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The restaurant — named for country singer Toby Keithj and his 2003hit single, “I Love This Bar” has signed a lease for 15,00p0 square feet at The Shoppes at West End, a lifestyle centerf scheduled to open later this year at the intersection of Highwayy 100 and Interstate 394 in St. Louix Park. I Love This Bar & Grillp will feature family dining, an 85-foot bar shaped like a guitar, a mechanical bull and a stage that will host live entertainmentr several nightsa week, including a performanc by Keith at the restaurant’s gransd opening. The restaurant’s menu will feature Southern-style such as chicken-fried steak and meatloaf.
Some of the more uniqued offerings will include friedx bologna sandwichesand deep-fried Twinkies. It will featurde traditional sports-bar decor with a countrgy flair. There will be lots of wood and plus more than 50plasma televisions. I Love This Bar Grill will host live entertainmenteveryt Thursday, Friday and Saturdaty night when it first opens, then ramp up to six nights a week over time. Theree will be seating for morethan 1,000 people. The venude also will have a retail store selling Toby Keith barbecue sauceand spices. The restaurant will be owneed by Arizona businessman Frank who recently opened an I Love ThisBar & Grill franchise in Mesa, Ariz.
The chain also has locationsd inLas Vegas, Oklahoma City and Kansasw City, Mo., and plans to open a location in Auburn Mich., later this year. I Love This Bar & Grillp should be a major entertainment attraction forWest End, helpingg set it apart from otherd local malls, said Mark Fallon, vice presiden t of real estate at Cincinnati-based Jeffreu R. Anderson Real Estate Inc., which was retained by developerf DukeRealty Corp., based in Indianapolis, to fill the project’s 331,000-square-foo retail component with tenants. “I thinm it’s even going to draw from way outsidwe of Minneapolisand St. Fallon said. “That’s the idea behinr it.
” Other major West End tenants will include anupscale Roundy’s grocery and a Kerasotesz ShowPlace Theatre 14-screen movie complex. I Love This Bar Grill should be successful at West End because Minnesota is a strong market for country music andthere aren’t any significant music venues in the western said Dick Grones, principal at Edina-basef Cambridge Commercial Realty. “Livew entertainment in the suburbs is really hard to And that’s a strong ingredient to stir into the mix for the centert because it brings an additional demographif that they might not get otherwise.
” I Love This Bar & Grilp selected West End over the , where anothert celebrity-backed country music bar, Gatlihn Brothers Music City Grille, used to have a Costs may have played a role in that but I Love This Bar & Grill will generate more attention at West End than it would have at Mall of Grones said. “They can really stane out [at West End] and not have so many othed entertainment venues tocompete with.
”
понедельник, 30 января 2012 г.
пятница, 27 января 2012 г.
Two more leave BofA board - Business Courier of Cincinnati:
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According to a filing with the Securities andExchange Commission, Prueher and Frano didn’t resign because of any disagreement with the company. Jackied Ward and Patricia Mitchell resigned early this Mitchell is a former New York television executivse and currently serves as chief executive of the Paleyh Centerfor Media, a New York Ward is the retired chiefc executive of Atlanta-based Computefr Generation Inc., a softwarw company. Robert Tillman, a former Lowe’s Cos. Inc. chief executive, resigned from the BofA boardc effectiveMay 29. And on May 29, the bank announcede former lead independentdirector O. Temple Sloa n had left the board.
BofA didn’rt disclose Sloan’s reason for resignation. Sloan had been a BofA director for 13 Inearly June, four outside directors were elected to BofA’ s board. They are former Federal Reserve Governor Susan former CompassBancshares Inc. chief executive and chairmah D. Paul Jones, former Federal Deposirt Insurance Corp. chairman Donald Powell and retired Bank One and VisaInternational Inc. executive Willianm Boardman. BofA’s board has been under intensw scrutiny in recent months as the bank suffered through asharp stock-price decline after acquiring Merrilo Lynch & Co. The Charlotte-based bank also has received $45 billion in taxpaye aid.
At the bank’ds annual meeting in late April, shareholders votexd to strip Chief Executive Kenneth Lewis of his position as board Walter Massey was installed as the new chairmanb and has indicated the board needs tobe re-evaluated. Lewis remainas the bank’s CEO and president.
According to a filing with the Securities andExchange Commission, Prueher and Frano didn’t resign because of any disagreement with the company. Jackied Ward and Patricia Mitchell resigned early this Mitchell is a former New York television executivse and currently serves as chief executive of the Paleyh Centerfor Media, a New York Ward is the retired chiefc executive of Atlanta-based Computefr Generation Inc., a softwarw company. Robert Tillman, a former Lowe’s Cos. Inc. chief executive, resigned from the BofA boardc effectiveMay 29. And on May 29, the bank announcede former lead independentdirector O. Temple Sloa n had left the board.
BofA didn’rt disclose Sloan’s reason for resignation. Sloan had been a BofA director for 13 Inearly June, four outside directors were elected to BofA’ s board. They are former Federal Reserve Governor Susan former CompassBancshares Inc. chief executive and chairmah D. Paul Jones, former Federal Deposirt Insurance Corp. chairman Donald Powell and retired Bank One and VisaInternational Inc. executive Willianm Boardman. BofA’s board has been under intensw scrutiny in recent months as the bank suffered through asharp stock-price decline after acquiring Merrilo Lynch & Co. The Charlotte-based bank also has received $45 billion in taxpaye aid.
At the bank’ds annual meeting in late April, shareholders votexd to strip Chief Executive Kenneth Lewis of his position as board Walter Massey was installed as the new chairmanb and has indicated the board needs tobe re-evaluated. Lewis remainas the bank’s CEO and president.
среда, 25 января 2012 г.
Greif 2Q income down 35% - Business First of Columbus:
http://msnewcomersguide.com/world/on-the-front-female-bomber-strikes-sunni-group-helping-u-s/
The industrial packaging maker said late Wednesdayg itearned $18.6 million, down 35.1 percent from $28.7 millionn a year earlier. Class A sharee earnings for the second quarter endec April 30 fell to 32 from 49 cents and Class B share profitf fell to48 cents, from 75 cents in the same periode a year ago. The company attributed the profiy slideto $31.9 million in chargesw incurred during the latest quarter. Sales jumpedc 31.4 percent to $815 million, from $620.1 million a year ago.
"The impressive (sales) results were partially offseg by the high cost of old corrugated containers comparedf to a year ago and acceleration into the second quarterr from the third quarter of major annualo maintenance at one of our container board mills in the Packaging & Services segment," Greif CEO and Presidengt Michael J. Gasser said in a Greif (NYSE:GEF and GEF.B), which also producezs plastic drums, bulk containers and water employs 10,200, including 200 in Central Ohio.
The industrial packaging maker said late Wednesdayg itearned $18.6 million, down 35.1 percent from $28.7 millionn a year earlier. Class A sharee earnings for the second quarter endec April 30 fell to 32 from 49 cents and Class B share profitf fell to48 cents, from 75 cents in the same periode a year ago. The company attributed the profiy slideto $31.9 million in chargesw incurred during the latest quarter. Sales jumpedc 31.4 percent to $815 million, from $620.1 million a year ago.
"The impressive (sales) results were partially offseg by the high cost of old corrugated containers comparedf to a year ago and acceleration into the second quarterr from the third quarter of major annualo maintenance at one of our container board mills in the Packaging & Services segment," Greif CEO and Presidengt Michael J. Gasser said in a Greif (NYSE:GEF and GEF.B), which also producezs plastic drums, bulk containers and water employs 10,200, including 200 in Central Ohio.
понедельник, 23 января 2012 г.
Five Guys plans to raise $15M - Atlanta Business Chronicle:
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Lorton-based which awards franchise rights to locations of theburgedr joint, has filed a Noticee of Exempt Offering of Securities. The companyh is privately held. Five Guys has recently enjoyeds attention from both President Barack Obamas and First Lady Michelle who separatelymade high-profile visits The president's sojourn was captured on camera by NBC, whichn was following him around for a profils piece. The document does not specify why the money isbeinb raised.
According to the filing, Five Guys has already raisex $10 million of the $15 millionm it is trying to Named in the document are Victor andJane Murrell, both executivr officers and directors for the as well as directors James John Kim and H. Scott Spokeswoman Molly Catalano said she did not have specific detail s on how the capital would be but said that it was forthe company's general business operations. The filing says the offerinb is not being made in connection witha merger, acqiusitiom or exchange offer. The company’d creator, Jerry Murrell, opened the first Five Guys asa carry-ouyt operation in 1986, in a shopping center on Glebe Road in Arlington.
Afteer opening five corporate locationd inthe D.C. area, the companyu decided to franchisein 2002. The fast-casual burgerf concept now has more than 300 locationas in25 states, including more than 50 in the D.C.
Lorton-based which awards franchise rights to locations of theburgedr joint, has filed a Noticee of Exempt Offering of Securities. The companyh is privately held. Five Guys has recently enjoyeds attention from both President Barack Obamas and First Lady Michelle who separatelymade high-profile visits The president's sojourn was captured on camera by NBC, whichn was following him around for a profils piece. The document does not specify why the money isbeinb raised.
According to the filing, Five Guys has already raisex $10 million of the $15 millionm it is trying to Named in the document are Victor andJane Murrell, both executivr officers and directors for the as well as directors James John Kim and H. Scott Spokeswoman Molly Catalano said she did not have specific detail s on how the capital would be but said that it was forthe company's general business operations. The filing says the offerinb is not being made in connection witha merger, acqiusitiom or exchange offer. The company’d creator, Jerry Murrell, opened the first Five Guys asa carry-ouyt operation in 1986, in a shopping center on Glebe Road in Arlington.
Afteer opening five corporate locationd inthe D.C. area, the companyu decided to franchisein 2002. The fast-casual burgerf concept now has more than 300 locationas in25 states, including more than 50 in the D.C.
суббота, 21 января 2012 г.
Healthier, happier year in the works - The Detroit News
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Healthier, happier year in the works The Detroit News Might I suggest some good beginning-of-the-year reading from two vastly different philosophies and approaches, but geared toward the same goal: a better, healthier, happier and longer life. The first is "The End of Illness," by David B. Agus, MD Agus, ... |
четверг, 19 января 2012 г.
IATA: Global airlines to lose $9B in 2009 - Nashville Business Journal:
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The ’s (IATA) new forecas is staggeringly worse thanits $4.7 billion collectivse loss forecast made just thred months ago. The air carrier tradre group also downgraded its loss estimate for 2008to $10.4e billion from $8.5 billion. “There is no moderb precedent for today’s economic meltdown,” IATA Director General and CEO Giovannij Bisignani said in anews release. “Thr ground has shifted. Our industry has been This is the most difficult situationn that the industryhas faced.” After the Sept. 11, 2001, terror attacks on the United States, industry revenuesz fell by 7 percent, Bisignani and took three years to reboundto pre-9/11 levels.
Revenuea will fall to $448 billion in 2009 from $528 billionn in 2008 (15 percent), IATA Passenger yields will dip7 “This time we face a 15 percent drop—a loss of revenues of $80 billion—in the middler of a global recession,” Bisignani said during IATA’s annual industry summit. “Our future depends on a drastic reshapingby partners, governmentxs and industry. We cannot bear the cost of government crazy taxation and partners abusing theirmonopoly power.” North American carriers will generally fair better than foreign IATA said, and should narrow thei losses for the year.
Northh American airlines will lose $1 billion in dramatically less thanthe $5.1 billion lost in 2008, as out-of-the-moneuy fuel hedges lapse and capacity cuts kick in to right capacith with demand. Previously, IATA said North American carrierss would turn a modest profitr forthe year. Asia-Pacific and European carriers are likely to take thebiggesg hits, losing $3.3 billion and $1.8 billion, respectively. Another heavily impactes sector, air cargo, will decline by 17 percentt based ontons shipped. Cargi yields will decline 11 percent.
Relaxed fuel pricea over the first five monthe of 2009 havehelped carriers, but prices have begunj to climb in recent IATA projects the industry fuel bill to fall from $165 billion in 2008 to $59 billion in 2009, on a $56 per barrepl average price of oil. “The risk that we have seen in recentt weeks is that even the slightesf glimmer of economic hope sends oilprices higher,” Bisignanik said. "Greedy speculation must not hold the globaeconomy hostage. Failure to act by governments woul dbe irresponsible.
” Globally, airlines are in a betteer cash position, with more liquidity than in past But, Bisignani warned “a long L-shapexd recovery could drain the industry of cash.” Bisignanui noted industry consolidation, such as the mergefr between Atlanta-based (NYSE: DAL) and , that have made some players But he railed against what he called “archai limitations on ownership” that prevent the merginv of carriers from different countries.
The ’s (IATA) new forecas is staggeringly worse thanits $4.7 billion collectivse loss forecast made just thred months ago. The air carrier tradre group also downgraded its loss estimate for 2008to $10.4e billion from $8.5 billion. “There is no moderb precedent for today’s economic meltdown,” IATA Director General and CEO Giovannij Bisignani said in anews release. “Thr ground has shifted. Our industry has been This is the most difficult situationn that the industryhas faced.” After the Sept. 11, 2001, terror attacks on the United States, industry revenuesz fell by 7 percent, Bisignani and took three years to reboundto pre-9/11 levels.
Revenuea will fall to $448 billion in 2009 from $528 billionn in 2008 (15 percent), IATA Passenger yields will dip7 “This time we face a 15 percent drop—a loss of revenues of $80 billion—in the middler of a global recession,” Bisignani said during IATA’s annual industry summit. “Our future depends on a drastic reshapingby partners, governmentxs and industry. We cannot bear the cost of government crazy taxation and partners abusing theirmonopoly power.” North American carriers will generally fair better than foreign IATA said, and should narrow thei losses for the year.
Northh American airlines will lose $1 billion in dramatically less thanthe $5.1 billion lost in 2008, as out-of-the-moneuy fuel hedges lapse and capacity cuts kick in to right capacith with demand. Previously, IATA said North American carrierss would turn a modest profitr forthe year. Asia-Pacific and European carriers are likely to take thebiggesg hits, losing $3.3 billion and $1.8 billion, respectively. Another heavily impactes sector, air cargo, will decline by 17 percentt based ontons shipped. Cargi yields will decline 11 percent.
Relaxed fuel pricea over the first five monthe of 2009 havehelped carriers, but prices have begunj to climb in recent IATA projects the industry fuel bill to fall from $165 billion in 2008 to $59 billion in 2009, on a $56 per barrepl average price of oil. “The risk that we have seen in recentt weeks is that even the slightesf glimmer of economic hope sends oilprices higher,” Bisignanik said. "Greedy speculation must not hold the globaeconomy hostage. Failure to act by governments woul dbe irresponsible.
” Globally, airlines are in a betteer cash position, with more liquidity than in past But, Bisignani warned “a long L-shapexd recovery could drain the industry of cash.” Bisignanui noted industry consolidation, such as the mergefr between Atlanta-based (NYSE: DAL) and , that have made some players But he railed against what he called “archai limitations on ownership” that prevent the merginv of carriers from different countries.
вторник, 17 января 2012 г.
Ethiopia forcing thousands off land-US rights group - Reuters
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The Nation, Pakistan | Ethiopia forcing thousands off land-US rights group Reuters The Horn of Africa state has already leased 3 million hectares - an area just sm » |
суббота, 14 января 2012 г.
BofA raises almost all of $33.9B buffer - San Francisco Business Times:
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billion. Last month, BofA sold $13.5 billiobn in common stock. The bank issued 1.25 billion shares at an averagee priceof $10.77 per share. BofA also sold a 5.7 percen stake in to Asiabn investors for a gainof $4.5 billion. In BofA agreed to exchang e $9.5 billion in preferrer shares for 704 million sharees ofcommon stock. BofA expects to garner $1.3 billioh from reduced dividends on thepreferredc shares. The exchange doesn’t apply to preferref shares held by thefederal government. So far, BofA has booster its Tier 1 common capitalby $2.1 billio by reducing a deferred tax-asset deduction. And the bank says it has gainedr anadditional $2 billion from the dispositionm of assets.
As part of the company’s capitaol plan, it could issue up to an additional 296 millionjcommon shares. “We are pleasexd to have nearly reached our goalthis quickly,” said Joe chief financial officer. The government said BofA had toraise $33.89 billion after conducting “stress tests” on the country’s 19 largestg banks. The tests were designexd to assessthe banks’ ability to survivew if economic conditions worsen more than expected duriny the next two years.
BofA has receivedc a total of $45 billion in taxpayef aid under thefederal government’sz Troubled Asset Relief Program, whichh is designed to thaw the credit marketsx and boost the In separate developments, Charlotte, N.C.-basedx BofA (NYSE: BAC) sold $3 billion in five-year notesa on May 8 and $2.5 billioj in 10-year notes on May 28 without guarantees.
billion. Last month, BofA sold $13.5 billiobn in common stock. The bank issued 1.25 billion shares at an averagee priceof $10.77 per share. BofA also sold a 5.7 percen stake in to Asiabn investors for a gainof $4.5 billion. In BofA agreed to exchang e $9.5 billion in preferrer shares for 704 million sharees ofcommon stock. BofA expects to garner $1.3 billioh from reduced dividends on thepreferredc shares. The exchange doesn’t apply to preferref shares held by thefederal government. So far, BofA has booster its Tier 1 common capitalby $2.1 billio by reducing a deferred tax-asset deduction. And the bank says it has gainedr anadditional $2 billion from the dispositionm of assets.
As part of the company’s capitaol plan, it could issue up to an additional 296 millionjcommon shares. “We are pleasexd to have nearly reached our goalthis quickly,” said Joe chief financial officer. The government said BofA had toraise $33.89 billion after conducting “stress tests” on the country’s 19 largestg banks. The tests were designexd to assessthe banks’ ability to survivew if economic conditions worsen more than expected duriny the next two years.
BofA has receivedc a total of $45 billion in taxpayef aid under thefederal government’sz Troubled Asset Relief Program, whichh is designed to thaw the credit marketsx and boost the In separate developments, Charlotte, N.C.-basedx BofA (NYSE: BAC) sold $3 billion in five-year notesa on May 8 and $2.5 billioj in 10-year notes on May 28 without guarantees.
четверг, 12 января 2012 г.
Kendall
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million foreclosure lawsuit against the developer of theRivendelp single-family home project in West Kendall. The Miami-basede bank filed the foreclosure actio n on June 9against Miami-based Crestview II, Marsol One LLC and managint member Marcial Solis, according to records. The complaint targetw 28 unsold homes and home sitezsin Rivendell, which is along Milled Drive (Southwest 56th Street) between Southwest 167tj Avenue and the Miccosukeed Golf and Country After starting construction in 2004, Crestview II sold 103 homews in Rivendell from 2005 through the most recent sale in Fort Lauderdale-based attorney Charles Lichtman, who represents TotalBanmk in its demand for $12.
2 million on the outstanding mortgage, did not immediatelyt return a call seeking TotalBank reported having $86.4 millionm in late or unpaid or nearly 6.5 percent of its total loans, as of Marcjh 31. In March, filed a foreclosure actioh against Crestview II and Solis overa $2.1 milliob mortgage.
million foreclosure lawsuit against the developer of theRivendelp single-family home project in West Kendall. The Miami-basede bank filed the foreclosure actio n on June 9against Miami-based Crestview II, Marsol One LLC and managint member Marcial Solis, according to records. The complaint targetw 28 unsold homes and home sitezsin Rivendell, which is along Milled Drive (Southwest 56th Street) between Southwest 167tj Avenue and the Miccosukeed Golf and Country After starting construction in 2004, Crestview II sold 103 homews in Rivendell from 2005 through the most recent sale in Fort Lauderdale-based attorney Charles Lichtman, who represents TotalBanmk in its demand for $12.
2 million on the outstanding mortgage, did not immediatelyt return a call seeking TotalBank reported having $86.4 millionm in late or unpaid or nearly 6.5 percent of its total loans, as of Marcjh 31. In March, filed a foreclosure actioh against Crestview II and Solis overa $2.1 milliob mortgage.
вторник, 10 января 2012 г.
Tuesday Churn: Online mobility study - Education News Colorado
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Education News Colorado | Tuesday Churn: Online mobility study Education News Colorado “I do still believe that based on the information you've analyzed,†Anderson told EdNews, “and the information I've looked at that we are seeing probably a higher movement with our online schools in terms of kids coming in and out than we would .. . EdNews: Education Issues Stack Up For 2012 |
воскресенье, 8 января 2012 г.
Target relaunches its store brand, called 'up and up' - Triangle Business Journal:
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The Minneapolis-based retail giant said Thursdaythat it’s rebranded its core commoditiex line — a product category that includesx everyday items such as baby sunscreen, dryer sheets and plastidc containers — under the name “u & up.” The relaunch includes new packaginbg that replaces the traditional bullseye logo with colorfukl arrows and the new name. Target (NYSE: TGT) has been phasinb in “up & up” products into its stores since March.
By the end of Target will be selling more than800 “upl & up” products in its Target claims the brand is equakl in quality to national brands — it hired a third-party testing firm to back up its claimes — but at a loweer price, offering a savinga of 30 percent on average. “Our guests are savvy and know they don’f have to spend a lot to get high-quality products,” Mark Schindele, Target’e senior vice president of said in a news The rebranding goes along with othetr Target efforts to stay competitives inthe recession.
The retailer long capitalizedf on its linesof stylish, affordable housewarees and clothing, but that approach hasn’t done as well in the downturm — shoppers are more reluctant to spend on such discretionaruy items and are usiny their cash on foods and necessities. Stores brands are also on the upswing — they’re generally more profitable than name-brands for the and market researchers say that consumers are increasinglybuying in-house brands to save Earlier this year, Target rival Wal-Mart Stores Inc. relaunched its own private brand, callex Great Value.
The Minneapolis-based retail giant said Thursdaythat it’s rebranded its core commoditiex line — a product category that includesx everyday items such as baby sunscreen, dryer sheets and plastidc containers — under the name “u & up.” The relaunch includes new packaginbg that replaces the traditional bullseye logo with colorfukl arrows and the new name. Target (NYSE: TGT) has been phasinb in “up & up” products into its stores since March.
By the end of Target will be selling more than800 “upl & up” products in its Target claims the brand is equakl in quality to national brands — it hired a third-party testing firm to back up its claimes — but at a loweer price, offering a savinga of 30 percent on average. “Our guests are savvy and know they don’f have to spend a lot to get high-quality products,” Mark Schindele, Target’e senior vice president of said in a news The rebranding goes along with othetr Target efforts to stay competitives inthe recession.
The retailer long capitalizedf on its linesof stylish, affordable housewarees and clothing, but that approach hasn’t done as well in the downturm — shoppers are more reluctant to spend on such discretionaruy items and are usiny their cash on foods and necessities. Stores brands are also on the upswing — they’re generally more profitable than name-brands for the and market researchers say that consumers are increasinglybuying in-house brands to save Earlier this year, Target rival Wal-Mart Stores Inc. relaunched its own private brand, callex Great Value.
пятница, 6 января 2012 г.
Sterling Bank hit with regulatory action - South Florida Business Journal:
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The written agreement with the and the was signecd June 5 and announced Wednesday on the regulatory Web site. With $420.9 milliom in assets as of March 31, Sterlinyg Bank is the fifth-largest bank basedx in Palm Beach County. While it remained well capitalizedf at the end of the first afterraising $800,000 from its its noncurrent loan ratio grew to 6.4 Sterling Bank lost nearly $2 million in the firstr quarter. That followed a $9.9 million loss in 2008. Sterling Bank’s board and managemenft must improve control over operationsz such as credit risk credit administration, investing and earnings, according to the regulator agreement.
The bank also was ordered to review its managemenr structure and staff and determine whethere it shouldmake changes. In a provision that could have a big effecty onthe bank’s troubled borrowers, Sterling Bank was orderee not to extend or renew credit to a borrower who is past due or otherwisw not likely to repay the loan unless the bank gets board Most of Sterling Bank’s loanss are in construction and commercial real estate. Sterlinh Bank must submit a plan to maintaij its capital ratios abovwethe well-capitalized requirements and properly reservse for future losses on noncurrent loans.
In addition, it can’g pay dividends to shareholders or make executive management changes without first clearing itwith regulators. Sterlin g Bank President and CEO Davif Albright did not immediately returnh a callseeking comment. However, in a letterd to customers on his bank’s Web Albright said it was well capitalized on May 31 and is committesd to remainingwell capitalized. “Ourt business plan recognizes the potential need for more capital if thingesbeyond management’s control lead to the need for additionalk reserves against potential loans,” Albrightt wrote to shareholders.
The written agreement with the and the was signecd June 5 and announced Wednesday on the regulatory Web site. With $420.9 milliom in assets as of March 31, Sterlinyg Bank is the fifth-largest bank basedx in Palm Beach County. While it remained well capitalizedf at the end of the first afterraising $800,000 from its its noncurrent loan ratio grew to 6.4 Sterling Bank lost nearly $2 million in the firstr quarter. That followed a $9.9 million loss in 2008. Sterling Bank’s board and managemenft must improve control over operationsz such as credit risk credit administration, investing and earnings, according to the regulator agreement.
The bank also was ordered to review its managemenr structure and staff and determine whethere it shouldmake changes. In a provision that could have a big effecty onthe bank’s troubled borrowers, Sterling Bank was orderee not to extend or renew credit to a borrower who is past due or otherwisw not likely to repay the loan unless the bank gets board Most of Sterling Bank’s loanss are in construction and commercial real estate. Sterlinh Bank must submit a plan to maintaij its capital ratios abovwethe well-capitalized requirements and properly reservse for future losses on noncurrent loans.
In addition, it can’g pay dividends to shareholders or make executive management changes without first clearing itwith regulators. Sterlin g Bank President and CEO Davif Albright did not immediately returnh a callseeking comment. However, in a letterd to customers on his bank’s Web Albright said it was well capitalized on May 31 and is committesd to remainingwell capitalized. “Ourt business plan recognizes the potential need for more capital if thingesbeyond management’s control lead to the need for additionalk reserves against potential loans,” Albrightt wrote to shareholders.
вторник, 3 января 2012 г.
Protecting the business against individual family interests - Washington Business Journal:
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In the minds of many if nobody in the family is able or willing to take over runninbgthe company, the only optionsx are to sell it or shut it But maybe not. A numbe r of senior owners of family companiesw who find themselves without a successor in the youngert generation come up with ways to keep businesz ownership inthe family, even if the managementg has to go outside. Think about the Midwestermn family that has owned and operatex a chain of small market newspaperd for more than 160 Thefamily – we’ll call them the Smiths has had very few internal business disputes, and no one has ever elected to cash out of the In addition, there’s usually been a place in the businesw for any qualified and committed family member who How have they managed that?
Well, about 120 years ago, the widow of the founder’s son found herself the sole owner of the growing and successfulp business. She was decidedly unimpressed with thenext generation’se pool of management talent, including her own She also heard some rumblings about splittint up the company so that everyone who wanteed his own newspaper coulds have it. Not a chance, said the gritty lady, and she put the wholde kit and kaboodle intoa trust.
She made a provisionh that if the trust wereever broken, the compang would have to be sold out of the familyt with the proceeds going to And if that wasn’ t enough to scorch some bonnets, she also insisted that all future CEO’s be hired by the trustees and that nary a one of them be a familgy member. A few feathers were rufflec atthe time, but todayh the Smiths have a very profitable and satisfying familyg business. Another family in busineszs – call them the Johnsons – reached the end of theirr successor string with the second generation offamily owners.
Instead of calling it quits and selling theirmanufacturingf company, the shareholding members of the family agreed to bring in professionalk management. They conducted a global searcg and hired an experienced senior executive as The Johnson family retained thei representation on the board and a coupleof upper-level managemenft jobs, but they let their new CEO staff the executive suite with qualifiedf people he could work with And they provided compensation packages for their outsides executives that equaled the industry standard and then The Johnsons will continue to own theid company, confident that although management is out of the family’s hands, it’xs in good hands.
In the minds of many if nobody in the family is able or willing to take over runninbgthe company, the only optionsx are to sell it or shut it But maybe not. A numbe r of senior owners of family companiesw who find themselves without a successor in the youngert generation come up with ways to keep businesz ownership inthe family, even if the managementg has to go outside. Think about the Midwestermn family that has owned and operatex a chain of small market newspaperd for more than 160 Thefamily – we’ll call them the Smiths has had very few internal business disputes, and no one has ever elected to cash out of the In addition, there’s usually been a place in the businesw for any qualified and committed family member who How have they managed that?
Well, about 120 years ago, the widow of the founder’s son found herself the sole owner of the growing and successfulp business. She was decidedly unimpressed with thenext generation’se pool of management talent, including her own She also heard some rumblings about splittint up the company so that everyone who wanteed his own newspaper coulds have it. Not a chance, said the gritty lady, and she put the wholde kit and kaboodle intoa trust.
She made a provisionh that if the trust wereever broken, the compang would have to be sold out of the familyt with the proceeds going to And if that wasn’ t enough to scorch some bonnets, she also insisted that all future CEO’s be hired by the trustees and that nary a one of them be a familgy member. A few feathers were rufflec atthe time, but todayh the Smiths have a very profitable and satisfying familyg business. Another family in busineszs – call them the Johnsons – reached the end of theirr successor string with the second generation offamily owners.
Instead of calling it quits and selling theirmanufacturingf company, the shareholding members of the family agreed to bring in professionalk management. They conducted a global searcg and hired an experienced senior executive as The Johnson family retained thei representation on the board and a coupleof upper-level managemenft jobs, but they let their new CEO staff the executive suite with qualifiedf people he could work with And they provided compensation packages for their outsides executives that equaled the industry standard and then The Johnsons will continue to own theid company, confident that although management is out of the family’s hands, it’xs in good hands.
воскресенье, 1 января 2012 г.
Merge: Public-private partnerships highlight changing role of engineers in highway construction - Atlanta Business Chronicle:
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If approved, the proposed Northwest Corridoer project will be thefirst public-privatw initiative in Georgia, and it comes at a time when privatr funds are necessary to lightenb the load on the country's interstate highway system, which is 50 yeard old this year. The Georgias Department of Transportation's treasurer, Earl Mahfuz, said as funding for road projectx falls farther and farther behind transportation the public-private initiatives provide funding alternativeas for transportation projects and shorten the completioh time at minimum cost to the state.
"It's one of the toolws in the toolbox that departments of transportation have todelivet projects," said Jim Dell, manager of businesd development for "I think the primar issue is trying to get the projectss done faster." Bechtel, in a joinr venture with and , form Georgiwa Transportation Partners, the organization that proposed the Northwest Corridor The GDOT board in December approved a letter of inten t to negotiate with Georgia Transportationh Partners. Georgia Transportation Partners has two conceptz for interstates 75 and 575 in Cobb andCherokere counties.
One plan would provide optional express toll lanees and lanes for bus rapid transigvehicles -- vehicles that look like busese but that passengers board like trainx -- at an estimated cost of $1.2 the other concept would boost the cost to $1.8 billiobn by adding truck-only toll lane s on I-75. Bill project director with Post, Buckley, said some engineers are not comfortable workingfon public-private initiatives because they represent a departurre from engineers' traditional role in road construction.
In the contractors would do as engineerstold them; but with public-privater initiatives, contractors, designers and engineers are working togethee more to create the plan, the design-build Despite the debate, Jordan said, public-private initiatives are an emergingt market that his firm has made a strategic plan to pursue. "An engineere has to be willing to be pushed out of itscomfory zone," he said. PBS&J, which is a membee of the Georgia TransportatiomPartners team, has been involved with all threde unsolicited public-private initiatives proposal s to GDOT, for the Northwest Corridor, Georgiw 316 -- the proposed toll road from Atlanta to Athensz -- and Ga. 400.
The Northwest Corridore concept differs from therejected public-private initiative proposal for Ga. 316 in severao ways. The Ga. 316 plan would have converted the existingg road to make ita limited-access freeway financec by tolls. In the Northwest Corridorr project, the toll lanes would be optionafor drivers, and the stat e would own the toll road and receives toll revenue to pay off bonds. The Northwesrt Corridor also is toutecd as a plan that will relieve traffic congestio by adding capacity and newtransportation options, such as the bus rapide transit lanes, save time for truckers and toll-lan e users and save money by completing the project in less time than if fundef only through public dollars.
Dell said Georgiz Transportation Partners looked at corridors around the state and founc the Northwest Corridor to be one of the most congestedx in the region and also one that lacked sufficient Under thetraditional pay-as-you-go approach, the improvements wouldn'tg be complete for another 20 to 25 compared with seven years under the Georgiaa Transportation Partners' plan. The typical time savingsd anticipated for the full length of the corridor range from 14 to 22 minutee in 2015 to 29 to 38 minutesdin 2030.
If approved, the proposed Northwest Corridoer project will be thefirst public-privatw initiative in Georgia, and it comes at a time when privatr funds are necessary to lightenb the load on the country's interstate highway system, which is 50 yeard old this year. The Georgias Department of Transportation's treasurer, Earl Mahfuz, said as funding for road projectx falls farther and farther behind transportation the public-private initiatives provide funding alternativeas for transportation projects and shorten the completioh time at minimum cost to the state.
"It's one of the toolws in the toolbox that departments of transportation have todelivet projects," said Jim Dell, manager of businesd development for "I think the primar issue is trying to get the projectss done faster." Bechtel, in a joinr venture with and , form Georgiwa Transportation Partners, the organization that proposed the Northwest Corridor The GDOT board in December approved a letter of inten t to negotiate with Georgia Transportationh Partners. Georgia Transportation Partners has two conceptz for interstates 75 and 575 in Cobb andCherokere counties.
One plan would provide optional express toll lanees and lanes for bus rapid transigvehicles -- vehicles that look like busese but that passengers board like trainx -- at an estimated cost of $1.2 the other concept would boost the cost to $1.8 billiobn by adding truck-only toll lane s on I-75. Bill project director with Post, Buckley, said some engineers are not comfortable workingfon public-private initiatives because they represent a departurre from engineers' traditional role in road construction.
In the contractors would do as engineerstold them; but with public-privater initiatives, contractors, designers and engineers are working togethee more to create the plan, the design-build Despite the debate, Jordan said, public-private initiatives are an emergingt market that his firm has made a strategic plan to pursue. "An engineere has to be willing to be pushed out of itscomfory zone," he said. PBS&J, which is a membee of the Georgia TransportatiomPartners team, has been involved with all threde unsolicited public-private initiatives proposal s to GDOT, for the Northwest Corridor, Georgiw 316 -- the proposed toll road from Atlanta to Athensz -- and Ga. 400.
The Northwest Corridore concept differs from therejected public-private initiative proposal for Ga. 316 in severao ways. The Ga. 316 plan would have converted the existingg road to make ita limited-access freeway financec by tolls. In the Northwest Corridorr project, the toll lanes would be optionafor drivers, and the stat e would own the toll road and receives toll revenue to pay off bonds. The Northwesrt Corridor also is toutecd as a plan that will relieve traffic congestio by adding capacity and newtransportation options, such as the bus rapide transit lanes, save time for truckers and toll-lan e users and save money by completing the project in less time than if fundef only through public dollars.
Dell said Georgiz Transportation Partners looked at corridors around the state and founc the Northwest Corridor to be one of the most congestedx in the region and also one that lacked sufficient Under thetraditional pay-as-you-go approach, the improvements wouldn'tg be complete for another 20 to 25 compared with seven years under the Georgiaa Transportation Partners' plan. The typical time savingsd anticipated for the full length of the corridor range from 14 to 22 minutee in 2015 to 29 to 38 minutesdin 2030.
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