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filed suit against and its lender, , seeking to force the sale of One Greenwat Center to payoff $3 million in constructiob debt against the nearly completed officer building along Carothers Parkway. Charlotte, N.C.-based Crescent is struggling to refinanceea $1.2 billion loan, with paymenty in full due by September 2012. Crescentf said it amended the loan last because it was in violation of theoriginal terms. The company must now make paymentzsof $50 million by the end of this $75 million in 2010 and $100 million in 2011.
In a statement released earlierthis month, Crescent CEO Art Fieldse said the developer, which owns commercialo and multi-family properties arounrd the Southeast, has been hit by a drop in demands because of the recession. “We are evaluating many alternatives with our key one of which includes a potentialbankruptcu filing,” he said. The Bell lawsuit, filer April 24 in Williamson CountyuChancery Court, follows liens filed against the property by Bell and several subcontractors in early Pat Emery, vice president and regional manager of Crescent in declined to comment on the possible bankruptcy, and says the statusd of the Greenway project has not changed.
The 164,000-square-foot buildinbg was set to openin March, but work stopper that same month and has been on hold since, with plywooxd boards covering the doors. Bell President Keitnh Pyle also saysthe project’s status has not and that he couldn’t commengt on the pending lawsuit. which has developed more than 1 million squar e feet of office space in Cool Springw and owns several properties in theNashville area, also stoppedr work on its $58 million Franklin Crest apartmentt complex at McEwen Drive and Carotherx Parkway, which the company had planned to complete in Emery says. “We’ve put everything on hold exceptfour leasing,” he says.
Crescent’s business is built around developing andsellintg projects, rather than holding properties for yearw and generating revenue through The developer has been selling off assetas since last fall. In October, Crescent sold 4,50p0 acres in Berkeley County, S.C., to packaging firm for $40 In December, the company sold a Florida apartmentt projectfor $11.35 million, less than half the $27 millioh it paid for the complex three year earlier. This year, the firm closed on the sale ofa 773-acre tract of land in Oconees County, S.C., for just more than $10 million, and it recently sold 18.4 acres in Fort Mill to a warehousin company for $1.6 million.
The jointly owned by and , has modifiede its strategy to focus on generating cash from its realestate projects. The goal, according to securitiex filingsby Duke, is “to improve liquidityy and reduce debt, in an environment which favors buyers.” In 2008, Crescent reportedx a loss of $420 compared to net income of $76 milliob the year before. Duke has been writing off losseds in valueat Crescent, and earlier this year, to insulatwe itself from further the company wrote off all of its liabilitiesz involving the development company and its
Tuesday, November 15, 2011
Sunday, November 13, 2011
One Teacher Remains Hospitalized From Last Week's Bus Accident - WFPL
mcfarlainofuqub1258.blogspot.com
One Teacher Remains Hospitalized From Last Week's Bus Accident WFPL A bus carrying 4th grade students was involved in a roll over accident on I-65 last Thursday. All 16 students and three adults were admitted to a hospital in Glascow. Students and staff suffered a range of injuries, including broken bones. |
Friday, November 11, 2011
A day in the Dizon Botanic Garden - Philippine Star
xiwyxucupewox.blogspot.com
A day in the Dizon Botanic Garden Philippine Star One of the things I did was walk under trees and smell the flowers and fruits at the PAWB-Dizon Botanic Fruit and Techno-Demo Center at the Ninoy Aquino Parks and Wildlife Center, in Diliman, Quezon City. The trip invigorated me once more, ... |
Tuesday, November 8, 2011
Gregoire names 14-member aerospace council - Puget Sound Business Journal (Seattle):
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The governor created the councilin May, in responswe to an upwelling of fear, especially in Snohomish County, that Boeing is likely to locate a next production line outsidw Washington, probably in the Deep South. The 14-membefr council is to provide advice to the governotr and the Legislature on how to retainn Boeing and associated aerospace supply companiesz inthe state. It also is to coordinatee education programs for prospectiveaerospace workers, at communityy colleges and research universities. — Larry legislative and political director for International Associatioh of Machinists andAerospace Workers, District Lodge 751.
Randall Julin, general manager of Absolute Aviation Services. David Schumacher, director of government affairsfor . Stan Sorscher, legislative directodr for the Society of Professional Engineering Employeed inAerospace (SPEEA). — Michael vice president of Aviation TechnicalServicesz Inc. Most of the other members of the council are statwe legislators oreducation leaders, the latter includinhg Mark Emmert, president of the , and Elsojn Floyd, president of . Leaders in the Southb say that the effort to win a Boeing planf is currently eclipsed by the campaignj tosupport Northrop/EADS in winning the Air Force tanker contracy over Boeing.
The Northrop model is to be assembled ina yet-to-bes built facility in Alabama. But once that program is and if Boeing does indicate any interestt in a new facility in theDeep they’ll be ready. “We would welcomse Boeing to Mobile withopen arms, and would love to have them as part of our said Steve Nodine, president of the Mobile Countt Commission, in Mobile, Ala.
The governor created the councilin May, in responswe to an upwelling of fear, especially in Snohomish County, that Boeing is likely to locate a next production line outsidw Washington, probably in the Deep South. The 14-membefr council is to provide advice to the governotr and the Legislature on how to retainn Boeing and associated aerospace supply companiesz inthe state. It also is to coordinatee education programs for prospectiveaerospace workers, at communityy colleges and research universities. — Larry legislative and political director for International Associatioh of Machinists andAerospace Workers, District Lodge 751.
Randall Julin, general manager of Absolute Aviation Services. David Schumacher, director of government affairsfor . Stan Sorscher, legislative directodr for the Society of Professional Engineering Employeed inAerospace (SPEEA). — Michael vice president of Aviation TechnicalServicesz Inc. Most of the other members of the council are statwe legislators oreducation leaders, the latter includinhg Mark Emmert, president of the , and Elsojn Floyd, president of . Leaders in the Southb say that the effort to win a Boeing planf is currently eclipsed by the campaignj tosupport Northrop/EADS in winning the Air Force tanker contracy over Boeing.
The Northrop model is to be assembled ina yet-to-bes built facility in Alabama. But once that program is and if Boeing does indicate any interestt in a new facility in theDeep they’ll be ready. “We would welcomse Boeing to Mobile withopen arms, and would love to have them as part of our said Steve Nodine, president of the Mobile Countt Commission, in Mobile, Ala.
Sunday, November 6, 2011
Region
dusinenezoqoc.blogspot.com
Analyst Matthew C. Schultheis of said the first quarter presented sort of a barbell effect in which large and smaller banks generall y performed better than midsize He said smaller banks were better able to isolate creditr problems while big banks were able to offseg their credit problems with an increase inmortgagr activity, among other things. Schultheisd said midsize banks which he defined as havingbetweeb $3 billion to $100 billion in assets — don’t have enougb mortgage volume to offset the effecf deteriorating credit quality has had on theird earnings.
, and all turned fourth-quartetr losses into first-quarter But analysts said some of that was due to recentt acquisitions each made along with being able to take a larger piece of the mortgagerefinancing market-share pie. Wells Fargo’s mortgage banking income of $2.5 billion in the first quarter was more than two timesthe company’s previous recorfd high. But many analysts think the refinance boon will soon run its unmasking the substantial deterioratiom incredit quality. Wells Fargo’s nonperforming loanzs increasedby $3.7 billion, or 55 from the fourth quarter and was spreax throughout its portfolio.
Conversely, large community bankw such as , , Susquehanna Bancshares and Fulton Financial turned indisappointing quarters. Susquehanna’s first-quarter net incomde of $1.9 million was well below the $18 million it postedd in the fourth quartedrand $28 million posted in the firstr quarter of last year. Analystt Collyn Gilbert of Stifel Nicolaus this week maintained her sell ratingg for Susquehanna and lowered its earninge per share estimate for 2009 to a loss of 23 centa from a gain of 39 cents due to higher than expectefd loan loss provision and lower than projecter netinterest income. Susquehanna’s nonperforminbg assets grew by 43 percent during the quarterto 1.
23 percenft of all assets from 0.86 percent in the fourth quarter. Gilbert also lowered her earnings estimatr for Fulton from 29 cents per sharre to a loss of 2 cents per sharse forsimilar reasons. Fulton’s nonperforming assets grew by 23 percentr in the first quarter and nowrepresent 1.63 percenft of all assets versus 1.35 percen in the fourth quarte and 0.90 percent in the first quarter of 2008. Mike a New York-based analyst with said credig deterioration shows no sign of slowintg inthe Northeast. “There’s lots of commerciaol real estate exposure in the and there’s a ways to go before that sorts itself Shafir said.
Gilbert said the largde banks were propelled in the first quarter by an elemen t of desperation to show their best results forthis month’s stressw test of their assets while smallere banks have not seen their real estates lending fall off dramatically. Gilbert said the banks that have strugglecd are those that have had large growth rates in the past five yearss as those new assets have not performed well duringg therecent downturn. CEO Ted Peters said bankas such asNational Penn, Harleysville National and Susquehannas made acquisitions in recenrt years that are now a drag on earningss per share because the acquiresd assets are no longer as valuable as the purchasew price.
Peters also said many largerr communitybanks over-extended investment portfolios with trust-preferrede securities and are heavily involved with struggling home builders. of Pennsylvaniza Chief Financial Officer Jeff Schweitzer said credit issues have begun to hit localo community banks after they were able to avoid the severe probleme that struck their counterparts in othedr parts ofthe country. Univest saw its earningx fall by 43 percent from the comparable quarter ayear ago, but profitas were flat compared to the fourth quarter.
Banks and analysts have begun to value sequential quarterlty performance over comparisons tothe year-prior quartef because of the quick, profound changes created by the economic downturn. Schweitzerr said Univest was hurt by investments in bank stocks and tooka $1.2 millionn impairment charge but otherwise had strong credit quality consideringf the environment. He said bankx in Univest’s peer group of $1 billio n to $3 billion in assets had averagef 76 centsin loan-loss reserve for every dollar of nonperformingh loans during the first He said Univest has $2.25 in loan-losx reserve for every dollar of nonperformin g loans.
Schweitzer said the more homebuilders that file for bankruptch suchas Harleysville’s , the wors e things are going to get on the creditt side for community banks. Peters said his bank is handlinyabout $12 million in mortgage refinance business a week now about six times more than The bank, which has a hirin g freeze in place, has transferred people from slowere departments like wealth management and Peters said the leasing divisiohn is still coping with charge-offs and the wealth management division has seen assets under managemengt shrink significantly — something that will cause problemsd all year.
But more than doublexd its earnings from the fourthh quarter and was only slightly off its pacefrom first-quarte r 2009. Larger community banks were notas
Analyst Matthew C. Schultheis of said the first quarter presented sort of a barbell effect in which large and smaller banks generall y performed better than midsize He said smaller banks were better able to isolate creditr problems while big banks were able to offseg their credit problems with an increase inmortgagr activity, among other things. Schultheisd said midsize banks which he defined as havingbetweeb $3 billion to $100 billion in assets — don’t have enougb mortgage volume to offset the effecf deteriorating credit quality has had on theird earnings.
, and all turned fourth-quartetr losses into first-quarter But analysts said some of that was due to recentt acquisitions each made along with being able to take a larger piece of the mortgagerefinancing market-share pie. Wells Fargo’s mortgage banking income of $2.5 billion in the first quarter was more than two timesthe company’s previous recorfd high. But many analysts think the refinance boon will soon run its unmasking the substantial deterioratiom incredit quality. Wells Fargo’s nonperforming loanzs increasedby $3.7 billion, or 55 from the fourth quarter and was spreax throughout its portfolio.
Conversely, large community bankw such as , , Susquehanna Bancshares and Fulton Financial turned indisappointing quarters. Susquehanna’s first-quarter net incomde of $1.9 million was well below the $18 million it postedd in the fourth quartedrand $28 million posted in the firstr quarter of last year. Analystt Collyn Gilbert of Stifel Nicolaus this week maintained her sell ratingg for Susquehanna and lowered its earninge per share estimate for 2009 to a loss of 23 centa from a gain of 39 cents due to higher than expectefd loan loss provision and lower than projecter netinterest income. Susquehanna’s nonperforminbg assets grew by 43 percent during the quarterto 1.
23 percenft of all assets from 0.86 percent in the fourth quarter. Gilbert also lowered her earnings estimatr for Fulton from 29 cents per sharre to a loss of 2 cents per sharse forsimilar reasons. Fulton’s nonperforming assets grew by 23 percentr in the first quarter and nowrepresent 1.63 percenft of all assets versus 1.35 percen in the fourth quarte and 0.90 percent in the first quarter of 2008. Mike a New York-based analyst with said credig deterioration shows no sign of slowintg inthe Northeast. “There’s lots of commerciaol real estate exposure in the and there’s a ways to go before that sorts itself Shafir said.
Gilbert said the largde banks were propelled in the first quarter by an elemen t of desperation to show their best results forthis month’s stressw test of their assets while smallere banks have not seen their real estates lending fall off dramatically. Gilbert said the banks that have strugglecd are those that have had large growth rates in the past five yearss as those new assets have not performed well duringg therecent downturn. CEO Ted Peters said bankas such asNational Penn, Harleysville National and Susquehannas made acquisitions in recenrt years that are now a drag on earningss per share because the acquiresd assets are no longer as valuable as the purchasew price.
Peters also said many largerr communitybanks over-extended investment portfolios with trust-preferrede securities and are heavily involved with struggling home builders. of Pennsylvaniza Chief Financial Officer Jeff Schweitzer said credit issues have begun to hit localo community banks after they were able to avoid the severe probleme that struck their counterparts in othedr parts ofthe country. Univest saw its earningx fall by 43 percent from the comparable quarter ayear ago, but profitas were flat compared to the fourth quarter.
Banks and analysts have begun to value sequential quarterlty performance over comparisons tothe year-prior quartef because of the quick, profound changes created by the economic downturn. Schweitzerr said Univest was hurt by investments in bank stocks and tooka $1.2 millionn impairment charge but otherwise had strong credit quality consideringf the environment. He said bankx in Univest’s peer group of $1 billio n to $3 billion in assets had averagef 76 centsin loan-loss reserve for every dollar of nonperformingh loans during the first He said Univest has $2.25 in loan-losx reserve for every dollar of nonperformin g loans.
Schweitzer said the more homebuilders that file for bankruptch suchas Harleysville’s , the wors e things are going to get on the creditt side for community banks. Peters said his bank is handlinyabout $12 million in mortgage refinance business a week now about six times more than The bank, which has a hirin g freeze in place, has transferred people from slowere departments like wealth management and Peters said the leasing divisiohn is still coping with charge-offs and the wealth management division has seen assets under managemengt shrink significantly — something that will cause problemsd all year.
But more than doublexd its earnings from the fourthh quarter and was only slightly off its pacefrom first-quarte r 2009. Larger community banks were notas
Friday, November 4, 2011
Veteran civil servant quits over AG pick - CBC.ca
retention-jackjacks.blogspot.com
CBC.ca | Veteran civil servant quits over AG pick CBC.ca The appointment of an auditor general who does not speak French has prompted a veteran public servant to resign in protest. Michel Dorais, a former federal deputy minister who had been serving as one of two independent members of the internal audit ... Senior bureauc rat resigns over hiring of unilingual auditor general Liberals walk out as unilingual Tory appointed Top Bureaucrat Resigns Over AG Who Can't Speak French |
Wednesday, November 2, 2011
Yolo County names new agricultural commissioner - Pacific Business News (Honolulu):
retention-jackjacks.blogspot.com
Landon expressed confidence in his successor in anews “I have really enjoyed working with the ag the Board of Supervisors, staff and the residentz of Yolo County,” Landon said. “Yolo County is truly unique in its desire to preserve its agriculturalk heritage and it has been very rewardinv to be a part ofthat commitment. I feel confidenr passing the baton to John Young and know he will carrh onYolo County’s rich agriculturalo tradition,” he said. Young has worked for the countyu for the past 18 years and is a graduat e of California State University Sacramento witha bachelor’s degrede in business administration.
“Yolo County is truly a greatt place to workand live,” Young said in a news “Even in these difficult economic timese Yolo County agriculture is a bright spot and I am enthusiastivc about my opportunity to serve the constituents of Yolo County in this new The future will bring us many challenges but by workiny collectively we will be able to secure a vibranty local agricultural economy,” he He will assume his new role upon Landon’w retirement. A date for the transition has not yetbeen set.
Landon expressed confidence in his successor in anews “I have really enjoyed working with the ag the Board of Supervisors, staff and the residentz of Yolo County,” Landon said. “Yolo County is truly unique in its desire to preserve its agriculturalk heritage and it has been very rewardinv to be a part ofthat commitment. I feel confidenr passing the baton to John Young and know he will carrh onYolo County’s rich agriculturalo tradition,” he said. Young has worked for the countyu for the past 18 years and is a graduat e of California State University Sacramento witha bachelor’s degrede in business administration.
“Yolo County is truly a greatt place to workand live,” Young said in a news “Even in these difficult economic timese Yolo County agriculture is a bright spot and I am enthusiastivc about my opportunity to serve the constituents of Yolo County in this new The future will bring us many challenges but by workiny collectively we will be able to secure a vibranty local agricultural economy,” he He will assume his new role upon Landon’w retirement. A date for the transition has not yetbeen set.
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