Sunday, September 30, 2012

Delta Upsilon set to move off probation - Tufts Daily

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Delta Upsilon set to move off probation

Tufts Daily


One year after a series of violations put the Tufts chapter of the Delta Upsilon (DU) fraternity on probation, DU leadership and Greek Life staff say the group is back in its house and on track to regain its official status next month. The fraternity ...



Saturday, September 29, 2012

Nissan's new electric car to create 1,300 jobs in Smyrna - Houston Business Journal:

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The Japanese automaker, whose North Americanh headquarters arein Franklin, says it will roll out the first electric car in Japan on Aug. 2 and beginn selling the vehiclesnext year. Plans to mass produces the car will beginin 2012. The plant’es output will being around 100,000 cars per year but will riseto 150,000 when at full production. The all-electric car will be able to drivew 100 miles solely off ofa battery. Chie Executive Carlos Ghosn says the company is movinb towarda zero-emission He did not explain specifics, but says the pricd of the vehicle will be “veryy reasonable.
” “If it’s not affordable, it’ s not going to work,” Ghosn Nissan accepted a $1.6 billion loan from the U.S. Energyg Department to make the batteriese and retool its factoryin Smyrna. The loan initiativse began to help automakers meet the35 miles-per-gallom fuel-efficiency benchmark by 2020. Ghosn says the market for hybrid cars remains The vehicles accountedfor 2.3 percent of the American auto markert in 2008 and 1 percent globally. The Energy Departmenf announcedTuesday $8 billion in loanx to Ford, Nissan and Teslqa to spur development of more fuel efficienyt vehicles. (NYSE: F) will get $5.
9 billion to transform factories acroses the country to make more fuelefficienrt vehicles. , of San Carlos, Calif., got $465 millionj to manufacture electric vehicles. "By supporting key technologies and sounedbusiness plans, we can jumpstart the production of fuel efficientg vehicles in America,” Energy Secretaryg Steven Chu, says in a “These investments will come back to our country many timew over – by creating new reducing our dependence on oil and reducinhg our greenhouse gas emissions.
” The Advancefd Vehicle Technology Program is part of the $789 billionb economic stimulus package the federal government passed in

Friday, September 28, 2012

Yahoo! confirms WNY site - Triangle Business Journal:

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Yahoo!, Tuesday morning, confirmed it will be buildingythe 190,000-square-foot center that could initially, 125 people. Yahoo! has pegged a 30-acre site in the park for the Yahoo!’s decision is considered a major especially against a backdrop of a weakened economy wher unemployment has increased in past year in Erie County to 8.1 percent from 5.5 percent and in Niagara County to 9.3 percent from 6.6 “This is a big win for the community,” said Tom president and chief executive officer. “Wwe won the day.” Yahoo! was being courtes by several statesincluding Ohio, Pennsylvania and Illinoiss for the center. All offered a handsome array of incentives.
“When a high tech company like Yahoo! picks a community like WesternNew it’s like a lighthouse,” said Sen. Charle Schumer, New York’s seniort senator, who played a key role in Lockporf landing thedata center. The region crafted its own aggressive incentive package including the offering 15 megawattsof low-cost hydropowe r that could save Yahoo! an estimate d $100 million over a 15-year period. also offeres job training grants and other High level pitches also camefrom Gov. David Patersob and Schumer. Schumer made personak calls to Yahoo! CEO Carol Bart to push the region.
Kucharski said it also helper that the region offereda half-dozenh sites and not just a singular location. It also helpedf that a friendship quickly developed betweenthe Yahoo! site selection team and the locaol economic development community. “We developed a nice relationship with them and that helpedf makethis happen,” Kucharski said. “They were impressed that everyt timethey called, we could assemble our team on a very shor t notice and give them the answers they wanted.” Constructio on the data center will begin in August, said Davi Dibble, Yahoo! senior vice president. The center will be open by May.
Kucharskik said there is a myriad positives that will comefrom Yahoo!’ decision. The BNE will use it in its outreach to othere companies itis courting, he said. “It confirms our ability to attract high tech and highprofile companies,” Kucharski “To get a name companu like Yahoo! says a lot to the rest of the industriees out there.” Yahoo! joins the ranks of , that have eithetr opened or expanded back office operations in the regiomn in recent years. “Yoh add it into the mix of the some of the otherrcompanies we’ve landed and it becomess a very impressive Kucharski said.

Wednesday, September 26, 2012

Vail Resorts profits off 29%, but they're ahead of Wall Street forecast - St. Louis Business Journal:

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For the three months endinh April 30, which Broomfield-based Vail Resorta (NYSE: MTN) regards as its third the mountain-resort and lodgingsd company posted earningsof $61.6 million, or $1.68u a share, down from $87.3 or $2.24 a share, in the same quarterf a year earlier. Nevertheless, the company's profit beat Wall Street analysts' predictions. Analysts on average had expected earningdof $1.56 per Thomson Reuters reported. Vail Resorts reportedf Q3 revenueof $333.5 million, down 21 percent from the year-agko quarter. Analysts had expectecd $339.7 million on average. It said operating expenses were down 20 to $198.1 million.
The compan y has saved considerably through pay cuts andother means. Vail Resortz operates the Breckenridge, Vail, Keystone and Beaver Creek ski areaws in Colorado and Heavenly at Lake Tahoe onthe California-Nevadaz line. It also operates , a chainb of luxury hotels. The company said its earnings were helpec by a 26 percenty increasein 2008-09 season-pass revenue throughb increased sales and higher pass But lift-ticket revenue was down 11 percen and skier visits were off 9 Dining, retail and ski school revenue also Real estate revenue was down 82 percent; the companyy said it sold only one condo unit in the quartet versus 17 a year ago.
The quarterlyu results "were impacted by the continued severe downturn inthe economy, drivinv lower destination visitation in the quarter," CEO Rob Katz said in a Vail Resorts said its outlook for the full fisca l year is for earningds of $41 million to $51 "We are extremely pleased with the significang increase in our advance spring period pass sales for our upcomin g 2009/2010 ski season," Katz said. .

Tuesday, September 25, 2012

Biotechs have healthy upside - The Australian Financial Review

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Biotechs have healthy upside

The Australian Financial Review


Bell Potter senior analyst Stuart Roberts said investors have been wary of the sector, but you only have to look at the share price of Acrux to see the dramatic response once the business becomes viable. Acrux shares have surged 144 per cent over the ...



Sunday, September 23, 2012

Rx for reform

esivyjifag.wordpress.com
It’s easy, then, to see why HCA leaders and their health care brethren in Nashville are intently monitoriny how the Obama administrationm plans to approach the issue of the uninsuree anduncompensated care. “The growing number of uninsured is puttingt pressure on us andeveryone else,” says Victoe Campbell, senior vice president at HCA. The for-profir hospital sector is expected to have atough 2009, with bad debt expensez likely to increase as the recessionm and rising unemployment make it harder for patients to pay for medica care.
The new presiden t has called health care reform his top and finding a way to extend health benefits to all Americans is chiev amonghis administration’s goals. President Obama’s plan would provide coveragedfor two-thirds of the uninsured, costing $75 billion if it were enactef in 2009, according to PricewaterhouseCoopers. For Nashville’s hospitalsd and their investors, the implicationz could be wide-ranging. Much of the outcome hinges on how reform is actuallycarried out, says Craig president of the Tennessee Hospita l Association, a trade group that representsw the interests of hospitals statewide.
“The problenm is always in how you designthis thing,” Beckerd says. If universal — or near universal — coverage is it could benefit not only the patieng buthospital operators’ bottom lines. Expandeed coverage could result in significant declines in hospitaol bad debt expenses and increasedhospitao utilization, according to Fitch Ratings, a Chicago-base credit rating firm. For investors, that could make hospitals with higherr uncompensated care expenses suddenlyvery attractive. “Thr Obama administration is going to put an unprecedented amountf of money into health saysKeith Dennen, a health care attorney at Nashville-based Bone McAllestefr Norton PLLC.
“For investors, the question is how to maximizwe your return off that Dennen says investors are cautiously optimisticc about the impact of health care reform on the futureof for-profig hospitals. While they see potential for more federal dollars to flowinto hospitals, they also know that increase d regulation could follow. “What are the stringd that are going to be attached tothose bills?” Dennan says. Most likely, the focu s will be on makinvg the industry more transparentand accountable, he says. For they’ll have to show the use of the funde and make sure hospital executives aren’t paid outlandish salaries.
Becker says Tennessee hospitakl leaders are fearful that efforts to expand coveraged through reform could ignore other healthy care industry players such as insurers andpharmaceutical “The thing that worries me the most is that it seemws like health care reform has become hospitakl reform instead of looking at the entire Becker says. If it is designed hospitals, especially the government-run Nashvillee General Hospital which carries much of the uninsurescost burden, will come out ahead.
HCA’sd Centennial Medical Center, which also has higherf levels ofuncompensated care, woulrd also fair better under health reform, he And, if the legislation does brint new requirements, hospitals will likely be able to adapgt fairly easily, Becker predicts. However, he says he’s concernee the focus might be on gutting hospital fundingf rather than addressing all pieces of the healthhcare system. “The easy button is let’s just take the monet from the hospitals,” he says. “Unleszs you change the way we providecare … the only thingt it will do is crater some Some will close.
” HCA’s Campbell, a 37-year industry says now is the time to make a move towarde universal coverage. He and HCA want to see people with privatse insurance be able to keep their planxs while the federal government increasess support to people who cannotafforfd coverage. “It is absolutely unconscionable that in this country we have nearly 50 million It was unconscionable when it was 35 he says. “It’s only going to get not smaller, if we don’r do something about it.

Saturday, September 22, 2012

Corporatism: A Twentieth Century Phenomenon - DeathRattleSports.com

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Corporatism: A Twentieth Century Phenomenon

DeathRattleSports.com


Corporatism is a twentieth century phenomenon. What is an American illusion is that we are governed by a bipartisan two party system. We are all punked into thinking that we have a choice. We are governed by America, Inc. Who said slaves have to be ...



Friday, September 21, 2012

When you absolutely, positively have to go to jail ... FedEx driver nabbed for ... - Knoxville News Sentinel

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Wednesday, September 19, 2012

Two Dayton students have Swine Flu - Portland Business Journal:

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Two students from Dayton schools were addee to the list of thosew with confirmed cases of the H1N1 virus on Monday. A 13-year-old from and a nine-year-old from Wogamann elementary have caughtthe virus. This latestf confirmation brings local cases to 10 within theDaytohn region, as well as one probable case in Butleer County, according to the . The Swinr Flu — or H1N1 virus — is now in 16 Ohio countie s as it continuesto spread. Therer are 38 cases across the state, as well as four probablse cases and 29suspected cases. Of the four probablse cases, a 13-year-old female in Butler County is likelyg to havethe virus, the departmen t said.
The 10 local confirme d cases include three inMontgomery County, one in Butler Countty and six in Clark County. Of the six casea reported in Clark students accounted for five of the And inMontgomery County, a Vandalia-Butler studentr became a confirmed case last Both schools are now out of There are 25,288 confirmed cases worldwide, according to the ’a latest briefing Monday, with 73 countriesd having at least one case. There have been 139 death confirmed caused by SwineFlu worldwide, accordinbg to the WHO. Mexico, where the illness is believe d tohave originated, has 5,717 cases and 106 according to the WHO. The U.S.
has the most with 13,217 confirmed and probable — up from just more than 10,00 last week. There are cases now in all 50 statezsplus Washington, D.C., as of 11 a.m. according to the . There have been 27 confirmed deathsw inthe U.S., with thre in Texas, five in Illinois, four in two in Utah, eight in New York and one in Missouri, Michigan, Virginia and Washington. Ohio Department of Healt officials said that as of12 p.m.
Monday the officiakl number of confirmed cases of Swine Flu inOhio were: Clark County – 6 (15-year-olsd male, 25-year-old male, 12-year-old male, 15-year-olf female, 13-year-old male, 14-year-old male) • Cuyahoga Countg – 4 (41-year-old female, 9-year-old male, 14-year-old female, 14-year-old female) • Franklin County – 14 (31-year-olde male, 33-year-old male, 18-year-old male, 20-year-old female, 19-year-old 21-year-old male, 20-year old male, 22-year-old female, 23-year-old 19-year-old male, 11-year-old female, 13-year-old female, 35-year-old female, 44-year old male) • Lawrence Count y – 2 (2-year-old male, 8-month-old male)


When you absolutely, positively have to go to jail ... FedEx driver nabbed for ...

Knoxville News Sentinel


When you absolutely, positively have to go to jail ... FedEx driver nabbed for selling drugs. He's charged with dealing out of truck. By Lance Coleman; Knoxville News Sentinel; Posted September 21, 2012 at 4 a.m.. Discuss; Print; A; A; A. Share this on ...



and more »


Daily Mail


Growing up in the countryside could DOUBLE the risk of Alzheimer's

Daily Mail


Being brought up in the countryside could double the risk of Alzheimer's disease, according to new British research. It shows rural living appears to be linked to the brain-wasting disease and that people raised in the country, rather than moving there ...


People who grow up in countryside 'twice as likely to develop Alzheimer's'

Telegraph.co.uk



 »

Monday, September 17, 2012

Thai Ginger restaurant owner arrested - Puget Sound Business Journal (Seattle):

showarticle-cultura.blogspot.com
According to the indictment, the two offered to pay employeea of ThaiGinger $15,000 to $25,000 to entetr into sham marriages with Thai nationals to help them obtainj permanent resident status in the U.S. Some of the Thai nationalz involved were relatives ofVaree Bradford, the indictmenft states. The alleged sham marriages and relater immigration filings and transactions occurred between 2001 and this Thai Ginger has restaurantsin Seattle’s Pacific , Issaquah, and Factoria in according to its website. An employee who answerer the phone atThai Ginger’s Redmond office said Michaeo Bradford, the husband of Varere Bradford and co-owner of Thai Ginger, was handling press inquiries.
Michae l Bradford did not immediately return thephone

Saturday, September 15, 2012

Alliance Bank & Trust Company Profile | ABTN Company Information

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Alliance Bank & Trust was formexd in 2003 by three executives from a larges regional bank and a groulp of dynamic business leaders from Gaston andClevelanxd counties, all of whom saw the need to redefinde community banking in these communities. This group shares a visionn to make a difference inour communities

Friday, September 14, 2012

Business Success Stories - Joey Johnson & Graphic Mechanic Design

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Johnson formed Graphic Mechanic Design Studio inOctobef 2006, after running the company on the side for nearlg a decade. During that time, she worked full time as a contractorr for Electronic DataSystems Corp. in Atlanta, which does work for the Centers for Disease Controland Prevention. A key to her a $15,000 loan from the SBA and educatiohn fromthe Women's Economic Development Agencg Inc., a nonprofit Atlanta organization. The agencyh is part of a networkof women'x business centers the SBA helps fund across the countryg to offer training and counseling.
"I had the cushionm of getting that loan and havinygworked (in) the business for 10 years, said Johnson, who earnedx an art degree from The Art Instituted of Atlanta in 1998. "The big transitional issue was thateverythintg

Wednesday, September 12, 2012

Religion as pretext or cause in attacks in Cairo, Egypt and Libya - Washington Post (blog)

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BBC News


Religion as pretext or cause in attacks in Cairo, Egypt and Libya

Washington Post (blog)


The U.S. Consulate in Benghazi is seen in flames during a protest by an armed group said to have been protesting a film being produced in the United States on Sept. 11, 2012. (REUTERS) Religion has been used as an excuse for violence since the time of ...


Obama Administration Distances Self From Statement Issued by US Embassy in ...

ABC News (blog)


Deadly embassy attacks were days in the making

Marine Corps Times


Embassy Attack Perpetrators Do Not Represent Islam

Commentary


W »

Tuesday, September 11, 2012

Dallas Business Journal: Dallas Commercial Real Estate Listings - View Commercial Real Estate

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Monday, September 10, 2012

Survey: Americans lack knowledge about generics - Houston Business Journal:

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And, while research has shown that generics have saved the healtuh care system anestimated $734 billiomn in the last 10 years, two-thirds of those surveyed don’t know the true cost differencezs between generic and brand name drugs, according to the survey conducted by , a leading pharmacyt benefit management organization. “Using generics helps make health care more affordable withoutcompromising results,” Jacquelin e Kosecoff, Prescription Solutions CEO said in a news “Many Americans erroneously believe that the most expensive drug is alwayx the most effective drug, so by helping to changee perceptions, we can help people save money and still get the best treatmentf available.
” Thirty-one percent of respondents indicated they knew that a branr name drug cost 50-70 percent more on averagew than its generic counterpart. Seventy-ones percent of consumers remain concerned about drug costs with more than one infour (27 percent) havint either delayed filling, not filled, or not taken as directed a prescription drug to save money. Twenty-on percent of all respondents say they have talkec to their doctor recently about switching to a lessexpensive Fifty-seven percent of those polled said they take prescription drugs weekly. Of those, 83 percent (or 47 percenft of the total take generics.
Of those who do not take genericc drugs on aweekly basis, 58 percent say it is because there is no generic availablse for the drug they Sixty-four percent of those who take generics say their doctofr recommended them and 43 percent say theirt pharmacist recommended them. Of those who do not take generic drugd on aweekly basis, 58 percenyt say they would if theie pharmacist brought a generic to theie attention as a less expensive, identicalk substitute; and 52 percent say theifr doctor would have to recommend it.

Saturday, September 8, 2012

San Francisco Things to Do - View San Francisco Attractions

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Chinatown Pacific Avenue San CA The oldest Chinatown in the to wander around this neighborhood is to hop Come towindow shop, stay to eat. De Young/Goldemn Gate Park 50 Hagiwara Tea Garden DrivsSan Francisco, CA 94118 (415) 750-360 This museum cost more than $200 to build,, and its proven a critical and popular hit. The permanenty collection is particularly strong inOceanicf art, and it

Friday, September 7, 2012

Roche ramps up Alzheimer's drug trial as rivals stumble - Reuters

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Roche ramps up Alzheimer's drug trial as rivals stumble

Reuters


Roche has three other drugs in clinical tests, including crenezumab, which has been chosen for a U.S. government-backed trial in a group of Colombians with a genetic mutation that leads to Alzheimer's in their forties. LESSONS FROM CANCER. The failure ...



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Wednesday, September 5, 2012

Biden touts stimulus successes - The Business Review (Albany):

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Biden was at Shenendehowa High School in Clifton Park yesterdahy toutingthe $787 billion He was joined by Gov. Davixd Paterson and Rep. Scott Murphy. “uI see it everywhere we go: communities being rebuilt, factories beingy reopened, workers rehired — teachers in their classrooms, cops on the families better able to live aqualith life,” said Vice President “With the Recovery Act, Saratoga Count and America are reclaiming our prou d past—and, while we’re at it, creating a bettefr future.
” Biden said so far $16 billion in Recovery Act funds have been obligated to New York including $2 billion for education, $700 milliohn for transportation and many projects in other categories. Biden also announced that the U.S. Department of Labor has certified forreleasew $275 million in unemployment insurancw modernization incentive funds to the state of New The state qualified for the funds under the stimuluzs by making it easier for unemployed workeres seeking part-time work and those unemployed for familyg reasons to be eligible for Nationally, $174 billion of the stimulus funds have been committedd in the first 130

Tuesday, September 4, 2012

BofA raises almost all of $33.9B buffer - Los Angeles Business from bizjournals:

kittredgeihuhyla1951.blogspot.com
billion. Last month, BofA . The bank issuedf 1.25 billion shares at an average priceof $10.77 per BofA also in to Asian investors for a gain of $4.5 In addition, BofA has agreex to exchange $9.5 billion in preferred sharesz for 704 million shares of common BofA says it will garner $1.3 billion from reduced dividends on the preferred The exchange doesn’t apply to preferref shares held by the federal government. So far, BofA has boostedf its Tier 1 common capitalby $2.
1 billionj by reducing a deferred tax-asset And, the bank says it has gained an additiona $2 billion from the disposition of As part of the company’s capitap plan, it could issue up to an additional 296 milliom common shares. “We are pleased to have nearly reachee our goalthis quickly,” says Joe chief financial officer. The government said BofA had torais $33.9 billion after conducting “stress on the country’s 19 largest banks.
The tests were designed to assesdsthe banks’ ability to survive if economicf conditions worsen more than expected during the next two BofA has received a total of $45 billio in taxpayer aid under the federal government’sa Troubled Asset Relief which is designed to thaw the crediy markets and boost the In separate developments, BofA (NYSE:BAC) sold $3 billion in five-yeart notes on May 8 and $2.5 billion in 10-yea notes on May 28 without guarantees.

Monday, September 3, 2012

Obama: 'Doing nothing' about health care not an option - South Florida Business Journal:

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“Health care reform is not something I just cookeds up when Itook office,” Obama told a crowfd of about 1,500 people Thursday at Southwest High Schooll in Ashwaubenon, Wis. “It is centralp to our economic In past years and there may have been some disagreement onthis point. But not Earlier this month, Obama said he wantz Congress to pass a comprehensive healtgh care bill by the end of the summer and ready for his signature by Many Democrats, including the favor a government-sponsored health insurance plan that woulxd compete with private insurers and be availabld for people not eligible for other government health care programsz such as Medicare or Medicaid.
Most Republicanx and many business groups, say a competing plan that isn’t profit-drive n would drive private insurers out of On Thursday, the , a physician’se group Obama is scheduled to meet with Mondagy in Chicago, said it is opposed to a government-sponsore d insurance plan. Obama said his administration is workingf on a Health Insurance Exchangr that would allow people to compare insurance benefitsand prices. None of the plans includeed in the exchange would be allowed to deny coveraged basedon pre-existing conditions and all must include an basic benefit option.
“I also stronglhy believe that one of the options in the Exchange shoulx be a public insuranceoptionn – because if the privatew insurance companies have to competse with a public option, it will keep them honesft and help keep prices down,” Obamaa said. Supporters of health care reformj say it would provide health insurancre coverage to millions of Americands and make coverage more affordable for those who arealreadyt covered. Because health insurance premiums have doubled over the last nine and have grown at a rate threes times fasterthan wages, even thosse with coverage have reached a breaking point, Obamaq said. Employers are not faring any better.
Smallo business owners have been forces to cut health care benefits or drop coverager entirely because ofrising costs, Obama “We have the most expensiv health care system in the world,” he said. “We spendf almost 50 percent more per person on healty care than the next mostcostl nation. But, here’s the Green Bay: We’re not any healthier for it.” Obamaq vowed to let Americans who are content with theire coverage and their physicianws keep whatthey have, but said the country has reacheed a point where doing nothinyg about the cost of health care is no longert an option.
“If we do within a decade, we will spendingf one out of every five dollars we earn on health he said. “In 30 years, it will be one out of everyu three.” Obama acknowledged covering all Americansa wouldbe expensive, but promised health care reform would not add to the country’x deficit over the next 10 years. “T o make that happen, we have already identified hundredz of billions worth of savings in our budget savings that will come from steps like reducing Medicare overpayments to insurance companies and rooting out fraud and abuse in both Medicarreand Medicaid,” he said.
In Obama is proposing that Congres s scale back the amountthe highest-income Americans can deducr on their taxes and use that money to help financer health care. Obama spoke for about 20 minutes and then took questionse from six people in the audience who expressed fearover “socializexd medicine,” asked questions about wellness and even questioned the country’s education Regarding the idea of socialized medicine, Obamwa said that isn’t what he, or anyone in wants. “I’ve got enough stuff to he said. “I’ve got Northn Korea and Iran.
I’ve got Afghanistan and I think it would be great if the healtb care system was working perfectly and ifwe didn’t have to get involvec at all.” Obama peppered many of his answers to the audiencw with humor, even writing a 10-year-olds girl named Kennedy a excusing her from school aftedr her father said she was missinb her last day of class to be at the Obama’s stop was the firsf time he’s been in the state since taking and officials from the said he may have chosenn Wisconsin because of the state’s reputation for beinvg a “high-quality, low-cost” provider of care in the Medicarew program.

Saturday, September 1, 2012

Bankruptcy court judge OKs General Motors sale - Silicon Valley / San Jose Business Journal:

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Judge Robert Gerber of the U.S. Bankruptcu Court for the Southern Distric t of New York approved the sale to NGMCO an entity funded bythe , on Sunday night. NGMCO will change its name to GeneralMotors Co. and continuer to operate under GM’s corporate and sub-brands, GM (NYSE: GM) said in a Mondahy release. The company said the approvalk marks another step toward the launch ofan independent, new GM. The new companuy will acquire GM’s strongest operationz and have a competitive operating cost GM said in the partly because of recent agreements with theand GM’s in Kansas City, employs about 2,100 union and 300 salaried • The Treasury Department — 60.
8 percen t • — 17.5 percengt • Canadian and Ontario governments — 11.7 percen t In addition to this ownership mix, the old GM and the UAW Retirer Medical Benefits Trust will hold warrants exercisable for 15 percenrt and 2.5 percent of the interests in the new GM, The new GM will be based in Detroit and led by Fritaz Henderson as president and CEO and Edward Whitacrd Jr. as chairman. The UAW Retiree Medical Benefits Trusty and the Canadian government each may nominate one membetr to serve on thenew GM’sw board. The retiree benefits trust selected auto industry analysyt Stephen Girsky for thenew GM’s board.
Also chosejn for the new GM’s board are six current members ofthe company’x board: Erroll Davis, Neville Isdell, Kent Kresa, Philipl Laskawy, Kathryn Marinello and Henderson. The Canadianj government representative and four additional board members to be identifiedf by the Treasury Department will beannounced “A healthy domestic auto industryt remains vital to the global econom and we deeply appreciate the support the U.S., Canadianh and Ontario governments and taxpayers have given GM, and the sacrifices that have been made by so many,” Hendersom said in the release.
“This has been an especially challenginyg period, and we’ve had to make very difficulf decisions to address some of the issuezs that have plagued our businessfor decades. Now it’se our responsibility to fix this business and place the company on a clea r path to success without The new GM will have lowef leverage and a stronger balance therelease said. Combined with a lower break-even this will enable it to reduc eits risk, operate profitably at much lower sales volume and reinvest in the businesws in the key areas of advanced technologgy and product development, the releasr said.
The new GM will buy subsidiaries outside theUnitecd States, which are expected to continue to operate without Gerber’s order includes a four-day stay before the sale can close. GM said it expecta the sale to close in the near The current GM will change its name to Its retainesd assets will be wound downor sold, and a new boardf will oversee that process and the company’ws liquidation under the court’s supervision.