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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.
суббота, 14 января 2012 г.
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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