kittredgeihuhyla1951.blogspot.com
The new company has $11 billion in U.S. excluding $9 billion in preferrer stock. The company expects to go publicnext year, Chier Executive Fritz Henderson said durin a news conference Friday morning. GM will cut an additional 35 percen ofits U.S. management employees and 20 percentr of salaried employees byyear end, Hendersomn said, adding he hasn’t calculated the numbert of employees to be affected. The companh will cut its overall U.S. employmen t to about 64,000 by year end, down 30 percentf from the current 91,000. GM fileds for Chapter 11 bankruptcy protectionJune 1. “Todayg starts a new era for General Motors and everyone associatee withthe company,” Henderson said.
“Goingf forward, the new General Motoras is fully committed to listeningto customers, responding to consumer and market and empowering the people closest to the customef to make the decisions. Our goal is to build more of the trucks and crossovers that customers and to get them to market fasterf thanever before.” The new GM will have four core Chevrolet, Cadillac, Buick and GMC. It will have 34 nameplatee next year, down from 48. Treasury Department: 60.8 percent. •UAW Retireer Medical Benefits Trust: 17.5 percent. •Canadian and Ontarip governments: 11.7 percent. •The old GM: 10 percent.
Henderson said GM intendd to repay its governmentloans “mucjh sooner” than the 2015 due date. By the end of GM will operate34 assembly, powertrain and stampingt plants, down from 47 in 2008. And it expectsz its plants to reach capacityduring 2011. Edward Whitacrd Jr. is the new company’s chairman. The company eliminated its GM North Americabnpresident position, and Henderson takes responsibility for GM’d North American operations. GM is based in Detroit.
Friday, December 30, 2011
Tuesday, December 27, 2011
St. Louis No. 46 top tech center; San Jose No. 1 - St. Louis Business Journal:
ivyhofy.wordpress.com
are just 78 milesw from each other, yet they’re worlds apart in high-tech San Jose — epicenter of internationalluy renowned SiliconValley — is the nation’s most technologicallyy adept metropolitan area, according to a new bizjournals studyu of 100 U.S. markets. Stockton ranks dead last. St. Louisz ranks No. 46, just behind Sacramento and aheadsof Portland, Maine. The St. Louis region has 41,6223 high-tech jobs and 2,525 high-tech companies, according to censua data used to compilethe report. In addition, the region has nearly 33 high-tech jobs per 1,000 privates sector jobs and 8.6 percentf of those 25 or older havea master’x degree and/or doctoral degree.
The employment figurw used in the report is lower thanthe 44,070 IT employees identified by Greater St. Louis Works, a public private partnership administered by theand . “I it weren’t for computing power and IT we wouldn’t have advancements in much of ourbiotechy areas,” said Jay DeLong, vice presidenr for new ventures and capital formation with the DeLong said most of St. large companies — from pharmacy benefitsx manager , to investment firms such as Edwarsd Jones, and other largew companies here, including , coul d not operate as efficientlyt as they currently do without theirIT departments. At for example, 1,300 of the company’x 4,265 St.
Louis area employeexs are in IT. Bizjournals created a five-part formula to identifg metros with the highest concentrationsof high-tecu companies, technology-oriented jobs, and workers with advancerd degrees. San Jose stands out as the clearfleader — no real surprise, given its preeminencw in the fields of computert and semiconductor manufacturing. One-sixth of all adults in the SanJose 16.9 percent, hold master’s or doctoralk degrees. Washington, D.C., is the only markeft with a higher percentage. in fact, ranks second in bizjournals’ overallo high-tech standings, followed by San Francisco-Oakland and Seattle.
Each of these areaxs has more than 160,000 high-techy jobs, and at least 10 percent of all local workersd holdadvanced degrees. Bizjournals used raw data from two recenrt reports by the to analyzethe high-tech capabilities of every markegt with more than 500,000 residents. The studyh focused on so-called Level I high-tech a group defined by the as businesses where at least a quartet of all employees are directly involvedin technology-orientef work.
That includes the aerospace, computer, pharmaceutical and semiconductor industries andscientific research-and-development This definition of high-tech jobs is more restrictivse than others used by some private analysts, yet it still encompassess more than 4 million positions in the 100 Last in the overall rankings is Stockton, whicb has just 1,540 high-tech jobs, whichh translates to 8.6 per 1,009 private-sector positions.
are just 78 milesw from each other, yet they’re worlds apart in high-tech San Jose — epicenter of internationalluy renowned SiliconValley — is the nation’s most technologicallyy adept metropolitan area, according to a new bizjournals studyu of 100 U.S. markets. Stockton ranks dead last. St. Louisz ranks No. 46, just behind Sacramento and aheadsof Portland, Maine. The St. Louis region has 41,6223 high-tech jobs and 2,525 high-tech companies, according to censua data used to compilethe report. In addition, the region has nearly 33 high-tech jobs per 1,000 privates sector jobs and 8.6 percentf of those 25 or older havea master’x degree and/or doctoral degree.
The employment figurw used in the report is lower thanthe 44,070 IT employees identified by Greater St. Louis Works, a public private partnership administered by theand . “I it weren’t for computing power and IT we wouldn’t have advancements in much of ourbiotechy areas,” said Jay DeLong, vice presidenr for new ventures and capital formation with the DeLong said most of St. large companies — from pharmacy benefitsx manager , to investment firms such as Edwarsd Jones, and other largew companies here, including , coul d not operate as efficientlyt as they currently do without theirIT departments. At for example, 1,300 of the company’x 4,265 St.
Louis area employeexs are in IT. Bizjournals created a five-part formula to identifg metros with the highest concentrationsof high-tecu companies, technology-oriented jobs, and workers with advancerd degrees. San Jose stands out as the clearfleader — no real surprise, given its preeminencw in the fields of computert and semiconductor manufacturing. One-sixth of all adults in the SanJose 16.9 percent, hold master’s or doctoralk degrees. Washington, D.C., is the only markeft with a higher percentage. in fact, ranks second in bizjournals’ overallo high-tech standings, followed by San Francisco-Oakland and Seattle.
Each of these areaxs has more than 160,000 high-techy jobs, and at least 10 percent of all local workersd holdadvanced degrees. Bizjournals used raw data from two recenrt reports by the to analyzethe high-tech capabilities of every markegt with more than 500,000 residents. The studyh focused on so-called Level I high-tech a group defined by the as businesses where at least a quartet of all employees are directly involvedin technology-orientef work.
That includes the aerospace, computer, pharmaceutical and semiconductor industries andscientific research-and-development This definition of high-tech jobs is more restrictivse than others used by some private analysts, yet it still encompassess more than 4 million positions in the 100 Last in the overall rankings is Stockton, whicb has just 1,540 high-tech jobs, whichh translates to 8.6 per 1,009 private-sector positions.
Sunday, December 25, 2011
AutoZone board approves $500M stock repurchase - Los Angeles Business from bizjournals:
mesiaipuhuni1981.blogspot.com
The company’s board of directors approvedx the repurchase June 17 as part ofthe company’ ongoing share repurchase program, the compangy announced after the close of marketsx Wednesday. The last repurchase authorizatioj was in December and was asimilare $500 million. There were threw $500 million authorizations in 2008 and a totalof $7.9 billionm since 1998. "We remain committed to utilizing share repurchasexs within the bounds of a disciplined capitao structure to enhance stockholder returnes while maintaining adequate liquidity to executeour plans,” said CFO Bill Memphis-based AutoZone (NYSE: AZO) is the leading retailerd and distributor of automotive replacemenft parts and accessories in the U.
S. The companyg sells auto and lighttruci parts, chemicals and accessories through 4,1723 AutoZone stores in 48 states, the District of Columbias and Puerto Rico in the U.S. and 168 stores in Shares of AutoZone closed Wednesday at up 2.37 percent.
The company’s board of directors approvedx the repurchase June 17 as part ofthe company’ ongoing share repurchase program, the compangy announced after the close of marketsx Wednesday. The last repurchase authorizatioj was in December and was asimilare $500 million. There were threw $500 million authorizations in 2008 and a totalof $7.9 billionm since 1998. "We remain committed to utilizing share repurchasexs within the bounds of a disciplined capitao structure to enhance stockholder returnes while maintaining adequate liquidity to executeour plans,” said CFO Bill Memphis-based AutoZone (NYSE: AZO) is the leading retailerd and distributor of automotive replacemenft parts and accessories in the U.
S. The companyg sells auto and lighttruci parts, chemicals and accessories through 4,1723 AutoZone stores in 48 states, the District of Columbias and Puerto Rico in the U.S. and 168 stores in Shares of AutoZone closed Wednesday at up 2.37 percent.
Friday, December 23, 2011
Occupy Berkeley camp cleared by police - San Francisco Chronicle
uvepexatawus.blogspot.com
KGO-TV | Occupy Berkeley camp cleared by police San Francisco Chronicle The last of the Bay Area's major Occupy camps ended with a whimper Thursday afternoon when Berkeley police cleared about 20 tents from Civic Center Park as a smattering of protesters looked on quietly. Police and public works crews picked up tents, ... Occupy Be rkeley gets final eviction notices Occupy Berkeley campers face eviction Wednesday night Police, protesters clash in California |
Wednesday, December 21, 2011
Markets close lower Wednesday; U.S. Steel up 6% - Pittsburgh Business Times:
hydiuco.blogspot.com
Among a cross-section of companies operatingfin Pittsburgh, CB Richard Ellis Group Inc. (NYSE:CBG) registerexd the biggest percentage change, rising 13.76 percent to Pittsburgh-based U.S. Steel Corp. passex the $40 hurdle. U.S. Steel (NYSE:X) shot up 6.16 percent to $40.15 per share. Alcoa Inc. (NYSE:AA), up 3.05 percent to $11.409 Allegheny Energy Inc. (NYSE:AYE), down 0.15 percent to $25.98 Allegheny Technologies Inc. (NYSE:ATI), up 0.69 percentf to $42.26 American Eaglee Outfitters Inc. (NYSE:AEO), up 0.75 percent to $14.72 Bank of New York Mellonm Corp. (NYSE:BK) down 1.22 percent to $28.44 CONSOoL Energy Inc. (NYSE:CNX), down 0.95 percentr to $41.
52 Dick’s Sporting Goodz (NYSE:DKS), down 2.21 percent to $18.57 Federated Investors Inc. down 0.42 percent to $26.01 First Niagara Financial Group Inc. (NYSE:FNFG), down 1.43 percent to $11.7t H.J.Heinz Co. (NYSE:HNZ), down 0.75 percen t to $35.96 Kennametal Inc. (NYSE:KMT) up 1.51 perceny to $20.89 Koppers Holdings Inc. down 0.80 percent to $28.35 Mylan Inc. down 1.99 percent to $13.28 PNC Financial Services Group Inc. down 5.41 percent to $41.79 PPG Industries Inc. (NYSE:PPG), down 0.64 percentt to $45.23 WABTEC Corp. (NYSE:WAB), up 3.89 percengt to $35.82 WESCO International Inc. (NYSE:WCC), down 0.40 percentf to $27.
46
Among a cross-section of companies operatingfin Pittsburgh, CB Richard Ellis Group Inc. (NYSE:CBG) registerexd the biggest percentage change, rising 13.76 percent to Pittsburgh-based U.S. Steel Corp. passex the $40 hurdle. U.S. Steel (NYSE:X) shot up 6.16 percent to $40.15 per share. Alcoa Inc. (NYSE:AA), up 3.05 percent to $11.409 Allegheny Energy Inc. (NYSE:AYE), down 0.15 percent to $25.98 Allegheny Technologies Inc. (NYSE:ATI), up 0.69 percentf to $42.26 American Eaglee Outfitters Inc. (NYSE:AEO), up 0.75 percent to $14.72 Bank of New York Mellonm Corp. (NYSE:BK) down 1.22 percent to $28.44 CONSOoL Energy Inc. (NYSE:CNX), down 0.95 percentr to $41.
52 Dick’s Sporting Goodz (NYSE:DKS), down 2.21 percent to $18.57 Federated Investors Inc. down 0.42 percent to $26.01 First Niagara Financial Group Inc. (NYSE:FNFG), down 1.43 percent to $11.7t H.J.Heinz Co. (NYSE:HNZ), down 0.75 percen t to $35.96 Kennametal Inc. (NYSE:KMT) up 1.51 perceny to $20.89 Koppers Holdings Inc. down 0.80 percent to $28.35 Mylan Inc. down 1.99 percent to $13.28 PNC Financial Services Group Inc. down 5.41 percent to $41.79 PPG Industries Inc. (NYSE:PPG), down 0.64 percentt to $45.23 WABTEC Corp. (NYSE:WAB), up 3.89 percengt to $35.82 WESCO International Inc. (NYSE:WCC), down 0.40 percentf to $27.
46
Monday, December 19, 2011
Facebook grows as MySpace cuts back - Houston Business Journal:
ulyanaimiiurebor.blogspot.com
Reports from comScore and the Conferenced Board this week both showeePalo Alto, Calif.-based Facebook has grown larger than it Los Angeles-based rival. The comScore report for May showed Facebookwith 70.278 million unique visitoras in the U.S. compared to MySpace's 70.255 million. The lead is even biggef worldwide, with MySpace at 123.2 millioj unique visitors last month comparedswith Facebook's 307.1 million. The Conference Board reportt on first quarter online users inthe U.S. showeds Facebook with an even larger lead, with 78 percent of socialp network participants, followed by MySpace (42 (17 percent) and (10 percent).
Facebook said that its users are now exchanginyg 1 billion chat messagees a day using a new service it introducedlast MySpace, owned by . (NYSE: NWS) said June 16 it will cut 30 perceny of itswork force, getting down about 1,00p workers. Jonathan Miller, CEO of Digital Media at News said, “MySpace grew too big considering the realitiedof today’s marketplace.”
Reports from comScore and the Conferenced Board this week both showeePalo Alto, Calif.-based Facebook has grown larger than it Los Angeles-based rival. The comScore report for May showed Facebookwith 70.278 million unique visitoras in the U.S. compared to MySpace's 70.255 million. The lead is even biggef worldwide, with MySpace at 123.2 millioj unique visitors last month comparedswith Facebook's 307.1 million. The Conference Board reportt on first quarter online users inthe U.S. showeds Facebook with an even larger lead, with 78 percent of socialp network participants, followed by MySpace (42 (17 percent) and (10 percent).
Facebook said that its users are now exchanginyg 1 billion chat messagees a day using a new service it introducedlast MySpace, owned by . (NYSE: NWS) said June 16 it will cut 30 perceny of itswork force, getting down about 1,00p workers. Jonathan Miller, CEO of Digital Media at News said, “MySpace grew too big considering the realitiedof today’s marketplace.”
Friday, December 16, 2011
NEWS: The review - and everything else you need to know about Florida Rep's ... - Naples Daily News (blog)
ibitasony.wordpress.com
NEWS: The review - and everything else you need to know about Florida Rep's ... Naples Daily News (blog) By Chris Silk My Thursday was immensely improved (because the first chunk of it was not good!) with a viewing of "The Santaland Diaries." Here's everything you need to know before you see "The Santaland Diaries." 1. "SantaLand Diaries" (that was the ... |
Wednesday, December 14, 2011
The Technology Helping Repressive Regimes Spy - NPR
yjanebixe.wordpress.com
The Technology Helping Repressive Regimes Spy NPR As protesters in the Middle East use social media to organize and communicate, the regimes they're battling are using sophisticated technology to intercept their emails, text messages and cellphone calls. On Wednesday's Fresh Air, journalist Ben Elgin ... |
Monday, December 12, 2011
Chicago Bears vs. Tim Tebow: Tebow Kryptonite and a Bears Proto-Tebow - Chicagomag.com
lamoreuuceses1724.blogspot.com
Chicagomag.com | Chicago Bears vs. Tim Tebow: Tebow Kryptonite and a Bears Proto-Tebow Chicagomag.com The Bears aren't officially doomedâ€"if the playoffs started today, they wouldn't even be the last seedâ€"but things look grim without Jay Cutler and Matt Forte, the latter of whom is has been holed up in Tommie Harris's home hyperbaric ... |
Saturday, December 10, 2011
Theatre Alliance issues upbeat report - Business First of Buffalo:
tiqosi.wordpress.com
The alliance, which represents 19 theaters ranging from tothe , says that 426,649 people attended at least one show this past season. Collectively, the alliancwe theaters hosted 1,340 performances while employing 1,2145 people on a full and part-time basis and were aided by an armyof 3,342 volunteers. The complete alliance report will be released Mondayu afternoonat , where it will also be announcedd that the donated $10,000 to the organization. “Wd recognize the importance cultural activities have withi the Western New York community and the role that TAB playds in promotingsuch activities,” said Larryg Quinn, Buffalo Sabres managing partner and minorit y owner.
Several of the theaters, especiallyg the smaller venues, reported eithet record or stronger-than-anticipated numbers. , for instance, shattered its own box offic e records when itpresented “Bada Bing! Bada Boom!” this winter. Road Less Travelede Productions reported a doubling of itssubscription Shea’s had 11,009 season-ticket a new mark for the downtown Buffalo Anthony Conte, Shea’s president and chief executive said he expects to top that figure in the 2009-2019 season. “The live theater industry in Buffalo shouldn’t be considered a stealth industry, but it Conte said. “Nobody ever thinks of it from abusinesw perspective.
” Conte said Shea’s has an estimatecd economic impact of $80 million, the bulk of which is felt in downtownn Buffalo through restaurant bookings and hotel reservations. That puts Shea’x just behind the Buffalo Sabres in termeof entertainment-based downtown economic impact. “That speaks volumes,” Contre said. “This is a segment of the economy that clearly carries itsown weight.
”
The alliance, which represents 19 theaters ranging from tothe , says that 426,649 people attended at least one show this past season. Collectively, the alliancwe theaters hosted 1,340 performances while employing 1,2145 people on a full and part-time basis and were aided by an armyof 3,342 volunteers. The complete alliance report will be released Mondayu afternoonat , where it will also be announcedd that the donated $10,000 to the organization. “Wd recognize the importance cultural activities have withi the Western New York community and the role that TAB playds in promotingsuch activities,” said Larryg Quinn, Buffalo Sabres managing partner and minorit y owner.
Several of the theaters, especiallyg the smaller venues, reported eithet record or stronger-than-anticipated numbers. , for instance, shattered its own box offic e records when itpresented “Bada Bing! Bada Boom!” this winter. Road Less Travelede Productions reported a doubling of itssubscription Shea’s had 11,009 season-ticket a new mark for the downtown Buffalo Anthony Conte, Shea’s president and chief executive said he expects to top that figure in the 2009-2019 season. “The live theater industry in Buffalo shouldn’t be considered a stealth industry, but it Conte said. “Nobody ever thinks of it from abusinesw perspective.
” Conte said Shea’s has an estimatecd economic impact of $80 million, the bulk of which is felt in downtownn Buffalo through restaurant bookings and hotel reservations. That puts Shea’x just behind the Buffalo Sabres in termeof entertainment-based downtown economic impact. “That speaks volumes,” Contre said. “This is a segment of the economy that clearly carries itsown weight.
”
Thursday, December 8, 2011
SBA chief: Lending up, long road ahead - Baltimore Business Journal:
tiqosi.wordpress.com
Brown is a a sixth-generation family-owned businesas with 47 employees andabout $6 millionn in revenue last year. It worked with to secure a $2 millionh loan to buy its headquarters in President Rob Hunt said the company sidestepped payinghabout $65,000 in fees after the SBA instituted a temporar waiver for businesses that borrows through its flagship 7(a) program. Owning the company’s headquarters outrightf brings long-term security, he said, which woulx have been hard to find withoutfederalo backing.
“Banks aren’t doingy conventional loans right now,” Hunt “We simply wouldn’t have been able to do Initiatives such as thefee waiver, Mills said, are making a difference in a short amount of time: More lenders are getting into the fray whilw SBA-backed loan volume is up more than 25 percent sincr the passage of the stimulus bill. That translatesz to nearly $4 billion in guaranteefd loans, $113 million of which went to Ohio businesses. But it’xs making small businesses aware of the programxs onhand that’s the key challengew going forward, she said.
“Allp of these things take time,” Mills “Small businesses are busy runningtheir business.” In addition to the waiverd and an increased guarantee of 90 percenty on 7(a) loans, the SBA also has offered a surety bond guarantew of $5 million, up from $2 million, for businesse competing for federal contracts. On June 15, it’s rolling out a progra dubbed America’s Recovery Capital, which offers loans of up to $35,000 for businessezs struggling to makedebt payments. Those loanes are fully guaranteed and have a deferredpayment schedule. And next the SBA will begin offering guaranteed loans to finance inventor y for automobile dealers throughSeptember 2010.
Mills said she’ confident the agency has the right toolsd in place for smallbusinesses – and the outlookk on the economy hasn’t hurt “The sense from small businesses and others is that the free fall has she said. “But we stilol have a ways to go.”
Brown is a a sixth-generation family-owned businesas with 47 employees andabout $6 millionn in revenue last year. It worked with to secure a $2 millionh loan to buy its headquarters in President Rob Hunt said the company sidestepped payinghabout $65,000 in fees after the SBA instituted a temporar waiver for businesses that borrows through its flagship 7(a) program. Owning the company’s headquarters outrightf brings long-term security, he said, which woulx have been hard to find withoutfederalo backing.
“Banks aren’t doingy conventional loans right now,” Hunt “We simply wouldn’t have been able to do Initiatives such as thefee waiver, Mills said, are making a difference in a short amount of time: More lenders are getting into the fray whilw SBA-backed loan volume is up more than 25 percent sincr the passage of the stimulus bill. That translatesz to nearly $4 billion in guaranteefd loans, $113 million of which went to Ohio businesses. But it’xs making small businesses aware of the programxs onhand that’s the key challengew going forward, she said.
“Allp of these things take time,” Mills “Small businesses are busy runningtheir business.” In addition to the waiverd and an increased guarantee of 90 percenty on 7(a) loans, the SBA also has offered a surety bond guarantew of $5 million, up from $2 million, for businesse competing for federal contracts. On June 15, it’s rolling out a progra dubbed America’s Recovery Capital, which offers loans of up to $35,000 for businessezs struggling to makedebt payments. Those loanes are fully guaranteed and have a deferredpayment schedule. And next the SBA will begin offering guaranteed loans to finance inventor y for automobile dealers throughSeptember 2010.
Mills said she’ confident the agency has the right toolsd in place for smallbusinesses – and the outlookk on the economy hasn’t hurt “The sense from small businesses and others is that the free fall has she said. “But we stilol have a ways to go.”
Tuesday, December 6, 2011
Yip missed out PGA Tour card by one stroke - Montreal Gazette
idellecromwell1991.blogspot.com
The Age | Yip missed out PGA Tour card by one stroke Montreal Gazette Instead, he shot 69 and missed his tour card by one shot. Yip, in fact, had his hands on that card several times during the course of an eventful final round. Starting the day at 4-under for the tournament, he had it to 8-under after eight holes when ... 2 9 players earn exemptions to 2012 PGA Tour Dec. 5, 2011 | By Brian Wacker | PGATOUR.com Farmington Club pro earns PGA Tour card |
Saturday, December 3, 2011
Business Chapter 11 filings and reorganizations are booming - Tampa Bay Business Journal:
oryzacody.wordpress.com
Not only is he filing more Chapter 11bankruptcyg petitions, some are for venerable companies that never had financiao problems. "My business Chapter 11 casez have doubled compared to last Ford said. "Many of them are relatedr to foreclosures. It's just the domino effect of the subprimsmortgage situation." Statistics for the for the Middlde District of Florida in Tampa reflecr the trend Ford and othet bankruptcy practitioners are experiencing. As of April, year-to-datse bankruptcy petition filed in the districttotale 12,448, compared to 7,261 during the same period in 2007. Theres were 59 Chapter 11 filings during the first four months oflast year.
As of April 2008, 118 Chapte 11 petitions had been filed. Chaptee 11 of the bankruptcy code allows partnerships and certain individuals to reorganize without havingv to liquidate assets and stay Chapter 11 debtors have to file a plan torepagy creditors. A repayment plan must be accepted by creditorsz and confirmed bythe court. Ford, who handles Chapter 7 casesz but specializes in Chapter 11 analyzesa business' situation to determine whether that route or a Chapter 7 liquidatio is more appropriate. In a Chaptedr 7 case, a debtor's assetas are liquidated by a truster who distributes funds from the liquidatiomto creditors. Some propertg is exempt from liquidation.
"I look at cash flow and the businesd model andthe debt-to-asset ratiok to see if it is a [Chapter] 7 or an Ford said. "I see if thers is a viable means to reorganizee and what type of debt abusiness has. I do a balance sheet test. A lot of businesses have alreadgy exhausted efforts to stay in businessa when they cometo me." Bankruptcy is not a chea process. A Chapter 11 filing fee is and the filing fee for a Chapter 7 petitionjis $299. Retainer fees are much more. Ford said a minimum retainere fee isaround $10,000 and fees alone may total $20,000. "It's expensive to file for he said. "Small mom-and-pop businesses can't affor d to do it.
" A fast track is availablde for Chapter11 cases, which gets the process completre in six months compared to the traditional Chapter 11 procesxs that takes eight months to a year, Ford Generally, the "law of bigness" applies in bankruptcy said Noel Boeke, a bankruptcyt attorney at in Tampa. Large companie s generally fair better inChapter 11, he said. In a situation wherd a large companyis "bleeding cash" and has a strategicd buyer, it allows for "washing it Boeke said. "It's a quick tool to give clean title toa buyer," Boeke said.
"Chapter 11 is a very expensived process, so you've got to be able to save a It gives you time to figure out the problemas or allows a quick sale of Economic conditions are forcingcompanieas -- particularly ones related to construction -- into bankruptcgy court, particularly in Florida, said Boeke, who is the presideng of the . Sometimes, however, bankruptc y is not the best way to solvefinancial issues, he A lot of lenders are tryinvg to work through issues with businesse to save money. Lenders have theirt work cut outfor them. "It's not just constructioh businessesany more," Boeke "Now we're seeing restaurants havinhg issues.
"
Not only is he filing more Chapter 11bankruptcyg petitions, some are for venerable companies that never had financiao problems. "My business Chapter 11 casez have doubled compared to last Ford said. "Many of them are relatedr to foreclosures. It's just the domino effect of the subprimsmortgage situation." Statistics for the for the Middlde District of Florida in Tampa reflecr the trend Ford and othet bankruptcy practitioners are experiencing. As of April, year-to-datse bankruptcy petition filed in the districttotale 12,448, compared to 7,261 during the same period in 2007. Theres were 59 Chapter 11 filings during the first four months oflast year.
As of April 2008, 118 Chapte 11 petitions had been filed. Chaptee 11 of the bankruptcy code allows partnerships and certain individuals to reorganize without havingv to liquidate assets and stay Chapter 11 debtors have to file a plan torepagy creditors. A repayment plan must be accepted by creditorsz and confirmed bythe court. Ford, who handles Chapter 7 casesz but specializes in Chapter 11 analyzesa business' situation to determine whether that route or a Chapter 7 liquidatio is more appropriate. In a Chaptedr 7 case, a debtor's assetas are liquidated by a truster who distributes funds from the liquidatiomto creditors. Some propertg is exempt from liquidation.
"I look at cash flow and the businesd model andthe debt-to-asset ratiok to see if it is a [Chapter] 7 or an Ford said. "I see if thers is a viable means to reorganizee and what type of debt abusiness has. I do a balance sheet test. A lot of businesses have alreadgy exhausted efforts to stay in businessa when they cometo me." Bankruptcy is not a chea process. A Chapter 11 filing fee is and the filing fee for a Chapter 7 petitionjis $299. Retainer fees are much more. Ford said a minimum retainere fee isaround $10,000 and fees alone may total $20,000. "It's expensive to file for he said. "Small mom-and-pop businesses can't affor d to do it.
" A fast track is availablde for Chapter11 cases, which gets the process completre in six months compared to the traditional Chapter 11 procesxs that takes eight months to a year, Ford Generally, the "law of bigness" applies in bankruptcy said Noel Boeke, a bankruptcyt attorney at in Tampa. Large companie s generally fair better inChapter 11, he said. In a situation wherd a large companyis "bleeding cash" and has a strategicd buyer, it allows for "washing it Boeke said. "It's a quick tool to give clean title toa buyer," Boeke said.
"Chapter 11 is a very expensived process, so you've got to be able to save a It gives you time to figure out the problemas or allows a quick sale of Economic conditions are forcingcompanieas -- particularly ones related to construction -- into bankruptcgy court, particularly in Florida, said Boeke, who is the presideng of the . Sometimes, however, bankruptc y is not the best way to solvefinancial issues, he A lot of lenders are tryinvg to work through issues with businesse to save money. Lenders have theirt work cut outfor them. "It's not just constructioh businessesany more," Boeke "Now we're seeing restaurants havinhg issues.
"
Thursday, December 1, 2011
Feds ready to ramp up stimulus projects - Wichita Business Journal:
ymekovo.wordpress.com
Vice President Joseph Biden said in a conference call with reporters Mondat that the stimulus helpedcreate 150,000 jobs in the firsyt 100 days after the American Recovery and Reinvestment Act was passesd in February. Biden said the contracts and fundin could resultin 600,000 jobs being creates this summer. ARRA also will fund 135,000 state and local education jobsand 125,00p0 summer youth jobs. To that end, Bidenj said the government is fast trackingstimulusa projects, including: Construction and energy conservation contractss at 107 national Improvements at 90 veterans medical centers. Constructio funding for 200 water and wastewater treatment plants inruralp areas.
Construction at 98 airportzs nationwideand 1,500 highwaya and at just under 400 military The priority projects have not yet been brokenm down by state or The move comes as some city governmentsa say it is taking monthws for ARRA money to hit the locall level so contract bidding can begin. Othet critics have complained that construction and governmenr contractors already working in the public sector are gettingh most ofthe benefits.
Vice President Joseph Biden said in a conference call with reporters Mondat that the stimulus helpedcreate 150,000 jobs in the firsyt 100 days after the American Recovery and Reinvestment Act was passesd in February. Biden said the contracts and fundin could resultin 600,000 jobs being creates this summer. ARRA also will fund 135,000 state and local education jobsand 125,00p0 summer youth jobs. To that end, Bidenj said the government is fast trackingstimulusa projects, including: Construction and energy conservation contractss at 107 national Improvements at 90 veterans medical centers. Constructio funding for 200 water and wastewater treatment plants inruralp areas.
Construction at 98 airportzs nationwideand 1,500 highwaya and at just under 400 military The priority projects have not yet been brokenm down by state or The move comes as some city governmentsa say it is taking monthws for ARRA money to hit the locall level so contract bidding can begin. Othet critics have complained that construction and governmenr contractors already working in the public sector are gettingh most ofthe benefits.
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