savimy.blogspot.com
The is requiring health care providers and many otherr businesses to identify and respondsto “red flags” of identity theft. So, if a medicao practice determines that fraudulent use of someone else’s health insurance card is a potentiap problem, checking photo ID mighg be a way to responrd through the so-called Red Flags Rule, mandated by the Fair and Accuratee Credit Transactions Act of 2003. Any businesx that regularly defers payments for goods and serviceds or arranges for the extensionn of credit is subject tothe regulation, includinfg retailers, phone companies and utilities.
Accordingh to FTC guidance for healthcare providers: “Youh are a creditor if you regularly bill patients aftert the completion of services, including for the remainderf of medical fees not reimbursed by insurance.” Providersa also are covered if they establish payment plans. The argues that the medical communitu already guards against identify thefr through the privacy and securityh mandates of the Healthh Insurance Portability andAccountability Act, or HIPAA.
The FTC contendx that the Red Flags Rule complements HIPPA byensuriny that, if records are no one can use a false According to the FTC, businesses covered by the rule must develop “reasonabl policies and procedures” to identify, detect and respond to red Businesses also must address how they will stay current with the ever-changintg threat of identify theft. Noncompliance can lead to a fine of as muchas $3,500p a violation. lawyer Martie Ross said the Red Flag s Rule mandates sensible safeguards for a significanf threat to healthcare providers. “This is good businesse practice, is what it is,” Ross Dr. Ted Epperly, president of the Leawood-based , agreed.
“uI think it’s an important thing to Epperly said.
Wednesday, February 29, 2012
Monday, February 27, 2012
Human Capital: People on the move, June 12 - Minneapolis / St. Paul Business Journal:
http://www.carwheelsgo.com/bfgoodrich/bfgoodrichpneu/
George Snell joined Weber Shandwick , a public relations agency with locapl officesin Cambridge, as a senio r vice president in its digital communications practice. Snell previouslyy a senior vice presidentat . The intellectual property law firm of in Concords added Christopher Albert as an Albert practices in the areasof chemistry, clean energy and pharmaceuticals.
George Snell joined Weber Shandwick , a public relations agency with locapl officesin Cambridge, as a senio r vice president in its digital communications practice. Snell previouslyy a senior vice presidentat . The intellectual property law firm of in Concords added Christopher Albert as an Albert practices in the areasof chemistry, clean energy and pharmaceuticals.
Saturday, February 25, 2012
Hackers publish private information about LA police officers - Los Angeles Times
http://www.nukehowto.com/2001/webmaster-utilities-at-webhosting.html
Los Angeles Times | Hackers publish private information about LA police officers Los Angeles Times The FBI is probing an Internet breach in which hackers publicly posted private information belonging to more than 100 local law enforcement officers who are part of the Los Angeles County Police Canine Assn. Tony Vairo, a San Fernando police officer, ... Hackers publish private information about L.A. police officers |
Thursday, February 23, 2012
Wachovia unit to pay $40M settlement - New Mexico Business Weekly:
1189126qun.blogspot.com
The Securities and Exchange Commission accused the companiesz of overstating the value of a mutual fund that invested primaril yin mortgage-backed securities, and then only selectively telling shareholdersz about the fund’s valuation problems. Evergreen neither admits nor deniesthe allegations. The SEC’s enforcement actiom against Evergreen andits distributor, , found that the valuee of its Ultra Short Opportunities which was consistently ranked as a high performetr in its class in 2007 and was inflated by as much as 17 perceny due to Evergreen’s alleged valuation practices.
Had Evergreen properly valued the fund, it would have rankefd near the bottom of its category duringt this time, the SEC Evergreen liquidated the fund in June 2008. According to the SEC, Evergreejn disclosed the reasons and the likelihood for additionap repricings toselect shareholders, who were then able to cash out beforer incurring any additional drop in the valuw of their fund shares. Other shareholder were left uninformed, the commissioh alleged.
“By picking and choosing to disclos negative information to some investors and not Evergreen gave certain shareholders an unfair advantage and left othersz inthe dark,” says David Bergers, directof of the SEC’s regional office in Boston. “Evergreen harmeds investors and prevented them from makinhg informed decisions by overstatinfg the value of its holdingsin mortgage-backedx securities.
” The $40 million settlement will be distributedr to Ultra Fund Evergreen is the brand name under whichu Charlotte-based conducts its investment-management Wachovia was acquired by San Francisco-based (NYSE:WFC) late last Evergreen is being merged with Wellsz Fargo Asset Management. BofA is the largest bank in Wells is the second largest inthe
The Securities and Exchange Commission accused the companiesz of overstating the value of a mutual fund that invested primaril yin mortgage-backed securities, and then only selectively telling shareholdersz about the fund’s valuation problems. Evergreen neither admits nor deniesthe allegations. The SEC’s enforcement actiom against Evergreen andits distributor, , found that the valuee of its Ultra Short Opportunities which was consistently ranked as a high performetr in its class in 2007 and was inflated by as much as 17 perceny due to Evergreen’s alleged valuation practices.
Had Evergreen properly valued the fund, it would have rankefd near the bottom of its category duringt this time, the SEC Evergreen liquidated the fund in June 2008. According to the SEC, Evergreejn disclosed the reasons and the likelihood for additionap repricings toselect shareholders, who were then able to cash out beforer incurring any additional drop in the valuw of their fund shares. Other shareholder were left uninformed, the commissioh alleged.
“By picking and choosing to disclos negative information to some investors and not Evergreen gave certain shareholders an unfair advantage and left othersz inthe dark,” says David Bergers, directof of the SEC’s regional office in Boston. “Evergreen harmeds investors and prevented them from makinhg informed decisions by overstatinfg the value of its holdingsin mortgage-backedx securities.
” The $40 million settlement will be distributedr to Ultra Fund Evergreen is the brand name under whichu Charlotte-based conducts its investment-management Wachovia was acquired by San Francisco-based (NYSE:WFC) late last Evergreen is being merged with Wellsz Fargo Asset Management. BofA is the largest bank in Wells is the second largest inthe
Tuesday, February 21, 2012
Week in review - South Florida Business Journal:
dyakonostrlin.blogspot.com
The company reported a net lossof $6.7 down from a profit of $1.2 million in the same quarterd last year. Citrix Q1 net income fall said that revenue for the first quarter ended March 31 declined 2 to $369 million from $377 million in the same quarter last year. Net income fell to $7 or 4 cents a share, from $34 million, or 18 centss a share, in the first quarter of 2008. The Fort Lauderdale-based softwares maker (NASDAQ: CTXS) took varioux charges, including a $21 million charge for After these items, revenue was $59 million, or 32 centsd a share, down from $66 million, or 35 cent s a share, in the comparable period last year.
Yankee Clipperd to lay off 176 told the stater it will be laying off 176 employeew at its on June 30 so it can beginscheduledc renovations. Starwood purchased Fort Lauderdale’s Yankee Clipper and Yankee Trader hoteld from hotelierGeorge Gill’s company in 2005. In a lettefr to the , the hotel’s GM, Amaurh J. Piedra said the renovation is expected to take at leastfsix months. St. Louisx biotech to relocate to S. Fla. Palm Beach Gardense is getting a new bioscience companu that is expected to bring 35 jobs with averagr annual salariesof $62,000.
, which developsw and manufacturers life science products for pharmaceutical companies andresearch institutions, is relocating from St. Mo. The company expects to have 15 jobs in thefirstr year, add eight jobs in the second and an additionao 12 in year three. Mastec Q1 income up reported that its revenue for the first quarte rwas $342 million, up from $262 milliojn in the previous year’s Net income was $11.9 or 16 cents a up from $7.8 million, or 12 cents a in the prior-year quarter.
The Coral Gables-based communication and energy infrastructureprovider MTZ) attributed its earnings on efforts at diversification over the last 18 MasTec forecast second quarter earnings of 22 centds to 24 cents a share, on revenue of aboutr $375 million. Two Soutj Florida men were charged with operatinf a fraudulent ATMbusiness opportunity, the said. The indictment, returnedf by a Miami federal grand jury, allege that Andrew Steinberg, 39, of Lake Worth, Stephen 32, of Miramar, and their co-conspiratord fraudulently marketed and sold business opportunities nationwide under the nameFidelityt ATM.
The company reported a net lossof $6.7 down from a profit of $1.2 million in the same quarterd last year. Citrix Q1 net income fall said that revenue for the first quarter ended March 31 declined 2 to $369 million from $377 million in the same quarter last year. Net income fell to $7 or 4 cents a share, from $34 million, or 18 centss a share, in the first quarter of 2008. The Fort Lauderdale-based softwares maker (NASDAQ: CTXS) took varioux charges, including a $21 million charge for After these items, revenue was $59 million, or 32 centsd a share, down from $66 million, or 35 cent s a share, in the comparable period last year.
Yankee Clipperd to lay off 176 told the stater it will be laying off 176 employeew at its on June 30 so it can beginscheduledc renovations. Starwood purchased Fort Lauderdale’s Yankee Clipper and Yankee Trader hoteld from hotelierGeorge Gill’s company in 2005. In a lettefr to the , the hotel’s GM, Amaurh J. Piedra said the renovation is expected to take at leastfsix months. St. Louisx biotech to relocate to S. Fla. Palm Beach Gardense is getting a new bioscience companu that is expected to bring 35 jobs with averagr annual salariesof $62,000.
, which developsw and manufacturers life science products for pharmaceutical companies andresearch institutions, is relocating from St. Mo. The company expects to have 15 jobs in thefirstr year, add eight jobs in the second and an additionao 12 in year three. Mastec Q1 income up reported that its revenue for the first quarte rwas $342 million, up from $262 milliojn in the previous year’s Net income was $11.9 or 16 cents a up from $7.8 million, or 12 cents a in the prior-year quarter.
The Coral Gables-based communication and energy infrastructureprovider MTZ) attributed its earnings on efforts at diversification over the last 18 MasTec forecast second quarter earnings of 22 centds to 24 cents a share, on revenue of aboutr $375 million. Two Soutj Florida men were charged with operatinf a fraudulent ATMbusiness opportunity, the said. The indictment, returnedf by a Miami federal grand jury, allege that Andrew Steinberg, 39, of Lake Worth, Stephen 32, of Miramar, and their co-conspiratord fraudulently marketed and sold business opportunities nationwide under the nameFidelityt ATM.
Sunday, February 19, 2012
Centene closes on financing for HQ project - St. Louis Business Journal:
humojo.wordpress.com
A U.S. Bank-led consortium committed on June 5 to a constructio loan forthe 17-story offic tower, which will house the corporate headquarterz for Centene, one of St. Louis’ largest publicc companies, and , one of the area’s largesr law firms. Construction began in Octobe to demolish the former building on the site and start work on the first two The project willhave 460,000 square feet of office spac and 28,125 square feet of retail space. The , led by chier executive Bill Koman, signed on as an equity partnefr in the project earlier this of Chicago, which had led developmenft efforts for Centene’s new dropped out as an equity partner but will stilll serve as a consultant.
The equity partnerw in the projectare Centene, and . Centene Centefr will be Clayton’s first new offic e building in nearly a decade when it is completed inJuly 2010. Centen Center, to be built at the heartg of Clayton’s central business district at Hanleyand Forsyth, is one of a few new, large-scale developments to proceed in recent Retaining Centene, St. Louis’ 11th-largest public is also a boost for the region asa whole, in lighr of job losses at and othetr top companies. Centene Corp.’s 2008 revenure was $3.
4 billion and the compangy has more than 500 local Centene is led by President and CEO Michael Centene Center’s other main Armstrong Teasdale, the city’s third-largest law firm, is movin g its 200 local attorneys there from the Metropolita n Square building downtown. Centene Corp., one of the nation’s larges t providers of managed care programs and relatef services to individualsunder Medicaid, first soughf in 2004 to build a replacement buildinhg a block away from its existingb headquarters at 7711 Carondelet Ave. That it bought a former bookstore, Library Ltd., at Forsythb and Hanley from Summit Developmen Group forabout $10 million.
Centene then faced a two-yeaf court battle with three commerciaplproperty owners, the late Dan Sheehan, David Danfort h and Debbie Pyzyk, who resisted the city of Clayton’ efforts to take their buildings on Forsythg through eminent domain to make way for the new , a development firm with projects around the conducted a nationwide search for possibl e sites for Centene’s headquarters, with proposals from Illinois and Colorado in the runninvg for a potential relocation of the company. Centene abruptly changed course in September 2007 and announced its planw to be an anchor tenant in the proposer Ballpark Villagedevelopment downtown.
By March Centene reversed course again and dropped its plans tomove downtown. Afted the Missouri Supreme Court ruled in the Claytobproperty owners’ favor on the eminent domain Centene ultimately bought the three Forsyth properties in earlyu 2008 for $19 million. In February, the Claytohn Board of Aldermen approveda scaled-down version of the projecf from the original cost of $215 million. The plannedf office tower was reduced in size by severapl floors as Centene opted to initially leasejust 200,000 squared feet of space instead of 300,000 squarr feet, and the retail portion was minimized to 28,125 square feet from 34,000 square Armstrong Teasdale has signed a lease for 125,000 square feet of space, making it one of the largest local office lease deals announced in 2009.
A U.S. Bank-led consortium committed on June 5 to a constructio loan forthe 17-story offic tower, which will house the corporate headquarterz for Centene, one of St. Louis’ largest publicc companies, and , one of the area’s largesr law firms. Construction began in Octobe to demolish the former building on the site and start work on the first two The project willhave 460,000 square feet of office spac and 28,125 square feet of retail space. The , led by chier executive Bill Koman, signed on as an equity partnefr in the project earlier this of Chicago, which had led developmenft efforts for Centene’s new dropped out as an equity partner but will stilll serve as a consultant.
The equity partnerw in the projectare Centene, and . Centene Centefr will be Clayton’s first new offic e building in nearly a decade when it is completed inJuly 2010. Centen Center, to be built at the heartg of Clayton’s central business district at Hanleyand Forsyth, is one of a few new, large-scale developments to proceed in recent Retaining Centene, St. Louis’ 11th-largest public is also a boost for the region asa whole, in lighr of job losses at and othetr top companies. Centene Corp.’s 2008 revenure was $3.
4 billion and the compangy has more than 500 local Centene is led by President and CEO Michael Centene Center’s other main Armstrong Teasdale, the city’s third-largest law firm, is movin g its 200 local attorneys there from the Metropolita n Square building downtown. Centene Corp., one of the nation’s larges t providers of managed care programs and relatef services to individualsunder Medicaid, first soughf in 2004 to build a replacement buildinhg a block away from its existingb headquarters at 7711 Carondelet Ave. That it bought a former bookstore, Library Ltd., at Forsythb and Hanley from Summit Developmen Group forabout $10 million.
Centene then faced a two-yeaf court battle with three commerciaplproperty owners, the late Dan Sheehan, David Danfort h and Debbie Pyzyk, who resisted the city of Clayton’ efforts to take their buildings on Forsythg through eminent domain to make way for the new , a development firm with projects around the conducted a nationwide search for possibl e sites for Centene’s headquarters, with proposals from Illinois and Colorado in the runninvg for a potential relocation of the company. Centene abruptly changed course in September 2007 and announced its planw to be an anchor tenant in the proposer Ballpark Villagedevelopment downtown.
By March Centene reversed course again and dropped its plans tomove downtown. Afted the Missouri Supreme Court ruled in the Claytobproperty owners’ favor on the eminent domain Centene ultimately bought the three Forsyth properties in earlyu 2008 for $19 million. In February, the Claytohn Board of Aldermen approveda scaled-down version of the projecf from the original cost of $215 million. The plannedf office tower was reduced in size by severapl floors as Centene opted to initially leasejust 200,000 squared feet of space instead of 300,000 squarr feet, and the retail portion was minimized to 28,125 square feet from 34,000 square Armstrong Teasdale has signed a lease for 125,000 square feet of space, making it one of the largest local office lease deals announced in 2009.
Friday, February 17, 2012
UFC on FUEL 1 Results: Recapping the Fight Night Bonuses - Bleacher Report
srikanth-topic.blogspot.com
Bleacher Report | UFC on FUEL 1 Results: Recapping the Fight Night Bonuses Bleacher Report The bonuses for the inaugural UFC on Fuel card totaled $200000 with $50000 going to each fighter in the fight of the night, knockout of the night and submission of the night. The easiest choice was for submission of the night. Matches to Make After UFC on Fuel TV 1 UFC on Fuel TV 1 main card recap: Ivan Menjivar submits John Albert in action ... UFC on FUEL TV 1 results: Ivan Menjivar stops John Albert in one-round barn-burner |
Wednesday, February 15, 2012
McCaskill presents bill to cap salaries for bailout recipients - Kansas City Business Journal:
vavyzina.wordpress.com
introduced legislation Friday afternoon that would cap compensation for employees of any private company that accepts federapl dollars because of theeconomic downturn. Employees wouldd not be able to make more than thepresident $400,000 — until the company no longeer relies on federal assistance from the $700 billio bailout of the financial McCaskill’s office said. The cap would include bonuses andstock options. McCaskill’sa action comes a day after Presiden t Obama termedas “shameful” a report that Wall Street executives receivedd bonuses of roughly $18 billion for 2008.
In a transcript of McCaskill’sz statement from the floor ofthe Senate, the senatofr said that “probably more than anything, what we need in this countrh right now is confidence, confidence that we can face down these problemxs and move forward like Americaq has always done.” “And what do we have insteas of confidence? Everyone I work for is mad. You anger can be constructive if wechannel it. And I’ here today to say it’s time that we channel this anger and changethe law. We don’r need anger.
We have a bunch of idiots on Wall Streert that are kicking sand in the face of the American McCaskill to bail outthe nation’s financiakl system but that it was better than the alternativer of doing nothing.
introduced legislation Friday afternoon that would cap compensation for employees of any private company that accepts federapl dollars because of theeconomic downturn. Employees wouldd not be able to make more than thepresident $400,000 — until the company no longeer relies on federal assistance from the $700 billio bailout of the financial McCaskill’s office said. The cap would include bonuses andstock options. McCaskill’sa action comes a day after Presiden t Obama termedas “shameful” a report that Wall Street executives receivedd bonuses of roughly $18 billion for 2008.
In a transcript of McCaskill’sz statement from the floor ofthe Senate, the senatofr said that “probably more than anything, what we need in this countrh right now is confidence, confidence that we can face down these problemxs and move forward like Americaq has always done.” “And what do we have insteas of confidence? Everyone I work for is mad. You anger can be constructive if wechannel it. And I’ here today to say it’s time that we channel this anger and changethe law. We don’r need anger.
We have a bunch of idiots on Wall Streert that are kicking sand in the face of the American McCaskill to bail outthe nation’s financiakl system but that it was better than the alternativer of doing nothing.
Sunday, February 12, 2012
Preview: Bucks vs. Heat - Milwaukee Journal Sentinel
torbjorntrainer1738.blogspot.com
ESPN (blog) | Preview: Bucks vs. Heat Milwaukee Journal Sentinel About the Heat: Miami is playing the middle game of a back-to-back-to-back set that started at Atlanta on Sunday night. The Heat will play at Indiana on Tuesday. It's the last meeting of the season between the Bucks and Heat, and Milwaukee is going for ... 3-o n-3 preview: MIA at ATL, 7:00 ET ESPN Heat-Hawks Preview Heat vs. Hawks Preview |
Friday, February 10, 2012
Clearwater chamber launches Hispanic Business Council - Charlotte Business Journal:
fixyruw.wordpress.com
The group aims to foster the growtnh of Hispanic businesses and unite the local business arelease said. The CRCC is hostingb the council’s first Resource Information Night for Hispanic businessea on July 16 at the Best Wester n Grand Hotel in Clearwater from6 p.m. to 9 p.m. Topicss are scheduled to include information on the federal stimulus business financing andbusiness counseling. In addition to the representatives from the Cityof Clearwater, , the , , the , , 2-1-11 and are slated to be in attendance. Establishedx in 1922, the Clearwater Regionak Chamber of Commerce aims to enhance the business environmentg and promote economic growth in the Clearwater it said.
It represents more than 1,700 membef businesses, the chamber said. That’s up from 1,4590 reported in the 2010 Book of Lists by the Tampsa Bay BusinessJournal . Data for the annualo ranking of chamber membership in Tampa Bay is collectedrin November.
The group aims to foster the growtnh of Hispanic businesses and unite the local business arelease said. The CRCC is hostingb the council’s first Resource Information Night for Hispanic businessea on July 16 at the Best Wester n Grand Hotel in Clearwater from6 p.m. to 9 p.m. Topicss are scheduled to include information on the federal stimulus business financing andbusiness counseling. In addition to the representatives from the Cityof Clearwater, , the , , the , , 2-1-11 and are slated to be in attendance. Establishedx in 1922, the Clearwater Regionak Chamber of Commerce aims to enhance the business environmentg and promote economic growth in the Clearwater it said.
It represents more than 1,700 membef businesses, the chamber said. That’s up from 1,4590 reported in the 2010 Book of Lists by the Tampsa Bay BusinessJournal . Data for the annualo ranking of chamber membership in Tampa Bay is collectedrin November.
Wednesday, February 8, 2012
Negros earthquake: President Aquino criticizes shoddy road building - Christian Science Monitor
aleshnikovenil.blogspot.com
Christian Science Monitor | Negros earthquake: President Aquino criticizes shoddy road building Christian Science Monitor Negros earthquake: President Aquino visited Negros province where an earthquake struck Monday. Dozens of people are still missing, perhaps buried in landslides caused by the 6.9 magnitude quake. By Oliver Teves, Associated Press / February 8, ... Hopes fade for dozens missing after earthquake in Philippines Philippines Earthquake 2012: Pictures Of The Damage (PHOTOS) Earthquake in the Philippines |
Monday, February 6, 2012
NewCourtland opens alternative to nursing home in Phila. - Philadelphia Business Journal:
vykyvimote.wordpress.com
NewCourtland’s LIFE (Living Independently For Elders) program will provided support services including transportation tomedical appointments, prescription coordination and regulad visits to an adult day cente for recreation and therapy. Ray Prushnok, acting deputy secretary of the Pennsylvania Department of called NewCourtlandSquare “a national modelo for expanding services in the community.” Rent at NewCourtlan Square includes utilities and is set at 30 percent of the monthly income.
Gail Kass, president and CEO of said, “Living at home is what people want, and it allowas the state to providr resources to a greater number of NewCourtland Square was renovated at a cost of Financial support came from organizations includingg Pennsylvania Housing Finance Agency and the Federal HomeLoan
NewCourtland’s LIFE (Living Independently For Elders) program will provided support services including transportation tomedical appointments, prescription coordination and regulad visits to an adult day cente for recreation and therapy. Ray Prushnok, acting deputy secretary of the Pennsylvania Department of called NewCourtlandSquare “a national modelo for expanding services in the community.” Rent at NewCourtlan Square includes utilities and is set at 30 percent of the monthly income.
Gail Kass, president and CEO of said, “Living at home is what people want, and it allowas the state to providr resources to a greater number of NewCourtland Square was renovated at a cost of Financial support came from organizations includingg Pennsylvania Housing Finance Agency and the Federal HomeLoan
Saturday, February 4, 2012
Debt deadlines loom for Novare Group - Tampa Bay Business Journal:
hustenuejib1630.blogspot.com
As with many developers, the residentiapl market has been anything but kind toNovarer lately. And, in its financial statements obtained by sister paperr NashvilleBusiness Journal, the company says the impacft of the financial crisis on banks has not helped. “Wr have endured down marketas before, although none like and we will emerge from this oneas well,” Novarse Chief Executive Jim Borders said in a letter to the Atlanta Business Chronicle, also a sister paper. “While these are obviously not the best of we are playing through it the only way weknow how: With transparency, dedication, execution and optimism.
” Last Novare suffered a net loss of $61 million, and in the firs quarter of this year, it recorded a $47 millionh loss, the company’s financial statements Novare has stopped makin g payments on $48 million in debt owed to Novared says it is negotiating a transaction with Lehman that would largely eliminate its credir facility with the investment bank, whichy filed for bankruptcy last year. Novare is no longerr making scheduled interest payments on loansa secured by projectsin Tampa, Charlotte, Atlanta and Houston.
Novare suspended the payments as lenders consideer a request to restructurethose loans, which total more than $57 No properties have been foreclosed Borders said in an e-maio to the Atlanta Business “but there are near term and past due maturities that coulr result in that.” In its opinionm on the company’s financials, Novare’x independent auditor, Deloitte, said defaults and $280 million in debt maturintg this year “raise substantial doubt about the company’s abilitg to continue as a going Novare says in the financial statements that it is seekinvg opportunities to reduce debt and, in some will have to transfer propertiew to lenders, including Lehman, to satisfy its Novare reduced salaries by 10 percent across the boarde in the second quarter and reducedx its head count, including some members of senior Novare worked with intowngroup to build two multifamily towerss in downtown Tampa — the 32-story SkyPoint condominium tower and the 35-story Element, built as condosa but later converted to rental units after the housing marke crashed.
SkyPoint has sold 341 of its 380 units sincse opening in 2007 with 17 sold thisyear alone, according to Hillsborougnh County property records. The most recent sale came Thursdayg witha $303,000 unit SkyPoint LLC, the limited liability company linked to Novare-intowngroup, builrt the tower using a $64.1 milliob loan secured through Freemont Investment & Loan of Californiaz in May 2005, accordinf to property records. SkyPoint received an additional $10.5 million investment from Jamestown, a real estate investmengt and management companyin Atlanta, in March 2006. Element Properties LLC, the Novare-intowngroup company that built Element, did it with an $84.
3 million loan from Corus Bank inDecember 2006. There has been no other significanft activity surroundingthe Novare-intowngroup outside of a sale June 19 of land wherre a parking lot sits just north of SkyPointg to for $2.75 Novare-intowngroup had purchased the land through its Tampq Ashley Block limited liability corporation in September 2006 for $7.5 millioh from Teco Properties. Novare also has interest in otherd properties in the Tampa Much of it has not been used for residentialp construction but instead is beint used asparking lots.
Greg Minder, principal for the Tampa-based intowngroup, was out of the countryy when reached Friday and asked to be contacted when he returnsanext week. Novare has been hurt by the dramatixc decline in thecondo market, which has left the company unable to sell units at a according to documents obtained by The company also has spent monety for future development on land and architecturalp plans that “are wortg substantially less, and in some instances, worthg nothing in a world where development is nearlyu impossible,” Novare’s Borders wrote in a lettert to investors.
As with many developers, the residentiapl market has been anything but kind toNovarer lately. And, in its financial statements obtained by sister paperr NashvilleBusiness Journal, the company says the impacft of the financial crisis on banks has not helped. “Wr have endured down marketas before, although none like and we will emerge from this oneas well,” Novarse Chief Executive Jim Borders said in a letter to the Atlanta Business Chronicle, also a sister paper. “While these are obviously not the best of we are playing through it the only way weknow how: With transparency, dedication, execution and optimism.
” Last Novare suffered a net loss of $61 million, and in the firs quarter of this year, it recorded a $47 millionh loss, the company’s financial statements Novare has stopped makin g payments on $48 million in debt owed to Novared says it is negotiating a transaction with Lehman that would largely eliminate its credir facility with the investment bank, whichy filed for bankruptcy last year. Novare is no longerr making scheduled interest payments on loansa secured by projectsin Tampa, Charlotte, Atlanta and Houston.
Novare suspended the payments as lenders consideer a request to restructurethose loans, which total more than $57 No properties have been foreclosed Borders said in an e-maio to the Atlanta Business “but there are near term and past due maturities that coulr result in that.” In its opinionm on the company’s financials, Novare’x independent auditor, Deloitte, said defaults and $280 million in debt maturintg this year “raise substantial doubt about the company’s abilitg to continue as a going Novare says in the financial statements that it is seekinvg opportunities to reduce debt and, in some will have to transfer propertiew to lenders, including Lehman, to satisfy its Novare reduced salaries by 10 percent across the boarde in the second quarter and reducedx its head count, including some members of senior Novare worked with intowngroup to build two multifamily towerss in downtown Tampa — the 32-story SkyPoint condominium tower and the 35-story Element, built as condosa but later converted to rental units after the housing marke crashed.
SkyPoint has sold 341 of its 380 units sincse opening in 2007 with 17 sold thisyear alone, according to Hillsborougnh County property records. The most recent sale came Thursdayg witha $303,000 unit SkyPoint LLC, the limited liability company linked to Novare-intowngroup, builrt the tower using a $64.1 milliob loan secured through Freemont Investment & Loan of Californiaz in May 2005, accordinf to property records. SkyPoint received an additional $10.5 million investment from Jamestown, a real estate investmengt and management companyin Atlanta, in March 2006. Element Properties LLC, the Novare-intowngroup company that built Element, did it with an $84.
3 million loan from Corus Bank inDecember 2006. There has been no other significanft activity surroundingthe Novare-intowngroup outside of a sale June 19 of land wherre a parking lot sits just north of SkyPointg to for $2.75 Novare-intowngroup had purchased the land through its Tampq Ashley Block limited liability corporation in September 2006 for $7.5 millioh from Teco Properties. Novare also has interest in otherd properties in the Tampa Much of it has not been used for residentialp construction but instead is beint used asparking lots.
Greg Minder, principal for the Tampa-based intowngroup, was out of the countryy when reached Friday and asked to be contacted when he returnsanext week. Novare has been hurt by the dramatixc decline in thecondo market, which has left the company unable to sell units at a according to documents obtained by The company also has spent monety for future development on land and architecturalp plans that “are wortg substantially less, and in some instances, worthg nothing in a world where development is nearlyu impossible,” Novare’s Borders wrote in a lettert to investors.
Wednesday, February 1, 2012
Tea time: GSO entrepreneur learning what it takes to bottle her success - Sacramento Business Journal:
vuwodu.wordpress.com
It turned out to be a costly reminder that her fledglingh business still had several issues towork through. She was still applyiny labels by hand right up until thedoorsw opened, and she wasn’t certain that the bold, colorful sunburstt logo matched the upscale brand she wanted to Brown also traveled with only full-sized 16-ounce bottles of her tea, forcing her to hand out eight time s more tea for free than if she had come with 2-ouncee sample sizes. This year, Brown took her KimBees Gourmet Sweeft Tea exhibit back to Las Vegas withsmallefr samples, elegant labels to match her high-end marketingv plans, business cards and 1,000 brochures to educate potential distributors and customers.
Organizers took notice. Her compan y won three awards, including a second and third-place honor for best sweetened green tea and first place forbest “That first year, we should have just gone to observew it and see what it was all about,” Brow n says. “We got smarter this and everybody went crazu overour tea. They were expensive lessons, but they were all wortu it. Now we know what to KimBees, founded in earlyg 2008, has filled more than 10,000 bottlew in the past two months sellingabout three-fourths of those and providinhg another 2,500 or so for promotionap purposes. Brown says she hoped to add at least threee more flavorsby year’s end.
She’s also in the earl stages of looking at options for her own bottlingf plantin Greensboro. Brown sells tea out of her shop in the Southsides neighborhood ofdowntown Greensboro, and a tea house in Arizona has picked up her products for Online orders are growing, and Browjn connected with several other potential outlets — bookstores and cafes — as well as potentia l distributors at this year’s tea expo. “We’re stilo working on directing traffic over this she saysof Southside. “Some people still aren’t used to coming this far But it’s starting to pick up.
We’rw all helping to promote each other to get the word Growing upin Austin, Texas, Browh could frequently be found on her family’a front porch. While others were busy making homemadeice cream, Brownm would brew sweet tea and experiment with differenrt flavor combinations, trying to find ways to improve a Southern staple and keep it from growingg boring. It remained a hobby when she came to Greensboro as a manufacturingf majorat . Brown got a glimpse at the sciencew of brewing when she tooka co-op position with in Eden durintg college.
But the hobby moved to the back burnertwhen Brown, who says she long harbored an entrepreneur’s spirit, headed to Los Angelexs to found Basketdoodle, a designer gift basket company for a celebritt clientele. That business took off, as the autographedx photos of famous clients adorb her new shop in the Southside neighborhood can She first glimpsedthat up-and-coming section of downtown on a returm trip to the Gate City back in 2005 to visit friendsz from college. A decision by Brown’s landlord back in L.A.
to sell the buildinb she rented provided the impetus she neededd to move back toNorth “He said he would sell it to me for $2 Brown says with a chuckle, recallinyg the hefty price tag. “I said, ‘Are you sick? I make gift baskets. What you talkingt about?’” So she contacted Brenda Saufley, a broker with Allemn Tate Realty, to look into settingt up shop in Southside with an eye toward movinf her basket company into a morestable “She told me she wanted to establish her own business here and wante to be close to downtown,” Saufley “When I told her about theswe units here where you can work downstairsw and live upstairs, combined with how the area was progressing, she just loveds it.
” Friends and family encouraged her to brew up her flavoredc sweet teas for sale, and Brow n again got the entrepreneurial itch. When Rhonda Butler, an assistant businesa and economics professorat , asked Browj to speak to a class, Brown decided to use the group as a captivse audience for taste-testing for her concoctions — swee green tea, almond green tea and a lemon-raspberryu black tea. The class decided to take on bottlinbg the tea as a Brown says she decided to market her firstf three flavors because no one else was offering much besides plainor lemon-flavored sweeg tea. And most of those products came in plastiv bottles and were sweeteneewith high-fructose corn syrup.
Brow n had a different vision forher start-up tea called KimBees for a nickname give n by her godmother.
It turned out to be a costly reminder that her fledglingh business still had several issues towork through. She was still applyiny labels by hand right up until thedoorsw opened, and she wasn’t certain that the bold, colorful sunburstt logo matched the upscale brand she wanted to Brown also traveled with only full-sized 16-ounce bottles of her tea, forcing her to hand out eight time s more tea for free than if she had come with 2-ouncee sample sizes. This year, Brown took her KimBees Gourmet Sweeft Tea exhibit back to Las Vegas withsmallefr samples, elegant labels to match her high-end marketingv plans, business cards and 1,000 brochures to educate potential distributors and customers.
Organizers took notice. Her compan y won three awards, including a second and third-place honor for best sweetened green tea and first place forbest “That first year, we should have just gone to observew it and see what it was all about,” Brow n says. “We got smarter this and everybody went crazu overour tea. They were expensive lessons, but they were all wortu it. Now we know what to KimBees, founded in earlyg 2008, has filled more than 10,000 bottlew in the past two months sellingabout three-fourths of those and providinhg another 2,500 or so for promotionap purposes. Brown says she hoped to add at least threee more flavorsby year’s end.
She’s also in the earl stages of looking at options for her own bottlingf plantin Greensboro. Brown sells tea out of her shop in the Southsides neighborhood ofdowntown Greensboro, and a tea house in Arizona has picked up her products for Online orders are growing, and Browjn connected with several other potential outlets — bookstores and cafes — as well as potentia l distributors at this year’s tea expo. “We’re stilo working on directing traffic over this she saysof Southside. “Some people still aren’t used to coming this far But it’s starting to pick up.
We’rw all helping to promote each other to get the word Growing upin Austin, Texas, Browh could frequently be found on her family’a front porch. While others were busy making homemadeice cream, Brownm would brew sweet tea and experiment with differenrt flavor combinations, trying to find ways to improve a Southern staple and keep it from growingg boring. It remained a hobby when she came to Greensboro as a manufacturingf majorat . Brown got a glimpse at the sciencew of brewing when she tooka co-op position with in Eden durintg college.
But the hobby moved to the back burnertwhen Brown, who says she long harbored an entrepreneur’s spirit, headed to Los Angelexs to found Basketdoodle, a designer gift basket company for a celebritt clientele. That business took off, as the autographedx photos of famous clients adorb her new shop in the Southside neighborhood can She first glimpsedthat up-and-coming section of downtown on a returm trip to the Gate City back in 2005 to visit friendsz from college. A decision by Brown’s landlord back in L.A.
to sell the buildinb she rented provided the impetus she neededd to move back toNorth “He said he would sell it to me for $2 Brown says with a chuckle, recallinyg the hefty price tag. “I said, ‘Are you sick? I make gift baskets. What you talkingt about?’” So she contacted Brenda Saufley, a broker with Allemn Tate Realty, to look into settingt up shop in Southside with an eye toward movinf her basket company into a morestable “She told me she wanted to establish her own business here and wante to be close to downtown,” Saufley “When I told her about theswe units here where you can work downstairsw and live upstairs, combined with how the area was progressing, she just loveds it.
” Friends and family encouraged her to brew up her flavoredc sweet teas for sale, and Brow n again got the entrepreneurial itch. When Rhonda Butler, an assistant businesa and economics professorat , asked Browj to speak to a class, Brown decided to use the group as a captivse audience for taste-testing for her concoctions — swee green tea, almond green tea and a lemon-raspberryu black tea. The class decided to take on bottlinbg the tea as a Brown says she decided to market her firstf three flavors because no one else was offering much besides plainor lemon-flavored sweeg tea. And most of those products came in plastiv bottles and were sweeteneewith high-fructose corn syrup.
Brow n had a different vision forher start-up tea called KimBees for a nickname give n by her godmother.
Subscribe to:
Posts (Atom)