Thursday, July 19, 2012

BW Offshore: Papa Terra project update - Reuters

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BW Offshore: Papa Terra project update

Reuters


The Papa Terra project is accounted for as a fixed-price construction contract where revenue is recognised in accordance with the "Percentage of Completion" (POC) accounting method. BW Offshore is receiving milestone payments from the client Petrobras ...


BWO takes Papa hit

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Tuesday, July 17, 2012

Duo has big plans for Meyer's building - The Business Journal of the Greater Triad Area:

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Having purchased and begun renovations of the historicKress building, partners Bruce Cantrell and John Lomax now own anothetr historic property separated only by a small clothing store. The four-story, 55,000-square-foot Meyer's building, which is anchorex by the , sold for about $1 million. It's about 60 percen t occupied, mostly with small businesses. "In the shorft term, we'd like to fill it up with says Cantrell, a principal with the architecturefirm J. Hyaty Hammond Associates.
"Longer term, we see a mix of condos or as well as retail and restaurants in the One new tenant will be offices ofTriad Stage, which are moving a couple of blocksz south from its base in the Self-Help Buildin on North Elm. As evidence of the continuingt renaissance ofSouth Elm's 200 block, Triad Stage's theater is set to open this fall just down the "John (Lomax) and I are really committex to downtown Greensboro," Cantrell "We believe in the revitalizatio effort that's occurring and we saw the Meyer'a building as another opportunity.
" The partners begajn eyeing the building months ago, and were motivated to move quickly by the increasing interest by others in acquiring and redevelopinv property on South Elm. The pair put the building undere contract latelast fall, and have been working through theirf due diligence since then. A key factor that sealed the deal was thatthe N.C. Business Court, which occupies much of the second floor, signedx a three-year lease last week. Lomax, who owns Lomadx Construction Co., says that withim six months, he and Cantrell will likely have a plan for the residential componentgthey envision.
In a best-case scenario, the top two floors would be convertedd into 10 or more condominiums of varying sizesand "I get two calls a week from peopl interested in living downtown," Lomax "everyone from young peoplre to empty nesters. So we'v e been assembling a The demand isdefinitely there." Unliker the Kress building, which is locked in the middle of the blocki and has windows mainly across its the Meyer's building has largre windows on its long flank on February One "All those windows will make it easiefr to position the building for Lomax says.
Initially, the partners say their investment beyonde the purchase price will be limited to cosmetif improvements to the fancybrick exterior, and perhapas some enhancements to the vintage architectural flourishess on the first But with the basement being marketed for entertainment or restaurant spacwe and the top floors proposed as the pair's investment could in time top $3 Realtor Fred Preyer with The Bissell Cos. was the listin g agent for the Meyer's building and Jim Roach of Roachu Realty handledthe sale. Financing is beingb provided through John Vestal atFirst Citizen'e Bank.
"This really illustrates that localk people are coming forwarc to investin downtown," says Ray president of Downtown Greensborpo Inc. Gibbs adds that he has been busiere in the past thres weeks showing off downtown properties than any time in the pasttwo What's up with Nissen? Meanwhile, the fate of an historifc building in downtown Winston-Salem remains unresolved -- but appears to be nearinv a decision of some kind. Last fall, a Chicago developer backesd away from its plan to buythe 18-story Nisseb building at Fourth and Cherryg streets and turn it into 132 Since then, officials with BB&T, which owns the have gone back to New Orleans-basec Historic Preservation Inc.
, which at one poin last fall looked like it was gointg to get first crack at the $20-millioj renovation project. "We're still interested," says Rick Williamson, vice president of businesws development withHistoric Preservation, "but there's no no agreement. A decision will be made pretty though. Let me leave it there." Williamson says his companuy is still trying to assess the depth of the market indowntown Winston-Salem for apartmenrt dwelling.
It's also looking for other restoratio projectsin Winston-Salem, the Triad and across Nortgh Carolina to do "It's a difficult project for us because it's in an area wherr we don't have anythingf else going on," Williamson says. "And it's not as big as our `normakl size' project -- which is closer to $40 We're looking for other projects so we can have somecritica mass."

Monday, July 16, 2012

TXCO Resources reports net loss for 2008 - San Antonio Business Journal:

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million for 2008. This compares to net income of $940,000, or 3 cents per diluted share, on revenueds of $93.9 million in 2007. The company’a net cash from operating activities roseto $100.56 million from $69.4 million in 2007. Earnings before income interest expense, depreciation, depletion, amortization, impairmeng and abandonment expenses was also up for the yearto $89.6t million, or $2.59 per share, comparex to $52.9 million, or $1.521 per share, in 2007. However, impairmenft expenses were sharply highe in 2008 reflecting suspension ofthe company’s San Miguekl oil sands pilot projects once commodity prices beganb declining.
“TXCO’s leasehold assets have excelleny prospects but currently we face extraordinary challengew following the unprecedented collapse in oil and gas prices that occurred latelast year,” says CEO James E. Sigmon. TXCO is an independent oil and gas company with interests in theMavericik Basin, the onshore Gulf Coast regiom and the Marfa Basin in The company also drills in the Mid-continent regiohn of western Oklahoma.

Sunday, July 15, 2012

Plans for $200M racetrack, entertainment center near DIA announced - Denver Business Journal:

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The announcement comes after years of discussion about the possibility of a tracj opening inthe area, although there was no word Wednesdayu of a NASCAR commitmentt to the Aurora venture. . The facility announced Wednesday would be locatesd in theplanned 6,500-acre TransPort cargo-distribution development alon g Interstate 70 several miles east of Pena Bill Schuck -- whose , is the developer of TransPort -- is one of the principala involved in Wednesday's racetrack Schuck's plans call for the track complex to include a one-milse oval speedway and a four-mile road course with room for 65,000 to 100,00 spectators.
The facility would accommodate a variety ofracingg types, including stock car, open midget, road racing, club and trackj rental, Kart racing and motorcycle Schuck noted that the site is zonede for industrial use, yet provides easy access to The announcement said TransPort is negotiating with "nationalo and regional tourism attractions" and retailerw to locate on the site along with the racetracmk "to create a true 'destination' entertainmentr and tourism opportunity." "The Schuck Corp.
, and its long-tim financial partners, will lead the private investment effort for the motor sports complex and will work with a varietyh of national and local partners with motorr sports experience who are interested in establishing a nationak racing venue in Colorado," the announcement "In addition, Schuck is working with Greg Stevinson, the Jeffersonn County real estate developer and investor, on a variet y of other development opportunities on the site," the announcemengt added. Gerry Freeman, a spokesmabn for the development group, said NASCAR's involvement isn't pivotal to startinb the project.
"There are a variety of other motor racinfg events that could be held atthis facility," he Financing will be a combinatiobn of private investors and which is yet to be fully although Freeman stressed that the project'd organizers do not see financing to be a He said a number of investors are waiting to jump on the project pending completionj of a final economic feasibility study, which is expecte in a few weeks.
Schuck's group also will seek financiapl help from local and state governmeng shares of the federal economic stimulus program as The Colorado Legislature this month passed a measure aime d at providing incentives for majoetourism projects, with the possibility of a racetrack mentionefd by lawmakers in arguin for its passage. The measure, Senate Bill 173, awaitz Gov. Bill Ritter's signature. Sponsored by Sen. Jennifer D-Denver, SB 173 would allow local governments to work with the Coloradi Economic Development Commission to set up enterprise zones that help to defrayy the infrastructure and construction costs of majorrtourism projects.
State sales tax revenues would help to fund the Lawmakers cappedthe measure's benefits at $50 million.

Friday, July 13, 2012

People on the Move: June 22 - Washington Business Journal:

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Stephanie Williamson has been named director of marketinyg and business development with MatricxDesign Cos. in the Matrix Settles offics in Arlington. in D.C. named Brian Judis seniod project manager for itshospitality practice. Judia brings 15 years of experience managing large hospitality projectsw to theCORE team. Most recently associated with , where he was the directot of capital expenditures, Judis implemented capitap investment projects upwardsof $70 million annually and was the lead manager for the design and construction of numerous hote projects throughout the U.S.
Judix has worked with a wide ranges of hotelbrands including, but not limited to, Swisshotel, , Hyatt, , and Ritz-Carlton. Recently, he completesd the renovation tothe lobby, rotunda bar and restaurant of the Philadelphia Marriott Downtown. Othert recent projects include the management of the design and construction at the HyattCapitokl Hill, JW Marriott, Key Bridge Four Seasons Philadelphia, and Ritz-Carlton Tysons Corner. Scott Boos , seniord policy adviser to Sen. Arlen Specter, D-Pa., has been named the new deputy director ofthe . Boos has more than seven yearsd of legislative and policy experience gained during his tenursin Specter’s office and as staff directord of the U.S.
Senate Steell Caucus. In the Boos focused on a broae range of issuesincluding trade, climate change, veterans, appropriations, tax, telecom, housing, financial services and other business-related issues. As staff director of the bipartisahn U.S. Senate Steel Caucus, he worked to promote the health and stabilityy of the domesticsteel industry, as well as the intereste of its workforce. The of D.C. nameds Bonnie I. Robin-Vergeer as directo of the Project. She is an experiencecd appellate litigator who comes to Legal Aid aftet nine years atLitigation Group, where she made three U.S.
Supremr Court arguments and numerous otheres before appellate courts throughout the countr in cases involving theFirst Amendment, access to the courts, and consumed health and safety, among othed issues. Prior to her position at Public Citizen, she workedc for then-Sen. Joseph R. Biden Jr. on the reauthorization of the Violencd Against Women Act in 2000 and was an associatre at the law firm of LLP and a teachint fellow at the Law Center AppellateLitigation Clinic. The in Fairfac named Tiffany Singleton tothe organization’s newly createde position of director of social entrepreneurship programs.
Singleton will be responsible for overseeing the development and implementation of UNCF social entrepreneurship programs, while engaging stakeholders to develop a multiyear strategy for introducingv a greater number of young African Americana to social entrepreneurship — the application of businesa management practices and innovation to sociap reform efforts. In addition to overseeingf the design and implementation of UNCF socia lentrepreneurship programs, Singleton will cultivate and sustainm strategic partnerships and collaborationes with leading social entrepreneurs and their and organize structured discussions with key ultimately establishing a national advisory committee of sociall entrepreneurs, academic, and social venture philanthropists who can provide ongoing guidancse to UNCF.
has promoterd Paul McManus to assistantvice McManus, who joined the bank in 2006, is a financiakl center leader at 1470 Rockvillwe Pike. Francis P. Nelson has been promoteds to administrative vice presidenytat . Nelson joined M&r in 1992. He is responsible for leadinfg and managing a retail sales and operationas team for thePrince George’s County in Rockville has named David E. Perkinds as its new chief technology officer. Perkins joins NIHFCU’s newly appointed CEO Juli Anne Callis to lead thecredit union’s renewed focus on technologicc innovation and delivery. Perkins previsouly worked at .
Over a 13-year career at SECU, with the last five as CIO, Perkins’ accomplishmentz include the completion of two core implementation of new loan online banking and collection systems and the migration of new Cardinal Bank announced the promotions ofAndrew J. Pede n to senior vice president, Katied L. Golden to vice president and Jamezs N. Estep to assistant vice president. Peden will oversee the relationshi p management of developers and realestatd investors, with a primary focus on acquisition, construction financing and commercial development, including special use properties such as golf courses and churches.
He began his lendinyg career at Cardinal Bank in 2000 as acredift analyst. Golden will continue to oversee the relationship managemenyt of builders and primarily in the areas of commercial project financing, acquisitions and client development. Goldeb joined Cardinal Bank in 2004 in real estate administration and currently managesz the lending support unit for the commerciakl realestate group. Estep remain dedicated to smallbusiness lending, SBA guaranteed lending and busines development. Estep began his financial services career at Cardinal Bank in 2004 inretail lending. C.
Fox Communications in Silver Spring namedx Tina McCormack as senior publixcrelations associate, and Julie Feldman as public relation s associate. in D.C. namesd David W. Whitmore as chief operating officer andgeneral counsel. Whitmore comes to Levick with more than 25 year s of financial andoperational experience. He has spentt the lion’s share of his career in the communicationsd industry, working with public relations, public affairs, lobbyinh and advertising firms. Before joining Levick, Whitmorr was executive vice president ofin D.C. with operational responsibility forthe firm’s public government relations, crisis management, and issues management practicw groups.
Prior to Racepoint, Whitmore providecd communications and management counsel to numerousz clientsin D.C., Dubai and Abu Dhabi. At , Whitmored variously served as executivevice president, chief financial chief operating officer and general announced the hiring of Brian Brobst as vice president of busines development in Reston. Brobst, a 20-plus year engineeringf and constructionindustry veteran, will be chargedr with expanding the firm’s presencde in the high-density powere and computing markets, inclusive of finance, commercial data centers and government agencies. Brobst was previouslty employed by as critical facilityservices principal.
Priore to that, he served as principaol and Eastern region director of busineses developmentfor

Thursday, July 12, 2012

Rio+20 and the Green Economy - Huffington Post (blog)

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Rio+20 and the Green Economy

Huffington Post (blog)


With complex issue on the agenda, I thought I'd ask two of the finest leaders in the field of sustainable development to simplify the issue for all of us and explain the greatest benefits and challenges of transitioning to a green economy.



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Tuesday, July 10, 2012

Texas says voter ID law needed to combat election fraud - Chicago Tribune

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Texas says voter ID law needed to combat election fraud

Chicago Tribune


WASHINGTON (Reuters) - A law requiring Texas voters to present photo identification at the polls is needed to combat a culture of election fraud plaguing the state, lawyers representing Texas.



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