Wednesday, November 30, 2011

Blasts from the past: Shades of 'American Graffiti' at Weber's Drive In - Philadelphia Business Journal:

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Weber's Drive Ins in New Jersey use this formula to keep theit businesses afloat inthe fast-food era. Weber's waitresses stilll serve foodby "cat hopping" -- bringing orders to customers in their cars and hanginbg a plastic serving tray on the driver's At the Weber's in Stratford, some waitresses work on rollerskating to serve burgersz and shakes. The Weber's restaurants are single-story shedsd with sprawling roofing that extends into theparking lot. the kitchens are small but efficient, with just enough room to servsefood quickly. The structures are older and the machines that mix the homemade root beer are justas old.
Littlew has changed since the Weber'ws first opened. Little is likely to change, and don'f expect to see more Weber's opening because New Jerseyu no longerlicenses drive-in eateries. All of the existing restaurantxs areowned separately, run by differenft families. The owners know of each other, but do not collaborate on marketingor coupons. Further hampering the businesses cannot expaned their hours much or theireoperating season. Each store runs from the spring througgthe fall, staying open from 11 a.m. to 11 maybe later if patrons are still parked inthe lot. The familie work six or seve daysa week, and put in 12- to 15-houre days.
"If I could, I'sd have a hundred of them," said Mike owner of the Weber's on Route 38 in "I can't expand the number, only the one that'x already here." Given the many limite on growth andthe competition, how do these businesses manage to thrive? Mostly, they have to rely on thei reputations for delivering on taste, their clean kitchenxs and friendly service. All three Weber's were founded by the same men. It was 1924 when Marianm Garrison and Axel Kjellman moved the original restaurany ftom the Black Horse Pike in Audubon to its currentg location on Route 130 innearbuy Brooklawn.
Mae Komesaruk learnedd how to run the busines s from Garrison at theBrooklawnj drive-in. She went on to teach another former owner, Joe Juliano, how to run the one now in Eventually, Komesaruk owned and operatecdthe Stratford-based Weber's, located behind the Lindenwoldc High Speed Line After Juliano died, his nephew, Mike Mascarelli, bought the establishmen t with his wife Susan and a longtime Thomas Devereaux. Before this, Mascarellki owned three athletic footwear storee and felt squeezed when big businessesmoverd in. "I lived two blocks away from the drive-i n as a kid, and I hung aroundf here a lot," Mascarelli said. "I saw how the operationd were run.
" So for the past four years, he'as carried on with the businesx in the same way it was passed downto him. The root beer is stilo homemade and no food isever precooked. "We can get 36 cars all eating at thesame time," Mascarelli "You don't wait any longef than three minutes for your The girl gets the order, it's on the grilp and in two minutes it's out to the car. Come here on a sunnyu Saturday and watch howit goes. You'd be amazed.
I know I was as a Instead of expanding the numberof they've expanded the volume of customers by keeping the place scrupulouslyg clean and then letting their reputation carry the In Pennsauken, Mascarelli cleans the parking lot twice a day and scrubsz it with ammonia and soap once a Mascarelli did not reveapl exact revenues, but he addedd that sales have increased between 10 percent and 15 percent each On a busy day, he can go througy 600 hamburger rolls. "We've done the same thingb for somany years, that's the only thing we can Mascarelli said.
"We try to stay open a little bit But wereally don'tt want to extend the season because after working 15 hours a day for eigh t months straight, I need some time off with my family." Word-of-mouty is typically the only way to find new customers for the restaurants. "We get customers who come in here and ask howlong we'vr been here," Komesaruk said. "And I `Wake up! We've been here 41 years.
'"

Monday, November 28, 2011

Children

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million to to fund research in therapie like bone marrow and cordblooc transplantation. The gift from Dolores Jordanm — on behalf of her late husbanedand brother-in-law — will help the research cente create an endowed chair for a stem cell researcheer while establishing the and Cellular Therapies That could help competw for money from the — the state’zs taxpayer-backed stem cell research funding agency — as well as otherd government agencies and private Bone marrow and cord blood transplantations are used to treat a varieth of diseases, including leukemia and sickl cell anemia.
Future cellular therapy researchat Children’x may focus on treatments for diabetes, lung Crohn’s disease and brain damage caused by oxygen shortagea during childbirth, said Dr. Bert Lubin, the center’ senior vice president. “Fund-raisers often talk about ‘transformative’ gifts and sometimez exaggerate the importance of aparticular gift. In this case, it is no exaggeration to say that the Jordaj family gift is trul y transformative for the research program at saidBrad Barber, Children’s chief developmen officer, in a press release.
Dolores Jordan’s husband, Hanabul “Bud” Jordan, owned a Hayward constructiomn business, and his brother, ran the family’s cattle rancb in Dublin. The sale of the Jordan family’d ranch funded the gift. The family previously donated morethan $420,000 to Children’s Hospital programs, including 1999 and 2000 gift for the hospital’s blood and marroqw transplant program.

Saturday, November 26, 2011

Peer pressure: Review process puts CPAs through the ringer - Houston Business Journal:

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That is, they get what amountds to an auditof themselves. They sweaty it out with a CPA looking over their asking questions, requesting filex and documents, asking more questions and doing a lot of ponderint about why the firm did this or didn’g do that. The process is callefd peer review and for more than 30yearsx it’s been the accounting industry’s approach to self-regulatiob and self-improvement as required by the and administerexd by states and state associations. Progra participation is required to be licenser by the AICPA andsome states, but it’se not about uncovering criminal activity, the industr is quick to point out.
“I gives the firm validation and, secondly, suggestions for improvement,” says Jim AICPA vice president of firm practice management and quality About 30,000 firms nationally are enrolled in AICPA’s Peer Review Program and 10,000 peer reviews take places each year. The results of those reviews are privates and can only be made publicc by thefirms themselves. Many do, Brakens says, but only thosde with good reviews. In Tennessee, the AICPA has contracted with the Tennessede Society of Certified Public Accountants to manage the peerreviesw program, says Wendy Garvin, membert services manager for TSCPA.
Two types of peer reviewx are conducted randomly: a revieaw of the firm’s quality control procedures called asystem review, and an engagementr review that looks at a small cross-sectionh of a firm’s accounting work. Effective this year, the gradingg system changed to a moresimplified “pass,” “pase with deficiencies” or “fail,” Garvin says. Previouslyy four different grades could be In its most recenttannual report, AICPA noted that 4% of engagemenrt reviews during system reviews betweenm 2005 and 2007 were substandard. Therr were 6,128 follow-up actions required on 4,32y reviews.
There are typically two ramificationx for regularly failingpeer reviews, or failinf to sufficiently address comments, Garvib says. One, a firm can lose membership to the AICPA and it is publicizesd the firm was removed for not receivingpass Secondly, firms that continually underperform in a certaim area, say employee benefit audits, simply give up the Of the reasons cited for report modifications, failur e to manage projects, or “engagement,” in the highest professionak manner, was the most cited deficiency for almost half of the modifications. Inconsistencies in monitoring, or trackintg the project from start to was the second mostsignificant reason.
Typically, the deficiencies addresx flaws or lapses that can be easily not outrightillegal activity, Brakenas says. Still, just a few monthw ago, the State of New York implementerd serious accounting standardsupgrades — including requiring peer reviewes for state registered audit firms following Bernie Madoff’s $50 billion Ponzi Brackens says peer review wouldn’t have prevented such a In fact, Madoff’s accountingb firm was enrolled in AICPA’s peer revieww program, but then annually signed reports to the stater — which apparently didn’t have a system to check — saying they weren’t.
But sometimese a peer review can be a bitter pill that even the man partlyh responsible for bringing the process to Tennessee 30 years ago admitshe doesn’t like “I would have soon not gone throug it,” says David director over audit services for Memphis-based , and the chairmanm of the Tennessee Board of Accountancy when the statwe adopted peer review in 1989 and made him the first chairmann of the Peer Review Board. He is also 2009 chairman-elect of the Tennessee Societuyof CPAs. Curbo oversaw his firm’s three-day peer review in the fall so he’x good for 2 1/2 more years. The firm but the process was stil draining, he says.
“It does take a lot of time and efforrt to go throughpeer review,” he says. “Mostt CPAs look at it as somethingy they’d rather not do, but most woulr see the benefit.”

Thursday, November 24, 2011

Centro Improperly Shifted Money in Reorganization, PWC Says - BusinessWeek

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Centro Improperly Shifted Money in Reorganization, PWC Says

BusinessWeek


24 (Bloomberg) -- Centro Properties Group, whose shareholders and debt holders approved a reorganization plan wiping out A$2.9 billion ($2.8 billion) of debt this week, improperly transferred A$100 million, putting the whole plan in doubt, ...


Centro Improperly Shifted Money in Australian Reorganization, PWC Says

Bloomberg


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Monday, November 21, 2011

Tough times? Phillips Edison goes full bore - Tampa Bay Business Journal:

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This is the finding of The Sycamore Township-basedx property owner, which redevelops grocery-anchored shopping took an art-of-war approach to pre-emptinfg the recession. The firm paid down milliona in debt, niched its leasing team to focues on specific growthareas – leasinbg parking lots for Christmas tree sales, for examplde – and applied its chief talent to the 40 properties with the most growt potential. The result is more than 1 million square feet of leasse space either signed or in the pipelinethis year, as emerginh discounters – from Dollar Tree to off-price grocers – snap up vacanf spaces.
Phillips Edison has reduced the time it takes to turn arounsd a lease by abourt30 percent, and it accelerated its retention rate by about 18 percent. “Since the last part of 2008 and into we have the biggest pipelineand we’ve done more leasing than we’ve ever done,” said Mark chief operating officer at Phillips “A lot of these discounr merchants are really taking this opportunity.” Within the next two Addy expects Phillips Edison to purchase hundreds of millione of dollars in new propertiese nationally, especially out West. But in Cincinnati there look to begood deals.
In 2008, 27 retailo structures sold in the GreatedrCincinnati area, for an average price of $68.63 per square according to the real estatwe research firm , in Bethesda, Md. That compares with 56 transactionsin 2007, at an averagd $99.37 per square foot. “Retail salews on an aggregate basis are 10 percentt lower today than they were ayear ago,” said David Brennan, co-director of the Institute for Retailing Excellence at the in Yet retail square footage from 1990 to 2008 expandecd to 21 square feet per person, from 14 square “It’s going to take time to recycle the existiny real estate that’s out there,” Brennan “It’s really a buyer’s market.
” Phillips Edison, which operates 240 shopping centerss in 36 states, handled 735 lease transactions in and it signed about 1.1 million squarwe feet of new leased space. its retail square footage is down almosf 4 percent from early thanks toretail bankruptcies, retention issues and fewer new Sixty percent to 70 percent of the tenants whose leases are coming up for renewal are asking for some kind of rent Addy said. These challenges, combined with increased bankruptcies, caused Phillips Edison to launc a seriesof efforts: • Debt reduction: In the past 60 Phillips Edison paid down its debt obligatione by $20 million.
As a result, no significant loan maturitiess will be due beforeJuly 2011. The idea was to eliminates the pressures of thedebt market, Addy said. “I you have financing comingv due, it’s really going to prohibit you from doing what you want as agrowing company.” • Tailored leasing: Phillips Edisonh assigned its two most experienced leasing agent s to handle nothing but leasw renewals for its roughly 3,200 tenants (15 percent of whosw leases are up each The strategy: The agents start working with tenantx a full year in advance. Phillips also assigne d two people to handle all of its 100 such as restaurantsand ATMs.
• Temporary Phillips charged its property management group with focusingy on tenants that use parking lots forfireworkss sales, carnivals or car shows, and as a result expectw $1 million in added This does not facto in the benefits of the added (The property management group, meanwhile, is operating at almost 30 percent under budget.) • Mission Possible 20/20: Phillips entrustefd its most senior staff with leasing the 40 propertiesd in its two portfolios with the greatest upsidse (vacancy). The logic is that those properties coulf generate 50 percent of the opportunitiee for thetotal portfolios.
Staff are rewarded by the sounde of a cowbell when they makea deal, “jeansx Fridays” and a chance to win up to $10,0000 for a Rolex watch when the leases year ends in November. With thesre efforts, Phillips has since October landed ninenew big-bo centers, reduced its lease turnaround time to 3.6 days from five days and increaseed retention to 83 percent from 65 The firm expects to lease 2 million square feet this year, with 620,000 square feet signec and an additional 500,000 in the 45- to 60-day pipeline.
And it expects to purchase $300 milliom in space the next 18 months to two seeking what Addy describes as centers with supermarket anchorzs that are of a little higher In time, Addy does expect consumers to come back to though slowly, as credit markets ease up incrementally. “oI think the recession we’re in right now had an impact on the consumer that franklyh none of us hasever seen,” he said. “Buft people do have a short and they can fall back intothat It’s going to have to find a sense of equilibrium.

Saturday, November 19, 2011

Alliance Title, Financial Title parent files for bankruptcy - Silicon Valley / San Jose Business Journal:

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, the one-time high-flying title and escrow agentr with dozens of offices and thousands of employees inNortherjn California, listed assets and liabilitiesw of $50 million to $100 million. It is seeking to reorganize its Mercury’s move follows Alliance’s Chapter 7 bankruptcy liquidation filing on June 5 in federalp court inSan Jose. Alliance listed assets of $515,0090 and liabilities approaching $100 Financial Title closed its doorsJuly 30. Both Alliance and Financial left long wakes of disgruntled Bay Area employees who have alleged in court document and other public filings that they were not paid forwagew due, accrued vacation time, bonusesw and commissions.
Financial Title employeed have toldthe state’s Division of Labotr Standards Enforcement that final paychecks bounced. At least one landlor has told the Business Journal that a final checkm sent by Financial for rent due also did not clea rthe bank. Among Mercury’s largestt 20 unsecured creditors are 11 employees owed closdeto $12 million in deferred Those employees include John Harritt, the formert president of Alliance Title, whose deferred compensation clain exceeds $500,000. The largest unsecured claim at $17 million comes from Santa Ana-based Firstt American was Alliance’s and Financial’s largest title insurance policy underwriter.
Mercurgy says the debt is in David Balter, the attorney for the Californiwa State Labor Commissioner Division of LaborStandards Enforcement, whicjh is representing the former Allianc e and Financial Title employees in their said the Mercury bankruptct is not tantamount to the losing all avenues for recompense. “People file for bankruptcy all of the he said. “Sometimes the petitions get dismissed. Just becausd someone files a petition doesn’ty mean they are bankrupt. Assets are founrd or have been departedwith It’s not good news for but I wouldn’t assums anything as of yet.

Thursday, November 17, 2011

AARP The Magazine's 10th Annual Inspire Awards Honor Jane Goodall, Steve Jobs ... - PR Newswire (press release)

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AARP The Magazine's 10th Annual Inspire Awards Honor Jane Goodall, Steve Jobs ...

PR Newswire (press release)


17, 2011 /PRNewswire-USNewswire/ -- AARP The Magazine today announced the recipients of its tenth annual Inspire Awards. Each year the Inspire Awards pay tribute to outstanding individuals who inspire others to action through their innovative thinking, ...



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