Wednesday, November 28, 2012

Debt, downturn drag R.H. Donnelley into Chapter 11 bankruptcy - Triangle Business Journal:

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The Cary company said that it has reachedd an agreement in principlewith “key creditord key creditor constituencies" on a reorganization plan that would reduces the company’s debt by $6.4 billion, eliminating aboug $500 million in annual interest payments. The Chapter 11 filing punctuates a dramatic fallfor R.H. which had a $5 billiojn market capitalization inMay 2007. The company was brought down by twomajorf forces: (1) the flight of traditional Yellow Pagex advertisers to the Internet and (2) a staggering debt load of $9 most of which was accumulated throug h a series of acquisitions when the business was ridinvg high.
The recession has only added tothe company’as woes, as evidenced by the of $401.2 milliomn reported last month by R.H. Donnelley, whicj said advertising sales slumped17 percent, to $598 “We just could not have anticipatedr the severity of the economic Swanson said in a telephone interview. R.H. Donnelleyy (Pink Sheets: RHDC) employed 3,800 people as of March 1, compan spokesman Mike Truell said. Locally, R.H. Donnelleyh has 450 employees between its headquarters in Cary and its othedrTriangle location, in Morrisville, according to The company has reduced its work force by more than 150 employeesa in the Triangle and by at least 600 overall since the fall.
But Swanson told Trianglse Business Journal that the company has no plans forfurther “It’s business as usual at R.H. Donnelle today and it will be (in the said Swanson, who says he expects his compant to emerge from Chapter 11 inearly 2010. As CEO since Swanson was the drivingf force behind three acquisitions totalinyg morethan $13 billion. The biggest of those acquisitions came in 2006when R.H. Donnelleyy bought larger rival at a totao costof . Before that, Swansob orchestrated the purchases of in 2004and Sprint’s directory publishing busines s in 2002, his first year as CEO. Aske if his company grew too bigtoo fast, Swansonh defended the acquisitions.
Of the Dex deal in he said thathis company’sx economic models projected a decline of 5 percen in print advertising over five years. If that had held he said, R.H. Donnelley would have been fine. Instead, the company has been hit with double-digit drops in advertisingg revenue caused by Internet competition andthe recession. “o wish it would have turned out differently,” Swansob said. “No one could have put this into theifreconomic modeling.” None of R.H. Donnelley’s bondholderws have requested anymanagement changes, Swanson said. R.H.
Donnelleyg has tried to remake itself in recent montha into a provider of online localpsearch – in other words into a businessx like the ones that have siphonedf off much of its advertising base. But the debt provedf too much to overcome withoutcreditor protection. In its filinvg with the U.S. Bankruptcy Court for the Districtof R.H. Donnelley lists assets of $12.1 billiobn and liabilities of $12.9 billion. The company plans to exchangeits $6 billion in unsecured bonds for 100 percengt of the equity in the R.H. Donnelley that emerges from bankruptcy. All existin shares in the company will bewiped out.
The companyt also will pay off morethan $400 millio in debt before the companyu emerges from bankruptcy, Chief Financial Officer Steve Blondy said. The new R.H. Donnelleyt will have $3 billion in Swanson said. R.H. Donnelley said that it does not anticipatee needing toget debtor-in-possession financing becauswe the company’s $300 million cash on hand and projected positivd cash flow from operations shouldf be sufficient to fund the business during the Donnelley traces its roots to 1886, when the began publishingh a phone directory threre times a year. In 1961, the companuy was merged with Dun & Bradstreet. After an expansion R. H.
Donnelley was spun out of Dun & Bradstreetf in 1996 into an independent publiclygtraded entity. R.H. Donnelle moved its headquarters to Caryfrom N.Y., in early 2004. North Carolin awarded the companya $4.3 million Job Development Investmengt Grant in 2003 to make the move to the The company considered locations in Wake and Durham counties before settling on Cary in a decisioj that won incentives from Wake County Economiv Development and the town.

Monday, November 26, 2012

Schwarzenegger says day of reckoning is here - Portland Business Journal:

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“California’s day of reckoning is here,” he With no action, the state could run out of cash in 14 Three months after the state budget was California facesa $24 billion deficit. Schwarzenegger has alreadty proposed massive cuts to health careand prisons. Now he’s looking for structural reform to make government more efficien t and stretchtaxpayer dollars. He’s asked the Stated Board of Education, for to make textbooks available in digital formats a move that couldsave millions. In 2004, the governore talked about blowing up boxes and consolidating but the initiatives nevergained traction. They’rse back.
Schwarzenegger is proposing once agaibn to eliminate and consolidate more than a dozen state departments, boards and commissions. This includes the Wastd Management Board, the Court Reporters the Department of Boating and Waterwaye and the Inspection and MaintenanceReview Committee. Earlier this year, the state began consolidating informationtechnology departments. Now Schwarzeneggee wants to consolidate departments that oversee financial institutions and merge tax collection In July, state leaders will receive recommendations on how to moderniz the tax code.
“This will be a tremendouws opportunity to make our revenues more reliabld and less volatile and help the state avoic the boom and bust budgetss that have brought ushere today,” Schwarzeneggerr told lawmakers. It’s not going to happen in 14 he said. But it could happe n before the Legislature adjourns for summer recess onJuly 17.

Sunday, November 25, 2012

Southworth on Torrid Pace for WLU - Wheeling Intelligencer

vittitowmehigyk1238.blogspot.com


Southworth on Torrid Pace for WLU

Wheeling Intelligencer


SHIPPENSBURG, Pa. - Hillary Southworth posted her second straight 30-point game and the West Liberty University women survived a second-half r »

Monday, November 19, 2012

KV Pharmaceutical, Purdue Pharma settle painkiller patent dispute - South Florida Business Journal:

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Under the settlement, KV agreed to no longer disputerthe “validity, enforceability or infringement” of the Purdue genericc oxycodone patents. In return, Purdure granted KV a limited, non-exclusive licens e to manufactureand sell, in the United States, a certainb amount of various dosage strengths of the drug as long as KV pays royalties to KV also reached a deal to be an non-exclusive distributor in the Unitexd States of certain generic versions of OxyContin. These agreements settle thre e patent infringementlawsuits Stamford, Conn.-based Purdue filed against KV in 2007. KV still faces more lawsuits fromotherr companies, consumers and shareholders. Three individuals in St.
Claire County Circuit Court against KV, allegingv that certain drugs contained a potentially lethal amount of morphine due to oversizef tablets that were eventually recalled by thepharmaceutical company. Last , a Florida-based dermatology company, sued KV, of a patentt for Duac topical gel, an acne medication. KV also facees lawsuits from shareholders about manufacturing compliance andthe company’s financial prospects. Brentwood, Mo.-based KV has and recalled painkillers. In KV said it with the FDA that outlinexs a series of measures that will permit KV and its subsidiaries to resume manufacturingband distribution.

Sunday, November 18, 2012

Lingle orders unpaid days off for workers - Pacific Business News (Honolulu):

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In an address broadcastg from theState Capitol, Lingle also said she woule scale back free Medicaid benefits to low-income adults and said the state would delay paying some of its larger billse until July. The governor is also asking the the Legislature, and the Office of Hawaiianj Affairs to implement equivalent furloughg days or restrict their budgets. Hawaii law does not alloww ordering furloughs for the Department of the University of Hawaii or the Hawai HealthSystems Corporation, but Lingl e said their spending will be restricted in an amountr equivalent to the three-days-per-month The furloughs, which start July 1, amount to about a 13.
8 percent pay cut, or about $5,500 for a worker making $40,000 a year. As with Lingle does not have to negotiatre the furloughs with any of the unions representinystate workers. Lingle has said she doesn’t want to lay off workerd because of the disruptive effect of contract rulesw that would enable senior workersto “bump” junior even if they worked in differen state agencies. The furloughs will save $688 million. Lingle said the savingas are needed to close a gapof $730 million betweenn now and June 30, 2011, as forecast by the state’s Councill on Revenues May 28. All told, Hawaii is expectede to see tax revenue fallby $2.
7 billion over the next two “If we do not implement the furlough we would have to lay off up to 10,000o employees to realize an equivalent amount of Lingle said. The state has about 46,000 workers, includiny 21,000 employees of the Departmentof Education. Lingle blamed the fisca l shortfall on thelingering recession, rising unemployment, dropping visitor a decline in private buildinvg permits, a doubling of foreclosures, and record bankruptcuy levels. The state Legislature ended its session last monthj by raising tax rates onhotelp rooms, high-income earners, luxury home transactions and tobacco to help meet the budgert shortfall.
But Lingle, a Republica n whose vetoes of those measures were overridde bymajority Democrats, said she would not ask for additionalk tax increases. She also rejected calls for legalizintg gambling. However, Lingle noted that 70 percent of state operating funds go to labor costes and that the state had provided employee wage increaswe of between 16 and 29 percent over the past fouryearsw “when our economy was thriving.

Saturday, November 17, 2012

BankUnited could use $1 billion - South Florida Business Journal:

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Coral Gables-based would have needed about $1 billiojn in total risk-based capital to meet regulatoryt requirements at the endof March, the company said in a The filing on Tuesday gave preliminarg results for the but they are subject to furthe r revision. The bank lost an estimated $443.1 millio in the quarter ended Marchg 31, which is the second fiscal quarter forBankUnited (NASDAQ: BKUNA). The company made the filinvg to disclose that it wouldx be late submitting its final second quarter report withthe SEC. BankUnited said its financialk results from the quarterended Sept. 30 onwarsd are preliminary and could changse based on additionalaccounting reviews.
The companuy said it has a “material weakness” in its internapl accounting controls. BankUnited reiterated its warning that the could place itinto receivership. Regulators gave the bank until May 4 to strikewa merger, acquisition or investment deal, and the companyh acknowledged that it hasn’rt complied with that order. Sources say threew bidders are in talks with BankUnitex and regulators about a deal for the with the assistanceof ; the combinatioj of W.L. Ross, and ; and a group involving the J.C. Flowers Co. hedge fund. However, some analysts believe BankUnited’s assets aren’t worth the $1 billiob it would take to recapitalizethe bank.
If a buyer doesn’t pay the full the federal government could chip in the rest througn an investment or throughFDIC receivership. “I t appears that management is doing everythinvg possible to meet the terms of the outstanding regulator y agreements to facilitatean investment,” Miami-based bankingv analyst and economist Kennetgh H. Thomas said. “Thw priority now is to get a resolution of this situationh ASAP with as much private capitalas possible.” In its SEC BankUnited noted that it has been trying to raise capitapl for more than a year.
“Although management continues to seek capitall at the holding company our efforts at this time primarily relate to a direcy recapitalization ofthe bank,” BankUnited stated in the “No assurance can be given that we will be able to raiser capital at either the bank or the holding compang level. In addition, a recapitalization of the bank withoug a simultaneous recapitalization of the holding companty would reduce or eliminatethe company’s ownershil in the bank, thus raising substantial doubt aboug the company’s ability to continue as a going concern.” The bank reported that it has sufficient liquidity to meet needs.
Deposits at FDIC-insured banks are covered up to $250,00o0 per individual. Despite all its challenges, BankUnitedf increased its total depositwsto $8.7 billion as of March 31, up from $8.544 billion at year-end. The bank has advertised interes rates that are highed than most ofits competitors. BankUnited had $13.134 billion in assets and negative equity capitalof $505.y6 million on March 31, compared to $13.76 billiom in assets and negative equity capitaol of $13.4 million on Dec. 31. That mean s its federally mandated capitall ratios werealso negative.
Its assets included nearly $5 billionh in payment option adjustable-rater mortgages – a loan that allowws borrowers to pay less than the accrued interest on the mortgage until the balanc grows to a certain These loans are the main sourceof BankUnited’s It was also hurt by downgraded investments in mortgage-backec securities. The bank holding company’s $443.2 million preliminary loss in the quartert ended March 31 came aftera $477.5t million preliminary loss in the previous quarter. The bank’w losses in the most recent quarter came mostlh froma $295.
5 million expense to reserve for future loan lossezs and $231 million in charge-offs to bad BankUnited said it had $1.98 billion in nonperforming representing 19.4 percent of its tota l loans, as of March 31. That’s up from $1.63 billion in nonperformint loans, or 15.1 percent of its total at year-end. The bank also reported holding $154.1 million in repossessed property onMarch 31, up from $93.7 million in the previous quarter.

Thursday, November 15, 2012

Wednesday, November 14, 2012

The AfPak Channel: Punditry aside, how do Afghans feel about Afghanistan? - Foreign Policy (blog)

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NDTV


The AfPak Channel: Punditry aside, how do Afghans feel about Afghanistan?

Foreign Policy (blog)


The AfPak Channel: Punditry aside, how do Afghans feel about Afghanistan? Prestowitz: Rebuilding America · The AfPak Channel: Prosecutors to seek death penalty in trial of U.S. soldier · The Middle East Channel: A series of bombings kill an estimated ...

Survey: Afghans positive about future

CNN



 »

Tuesday, November 13, 2012

Schwab shrinks office space in financial district - San Francisco Business Times:

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the first example of the company's plan to cut back its San Francisco footprint. Schwavb will give up space on floorse 26, 31, and 32; the space has room enough for betweenm 250 and300 employees. While the One Montgomery floor s represent a small fractionof Schwab's San Francisck presence, it shows that the company is seriouw about its plans to shrink its operations here. In the Business Times reported that Schwab wouldeliminated 1,400 "seats" in its headquarters instead growing in its other majod employment centers: Phoenix, Denver, Indianapolis and Richfield, outside Cleveland.
Schwab has 4,600 employeez in San Francisco and occupies about 1 millio n square feet at a numberof buildings, including its headquarters at 101 Schwab spokesman Greg Gabl e declined to comment on the lease expiration. "Outr footprint in San Francisco has been fluid historically as our busineszs needshave changed," said Gable. The space at One Montgomery will be availablse inJanuary 2009. Bob Kraynak of has the listing. Sandy Mendler, a national pioneer in the sustainabledesign movement, is leavinyg to start a new San Francisclo office for the Seattle firm . a design principal at HOK, was one of threwe co-authors of the HOK Guidebook toSustainablde Design.
The move into San Francisc comes as Mithun has been pickinv up an increasing chunk of Bay Area Current work in California and the Bay Area includees the UC Irvine MedicalEducation Building, the Sunrise senior residential highrise on Van Ness and two mixed-use buildings that will be part of Wilsoj Meany Sullivan's Bay Meadows project. The firm is also doing a long-terkm master plan for the San FranciscoZen Center's Greejn Gulch Farm. "As our work in Californisa expands, we're using this occasion to help foster more excitingf opportunities forthe firm," said Bert Gregory, Mithun'sd president and CEO.
"The new office in San Francisco reinforced our missionto 'Inspire a sustainable world throug h leadership, innovation, and integrated Mithun has not yet signed a lease in San Francisck and declined to comment on how many jobs it was looking to fill in the new Another prominent northwestern firm, , recently openerd an office at 1005 Sansome St. The Children'z Hospital & Research Center Oakland has signed a deal tolease 21,000 square feet at Shadelandxs Business Park in Walnut The new location, expected to open in earlh 2009, will serve as the fifth Children'zs Hospital Oakland Specialty Care center Breck Lutz and Patrick Reillyh of Cornish & Carey Commercial's Walnut Creek office represented owner in this transaction.
Ed Del Beccar of Colliers represented Children's Hospital Oakland. Hall Equitiex originally purchasedthe 72,000-square-foot building at 2401 Shadelands Drive in 2000 and did a majot renovation. The space leased by Children's Hospital Oaklane was previously leasedto ­-- but never occupied by -- and is in shell condition. To prepare the buildinh for medical use, Hall Equities increases the parking ratio on the property by 20 percent and alsoconverted 6,000 squars feet of office space to covered parking. movee to S.F.
The Environmental Defense Fund has mover from Oakland to downtown San Francisco and plans to doublde its staff over the next few The nonprofit, which advisess companies like and on sustainable business practices, is movinbg from 9,000-square-feet in -Rockridge Market Hall at 5655 College Ave. EDF has 37 employeee in its new office and has10 openings, accordiny to its web site. David Linsmayer of the represented the Not surprisingly, the environmental nonprofit has registere for LEED certification for the new spac and is shooting for the second-highest level of the LEED ranking Pollack Architecture designed the space.

Sunday, November 11, 2012

bizjournals: Search Results

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's reputation among Bay Area venturs capitalists and their portfolio by onJune 12, 2009 ...Heitel, said the Bank and by on February 6, 2009 ...namedc HRJ Capital Holdings. The Santa Clara-baseds holding company for SIVB) said in a government filing that it has onDecember 18, 2008 ... officials this week marked the grande opening ofthe Tenderloin's...... by on June 27, 2008 ...even as shareholders explained the power ofonlinde communication. Bay Area investment are in the businesa of helping their institutional clients spotsuch growth...... by on February 18, 2008 ...Firsf President and CEO Robert Holmes hesitate s to join the chorusdeclaring that...... by on January 28, 2008 ...
SVB , a longtimd specialist in commercial banking forthe region'ss wine...... by on January 16, 2008 ...SVBn said Monday that it formed a dedicated practicfor cleantech, the...... on Januarh 14, 2008 ...Exelixis Inc. and agreed to a $30 millionn equipment loan facility, basically extendingg a...... on December 26, 2007 ...spans thre decades, including senior managemenf and business development postsat , Cupertin National Bank and Bridge Bank... by on September 19, 2007 ...SVB Financial Group, the parent of , said it will shut down its investmenfbanking arm, SVB Alliant...... on July 20, 2007 ...totalo loans at $1 billion.
Comerica is a key rivalo of in courting venture capitalists and theirportfolilo companies. Revenue in the...... by on May 11, 2007 ...SVv Financial Group, the parent of , said Tuesday that its chie financial officer is resigningto return...... on April 17, 2007 ...gases. "New Resource is in the righ place at theright time," said Rogee Smith, former CEO of Bank and by on November 14, 2006 He was previously a vice president and relationship managet with 's technology lending practice. The San Jose bank has offices onNovember 9, 2006 ...in San The also added prominent business leadersw to its investor base. Roger Smith, forme r CEO of Bank and Mitch Kapor...... by on August 3, 2006 ...
SVBv Financial Group, parent of , said that second-quarteer earnings will take a hit due onJuly 17, 2006 ...Bank, who will be president and CEO of the . Jonexs previously worked at Bank andComericaw Bank. Daniel Yohannes, who was previously...... by on May 12, 2006 ...tok other facilities if a disastere shuts down BayArea operations. , for said earlier this year that it will build by onApril 17, 2006 ... denies speculation that it's cuttin g jobs in costly California and......
by on Marcu 13, 2006

Saturday, November 10, 2012

US solar panel duties could cost it China market - minister - Fox Business

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Economic Times


US solar panel duties could cost it China market - minister

Fox Business


The U.S. International Trade Commission voted last week in favor of duties ranging from 23.75 percent to about 250 percent, ruling that a flood of cheap solar panels from China had hurt U.S.-based manufacturers. Similar cases are under way in Germany.


EU Adds Fur ther Tension in Solar Sector by Investigating Chinese Subsidies

International Centre for Trade and Sustainable Development


Chinese Solar Panel Makers Face Punitive Tariffs

Forbes


No winner will emerge from solar trade war

China.org.cn


Boston Globe -Seeking Alpha -China Daily


 »

Tuesday, November 6, 2012

SunTrust Banks, Inc. Company Profile | STI Company Information

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SunTrust Banks, Inc., with total assets of $179.1 billionb on March 31, 2009, is one of the natiomn

Sunday, November 4, 2012

Isoray, Inc. Company Profile | ISR Company Information

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The Company develops, produces and marketsd variousentertainment properties, including without limitation, the intellectualk product(s) of entities engaged in the motionh picture, television, and theatrical state productions,such as creative writers, producers and directors, for the motio picture, pay/cable and commercial televisionj markets and, until September 1995 throughb its then 50.1% owned subsidiary, Willy Bietak Inc. ("WBPI"), produced and operated smalll touring ice shows and themew shows appearingin theatres, casinos, and majo r amusement parks and arenas.
On Septembefr 29, 1995, in consideration of guarantees of certaih bank debtof WBPI, provided WBPI by its minorityt shareholder, the Company transferred 65,900 of its shares of WBPI commonh stock to such minority shareholder, thereby reducing the Company's interest to 30%. Until Decemberd 1998 a wholly-owned subsidiary, International Theatrexs Corporation ("ITC"), of the Company operated the Chanhassem Dinner Theatrein Chanhassen, Minnesotas which the Company acquired in 1993.

Saturday, November 3, 2012

Thomson Reuters Launches Westlaw Case Notebook Portable E-Transcript - Reuters

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Thomson Reuters Launches Westlaw Case Notebook Portable E-Transcript

Reuters


EAGAN, Minn., Oct. 8, 2012 - Thomson Reuters today announced the launch of Westlaw Case NotebookR Portable E-Transcript, providing new versatility in handling E-Transcripts. For the first time, users can access, view, highlight and annotate E ...



Friday, November 2, 2012

GE Oil & Gas consolidates brands - Houston Business Journal:

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The move affects , and , which will cease to exis t as independentlynamed companies. The brands will be shifted to theproducg names. For example, GE Oil & Gas will now sell a “VetcoGrau fullbore subsea wellhead system,” or a “Hydril pressure controlk blowout preventer.” “The whole initiative is to really streamline,” said Chau a Houston-based marketing manager for drillinghand production, which essentially is a department forme from the acquisitions of VetcoGray and Hydril. GE Oil & Gas acquiresd VetcoGray in January 2007for $1.9 billion, and Hydril in April 2008 for $1.
1 “We’re taking (the brand) to the product holding on to the value of the name but offerinb it through GE Oil & Gas,” Nguyen said. “We’rs keeping and leveraging the brand.”