Inside Pitch SportingNews.com Your weekly roundup of RP news, notes and stats. Much was made about the announcement last week Drew Storen (elbow) might return as a setup man when he comes off the DL around the All-Star break. Notice the word "might." Nationals manager Davey ... |
Saturday, June 30, 2012
Inside Pitch - SportingNews.com
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Thursday, June 28, 2012
US firm, subsidiaries admit role in sending military software to China - CNN
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USA TODAY | US firm, subsidiaries admit role in sending military software to China CNN U.S. officials: Military technology was illeg » |
Wednesday, June 27, 2012
Equitable Building auctioned for $30M - St. Louis Business Journal:
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The new owner, , an affiliate of Capmark boughtthe 33-story tower for $29.5 said attorney William Rothschild, with law firm . Sutherlansd was representing the lender, , which was foreclosingy on theEquitable Building. Capmarkl was the only bidded onEquitable Building, as most commercial real estats observers expected. Equitable's former San Diego-based , paid abour $57 million to acquire the building in but its value plummetedto $42 million by early 2009.
Equastone received 90 percent financing from Capmarj toacquire Equitable, but plans to stabilizes the building's occupancy and turn it into an income-producinyg asset never materialized amid the worst commercial real estated crisis in 20 years. The tower -- designer by renowned architecturalfirm -- has remainecd about half occupied this year. is managing and leasing the It's expected to court the Fulton Countgpublic defender’s office, whicbh is seeking at least a 50,000-square-foot lease downtown. The public defender's office was looking at the Equitablr Building, but the financiaol crisis facing the tower helpes derailthe move.
Rothschild was assisteed in the transactionby Sutherland'x Jason Kirkham.
The new owner, , an affiliate of Capmark boughtthe 33-story tower for $29.5 said attorney William Rothschild, with law firm . Sutherlansd was representing the lender, , which was foreclosingy on theEquitable Building. Capmarkl was the only bidded onEquitable Building, as most commercial real estats observers expected. Equitable's former San Diego-based , paid abour $57 million to acquire the building in but its value plummetedto $42 million by early 2009.
Equastone received 90 percent financing from Capmarj toacquire Equitable, but plans to stabilizes the building's occupancy and turn it into an income-producinyg asset never materialized amid the worst commercial real estated crisis in 20 years. The tower -- designer by renowned architecturalfirm -- has remainecd about half occupied this year. is managing and leasing the It's expected to court the Fulton Countgpublic defender’s office, whicbh is seeking at least a 50,000-square-foot lease downtown. The public defender's office was looking at the Equitablr Building, but the financiaol crisis facing the tower helpes derailthe move.
Rothschild was assisteed in the transactionby Sutherland'x Jason Kirkham.
Tuesday, June 26, 2012
GM enters bankruptcy filing - The Business Journal of the Greater Triad Area:
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Monday’s Chapter 11 filing by the 101-year-old automaker once the world’s biggesf company and Western New York’s largest manufacturing employer fordecadee — is among the largest in U.S. historyu and largest-ever U.S. manufacturin bankruptcy. Chapter 11, which allows the company to operate while protected fromits creditors, pushesw GM into a fast-track bankruptcy and providew $30 billion of additional taxpayer funds to restructure itself. Generalo Motors CEO Fritz Henderson said in a prepared statement that GM was beint reinvented and that the company is readty for the jobat hand.
"The economic crisis has causer enormous disruption in the auto but with it has come the opportunity for us to reinvenrtour business. We are going to do it once and do it The court-supervised process we are pursuing providezs us with powerful tools to accelerate and complet our reinvention, as well as strong safeguardsd for our customers and our he said. The GM plan as detailed by U.S. officiales would allow a much smalled GM to emerge from court protection within 60 to 90 GM also plans to close11 U.S. facilitiew and idle another three plants by the endof 2010. GM’se Tonawanda engine plant, where 1,100 people will remain open.
The automaker has not provide an updated target for job cuts but was lookinbg toeliminate 21,000 U.S. factory jobs from the 54,000 union members it now employs. Also not immediately clear is what GM’sz bankruptcy filing will meanfor ’s plants in Rochester and three others. Generao Motors plans to take back the facilities from the formerr parts subsidiary that it spun offin 1999, according to a tentativ e deal reached last week between GM and the UAW. The factoriezs in New York, Michigan and Indians would operateunder Delphi’s unionn rules, but be considered part of GM, once again.
The Lockport plant — Delphj Thermal Systems, which has 2,100 employees — was founded as Harrison Radiator Co. in 1910 and becam part of GM in 1918. For 81 years it operatedd under General Motors ownership until the independent Delphi Corp. was formed. Delphi itself is operatingv under bankruptcy court supervision having filerd for Chapter 11 inOctober 2005. The Mich.-based company was ready to emerge from bankruptcy in Apriol 2008 but those plans fell apart when a key investodr dropped out ofa $2.55 billion stock deal with the General Motors employs 92,000 in the United Statess and is indirectly responsible for 500,000 retirees. The U.S.
government woulsd hold a 60 percent financialp interest in a reorganized GM and the UAW woulds takea 17.5 percent stake. The governments of Canadsa and the province of Ontario have agreedx to a 12 percent ownership staker in exchange forfinancial aid. GM bondholdere would get 10 percent.
Monday’s Chapter 11 filing by the 101-year-old automaker once the world’s biggesf company and Western New York’s largest manufacturing employer fordecadee — is among the largest in U.S. historyu and largest-ever U.S. manufacturin bankruptcy. Chapter 11, which allows the company to operate while protected fromits creditors, pushesw GM into a fast-track bankruptcy and providew $30 billion of additional taxpayer funds to restructure itself. Generalo Motors CEO Fritz Henderson said in a prepared statement that GM was beint reinvented and that the company is readty for the jobat hand.
"The economic crisis has causer enormous disruption in the auto but with it has come the opportunity for us to reinvenrtour business. We are going to do it once and do it The court-supervised process we are pursuing providezs us with powerful tools to accelerate and complet our reinvention, as well as strong safeguardsd for our customers and our he said. The GM plan as detailed by U.S. officiales would allow a much smalled GM to emerge from court protection within 60 to 90 GM also plans to close11 U.S. facilitiew and idle another three plants by the endof 2010. GM’se Tonawanda engine plant, where 1,100 people will remain open.
The automaker has not provide an updated target for job cuts but was lookinbg toeliminate 21,000 U.S. factory jobs from the 54,000 union members it now employs. Also not immediately clear is what GM’sz bankruptcy filing will meanfor ’s plants in Rochester and three others. Generao Motors plans to take back the facilities from the formerr parts subsidiary that it spun offin 1999, according to a tentativ e deal reached last week between GM and the UAW. The factoriezs in New York, Michigan and Indians would operateunder Delphi’s unionn rules, but be considered part of GM, once again.
The Lockport plant — Delphj Thermal Systems, which has 2,100 employees — was founded as Harrison Radiator Co. in 1910 and becam part of GM in 1918. For 81 years it operatedd under General Motors ownership until the independent Delphi Corp. was formed. Delphi itself is operatingv under bankruptcy court supervision having filerd for Chapter 11 inOctober 2005. The Mich.-based company was ready to emerge from bankruptcy in Apriol 2008 but those plans fell apart when a key investodr dropped out ofa $2.55 billion stock deal with the General Motors employs 92,000 in the United Statess and is indirectly responsible for 500,000 retirees. The U.S.
government woulsd hold a 60 percent financialp interest in a reorganized GM and the UAW woulds takea 17.5 percent stake. The governments of Canadsa and the province of Ontario have agreedx to a 12 percent ownership staker in exchange forfinancial aid. GM bondholdere would get 10 percent.
Sunday, June 24, 2012
Solar Array, Gen. Mills detail expansions - Silicon Valley / San Jose Business Journal:
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broke ground April 5 on the $100 million, 176,000-square-foot expansion of its manufacturingfacility here, Keitj Bone, general manager of the loca facility, told members of . AED held its quarterly meeting Thursdauat . Joe president and CEO of SolarArraty Ventures, outlined his company’s plan to builde a massive solar manufacturing plant on the city’s General Mills’ expansion should be completed by Bone said. The cereal manufacturer will hire 60additional employees, bringing additional payroll to the area of $3.5 The expansion also brings $30 millionh in spending to New Mexico.
The Albuquerque City Council approvera $100 million industrial revenue bond deal for the compangy in February. BE&K Corp. from North Carolina landeed the design/build contract to build the expansion, but Bone said 80 percent of the firm’s spending and employeesz willbe local. The precast panela being used in the constructionh are manufacturedin Belen. General Mills has been in Albuquerquesinc 1991. Its current facility is located near Paseol del Norte and Edith and has190 employees, with an annual payrol l of $12 million, said Bone. The 275,000-square-foot planyt produces about 135 million pounds annuall y of 35different cereals.
The facility also has a lab on-sited where the instructions for bakinb General Mills products at high altitudes are The company has givenabout $5 million to area nonprofits since 1998 and $519,000 in scholarships, Bone added. Don chairman of AED, said the cereal company’s donations illustrate one of the things the organizatio looks for inrecruiting companies: communithy involvement. Hudgins said Solar Array plans to break ground by the third quarter of this year ona 225,000-square-foot thin-filmm photovoltaic manufacturing plant in the Corderio Mesa business park, west of the mattress The company plans to add three more buildingsd of that size as it grows, he said, with each facilitt employing about 225.
Its annuakl payroll in the first phase woulsdbe $14 million. About five percent of the jobs wouldpay $100,000, 45 percenrt would pay $70,000 and half of the jobs would pay The capital investment for the first phase will be $170 millionn and the company woulsd spend $40 million annually for raw materials. The firs t phase is expected to have a capacity of75 megawatts, but that woul d grow to 300 mw with the full buildout. The plant also will have a space that will serve as a communituy andeducational center. Solar Arrat is seeking $175 million in industrial revenue bondds fromBernalillo County.
The company is working to raise $210 millionm in debt and equity, Hudgins Hudgins said New Mexiclo beat out two other states for the despite the fact that it did not offer the largest incentives. But the coordination among localk and state government officials and other parties made New Mexic o far more efficient in establishing a planning framework that the companyg could then use to plan a budget for the hesaid “That was a major issue for us,” Hudginz said. He also praised the labor force here and theeducationall institutions. The facility is being designesd byPageSoutherlandPage LLP, which has Texas officexs in Austin, Dallas and Houston, as well as Denver, D.C.
and London, U.K. Hoffman Construction, based in Ore., is building the facility.
broke ground April 5 on the $100 million, 176,000-square-foot expansion of its manufacturingfacility here, Keitj Bone, general manager of the loca facility, told members of . AED held its quarterly meeting Thursdauat . Joe president and CEO of SolarArraty Ventures, outlined his company’s plan to builde a massive solar manufacturing plant on the city’s General Mills’ expansion should be completed by Bone said. The cereal manufacturer will hire 60additional employees, bringing additional payroll to the area of $3.5 The expansion also brings $30 millionh in spending to New Mexico.
The Albuquerque City Council approvera $100 million industrial revenue bond deal for the compangy in February. BE&K Corp. from North Carolina landeed the design/build contract to build the expansion, but Bone said 80 percent of the firm’s spending and employeesz willbe local. The precast panela being used in the constructionh are manufacturedin Belen. General Mills has been in Albuquerquesinc 1991. Its current facility is located near Paseol del Norte and Edith and has190 employees, with an annual payrol l of $12 million, said Bone. The 275,000-square-foot planyt produces about 135 million pounds annuall y of 35different cereals.
The facility also has a lab on-sited where the instructions for bakinb General Mills products at high altitudes are The company has givenabout $5 million to area nonprofits since 1998 and $519,000 in scholarships, Bone added. Don chairman of AED, said the cereal company’s donations illustrate one of the things the organizatio looks for inrecruiting companies: communithy involvement. Hudgins said Solar Array plans to break ground by the third quarter of this year ona 225,000-square-foot thin-filmm photovoltaic manufacturing plant in the Corderio Mesa business park, west of the mattress The company plans to add three more buildingsd of that size as it grows, he said, with each facilitt employing about 225.
Its annuakl payroll in the first phase woulsdbe $14 million. About five percent of the jobs wouldpay $100,000, 45 percenrt would pay $70,000 and half of the jobs would pay The capital investment for the first phase will be $170 millionn and the company woulsd spend $40 million annually for raw materials. The firs t phase is expected to have a capacity of75 megawatts, but that woul d grow to 300 mw with the full buildout. The plant also will have a space that will serve as a communituy andeducational center. Solar Arrat is seeking $175 million in industrial revenue bondds fromBernalillo County.
The company is working to raise $210 millionm in debt and equity, Hudgins Hudgins said New Mexiclo beat out two other states for the despite the fact that it did not offer the largest incentives. But the coordination among localk and state government officials and other parties made New Mexic o far more efficient in establishing a planning framework that the companyg could then use to plan a budget for the hesaid “That was a major issue for us,” Hudginz said. He also praised the labor force here and theeducationall institutions. The facility is being designesd byPageSoutherlandPage LLP, which has Texas officexs in Austin, Dallas and Houston, as well as Denver, D.C.
and London, U.K. Hoffman Construction, based in Ore., is building the facility.
Saturday, June 23, 2012
UnitedHealth profits take fourth-quarter tumble, but still meets expectations - Minneapolis / St. Paul Business Journal:
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UnitedHealth (NYSE: UNH) said net income was $726 or 60 cents per for the quarterended Dec. 31. That was a big drop from the $1.212 billion, or 92 cents per from the same quarter last Earnings took an especially hard hit by a chargw of 18 cents per share mean t to resolvea class-action lawsuit over out-of-network medicalo services. UnitedHealth to settle the lawsuit, filedf by the American Medical Association and others. Without that charge, net income wouled have been 78 centsper share, which met the expectations of analystw polled by Thomson UnitedHealth revenue also was up 9 percenr to $20.45 billion, from $18.
71 billionm for the same quarter a year The result was that the company'xs stock was up Thursday even as the markets took a UnitedHealth's stock was up $2.16 per or 8.6 percent, to $27.21 at the closw of trading. Health insurers are expected to take a hit on membershipp as laid off workers leave theirrformer companies' insurance rolls. But Stephen UnitedHealth's president and CEO, said the company expects continued growthin government-sponsored "There is strong interest in our Medicare markett offerings and continued expansion from our statde and public health program including growth in public sector benefits," Hemsley said.
UnitedHealth reportes a 36 percent drop in profiftfor 2008. Net income was $2.98 or $2.40 per compared to $4.65 billion, or $3.42 per share, in 2007. Full-yea revenue was up 8 percent to $81.2 Another item of interest was that UnitedHealth only saw a net lossof $6 millionn in 2008 from its $21.6 billiomn investment portfolio — only a 0.03 percent loss in a year in whicuh markets were in a free fall. The company is keeping its outlook for 2009 earningsof $2.90 to $3.165 per share.
Also Thursday, UnitedHealth announced that Simon Stevens, who has been CEO of the company'a Ovations unit, will fill a new executivee vice president position in which he will be a poinyt person inhandling U.S. health care reform Larry Renfro, most recently with Fidelitu Investments, has been hired to take over at Ovations.
UnitedHealth (NYSE: UNH) said net income was $726 or 60 cents per for the quarterended Dec. 31. That was a big drop from the $1.212 billion, or 92 cents per from the same quarter last Earnings took an especially hard hit by a chargw of 18 cents per share mean t to resolvea class-action lawsuit over out-of-network medicalo services. UnitedHealth to settle the lawsuit, filedf by the American Medical Association and others. Without that charge, net income wouled have been 78 centsper share, which met the expectations of analystw polled by Thomson UnitedHealth revenue also was up 9 percenr to $20.45 billion, from $18.
71 billionm for the same quarter a year The result was that the company'xs stock was up Thursday even as the markets took a UnitedHealth's stock was up $2.16 per or 8.6 percent, to $27.21 at the closw of trading. Health insurers are expected to take a hit on membershipp as laid off workers leave theirrformer companies' insurance rolls. But Stephen UnitedHealth's president and CEO, said the company expects continued growthin government-sponsored "There is strong interest in our Medicare markett offerings and continued expansion from our statde and public health program including growth in public sector benefits," Hemsley said.
UnitedHealth reportes a 36 percent drop in profiftfor 2008. Net income was $2.98 or $2.40 per compared to $4.65 billion, or $3.42 per share, in 2007. Full-yea revenue was up 8 percent to $81.2 Another item of interest was that UnitedHealth only saw a net lossof $6 millionn in 2008 from its $21.6 billiomn investment portfolio — only a 0.03 percent loss in a year in whicuh markets were in a free fall. The company is keeping its outlook for 2009 earningsof $2.90 to $3.165 per share.
Also Thursday, UnitedHealth announced that Simon Stevens, who has been CEO of the company'a Ovations unit, will fill a new executivee vice president position in which he will be a poinyt person inhandling U.S. health care reform Larry Renfro, most recently with Fidelitu Investments, has been hired to take over at Ovations.
Thursday, June 21, 2012
Bass, Berry & Sims lays off 32 employees - Austin Business Journal:
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The venerable law firm made the cuts Monda y across its three Tennessee offices in Knoxvilleand Memphis, said managing partner Keitnh Simmons. In Memphis, the firm laid off two attorneyes and fourstaff members. “They were proportionately divided amongythe offices,” he says. “Everyu practice area was affected.” The layoffsa were made to reduce internapl costs tobenefit clients, he says. Some raises are bein frozen as well.
Bass Berry is the 8th largest law firm in Memphisw with37 attorneys, according to Memphix Business Journal’s 2009 Book of Law firms nationwide are taking steps to cut including paying some new hires a portion of their salaries to defer starting for a Bass Berry will limit the size of its classx of summer associates, traditionally law schoo l students who have finished their secon d year, and defer the starting date for new attorneysx from Sept. 1 to Jan. 1, 2010.
The deferred hirees will receive a stipend forthe four-month deferralp period and will have the opportunity to borrow monehy from the firm if they need more to tide them over, with loansa to be repaid upon joiningt the firm full-time, Simmons says. Since the starf of the year, major law firms have laid off morethan 12,4100 people, including nearly 5,000 lawyers, accordingb the “Layoff Tracker” feature on the law blog. Bass Berr y & Sims’ most recent attorneg count was 225 across itsthred offices.
The venerable law firm made the cuts Monda y across its three Tennessee offices in Knoxvilleand Memphis, said managing partner Keitnh Simmons. In Memphis, the firm laid off two attorneyes and fourstaff members. “They were proportionately divided amongythe offices,” he says. “Everyu practice area was affected.” The layoffsa were made to reduce internapl costs tobenefit clients, he says. Some raises are bein frozen as well.
Bass Berry is the 8th largest law firm in Memphisw with37 attorneys, according to Memphix Business Journal’s 2009 Book of Law firms nationwide are taking steps to cut including paying some new hires a portion of their salaries to defer starting for a Bass Berry will limit the size of its classx of summer associates, traditionally law schoo l students who have finished their secon d year, and defer the starting date for new attorneysx from Sept. 1 to Jan. 1, 2010.
The deferred hirees will receive a stipend forthe four-month deferralp period and will have the opportunity to borrow monehy from the firm if they need more to tide them over, with loansa to be repaid upon joiningt the firm full-time, Simmons says. Since the starf of the year, major law firms have laid off morethan 12,4100 people, including nearly 5,000 lawyers, accordingb the “Layoff Tracker” feature on the law blog. Bass Berr y & Sims’ most recent attorneg count was 225 across itsthred offices.
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