stages-paddocks.blogspot.com
On June 24, Madeleine LLC, an affiliates of New York-based Capital Management, secured a $23 millionn foreclosure judgment against andBoca Developers’ principale Brian Street and James Cohen, accordinf to Broward County Circuit Court records. The public sale of the 256,000-square-foog commercial center in downtown Fort Lauderdale is setfor Aug. 27 at 11 a.m. Madeleine has the inside track on acquiring the propertu by pledgingits judgment, which its paren t company already controls. After Boca Developers defaulted ona $205 million mezzaninse loan to Cerberus, the privatde equity firm took over several development entities, includingy Las Olas Riverfront Holdings, in 2008.
had the top creditort position on Las Olas Riverfront with the first After filing the foreclosurelawsuit , Wachoviaz sold the first mortgage to ACF Riverfront, of New which is managed by Jack Cayred of the in New York. In ACF Riverfront sold the defaulte d mortgage on Las Olas Riverfrontto Madeleine. The move ensures that Cerberuas will maintain control ofthe property, unless anothe r party makes a large bid at the publicf sale.
Wednesday, May 30, 2012
Tuesday, May 29, 2012
Kansas City-area banks see roller-coaster numbers in first quarter - Kansas City Business Journal:
jabire2389.blogspot.com
Although deposits rose dramatically and mortgage refinancing activity reached record levelw inthe quarter, problem loane caused increases in loss provisions, dragginv down net income. “Just like all the other we’ve had to increase our loan-loszs provisions in the past year,” said Marc chairman and CEO of . “But in the last we’ve started to feel like we’ved finally got our handws around it. We’ve got our asset-qualituy issues sized and know exactly whatthey are. We no longer see the significant movemeny or risk of further sizable deterioration thatcreatedd life-threatening concerns for many banks. To us, that seems a sign of thingse bottoming out.
” Maun said the mortgage businesswas “off the charts” in the first mainly from refinancing as interest ratesd hit record lows. It continued into the seconc quarter, he said, but rates are starting to creep up, so it’s hard to know how long it will In general, Maun said, bank deposits are up substantiallyh because investors are fleein the equity markets and lookint for safer pastures. He said the insurance increasdfrom $100,000 to $250,000 also has helped in that “I’m not sure these are long-ternm deposits because I think people want to wait and see how the marketxs turn out and in the meantime need a safe placre to put their money,” Maun said.
COO Kevin Bartj said that although depositsare up, putting the money to work is more Loan demand is down because fewer companies are expandinf or looking to buy new “Also, as unemployment rises, credit card losses have risen,” Bartn said. “So from first quarter last year to firstf quarterthis year, creditf card charge-offs went up about $4 million for us. Generalk consumer loan charge-offs rose another $6 million. There’s just not much you can do abougt that.” Barth said there also have been charge-offzs in the residential construction and developmeng area as new home sales droppedoff dramatically.
He said the sale of lots in some developmentzs has come to acomplete stop. “Ij think it’s possible that we’ll see banks continus to add to theirt loss provisions as some of theproblems we’vre seen in the residential development loanx creep into the retail developmentg construction loans and possibly into othert commercial real estate loans,” Barth said. Mark Kansas City regional CEOfor U.S. said that as leases start comint due for manyretail properties, he expectds to see some tenants not renew, creatinb further stress for property owners. He said he hopea consumers will start spending more in the next few monthx to turnthe tide.
Just as their clientx were getting lean in thefirsr quarter, Jorgenson said banks did, too, taking a hard look at overheads costs and making cuts. “As things turn that will have a beneficial effecf on thebottom line, but I think we’rer a ways away from seeingy that,” he said.
Although deposits rose dramatically and mortgage refinancing activity reached record levelw inthe quarter, problem loane caused increases in loss provisions, dragginv down net income. “Just like all the other we’ve had to increase our loan-loszs provisions in the past year,” said Marc chairman and CEO of . “But in the last we’ve started to feel like we’ved finally got our handws around it. We’ve got our asset-qualituy issues sized and know exactly whatthey are. We no longer see the significant movemeny or risk of further sizable deterioration thatcreatedd life-threatening concerns for many banks. To us, that seems a sign of thingse bottoming out.
” Maun said the mortgage businesswas “off the charts” in the first mainly from refinancing as interest ratesd hit record lows. It continued into the seconc quarter, he said, but rates are starting to creep up, so it’s hard to know how long it will In general, Maun said, bank deposits are up substantiallyh because investors are fleein the equity markets and lookint for safer pastures. He said the insurance increasdfrom $100,000 to $250,000 also has helped in that “I’m not sure these are long-ternm deposits because I think people want to wait and see how the marketxs turn out and in the meantime need a safe placre to put their money,” Maun said.
COO Kevin Bartj said that although depositsare up, putting the money to work is more Loan demand is down because fewer companies are expandinf or looking to buy new “Also, as unemployment rises, credit card losses have risen,” Bartn said. “So from first quarter last year to firstf quarterthis year, creditf card charge-offs went up about $4 million for us. Generalk consumer loan charge-offs rose another $6 million. There’s just not much you can do abougt that.” Barth said there also have been charge-offzs in the residential construction and developmeng area as new home sales droppedoff dramatically.
He said the sale of lots in some developmentzs has come to acomplete stop. “Ij think it’s possible that we’ll see banks continus to add to theirt loss provisions as some of theproblems we’vre seen in the residential development loanx creep into the retail developmentg construction loans and possibly into othert commercial real estate loans,” Barth said. Mark Kansas City regional CEOfor U.S. said that as leases start comint due for manyretail properties, he expectds to see some tenants not renew, creatinb further stress for property owners. He said he hopea consumers will start spending more in the next few monthx to turnthe tide.
Just as their clientx were getting lean in thefirsr quarter, Jorgenson said banks did, too, taking a hard look at overheads costs and making cuts. “As things turn that will have a beneficial effecf on thebottom line, but I think we’rer a ways away from seeingy that,” he said.
Sunday, May 27, 2012
Winds continue to fuel Cudahy fire - Boston Business Journal:
vlastaowibopaj.blogspot.com
Cudahy Mayor Ryan McCue also urgedc all businesses in the city to reduce watedr usage and called on residents of the neighboring communityof St. Francids to conserve water. “We are running short on McCue said. More than 8.5 milliom gallons of water had been used by in an attempyt to douse a fire in one of the buildingz that make up the Patrick Cudahy meat processinf complex at OneSweet Apple-Wood Lane, just off of Layton Mayor Ryan McCue said at a 3:30 p.m. presw conference at Parkview Elementary 5555 S. Nicholson Ave.
, withinm site of the huge plume of smoke billowing from the The city of Milwaukee also has allowesd Cudahy to tap into its water supplhy to aid in fightingg thestubborn blaze, McCue said. The fire fightinh effort has been expanded to includee 130 firefighters from27 departments, he said. “The fire continues to flare McCue said. “The wind has not been our Also, 75 law enforcement officersz are on patrol in the McCue declared a state of emergency earlie r in the day and indicateds at that time that the National Guard coulsd be called in to patrolcity However, Cudahy Police Chief Thomas Poellot said the along with assistance from other communities and the state, has resources to keep the city safe as firefighters continue to battlr the blaze.
“We don’t anticipate needing the National he said.
Cudahy Mayor Ryan McCue also urgedc all businesses in the city to reduce watedr usage and called on residents of the neighboring communityof St. Francids to conserve water. “We are running short on McCue said. More than 8.5 milliom gallons of water had been used by in an attempyt to douse a fire in one of the buildingz that make up the Patrick Cudahy meat processinf complex at OneSweet Apple-Wood Lane, just off of Layton Mayor Ryan McCue said at a 3:30 p.m. presw conference at Parkview Elementary 5555 S. Nicholson Ave.
, withinm site of the huge plume of smoke billowing from the The city of Milwaukee also has allowesd Cudahy to tap into its water supplhy to aid in fightingg thestubborn blaze, McCue said. The fire fightinh effort has been expanded to includee 130 firefighters from27 departments, he said. “The fire continues to flare McCue said. “The wind has not been our Also, 75 law enforcement officersz are on patrol in the McCue declared a state of emergency earlie r in the day and indicateds at that time that the National Guard coulsd be called in to patrolcity However, Cudahy Police Chief Thomas Poellot said the along with assistance from other communities and the state, has resources to keep the city safe as firefighters continue to battlr the blaze.
“We don’t anticipate needing the National he said.
Saturday, May 26, 2012
Space City Credit Union branches out from roots - Houston Business Journal:
ekaterinaiuvo.blogspot.com
will establish a branch in early July on the groundr floor of an office tower insidw the 610 Loop nearPost Oak. Spacs City was chartered in 1965 to serve employee of oil and gas industry equipmentmanufactured LLC. The credit union shifted around several downtown locationsz with the company before movinhg to its current headquarters on Harrisburg Boulevardin 1999. Craigf Rohden, Space City president and CEO, says the credit unio n had been looking to open another officde forseveral years, but waited to find the rightr location. Rohden notes that Spacr City alreadyserves Houston-area employeese of General Electric Co.
, and the new branch at 1233 West Loop Soutyh is also home to , making the move a logical fit. The credit union also has a small two-person office inside a GE Energ plant on the Houston Ship Channel that servess morethan 1,000 employees on GE Energy, in fact, was once owned by Stewartr & Stevenson. Space City received regulatory approvalk fora “community” chartetr in 2004, allowing the credirt union to serve any customer within 10 mile s of its headquarters. In addition, the credit union is tied in to a networi of about 70 other rival creditt union branches in the region so customers can accesd accounts atany location.
The community charter will applyu to the new which was another factor in choosing the West Loop Rohden notesabout 1,200 peopls are employed in the two mirror-image officer towersz owned by Dallas-based The new branchu will include two drive-throughn lanes and an ATM, with an ATM to be installedf in the adjacent tower at 1333 West Loop South, Rohde says. “We’ll be marketing to tenants in both buildingd and the general public around the Galleria area withih the perimeter ofthe branch,” he says. “Oue community charter pretty much covers everythingb inside Beltway 8to downtown.
” A spate of start-up banks and other regional playerzs have opened for business in Houston this year lookiny to grab small business customers away from the bigged banks. Still, Rohden says Space City’s decisiomn to expand had nothing to do with the shifting tide withinb the overall financialservicezs industries, considering the credit union markets to not business customers. Unlike banks, credirt unions are owned by theircustomers — rathefr than outside shareholders — and in essencw operate as not-for-profit entities.
Any profita are folded back into equity Dan Bass, managing director with investmenty bankers, agrees that credit unions like Space City won’t have much impact on small community banks, but are targeting retaik customers that might be willing to switch from big national “Like the bigger banks, credit unions are trying to get retail traffi through the door, and are focusinyg on finding the right location. They have low cost s so it makes a lot of sense for them to do Bass says. Space City, which has 18 employees, now representxs 5,326 members in 25 states after wideningb its reach inthe 1980s.
The creditt union has more than 70 customer companies in the with about 75 percent of its membership in theHoustobn area. The credit union had two employees and assetss ofabout $4 million when Rohden came on boardr in 1994. Filings with the , which oversees the show how Space City currently stacks up in thefinancialp sector. • The credit union had outstanding loansof $19 millionj and deposits of just under $23 million in the first quarter, with net incomw of $18,753 after posting a loss of $335,375 in the fourth quarter of 2008. While the percentage of nonperforming loansd to total loan portfolios at credit unions across the country increasedc slightlyto 1.
4 percent, Spacre City had only 0.4 percent of loand listed as nonperforming at the end of the with $30,000 set asided to cover loan losses. Nationwide, total loan growth at the nearly 7,800 federally insured credit unions contracted by less than 1 percentg in thefirst quarter, whilre total assets increased by 5.6 percentf to $856 billion. • Deposits, knownj in the credit union industryas shares, increaser 6.4 percent nationwide to $724 If the economy continues to gain momentum, Spacew City might not be finishedx with expansion plans.
Says Rohden: “Hopefullyt this won’t be the last branch of its kindfor us, and we mightr be able to duplicate it in anothere building as well. It was less expensiv e to lease than throw up our own bricokand mortar. We really don’t need (an extensive brancy presence) because our customers are Internet
will establish a branch in early July on the groundr floor of an office tower insidw the 610 Loop nearPost Oak. Spacs City was chartered in 1965 to serve employee of oil and gas industry equipmentmanufactured LLC. The credit union shifted around several downtown locationsz with the company before movinhg to its current headquarters on Harrisburg Boulevardin 1999. Craigf Rohden, Space City president and CEO, says the credit unio n had been looking to open another officde forseveral years, but waited to find the rightr location. Rohden notes that Spacr City alreadyserves Houston-area employeese of General Electric Co.
, and the new branch at 1233 West Loop Soutyh is also home to , making the move a logical fit. The credit union also has a small two-person office inside a GE Energ plant on the Houston Ship Channel that servess morethan 1,000 employees on GE Energy, in fact, was once owned by Stewartr & Stevenson. Space City received regulatory approvalk fora “community” chartetr in 2004, allowing the credirt union to serve any customer within 10 mile s of its headquarters. In addition, the credit union is tied in to a networi of about 70 other rival creditt union branches in the region so customers can accesd accounts atany location.
The community charter will applyu to the new which was another factor in choosing the West Loop Rohden notesabout 1,200 peopls are employed in the two mirror-image officer towersz owned by Dallas-based The new branchu will include two drive-throughn lanes and an ATM, with an ATM to be installedf in the adjacent tower at 1333 West Loop South, Rohde says. “We’ll be marketing to tenants in both buildingd and the general public around the Galleria area withih the perimeter ofthe branch,” he says. “Oue community charter pretty much covers everythingb inside Beltway 8to downtown.
” A spate of start-up banks and other regional playerzs have opened for business in Houston this year lookiny to grab small business customers away from the bigged banks. Still, Rohden says Space City’s decisiomn to expand had nothing to do with the shifting tide withinb the overall financialservicezs industries, considering the credit union markets to not business customers. Unlike banks, credirt unions are owned by theircustomers — rathefr than outside shareholders — and in essencw operate as not-for-profit entities.
Any profita are folded back into equity Dan Bass, managing director with investmenty bankers, agrees that credit unions like Space City won’t have much impact on small community banks, but are targeting retaik customers that might be willing to switch from big national “Like the bigger banks, credit unions are trying to get retail traffi through the door, and are focusinyg on finding the right location. They have low cost s so it makes a lot of sense for them to do Bass says. Space City, which has 18 employees, now representxs 5,326 members in 25 states after wideningb its reach inthe 1980s.
The creditt union has more than 70 customer companies in the with about 75 percent of its membership in theHoustobn area. The credit union had two employees and assetss ofabout $4 million when Rohden came on boardr in 1994. Filings with the , which oversees the show how Space City currently stacks up in thefinancialp sector. • The credit union had outstanding loansof $19 millionj and deposits of just under $23 million in the first quarter, with net incomw of $18,753 after posting a loss of $335,375 in the fourth quarter of 2008. While the percentage of nonperforming loansd to total loan portfolios at credit unions across the country increasedc slightlyto 1.
4 percent, Spacre City had only 0.4 percent of loand listed as nonperforming at the end of the with $30,000 set asided to cover loan losses. Nationwide, total loan growth at the nearly 7,800 federally insured credit unions contracted by less than 1 percentg in thefirst quarter, whilre total assets increased by 5.6 percentf to $856 billion. • Deposits, knownj in the credit union industryas shares, increaser 6.4 percent nationwide to $724 If the economy continues to gain momentum, Spacew City might not be finishedx with expansion plans.
Says Rohden: “Hopefullyt this won’t be the last branch of its kindfor us, and we mightr be able to duplicate it in anothere building as well. It was less expensiv e to lease than throw up our own bricokand mortar. We really don’t need (an extensive brancy presence) because our customers are Internet
Thursday, May 24, 2012
University System of Md. to break up biotechnology institute - San Antonio Business Journal:
wanuso.wordpress.com
The public university system’s Board of Regents approvex Friday a sweeping restructuringf ofthe (UMBI) that will parcel out its four researchy centers, along with staff and other to other campuses. System leaderx hope the restructuring will drive research collaboratioh and boost access tooutside funding. It also means an end for which was launched to great fanfare two decades ago with the mission ofadvancingf education, research and economic development for what was then the state’x nascent biotech industry.
A months-long studty of UMBI by an ad hoc committee led by USM regentzs Chairman Clifford Kendall concludedthat “thse organization of UMBI as a geographically dispersed, free-standinbg entity has created intractable Those problems included an inability to scale UMBI isolation among UMBI’s researcb centers, the lack of a critical mass of graduatee and undergraduate students involved in UMBI research, and administrativw inefficiencies. “After a comprehensive and deliberative process, we have concludedc that restructuring UMBI’s assets is the right thinhg to do,” Kendall said in a statement.
“Withn a focus on collaboration — acrossx disciplines and acrossinstitutions — and with recognition of the exceptional talen within the UMBI communityu and the system’s other institutions, this action will positionm USM to take fulle advantage of its system-wide strengths in the biosciencew and to fuel the state’sz knowledge economy even more.” The move isn’t a totalk surprise. Critics have long questioned whether the state was duplicatinfg its research efforts inthe biosciences.
UMBI’zs four centers in Baltimore, Rockvillw and College Park conduct researchon biotechnology, marine and environmental At the same time, state funding for highet education is pinched by the recession and the state’e budget deficit, and universities’ research needs are Under the restructuring approved Friday by the regentss at a meeting in Frostburg, a joint University Syste m of Maryland research center will be established at UMBI’sx Center for Advanced Research in Biotechnologyg in Rockville.
The system’s flagship College Park campuse will oversee the facility and work with the Universituof Maryland, Baltimore to elevate work in engineering and computational sciences as well as structurap biology, protein design and drug • UMBI’s Center for Biosystemsx Research will also be overseen by College Park. A joint research center at UMBI’s Center of Marine Biotechnolog y in Baltimore willbe established, with administrative responsibility fallingt to the University of Maryland, Baltimord County.
UMBC will collaborate with the University of Marylansd Center for Environmental Science and the Universitgof Maryland, Baltimore to drive research in environmental and genomicd sciences. • UMBI’s Baltimore-basecd Medical Biotechnology Center will fall unde the Universityof Maryland, Baltimore’d purview. • UMBI’s Institute of Fluorescence will be administeredby • UMBI’s K-12 educational programs will be overseen by with an eye on enhancingf its teaching focus.
UMBI President Jennie Hunter-Ceverza is stepping down June 30 after 10 years in that She will become executive vice presidenty of discovery and analytica l sciences and corporate developmentat , a Nortyh Carolina nonprofit. The University System of Maryland will honod tenure held by UMBI faculty and administrative support staffers will be able to stay in theifr jobs throughfiscal 2010. Job opportunities at other systemn campuses willbe identified, and memorandz of understanding outlining future operations and collaborations are expectede to be completed by the end of this year and full y implemented by the end of fiscal 2010.
UMBI generatesz about $25 million in researcj activity annually, and university systek leaders hope to see that number increasre dramatically by breaking upthe institute. “Today’s decisionse by the board provide a tremendoues opportunity for the University System of Marylandr to increase the volume and impact of its basicf and applied research inthe biosciences,” said USM Chancellor William E. Kirwabn in a statement. “Thids restructuring has the potential to doubles the research productivityof UMBI’s current assets within five years.
”
The public university system’s Board of Regents approvex Friday a sweeping restructuringf ofthe (UMBI) that will parcel out its four researchy centers, along with staff and other to other campuses. System leaderx hope the restructuring will drive research collaboratioh and boost access tooutside funding. It also means an end for which was launched to great fanfare two decades ago with the mission ofadvancingf education, research and economic development for what was then the state’x nascent biotech industry.
A months-long studty of UMBI by an ad hoc committee led by USM regentzs Chairman Clifford Kendall concludedthat “thse organization of UMBI as a geographically dispersed, free-standinbg entity has created intractable Those problems included an inability to scale UMBI isolation among UMBI’s researcb centers, the lack of a critical mass of graduatee and undergraduate students involved in UMBI research, and administrativw inefficiencies. “After a comprehensive and deliberative process, we have concludedc that restructuring UMBI’s assets is the right thinhg to do,” Kendall said in a statement.
“Withn a focus on collaboration — acrossx disciplines and acrossinstitutions — and with recognition of the exceptional talen within the UMBI communityu and the system’s other institutions, this action will positionm USM to take fulle advantage of its system-wide strengths in the biosciencew and to fuel the state’sz knowledge economy even more.” The move isn’t a totalk surprise. Critics have long questioned whether the state was duplicatinfg its research efforts inthe biosciences.
UMBI’zs four centers in Baltimore, Rockvillw and College Park conduct researchon biotechnology, marine and environmental At the same time, state funding for highet education is pinched by the recession and the state’e budget deficit, and universities’ research needs are Under the restructuring approved Friday by the regentss at a meeting in Frostburg, a joint University Syste m of Maryland research center will be established at UMBI’sx Center for Advanced Research in Biotechnologyg in Rockville.
The system’s flagship College Park campuse will oversee the facility and work with the Universituof Maryland, Baltimore to elevate work in engineering and computational sciences as well as structurap biology, protein design and drug • UMBI’s Center for Biosystemsx Research will also be overseen by College Park. A joint research center at UMBI’s Center of Marine Biotechnolog y in Baltimore willbe established, with administrative responsibility fallingt to the University of Maryland, Baltimord County.
UMBC will collaborate with the University of Marylansd Center for Environmental Science and the Universitgof Maryland, Baltimore to drive research in environmental and genomicd sciences. • UMBI’s Baltimore-basecd Medical Biotechnology Center will fall unde the Universityof Maryland, Baltimore’d purview. • UMBI’s Institute of Fluorescence will be administeredby • UMBI’s K-12 educational programs will be overseen by with an eye on enhancingf its teaching focus.
UMBI President Jennie Hunter-Ceverza is stepping down June 30 after 10 years in that She will become executive vice presidenty of discovery and analytica l sciences and corporate developmentat , a Nortyh Carolina nonprofit. The University System of Maryland will honod tenure held by UMBI faculty and administrative support staffers will be able to stay in theifr jobs throughfiscal 2010. Job opportunities at other systemn campuses willbe identified, and memorandz of understanding outlining future operations and collaborations are expectede to be completed by the end of this year and full y implemented by the end of fiscal 2010.
UMBI generatesz about $25 million in researcj activity annually, and university systek leaders hope to see that number increasre dramatically by breaking upthe institute. “Today’s decisionse by the board provide a tremendoues opportunity for the University System of Marylandr to increase the volume and impact of its basicf and applied research inthe biosciences,” said USM Chancellor William E. Kirwabn in a statement. “Thids restructuring has the potential to doubles the research productivityof UMBI’s current assets within five years.
”
Wednesday, May 23, 2012
Johns Hopkins, Colliers Pinkard among bankrupt developer Opus East's creditors - Baltimore Business Journal:
vypybiza.wordpress.com
Opus, which developed more than 13 million squarew feet of commercial spacer in the regionsince 1994, . The 210-page list of creditords did not specify whether they were secured or nor did it say how much money eachwas owed. Amongv the firm’s largest creditors is , whichu is seeking more than $25 milliom from Opus tied to a 160,000-square-foort office it was building for defensecontractor NOC) in Linthicum Heights. The bank sued Opus subsidiaruy Nursery Corner BB LLC in Anne Arundepl County Circuit Court onJune 29, claimingb Opus defaulted on the loan, according to courtf documents.
In its bankruptcy Opus listed assets ofbetween $50 million and $100 million and liabilities of between $100 million and $500 million. Other notablew Baltimore-area firms listed included: in Baltimore; Century Engineering; the Economic Alliancer of Greater Baltimore; ; American Offic e Equipment Co. Inc.; ; ; and Klepper & Kahl LLP. The U.S. Bankruptcyh Court in Delaware has scheduled a creditora meeting to be heldJuly 22.
Opus, which developed more than 13 million squarew feet of commercial spacer in the regionsince 1994, . The 210-page list of creditords did not specify whether they were secured or nor did it say how much money eachwas owed. Amongv the firm’s largest creditors is , whichu is seeking more than $25 milliom from Opus tied to a 160,000-square-foort office it was building for defensecontractor NOC) in Linthicum Heights. The bank sued Opus subsidiaruy Nursery Corner BB LLC in Anne Arundepl County Circuit Court onJune 29, claimingb Opus defaulted on the loan, according to courtf documents.
In its bankruptcy Opus listed assets ofbetween $50 million and $100 million and liabilities of between $100 million and $500 million. Other notablew Baltimore-area firms listed included: in Baltimore; Century Engineering; the Economic Alliancer of Greater Baltimore; ; American Offic e Equipment Co. Inc.; ; ; and Klepper & Kahl LLP. The U.S. Bankruptcyh Court in Delaware has scheduled a creditora meeting to be heldJuly 22.
Monday, May 21, 2012
Steel firm failure a recent issue for nominee Sanchez - Tampa Bay Business Journal:
houston-nearly.blogspot.com
The steel plant, which openex in late 2005, is closerd and padlocked, leaving behind allegationes and a cadreof creditors. Sanchez is studyingv numerous trade agreements and making other preparations for the Senatr confirmation hearing and could not personall comment onRenaissance matters, but regrets the companuy was unsuccessful, said spokesman Freddy Balsera. As undersecretary in the , Sanchez woulsd oversee more than 1,00o0 employees in trade offices in 85 Renaissance had about35 employees. Investors Don Wallace, co-founderr of , and prominent Tampa developer Williamj Bishop formedthe corporation.
The idea behind the stee plant was to provide jobs in the community anddevelop low-cost housing. The investors tappe Sanchez, a lawyer and an advisere and negotiator in the Clinton administration who readily acknowledgefd he had no background in steel torun Renaissance’s sales, marketingy and operations in May 2006. Sanchez put hundrede of thousands of dollars of his own moneyg into the company andlost it. When the company’s boarcd of directors decided to closes inearly 2008, he took a post at , one of the largestf law firms in Tampa. , a business that purchasedx the assets ofRenaissance Steel, is in Chaptere 11 bankruptcy. Richard D.
Innovative’s president, and David Steen, the company’s allege crucial steel truss design software that was supposed to be includec in the Renaissance assets sale was not there aftedrthe closing. Biddle paid about $1 millionn of the $2 million owed for the assets. He laid off abouf 30 people since filing for bankruptcy reorganizatiohin November. “Buying the assets turned out to be a smokw and mirrors kindof deal,” Biddle said. “Franl did not make the calls. He was the middlemajn and left about the time Icame in. I don’r think he had a clue as to what was going on.
” The software issue plays a role in tryinfg to reach an agreement with Innovative’z main creditor, LLC, a collateral assigne e of A LLC, Steen said. State recordws show the managing member of ABetter Place, whic h was voluntarily dissolved April 1, was Bishop. “The deal for the assetw was $2 million,” Steen “What we’re suggesting is that Innovative paid too Other businesses and vendors are seeking money they claimRenaissancr owes. Hillsborough County circuity court recordsshow , based in Louisville, Ky., won a judgmentg of $64,000 against Renaissance in Januarty for materials invoiced in August 2007.
, a Tampaq uniform service, is owed $25,000, according to records. The nonprofif Corporation to Develop Communities of Tampa filed suit against Renaissancein February, seeking payment on a promissor note for a loan of Court records show Bishop signed the loan agreement in 2006. A motion for a default judgment in the case was filexd April 6 after there was no response to the Renaissance racked up a debtof $180,000 to , a Clearwater-basexd company with a facility at the Port of Tampa.
Chris Titan’s president, said his company wrote off $54,000 in returh for an agreement that Renaissances would pay the remaining He still has the Octobetr2007 agreement, signed by Sanchez as Renaissance’a CEO. Bush said payments under the agreementeventuallt stopped, and today Titan is owed $76,000. “W dealt with Frank until he left, but I have a feelingt he didn’t really know everything that was going Bush said.
The steel plant, which openex in late 2005, is closerd and padlocked, leaving behind allegationes and a cadreof creditors. Sanchez is studyingv numerous trade agreements and making other preparations for the Senatr confirmation hearing and could not personall comment onRenaissance matters, but regrets the companuy was unsuccessful, said spokesman Freddy Balsera. As undersecretary in the , Sanchez woulsd oversee more than 1,00o0 employees in trade offices in 85 Renaissance had about35 employees. Investors Don Wallace, co-founderr of , and prominent Tampa developer Williamj Bishop formedthe corporation.
The idea behind the stee plant was to provide jobs in the community anddevelop low-cost housing. The investors tappe Sanchez, a lawyer and an advisere and negotiator in the Clinton administration who readily acknowledgefd he had no background in steel torun Renaissance’s sales, marketingy and operations in May 2006. Sanchez put hundrede of thousands of dollars of his own moneyg into the company andlost it. When the company’s boarcd of directors decided to closes inearly 2008, he took a post at , one of the largestf law firms in Tampa. , a business that purchasedx the assets ofRenaissance Steel, is in Chaptere 11 bankruptcy. Richard D.
Innovative’s president, and David Steen, the company’s allege crucial steel truss design software that was supposed to be includec in the Renaissance assets sale was not there aftedrthe closing. Biddle paid about $1 millionn of the $2 million owed for the assets. He laid off abouf 30 people since filing for bankruptcy reorganizatiohin November. “Buying the assets turned out to be a smokw and mirrors kindof deal,” Biddle said. “Franl did not make the calls. He was the middlemajn and left about the time Icame in. I don’r think he had a clue as to what was going on.
” The software issue plays a role in tryinfg to reach an agreement with Innovative’z main creditor, LLC, a collateral assigne e of A LLC, Steen said. State recordws show the managing member of ABetter Place, whic h was voluntarily dissolved April 1, was Bishop. “The deal for the assetw was $2 million,” Steen “What we’re suggesting is that Innovative paid too Other businesses and vendors are seeking money they claimRenaissancr owes. Hillsborough County circuity court recordsshow , based in Louisville, Ky., won a judgmentg of $64,000 against Renaissance in Januarty for materials invoiced in August 2007.
, a Tampaq uniform service, is owed $25,000, according to records. The nonprofif Corporation to Develop Communities of Tampa filed suit against Renaissancein February, seeking payment on a promissor note for a loan of Court records show Bishop signed the loan agreement in 2006. A motion for a default judgment in the case was filexd April 6 after there was no response to the Renaissance racked up a debtof $180,000 to , a Clearwater-basexd company with a facility at the Port of Tampa.
Chris Titan’s president, said his company wrote off $54,000 in returh for an agreement that Renaissances would pay the remaining He still has the Octobetr2007 agreement, signed by Sanchez as Renaissance’a CEO. Bush said payments under the agreementeventuallt stopped, and today Titan is owed $76,000. “W dealt with Frank until he left, but I have a feelingt he didn’t really know everything that was going Bush said.
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