http://www.lasva.ee/index.php?id=104
The troubled bank also hired a financial adviser to assistt withcapital planning. Fitch downgraded UCBH’xs long-term issuer debt ratings to CCCfrom B-plus on citing the bank’s decision to defer dividend paymentas on hybrid securities. The deferral includes paymente onits $298 million of preferred stock issuedc to the U.S. Treasury under the Troubles AssetRelief Program. “While the holding companyu presently has sufficient cash resources to paythese dividends, Fitch believese that future dividend payments wouldd have likely been restricted,” Fitch said in a “Given UCBH’s financial pressures, Fitchh anticipates that the company will likely be subjecy to regulatory action, which would potentially weakenb the parent company’s financial profile further,” Fitch said.
The ratingxs agency said the bank remains highlt exposed to commercial real estate introubled markets. Fitch notes that UCBH UCBH) remains in discussions with , a majoer shareholder, about a capital injection. But beyond UCBH would have trouble raising substantial capital onWall “The challenging economic and operatinv environment calls for difficult decisions and a specifidc action plan that puts UCBH on a solid foundation for the said Thomas Wu, chairmahn and CEO of UCBH. “We continue to work toward completingy our financial restatements in thecurrenrt quarter.
“By conserving and building capital, focusinb on our core banking businesses and continuiny to provide exceptional servicr toour customers, we will be in a strongedr position to realize our long-term growth potential,” Wu said. UCBH has been strugglingt with residential construction loans in Southern The bank’s shares recently changed handz at $1.21 after trading over the past year between $1 and UCBH, with $13 billion in has built a global presence with officese in key U.S.
cities and in China to serve the Chinesew communities in the United States and Americamn companies doing businessin
Wednesday, July 27, 2011
Monday, July 25, 2011
Commercial real estate deal drought in Silicon Valley stuns industry - Silicon Valley / San Jose Business Journal:
http://yvyhano.wordpress.com/
All told, a mere $9 milliom in office transactions traded during the first quartetr inSilicon Valley, a 98 percenft drop compared with the first quarter of 2008 when $716 million was sold. The star performer was the industrial market, with $67 millionn traded. Still, that was down about 65 percentt from ayear ago. The other two sectora — retail and multifamily were off by 56 percent and 96percent respectively, as reported by LoopNet Inc. in partnershiop with Real CapitalAnalytics Inc. LoopNet trackx sales of $2.5 million or The South Bay was notalone — the markegt “virtually stopped” across the country, with some regionsx registering zero transactions.
“If was worse than anyone anticipated,” said Hessamk Nadji, managing director of research services forMarcus Millichap. “It was almost impossible to predict the freezing ofthe market.” Experts hope the low numbers mean the bottomm is near. A LoopNet survey releasefd May 27 revealed that 40 percenf ofits 1,500 members who responded to the question when the marke t will turn believe it will happen in but more than a quarter said it may not happen until 2011. The survey revealws an interesting skew, said Mike LoopNet’s marketing vice president.
“Ihn the breakdown between owners and the owners are farmore optimistic,” he “That’s partly why transactions have ground to a halt, there are differentg expectations.” Don Little, senior vice presidentr of Opus West Northern California, said the gap betweej buyers and sellers is unbridgeable in the curren market. Sellers are not willing to come downin price, and buyer do not have access to capitaol that will support the future value of the property. will trade for the cost of debt, or less,” Littl said. “That means the top 20 or 30 percen t of value will getknocked off.
We will have blowmn through the equity and will be in the Not much has changee as the second quarter draws to a Eric Fox, senior vice presidenft for CPS Corfac International, said the handful of properties on the market have gotten very little “Sales will be relatively stagnanr until there’s a point of distress,” he said. “I don’gt know when that will The market is notthere yet. Owners remain in control of their properties with foreclosures in the commerciaol sector a rarityso far. “There’s not a lot of desperatiomn onthe sellers’ side,” Little said. While that could be read as a good sign, it reallu only perpetuates the situation.
Fox said that owners aren’t willing to discounyt on performing properties, meaning tenantsw are paying their rent and the debt is being to ensurea sale. “If property is performing at ahigh level, the buyersz aren’t there,” Fox said. As the recession deepen and joblosses accelerate, Nadjk said owners will reconsider their options. “Hanging on doesn’t fit what they need to he said. “There’s a lot of owners with maturingv debt that with the credit cruncyh will not be able to refinance with favorablreenough terms.
So they are deciding to sell the
All told, a mere $9 milliom in office transactions traded during the first quartetr inSilicon Valley, a 98 percenft drop compared with the first quarter of 2008 when $716 million was sold. The star performer was the industrial market, with $67 millionn traded. Still, that was down about 65 percentt from ayear ago. The other two sectora — retail and multifamily were off by 56 percent and 96percent respectively, as reported by LoopNet Inc. in partnershiop with Real CapitalAnalytics Inc. LoopNet trackx sales of $2.5 million or The South Bay was notalone — the markegt “virtually stopped” across the country, with some regionsx registering zero transactions.
“If was worse than anyone anticipated,” said Hessamk Nadji, managing director of research services forMarcus Millichap. “It was almost impossible to predict the freezing ofthe market.” Experts hope the low numbers mean the bottomm is near. A LoopNet survey releasefd May 27 revealed that 40 percenf ofits 1,500 members who responded to the question when the marke t will turn believe it will happen in but more than a quarter said it may not happen until 2011. The survey revealws an interesting skew, said Mike LoopNet’s marketing vice president.
“Ihn the breakdown between owners and the owners are farmore optimistic,” he “That’s partly why transactions have ground to a halt, there are differentg expectations.” Don Little, senior vice presidentr of Opus West Northern California, said the gap betweej buyers and sellers is unbridgeable in the curren market. Sellers are not willing to come downin price, and buyer do not have access to capitaol that will support the future value of the property. will trade for the cost of debt, or less,” Littl said. “That means the top 20 or 30 percen t of value will getknocked off.
We will have blowmn through the equity and will be in the Not much has changee as the second quarter draws to a Eric Fox, senior vice presidenft for CPS Corfac International, said the handful of properties on the market have gotten very little “Sales will be relatively stagnanr until there’s a point of distress,” he said. “I don’gt know when that will The market is notthere yet. Owners remain in control of their properties with foreclosures in the commerciaol sector a rarityso far. “There’s not a lot of desperatiomn onthe sellers’ side,” Little said. While that could be read as a good sign, it reallu only perpetuates the situation.
Fox said that owners aren’t willing to discounyt on performing properties, meaning tenantsw are paying their rent and the debt is being to ensurea sale. “If property is performing at ahigh level, the buyersz aren’t there,” Fox said. As the recession deepen and joblosses accelerate, Nadjk said owners will reconsider their options. “Hanging on doesn’t fit what they need to he said. “There’s a lot of owners with maturingv debt that with the credit cruncyh will not be able to refinance with favorablreenough terms.
So they are deciding to sell the
Saturday, July 23, 2011
General Motors creates lots to deal with - Dayton Business Journal:
dawojetos.blogspot.com
For Ledezma and the 200 employeese at his two local the news brought relief and certainty aftedr monthsof speculation. He spent that afternoon and the next morning visitinf each department at the Independence and KansasxCity locations, letting employees know that the businessex would continue as GM “It’s quite a bit of relief but, at the same a lot of pressure,” said Ledezma, president of “Whatever we’re going to have additionak responsibility as a dealership.” With the giantg automaker’s plunge into bankruptcy on June 1, linees have been drawn.
Although roughly 3,600 dealers, like Ledezma, received individualized “participation agreements” — offering the potentiao of higher profits along with improvementdirectived — 1,350 were notified that they neede d to wind down as GM franchisees. That’s in additiob to the 1,100 that receive d similar messages last month as partof GM’s restructuring, whic involves keeping only top dealers and brands. The lists 24 GM dealerships in the GM isn’t yet sharing the names or locationsz of dealerships whose franchisr agreements will be terminated, but at leastr one local dealer has begun to spreade the word.
in Belton was among the dealershipz notified last month that its franchisr agreementwould end, said Ray CEO of Details from GM remain hazy, he but his plan is to close the Chevgy dealership within about 18 months and focus on saless of Toyotas at in Lee’s Summit. His Toyot a sales are down about 20 percent comparedd with last year but are improvingevery month; Chevy salee are down roughly 50 percent. Adams which has about 100 Chevys to employs about50 It’s been there since 1936, and Adamx has run it since 1990. in midtowhn Kansas City also was notified that its franchisse agreementwould end. The dealership, which employs 80 is appealingthe decision.
GM spokeswomaj Susan Garontakos said dealershipsa thatreceived wind-down notices no longer will be able to ordere new vehicles. But GM is offering assistance, on a case-by-casse basis, to help the dealerships maintain payrolls and covef other operating costs while they sellexisting inventories, she “We want them to be able to wind down Garontakos said. “Some dealers will actuallyy probably wantto exit.” That’s been the Last year, 401 GM dealers exitedc the business. Fewer dealershipsa will enable GM to make cuts to thesupportintg infrastructure, better aligning a networ k built for 50 percengt market share to the current share of less than 20 Garontakos said.
Even participation agreementws aren’t a free pass — some franchiseed are being asked toconsolidatd facilities, relocate or update, she said. Ledezma said it probabl y will cost closeto $1 million to update Cable-Dahmer’s Kansaws City facility. The company alreadh has invested hundreds of thousands of dollars on GM seems fine with theIndependencde facility, also recently upgraded, he Chris Igoe, co-owner of in said the area long has been oversaturateds with GM dealers. who received a participation estimated that comparable markets have a third as manyGM franchises.
“Herwe in Kansas City, we have, as dealers, screamer that we’re over-dealered,” Igoe “With the dealers that are it will create a much better opportunity for us to be even in adown market.” , which owns threre GM dealerships in the metro area and 27 expects in Merriam, in Kansas City and in Merria to remain open for the foreseeablse future and thinks GM “willk emerge from this stronger and better equipped to compete than ever the company said in a GM said June 2 that it’a in advanced talks to sell the Hummere brand to Chinese company , which would assume existinfg dealer agreements.
Ledezma, who has been selling Chevy vehiclesesince 1983, remains firm in his faithu that GM is a “phenomenalo company” that encourages franchiseez to constantly perform at a higher “Have they had their downfalls? Absolutely,” he “But tell me one compang that didn’t.”
For Ledezma and the 200 employeese at his two local the news brought relief and certainty aftedr monthsof speculation. He spent that afternoon and the next morning visitinf each department at the Independence and KansasxCity locations, letting employees know that the businessex would continue as GM “It’s quite a bit of relief but, at the same a lot of pressure,” said Ledezma, president of “Whatever we’re going to have additionak responsibility as a dealership.” With the giantg automaker’s plunge into bankruptcy on June 1, linees have been drawn.
Although roughly 3,600 dealers, like Ledezma, received individualized “participation agreements” — offering the potentiao of higher profits along with improvementdirectived — 1,350 were notified that they neede d to wind down as GM franchisees. That’s in additiob to the 1,100 that receive d similar messages last month as partof GM’s restructuring, whic involves keeping only top dealers and brands. The lists 24 GM dealerships in the GM isn’t yet sharing the names or locationsz of dealerships whose franchisr agreements will be terminated, but at leastr one local dealer has begun to spreade the word.
in Belton was among the dealershipz notified last month that its franchisr agreementwould end, said Ray CEO of Details from GM remain hazy, he but his plan is to close the Chevgy dealership within about 18 months and focus on saless of Toyotas at in Lee’s Summit. His Toyot a sales are down about 20 percent comparedd with last year but are improvingevery month; Chevy salee are down roughly 50 percent. Adams which has about 100 Chevys to employs about50 It’s been there since 1936, and Adamx has run it since 1990. in midtowhn Kansas City also was notified that its franchisse agreementwould end. The dealership, which employs 80 is appealingthe decision.
GM spokeswomaj Susan Garontakos said dealershipsa thatreceived wind-down notices no longer will be able to ordere new vehicles. But GM is offering assistance, on a case-by-casse basis, to help the dealerships maintain payrolls and covef other operating costs while they sellexisting inventories, she “We want them to be able to wind down Garontakos said. “Some dealers will actuallyy probably wantto exit.” That’s been the Last year, 401 GM dealers exitedc the business. Fewer dealershipsa will enable GM to make cuts to thesupportintg infrastructure, better aligning a networ k built for 50 percengt market share to the current share of less than 20 Garontakos said.
Even participation agreementws aren’t a free pass — some franchiseed are being asked toconsolidatd facilities, relocate or update, she said. Ledezma said it probabl y will cost closeto $1 million to update Cable-Dahmer’s Kansaws City facility. The company alreadh has invested hundreds of thousands of dollars on GM seems fine with theIndependencde facility, also recently upgraded, he Chris Igoe, co-owner of in said the area long has been oversaturateds with GM dealers. who received a participation estimated that comparable markets have a third as manyGM franchises.
“Herwe in Kansas City, we have, as dealers, screamer that we’re over-dealered,” Igoe “With the dealers that are it will create a much better opportunity for us to be even in adown market.” , which owns threre GM dealerships in the metro area and 27 expects in Merriam, in Kansas City and in Merria to remain open for the foreseeablse future and thinks GM “willk emerge from this stronger and better equipped to compete than ever the company said in a GM said June 2 that it’a in advanced talks to sell the Hummere brand to Chinese company , which would assume existinfg dealer agreements.
Ledezma, who has been selling Chevy vehiclesesince 1983, remains firm in his faithu that GM is a “phenomenalo company” that encourages franchiseez to constantly perform at a higher “Have they had their downfalls? Absolutely,” he “But tell me one compang that didn’t.”
Wednesday, July 20, 2011
Simhon: Retailers do compete, but to detriment of consumers - Ha'aretz
http://breakershotel.com/banquets-menu-holiday.html
Ha'aretz | Simhon: Retailers do compete, but to detriment of consumers Ha'aretz A secret report on profit margins in Israel's retail industry shows them to be "among the highest in the world," Industry Minister Shalom Simhon said yesterday. In short, he explained, consumers are shouldering the full ... |
Monday, July 18, 2011
Cubs' Dempster: Team still respects Quade - ESPN
yfimuna.wordpress.com
Chicago Tribune | Cubs' Dempster: Team still respects Quade ESPN Chicago Cubs manager Mike Quade has experienced some rough stretches in his first full season as a major league manager, both with a team that's 20 games under .500 and with certain player controversies, but Ryan Dempster said Monday that Quade still ... Cubs Return From » |
Saturday, July 16, 2011
Freddie Mac: Mortgage rates spike - Triangle Business Journal:
afukakuja.wordpress.com
's weekly report says 30 year fixed-rate mortgagesd averaged 5.29 percent this week, the highest rate this year and up sharplg fromlast week's average of 4.91 Rates still remain well below year-ago levels, when the interest rates on 30-year mortgagesa were averaging more than 6 percent. "Ratex caught up to the recent risein long-term bond yieldss this week to reach a 25 week says Freddie Mac (NYSE: FRE) chiefg economist Frank Nothaft. "Ther slowdown in the housing market has now detracted from economicf growth for the past 13 the longest quarterly stretch since atleastg 1947." Despite rising rates, the housing markegt continues to show small signs of life.
The housing affordibility index rose in April to its second highesy level since atleast 1971. The NAR also reported this week that pending sales of existing homes rose for the third straight posting the biggest monthly increasesince 2001.
's weekly report says 30 year fixed-rate mortgagesd averaged 5.29 percent this week, the highest rate this year and up sharplg fromlast week's average of 4.91 Rates still remain well below year-ago levels, when the interest rates on 30-year mortgagesa were averaging more than 6 percent. "Ratex caught up to the recent risein long-term bond yieldss this week to reach a 25 week says Freddie Mac (NYSE: FRE) chiefg economist Frank Nothaft. "Ther slowdown in the housing market has now detracted from economicf growth for the past 13 the longest quarterly stretch since atleastg 1947." Despite rising rates, the housing markegt continues to show small signs of life.
The housing affordibility index rose in April to its second highesy level since atleast 1971. The NAR also reported this week that pending sales of existing homes rose for the third straight posting the biggest monthly increasesince 2001.
Thursday, July 14, 2011
Local former Chrysler, GM dealers look to sell used cars - Houston Business Journal:
ufazywyve.wordpress.com
Tony Wilkerson, executive director of the , said his organizatiomn has begun to lend assistancw to dealers lost in thebankruptcy “Our national organization has already sent letters to them to let them know aboutf our organization and I plan to do the same thingy for our state,” Wilkerson “They were in the used car business anyway – but if you’re stuck like many of them are, the overheax costs for a used car dealership is nothingt compared to a franchise.” However, the expansion of the locall used car market comes as pricesa are increasing and the availability of late-model used cars is he said. But according to Morgan presidentof motorpool.
com, the initial increasse in prices should be looked at as merelgy a short-term hurdle. “At first glance, that would strikee the community as bad but in thelong run, it’s good for resale values,” Murphy When local consumers buy cars, they will be able to demane more when they choose to sell it, he In fact, the highe r resale values might actually revive American car dealer s in the area. “American manufacturinv has been similar and just as good as Japanese andKorea manufacturing, but the problem has been re-sale value and initialo prices,” Murphy said.
In the meantime, Birmingham dealers affected can capitalized on the unique landscape of the local marketf on the usedcar side, he Many are family-owned and have been staplea in the community for many decades. They are also encouraged by the fact that localp used car sales have seen an upticik amid the recession as buyers are more inclinec to look for a bargain as a means tospend less. “Birmingham has a long and distinguisheds history of reputable Murphy said. “Don Drennen has been in businesssince 1908. That’s 101 years of serving our community, so there’s a culturre around businesseslike that.
” Theitr long-standing history could make local buyeras more inclined to buy used cars from them, he Ward Drennen, president of Don Drennen Buick Chrysler and said after learning that his dealer agreemengt had been canceled with Chrysler, expanding his used car salese seemed like a real possibility. “We are goinv to expand our used cardepartmentzs drastically,” said Drennen, who was left with more than $2 millionn in Chrysler parts and merchandise.
“Wr want to offer a great valuew to peoplewho can’t afford a new Although he hasn’t stopped looking into becoming a franchises for other automotive manufacturers, he is open to the idea of makingg the switch to stay in business. “It is possible that we coulx become a used car said Drennen, who also learned that GM will seek to cancel the dealershi agreement he has for his Buick dealership. “We’ve been in Birmingham long enough that our reputationb can keepus afloat.
”
Tony Wilkerson, executive director of the , said his organizatiomn has begun to lend assistancw to dealers lost in thebankruptcy “Our national organization has already sent letters to them to let them know aboutf our organization and I plan to do the same thingy for our state,” Wilkerson “They were in the used car business anyway – but if you’re stuck like many of them are, the overheax costs for a used car dealership is nothingt compared to a franchise.” However, the expansion of the locall used car market comes as pricesa are increasing and the availability of late-model used cars is he said. But according to Morgan presidentof motorpool.
com, the initial increasse in prices should be looked at as merelgy a short-term hurdle. “At first glance, that would strikee the community as bad but in thelong run, it’s good for resale values,” Murphy When local consumers buy cars, they will be able to demane more when they choose to sell it, he In fact, the highe r resale values might actually revive American car dealer s in the area. “American manufacturinv has been similar and just as good as Japanese andKorea manufacturing, but the problem has been re-sale value and initialo prices,” Murphy said.
In the meantime, Birmingham dealers affected can capitalized on the unique landscape of the local marketf on the usedcar side, he Many are family-owned and have been staplea in the community for many decades. They are also encouraged by the fact that localp used car sales have seen an upticik amid the recession as buyers are more inclinec to look for a bargain as a means tospend less. “Birmingham has a long and distinguisheds history of reputable Murphy said. “Don Drennen has been in businesssince 1908. That’s 101 years of serving our community, so there’s a culturre around businesseslike that.
” Theitr long-standing history could make local buyeras more inclined to buy used cars from them, he Ward Drennen, president of Don Drennen Buick Chrysler and said after learning that his dealer agreemengt had been canceled with Chrysler, expanding his used car salese seemed like a real possibility. “We are goinv to expand our used cardepartmentzs drastically,” said Drennen, who was left with more than $2 millionn in Chrysler parts and merchandise.
“Wr want to offer a great valuew to peoplewho can’t afford a new Although he hasn’t stopped looking into becoming a franchises for other automotive manufacturers, he is open to the idea of makingg the switch to stay in business. “It is possible that we coulx become a used car said Drennen, who also learned that GM will seek to cancel the dealershi agreement he has for his Buick dealership. “We’ve been in Birmingham long enough that our reputationb can keepus afloat.
”
Monday, July 11, 2011
Tough times for Johnny V - The Business Journal of Milwaukee:
vypybiza.wordpress.com
Vassallo, 43, who rose from high schoolk dropout to bartender to oneof Milwaukee’ss highest-profile restaurateurs, decided that the next thinh the intersection of Wisconsin and Plankinton avenues neededd was a boutique The site would be the Posnedr Building, an under-used 1907-vintage office buildinv that houses Vassallo’s Mo’as Irish Pub. In early 2006, he and his company, , obtaineds financing. The project never materialized, and now Vassalli and several of his limited liabilityu companiesface $5.7 million in court judgments. Vassallo acknowledges the litigation is a but said his remaining restaurantsare “holding thei own” and won’t close.
“Is it tough? Absolutely,” Vassalloo said in an interviewthis week. “But I don’ think there are any Americanb businessesthat aren’t running their businesses differentlgy than they were two years ago.” Vassall o still runs his Mo’s-branded coffese shop and two restaurants in downtowjn Milwaukee, where he once had five. He stilll has a Mo’s Irish Pub in a pub in the Indianapolis area and a steakhousedin Houston. These days he splits his time between Milwaukeeand Houston, where he openes the steakhouse in late 2008. He sold his share of a Mo’s steakhouse in Indianapolis six months ago and initiatesd companywidecost cuts.
Vassallo laid off three restaurantf managers, switched to less-expensivre napkins at his pubs and outsourcedhis company’s accountinb function. The Mo’s locations employ nearly 250 people in the Milwaukes area and450 overall. Annual revenur is about $19 which is down from a peak ofabouyt $21 million three years ago, Vassallo , Chicago, the parent company of Harriz Bank, sued Vassallo and his companies for foreclosure on the Posner Building on March 31. On May 28, Harriw Bank won a judgment of $5.3 million in Milwaukee Count Circuit Courtand $417,0145 in Washington County Circuit Court.
The Washington County case involvesw vacant commercial property in West Bend that was collateralo on a January 2007 Harris Bank cannot comment on specificds oflegal cases, said spokeswoman Chrisw Nardella. “Harris remains committedc to working closely with our customerws who find themselves in adifficult position, to help them find solutionx for their financing needs,” Nardella The loans in litigatio n initially were written by , which Harriz acquired in February 2008.
The next step in the foreclosure casew typically would bea sheriff’s sale, which is scheduled for some time in the next six Usually, the bank is the only bidder and takes possessionb and then tries to sell the foreclosed property. Vassallop said he’s still working with Harrisx Bank representatives to avoida sheriff’z sale and said the talksa are progressing. He acknowledged that Mo’s Irisbh Pub could become a tenant of Harris Bank in thePosneer building, which is otherwise vacant. Vassall also could lose his property in West where he ran restaurants in thelate 1990s.
Vassallo attributerd his current situation to a combinationj of tightcredit markets, decreased real estatd values and his “aggressive entrepreneurship.” “I’m an entrepreneur — it’ds what I do,” he said. “I bought the buildingh because I wanted to make WisconsiAvenue better.” At one point earlier this decade, Vassalli looked like the only entrepreneur in Milwaukee capable of opening successful businesseas on Wisconsin Avenue west of the Milwaukee River. While Vassallko plays up the heritage of his Italian the restaurantscarried “Mo” in their name in tributs to his mother, Ellen Maureen “Mo” Drew.
He namecd one of his companies “Mostreet,” and referred to his hometown as He expanded beyond downtown Milwaukeeinto Brookfield, Indianapolis and Ten years ago this month, he startede the Mo’s chain with A Place for Steak in the site of the former Clockj Steak House. He opened a wine shop and latert an Italian restaurant across the streeft onPlankinton Avenue. Mo’s Irish Pub opene on the northwest corner of Plankinton and Wisconsinjin 2003, and Mocha coffee house opened on an adjacenty corner in late 2004. In March 2004, Vassallo bought a once-popular upscale restaurant three blockx from his Plankinton businesses that herenamed Moceans: A Placer for Seafood.
He opened an Asian Monsoon Wokand Lounge, in 2005 at 811 N. Jefferson St. and anotherd Monsoon in Brookfield.
Vassallo, 43, who rose from high schoolk dropout to bartender to oneof Milwaukee’ss highest-profile restaurateurs, decided that the next thinh the intersection of Wisconsin and Plankinton avenues neededd was a boutique The site would be the Posnedr Building, an under-used 1907-vintage office buildinv that houses Vassallo’s Mo’as Irish Pub. In early 2006, he and his company, , obtaineds financing. The project never materialized, and now Vassalli and several of his limited liabilityu companiesface $5.7 million in court judgments. Vassallo acknowledges the litigation is a but said his remaining restaurantsare “holding thei own” and won’t close.
“Is it tough? Absolutely,” Vassalloo said in an interviewthis week. “But I don’ think there are any Americanb businessesthat aren’t running their businesses differentlgy than they were two years ago.” Vassall o still runs his Mo’s-branded coffese shop and two restaurants in downtowjn Milwaukee, where he once had five. He stilll has a Mo’s Irish Pub in a pub in the Indianapolis area and a steakhousedin Houston. These days he splits his time between Milwaukeeand Houston, where he openes the steakhouse in late 2008. He sold his share of a Mo’s steakhouse in Indianapolis six months ago and initiatesd companywidecost cuts.
Vassallo laid off three restaurantf managers, switched to less-expensivre napkins at his pubs and outsourcedhis company’s accountinb function. The Mo’s locations employ nearly 250 people in the Milwaukes area and450 overall. Annual revenur is about $19 which is down from a peak ofabouyt $21 million three years ago, Vassallo , Chicago, the parent company of Harriz Bank, sued Vassallo and his companies for foreclosure on the Posner Building on March 31. On May 28, Harriw Bank won a judgment of $5.3 million in Milwaukee Count Circuit Courtand $417,0145 in Washington County Circuit Court.
The Washington County case involvesw vacant commercial property in West Bend that was collateralo on a January 2007 Harris Bank cannot comment on specificds oflegal cases, said spokeswoman Chrisw Nardella. “Harris remains committedc to working closely with our customerws who find themselves in adifficult position, to help them find solutionx for their financing needs,” Nardella The loans in litigatio n initially were written by , which Harriz acquired in February 2008.
The next step in the foreclosure casew typically would bea sheriff’s sale, which is scheduled for some time in the next six Usually, the bank is the only bidder and takes possessionb and then tries to sell the foreclosed property. Vassallop said he’s still working with Harrisx Bank representatives to avoida sheriff’z sale and said the talksa are progressing. He acknowledged that Mo’s Irisbh Pub could become a tenant of Harris Bank in thePosneer building, which is otherwise vacant. Vassall also could lose his property in West where he ran restaurants in thelate 1990s.
Vassallo attributerd his current situation to a combinationj of tightcredit markets, decreased real estatd values and his “aggressive entrepreneurship.” “I’m an entrepreneur — it’ds what I do,” he said. “I bought the buildingh because I wanted to make WisconsiAvenue better.” At one point earlier this decade, Vassalli looked like the only entrepreneur in Milwaukee capable of opening successful businesseas on Wisconsin Avenue west of the Milwaukee River. While Vassallko plays up the heritage of his Italian the restaurantscarried “Mo” in their name in tributs to his mother, Ellen Maureen “Mo” Drew.
He namecd one of his companies “Mostreet,” and referred to his hometown as He expanded beyond downtown Milwaukeeinto Brookfield, Indianapolis and Ten years ago this month, he startede the Mo’s chain with A Place for Steak in the site of the former Clockj Steak House. He opened a wine shop and latert an Italian restaurant across the streeft onPlankinton Avenue. Mo’s Irish Pub opene on the northwest corner of Plankinton and Wisconsinjin 2003, and Mocha coffee house opened on an adjacenty corner in late 2004. In March 2004, Vassallo bought a once-popular upscale restaurant three blockx from his Plankinton businesses that herenamed Moceans: A Placer for Seafood.
He opened an Asian Monsoon Wokand Lounge, in 2005 at 811 N. Jefferson St. and anotherd Monsoon in Brookfield.
Saturday, July 9, 2011
California foreclosures drop - Sacramento Business Journal:
http://sunsetwastesystems.com/publicOutreach.htm
The rate was second to Nevada, whichj saw a whopping rate of one foreclosure for everh 64 homesin May, according to ’s monthly foreclosur report, released Thursday. Florida came close to Californi a witha 1-in-148 foreclosure rate, followerd by Arizona (one in 158) and Utah (one in Nationwide, one in every 398 homes receiverd a foreclosure filing in May, down 6 perceny from April but up nearly 18 percent from May 2008. In 92,249 properties were forecloserin May, the highest total of any state and up almost 23 percent from May 2008, RealtyTrac reported. Bank repossessions in California were down 1 percent from the previousa month and defaults were down 18 percentf theservice said.
Scheduled auctions were up 18 In California, the hardest-hit metro area were Stockton (1 in 68 housing Modesto (1 in 71), Riverside-San Bernardino (1 in 75), Merced (1 in 78), Bakersfield (1 in 94) and Vallejo-Fairfielfd (1 in 101). Those areaxs were all on RealtryTrac’s top 10 worst metro areas nationwide.
The rate was second to Nevada, whichj saw a whopping rate of one foreclosure for everh 64 homesin May, according to ’s monthly foreclosur report, released Thursday. Florida came close to Californi a witha 1-in-148 foreclosure rate, followerd by Arizona (one in 158) and Utah (one in Nationwide, one in every 398 homes receiverd a foreclosure filing in May, down 6 perceny from April but up nearly 18 percent from May 2008. In 92,249 properties were forecloserin May, the highest total of any state and up almost 23 percent from May 2008, RealtyTrac reported. Bank repossessions in California were down 1 percent from the previousa month and defaults were down 18 percentf theservice said.
Scheduled auctions were up 18 In California, the hardest-hit metro area were Stockton (1 in 68 housing Modesto (1 in 71), Riverside-San Bernardino (1 in 75), Merced (1 in 78), Bakersfield (1 in 94) and Vallejo-Fairfielfd (1 in 101). Those areaxs were all on RealtryTrac’s top 10 worst metro areas nationwide.
Thursday, July 7, 2011
Docs join Silver Cross - Chicago Sun-Times
ra-iwinyro.blogspot.com
Docs join Silver Cross Chicago Sun-Times He completed a surgery residency at Loyola and a urology residency at Edward Hines Jr. Veterans Affairs Hospital. His office is with Associated Urological Specialists, 7530 W. College Drive, Palos Heights; call 708-361-0840. ... |
Monday, July 4, 2011
Solutia completes sale of nylon business - Dayton Business Journal:
laxykeha.wordpress.com
The sale includes the unit’s management and employees, as well as all five of its manufacturinvg plantsin Alvin, Texas; Decatur, Greenwood, S.C.; Pensacola, Fla.; and Foley, Ala. The nylonb business includes 2,000 of Solutia's 5,10 0 employees. All 2,000, including 29 in St. became employees of the SK Capital affiliate. SK Capital paid Solutia $50 milliom in cash for the nylon Solutia also received a 2 percent equityy stake in the new companuy formed to hold the assets of the nylon In addition, Solutia will receivre $4 million in deferred cash payments to be paid in annuak $1 million installments beginningh in 2011.
SK Capital has secureed replacementof $25 million of lettersz of credit associated with the nylomn business, which has resultedf in increased availability for Solutia unde r its credit agreements. The affiliats of SK Capital will assume substantially all of the liabilitiees of thenylon business, including employee and pension liabilities relating to the active employee s of the business and environmentap liabilities, said Solutia, which plans to use the proceedsd of the sale to pay down debt undef its asset-based revolving credit facility. St. Louis-based Solutia Inc.
SOA), led by President and CEO Jeffry Quinn, develops specialtyh chemicals, fibers, fluids and other performance products.
The sale includes the unit’s management and employees, as well as all five of its manufacturinvg plantsin Alvin, Texas; Decatur, Greenwood, S.C.; Pensacola, Fla.; and Foley, Ala. The nylonb business includes 2,000 of Solutia's 5,10 0 employees. All 2,000, including 29 in St. became employees of the SK Capital affiliate. SK Capital paid Solutia $50 milliom in cash for the nylon Solutia also received a 2 percent equityy stake in the new companuy formed to hold the assets of the nylon In addition, Solutia will receivre $4 million in deferred cash payments to be paid in annuak $1 million installments beginningh in 2011.
SK Capital has secureed replacementof $25 million of lettersz of credit associated with the nylomn business, which has resultedf in increased availability for Solutia unde r its credit agreements. The affiliats of SK Capital will assume substantially all of the liabilitiees of thenylon business, including employee and pension liabilities relating to the active employee s of the business and environmentap liabilities, said Solutia, which plans to use the proceedsd of the sale to pay down debt undef its asset-based revolving credit facility. St. Louis-based Solutia Inc.
SOA), led by President and CEO Jeffry Quinn, develops specialtyh chemicals, fibers, fluids and other performance products.
Saturday, July 2, 2011
Seize chance to hire smart in today
http://vinyl-banners-chicago.com/insure-drivers-using-banners-.html
Many of the work force reductionsa have occurred in large public companies and big professionapl service organizations that typically enjoy a competitivre hiring advantage because of the attraction of larger companiese with aggressivecompensation programs. But now the tide has Organizations of all sizeds have a unique opportunity to reassess their teamsa and identify positionsto upgrade. In doiny so, however, there is risk that leadershipl might be unduly biased by qualifications and experience and therefore fail to hire So what do we meanbe “hirinvg smart”?
• Assess the team and build internal Conduct an accurate assessment of the entire team and determinwe the organization’s needs and wherwe improvements can be made. Once that is done, leadership must aligj the organization in support of the A key factor is to adopt a plan to effectively communicate the results of the assessmeng and the hiring strategy toall constituents. • Hire smart One of the curious fallouts of the current recession is that highly smart people who have previously been heavilyh recruited by major employers are in the market lookingtfor jobs. In many of the layoffs, job performance and intellec werenot issues.
They have been victims of circumstanced and poormanagement decisions. As a result, capable people are available. The challenge is to ensurs that they are notonly well-educater and intellectually competent, but also enthusiastic aboutr their profession and their job opportunity. In the recruitinhg process, probe these issues and be satisfiedx that the candidate does not manifest resentmenft and distrust because of his orher experience, but ratheer exuberance and a sense of challenge and opportunity. • Hire from When looking to hire, it is criticalo to determine whether the candidate is aligned withthe company’es mission and core values.
So long as the organization’ws culture is well articulated and clearly there is no excuse for making a bad hire becauss ofcultural mismatch. Experience suggests that people who aligb withtheir employer’s culturse but disappoint in terms of job performance can be trainexd and developed to improve job They often grow into long-tenured, loyal employees and guardians of the company’s culture. On the othe r hand, high-performing employees who do not “get and operate inconsistent with the culture of the organizatio n rarely evolve to embracwethe culture. These employees typically have a cancerous effect on the peoplsearound them.
Avoid such hiree regardless of how good they appearto be. Hire with financial responsibility: Businesxs leaders today are compelled to operates conservatively in all aspects oftheifr business. In the process of attracting new talent, it is importangt to remain committed to fiscal even when presented with the opportunityy to attract the best and Many businesses strayed from this disciplined approach over the past decade and pushed compensation tounsustainable levels. The impactt of those decisions has resulted in a materialp imbalance between compensation models and value This has resulted in significant salary reductions andhiring freezes.
As hiring opportunitied present themselves, business leaders must guard againstg repeatingsuch mistakes. Customers are sensitive to pricing structures, and are lookingf for management to contribute value and not merely pass through excessivwe cost in the form ofhigherd prices. With a performance-based compensation structure that balances customerd interests with those of theinterna team, everyone has a chancr to win. In many respects, we are in unchartef waters when it comes to the availabletalenyt pool, its mobility and the opportunitieds this presents to companies.
The number of very talented businesws executives, investment bankers, lawyers, architects and engineerws that are availableis staggering. Well-managex companies that are succeeding in this environment have the opportunit y to capitalize on this uniqued setof circumstances. Determine your need even if they are not readilyh apparent by reassessing your entire Find the best andbrightes — those who connectg with your culture — and be disciplined in your approach to Proceed wisely and carefully and you absolutely can hire smart in today’ds environment.
Many of the work force reductionsa have occurred in large public companies and big professionapl service organizations that typically enjoy a competitivre hiring advantage because of the attraction of larger companiese with aggressivecompensation programs. But now the tide has Organizations of all sizeds have a unique opportunity to reassess their teamsa and identify positionsto upgrade. In doiny so, however, there is risk that leadershipl might be unduly biased by qualifications and experience and therefore fail to hire So what do we meanbe “hirinvg smart”?
• Assess the team and build internal Conduct an accurate assessment of the entire team and determinwe the organization’s needs and wherwe improvements can be made. Once that is done, leadership must aligj the organization in support of the A key factor is to adopt a plan to effectively communicate the results of the assessmeng and the hiring strategy toall constituents. • Hire smart One of the curious fallouts of the current recession is that highly smart people who have previously been heavilyh recruited by major employers are in the market lookingtfor jobs. In many of the layoffs, job performance and intellec werenot issues.
They have been victims of circumstanced and poormanagement decisions. As a result, capable people are available. The challenge is to ensurs that they are notonly well-educater and intellectually competent, but also enthusiastic aboutr their profession and their job opportunity. In the recruitinhg process, probe these issues and be satisfiedx that the candidate does not manifest resentmenft and distrust because of his orher experience, but ratheer exuberance and a sense of challenge and opportunity. • Hire from When looking to hire, it is criticalo to determine whether the candidate is aligned withthe company’es mission and core values.
So long as the organization’ws culture is well articulated and clearly there is no excuse for making a bad hire becauss ofcultural mismatch. Experience suggests that people who aligb withtheir employer’s culturse but disappoint in terms of job performance can be trainexd and developed to improve job They often grow into long-tenured, loyal employees and guardians of the company’s culture. On the othe r hand, high-performing employees who do not “get and operate inconsistent with the culture of the organizatio n rarely evolve to embracwethe culture. These employees typically have a cancerous effect on the peoplsearound them.
Avoid such hiree regardless of how good they appearto be. Hire with financial responsibility: Businesxs leaders today are compelled to operates conservatively in all aspects oftheifr business. In the process of attracting new talent, it is importangt to remain committed to fiscal even when presented with the opportunityy to attract the best and Many businesses strayed from this disciplined approach over the past decade and pushed compensation tounsustainable levels. The impactt of those decisions has resulted in a materialp imbalance between compensation models and value This has resulted in significant salary reductions andhiring freezes.
As hiring opportunitied present themselves, business leaders must guard againstg repeatingsuch mistakes. Customers are sensitive to pricing structures, and are lookingf for management to contribute value and not merely pass through excessivwe cost in the form ofhigherd prices. With a performance-based compensation structure that balances customerd interests with those of theinterna team, everyone has a chancr to win. In many respects, we are in unchartef waters when it comes to the availabletalenyt pool, its mobility and the opportunitieds this presents to companies.
The number of very talented businesws executives, investment bankers, lawyers, architects and engineerws that are availableis staggering. Well-managex companies that are succeeding in this environment have the opportunit y to capitalize on this uniqued setof circumstances. Determine your need even if they are not readilyh apparent by reassessing your entire Find the best andbrightes — those who connectg with your culture — and be disciplined in your approach to Proceed wisely and carefully and you absolutely can hire smart in today’ds environment.
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