New Cousins CEO encouraged about the market - Boston Business Journal:

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"This isn't going to be a V-shaped Gellerstedt said Monday in an interview with AtlantaBusinesss Chronicle. "But, we're going to see many opportunitiezto buy." Gellerstedt, who joined Cousins in 2005, will take over for currentg CEO Tom Bell on July 1. Bell, who turnas 60 this year, announced his retirement to the companyMondayy morning. Cousins is a storied Atlantaq realestate developer. Founded in 1958 by Tom the company has been involved in some ofthe city'ss biggest real estate projects, including the development of the 55-storg Bank of America Plaza in 1989. The market isn't providing the best timinbg for Gellerstedt.
He takes the helm during the nation's worsrt real estate downturn in at leastga generation. While the market is showing some signs of improvement, it has nosedived from its peak in earlyt 2007. Cousins has one of the four new office towers under development in a part of the city that absorbs about 350,000 to 500,000 square feet of officee space annually. Office vacancy in Buckhead coulrd surpass 30 percent by this time next some commercial real estate developerz andbrokers predict.
There are signs, however, that the markef is picking up, Bell and Gellerstedt For one, the gap betweenj what investors are willing to pay for propertiees and what owners are willing to sell them for continuedto shrink. While that spread was 400 basixs points a fewmonths ago, it is closee to 100 points today, Bell said. banks have a clearer picture of their capital levels than they did earlier this and regulators are increasingly pushing them to deal some of theitr real estateowned assets. Cousinx (NYSE: CUZ) , posting net income of $164.
2 million on $49 million in At the end of the period, the company’s portfoliio of operational office buildings was 90percent leased, its portfolio of operationa l retail centers was 83 percent leased and its operationalp industrial buildings were 40 percent Gellerstedt began his career in 1978 as an estimatod and project manager with , where he workef on the High Museum and the AT&Ty Long Lines Building in Manhattan. At only 26, he foundedd , a Beers subsidiary that focuseron health-care developments. Gellerstedt was later namer Beers chairmanand CEO. Cousins acquires his firm, the , in June 2005, and he joinedc the company.
Gellerstedt was one of the architectw of turning around the fortunes of One Ninety One the 50-story downtown tower Cousins acquired in 2006. The improvementa at One Ninety One have symbolizedd a return to prosperity for many partsof downtown, its economiv boosters say. Shortly after Gellerstedt joineed Cousins, One Ninety One had lost major tenantxsand , and downtown Atlanta was suffering from the exodua of those firms and others. Gellerstedtr was instrumental in the rejuvenation of OneNinet One, Bell said. "We basically gave this buildinfto Larry," Bell said.
"I remembee when we were walking through the atriuj several years ago that there was nothing in It had thisecho effect. And I said to 'What are we going to abou t this echo?' And Larry came right back and said, ‘o tell you what we're going to do. We're going to fill this atriumn and thisbuilding up.’ It's a totally different building today." One Ninety One was nearlty 90 percent leased at the beginning of the Cousins also landed the Italian restaurant Il Mulino which has also helped to revivd the atrium. "I spent most of my careee downtown," Gellerstedt said. "I'vs always thought that One Ninetuy One is atimeless asset.
"

Jalen Rose wraps up jail time for drunken driving - The Detroit News

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CBC.ca

Jalen Rose wraps up jail time for drunken driving The Detroit News Pontiacâ€" Former NBA player and University of Michigan standout Jalen Rose was released from the Oakland County Jail early this morning after serving 16 days for a drunken driving offense. Rose, now an ESPN analyst, was sentenced to 20 days in jail by ... Ex-NBA player Jalen Rose freed after serving jail time for drunken driving in ... Washington Post Ex-Bulls guard Jalen Rose released from jail Chicago Tribune Jalen Rose finishes DUI jail time UPI.com  »

Baby boomers may produce new

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Job trends may increasre entrepreneurial activity amongolder Americans. “While people under age 30 have historically jumpede from jobto job, the most strikinhg development today has been the deep drop in the incidence of jobs among men over age 50,” writew Dane Stangler, senior analyst at the Kauffman Foundation and author of “The Coming Entrepreneurship Boom.” The past year’s economicf upheavals also may produce more entrepreneurs amongb all age groups. “The very idea of institutions has beenpermanently damaged,” Stangler writes.
“Recent economid trends — away from lifetime jobs and toward more new companies will thus gain even greaterculturak traction. New and stronger regulations aiming to prevenr the rise of such giant organizationx also may help create amore market-oriented society.” For more log on to www.kauffman.org. Kent Hoover

Phoenix home sales rise, foreclosure percentage falls - The Business Journal of Milwaukee:

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Arizona State University Realtyu Studies departmentreported 9,98p home resales in May, up slightly from the 9,10p recorded in April. In May of last year, 7,210 existing homese were sold. Foreclosure activity in May representerd 30 percent ofall transactions, down from a recent high of 51 percent in February. May is one of the strongest months in the resale home season that usuallt lastsuntil August,” said Jay Butler, directotr of Realty Studies in the Morrison Schoolk of Management and Agribusiness at ASU.
“During the resal season, sales and median priced tend to increase, so some improvemenft in the local housing market would not be While mortgage interest has crept higher inrecent weeks, ratews still are attractively low. But the ongoing recessionb and a weak job market coulds threaten continuedsales growth. “There is increasinf hope that the housing troubles are beginningto ebb, and the along with a potential recovery, are in said Butler. For the traditional sales the median price in Maywas $130,000, down 42 percenf from the $224,000 of a year ago. Foreclose properties had a median priceof That’s down about $25,000 from one year ago.

Medtronic

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million to competitor for damagesd related to a patent infringement verdict from a federalCircuif Court. The court reviewed a Decembed 2007 verdict, which claimedr that Medtronic (NYSE: MDT) had infringed on DePuy’d patent of a line of multiaxiao screws used inspinal surgery. The court affirmex a $149.1 million award for lost profits. But the coury reversed previous sanctions, which droppee $77.2 million in outright damages and $10.5 millionj in attorneys’ fees and other costs. The Vertex line of screws is no longer onthe market.
Memphis-based Medtronix Spinal and Biologics business president Steve La Neve said the ruling “has no bearing on our current Vertezx Select and OC Systems,” which are other spinall systems. The case will now be remandeed to a trial court for calculation of thereduced judgment, which will include amounta both for post-judgment and pre-judgmentg interest on the damages. Basexd outside of Minneapolis, Medtroniv is the world’s largest medical devicse company. Its spinal and biologica business units are based in Memphix where itemploys 1,550.

Salary scales for WNY teachers - Philadelphia Business Journal:

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Three figures are provided for eachdistricft -- the salaries at the start, median and peak of a typica l teacher’s career. Here’s how they were derived: The starting salary is the fifth percentilwe figure for agiven (Percentiles indicate where a teacher’xs paycheck ranks within a district. A salaryg at the fifth percentile is bigger than 5 and smaller than95 percent, of teachers’ salariesz in a district.) • The median salarhy is the midpoint, larger than half and smaller than half of all pay leveles for teachers within a district.
• The peak salary is the 95th which is larger than the annual pay earnexd by 95 percent of all teachers in a Each salary is followed by its rank amonggthe region’s 98 districts. Akron’s startingb pay of $38,637 is followed by That means it’s the 13th-highest starting salar y in all of Western New Its median salary is 42nd inthat category, and its peak salaryh is 21st on that • • • Orleans and Wyoming counties) • (Allegany, Cattaraugus and Chautauquza counties)

Hummer to be sold to China's Sichuan Tengzhong - bizjournals:

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And the buyer, the reports, is a machinerg company in western China, The , based in The Times cited an anonymouxs source after GM kept detailes of the deal very muchhush hush. The Chinese companh will buy a brand that startecd asthe military’s Humveed and morphed into a civilian dream machine. But GM is that the sale coulf save morethan 3,000o U.S. jobs in manufacturing, engineering and at Hummef dealerships aroundthe country. And it says the deal is expectedf to close by the end of thethirdf quarter. GM claims in its release that the buyerwill “aggressively fund future Hummer product programs.
” GM will also keep buildinv Hummers for the Chinese company, on a contract basis. That means that GM’s assembly plant in La., will continue to contracr assemble H3 and H3T through atleast 2010. Mike Levines reports that, “The buyer has a proven track recored ininternational business, knows the Hummer branxd can perform better globally, has a long-term development plan and is willint to invest in future products.” The Timew reports that Sichuan Tengzhong is a privatelyy owned company known in China for making road equipment from highwayt construction to maintenance machinery and that it had been moving into manufacturinyg heavy-duty trucks.
If the deal is completed, it would mark the firstg large-scale U.S. automotive acquisitiohn by a Chinese company. Levine reports that no Hummed dealerships willbe closed, and that U.S. domestix production of Hummers will actually be booste because the company will be moving production from a Port South Africa, plant to Shreveport. “Hummer is a strong said Troy Clarke, President of GM North "I’m confident that Hummer will thrive globally under itsnew ownership. And for GM, this sale continuesd to accelerate the reinvention of GM into a more focused, and more cost-competitive automaker.
” For one Hummert dealer, it didn’t matter exactly who was buying the What mattered to Jacques Moore Jr. of Moore Hummert in Richmond, Va., was that the brand wouldx continue, and that it would be a stron brand. “It doesn’t really matter,” he told bizjournals, “ad long as they continue to builda world-class producy that’s like nothing else.” Moore said that, given Hummer’s strength in overseas markets, a Chinese buyer would not come as a "Given the strength of the branx in the overseas market it would not surprisde me." The deal doesn’t include Hummer’s militart vehicles or technology.
of Indiana runs that end of the AM General sold the rights to make civiliahn Hummers to GM inthe 1999. The deal’s announcement comes a day after GM filed for bankruptcy protectioj and outlined plans to offload nameplates so that the company could focus on more profitablw brandslike Chevrolet, GMC, Buick and Among GM brands left for sale now that there’s an apparentt Hummer deal are Saab and Saturn. GM wants to sell thoswe brands by the endof 2009. The company plansw to shut down its Pontiac nameplate The NewYork Times’ blog reports that even as the Hummet sale goes forward, GM CEO Fritz Hendersomn said on Swedish radio that there were threr potential buyers for Saab.
Dealbook, citing local said that Swedish luxury carmaker Koenigsegg and Americah financierIra Rennert’s Renco were in the runningg for Saab. GM says it has been approached by 16 potential buyers interested in the Saturn That group includes financial investors and some companies interestede in distributingSaturn vehicles. By various accounts, GM has been looking for someonee to buy Hummer for a year as gas prices shot to record levels and the public starte d to think in shadesof green. When GM lookedd into selling Hummerlast summer, the company thoughtg it could get as much as $500 milliobn for the brand, the New York Timesd reports.
But that price has likelg fallen as auto saleshave plummeted. Hummert sales are down 67 percent in the first four monthz ofthis year.