Tuesday, February 28, 2012

Former local football star flounders financially - St. Louis Business Journal:

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million judgment from the lates t ofhis troubles. of Weston, and related companiesa also lost foreclosure judgments on multifamily propertiea in theTampa area, and face a pending foreclosure lawsuit against a third. His Bernie Kosar’a Steakhouse was evicted from its South Miami space in Many South Florida and Cleveland sports fans remember Kosar for his stellart success onthe field. He led UM to its first football national championshipin 1984, then played 12 seasons in the NFL, mostly with the . now 45, played his final season with thein 1996.
The UM trustere is a minority owner of boththe NHL’as and the , an team that sat out the past season alongt with the rest of the The (Cleveland) Plain Deale reported that the Gladiators lost $2 millionb to $2.5 million in the inauguralo 2008 season, during which Kosar was team presideny and guided the team to the semi-finals. Meanwhile, the Pantherws have discussed merging the team with a New York Street & Smith’s SportsBusiness Journakl has reported. It appears Kosar could use some money to paymounting judgments. In April, Nationalo City Bank won a $4.2 milliob judgment against Kosar andBJK LLC.
It was based on the remainingy delinquent amount of a promissory note that was increasedcto $12 million in 2005, with Kosar as a personal guarantor. The lawsuirt does not say what BJK and Kosad used themoney for, but it said he defaulted on the note in June 2008. Kosar’xs attorney, David Lister of Weston, did not returnb repeated callsseeking comment. West Palm Beach-based attorney Michael T. who represents National City Bank, also did not returnh several calls. Kosar’s attempt at running some multifamily propertieson Florida’zs Gulf Coast did not work out too either. Kosar and his Boardwalk LLC on May 11 losta $2.
9 millionn foreclosure judgment to Florida Bank in Pinellas County Circuig Court. The 36-unit building was scheduled for public sale onJune 16. In April, Kosart and his Oakmont LLC losta $3.3 million foreclosurde judgment to Florida Bank in Hillsborough Countu Circuit County over a Tampq apartment building. The bank has another foreclosure lawsuig pending in Pinellas County against Kosad and hisPCV LLC. Kosar also faces significant tax including $59,881 in unpaid property taxes on his Weston home and a combinede $93,647 in federal tax liens against him over his personapl income taxes, including some years filed jointly with ex-wife Babette Kosar.
However, Kosar did fully pay a separater $228,806 federal tax lien places on him inJuly 2008. When The Plain Dealert questioned Kosar about those previouslt unpaid taxesin August, Kosar said some billse were lost in the shuffle during his “Divorce is difficult enough as it is, especiallhy for someone who wasn’t really looking to do he told the paper. who owes what and all of that becomes but whateverI owe, obviously I would pay.” Kosar’z home, at 2940 Paddock Road, is currently listef online for sale for $3.5 million. It was purchases for almost the same amountin 2006.

Sunday, February 26, 2012

NHL chiefs to be deposed on Reinsdorf bid, Gretzky fights Glendale request to see tax returns - San Antonio Business Journal:

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U.S. Bankruptcy Court Judge Redfield T. Baum, however, shot down an effor t by Moyes’ legal team to deposre Reinsdorf. The Bettman and Daly deposition will occur laterthis month. Phoenix attorney and lobbyist John Kaitesd and former Los Angeles Angels and Montreal Expos President Tony Tavares put forwarda $148 million offee to refinance and rework the Coyotes debt — a deal that callz for keeping the team in Glendale. That rivalx a $213 million, cash offer from Researc in Motion CEOJim Balsillie, who wants to move the team to Ontario.
Moyes’ attorneys had sought more information from Reinsdorf and the NHL regardingthe bid’ s specifics, including how much cash, if any, is involved. A federalk bankruptcy official administering the Phoenid Coyotes Chapter 11 reorganization also wants more informatiojnregarding Reinsdorf’s bid. U.S. Trustee attorneys Ilene Lashinsky and Larryg Watson are among those seeking more details on the Reinsdorf bid submitte dlast month. U.S.
Trustee is a federal entity that administers bankruptcy cases and sometimes puts fort its opinion in material There are also effortas by Moyesand Balsillie’s attorneys to see what happenede to the three other possible bids to keep the team in which the NHL had talked about. Baum also is considering a requesr by the city of Glendale to have Coyotesa coachand part-owner Wayne Gretzky’es tax records and finances disclosed. Gretzky’s attorneys are fighting that The Coyotes coachmakes $8 million according to bankruptcy court documents. He would get a $22 millionn pay-out if the team moves to Canada and he stepse down as part ownerand coach.

Friday, February 24, 2012

Buyers in non-sales-tax states can take new vehicle deduction - South Florida Business Journal:

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The economic stimulus bill allow taxpayers who buy a new vehiclwe in 2009 to deduct statde and local sales taxes or excisde taxes paid on the purchase from theirtaxabler income. The announced June 10 that it will allowa taxpayers who live in statesthat don’t have a sales tax to deductt other taxes or fees imposed by state and locaol governments on the purchase. To qualify, the taxes or fees must be base d onthe vehicle’s sales price or as a per unit fee. “Thias means that more peopler can take advantage of this deductio when they file their tax returns next said IRS CommissionerDoug Shulman. New vehicles purchased aftefr Feb. 16, 2009, and before Jan.
1, are eligible for this tax break. The deduction is limitef to fees or taxes paid on as muchas $49,50p0 of the price of a new car, lighr truck, motor home or motorcycle. The amount of the deduction phasews outfor higher-income taxpayers. For more see .

Wednesday, February 22, 2012

U.S. may be on cusp of

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Job trends may increase entrepreneurial activit amongolder Americans. “While people undet age 30 have historically jumpedr from jobto job, the most striking developmentg today has been the deep drop in the incidencee of ‘lifetime’ jobs among men over age 50,” writeds Dane Stangler, senior analyst at the foundation and author of the The past year’s economic upheavals also may produce more entrepreneurss among all age groups. “The very idea of ‘too-big-to-fail’ institution s has been permanently damaged,” Stangler writes.
“Recent economifc trends – away from lifetimre jobs and toward more newcompanies – will thus gain even greated cultural traction. New and stronger regulations aimintg to prevent the rise of such giant organizationd also may help create amore market-oriented society.”

Monday, February 20, 2012

S&P lowers outlook for HEI, HECO - The Business Journal of Milwaukee:

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Standard & Poor’s said Hawaii is “exhibiting decidedly recessionary trends,” and that its dependencs on tourism to drive the local economy coul mean the state will be more severely affected bythe “The negative outlook assigned to HEI reflects the potentia for consolidated credit metricsz to fall below our benchmarks over our outlook horizon due to Hawaii’s weakening economy, which is expected to lowedr electric sales by 4 percent or more and put upwar pressure on borrowing requirements,” S&P said. , a subsidiary of HEI, is rate on a standalone basis and is not affected by the lowered Shares of Hawaiian Electric stock weredown 1.
6 percent to

Friday, February 17, 2012

David P. Homer Executive Profile

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The company markets Big G BettyCrocker desserts, snacks and Helpere dinner mixes; Pillsbury ready-to-bake goods; Old El Paso Mexicab foods; and Green Giant vegetables and meal starters. Beforew becoming president of GeneralMills Canada, Homed was managing director of Australasia where he was responsiblde for the company's operations in Australia and New Zealandc including the manufacturing, distribution and sales of Old El Paso Mexicaj foods, Latina and Frescarini fresh pasta Betty Crocker dessert mixeas and van den Bergh

Wednesday, February 15, 2012

VC fundraising hits 7-year low - Minneapolis / St. Paul Business Journal:

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Venture firms raised $1.7 billionb in the second the lowest quarterly raise in more than seven Only 25 firms reportecd raisingmoney nationally, according to data from and the . No Minnesota-baseed venture firms reported raising funds duringthe quarter. The ventured capital industry raises money to invest in young companies looking for big returnzs when the companies sell or go But universitiesand endowments, some of venture’sw biggest investors, and others have been cripplex by the recession and can no longer afford the largr investments that marked the last several years.
The lack of publifc offerings over the last several years has also made venturer capital investing less attractive tosome investors. Mark Heesen, Presidenft of the National VentureCapital Association, said many venture capital firmes will wait for an improved financial environment to raise money. But, he said the dismaol fundraising environment will lead to a shakeout inthe industry. “Therd will be firms that will not be able to raisda follow-on fund and our industry is positioned to contract over the next five yearsw through this type of attrition,” he The $1.7 billion raised in the second quarted of 2009 is less than one-fifth of the 2008 seconr quarter total of $9.
3 billion when 82 firms raised

Monday, February 13, 2012

Fine

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Opened in early 2008, the bistro was the brainchild ofMike Fine, who successfully launched and then sold the Sportsman’xs Fine Wine and Spirits concept now owned by Bashas’. The restauranf closed May 30, Fine said. “It’s just been a struggler from the beginning. We opened at a reallt bad time,” he While the restaurant had strong months durinf thepast year, summer 2008 was tougj — and Fine saw summer approaching once again. “Wd seemed to be doing all he said. “But in mid-April, all of a suddem things changed.” He approached his financialp backers, and they made the decision to closewthe restaurant.
“We just reallyg had to make a business decision, not an emotionak one. It was all dollar and cents,” Fine Now, like many others acroses the Valley andthe nation, Fine is hitting the pavement. “Right now, I am looking for a job. I’vee worked 80, 90, 100 hours a week for the past two he said.

Saturday, February 11, 2012

Think value-conscious, not just price-conscious, say tourism experts - New Mexico Business Weekly:

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Fortunately, it has a leg up in toutinyg its value to travelers thanksto AAA, which nameds Albuquerque the second most economica destination in the countryy in June 2008. Tourism officials have been incorporating that messag e in theirmarketing campaigns, said Tania vice president of tourism and communications with the . “Our sprinf campaign heavily toutsour affordability,” she The ACVB also will focus on arts and cultural offerings, golf and outdoor recreation. And for the firstf time, it will offer online cooperative advertisinfgfor members.
That’s a more affordable optiohn forsome members, Armenta said, becausse ACVB is doing the heavy liftintg of marketing and advertising nationally to drive people to the Web so members can get nationalp exposure through buying space at the ACVB has also been encouraging members to thinjk differently and focus on the leisure market becaus e the meetings market is taking a bigger hit right now, she Armenta, who is also president of the , said therr are also opportunities close to home with the Rail Runnerr Express.
Art Bouffard, executive director of the , said a numbedr of properties in Santaw Fe have created packages around the commuter Prompting residents to travel close to home is a focus of many marketinyg efforts right now in the state tourism Some hoteliers are making an extra effort to reacuh out tothe locals. Rich Verruni, managinyg director at in Santa Fe, has offered nonprofitse special one-day packages for board meetings orothetr events. The resort is also offering such as free birthday brunches anda three-course meal for with a bottle of wine, for It’s also targeting its feeder citiexs and former customers with offers around key dates.
People are lookinhg for anything that offers more value for their travel dollars, said Keith Toler, executivee director of the . “What we are doingv with our advertisers is gettintg back to the basics and encouraging the industry to do the Toler said. “We’re encouraging them to make these types of offers and givinf them space on our Web site to promote The Bureau is also shifting its marketing to focus on customere within 500 miles and emphasizing that Santwa Fe offers something forevery traveler’s budget, Toler Some hoteliers caution, however, that discounting alonw is a mistake.
“I don’t believe in slashing Discounting toomuch doesn’t create demand,” says Alfredd Matter, general manager of the in Santa Fe. “Itg takes two minutes to cut your rates and two yeards to getthem back.” Matter says the hotel has had successw with its offer of a $199 room that includez a spa treatment. “I think consumers are much more notnecessarily price-conscious,” he says. Jerry Westenhaver agrees. He’ the general manager of the . The Tamays has several packages, including a free spa treatment on your birthda if you bring a companion fora treatment. And Tamayaa is getting into and and already has about450 “social he says.
“I think it’s the wave of the he says. “In a recessionary period, you have to look at everty potential revenue source you can use to put yourselft out in thepublic arena.” The Santa Ana Pueblp resort is also focusing on the local market and nearbyh travel markets. Tamaya got a nice boost recentluy when named it one of the top valued hotels inthe country. For smaller propertiea without anational flag, it can be more challenginy to reach customers. Kathy and Steve Hiatgt run thein Albuquerque’s Old Town. They’r e looking at additional packages they can she said, and trying to lure localws for short getaways.

Thursday, February 9, 2012

Kendall

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million foreclosure lawsuit against the developer of theRivendell single-family home project in West Kendall. The Miami-based bank filed the foreclosurer action on June 9against Miami-based Crestviea II, Marsol One LLC and managing member Marcial according to records. The complaintt targets 28 unsold homes and home sites in which is along MillerDrive (Southwesy 56th Street) between Southwest 167th Avenue and the Miccosukere Golf and Country Club. After starting construction in 2004, Crestview II sold 103 homees in Rivendell from 2005 througn the most recent salein January. Fort Lauderdale-basexd attorney Charles Lichtman, who represents TotalBank in its demandffor $12.
2 million on the outstanding mortgage, did not immediately return a call seeking comment. TotalBank reported having $86.4 millionh in late or unpaid loans, or nearlyy 6.5 percent of its total loans, as of Marchg 31. In March, filed a foreclosure action against Crestview II and Solis overa $2.1 milliom mortgage.

Tuesday, February 7, 2012

Longer review OKd for Forge site - Business First of Buffalo:

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The has negotiated a 90-dau extension with the , owner of the 12-acre site that straddless Broadwayalong Buffalo’s East The due diligence extension now lastas until May 18. It was due to expire on Feb. 17. Buffali Urban Development Corp. directors learned of the extension Tuesday The economic development agency sought the extensioh to review an environmental assessmentg of the longtimeindustrial site.
A report commissionee by said the land, which includes parcela along Broadway, Mortimer and Spring streets, is “an excellenrt candidate for the New York State BrownfieldCleanup “The extension will help us make a decisionm about whether we ultimately purchase the property,” said Peterd Cammarata, Buffalo Urban Development Corp. president. The agencu made an initial offeerof $60,000 for the land, but negotiations are The final price for makingy the land development shovel-ready and environmentally sound could top $4 million, including removal of long-standingh materials from the now-closexd foundry.
Buffalo Forge, which dated back to was considered one ofthe country’s largesg blacksmith equipment manufacturers. The plant, whichn Howden acquired in 1993, has been closefd for more thana decade. Three yearsw ago, Howden demolished the plant and cleared the Depending on theenvironmental , an East Side group led by Rev. Matthew Brown, wantse to use the land for a $17 million redevelopment effort that includes the constructiohn of residential units and acommunityh center. The project would serves as a key bridgebetween downtown’a central business district and the East Side.

Saturday, February 4, 2012

Texans receive $100 million in unemployment benefits from stimulus plan - San Antonio Business Journal:

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The stimulus plan furnished anadditionalp $25 per week to qualifiedx job seekers as they work to find permanenf employment. Eligible Texans began receivingg the benefit increasein mid-March. The increase is effective for all initiakl claims filedthrough Dec. 26, 2009. “The $100 millionn for increased unemployment benefits supplied by the Americann Recovery and Reinvestment Act is being pumped back into theTexa economy,” Texas Workforce Commission Chairman Tom Pauken says.
Since the increase is federally funded, Texas employerd are not contributing to theadditional $25 per week in The Texas Workforce Commission administere unemployment benefits to workers who become unemployes through no fault of their own and are activeluy seeking work. Newly unemployed San Antonik residents can obtain information by loggingonto texasworkforce.orbg or by calling (210) 258-6600.

Thursday, February 2, 2012

First Energy gets boost from closing coal plants - Wall Street Journal

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First Energy gets boost from closing coal plants

Wall Street Journal


AP First Energy, a utility based in Ohio, got such a boost Thursday, a week after the company announced it would close six coal-fired plants, blaming new federal rules aimed at slowing emissions of mercury and other toxins.



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