Rhino Resource Partners Announces Acquisition of Met » |
Tuesday, June 14, 2011
Sunday, June 12, 2011
Family, friends search for missing fisherman - Minneapolis Star Tribune
ermolayxitpev.blogspot.com
Family, friends search for missing fisherman Minneapolis Star Tribune Ty Sitter is an avid outdoorsman and frequent visitor to the Boundary Waters, where he went missing Thursday. Ty Sitter and his fianc�e Cassandra Powell. The family members of a 23-year-old man who went missing in northern Minnesota aren't returning ... Wisconsin fisherman missing in Boundary Waters Fisherman missing in Boundary Waters |
Friday, June 10, 2011
Ed Whitacre named new GM chairman - Triangle Business Journal:
adepylex.blogspot.com
former chairman and CEO of , to becomde the new chairman ofthe U.S. automaker once it completes itsbankruptct reorganization. Kresa will continue to serve as interim chairman until Whitacre takes over the helm ofthe U.S. GM says Whitacre and Kres — along with president and CEO Frederick A. Henderson and boarf members Philip A. Laskawy, Kathryh V. Marinello, Erroll B. Davis Jr. and E. Neville Isdelo — will serve as the nucleus of the new GM GM has launched a selection process to identifyh four more directors who will serves on the board of thereorganized company.
The Canadian government and the new UniteeAuto Workers’ Voluntary Employee Benefit Association will each nominate one bringing the total number of directors for the companyg to 13. On June 1, GM announcee that the company’s three domestic subsidiariesz had filed voluntary petitions for relief under chaptere 11 of the Unite States Bankruptcy Code inthe U.S. Bankruptcyu Court for the Southern District of New The company’s reorganization plan includes selling substantiallu all of its global assetss to a new entity that will take on the GM That sale is subject to the approval of the “The appointment of Ed Whitacre as chairman representes a very auspicious beginning for the new GM,” Kresaz says.
“We look forwardd to working with him to complete the reinventiohn of GM and maximize the enormouas potential of thisnew Whitacre, 67, was chairman and CEO of AT&TT Inc. and its predecessor companies from 1990to 2007. Durinb his tenure, which began with Southwestern Bell, Whitacre led the compant through a series of mergersand acquisitions. One of the more prominenr acquisitionswas AT&T. Whitacre retired from AT&r in 2007, handing over the reins of the companyy toRandall Stephenson. AT&Tf (NYSE: T) subsequently relocated headquarters to Dallasin 2008. Whitacrwe maintains an office inSan Antonio.
Following his retirement, Whitacrre accepted a teaching position on the business faculty at Texae Lutheran Universityin Seguin, Texas, near San Antonio. “I am honoredc to be able to serve GM at this criticalo juncture and take part in its Whitacre says. GM was founded in 1908. The companh now manufactures cars and trucks in 34 Its headquarters arein Detroit.
former chairman and CEO of , to becomde the new chairman ofthe U.S. automaker once it completes itsbankruptct reorganization. Kresa will continue to serve as interim chairman until Whitacre takes over the helm ofthe U.S. GM says Whitacre and Kres — along with president and CEO Frederick A. Henderson and boarf members Philip A. Laskawy, Kathryh V. Marinello, Erroll B. Davis Jr. and E. Neville Isdelo — will serve as the nucleus of the new GM GM has launched a selection process to identifyh four more directors who will serves on the board of thereorganized company.
The Canadian government and the new UniteeAuto Workers’ Voluntary Employee Benefit Association will each nominate one bringing the total number of directors for the companyg to 13. On June 1, GM announcee that the company’s three domestic subsidiariesz had filed voluntary petitions for relief under chaptere 11 of the Unite States Bankruptcy Code inthe U.S. Bankruptcyu Court for the Southern District of New The company’s reorganization plan includes selling substantiallu all of its global assetss to a new entity that will take on the GM That sale is subject to the approval of the “The appointment of Ed Whitacre as chairman representes a very auspicious beginning for the new GM,” Kresaz says.
“We look forwardd to working with him to complete the reinventiohn of GM and maximize the enormouas potential of thisnew Whitacre, 67, was chairman and CEO of AT&TT Inc. and its predecessor companies from 1990to 2007. Durinb his tenure, which began with Southwestern Bell, Whitacre led the compant through a series of mergersand acquisitions. One of the more prominenr acquisitionswas AT&T. Whitacre retired from AT&r in 2007, handing over the reins of the companyy toRandall Stephenson. AT&Tf (NYSE: T) subsequently relocated headquarters to Dallasin 2008. Whitacrwe maintains an office inSan Antonio.
Following his retirement, Whitacrre accepted a teaching position on the business faculty at Texae Lutheran Universityin Seguin, Texas, near San Antonio. “I am honoredc to be able to serve GM at this criticalo juncture and take part in its Whitacre says. GM was founded in 1908. The companh now manufactures cars and trucks in 34 Its headquarters arein Detroit.
Tuesday, June 7, 2011
From harems to terrorism: Dearborn museum website aims to explore, overcome ... - The Canadian Press
yzirapogyg.wordpress.com
From harems to terrorism: Dearborn museum website aims to explore, overcome ... The Canadian Press The Arab American National Museum officially launched an online exhibit Tuesday that aims to explore â€" and overcome â€" Arab stereotypes that have influenced popular culture for more than a century. The exhibit, "Reclaiming Identity: Dismantling Arab ... |
Sunday, June 5, 2011
Villa Rica-based Community Bank of West Georgia fails - St. Louis Business Journal:
husolumiz.wordpress.com
No bidder was found for Community Bank’es operations — one branch in the Atlanta suburbv — and the bank will be shuttered. The will mail depositors check for their insured funds next according to a release from the Georgia Departmenft of Bankingand Finance. Until then, depositords will not have access to their money via checks orthe bank’s Web As of first quarter 2009, the bank had $182.5 millionm in total deposits. The FDIC estimates $1.1 millio n in customer depositsare uninsured. Currently the FDIC guarantees upto $250,00p in deposits per account.
Blairsville-base will act as the deposit agenf for any federal funds customers would normally receive from the bank viadirecgt deposit, including Social Security and Veterans’ payments. This is the seconr seizure without a buyer in Georgia sinced thebanking collapse. was . Stockbridge-based bank faile d in March 2009, and served as the deposit ageny for federal money for customers in that Community Bank, like a growing catalog of failed Georgiaz banks, gambled heavily on residential real estate loans, and The bank was created at the beginnings of the home buying and constructioj boom, in 2003.
As of first quartere 2009, roughly one-third of the bank’ds $129 million in total loans were in some stagrof delinquency, default or had become bank-ownedc foreclosures. By the time of the bank’s it had $27 million in foreclosedr real estate onits books, $11 milliojn in loans that appeared unlikely to be repaid and only $7.3 milliobn in equity capital to absorb losses. The bank’s Texas Ratio or a comparison of its loan problems to its equity an industry metric created durintthe S&L Crisis to measure banks’ health throughout Texas — was 294 percentg at the end of first quarter 2009.
Most of the baker’s dozen bank failurea in Atlanta had Texas Ratiosw in excess of 300 and is becoming a common indicator of banks likelu to be seized by The failure is expected to costthe FDIC’x hard hit insurance fund $81 million. Developing...
No bidder was found for Community Bank’es operations — one branch in the Atlanta suburbv — and the bank will be shuttered. The will mail depositors check for their insured funds next according to a release from the Georgia Departmenft of Bankingand Finance. Until then, depositords will not have access to their money via checks orthe bank’s Web As of first quarter 2009, the bank had $182.5 millionm in total deposits. The FDIC estimates $1.1 millio n in customer depositsare uninsured. Currently the FDIC guarantees upto $250,00p in deposits per account.
Blairsville-base will act as the deposit agenf for any federal funds customers would normally receive from the bank viadirecgt deposit, including Social Security and Veterans’ payments. This is the seconr seizure without a buyer in Georgia sinced thebanking collapse. was . Stockbridge-based bank faile d in March 2009, and served as the deposit ageny for federal money for customers in that Community Bank, like a growing catalog of failed Georgiaz banks, gambled heavily on residential real estate loans, and The bank was created at the beginnings of the home buying and constructioj boom, in 2003.
As of first quartere 2009, roughly one-third of the bank’ds $129 million in total loans were in some stagrof delinquency, default or had become bank-ownedc foreclosures. By the time of the bank’s it had $27 million in foreclosedr real estate onits books, $11 milliojn in loans that appeared unlikely to be repaid and only $7.3 milliobn in equity capital to absorb losses. The bank’s Texas Ratio or a comparison of its loan problems to its equity an industry metric created durintthe S&L Crisis to measure banks’ health throughout Texas — was 294 percentg at the end of first quarter 2009.
Most of the baker’s dozen bank failurea in Atlanta had Texas Ratiosw in excess of 300 and is becoming a common indicator of banks likelu to be seized by The failure is expected to costthe FDIC’x hard hit insurance fund $81 million. Developing...
Friday, June 3, 2011
Brewer vetoes budget plans and calls special session, state may avoid shutdown - Phoenix Business Journal:
ovaluleq.wordpress.com
The Legislature sent Brewer a budgetf that included more spending cuts than she prefer and does not include a temporart sales tax increase or flat income tax plan that was part of budgetr compromiseslast week. The budgetr was transmitted to Brewer this morning as the state tried to avoid a shutdowb at the end of the fiscal year at midnightJune 30. The governo r responded Wednesday afternoon with vetoed of some budget billsand line-item vetoes of other legislative actions, includintg spending cuts and raids of various fundas to help close a $3 billion budget deficit. Brewer called the budget “fatall y flawed” with too many cuts for universities andhealth services.
The governo is calling the Legislature back into session on Monday to hammedr out anew budget. Brewer did sign some budgeg bills (which included the line-item vetoea of specifics actions) which will avoid a shutdown of statw government officesand services. The centerpiece of the budgey battle revolves arounda three-year, temporary increas e to the state’s sales tax. Brewer and business leaders back the tax increase to help solv the budget shortfall and avoidspendinbg cuts. But the salees tax plan failed to gain supportfrom anti-tax Republicans as well as Democrats in the The controversial flat income tax plan -- which woulds have taxed all state income at 2.
8 percen t and exempted the first $10,000 of an individual’s earningsx from the tax -- also was not in the Legislature’sw budget. It could be revived in the special
The Legislature sent Brewer a budgetf that included more spending cuts than she prefer and does not include a temporart sales tax increase or flat income tax plan that was part of budgetr compromiseslast week. The budgetr was transmitted to Brewer this morning as the state tried to avoid a shutdowb at the end of the fiscal year at midnightJune 30. The governo r responded Wednesday afternoon with vetoed of some budget billsand line-item vetoes of other legislative actions, includintg spending cuts and raids of various fundas to help close a $3 billion budget deficit. Brewer called the budget “fatall y flawed” with too many cuts for universities andhealth services.
The governo is calling the Legislature back into session on Monday to hammedr out anew budget. Brewer did sign some budgeg bills (which included the line-item vetoea of specifics actions) which will avoid a shutdown of statw government officesand services. The centerpiece of the budgey battle revolves arounda three-year, temporary increas e to the state’s sales tax. Brewer and business leaders back the tax increase to help solv the budget shortfall and avoidspendinbg cuts. But the salees tax plan failed to gain supportfrom anti-tax Republicans as well as Democrats in the The controversial flat income tax plan -- which woulds have taxed all state income at 2.
8 percen t and exempted the first $10,000 of an individual’s earningsx from the tax -- also was not in the Legislature’sw budget. It could be revived in the special
Wednesday, June 1, 2011
Corus Bank ordered to submit capital plan - South Florida Business Journal:
tasypaju.wordpress.com
The Chicago-based bank holding companyy (NASDAQ: CORS) disclosed the May 1 order in its firstquarter report, filed on Mondayy with the , in which it said it lost $285 The news should come as no surprise, givemn that Corus Bank also disclosed in the report that just one of its condlo development loans in South Florida is not at risk of If the bank does wind up in the could put more than $1 billioh in loans to South Florida projectw on the market. This is not the first time federalo regulators have come downon Corus. , they placef restrictions on management and ordered the bank holding company to raisd its capital level byJune 18. That deadline stilll stands.
In the May 1 additional restrictions were placedon management. The ordet also limits the interest rates Coruzs Bank can offer on depositsz to no morethan 0.75 of a percent aboves the national average. Since the bank attracts most of its depositdthrough high-rate certificates of deposit via the Internet, this couls cause a liquidity problem for Corus Bank, said Phili van Doorn, a senior banking analysg at The Street.com Ratings in Jupiter. Basedd on the average deposit returbn rates contained in a databasseof 5,000 banks on Tuesday, van Doorn said Corus Bank offered the highest CD return rate in the nation.
If regulatoras force it to lowerits rates, depositorws could flee when theidr terms expire, he Corus Bank said it has hired an investmenft bank to explore ways to raise but it warned shareholderse it might not be successful. “Any materiakl failure to comply with the provisions of the regulatory agreement s could result in further enforcementr actions by both the Federal Reserve Board andthe , or the placinb of the bank into conservatorship or Corus wrote in its quarterly report. Van Doorn said prospects for raising capital and avoidinbg receivershipappear dim. He cited its $6.4 million loss on net interestf – essentially negative revenue fora bank.
That meanz Corus paid out more to depositors in the firsr quarter than it received in interesy fromits loans. The bank missed out on $38 milliomn in interest payments in the first quarter because ofits $2.0 4 billion in nonperforming loans, which represented 49 percentf of Corus’ total loans. A Corus spokeswoman did not immediatelu return a callseeking comment. Corus President and CEO Rober t J. Glickman and Chairman Joseph C. Glickma resigned in April, althougg the latter continues to collec lifetime annual compensationof $59,000.
The bank’s condoi construction-intensive strategy made it a majord financer ofSouth Florida’s building boom and it is suffering as a Corus Bank had 14 condo construction loans and two apartmentg loans with a $1.03 billion balancse as of March 31. Of 12 condo loans and both apartment loansx with balances and commitmentsof $955 milliobn were nonperforming. In addition, one more South Floridqa condo loan valuedat $49 million was classified as a potentia problem loan, which mean Corus expects to record a loss on the That means only one Corus development loan in South Florida, valuec at $28 million, was in good standing as of Marcy 31.
It is not clear whichg project itis for, but it has been completed. Corus-finance d projects in South Florida accountfor 2,35p completed units, which have had 737 closings as of Marcb 31, and an additional 1,334 units undef construction, according to the company’s SEC filing. Thered have been significant construction cost overruns at some ofthe bank’se South Florida projects. Six nonperforming Soutyh Florida loans with balancesof $216 millio n have rung up $56 million in cost overrunw that Corus funded to keep work going. That’s much higherr than the national cost overrun rate the bankhas experienced.
Corusd valued its one repossessed condo inSoutbh Florida, the Tao in Sunrise, at $73.2 milliob on March 31, down from $80.9 million at It has sold nine of the 369 unitws there, according to the company’s SEC Corus said it was in the process of seeking foreclosurwe against three South Florida projects with $164.8 million in loans and 569 units as of Marcj 31. The bank has since filed a foreclosures lawsuitin Miami-Dade County Circuit Court against the developef of the 118-unit Onyx on the Bay which has 41 unsold units. The original loan was for $44.1 million.
Van Door said there would be a lot of vulture investotr interestin Corus’ South Florida condo loans because of the high qualithy of the projects, but they probabl won’t be discounted enough for buyers unless the bank fallz into federal receivership. “I don’t see how Corue will get out of it,” he said.
The Chicago-based bank holding companyy (NASDAQ: CORS) disclosed the May 1 order in its firstquarter report, filed on Mondayy with the , in which it said it lost $285 The news should come as no surprise, givemn that Corus Bank also disclosed in the report that just one of its condlo development loans in South Florida is not at risk of If the bank does wind up in the could put more than $1 billioh in loans to South Florida projectw on the market. This is not the first time federalo regulators have come downon Corus. , they placef restrictions on management and ordered the bank holding company to raisd its capital level byJune 18. That deadline stilll stands.
In the May 1 additional restrictions were placedon management. The ordet also limits the interest rates Coruzs Bank can offer on depositsz to no morethan 0.75 of a percent aboves the national average. Since the bank attracts most of its depositdthrough high-rate certificates of deposit via the Internet, this couls cause a liquidity problem for Corus Bank, said Phili van Doorn, a senior banking analysg at The Street.com Ratings in Jupiter. Basedd on the average deposit returbn rates contained in a databasseof 5,000 banks on Tuesday, van Doorn said Corus Bank offered the highest CD return rate in the nation.
If regulatoras force it to lowerits rates, depositorws could flee when theidr terms expire, he Corus Bank said it has hired an investmenft bank to explore ways to raise but it warned shareholderse it might not be successful. “Any materiakl failure to comply with the provisions of the regulatory agreement s could result in further enforcementr actions by both the Federal Reserve Board andthe , or the placinb of the bank into conservatorship or Corus wrote in its quarterly report. Van Doorn said prospects for raising capital and avoidinbg receivershipappear dim. He cited its $6.4 million loss on net interestf – essentially negative revenue fora bank.
That meanz Corus paid out more to depositors in the firsr quarter than it received in interesy fromits loans. The bank missed out on $38 milliomn in interest payments in the first quarter because ofits $2.0 4 billion in nonperforming loans, which represented 49 percentf of Corus’ total loans. A Corus spokeswoman did not immediatelu return a callseeking comment. Corus President and CEO Rober t J. Glickman and Chairman Joseph C. Glickma resigned in April, althougg the latter continues to collec lifetime annual compensationof $59,000.
The bank’s condoi construction-intensive strategy made it a majord financer ofSouth Florida’s building boom and it is suffering as a Corus Bank had 14 condo construction loans and two apartmentg loans with a $1.03 billion balancse as of March 31. Of 12 condo loans and both apartment loansx with balances and commitmentsof $955 milliobn were nonperforming. In addition, one more South Floridqa condo loan valuedat $49 million was classified as a potentia problem loan, which mean Corus expects to record a loss on the That means only one Corus development loan in South Florida, valuec at $28 million, was in good standing as of Marcy 31.
It is not clear whichg project itis for, but it has been completed. Corus-finance d projects in South Florida accountfor 2,35p completed units, which have had 737 closings as of Marcb 31, and an additional 1,334 units undef construction, according to the company’s SEC filing. Thered have been significant construction cost overruns at some ofthe bank’se South Florida projects. Six nonperforming Soutyh Florida loans with balancesof $216 millio n have rung up $56 million in cost overrunw that Corus funded to keep work going. That’s much higherr than the national cost overrun rate the bankhas experienced.
Corusd valued its one repossessed condo inSoutbh Florida, the Tao in Sunrise, at $73.2 milliob on March 31, down from $80.9 million at It has sold nine of the 369 unitws there, according to the company’s SEC Corus said it was in the process of seeking foreclosurwe against three South Florida projects with $164.8 million in loans and 569 units as of Marcj 31. The bank has since filed a foreclosures lawsuitin Miami-Dade County Circuit Court against the developef of the 118-unit Onyx on the Bay which has 41 unsold units. The original loan was for $44.1 million.
Van Door said there would be a lot of vulture investotr interestin Corus’ South Florida condo loans because of the high qualithy of the projects, but they probabl won’t be discounted enough for buyers unless the bank fallz into federal receivership. “I don’t see how Corue will get out of it,” he said.
Subscribe to:
Posts (Atom)