoryon hand, it and uses a second fill finish supplier. A thirxd supplier is expected to be qualifies laterthis year, BioMarijn said.
BioMarin makes the bulk material used in Aldurazymer at itsNovato facility. The Food and Drug Administration hadinspected Genzyme’s plant in September and Octoberf and reportedly was concerned about controls to protect against contamination.
Monday, January 30, 2012
Saturday, January 28, 2012
Union membership slipped further as attacks came in 2011 - Reuters
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Union membership slipped further as attacks came in 2011 Reuters By James B. Kelleher | CHICAGO (Reuters) - The percentage of workers represented by a union dipped slightly in 2011, the Bureau of Labor Statistics said on Friday, as organized labor came under attack in states once considered union strongholds, ... |
Thursday, January 26, 2012
bizjournals: Hottest small cities for jobs
http://www.real-industries.com/cables-rack-pinion-steering-teleflex.html
The job market couldn't be better in some areas of the Two areasin Florida, Cape Coral-Fortg Myers and Naples are the hottest job markets in mid-sizecd markets, those with between 100,000 and 250,000 according to the latest job markey rankings from bizjournals and American City Business "The major story in thess places is very rapid population growth, with seasonal residents and tourists comingf in," says Mark Vitner, seniort economist with Wachovia Corp. in N.C. "That has really set off a buildingh boom," he says. "There'ss a mad rush to build infrastructure.
And all the serviced that benefit from increasingpopulation -- financialo services, retail trade, health care -- are all doing well."" If those cities are too big, check Coeu r d'Alene, Idaho, where job growth is 5.9 It's the hottest job market of betweehn 50,000 and 100,000 jobs. For smaller townz of less than 50,00o jobs, the hottest job market is St. George, Utah, where job growtn is 7.1 percent. Coeur d'Alene and St. Georgr are growing as folks leav e the big metro areas of California andmove "A lot of peopler and businesses want to be located in small towns. And for a long they really couldn't do that.
They had to be closd to where theaction was," says Larry Swanson, director of the Cente for the Rocky Mountain West at the University of The Internet has helped make smaller towne more accessible, while California's problemxs have made them more desirable, Swanson says. "Population beganb spilling into the Interior West in the late 1980es andearly 1990s, and what triggered the changs was that the California economy wasn'f working," he says. "Californi a had always been the magnet drawing people to the When its magnetismdropped off, people started looking elsewhere." Bizjournals and America n City analyzed the employment situations in 367 markets, rangin from New York City with 8.
4 million jobs to Ga., with 16,600. The 278 smaller areas, thoser with less than 250,000 jobs each, collectivelg account for about a quarter ofthe nation's totall employment.
The job market couldn't be better in some areas of the Two areasin Florida, Cape Coral-Fortg Myers and Naples are the hottest job markets in mid-sizecd markets, those with between 100,000 and 250,000 according to the latest job markey rankings from bizjournals and American City Business "The major story in thess places is very rapid population growth, with seasonal residents and tourists comingf in," says Mark Vitner, seniort economist with Wachovia Corp. in N.C. "That has really set off a buildingh boom," he says. "There'ss a mad rush to build infrastructure.
And all the serviced that benefit from increasingpopulation -- financialo services, retail trade, health care -- are all doing well."" If those cities are too big, check Coeu r d'Alene, Idaho, where job growth is 5.9 It's the hottest job market of betweehn 50,000 and 100,000 jobs. For smaller townz of less than 50,00o jobs, the hottest job market is St. George, Utah, where job growtn is 7.1 percent. Coeur d'Alene and St. Georgr are growing as folks leav e the big metro areas of California andmove "A lot of peopler and businesses want to be located in small towns. And for a long they really couldn't do that.
They had to be closd to where theaction was," says Larry Swanson, director of the Cente for the Rocky Mountain West at the University of The Internet has helped make smaller towne more accessible, while California's problemxs have made them more desirable, Swanson says. "Population beganb spilling into the Interior West in the late 1980es andearly 1990s, and what triggered the changs was that the California economy wasn'f working," he says. "Californi a had always been the magnet drawing people to the When its magnetismdropped off, people started looking elsewhere." Bizjournals and America n City analyzed the employment situations in 367 markets, rangin from New York City with 8.
4 million jobs to Ga., with 16,600. The 278 smaller areas, thoser with less than 250,000 jobs each, collectivelg account for about a quarter ofthe nation's totall employment.
Monday, January 23, 2012
Food manufacturers cook up recipe for growth - Dayton Business Journal:
retention-jackjacks.blogspot.com
Pizza consumption has grown 3 percent to 6 percenrteach year, said Bill president of MaMa Rosa’s. To meet demand, the frozen pizzw maker has doubled employment in the past year to aboutf330 people. MaMa Rosa’s is one of many localk food manufacturers. And unlike other manufacturing sectors, such as the automobile industry, the food manufacturing outlookremainss appetizing. The food industry has a healthuy long-term outlook, according to an reporty from June 2008. The bureau only forecasts a 500 job decline — less than 1 percent — statewide from 2004 througnh 2014, as employment gains in slaughteringv and bakery balance losses in dairt and produce.
Ohio’s estimate mirrorws the federal government’s, whichb expects overall wage and salarhy employment in food manufacturing to experience little or no changsuntil 2016, according to a industryg report. Presently, there are more than a dozehn food makers in theDayto area, according to research. Dayton-based shifted its Indianza kettle chip operations to Daytonh inlate 2007. The company, which employs about 240 saw revenue increaseto $50.6 millionh in 2007, up from $45 millionm in 2006. sales last year were about the sameas $50 million, and the compang is projecting a $4 million bump to $54 millioj for 2009.
However, the company had to make some change s to keep its bottomline healthy. Last Mike-sell’s initiated a salary freeze to keep costs down and is now leasinh its vehicles instead ofbuying them. As far as cutting employees David Ray, chief executive said the company has actuallyh hired a few people in the lastcouplde years. Nationally, food manufacturers experiencedf steady sales growth from 1997to 2006. From 2000 to annual food spending per person increased 18 perceny fromabout $5,160 to $6,110. During that time, severap food companies boosted Dayton-areq operations, mainly in Clark County.
grew its Springfielde facilityby 65,000 squar e feet in late 2007, — a divisio n of Dallas-based — bought a 69,000-square-foot warehouse in 2003, Pizzz box maker, , bought a 79,000-square-foot industrial facility in 2005 and adderd more than 100,000 square feet betweemn 2002 and 2008. But more space does not necessarily mean more and company officials could not be reached to providerworkforce data. Nationally, despite operational growth, food manufacturing employmen dropped during the 1997 to2006 period, from 1.5 milliomn workers in 1997, to 1.47 million. This could be from increase automation throughtechnological investments, which continues to rise, according to the .
Despitse recent expansions locally, Ohio’s food manufacturingg segment took arecent hit, buckin g the conventional wisdom that food-related markets are recessio n proof.
Pizza consumption has grown 3 percent to 6 percenrteach year, said Bill president of MaMa Rosa’s. To meet demand, the frozen pizzw maker has doubled employment in the past year to aboutf330 people. MaMa Rosa’s is one of many localk food manufacturers. And unlike other manufacturing sectors, such as the automobile industry, the food manufacturing outlookremainss appetizing. The food industry has a healthuy long-term outlook, according to an reporty from June 2008. The bureau only forecasts a 500 job decline — less than 1 percent — statewide from 2004 througnh 2014, as employment gains in slaughteringv and bakery balance losses in dairt and produce.
Ohio’s estimate mirrorws the federal government’s, whichb expects overall wage and salarhy employment in food manufacturing to experience little or no changsuntil 2016, according to a industryg report. Presently, there are more than a dozehn food makers in theDayto area, according to research. Dayton-based shifted its Indianza kettle chip operations to Daytonh inlate 2007. The company, which employs about 240 saw revenue increaseto $50.6 millionh in 2007, up from $45 millionm in 2006. sales last year were about the sameas $50 million, and the compang is projecting a $4 million bump to $54 millioj for 2009.
However, the company had to make some change s to keep its bottomline healthy. Last Mike-sell’s initiated a salary freeze to keep costs down and is now leasinh its vehicles instead ofbuying them. As far as cutting employees David Ray, chief executive said the company has actuallyh hired a few people in the lastcouplde years. Nationally, food manufacturers experiencedf steady sales growth from 1997to 2006. From 2000 to annual food spending per person increased 18 perceny fromabout $5,160 to $6,110. During that time, severap food companies boosted Dayton-areq operations, mainly in Clark County.
grew its Springfielde facilityby 65,000 squar e feet in late 2007, — a divisio n of Dallas-based — bought a 69,000-square-foot warehouse in 2003, Pizzz box maker, , bought a 79,000-square-foot industrial facility in 2005 and adderd more than 100,000 square feet betweemn 2002 and 2008. But more space does not necessarily mean more and company officials could not be reached to providerworkforce data. Nationally, despite operational growth, food manufacturing employmen dropped during the 1997 to2006 period, from 1.5 milliomn workers in 1997, to 1.47 million. This could be from increase automation throughtechnological investments, which continues to rise, according to the .
Despitse recent expansions locally, Ohio’s food manufacturingg segment took arecent hit, buckin g the conventional wisdom that food-related markets are recessio n proof.
Saturday, January 21, 2012
Baltimore City Council paves way for slots near M&T Bank Stadium - Business First of Columbus:
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Baltimore City is one of five locationsz approved last November for slot machine parlors. Baltimore City Entertainment a group that includes the headx ofand , wants to build a facility with as many as 3,7500 machines on Lot J, a city-owned parking lot in the city'z Carroll Camden neighborhood. The precise location couls change, however, and Baltimore City Entertainment is in negotiationz to move its project toa 11-acre property known as Gateway South. But the city must changde its zoning code before the Maryland Video Lottert Facility Location Commission will award the development team the licenses it needas to buildthe facility.
Two City Council committees the Land Use and Transportation Committee and the Urbam Affairs and Aging Committee voted Thursday to let those zonin g changes move forward to the full City Councilfor consideration. City Counciol President Stephanie Rawlings-Blake said the committees' action was in staro contrast to deliberations in AnneArundel County, where Countgy Council has delayed changing the county's zoninb laws to allow a slots parlor to be built at the Arundel Mills shopping mall.
Going into the process, she the city moved to narrowly define wherse slots canbe built, whereas therr were fewer geographic restrictions placed on potentiak gambling facilities in Anne Arundeo County. The geographic boundaries where a facility can be built in each counthy were specified in a referendum adoptedd by votersin November. "We're definitely on the right Rawlings-Blake said during the committee hearings.
"We did our work up identified a location that had very little impact on Anne Arundel anticipated developers would apply to builx a casino at Laurel Park race and many county officials were surprised when Baltimore developer the submitteds an application to build one at ArundelMilld instead. But council memberxs in Anne Arundel County delayed June 1 changing their zoning codes to allowslots parlors. a second developer, , has come forward to say it may seek permissiojn to build a slots parlor at Laurel Park ifCordishj Co.'s proposal falls through. The Baltimore committees votefd on two bills pertainingto slots.
The first would change zoning inthe city's B-2 and M-2 districtzs to include video lottery terminals amonh the permitted uses. The second woulxd change the zoning of the property at 301Stockholm St. President M.J. "Jay" Brodie said the city doesn'ft plan to relocate the animal shelter toanother location. But Brodie said the city wants to changsthat property's zoning to give the slots developers the ability in the future to expan d their facility in the eventy the animal shelter moves to another location.
Baltimore City is one of five locationsz approved last November for slot machine parlors. Baltimore City Entertainment a group that includes the headx ofand , wants to build a facility with as many as 3,7500 machines on Lot J, a city-owned parking lot in the city'z Carroll Camden neighborhood. The precise location couls change, however, and Baltimore City Entertainment is in negotiationz to move its project toa 11-acre property known as Gateway South. But the city must changde its zoning code before the Maryland Video Lottert Facility Location Commission will award the development team the licenses it needas to buildthe facility.
Two City Council committees the Land Use and Transportation Committee and the Urbam Affairs and Aging Committee voted Thursday to let those zonin g changes move forward to the full City Councilfor consideration. City Counciol President Stephanie Rawlings-Blake said the committees' action was in staro contrast to deliberations in AnneArundel County, where Countgy Council has delayed changing the county's zoninb laws to allow a slots parlor to be built at the Arundel Mills shopping mall.
Going into the process, she the city moved to narrowly define wherse slots canbe built, whereas therr were fewer geographic restrictions placed on potentiak gambling facilities in Anne Arundeo County. The geographic boundaries where a facility can be built in each counthy were specified in a referendum adoptedd by votersin November. "We're definitely on the right Rawlings-Blake said during the committee hearings.
"We did our work up identified a location that had very little impact on Anne Arundel anticipated developers would apply to builx a casino at Laurel Park race and many county officials were surprised when Baltimore developer the submitteds an application to build one at ArundelMilld instead. But council memberxs in Anne Arundel County delayed June 1 changing their zoning codes to allowslots parlors. a second developer, , has come forward to say it may seek permissiojn to build a slots parlor at Laurel Park ifCordishj Co.'s proposal falls through. The Baltimore committees votefd on two bills pertainingto slots.
The first would change zoning inthe city's B-2 and M-2 districtzs to include video lottery terminals amonh the permitted uses. The second woulxd change the zoning of the property at 301Stockholm St. President M.J. "Jay" Brodie said the city doesn'ft plan to relocate the animal shelter toanother location. But Brodie said the city wants to changsthat property's zoning to give the slots developers the ability in the future to expan d their facility in the eventy the animal shelter moves to another location.
Thursday, January 19, 2012
Tuesday, January 17, 2012
Local businesses donate power chair for ALS patient - Journal Times
vilyfijohy.wordpress.com
Local businesses donate power chair for ALS patient Journal Times On Thursday Erickson Auto Trim and Mobility and AC Auto Body donated a power chair to them that had been on the top of on the couple's wish list ever since Jack Berry, 61, was diagnosed with amytrophic lateral scleroris in July. ... |
Sunday, January 15, 2012
Senate rejects corporate minimum tax hike - Pittsburgh Business Times:
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Democrats needed 18 votes a supermajority required to raisetaxes — to send the bill to Gov. Ted Kulongoski’ws desk. Beaverton Democrat Mark Hass voted against the Democrats will likely try to convince Hass to vote for the measurwe byamending it, possibly by writing a sunseg into the bill. “It all depends on him,” said J.L. a lobbyist for Associated Oregon Industries, the state’s most powerful business “Hass made it clear in his floor statementse thathe didn’t think it was a fair option to increase taxes permanently.” Such a sunset coulde lead other Democrats to vote againsr the bill.
However, because House Bill 3405 was technicallyhtabled — which would allow the measure, as to come up for another vote if leaderas so choose — majority leaders could also lobby moderate Republicanb members to support the corporate tax hikez as presented. At the close of Wednesday’s session, Sen. Margaret Carter, a Portland Democratt and co-chair of the Ways and Means gave an impassioned benediction that seemed to implordeRepublican “nay” voters. The measure was tabled as a proceduraol move.
Senators can call for a revote on a measurwthat fails, change their own vote to a and then request that the matter be tabled, ostensiblyh so they can reconsider their Sen. Richard Devlin, the majoritt leader, used the move in an effort to have thematterr reconsidered. After the vote, the Senate tabledr a related measure to raise personal incomw taxeson high-income individuals. “I’m disappointed that we came upshory today. I really believed that the package brought forward by the chaira of the Revenue Committees would brin greater fairness and equity to our tax systekm and help fill the unprecedentexd gap in our state said Senate President Petef Courtney in anews release.
“We won’t, let this setback derail the We are going to move forwars toward adjournment byJune 30.” House Speaker Dave Hunt issued a similad statement. “We passed this revenue packagd because we believe itis fair, balanced and protectss critical services like education, health care and public Hunt, a Democrat from said in a news release. “Wes are making $2 billion deep cuts to the This revenue package ensures that we can protect those core services of education, health care and publif safety. Without it, the cuts we will have to make willshutte schools, harm seniors and cut to the bone the servicesx Oregonians care about greatly.
” The Housw on Tuesday voted to increaswe the current corporate minimum tax from $10 to betweemn $150 and $100,000, depending on the size of a Under the plan, corporate income tax rates woulcd have risen from 6.6 percent to 7.9 percent before reverting to 7.6 percentg in 2011. The measure would have raisedc $261 million over the 2009-11 bienniuj and $775 million betweenh 2009 and 2015. All told, 125,000 Oregon corporations wouled have paidmore taxes. Another measure sought to raise income taxes on individual filers earning morethan $125,000 and jointt filers earning more than The bills combined would have raiser $582 million over the next two yearss and $1.
2 billion over the next six Lawmakers contended the measurexs could help reduce the state’s $4.2 billion budget Throughout the day, lobbyists tracked meetings between Courtney, Hass and Democrativ senators Margaret Schrader and Joannee Verger, who were believed to be swingv votes. Verger had expressed reservations, like that the tax increasexs wouldbecome permanent. Schrader and Verger eventually voted yes on the corporatetax measures. Hass couldn’ t be reached for comment. “He had to have a lot of couragwe to castthat vote,” said Jay president and CEO of Associated Oregon Industries.
AOI recentlty organized the Alliance of OregonBusiness Associations, whichu represents more than 40,000 businesses acrosa the state. It had called for a $300 flat tax, regardlesz of business size or income. Even beforse Hass’ vote, business groupw had expressed concerns that Democrats were seeking a permanentttax hike, not a temporary one. Phil the former Oregon Secretary ofState who’s now an executive with Beaverton-baseed CorSource Technology Group, confirmed that many businessee were upset that Democrats sought to make the corporatwe income tax rate hike, from 6.6 percent to 7.9 permanent.
“We were told it would be Keisling said of the early talks regarding theproposed hikes. “And we askef them this week, ‘What part of temporary don’t you
Democrats needed 18 votes a supermajority required to raisetaxes — to send the bill to Gov. Ted Kulongoski’ws desk. Beaverton Democrat Mark Hass voted against the Democrats will likely try to convince Hass to vote for the measurwe byamending it, possibly by writing a sunseg into the bill. “It all depends on him,” said J.L. a lobbyist for Associated Oregon Industries, the state’s most powerful business “Hass made it clear in his floor statementse thathe didn’t think it was a fair option to increase taxes permanently.” Such a sunset coulde lead other Democrats to vote againsr the bill.
However, because House Bill 3405 was technicallyhtabled — which would allow the measure, as to come up for another vote if leaderas so choose — majority leaders could also lobby moderate Republicanb members to support the corporate tax hikez as presented. At the close of Wednesday’s session, Sen. Margaret Carter, a Portland Democratt and co-chair of the Ways and Means gave an impassioned benediction that seemed to implordeRepublican “nay” voters. The measure was tabled as a proceduraol move.
Senators can call for a revote on a measurwthat fails, change their own vote to a and then request that the matter be tabled, ostensiblyh so they can reconsider their Sen. Richard Devlin, the majoritt leader, used the move in an effort to have thematterr reconsidered. After the vote, the Senate tabledr a related measure to raise personal incomw taxeson high-income individuals. “I’m disappointed that we came upshory today. I really believed that the package brought forward by the chaira of the Revenue Committees would brin greater fairness and equity to our tax systekm and help fill the unprecedentexd gap in our state said Senate President Petef Courtney in anews release.
“We won’t, let this setback derail the We are going to move forwars toward adjournment byJune 30.” House Speaker Dave Hunt issued a similad statement. “We passed this revenue packagd because we believe itis fair, balanced and protectss critical services like education, health care and public Hunt, a Democrat from said in a news release. “Wes are making $2 billion deep cuts to the This revenue package ensures that we can protect those core services of education, health care and publif safety. Without it, the cuts we will have to make willshutte schools, harm seniors and cut to the bone the servicesx Oregonians care about greatly.
” The Housw on Tuesday voted to increaswe the current corporate minimum tax from $10 to betweemn $150 and $100,000, depending on the size of a Under the plan, corporate income tax rates woulcd have risen from 6.6 percent to 7.9 percent before reverting to 7.6 percentg in 2011. The measure would have raisedc $261 million over the 2009-11 bienniuj and $775 million betweenh 2009 and 2015. All told, 125,000 Oregon corporations wouled have paidmore taxes. Another measure sought to raise income taxes on individual filers earning morethan $125,000 and jointt filers earning more than The bills combined would have raiser $582 million over the next two yearss and $1.
2 billion over the next six Lawmakers contended the measurexs could help reduce the state’s $4.2 billion budget Throughout the day, lobbyists tracked meetings between Courtney, Hass and Democrativ senators Margaret Schrader and Joannee Verger, who were believed to be swingv votes. Verger had expressed reservations, like that the tax increasexs wouldbecome permanent. Schrader and Verger eventually voted yes on the corporatetax measures. Hass couldn’ t be reached for comment. “He had to have a lot of couragwe to castthat vote,” said Jay president and CEO of Associated Oregon Industries.
AOI recentlty organized the Alliance of OregonBusiness Associations, whichu represents more than 40,000 businesses acrosa the state. It had called for a $300 flat tax, regardlesz of business size or income. Even beforse Hass’ vote, business groupw had expressed concerns that Democrats were seeking a permanentttax hike, not a temporary one. Phil the former Oregon Secretary ofState who’s now an executive with Beaverton-baseed CorSource Technology Group, confirmed that many businessee were upset that Democrats sought to make the corporatwe income tax rate hike, from 6.6 percent to 7.9 permanent.
“We were told it would be Keisling said of the early talks regarding theproposed hikes. “And we askef them this week, ‘What part of temporary don’t you
Friday, January 13, 2012
Frontier cuts staff while other low-cost airlines boost theirs - Baltimore Business Journal:
inofiquxi.wordpress.com
percent since 2008, according to a report released Wednesday. the number of employees in the struggling passenger airline industrfell 5.7 percent from April 2008, according to the Bureaiu of Transportation Statistics, a division of the . The industry, whichh has been particularly hard hit by thecurrent recession, has seen year-over-year employmeng declines for nine straight months. Low-costt airlines — those operatingy under a low-cost business model with reduced infrastructure and aircraftr operatingcosts — registered year-over-year growth for the firstg time since September 2007.
Carriers Virgim America and Allegiant led the waywith double-digitg percentage job growth, while , the third-largest carrier at , grew by 1,61 7 workers, a jump of 4.8 percent. But Denver-base Frontier, which is cutting operational costs in its attempt to come out of reduced its staff by 759 workers over thepast year, accordinvg to the report. The 14.8 percent work force reductionfor DIA’s second-largest carrier, was the third-largest declins among the 37 airlines listed in the report. DIA’s largest carrier, reduced staff by roughly 7,2090 people in the past year. That 13.
4 percent cut was the largest among theseven “network” airlines that operate a significanty portion of their flightzs using at least one hub, according to the Roughly 392,100 people are employed now by passenge r airlines.
percent since 2008, according to a report released Wednesday. the number of employees in the struggling passenger airline industrfell 5.7 percent from April 2008, according to the Bureaiu of Transportation Statistics, a division of the . The industry, whichh has been particularly hard hit by thecurrent recession, has seen year-over-year employmeng declines for nine straight months. Low-costt airlines — those operatingy under a low-cost business model with reduced infrastructure and aircraftr operatingcosts — registered year-over-year growth for the firstg time since September 2007.
Carriers Virgim America and Allegiant led the waywith double-digitg percentage job growth, while , the third-largest carrier at , grew by 1,61 7 workers, a jump of 4.8 percent. But Denver-base Frontier, which is cutting operational costs in its attempt to come out of reduced its staff by 759 workers over thepast year, accordinvg to the report. The 14.8 percent work force reductionfor DIA’s second-largest carrier, was the third-largest declins among the 37 airlines listed in the report. DIA’s largest carrier, reduced staff by roughly 7,2090 people in the past year. That 13.
4 percent cut was the largest among theseven “network” airlines that operate a significanty portion of their flightzs using at least one hub, according to the Roughly 392,100 people are employed now by passenge r airlines.
Tuesday, January 10, 2012
Dan Snyder stays at Six Flags under reorganization - Charlotte Business Journal:
amesit.wordpress.com
Six Flags is also seeking a $600 million loan, secured by its assets, and $150 million in a new revolvintgcredit line. The company’s executive retention plan woulsd keep Snyder as board memberand chairman. Mark Shapiro, currentlh chief executive, as well as chief financia officer Jeffrey Speed and several other top managemenrt would also stay on inexecutive roles. Six Flags, whicjh announced its Chapter 11 bankruptcy filing overthe weekend, listed $2.4 billion in debt and $3 billion in It hopes to cut debt by $1.8 billiobn and wipe out more than $300 million in preferreed stock.
Snyder and his management who took control of the theme park operatot three and a halfyears ago, have not been able to retur n the company to despite increasing attendance and sellin several parks to raise capital last The company reported a $146 million first quarter Six Flags has said its reorganization will not affec park operations and its vendorsd and employees will continuse to be paid. Six Flags 20 themde parks includein
Six Flags is also seeking a $600 million loan, secured by its assets, and $150 million in a new revolvintgcredit line. The company’s executive retention plan woulsd keep Snyder as board memberand chairman. Mark Shapiro, currentlh chief executive, as well as chief financia officer Jeffrey Speed and several other top managemenrt would also stay on inexecutive roles. Six Flags, whicjh announced its Chapter 11 bankruptcy filing overthe weekend, listed $2.4 billion in debt and $3 billion in It hopes to cut debt by $1.8 billiobn and wipe out more than $300 million in preferreed stock.
Snyder and his management who took control of the theme park operatot three and a halfyears ago, have not been able to retur n the company to despite increasing attendance and sellin several parks to raise capital last The company reported a $146 million first quarter Six Flags has said its reorganization will not affec park operations and its vendorsd and employees will continuse to be paid. Six Flags 20 themde parks includein
Sunday, January 8, 2012
D.C. convention center hotel deal close - Washington Business Journal:
vuwodu.wordpress.com
The city has already committed landand $187 millionb for a planned $540 million, 1,167-room Marriott Marquis across the street from the Walter E. Washington Convention Cente r that is viewed as critical tothe city’as ability to attract major convention business. But in earlhy June, when the search for private financing by developmentf partnersand stalled, Mayof Adrian Fenty proposed issuing $750 million in bonds to finance and own the entire building. The developers and key membera ofthe D.C. Council began considering alternatives and Thursdag said they hadfoundf one.
In it, the Washington Convention Center Authority woulxd contributean $80 million loan — a far smaller price tag than the mayo proposed — and the developers would raisre their equity participation from $135 milliojn to $320 million with the backing of ING Clarion Real Estatw Investment, the U.S. subsidiary of and one of the city’z largest property owners. Capstone President Normahn Jenkins said a city loanof $80 million was enougb of an assurance to allow the developmenyt team to waive a requirement that the deal included private lending from the onset. He said he was as optimisti about the deal today as he has ever been and the with approval bythe D.C.
Council construction could start this fall. “We think this is a far betted deal for the equity and a far better deal forthe We’re really excited to brint this long overdue project to fruition.” ING spokeswoman Suzanne Franks said the company does not comment on pending transactions. Jenkins, who formerlyt worked on the hotel project as a senior vice presidenr with MarriottInternational Inc., said the team planne to continue seeking debt financing — a tough endeavofr in the frozen credit markets but was confident enough in the project that it was readuy to go ahead.
“We’re not putting in any financingb contingencies, we’ll get debt whenever we need to,” he said. If debt couls still not be identified, Jenkins said, the projecr could still go forward solely as anequityt deal. “The analysis has been run as an all equityu deal and we are still prepareeto proceed,” he said. Key memberws of the D.C. Councilo expressed cautious relief that a less expensivew deal was close tobeing reached, give n the city’s expected $967 million shortfall for fiscalk 2011. Councilman Jack Evans, D-Ward 2 and chait of the council’s finance shared the developer’s optimism that groun d could be brokenthis fall.
“I can’y say we have a deal because we don’t have a but we’re close to havinvg a deal,” Evans said. He said the council woulfd consider the arrangement at an alreadyh scheduled June24 hearing, allowing enough time for the councip to approve a deal by July 14, the last day of votiny before summer recess. “Whatever path we the mechanism to approve that path is allset up. The proverbiakl train is leaving the station on July Evans said.
Councilman Kwame Brown, D-at large and chair of the economixcdevelopment committee, said he was glad to see a deal materializingy that would not require any changes to the city’s cap on outstandingt bond payments or subsidies it has already approved for othe r economic development projects. He said the possibilityu that existing subsidies could be transferref to the hotel project had understandably raised the ire of developerzand residents. “Any way we can make sure we don’ty bust our cap while making sure we keep neighborhood projectsa on course isa win-win for the he said. D.C.
Chief Financial Office Natwar Gandhi, who had concerns abouft the mayor’s plan to issue hundreds of millionsa of dollars ofnew debt, met with representatives of the developmentt team Thursday, but declined comment through a D.C. Deputy Mayor Valerie Santos and Convention Center Authorityt CEOGreg O’Dell did not immediately return requestxs for comment.
The city has already committed landand $187 millionb for a planned $540 million, 1,167-room Marriott Marquis across the street from the Walter E. Washington Convention Cente r that is viewed as critical tothe city’as ability to attract major convention business. But in earlhy June, when the search for private financing by developmentf partnersand stalled, Mayof Adrian Fenty proposed issuing $750 million in bonds to finance and own the entire building. The developers and key membera ofthe D.C. Council began considering alternatives and Thursdag said they hadfoundf one.
In it, the Washington Convention Center Authority woulxd contributean $80 million loan — a far smaller price tag than the mayo proposed — and the developers would raisre their equity participation from $135 milliojn to $320 million with the backing of ING Clarion Real Estatw Investment, the U.S. subsidiary of and one of the city’z largest property owners. Capstone President Normahn Jenkins said a city loanof $80 million was enougb of an assurance to allow the developmenyt team to waive a requirement that the deal included private lending from the onset. He said he was as optimisti about the deal today as he has ever been and the with approval bythe D.C.
Council construction could start this fall. “We think this is a far betted deal for the equity and a far better deal forthe We’re really excited to brint this long overdue project to fruition.” ING spokeswoman Suzanne Franks said the company does not comment on pending transactions. Jenkins, who formerlyt worked on the hotel project as a senior vice presidenr with MarriottInternational Inc., said the team planne to continue seeking debt financing — a tough endeavofr in the frozen credit markets but was confident enough in the project that it was readuy to go ahead.
“We’re not putting in any financingb contingencies, we’ll get debt whenever we need to,” he said. If debt couls still not be identified, Jenkins said, the projecr could still go forward solely as anequityt deal. “The analysis has been run as an all equityu deal and we are still prepareeto proceed,” he said. Key memberws of the D.C. Councilo expressed cautious relief that a less expensivew deal was close tobeing reached, give n the city’s expected $967 million shortfall for fiscalk 2011. Councilman Jack Evans, D-Ward 2 and chait of the council’s finance shared the developer’s optimism that groun d could be brokenthis fall.
“I can’y say we have a deal because we don’t have a but we’re close to havinvg a deal,” Evans said. He said the council woulfd consider the arrangement at an alreadyh scheduled June24 hearing, allowing enough time for the councip to approve a deal by July 14, the last day of votiny before summer recess. “Whatever path we the mechanism to approve that path is allset up. The proverbiakl train is leaving the station on July Evans said.
Councilman Kwame Brown, D-at large and chair of the economixcdevelopment committee, said he was glad to see a deal materializingy that would not require any changes to the city’s cap on outstandingt bond payments or subsidies it has already approved for othe r economic development projects. He said the possibilityu that existing subsidies could be transferref to the hotel project had understandably raised the ire of developerzand residents. “Any way we can make sure we don’ty bust our cap while making sure we keep neighborhood projectsa on course isa win-win for the he said. D.C.
Chief Financial Office Natwar Gandhi, who had concerns abouft the mayor’s plan to issue hundreds of millionsa of dollars ofnew debt, met with representatives of the developmentt team Thursday, but declined comment through a D.C. Deputy Mayor Valerie Santos and Convention Center Authorityt CEOGreg O’Dell did not immediately return requestxs for comment.
Friday, January 6, 2012
Bulk buyer pays $6.1M for Brickell condos - South Florida Business Journal:
ymekovo.wordpress.com
million, or $203 a square foot, for 31 unit s at the 1060 Brickell condominiumin Miami'a financial district, Bal Harbour-based brokerage said. The headed by Carlos Mattos, paid cash for the four studios, 22 one-bedroo m units, and five two-bedroom units at 1060 Brickel l Ave. It is the third bulk deal to close in downtown Miamio sinceJuly 2008. The deal was completed on June 17. In the last 1060 Brickell has closed on the sale of58 units, including the 31 that Mattos’ group – 1060 Brickell Apartments – picked up. By downtown Miami will have had 23,009 residential units introduced intothe area. Last summer, ’s Jorgse Perez and private equity-group , paid $36.
e million, or $246 a square foot, for 146 unitxs in Related’s 50 Biscayne in downtown A Singer Island-based entity called Welcome Bay Inc. paid $13 or $200 a squares foot, last December for 60 unitsz in the Marina Blue condominium tower located acrosse the street fromthe . Condo Vultures Principal Peter Zalewsk said the purchases by privated equity investors are an indication of thingxto come. “Hedge funds are 100 percent aboutf thespread sheet,” he explained. “Private equityy funds are 90 percent about spread sheets and 10 percenr ontheir gut. So they are more likely to go in there and pullthe trigger.
”
million, or $203 a square foot, for 31 unit s at the 1060 Brickell condominiumin Miami'a financial district, Bal Harbour-based brokerage said. The headed by Carlos Mattos, paid cash for the four studios, 22 one-bedroo m units, and five two-bedroom units at 1060 Brickel l Ave. It is the third bulk deal to close in downtown Miamio sinceJuly 2008. The deal was completed on June 17. In the last 1060 Brickell has closed on the sale of58 units, including the 31 that Mattos’ group – 1060 Brickell Apartments – picked up. By downtown Miami will have had 23,009 residential units introduced intothe area. Last summer, ’s Jorgse Perez and private equity-group , paid $36.
e million, or $246 a square foot, for 146 unitxs in Related’s 50 Biscayne in downtown A Singer Island-based entity called Welcome Bay Inc. paid $13 or $200 a squares foot, last December for 60 unitsz in the Marina Blue condominium tower located acrosse the street fromthe . Condo Vultures Principal Peter Zalewsk said the purchases by privated equity investors are an indication of thingxto come. “Hedge funds are 100 percent aboutf thespread sheet,” he explained. “Private equityy funds are 90 percent about spread sheets and 10 percenr ontheir gut. So they are more likely to go in there and pullthe trigger.
”
Wednesday, January 4, 2012
McCain Expected to Endorse Romney in New Hampshire - New York Times (blog)
zuloraxelewo.blogspot.com
Fox News | McCain Expected to Endorse Romney in New Hampshire New York Times (blog) By MICHAEL D. SHEAR DES MOINES รข€" Senator John McCain of Arizona is expected to endorse Mitt Romney on Wednesday in New Hampshire, giving the former Massachusetts governor a boost at a critical moment in the campaign. Mr. McCain will travel with Mr. ... John McCain to Endorse Romney John McCain to endorse Mitt Romney in New Hampshire McCain Said to Plan Romney Endorsement in New Hampshire |
Monday, January 2, 2012
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