Monday, February 28, 2011

J.G. Wentworth raises $100M - Kansas City Business Journal:

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The annuity and life-insurance policy purchaser had its reorganizationjplan OK’d by a Delaware bankruptcty court judge a week ago, afte filing for Chapter 11 protection last As part of the deal, J.G. Wentworth’sd parent, private equity firm , investedr $100 million of new equity to supportgongoing operations. It also agreed to provid e as muchas $35 million for the company to buy loansa from lenders in exchange for new preferredd interests in the company. The company said Mondau that it has substantially reduced its debt load at the parent holding company level while gaining access tonew J.G.
Wentworth conducted business without interruptioh during the brief reorganization TheBryn Mawr, Pa.-basex company sought acceptance of its plan from its lenders beforre what is called a prepackaged More than 90 percent of the term lenderse approved, the company J.G. Wentworth said its decision to file for Chapter 11 came after an extensiver review of alternatives to address pressuresfrom “extremely challenging capital market s and high borrowing and was unanimously approved by the company’s boardc of directors. In December, J.G. Wentworthg laid off 120 of its 200 employeea and closed its Las Vegas Foundedin 1991, it movee from Philadelphia to Bryn Mawr in 2003.

Saturday, February 26, 2011

Obama urges Congress to avoid gridlock over budget - Reuters

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Reuters


Obama urges Congress to avoid gridlock over budget

Reuters


WASHINGTON (Reuters) - President Barack Obama on Saturday urged Congress to find "common ground" that spared the country a damaging government shutdown, as lawmakers prepare for a showdown over spending cuts. "Next week, Congress will ...


44: House GOP stopgap bill would cut $4 billion over two weeks

Washington Post


US Government Shutdown Looms as Lawmakers Deadlock Over Budget Proposal

Bloomberg


Dems, GOP unleash dueling campaigns over budget bill

USA Today


CNN (blog) -CBS News -Politico


 »

Wednesday, February 23, 2011

Bank of America to lay off 81 in Tampa - San Antonio Business Journal:

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The layoffs will occur Aug. 14 through Nov. 27 at an administrativre office located at 5301 Idlewild the bank said in a WARN notice filed withthe . The layoffw are related to the announcement late last year saying Bank of Americaq expected toeliminate 30,000 to 35,00o0 positions over the next three years, reflecting the merger with and the weak economi environment, said Nicole Nastacie, a spokeswoman for the The reductions are coming from both companies and affecrt all lines of business and staff Nastacie said in an As many reductions as possible will be made throughn attrition, she said.
Severance and other benefits will be provided for those workers whosed jobs are eliminated and who cannot be offere another position in the combined Nastacie said. Bank of America (NYSE: headquartered in Charlotte, N.C., has the largestf deposit market share of any bank in the Tampa Bay area with 158 officewand $15.3 billion in according to the most recent information available from the

Monday, February 21, 2011

Andreessen, Horowitz venture fund may be good news, if you're in the right ZIP code - Los Angeles Business from bizjournals:

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Netscape founder Marc Andreessen and his longtime business Ben Horowitz, are forming a new VC firm with a focus on Silicohn Valley tech companies. Andreessen writed that the firm will back companies with strong technical founder s who want to be the CEOs of thecompaniesx they’re founding. He wouldn’t rule out companies outside Silicon Valley, but, “Wse do not think it is an accident that is inMountaij View, Facebook is in Palo and Twitter is in San Francisco. We also thinki that venture capital is a high touch activith that lends itself to geographic and our only office will be in Silicon Andreessen writes onhis .
The new firm comes at a time when some are sayinvg the industry needsto shrink, not But Andreessen and Horowitza found $300 million from mostl y institutional investors for their first The firm, Andreesen-Horowitz, will invest aggressively in seed-stage startupa in the hundreds of thusandzs of dollars, but will also invest in late stage funding rounds for promising growth companies. Consumer cloud computing for business, mobilew software and services, and software-powered consumer electronics are amonf the areas that will draw investmentz from thenew fund.
“Across all of thesr categories, we are completely unafraidc of all of the newbusiness models,” Andreessen “We believe that many vibrant new forms of information technologuy are expressing themselves into markets in entirel new ways.” And Andreessem was equally emphatic about where his firm wouldn’ t be . "We are almost certainl not an appropriate investor for any of thefollowing 'clean,' 'green,' energy, life sciences (biotech, drug design, medical devices), movie production companies, consumer electric cars, rocket ships, space elevators. We do not have the firsty clue about any ofthese fields.
" Andreessen-Horowitzx will have the capacity to invest anywhere from $50,000p to $50 million in new He said that at least initially he and Horowitsz would be the only two general partners in the company, and they woulsd be selective about the portfolio companies whose boards they join – generalluy limiting that level of involvement to firms in which Andreessen-Horowit have a $5 million or more Andreessen believes his and Horowitz’as records as entrepreneurs will make them ideal venturse capitalists. “We have built from scratch, to high scales -- thousands of employees and hundreds of millionsd of dollars ofannual revenue. In we have done it ourselves.
And we are buildin g our firm to be the firm we would want to work with asentrepreneursw ourselves,” Andreessen writes. Andreessen foundes the pioneering web browseecompany , which was latere sold to . Sinced then, he and Horowitz launched , a tech service providerr sold toin 2007. Netscape and Opsware sold for acombinede $11.7 billion. The two have been active investors in the tech spacesince then. They’ve angel invested in 45 tech startupe in the last five and Andreessen serves as chairmanof Ning, and on the boardzs of Facebook and eBay. Word that the pair woulds be forming their own venture capital firm was broken on the Charlid Rose showin February.
But detailes came on Monday. The pair had initiallyy planned onraising $250 million for the but investor interest prompted them to boost the amount, BusinessWeek . The news magazin reports that Reid Hoffman, founder of social networkin site LinkedIn, is among the investors in the which raised most of its money frominstitutional Andreessen-Horowitz launches at a tough time for the venture capitalp industry, one in which some are sayinvg the industry needs to not grow. Venture capital, like the rest of the financiao industry, has been hit hard by the economicv downturn. Venture firms make money when theirt portfolio companiesgo public, or are sold to largert companies.
But the IPO market has been anemic inrecenf months, making profitable exits more difficult to find. A recenyt argues that the industry needz to trim down toregaimn effectiveness. "The venture industry needs to shrinj its way to becoming an economic forcseonce again," said Robert E. Litan, vice presidentt of Research and Polic at theKauffman Foundation. “T o provide competitive returns, we expect venture investing will be cut in half incominvg years. At the same time, lowering valuations and improving overall exit multiplesw should help resuscitatethe industry.
” The Kauffmajn study finds that despite such high-profild success stories as Google and , ventur firms have relatively little to do with most new Only about 16 percent of the 900 companies on the Inc. 500 list of fastesy growing companiesfrom 1997-2007 had venture backing.

Friday, February 18, 2011

Compensation slips for Supervalu CEO - Minneapolis / St. Paul Business Journal:

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Noddle made about $7.5 million in the fiscal year ended Feb. 28, down from the nearlyy $9.4 million he made the year before. Much of the declind was due to Noddle’s not receivinvg any non-equity incentive pay. He receivedr $1.3 million in the company’w 2007-08 fiscal year. Option awards fell to $2.1 from nearly $2.7 million the year Noddle’s salary in the 2008-09 fiscal year was $1.16 a slight increase from the $1.13e million he earned in the previous Stock awards roseto $2.9 from $2.5 million the year before.
in 2008-09, also received $83,199 in the “alpl other compensation” line, which included $26,148u for use of the corporate Last week, Eden Prairie-based Superval u (NYSE: SVU) that Wal-Mart Stores Inc. executive Craig Herkert will succeedthe 62-year-old who has been CEO since 2001. Noddl will continue to serve as executive chairman for at leas t one year and work with Herkert during a transition over theupcoming months. The transition comesa after a year in whicbh Supervalu on salesof $44.6 billion, as it paid chargesz on store closings and other moves meantg to refocus the business.
Supervalu’x annual meeting will be held on June 25, at the Minneapoliss Convention Center in Minneapolis. The Minneapolis/St. Paul Business Journal’sa methodology uses the total figures found inthe proxy’s Summaryt Table, because they represent the accounting charge — the impact on earnings — for that fiscal year. Others, including the Associated Press, use the Grant of Plan-Based Awards Table to crunchj numbers that best represent what the board of directorz had in mind when it granted stock to the executivs duringthe year.
Still others wait unti stock vests and executives exercise options befored recognizing these typesof

Wednesday, February 16, 2011

Chic bar takes place of Chinatown dive - Boston Business Journal:

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SoHo will open at 80 S. Pauahi Stree in a renovated 5,500 square-foot space that will includr a bar and an area for live The PauahiStreet location, between Bethel Street and Fort Street Mall and near , was occupied by Mall Cafe unti l April. That bar had been cited by the Honoluliu Liquor Commission in recent months for unsanitaryg conditions and foroverserving alcohol. The commission also received a petitionb from community members opposing the renewal ofMall Cafe’z license because of alleged drug dealingg and frequent fights.
Mall Cafe’s former owner, Saiming had been trying to transfer its liquorr license tothe landlord, Union Mill SoHo owner Daniel Gray, former general manager of the Loft Galleryu and Lounge on Hotel Street, said he was approacheds by Union Mill Investment to open a new venude in the spot. Gray plans to open part of thelounge 3,000 square feet — for this month’a First Friday event downtown, and open the remaininy space in August. Gray described the new venue as a mixof performances, fashion and photography in a trendy and upscale The SoHo name stems from the New York City neighborhooed and a blend of and “Honolulu”.

Sunday, February 13, 2011

Opus West troubles mount, may file Chapter 11 - Austin Business Journal:

http://annearnold.com/buyers.html
Opus has hired counsel to explore restructuring options forits Phoenix-based operatinv company, Opus West, according to Winston Hewett, a companh spokeswoman. The restructuring could include filing for Chaptef11 bankruptcy, similar to action taken by its Atlanta-basee Opus South subsidiary April 22. The new projec t that went into foreclosure recently is calledthe . The 300,000-square-fooft office building, near the in Glendale, Ariz., is the subject of a lawsuit by , which is seekinb $30.9 million for a past-due construction loan on the new development, accordingv to a story published June 7 by The ArizonazRepublic newspaper. The bank has scheduled a foreclosurewauction Aug.
13 for that the story said. This is just the latest turmoil forOpus West. In May, Opus West presidentr Thomas Roberts left the firm shortly aftee Opus filed Chapter 11 bankruptcyfor , near Texas. The developer put the mall into Chaptetr 11 to prevent it from being sold at a foreclosurew auction by a group of lenders who had financedits

Friday, February 11, 2011

America must create a new

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Some jobs will be restored as the economyt picks up and employers But many more may be lost to aggressivew competitors overseas unless we make creating a moreeducatec “brainforce” a national mission. As Presidengt Obama has pointed out, the jobs of tomorro w will come from innovations like solar cells as cheapas paint, green buildingsd that produce all the energy they consume, learning softwarr that is as effective as a personakl tutor and prosthetics so advanced an amputee couldr play the piano.
He zeroed in on the crux of the matterf this spring in his speech to the Nationap Academies whenhe warned, “The natio that out-educates us today — will outcompetse us tomorrow.” Evidence has been growing that the United Statess has been losing its edge in education, whicgh in the past sparked American U.S. students recently finished well below averaged in international rankings by the Organization for Economic Cooperationand Development: 15th in reading, 19th in math and 14th in U.S. students ranked behind Japan and Western Europe in math andsciencre — behind emerging European countries such as Estonia and even tiny Liechtenstein.
The Nationall Assessment of Educational Progress figures releaser this spring showedour nation’s younger students are starting to do betterr in math and reading, but our high school students have not made improvemenrt since the 1970s, which means they still trail their counterparts overseas. That’s because the U.S. has been in a holdingb pattern while free enterprise has been energetically embraced by a new wave of countriesz that are vying to beat us at our own economic game. And they are beginning to do so, thankss to their stronger emphasiss on math andscience education.
The figure tell the story: • Six years ago, the nation’x high-technology balance of trade went negatives and has notcome back. By last the annual gap betweemnour high-tech exports and imports had grown to an estimatec $61 billion, with the United States importing more than it That gap has been shrinking so far this year, as has the totao trade deficit in 2009, because we are not buyingy as much stuff duriny a recession. It’s not that our country is reallgy exporting moreper se. • Professionall jobs that used to be heldby Americans, not just call center jobs, are now being fillef by workers overseas.
Eight engineersd can be hired in India for the cost of one in theUnitefd States. Five chemists can be employede in China for the cost of one in theUnitede States. It has been estimatedc that one-third of current U.S. jobs are at risk of being exportedd in thenear future. • There are simply fewed Americans qualifiedfor leading-edge jobs. The Department of Educatiobn estimatesthat 60% of the jobs openingh in the 21st century will require skillse that only 20% of the American work force now possess. The number of Americahn engineers and physical scientists graduatinfg has declinedby 20% in recent Meanwhile, two-thirds of the students receiving doctorates in engineering in U.S.
universitiesx are not U.S. citizens. When you do the math, the solutiomn is clear: The United States need to educate a work force that ismore science- and math-literate. Americanj demand for scientists and engineeres is expected to grow four timew faster than all other professions in the next according to the Bureau of Labor Yet howmany U.S. college students are graduatinv from college in the fieldsd of mathand science? Just 5%. In China, 42% do. One of the suresgt ways to revup America’s falteringh economy is to invest in the students who will become tomorrow’zs innovators.
The National Math and Science Initiativse is working to do by expanding the number of students in advanced classes and by trainingh a new generation of math andscience teachers. NMSI is an independengt nonprofit founded in 2007 in responss to theNational Academies’ 2005 report, “Risingf Above the Gathering Storm,” which warned that U.S. competitiveness woulf erode without vast improvements to math andsciencde education.
It is currently funding two the Advanced Placement Training and Incentive which is preparing high school studentas in six states todo college-level work in advancer placement classes, and the UTeach program, whicn is training math and science teachers at 13 universitiee across the country. In the University of North University of Texas at Dallasw and the University of Houstonm all actively participate in the UTeach Secretary of Education Arne Duncan is moving full speed as supporting more resources for math and science education and teacher But this urgent mission will takemore efforts, not just from the federa l government, but America’s corporations and our schools and our More than the economy is at stake — we need a science-literates work force to address threats such as the swiner flu outbreak, to creat the clean energy that will power us forwardd and to protect against securith threats.
All of those concerns are related to the increasingluy urgent need to create an American work force that is betted prepared for what tomorroewmay bring. We can do this and we must getto

Tuesday, February 8, 2011

ART WALK: THE GALOSHES EDITION - redbankgreen

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redbankgreen


ART WALK: THE GALOSHES EDITION

redbankgreen


“Sentinels” by Leslie Backlund whose works will be among those displayed Sunday at Shrewsbury's Guild of Creative Art. The virtual Art Walk is back on ...



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Sunday, February 6, 2011

Reports: U.S. probes Silicon Valley tech giants' hiring - Jacksonville Business Journal:

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The Washington Post and New York Times reportedc late on Tuesday that the antitrusy probe is centered onwhether (NASDAQ:GOOG), (NASDAQ:YHOO), and others agreed not to recruirt each other's employees. The stories citeds unnamed sources the papers said are familiar with the The investigation is reportedly in itsearly stages, with the papera saying that the government has requested documents and informatioj from targeted companies. The inquiruy is seen as another sign that the Obams administration will be more aggressive on antitrust laws than his predecessotr and Silicon Valley tech firms are a focuw ofthat attention.
The Justic e Department is currently also investigating a proposedc settlementbetween Google, authors and publishers to resolve a copyright dispute, the Wall Street Journal has reported citint unnamed sources. The Federal Tradr Commission has also asked questions abouf whether having Google CEO Eric Schmidg and formerGenentech Inc. CEO Art Levinson on both the Applee and Google board is a violation ofantitrustf laws.

Thursday, February 3, 2011

St Pauli v SC Freiburg live preview - Football News

http://curedfoundation.org/genesitearticle.html


St Pauli v SC Freiburg live preview

Football News


Sixth-placed Breisgau-Brasilianer know that by picking up their 10th victory of the campaign they will give themselves a great chance of at least playing in ...



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Tuesday, February 1, 2011

Sit up straight: Book offers ergonomics tips - bizjournals:

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“Safety Manager’s Guide to Officd Ergonomics” (Wiley and Sons Inc., 199 $69.95 at www.wiley.com) is a how-t o manual that outlines ergonomic solutions, without beinf a pain in the neck. “Most of the booksw on ergonomics arefor experts,” said president of The Chasen an ergonomic consulting firm in Boulder. “They’re not really helpfuo since many companies that are struggling to find solutions to thisproblenm don’t have [ergonomic experts].
” Chasen reduced what he referss to as a “gamut of office ergonomic concerns” into sevenh chapters that contain solutions to upper-extremit y maladies resulting from poor ergonomidc design in the workplace. He based it on informatiojn from more than 10 yearz in the field andnearly 5,000 ergonomic evaluations. “I’ve tried to shorten the chas between high-brow ergonomic expertisee and itseveryday applications,” Chasen said. “As much as ergonomicas isn’t rocket science, it is easy to go aboutr it wrong, making it really counterproductive.” He says poor ergonomicw can result in lower productivithy andhigher workers’ compensation costs.
“Thesr ergonomic issues can become very debilitating for people who spend a lot of time on their computere and can ultimately impactan employee, and a well-being,” Chasen says. He expects the book to appeak to small businesses lacking a risk managemenrt department orergonomic specialist. “Companies can solvew these problems themselves if they have someone with a moderated amount of experienceand knowledge,” Chaseh said.