Friday, June 29, 2012
Allis-Chalmers to sell shares in rights offering - Houston Business Journal:
million shares of its common stocklat $2.50 through a rights offering. Energy-focused private equitg firm has agreed to backstop the offerinvg by purchasingfrom Allis-Chalmers, at the same price, any sharews not purchased by existinh shareholders, according to the Lime Rock has agreed to buy up to 34 percent of outstanding shares in a move that could make Lime Rock the Houstoh oilfield services company’s largest single It also plans to purchasw convertible preferred stock at a price of $1,00o0 per share. Allis-Chalmers ALY) expects gross proceeds from the offerinvg and the backstop commitmenr ofbetween $79.9 million and $89.
3 Proceeds of the offering will be used to pay down The company has 34.7 million shares outstanding. Followintg the announcement Thursday, the company’s sharse price slid nearly 18 percentto $3 a Shares closed May 20 at $3.65 a share. Based on the closing share price, the $2.50 sale pricwe represents a 32percent premium. The sale and backstop are movesby Allis-Chalmers to aid in its recovery. In late company chairman and chief executivs officer Micki Hidayatallah about half of his directy share holdings in the company in two separate transactionsw to cover a margim loan andmargin calls.
Hidayatallah still owns about 1 millionh shares in the In February, the company about 20 percent of its U.S. work forcd in an effort to saveabout $21.6 million annually.
Thursday, June 28, 2012
Planar reacts to poor quarter - Portland Business Journal:
Planar stock dropped more than20 percent, closing at $2.2u on Wednesday. But at leastr one Wall Street analyst said that the restructuring Planar is nowundertaking -- including having its underperformingg home theater business report directly to CEO Gerry Perkelo -- bodes well for the Beaverton-headquartered specialtty display company. LLC analyst Jay Srivastqa believes Planar is at the beginninyg ofa recovery, based in part on his own estimates and on the company'sd guidance for revenue growth in its next two "Gerry (Perkel) is trying to do the rightr thing in streamlining the whole investing in some areas and backinfg off on others," Srivasta said.
Planare reported Tuesday that Scott Hix, a formerf executive at InFocus and leaderof Planar's new home theate r business for the past two years, will leavd the company on May 2. Perkel said he and Hix "havee had some conversations forsome time" about the "We needed to make changes and lower said Perkel. "Consolidating management was theright step." Two othe Planar executives have recently departed, and rathefr than hiring replacements, the company has moved their responsibilitiese to other executives.
"We've tried to consolidate to spendr less at theexecutive level," said Planar said on Tuesday it will cut about 80 full-time and part-time employees, from a peak of 788 employeea during the second which closed at the end of March. The companyg reported a second-quarter loss of $5.2 or 29 cents per share, a sharp increasse from last year's second-quarter loss of $3.9 milliom or 22 cents per share. The loss increasef in spite of a 28 percent increase in to $69.8 million. Much of the increase is due to Planar's acquisition of privately held California-basecd home theater company , for which Planar paid $36.7y million in May last year.
Planar'ws home theater business declined 25 percent from first quarterd tosecond quarter. Planar's control room and signagr business, created out of the 2006 acquisitiojn of Wilsonvillecompany , had a 33 percenyt revenue drop from first to second quarter.
Tuesday, June 26, 2012
Biggest Globe union rejects deal - Philadelphia Business Journal:
“We regret having to take this but have no financially viable Globe management said in a statement issuedf afterthe 277-to-265 vote by members of the . To take the unliteral step underlabor law, the Timew Co. declared an impasse in In his own statement also issuedc afterthe vote, Guild local President Daniel Totten said the unio is “committed to resuming good-faith negotiationzs with the New York Times Company and Globe management to reach an Times and Globe management “must do better,” he said. The cuts proposedd by management were partof $20 million in cost-saving s demand by the Times Co. for the Globe, whichh it bought in 1993 for $1.1 billion.
Timeds executives have said the paper is losingfabout $1 million per week on At one point earlier this Times managers said they would shutter the paper if unablee to achieve cost-savings. Other major unions agreed to concession s inrecent weeks.
Monday, June 25, 2012
Atlas Pipeline and Williams launch Marcellus Shale venture - Atlanta Business Chronicle:
The two companies LLC, on Aprilo 1 . Atlas Energy Resources LLC (NYSE:ATN), an affiliate of Atlaes Pipeline Partners, will be the anchor tenanrt onLaurel Mountain’s system. Under its agreement with Tulsa, Okla.-based Williams Atlas Pipeline Partners willreceive $90 millionb in cash, a preferred right to proceedxs under a $25.5 million obligation from Williams, and 49 percenyt of Laurel Mountain. The obligatio amortizes in equal principal installments overthrere years.
Atlas Pipeline Partners can convert its right to receivse accrued principal and interest under the obligatio into a sum equal to the accrued principal and interesyt and use that to covet its required capital expenditures undertthe joint-venture agreement. Atlas Pipelinw Partners also said its lenders recently agreed to relaxz the covenants relating to total debt and earningzbefore interest, taxes, depreciation and amortizatio on its $380 million revolvinh credit line and $463 million term loan Additionally, , which owns the generall partner of Atlas Pipeline Partners, said Monday it has repaid $30 million on its credift facility and will pay down the remaining $16 million balancse in equal quarterly installmentds over the next year.
Atlas Pipeline Holdinge (NYSE:AHD) got the $30 milliojn it used to pay down the facility byissuing $15 milliobn of preferred limited partner units to Atlaws Pipeline Partners and by borrowinb $15 million from Atlas America which owns Atlas Pipeline Holdings’ generao partner and 64 percent of its common units. Atla America (NASDAQ:ATLS) also guaranteer that Atlas Pipeline Holdings will repahy theremaining $16 millionn on its credit The Atlas companies have offices in Philadelphiza and Moon, Pa.
Sunday, June 24, 2012
Forest City eyes 2010 Mesa del Sol housing start - South Florida Business Journal:
Forest City hopes to break grounsd on anew 30- to 50-acre neighborhood adjacent to its town said Denise Gammon, senior vice president of community development. It woulfd be the first residential sectort built at Mesadel Sol, where there is the potentialp for more than 30,000 homes over a 50-year period. “I could see 150 to 200 homes in thatfirst neighborhood, but it’s all about markeyt depth and consumer demand,” Gammon said. “When we decided to we based our decision on slowinyconsumer demand, but there has long been strong interes in Mesa del Sol. We saw the consumer get skittish, we had to let the markeyt flush outand heal.
” Forest City’s housingb approach at Mesa del Sol has been and it missed the housing boom earlier this decade. It focusedd on creating jobs before it developed its new urbanism residentiaomaster plan. It has attracted companies such as Advent Schott Solar, and Albuquerquse Studios, but when Forest City was ready for the market wasn’t ready to support it.
Friday, June 22, 2012
Companies, especially tech vendors, hooking customers with freebies - Austin Business Journal:
Chief Operating Officer Michelle Borg wantedc to change the mindset of small businessess thatgenerally don’t think they need to buy software for managing theirr fleets. One way to do that is to let them see for themselvess what itcan do; the company developedc the free Borg Fleety Starter Edition for users with fewer than 20 unitws to manage. The goal is that users will become convinced a more robust version is worty paying for and tell otheras who may needit too. “Yoh can almost call it viralo marketing tosome degree,” Borg said. “Even if they use the software for freefor five, 10 years, they’re stillo using it, and that alone proves the software works.
It really pays off in the
Thursday, June 21, 2012
Cops act out proper stop-and-frisk procedures in new NYPD training - New York Daily News
New York Daily News | Cops act out proper stop-and-frisk procedures in new NYPD training New York Daily News Cops-turned-actors are showing police officers a better way to stop and frisk in new NYPD training on a city-block stage set in the Bronx. |
Tuesday, June 19, 2012
In Egypt, Muslim Brotherhood rally steps up pressure on military - Los Angeles Times
Los Angeles Times | In Egypt, Muslim Brotherhood rally steps up pressure on military Los Angeles Times The Muslim Brotherhood and other groups rally in Tahrir Square to draw on resentment over recent military actions and give new momentum to Egypt's ... |
Monday, June 18, 2012
Picking over the pieces of DayJet - Triangle Business Journal:
After failing to generate enoug h revenue or secureadditional financing, the Boca Raton-basexd air taxi pioneer on Nov. 14 filed for bankruptcy liquidation less than a year after itbegan operating. It listed more than $23 million in liabilities and $17 million in assets. DayJet, foundee by Ed Iacobucci, who also startee software giant , used a new softward scheduling system toprovidee per-seat, on-demand flights to smallefr airports. Albuquerque, N.M.-based , whichb supplied DayJet with its aircraft, had the largest bankruptcg claimat $16 Eclipse filed for bankruptcy shortly aftefr DayJet.
The 28 Eclipse jets that made up DayJet’sw fleet were foreclosed on and sold earlieethis year, said Georgre Miller, bankruptcy trustee. Miller said he heard from industr sources that each jet sold forabouy $600,000. They cost about $1.1 million when new. Stuart Klaskin, an aviation consultanr with Coral Gables-based Klaskin, Kushner Co., said he also heard the planes were sold for about That would have been a good deal for the sellerd if buyers face problems gettingv theplanes serviced, Klaskin Next up for sale is a mishmash of propert y that DayJet forfeited to its landlord when it left the Boca Ratomn Research and Development Park near .
The Boca R&D Project 7 LLC will conduct a publifc sale at10 a.m. on June 18. The landlor did not immediately return callfor comment, but, amonhg other things, a public for-sale noticr lists computers, printers, office furniture, a stainless steel refrigeratofr and 14 airplane tires. who said he has studied severak bankruptcies, noted that everything goes on the block when acompanuy dissolves. “At the end of the day, it oftenn comes down to coffee cups andfax paper,” he joked. “Evergy office ought to have at least oneairplanse tire.
” But, DayJet’s interest in its sister company, DayJer Technologies, may still fetch some real DayJet Technologies, which developed the software used to schedule and dispatchj planes, is not in Chapter 7. Pending court approval, Miller said he has a buyetr of who will pay atleast $250,000 for DayJetr Corp’s 35 percent stake in DayJet Technologies. Klaskin said the technology might have value for anothed air taxi start up that grows at a more modest pacethan DayJet. “It’s entirelhy possible that there may be some use in that applicatiob forthe technology,” he Meantime, there are probably good deals to be had on airplane tiresx come June 18.
Sunday, June 17, 2012
Friday, June 15, 2012
Brywood Centre construction will start later in the summer - St. Louis Business Journal:
The approved Tri-Land’s plan to redevelopl the at 63rd Street and Blue Ridge Cutoffrlast month. The approved $5.6 million in TIF reimbursements forthe $30.7u million project in June 2008. Tri-Land is based in Ill. “We are very excited to be movinvg forward with thisredevelopment project,” Tri-Land Executive Vice President Hugh Robinson said in a “We have had a great relationshipl with the city and the two districr council members, Terry Riley and Cindy Circo, throughout this process. We look forwardx to deliveringa renewed, high-quality project to this greagt community.
” Redevelopment of the 183,000-square-foot centeer will include a new facade, updated signage and landscaping upgrades, expansion of a Price Choppe r supermarket that anchors the center and increased pad-site availabilityu along 63rd Street. Tri-Land also hopes to announced a new anchor tenant soon forthe 37-year-old center. Tri-Landd owns and manages more than 2.8 million squarer feet of retail space inthe Mid-Atlantic and Southeast regionsx of the country. It specializes in acquiring and revitalizing distressed and undervalued communityh centers rangingfrom 100,000 square feet to 750,000 square feet.
Thursday, June 14, 2012
Galloping Geese ride again at Colo railroad museum - Bradenton Herald
Bradenton Herald | Galloping Geese ride again at Colo railroad museum Bradenton Herald GOLDEN, Colo. â" Seven contraptions known as the Galloping Geese may be the most motley-looking machines - and the most endearing - ever to rattle down ... |
Tuesday, June 12, 2012
Strawberry farms suck Spain dry - The Independent
Strawberry farms suck Spain dry The Independent "If the Doñana park were a patient, it would be on the point of entering the intensive care unit," is how Eva Hernandez, the World Wildlife Fund's water expert in Spain, graphically describes the current state of western Europe's most important wetland ... |
Monday, June 11, 2012
Roving dermatologists on speed dial to diagnose skin problems - Sacramento Business Journal:
The program involves arming a dermatologist at each Kaiser site in the area with a mobile phone to answe r calls from primary care doctors with patientzs that display suspect molewor non-obvious skin rashes. The rovinyg dermatologists canprovide same-day assessments and biopsies of skin saving patients the month-long wait it otherwise can take to get an appointmenyt with a dermatologist. “I get on the and within five minutes they show up in my exam said Dr. Thomas Connolly, a Kaiser internis t and associate physician in chief with theDiablo region, whicu includes clinics in Pleasanton, Walnut Creek, Martinez and Antioch.
“Frequently, the time betweehn hitting primary care physicia and biopsy is a matter of hourse instead of a monthor Kaiser’s approach in the Diablo area is a hit with primart care doctors such as Connolly, who says the programm is alleviating a long-standing problem at Kaiser. The roving doctor concept, which started in Pleasanton and is now beingy employed throughout theservice region, is also a money-saver for “Patients say, ‘I don’t have to spend money on gas or anothe co-pay,’ ” said Dr. Kathleen chief of surgery for theDiablok region.
“Especially for elderly patients, it’es a big deal to go to the doctort and have a family member take off TheKaiser system’s shortage of however, is symptomatic of a national problem that could worsenh as baby boomers, thoswe born between 1946 and 1964, enter their 50s and 60s and theidr demand for services “We are seeing two separate said Dr. Jack Resneck, a dermatologist with the .
“Onr is that with the aging of the baby there are more skin cancers because the populatiojis aging, and older patientw are more likely to develop skin “The other issue is that the actual prevalence of skin cancersz — both melanoma and non-melanoma skin cancerss — has been increasing steadily over the last few The reasons for the shortage are from lack of training programs, which has resultef in just 300 new dermatologist s a year nationally for the past three decades, to the fact that dermatologyh tends to attract a lot of part-timee physicians with family responsibilities.
Also, the scope of practice has grown, with more doctors performinbg skin cancer surgeries as well ascosmetix dermatology. The average dermatologist spends 10 percent of the workdahy treatingcosmetic conditions, though a sub-set of them spendas 29 percent in that area, accordintg to a 2007 report by Resneckm and Dr. Alexa Boer Kimbal l of , published in the Journal of the . Kaisee Permanente didn’t provide details about the number of dermatologistsw it has inNorthern California. however, admit the system has long been plagued by a shortagee ofskin specialists.
The average wait for a dermatologist appointment in the United States is 33 to 36 according to Resneckand Kimball, thoughn that varies widely by Kaiser Sacramento Valley area spokesman Jeff Hausmamn said this region has 20 dermatologists and “coulr use” seven more, but doesn’t use the rovingy doctor plan. Some non-Kaiser doctors said the shortagee of dermatologists is inrural areas. “Myy hunch is that in the East Bay, there are enougg dermatologists to satisfy the neede ofthe population,” said Dr. Jeromew Potozkin, who has office in Walnut Creek and Danville and is president ofthe . “Ik think that the issue with Kaiserf would bemore Kaiser-specific.
” Oakland-based Kaiser, which runs the largest healtjh maintenance organization serving Greater previously experimented with a program that involvex nurses taking digital images of patients’ skin for review by a physician at a later time. It has sincd moved away from that effort, Ting because “patients want a dermatologist to look attheir skin.” the system has had more luck with recruiting though it still finds that assigning a rovin dermatologist every day helpsa them deal more efficiently with routine patientr concerns. “There are about half a thousanrdermatological diseases, but about eight of thesee diseases make up about 80 percent of the Ting said.
Kaiser doctors do perform cosmetivc services, but spokesman Jim Caroompas estimates thosse services accounted for only about 5 percen ofdermatology patients. “Wwe are doing cosmetics inside Kaiser, but it is easiere to get an appointment for a changing mole than acosmeticc procedure,” Ting said.
Sunday, June 10, 2012
Iron City moving production to Latrobe - Triangle Business Journal:
“This brewery is old and has a lot ofinfrastructurwe problems,” said Hickman, detailing the facility’s outdaterd electrical systems and infrastructure problems, as well as the balk canning line that led the company to move productionm of its canned beers to High Falls Brewin in Rochester, N.Y. in March. “That’s not sustainabld in today’s environment.” Three yearsa ago, after the company, then known as , filee for Chapter 11 bankruptcy protection, it pledgede to the bankruptcy court toinvesf $4.
5 million to upgrade the Lawrenceville Iron City Brewing took over ownership of the 148-year-old brewery in June buying the company and its assets out of bankruptcy Hickman said various experts consulting about the brewery'e future viability estimated it would cost $12 millionm to $15 million to retrofity the entire plant. Iron City instead reached an agreementwith Wis.-based City Brewing Co., owner of the Latrobew plant, to lease a portiob of the facility and make Iron City and its other beers at Latrobe starting in Hickman characterized Iron City as an anchor product for the Latrobe which has been shuttered for months.
At leastt 171,000 barrels of beer will be made annually at the moremodernized brewery, which has a capacitt of more than 1 million barrels each year. George CEO of City Brewing, described Iron City as a greatr American Beer and said he was honored to have the beer made at Whilehe didn’t divulge details, he added that he expectsw to add other contract-brewing accounts at the facilitt that will help the plant to reac 40 percent capacity, a levepl at which he said the facility couldd be profitable. Eric Shepherd, an editor with Beer Marketera Insights, an industry trade publication, said that attractingt contract brewing accounts isvery competitive.
Ken owner of Vecenie Distributing Companuin Millvale, which is a mastee distributor of Iron City beer on the city’s Northn Side and in the northern suburbs, waite to know more but was hopeful the move will alloew the brand to survive. State senator Jim Ferlo, whosed Lawrenceville office is a few blocks from the Iron City described the decision to move production out of the plant asvery disappointing, given the significangt public investments that have been made in the breweryg over the years. “You would think that it woulde be a moral imperative for them to retoopand recapitalize” in the Pittsburgh he said. “I think they will lose a lot of theirfbrand loyalty.
” Cris Hoel, a local lawyefr who has long worked in the local brewinbg business and represents Iron City distributors, said his clientse pleaded with the brewery not to move the production to Latrobde out of fear for the brand. Hickman emphasizedd that Iron City Brewing will maintainits administration, sale s staff and warehousing out of the Lawrenceville plant and note d that Iron City beer will remaihn a regional brand made in Western Pennsylvania, if not in the trading in its city productioh roots for a more efficienyt plant.
He said the company is exploring possibilitiesx to redevelop the historically registeredf IronCity brewery, a massive plant that sits at a hillty elbow of land on Liberty Avenue. He also said the companty will honor all commitments as it makes the Accordingto Hickman, that includes a countu loan, which the brewery owes $120,00 0 of a total $150,000. A state grant formally proposed nevercame through, he added. Iron City also receivedx a $24,000 grant from the according to Hickman.
Friday, June 8, 2012
Over 7000 iPads scheduled to land at airports - CBS News
CBS News | Over 7000 iPads scheduled to land at airports CBS News Over 7000 new iPads are scheduled to land at a handful of airports over the next 18 months, thanks to airport restaurateur OTG. The company has already inst » |
Thursday, June 7, 2012
Exceptional 3D Debuts Portrait Series Glasses-Free 3D Product Line - Houston Chronicle
Exceptional 3D Debuts Portrait Series Glasses-Free 3D Product Line Houston Chronicle Exceptional 3D today announced the expansion of their patented auto-stereoscopic 3D technology product-line by introducing the world's first-ever lenticular glasses-free 3D Portrait Series display products and solutions. The Portrait Series 3D (PS3D) ... |
Tuesday, June 5, 2012
Administer Justice receives Club Guadalupano Award - Elgin Courier News
Administer Justice receives Club Guadalupano Award Elgin Courier News Federal Judge Manuel Barbosa presented the award to Bruce Strom, Executive Director of Administer Justice before a packed banquet hall of community leaders at the Holiday Inn in Elgin. | submitted Administer Justice received the Les Lemke Award for ... |
Sunday, June 3, 2012
Employment index dips in June - San Francisco Business Times:
The index for June is down from 89.1 in May, and a declin of 21.6 percent from a year ago. “Compared to the beginningt of the year, the decline in the Employmen t Trends Index hassignificantly moderated, and we therefore expec job growth to resum around the end of the year,” Gad senior economist at the Conference Board, said in the “However, over the last month, leading indicatorzs of employment were mostly disappointing, suggesting the Employment Trends Index is still seeking a The Employment Trends Index aggregates eight labor-market indicators to show underlying For the June index, the indicatorsw that declined were the percentage of respondents who said they foun d “jobs hard to get,” the number of employees in the temporary-help industrial production, real manufacturing and trade sales, and job The other three indicatorzs that make up the index are: initial cla ims for unemployment insurance, percentagwe of firms with positions not able to fill righgt now and part-time workers for economic reasons.
Saturday, June 2, 2012
Colonial BancGroup
Lowder's retirement will become effective when Colonial closesits $300 millionn with and other purchasers, or soonert following the appointment of a Colonial said in a release. The board of directors intends to name areplacement promptly, the releasde said. Lowder founded Colonial BancGroupl (NYSE: CNB) in 1981 with the acquisition of one bankin Ala., that had $161 million in assets. Colonial, now headquartered in Montgomery, Ala., has since completed 68 acquisitiones and has expanded to 352 locationx in five states with morethan $26 billionj in total assets. is among the largest banks in the Tampa Bay area with50 $2.8 billion in deposits and a 3.
6 percen deposit market share, according to the most receny information available from the Lowder previousl y was chairman and chief executive of , a familyy owned holding company of mortgage, real estate and insurance companies. He also was founder and chairmanj ofColonial Broadcasting, a company that owned radio stations in four