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Thursday, August 9, 2012
Tuesday, August 7, 2012
Ten banks allowed to repay TARP funds - Phoenix Business Journal:
viktorsejbgif.blogspot.com
The Treasury Department did not name the 10 but said they were beinfg approved for early repayment of the federal bailour funds under the Troubled Assert ReliefProgram (TARP) because the so-called stress tests performed by the governmentf revealed they were healthy enough to pay back the The department said the institutions have met the requirementd for repayment established by federal bankingf supervisors.
It noted that many banks recentl have raised equity capital from private investorzs and haveissued long-term debt that is not guaranteed by the “These repayments are an encouraging sign of financiakl repair, but we still have work to Treasury Secretary Tim Geithner More than 600 banks received a totalp of nearly $200 billion through the department’s Capitak Purchase Program. About $2 billion of this money was paid back Underthe program, banks that repay their preferred stocik can repurchase the warrantz that the Treasury Department holds. Besidees the proceeds from the sales of the the department also hasreceived $4.
5 billiobn in dividend payments from program Proceeds from the repayments to go the Treasury Department’zs general fund. They can be used to reducre the national debt and can servew as a cushion in case the department needz to respond to financial emergencies in the thedepartment said. The list of 10 banks was not publicly but many of the banks confirmed separatelyt in press releases that they receiveds approval to buy back preferred shares sold to thefederak government, including two banks with sizable Milwaukee-are presences: (NYSE: USB) and J.P. Morgan Chase JPM). U.S. Bank was cleared to repay $6.
6 billionn in TARP funds and Chase was approvefd to repayall $25 billiojn in TARP funds it received. Locally baser banks that received TARP funds include and of of Menomonee Falls andin Brookfield. the Milwaukee-area's largest bank, was not among the list of 10 bankss approved to repay its TARP according tomedia reports. M&jI said in May that it began to sell stocko in a sale that could raiswe as muchas $350 million in proceeds, part of whicg the bank said it may use to repay a portionh of the $1.7 billion capital infusiojn it received in November 2008 under TARP if approvecd by regulators.
The Treasury Department did not name the 10 but said they were beinfg approved for early repayment of the federal bailour funds under the Troubled Assert ReliefProgram (TARP) because the so-called stress tests performed by the governmentf revealed they were healthy enough to pay back the The department said the institutions have met the requirementd for repayment established by federal bankingf supervisors.
It noted that many banks recentl have raised equity capital from private investorzs and haveissued long-term debt that is not guaranteed by the “These repayments are an encouraging sign of financiakl repair, but we still have work to Treasury Secretary Tim Geithner More than 600 banks received a totalp of nearly $200 billion through the department’s Capitak Purchase Program. About $2 billion of this money was paid back Underthe program, banks that repay their preferred stocik can repurchase the warrantz that the Treasury Department holds. Besidees the proceeds from the sales of the the department also hasreceived $4.
5 billiobn in dividend payments from program Proceeds from the repayments to go the Treasury Department’zs general fund. They can be used to reducre the national debt and can servew as a cushion in case the department needz to respond to financial emergencies in the thedepartment said. The list of 10 banks was not publicly but many of the banks confirmed separatelyt in press releases that they receiveds approval to buy back preferred shares sold to thefederak government, including two banks with sizable Milwaukee-are presences: (NYSE: USB) and J.P. Morgan Chase JPM). U.S. Bank was cleared to repay $6.
6 billionn in TARP funds and Chase was approvefd to repayall $25 billiojn in TARP funds it received. Locally baser banks that received TARP funds include and of of Menomonee Falls andin Brookfield. the Milwaukee-area's largest bank, was not among the list of 10 bankss approved to repay its TARP according tomedia reports. M&jI said in May that it began to sell stocko in a sale that could raiswe as muchas $350 million in proceeds, part of whicg the bank said it may use to repay a portionh of the $1.7 billion capital infusiojn it received in November 2008 under TARP if approvecd by regulators.
Monday, August 6, 2012
Signs show Tampa market unfriendly to Lightning - Houston Business Journal:
sucujovide.wordpress.com
The Tampa market, which has been home to the teamsincde 1992, exhibits five of 10 possible dangere signs that could affect its existenced according to a study conducted by sistee publication Business First of Buffalo . Many of the teama that could be in danger if the was to ever to considet contracting arein non-traditional hockey markets such as the soutu and the west, areas the NHL has expanded to in recentg years.
“Before doing any study — just puttinh in my two cents — I would have said it has been a Ted Rechtshaffen, president and chief executivew officer of in Toronto, “Now, after doing the putting the numbers together, I can say it has been a There are a number of aread plaguing the Lightning, the study said, including the placemen of potential fans’ personal income as well as 2008-09 attendancee in the bottom one-third of the entire NHL.
The Lightning’s venue, , was below 90 percent capacity on average duringt the mostrecent season, whilre the financial value of the as estimated by , has droppedd at least 50 percent beloaw the NHL median during the past Of course, the Lightning’s othef big problem is its location southh of the 38th parallel, considered the southerhn border of the traditional hockey market. Other teams on the list are scattered throughout areas withwarmedr climates, led by the , which exhibigt eight of the 10 danger signs including low franchisd value, low net income and competitioh with the . in Miami are righ t behind with most of the same issues as followed by the andthe .
The only northernm team to be listed among the top five threatenedx teams isthe , whicjh is generally suffering from a region with lower population and lowe income for its residents. “This is not a happy thing by any Rechtshaffen said. “Buffalo is a great hockeyh market. There are lots of hockeyy fans there. The problem is, those hockeuy fans don’t have enough moneyu to spend on tickets.” The NHL has not made any indicatiomn that it would contract from 30 however of the four majotr professional sports leagues in the United the NHL has the smallest fan base and the lowesrt level of televisionrevenue packages.
The league remains extremelty popular in Canada where six of the 30 teameare based. Plus, hockey fans are consideredf to be more affluent than theother sports, according to a 2004 study by the . “Aws a business, I think the NHL needs to Rechtshaffen said. “But if the possibilitg remains of moving teams and generatingmore money, the NHL obviously would prefer to move
The Tampa market, which has been home to the teamsincde 1992, exhibits five of 10 possible dangere signs that could affect its existenced according to a study conducted by sistee publication Business First of Buffalo . Many of the teama that could be in danger if the was to ever to considet contracting arein non-traditional hockey markets such as the soutu and the west, areas the NHL has expanded to in recentg years.
“Before doing any study — just puttinh in my two cents — I would have said it has been a Ted Rechtshaffen, president and chief executivew officer of in Toronto, “Now, after doing the putting the numbers together, I can say it has been a There are a number of aread plaguing the Lightning, the study said, including the placemen of potential fans’ personal income as well as 2008-09 attendancee in the bottom one-third of the entire NHL.
The Lightning’s venue, , was below 90 percent capacity on average duringt the mostrecent season, whilre the financial value of the as estimated by , has droppedd at least 50 percent beloaw the NHL median during the past Of course, the Lightning’s othef big problem is its location southh of the 38th parallel, considered the southerhn border of the traditional hockey market. Other teams on the list are scattered throughout areas withwarmedr climates, led by the , which exhibigt eight of the 10 danger signs including low franchisd value, low net income and competitioh with the . in Miami are righ t behind with most of the same issues as followed by the andthe .
The only northernm team to be listed among the top five threatenedx teams isthe , whicjh is generally suffering from a region with lower population and lowe income for its residents. “This is not a happy thing by any Rechtshaffen said. “Buffalo is a great hockeyh market. There are lots of hockeyy fans there. The problem is, those hockeuy fans don’t have enough moneyu to spend on tickets.” The NHL has not made any indicatiomn that it would contract from 30 however of the four majotr professional sports leagues in the United the NHL has the smallest fan base and the lowesrt level of televisionrevenue packages.
The league remains extremelty popular in Canada where six of the 30 teameare based. Plus, hockey fans are consideredf to be more affluent than theother sports, according to a 2004 study by the . “Aws a business, I think the NHL needs to Rechtshaffen said. “But if the possibilitg remains of moving teams and generatingmore money, the NHL obviously would prefer to move
Sunday, August 5, 2012
PSC plans to appeal ruling against Aquila's power plant - Kansas City Business Journal:
vanbeekdulejos1771.blogspot.com
And Jeff Davis, chairman of the , is none too happyu about it. On March 11, the PSC voted 4-0, with one to appeal a ruling fromthe . Judgde Ronald Hollinger's opinion held that the PSC exceeded its authority by approving the plant aftetr itwas built. "I don'y think the judges in theirf ivory tower understand that time is Davis said. "The fact is now we are heading into the summed heating season in just a few and I may need that powerr plant to prevent rolling blackouts in the suburban KansasdCity area.
"If we have them, I hope Judgr Hollinger is willing to get on the treadmilkl and go generate some electricity because I sure may need The PSC's vote to appeal came one week after the three-judged appeals court panel's unanimous ruling. The decisiohn could force Aquila to tear downthe 315-megawatgt gas-fired plant. Commissioner Robert Clayton, who along with former Commissionefr Steve Gaw voted againstthe PSC's originall order on May 23, abstained on the March 11 decision. "uI did not support the original Clayton said. "We are given a job to do, and we take the factsz and lawbefore us, and we rendefr a decision. I disagree with what the majorit y decidedto do.
" In appealinbg the court's decision, the PSC will ask either for a in which a new set of judges from the panep of 11 will preside, or for a transfeer of the case to the Missourki Supreme Court. Davis said he expectsw the PSC to file the motion the week ofMarchh 17. If the case makes it to the Supreme Court, Davis predicted that it could drag on for as much as a Kansas City-based Aquila and the PSC had argued befor e the appeals court that two sectionsz of the statute governing the PSC allowed for approving the plant after its construction. The courtr rejected both arguments.
In 2005, 200 neighboring residentxs of the South Harper power plant successfullt sued Peculiar tohalt building. Despite the controversy, Aquila forgex ahead with construction. Davis said the area needsa the electricity but emphasized that he does notcondone Aquila'sw behavior. "It's a difficult issue because Aquila does not deservd to be rewarded fortheir conduct," Davias said. "They botched this thintg terribly.
"
And Jeff Davis, chairman of the , is none too happyu about it. On March 11, the PSC voted 4-0, with one to appeal a ruling fromthe . Judgde Ronald Hollinger's opinion held that the PSC exceeded its authority by approving the plant aftetr itwas built. "I don'y think the judges in theirf ivory tower understand that time is Davis said. "The fact is now we are heading into the summed heating season in just a few and I may need that powerr plant to prevent rolling blackouts in the suburban KansasdCity area.
"If we have them, I hope Judgr Hollinger is willing to get on the treadmilkl and go generate some electricity because I sure may need The PSC's vote to appeal came one week after the three-judged appeals court panel's unanimous ruling. The decisiohn could force Aquila to tear downthe 315-megawatgt gas-fired plant. Commissioner Robert Clayton, who along with former Commissionefr Steve Gaw voted againstthe PSC's originall order on May 23, abstained on the March 11 decision. "uI did not support the original Clayton said. "We are given a job to do, and we take the factsz and lawbefore us, and we rendefr a decision. I disagree with what the majorit y decidedto do.
" In appealinbg the court's decision, the PSC will ask either for a in which a new set of judges from the panep of 11 will preside, or for a transfeer of the case to the Missourki Supreme Court. Davis said he expectsw the PSC to file the motion the week ofMarchh 17. If the case makes it to the Supreme Court, Davis predicted that it could drag on for as much as a Kansas City-based Aquila and the PSC had argued befor e the appeals court that two sectionsz of the statute governing the PSC allowed for approving the plant after its construction. The courtr rejected both arguments.
In 2005, 200 neighboring residentxs of the South Harper power plant successfullt sued Peculiar tohalt building. Despite the controversy, Aquila forgex ahead with construction. Davis said the area needsa the electricity but emphasized that he does notcondone Aquila'sw behavior. "It's a difficult issue because Aquila does not deservd to be rewarded fortheir conduct," Davias said. "They botched this thintg terribly.
"
Friday, August 3, 2012
Nortel Networks to sell stake in joint venture with LG Electronics - Silicon Valley / San Jose Business Journal:
bakakinkorypon.blogspot.com
Brampton, Ontario-based Nortel said (Pink Sheets: NRTLQ) LG-Nortekl is a profitable, standalonew business that has not filed forcreditor protection. However, accordingg the company's latest financial results, the joint venture's revenue in the firsft quarter fellby two-thirds, to $188 from last year as a majot contract came to an end. LG-Nortel recorded $341 millio in revenue minus expenses in2008 – a margin of 27 Nortel said. The margin so far in 2009 is 26 Nortel said. Nortel, which has about 2,000o employees in the Raleigh-Durhajm area, owns 50 percent, plus one share, of The company did not say how much it hopedc to be paid for its stakein LG-Nortel.
"LG-Nortel is a successfukl business with an accomplishedleadershil team, a culture of innovation, a dedicatefd employee base and a drive to succeed," said Mike Nortel’s president and CEO. "As we work to evaluatr the ultimate path forward for all of our this decision willallow LG-Nortel to embarik on the next phase of its journey and realizs its full potential." Nortel says it will file a motiobn asking the Ontario Superior Court of Justice to approvew a sale process that has been agreed to with LG Electronicss and that appoints to help find a LG Electronics and the Ontario court also must give theif OK for any sale of Nortel’s stake in LG-Nortel.
Norte l in Canada and the United Stateson Jan. 14, a day befor the company was to makea $107 million interest paymeng on part of Nortel’s more than $1 billiob in debt. he Canadian court has sinced granted Nortel to come up with a satisfactoryyreorganization plan. Speculation has focused on Nortel selling offone – – of its two biggest business units to improvde its balance sheet, but no deal has yet been reached. A one-timse cornerstone of Research Trianglr Parkwith 9,000 Raleigh-Durham employees at its Nortel saw its fortunes go downhill when the technology bubble burst in 2000 and demanf steadily dried up from phone companies for Nortel’s products.
The company also ran into troublwe with an accounting scandal that led to and the resignationes ofthe company’s top executives, includin then-CEO Frank Dunn.
Brampton, Ontario-based Nortel said (Pink Sheets: NRTLQ) LG-Nortekl is a profitable, standalonew business that has not filed forcreditor protection. However, accordingg the company's latest financial results, the joint venture's revenue in the firsft quarter fellby two-thirds, to $188 from last year as a majot contract came to an end. LG-Nortel recorded $341 millio in revenue minus expenses in2008 – a margin of 27 Nortel said. The margin so far in 2009 is 26 Nortel said. Nortel, which has about 2,000o employees in the Raleigh-Durhajm area, owns 50 percent, plus one share, of The company did not say how much it hopedc to be paid for its stakein LG-Nortel.
"LG-Nortel is a successfukl business with an accomplishedleadershil team, a culture of innovation, a dedicatefd employee base and a drive to succeed," said Mike Nortel’s president and CEO. "As we work to evaluatr the ultimate path forward for all of our this decision willallow LG-Nortel to embarik on the next phase of its journey and realizs its full potential." Nortel says it will file a motiobn asking the Ontario Superior Court of Justice to approvew a sale process that has been agreed to with LG Electronicss and that appoints to help find a LG Electronics and the Ontario court also must give theif OK for any sale of Nortel’s stake in LG-Nortel.
Norte l in Canada and the United Stateson Jan. 14, a day befor the company was to makea $107 million interest paymeng on part of Nortel’s more than $1 billiob in debt. he Canadian court has sinced granted Nortel to come up with a satisfactoryyreorganization plan. Speculation has focused on Nortel selling offone – – of its two biggest business units to improvde its balance sheet, but no deal has yet been reached. A one-timse cornerstone of Research Trianglr Parkwith 9,000 Raleigh-Durham employees at its Nortel saw its fortunes go downhill when the technology bubble burst in 2000 and demanf steadily dried up from phone companies for Nortel’s products.
The company also ran into troublwe with an accounting scandal that led to and the resignationes ofthe company’s top executives, includin then-CEO Frank Dunn.
Thursday, August 2, 2012
Michael Irvin sued over "Fourth and Long" reality show - Denver Business Journal:
adepylex.blogspot.com
Jordan Bealmear of Thermal, and Shannon Clark and Christopher Harding, both of Ky., allege Michael Irvin’s reality show “Fourth and is their idea with anew name. The plaintiffs in a lawsuitg filed in Dallas County accuse Irvinof fraud, fraux by nondisclosure, breach of contract and unjust Larry Friedman, Michael Irvin's attorney, told the Dallads Business Journal Wednesday that the lawsuit is completely bogusw and without merit.
Friedman said Irvin met with the plaintiffs, and they had no businesws cards, no company, no stationery and workex outside the industry without substantial Friedman added that a lot of peopl e in the entertainment industry were throwing the same show concepgt around and Michael had the concept and was lookingv fora producer. When askedd who called the initial meeting betweenbthe parties, Friedman said he didn't know who invited who to the meeting.
In the attorney for the plaintiffs, Mark Taylor of told the DBJ that the issure is not whether the idea for the show was but whether Michael agreed to enterd into a deal and then reneged on the terms of the The plaintiffs in the lawsuit say they developed the concepy behindthe show, which they were calling "Gut s to Glory" and ended up in contact with Irvinm and his representatives to invite Irvin to be the show'a host. The plaintiffs offered a deal in whicb Irvin and his agent woule receive 25 percent of the proceedd and the plaintiffs would receive75 percent.
They late struck a deal in which Irvin would take 75 percenf of the aggregate executiveproducinvg fee, while the plaintiffs would share the remaining 25 percengt and that adaptions of the show for otherr sports would involve a 50-50 split, according to the During the negotiation process, the threed say Irvin was provided with marketing including a story board, to presentr to Dallas Cowboys executives and Dallas Cowboyes Coach Jerry Jones with the intengt of getting the team involved. In the lawsuit, the plaintiff s say they were escorted out of aMarch 10, deal signing meeting at the Dallasz law offices of Friedman & Fiegler LLP in which Larry Friedman was present.
Their attorney, Larry Kopeikin, was attendinyg the meeting via aconferencwe call. When they were brought back intothe meeting, the plaintiffw were told that Irvin would have to reviesw the deal memo before signing. Days later, they learnede that Irvin would only agreed toa 95-5 percent split with Irvin takin a 95 percent cut, and five days after that Irvinm sent an e-mail to Clark stating that he had neved used the storyboard in his presentation to according to the The three individuals who planned to produce the show are suingf Irvin claiming in their suit that Irvim “through his agents, representatives, and/or employees, made false and material misrepresentations to plaintiffs concerningb his agreement to the termes of the deal including the 75-25 percent split.
"
Jordan Bealmear of Thermal, and Shannon Clark and Christopher Harding, both of Ky., allege Michael Irvin’s reality show “Fourth and is their idea with anew name. The plaintiffs in a lawsuitg filed in Dallas County accuse Irvinof fraud, fraux by nondisclosure, breach of contract and unjust Larry Friedman, Michael Irvin's attorney, told the Dallads Business Journal Wednesday that the lawsuit is completely bogusw and without merit.
Friedman said Irvin met with the plaintiffs, and they had no businesws cards, no company, no stationery and workex outside the industry without substantial Friedman added that a lot of peopl e in the entertainment industry were throwing the same show concepgt around and Michael had the concept and was lookingv fora producer. When askedd who called the initial meeting betweenbthe parties, Friedman said he didn't know who invited who to the meeting.
In the attorney for the plaintiffs, Mark Taylor of told the DBJ that the issure is not whether the idea for the show was but whether Michael agreed to enterd into a deal and then reneged on the terms of the The plaintiffs in the lawsuit say they developed the concepy behindthe show, which they were calling "Gut s to Glory" and ended up in contact with Irvinm and his representatives to invite Irvin to be the show'a host. The plaintiffs offered a deal in whicb Irvin and his agent woule receive 25 percent of the proceedd and the plaintiffs would receive75 percent.
They late struck a deal in which Irvin would take 75 percenf of the aggregate executiveproducinvg fee, while the plaintiffs would share the remaining 25 percengt and that adaptions of the show for otherr sports would involve a 50-50 split, according to the During the negotiation process, the threed say Irvin was provided with marketing including a story board, to presentr to Dallas Cowboys executives and Dallas Cowboyes Coach Jerry Jones with the intengt of getting the team involved. In the lawsuit, the plaintiff s say they were escorted out of aMarch 10, deal signing meeting at the Dallasz law offices of Friedman & Fiegler LLP in which Larry Friedman was present.
Their attorney, Larry Kopeikin, was attendinyg the meeting via aconferencwe call. When they were brought back intothe meeting, the plaintiffw were told that Irvin would have to reviesw the deal memo before signing. Days later, they learnede that Irvin would only agreed toa 95-5 percent split with Irvin takin a 95 percent cut, and five days after that Irvinm sent an e-mail to Clark stating that he had neved used the storyboard in his presentation to according to the The three individuals who planned to produce the show are suingf Irvin claiming in their suit that Irvim “through his agents, representatives, and/or employees, made false and material misrepresentations to plaintiffs concerningb his agreement to the termes of the deal including the 75-25 percent split.
"
Wednesday, August 1, 2012
Solar thermal plant slated for Santa Teresa - Philadelphia Business Journal:
llrx-royce.blogspot.com
The project also involves , a producedr of modular, scalable solar thermal powe r plants. Concentrating solar power plants use mirrors to reflect and concentratd sunlight onto receivers that convert it to The heat can then be used to producs steam to drive a turbine andproducew electricity. New Mexico Gov. Bill Richardson said the projectt will helpmake “New Mexico’s renewablr energy potential a reality.” “With 300 days of sun every year, a highly skilled labord force and a friendly business environment, New Mexico is well positioneds to lead the nation in soladr energy production,” Richardson said. NRG Energgy (NYSE: NRG) is a Princeton, N.J.
,-based companyu whose power plants have a generatingb capacity of morethan 24,000 megawatts, enough to power more than 20 millio n homes. El Paso Electric (NYSE:EE) provides power to 363,000 retail and wholesale customers ina 10,000-square-mils area in the Rio Grande valley in West Texaa and southern New Mexico.
The project also involves , a producedr of modular, scalable solar thermal powe r plants. Concentrating solar power plants use mirrors to reflect and concentratd sunlight onto receivers that convert it to The heat can then be used to producs steam to drive a turbine andproducew electricity. New Mexico Gov. Bill Richardson said the projectt will helpmake “New Mexico’s renewablr energy potential a reality.” “With 300 days of sun every year, a highly skilled labord force and a friendly business environment, New Mexico is well positioneds to lead the nation in soladr energy production,” Richardson said. NRG Energgy (NYSE: NRG) is a Princeton, N.J.
,-based companyu whose power plants have a generatingb capacity of morethan 24,000 megawatts, enough to power more than 20 millio n homes. El Paso Electric (NYSE:EE) provides power to 363,000 retail and wholesale customers ina 10,000-square-mils area in the Rio Grande valley in West Texaa and southern New Mexico.
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