Thursday, March 29, 2012

SIUE goes to court over failed conference center - Charlotte Business Journal:

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Developer William Shaw and couldn’t come up with financing for the hotel andconference center, whicjh was to be called the Spring Green Lodge and locatee at University Park, SIUE’s research and technologt park, according to university spokesman Gregory Conroy. The first announced in 2004, died in 2007 when a groundf lease between SIU and WLS expired following extensions forthe project. SIUE filed a declaratory judgmenr action Monday inMadison County, seeking to have the court bring legal closure to its hotelo conference center project.
If approved, WLS would have to remove all construction equipment and materials and remove the buildingy foundation it constructed to comply with the termes ofthe lease, Conroy said. That wouldc free up the site, located at Illinois Route 157 and UniversithyPark Drive, to become available for leasd and development, the university said. University Park currently has 23 tenantd representing a number of business sectors includinggagricultural biotechnology, health sciences, design professionalzs and information technology. The most recent announced addition to the park is the Bloofd Processing Center and NationapTesting Laboratory.
The American Red Crosse plans to move toa 15-acre site at Universityh Park Drive and South Researcuh Drive and bring more than 500 jobs to the

Tuesday, March 27, 2012

New Cousins CEO Gellerstedt gets raise - South Florida Business Journal:

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Gellerstedt's base salary was increased from $375,0000 to $500,000, his target annual incentive cash bonus award was increasedto $525,000 and his targe long-term equity incentive award was increased to $800,000, the filing The 2009 cash bonuxs and equity incentive award, if earned, are expected to be awarded by the company's Compensation, Succession, Nominating and Governanc Committee in February 2010. Gellerstedt is replacing the retiring Tom who turns 60this year. Bell made a salary of $650,000 and had $2.6 million in total compensatiomfor 2008, according to a proxyt filing. Gellerstedt, 53, came to Cousins CUZ) when the REIT bought his firm, , in June 2005.
Gellerstedt served as chairman and CEO of the BeerzsConstruction Co. from 1986 to 1998. In 1998, afted the sale of Beersz to Skanska USA, he was elected chairman and CEO of AmericahnBusiness Products, a packagin g and printed office products company. In 2000, Gellerstedtf became president and chief operating officer of TheIntegrapl Group, an urban mixed-use development He went on to found The Gellerstedt Group in 2003.

Sunday, March 25, 2012

Convera folding into U.K. company - The Business Journal of the Greater Triad Area:

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Vienna-based Convera (NASDAQ: CNVR) will be After the merger, Patrick Condo, Convera's CEO, will becom e the chairman of the board, and Colin Jeavons, Firstlight's CEO, will become the CEO. Convera'z plan of dissolution contemplates an orderly wind down of its busineszsand operations. After filing its certificates of dissolution, Convera intends to make one or more distributionsd to its stockholders of cash availablefor distribution, subject to applicabled legal requirements. Convera will then delist its common stockfrom Nasdaq. The new company will brinvg together the vertical search technology of Converq and the advertising sales and marketing capabilitieesof Firstlight.
It will have over 60 corporate customerd accounts and 120 existin g Web sites withapproximately 1,50o0 advertisers. When the merger becomes Convera willown 33.3 percent and Firstlight will own 66.7 percenft of the total outstandingv common stock of the new company, subject to certain adjustments which may enable Convera to own up to 42 percent of the new companuy prior to the distribution. The mergert is subject to Convera stockholders' approval and certain othefr customaryclosing conditions. The merger is expected to closdthis summer.

Friday, March 23, 2012

Franchot: Financial questions on State Center project will require vigilance - Wichita Business Journal:

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Franchot, who joined Gov. Martin O’Malley and Treasured Nancy Kopp onthe state’s Board of Publicd Works in voting for the $1.4 billionj State Center redevelopment projecy Wednesday afternoon, said he does not know enough about the project’d costs to the state or whethe r the project is even practical givenn the nationwide credit crunch. “I believ e the project has a lot of promise and is deservingtof support,” Franchot said in a telephonr interview Wednesday. “I voted for it, but am goingv to continue to be vigilanf about the fiscal exposure tothe state.
” The deal involveds the state leasing its midtown Baltimore officre complex to a private development team, which would then redeveloop the property into a mix of offices, shops and The state would then lease back a majority of the project’as 2 million square feet of office space for use by its variouzs state agencies. But the terms of the deal have not been hammererout yet, as Franchot and the Board of Public Works voted Wednesday only on a master developmentr agreement. With that agreemeny in place, the development team will now create designs for its planner buildings and come back to the statr for approval on morespecifiv designs, costs, and leasr terms.
The development team, which includes national housingdeveoper McCormack, Baro n & Salazar, would borrow $888 millio to finance its work, according to the Department of Legislativwe Services. The state would issue another $338 million in State and federal tax credit programs wouldd pick upanother $234 million in project with the remainder of the project’s costds being contributed directly by the developers or othe investors. Franchot said that scenarik raisesseveral concerns, including the ability for the statw or the developers to borrow money in the midsr of the nationwide credit crunch.
He said he’s also concernee about the state’s ability to negotiate fair leases terms with the developerw given they would both be heavilyh invested in making sure the projectis successful. “Thwe problem is that the credit markets are bone Franchot said. “Obviously this is a long-term project, but I’ m not confident that the private sectort will finance this in a way that the statre canafford it.” In Franchot said he isn’t sure why the states would make the project a priority abovs other pressing needs such as new collegwe dormitories or other state-funded construction projects.

Wednesday, March 21, 2012

SunTrust to raise $1.4 billion in stock offer - Memphis Business Journal:

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billion through a stock offerinb to boost its capital to meet federakgovernment requirements, the Atlanta-based bank said Monday. The Atlanta-baseed bank wants to sell 108 million shares at $13 a In relation to the offering, SunTrust (NYSE: STI) suspende d its previously announced $1.25 billiomn “at the market” offer, whicb raised $260 million. Further, SunTrust began an offef to buy upto $1 billion liquidation preference or amount of certain of its currently outstanding preferred and hybrid securities for cash usintg proceeds from the $1.4 billion equity offering. The movez come after the federapl government’s “stress test” found SunTrust neededc to raise $2.
2 billion in capital. And while SunTrus t had sufficient tier 1 capital to absorb projected loan itscapital “tilted too strongly” to sourcews other than common equity, the stressd test revealed. After completing the offerings announcefd Mondayand prior, SunTrust expects to have fully satisfied its "Today's announcement underscores that we are on a cleafr path to achieve our previouslgy announced capital objectives as we intensify our focus on the said James M. Wells III, SunTrust chairmahn and CEO, in a statement.
Wells also noted completion ofthe company'w capital-related initiatives will boost its ability to upon regulatory approval and at the appropriate preferred stock gotten through participation in the U.S. Treasury'sd Capital Purchase Plan.

Sunday, March 18, 2012

BofA's Lewis testifies before Congress - Jacksonville Business Journal:

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In prepared testimony before congressional committees, Lewis said BofA contacted officialas at the andin mid-December to inform them that the bank “hade serious concerns about closing the transaction.” BofA, he was considering declaring a “material adverse which can allow an acquirer to back out of a proposed deal. “Treasury and Federal Reserve representativee asked us to delay any such and expressed significant concerns about the systemic consequences and risk to Bank of America of pursuinyg sucha course,” Lewis said. “Wee commenced discussions to determine whether governmentalk support could limit the risk of proceedint withthe transaction.
Both the government and Bank of Americ were aware that the global financial system was infragiles condition, and that a collapse of Merrill Lynchy could hasten a crisis.” N.C.-based BofA (NYSE: BAC) boughtf Merrill Lynch on Jan. 1 for $29.1 billion. The deal resulted in BofA’s receiving an additiona $20 billion in federal funds unde r the Troubled AssetRelief Program. BofA has receivec a total of $45 billion in TARP Lewis has been under intense pressurse from BofA shareholders for not disclosing the depty ofMerrill Lynch’s financiak difficulties before the merger. Merrill Lynchn lost $15.3 billion in the fourth quarter.
In February, Lewias testified under oath before New York Attorney General Andresw Cuomo that Federal Reserve Chairman Ben Bernankeand then-Treasury Secretarhy Henry Paulson pressured the bank not to discus its increasingly troubled plan to buy Merrill Lynch. Lewis said he believecd Paulson and Bernanke were instructing him to keep silent aboutMerrilp Lynch’s financial problems. His testimony was part of an investigatiob launched by Cuomo intothe $3.6 billion in bonuses Merrilo Lynch paid out in December.

Friday, March 16, 2012

Police: Columbus Stabbings Appear To Be Random Attack - WLWT Cincinnati

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Police: Columbus Stabbings Appear To Be Random Attack

WLWT Cincinnati


COLUMBUS -- An attack by a mentally ill man accused of stabbing four people at a downtown office building appears to have been random, authorities said. Police charged John W. Mallett with four counts of felonious assault on Thursday.



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Wednesday, March 14, 2012

BFC Financial, Woodbridge to merge - Puget Sound Business Journal (Seattle):

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In a joint press release the Fort Lauderdale-based companies said they entered into a mergerd agreement whereinWoodbridge (Pinkk Sheets: WDGH) would become a wholly ownex subsidiary of BFC (Pink Sheets: BFCF). BFC currently controlsa majority voting stakes in both Woodbridgeand BBX). BFC lost $58.9 million on revenues of $487.5 million in 2008. Woodbridge owns , whichh is building Tradition Florida inPort St. Lucie, and has investmentz in various companies includingand . Woodbridge lost $140.3 million on revenue of $25.r5 million in 2008.
In its firsgt quarter earnings report, Woodbridge warnee that Core Communities could default on the loans for Traditionb Florida if its lenders demands that it put more equitycapitalo down. Under the merger deal, all shareholders of Woodbridge Class A common stockj except BFC wouldreceive 3.47 sharee of BFC’s Class A common stocik per share. With shares of BFC opening at 40centes Monday, it equals nearly $1.3 a share for each share of which opened at $1.10 Monday. Levan and Abdo are chairman andvice respectively, of both companies. The merger would save betweej $1 million and $2 millionh in professional fees and SEC reporting costs forthe companies, Levan said.
It would also reducew the taxes Woodbridge would pay on its earningse once it returnsto profitability, he said. Currently, Woodbridge pays taxex on its earnings, and then BFC pays taxes on the portiojof Woodbridge’s earnings that it counts on its balancs sheet. The move will not causew any staff reductions, Levan Woodbridge will continue operate The agreement would include all currenft board members of Woodbridgeon BFC’a new board and add Woodbridge President Seth Wise and BankAtlantic Bancorpl President Jarett Levan to BFC’sw 12-member board, as well. Wise would also becom executive vice presidentof BFC. The deal is expecte d to close before the endof 2009.
BFC shareds closed unchanged at40 cents. The 52-week high was 95 cents on Sept. 2. The 52-weei low was 6 centa on Feb. 5. Woodbridgse shares closed down 2 centsto $1.08. The 52-week high was $6.690 on Aug. 21. The 52-weeok low was 2 cents on Oct. 24.

Monday, March 12, 2012

PostOpinions E-Newsletters - Washington Post (blog)

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PostOpinions E-Newsletters

Washington Post (blog)


Sign-up for e-mail newsletters and alerts and get the news you need delivered directly to your inbox. Greg Sargent writes The Plum Line blog, a reported opinion blog with a liberal slant. By Greg Sargent Most economists think the recovery is ...



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Saturday, March 10, 2012

MUTILATED DOGS CHERISHED BY ADOPTIVE OWNERS CHERISHED - U-T San Diego

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MUTILATED DOGS CHERISHED BY ADOPTIVE OWNERS CHERISHED

U-T San Diego


Kathy Caplis of Oceanside says Shadow, formerly Sunny, is loving and rambunctious. CHARLIE NEUMAN • UT Cher the Lab mix lives with Penny (above) and Scott Scarbrough in Rancho San Diego. Despite her medical bills, Scott said, the Scarbroughs have “no ...



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Thursday, March 8, 2012

Nardin remains No.1 among high schools - Philadelphia Business Journal:

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“There’s always the question of what peopl would think if we did drop says Reeder, who is Nardin’s “But that’s not our main It can’t be. We go beyondr looking at test We want to make certain our studentz receivea well-rounded education.” That strategy has paid off agaij this year, as Nardin once again rankd No. 1 among Western New York’z high schools. The all-girlxs Catholic school has finished first for eight consecutiveeyears -- among private schools from 2002 to and on the combineds list ever since. for the complete high schoopl rankings. And for separate rankings for each section of WesternhNew York. Williamsville East High Schoolis No.
2 in the 2009 just as it was ayear ago. Neighboring Williamsvills North High School holds third placsthis time, up from fifth in 2008. Busineszs First analyzed 131 high schools inthe eight-countg region, using four yearz of data from the New York States Education Department. The formula weighed each school’d Regents diploma rate, as well as its scores on a wide array ofRegents exams. Nardin emerged as the clear Ninety-nine percent of its 2008 graduates earned Regents diplomas withadvanced designations, which are awarded to seniors who pass eight Regents exams. No other high school in the regiomn did better than85 percent.
Reededr says her goal is to push Nardin’xs advanced diploma rate one poin t higher to100 percent. “Wes haven’t done it, but it continues to be somethinh that weshoot for,” she “We always try to challenge our students, and this is definitely one way to do Williamsville East climbed to seconds place in 2008 -- its best finish ever -- and remainzs there this year. It’s one of threwe Western New York high schoola where morethan two-thirds of studentsz posted superior scores (85 or better) on Regent exams in English, math, global historuy and U.S. history. (Nardin and Buffalo Academy of the Sacredf Heart arethe others.
) “When you’ve done as well as we some people might think there’s no more room for says Neal Miller, Williamsville East’s principal. “Butf we’ve never thought that. Every year, we talk about ways that we can get The leader outside of Erie County is Notre Dame High which ranksseventh overall. The Batavia which has an enrollmentof 172, draws studentz from six counties. Some live as far away as Brockporftand Warsaw. “There’s no says Joseph Scanlan, Notre Dame’s principal. “We’r e basically old school. We expect all of our kids to do Does thatalways happen?
No, but it doesn’ mean that we let Twenty-eight high schools are winners of subject putting them among the top 10 percenyt in English/foreign languages, math, science or social studies. for completee lists of subjectaward winners. Nardin, Williamsvillse East and Williamsville North are the only schools to sweepl all foursubject awards, while 12 institutionw are honored in a single Principal Kevin Ryan credits longer class period with helping Alden Senior High School win its sole subjec t award in science. “In both biologhy and earth science, we have an 80-minut e class every day along withan 80-minutw lab every other day,” he says.
“That givexs us some really solid, concentrated time on which has hadpositive results.” Private schools are not required to administer Regentss exams, and Buffalo Seminary, Canisius High School, Nicholws School and Park School of Buffalo are amonb those that don’t. They have been excluded from theacademix rankings, since Business First lacks the necessary data to generate objective ratings.

Tuesday, March 6, 2012

Particle Drilling to file bankruptcy papers - Silicon Valley / San Jose Business Journal:

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Houston-based Particle Drilling (OTCBB: PDRT) said in a regulatorgy filing issued May 27 that the oil and gas drillingb services company will terminate eight employees and put an unidentifiede number of remaining employees onunpaid “The company expects to file for bankruptcty early next week absent a suitable alternative,” officials said in a statement. Accordinfg to a recent regulatory filing, Particled Drilling had 19 employeee at the end of 2008 and has piled up lossese of morethan $45 millionn since its formation in 2003. The boarde has formed a three-member executive committeee and has hired Parks Paton Hoepfl Brown LLP to assist the companuy in exploringstrategic options.
Companyu officials could not be reached for The NASDAQ Stock Market notified the companyt earlier this month that it would delist its shares effectivedMay 12. The shares have subsequently been trading over the Particle Drilling owned several patents related to a drilling technologty designed to enhancethe rate-of-penetration functionn in the drilling process, especially in hard rock environments.

Sunday, March 4, 2012

historical society re-creates Titanic's last dinner - Pittsburgh Tribune-Review

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historical society re-creates Titanic's last dinner

Pittsburgh Tribune-Review


Titanic history buffs will have a chance to travel back in time and participate in a re-creation of the last dinner served on the luxury liner. The Greater Monessen Historical Society will commemorate the 100th anniversary of the sinking of the RMS ...



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Friday, March 2, 2012

Battle brewing over AEP rate hike - Business First of Columbus:

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Parts of the PUCO ruling did not sit wellwith AEP. A statementy on the company’s Web site said the commission’s decisioj to moderate the impact of rate increaseas on consumers means theruling “does not provide the cash flow necessarh to deal with the significant increases related to fuel and environmentalo costs as we incur them.” that money will need to be collecter over an extended period, the company “The fact our rates will be so much lower than what our detailefd analysis shows is necessary to fund operations is of particulatr concern,” the statement said.
Still, AEP was encouragex the PUCO ruling supports its proposed vegetation management andgridSmaryt programs. “It has its pros and cons,” AEP-Ohilo spokeswoman Terri Flora said ofthe PUCO’s “We need to work with the commission to see wherer they are coming from.” The company’s optionsa at this point, she said, are to accepgt the commission’s decision, appeal it through file another electric service plan or pursue a marketf rate option allowed under a comprehensive energy law passesd by the General Assembly last year. The law providese for a system in which rates are set by the PUCO through electric service plans like the one filedsby AEP.
It also outline a path for electric utilities topursue market-based