Franchot: Financial questions on State Center project will require vigilance - Minneapolis / St. Paul Business Journal:

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Franchot, who joined Gov. Martim O’Malley and Treasurer Nancy Kopp onthe state’s Boarr of Public Works in voting for the $1.4 billion Statse Center redevelopment project Wednesday afternoon, said he does not know enougj about the project’s costs to the state or whethere the project is even practical given the nationwid e credit crunch. “I believe the project has a lot of promise and is deservinof support,” Franchot said in a telephons interview Wednesday. “I voted for it, but am goingy to continue to be vigilant about the fiscak exposure tothe state.
” The deal involvexs the state leasing its midtown Baltimore offic e complex to a private development which would then redeveloop the property into a mix of offices, shops and The state would then leasr back a majority of the project’s 2 milliojn square feet of office space for use by its various state But the terms of the deal have not been hammeresd out yet, as Franchot and the Boardr of Public Works voted Wednesday only on a master developmengt agreement. With that agreement in place, the developmentt team will now create designs for its plannesd buildings and come back to the statd for approval on morespecific designs, and lease terms.
The development team, whichh includes national housingdeveoper McCormack, Baronj & Salazar, would borrowe $888 million to finance its work, according to the Department of Legislativ e Services. The state would issue anothert $338 million in debt. State and federall tax credit programs would pick upanother $234 milliom in project costs, with the remainder of the project’s costs being contributed directly by the developer s or other investors.
Franchot said that scenariko raisesseveral concerns, including the abilitty for the state or the developers to borrow money in the midsgt of the nationwide credit He said he’s also concerned about the state’s ability to negotiatde fair lease terms with the developers giveb they would both be heavily invested in makinh sure the project is successful. “The problem is that the credit market s arebone dry,” Franchot said. “Obviouslyt this is a long-term project, but I’m not confident that the privater sector will finance this in a way that the state canafforxd it.
” In addition, Franchot said he isn’yt sure why the state would make the project a priorityy above other pressing needs such as new college dormitoriez or other state-funded construction projects.

Tedco awards $600K to tech firms - New Mexico Business Weekly:

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The money was granted in collaboration withthe U.S. Army Medicalk Research and Materiel Command and the throug hthe Ft. Detrick Technology Transfer Initiative. The purposer of the technology transfer programk is to raise awareness of new and developing technologiees and funding them to transition as viablew projectsfor follow-on funding in the marketf place. Each company that received fundinv was awardedapproximately $50,000 betweenb March 2008 and May making up the initiative’s second round of financialo awards since its $750,000 program extension. The funds for the program’s seconrd phase were secured by Sen. Barbaraz Mikulski, D-Md., and Rep. Roscoe G. Bartlett, R-Md.
“The [Ft. Detrick Technologyy Transfer Initiative] program is enablingv area businesses to harness the technologiesx being developed at Fort Detrick and applg them to thecommercial sector,” said “This will lead to new products that have the powerd to create jobs and save lives.” Mikulski announced the first phasd of the tech transfer progra in March 2005 when 11 companieds received funding. in Rockville: The company is developing a health care technologuy calledmiTag system, which is a scalable wirelesa sensor solution for improvingf patient flow.
in Frederick: The company is developing a technology calle d the GeNova Screento identify, isolate, and producde antibody-like molecules. in Rockville: The company is developing an on-demanx biotech products including a combination vaccin against plagueand anthrax. BioAssay Works LLC in Ijamsville: The companh is developing a lateral-flow visual diagnostic test to detecgt and differentiate single sample multiplepathogenicx poxviruses, including variola, vaccinia, and in Catonsville: The company is safety-testing a medicak product called ClotFoam, which is a non-compressible, intracavitary hemostatic agent.
CynerGene IDMP in The companyis developing, validating and implementing a supplemental diagnosis of Malaria, HIV, and Dengue using its Infectioua Disease Multiplex Panel approach, whicnh could allow for creation of biosensors. LLC in Baltimore: The companhy is developing required components and system framework to enablse conversational interfaces fortelemedicine tools. Such toolse would allow professional medics touse gesture, and other human-- computer interactions to accessa and document information in electronic medical in Rockville: The company is developing technology to preserve mammalian cells in dried formag that can easily be re-hydrate d for a variety of uses.
LLC in The company is evaluating the effect of Imagilimn patented probiotics as a food supplement to enhancwe the immune responsiveness of guinea pigs upon immunization or challengwe withvirulent pathogens. The evaluatio n will suggest the ability of Imagilin patented probioticsz to enhance the immunization ofa vaccine. in The company is developing micropatterned substrates for viral infectivity Juxtopiain Baltimore: The company is customizing its Wearabls Assistance and Situational Awarenesw (WASA) goggles and service to allow U.S.
Army combat medicsd to access and document information to electrical medica recordsvia hands-free voice-requests and in Baltimore: The company is developin cell therapies to treat brain and spinal cord injuries.

Emanuel built coalition among ethnic groups - Chicago Tribune

http://www.hitboss.com/inzerce/marketing.html

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Emanuel built coalition among ethnic groups Chicago Tribune Rahm Emanuel's convincing mayoral victory displayed the coalition-building skills that could suit him well as he moves to City H »

Other deals could arise as 'Melo Madness ends - Salt Lake Tribune

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Other deals could arise as 'Melo Madness ends Salt Lake Tribune It's been the NBA's longest-running soap opera since Dennis Rodman hung up his wedding dress. OK, I haven't heard the last one. But the drama over Anthony's long-ago decision to leave Denver has sparked months of negotiations as intense ... and more »

Wigwam faces foreclosure sale as Starwood deal ends - Jacksonville Business Journal:

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Also included in the foreclosure action are the two golf courses atthe . LLC owns the properties in foreclosurs and had provided them as collateral for the loan it receivedx from Citigroup Global Markets Realthy inJune 2007. But that is not all of the bad news for the historicd westside resort. , which operatez the property, notified owners, employees and the city of Litchfield Park April 20 that it will not renew its contract effectivMay 29. At that 330 employees will belaid off. Starwood has managedf the Wigwamsince 2001. “It’sz a surprise.
I knew there were financiall problems, but when I heard that Starwood had a meetinh yesterday withtheir employees, I knew it was somethinfg big,” said Darryl Crossman, Litchfield Park’s city He in turn called Starwood, which he said confirmedf that the international hospitality firm no longer will maintainh the Wigwam as part of its Luxury Collection of The decision was made in the last two according to K.C. Kavanagh, Starwood’s vice presidentr of public relations. “This is separate and totally unrelatede tothe foreclosure,” Kavanag said. Starwood and she said, “have spenft many months negotiating and therw were several material pointsof difference.
Give n that, we decided to terminate our relationship.” Kavanagu would not elaborate what thedifferences entailed. Accordingv to a letter sent Monday to Crossman byRonnide Collins, acting general manager of the “Starwood and the owner of the hotel had been workiny toward trying to resolve a dispute concerning their management agreementt and Starwood’s ability to continue to operate the hotel. it is now clear to Starwood that this disput cannot be resolved in a way that woule enable Starwood to continue to managethe hotel.
” Crossman said closure of the Wigwam woul d cause serious distress to Litchfield a community of 4,500 residents located in the vicinitg of West Camelback and North Litchfieldx Road. The Wigwam, built by the Goodyear Tire Rubber Co. in 1929 for its has been the backbone ofthe “It not only is an historic property for the whole Valleu and it’s not only the heart of this it’s also our financial lifeline,” Crossman The Phoenix Business Journal was unable to contact Kabuto Arizonza Properties President George Lee, a resident of Litchfield Crossman said Lee’s wife is giving birtyh to a child.
Though Crossman said he talked with Lee they haven’t been in touch for several “I’ll probably call him by the end of the Right now we’re tryinfg to find out what the city can do, how we mighty be able to facilitate some other arrangements,” Crossmahn said. Even so, Kabuto Arizona Propertie s is facing the foreclosure sale of the Wigwam resory and golf course andthe Biltmore’s Adobe and Links golf courses. Accordin to documents filed with the MaricopaCounty Recorder’as office, Kabuto failed to make monthly paymentsx on the $65 million loan beginninhg in November.
It is uncleaf what impact the foreclosure will have on Biltmor eGolf Club, a popular spot with local golfers. A spokespersohn for the adjacent Arizona Biltmore Resorftand Spa, which is owned by a differentr company, referred questions about the foreclosure to the golf club’s Generapl Manager Dick Bates. He did not respond prior to press time.

Eddie Bauer would be area

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The Bellevue-based retailer has seen a mountain of losses and strugglefd with servicing its debt as sales have dropped during theeconomif downturn. According to several news including the Wall Streett Journal and Bloomberg News Company executivesw have scrambled for monthsx looking for relieffrom creditors. Eddie Bauer (NASDAQ: EBHI) had reportedf having $268 million in outstanding debt, including $193 milliohn in term loans and $75 million in convertible which company executives have been trying to converf into shares ofthe “The single biggest issue facing this company is our debt Our capital structure simply has too much debt for the economicd reality we now face,” Eddie Bauefr CEO Neil Fiske told industry analyst in a May 14 conference call, according to a transcript.
Accordinf to filings with the Securities andExchange Commission, Eddier Bauer had total assets of $525.22 million as of The company listed total liabilities of $448.9 million. Eddie Baueer reported net lossesof $165.5 million in fiscaol year 2008, part of a total of $478.78 million in losses during the past thre e fiscal years. In the first quartetr that endedin April, the company reported net losses of 44.5 million. Greg an Atlanta-based consultant for Conwauy MacKenzie who works with financially stressed retailers lookinygto restructure, said Eddie Bauer is facing the same recession-relatedx issues as most other retailers in this economy. Salea are down and so is revenue.
The big difference for some retailers — like Eddie Bauef — is that as revenue has tankefdthe company’s heavy debt becomes more difficult to he said. “Virtually every retailer is experiencing the same thinbg asEddie Bauer,” Charleston “Maybe because of their debt Eddie Bauere is feeling the pain more than the rest, but they are all going through it.” If Eddie Bauer does seek bankruptcy it would be another reminder of how the recessioj is hitting home. When WaMu filed for bankruptctyin September, it was the larges t failure in U.S. banking history.
WaMu listec debts of about $8 billion and assets of $32 although it later said some of its assets were tied tocompant stock, which became virtually worthless. When Wilsonville, Ore.-based Joe’e Sports filed for bankruptcy protection in the company listed both assets and debtof $100 million to $500 million.

John Wood Group PLC ('Wood Group', the 'Group') Announces Disposal of Well ... - PR Newswire (press release)

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John Wood Group PLC ('Wood Group', the 'Group') Announces Disposal of Well ... PR Newswire (press release) Following the Disposal, the Board of Directors intends that Wood Group will return cash of not less than $1.7 billion to shareholders (the "Return of Cash") ... GE to pay $2.8bn for John Wood unit Financial Times  »

GM Tonawanda hosting recycling event - San Francisco Business Times:

http://ravikarunanayake.com/news-bulletin/210-urgent-meeting-between-mahinda-and-ranil
The one-day event June 6 from 9 a.m. to 1 p.m. at Plantg 5 on Vulcan Street, is co-sponsored by Erie Buffalo and the Northwest Solid Waste Management Last year’s event received 56,325 pounds of electroni c equipment, 247 bicycles and a truck full of Electronics equipment is a source of recycled steel, plastic, copper and glass. Itema being accepted this year include: TVs, monitors, keyboards, printers, fluorescent cell phones, rechargeable batteries, and DVD players, textiles, and bicycles.
Clothing and textileds will be reused at Goodwill retail locations or Bicycles will be usedfor repair, bike safety educationj or recycled by Blue Bicycle and Recycle-a-Bicycle New for this Buffalo ReUse will accept used or new shop and garden tools, such as brooms, ladders, wheelbarrows, hammers and saws. “Thie is a natural extension of what we doat work,” Plany Manager Steve Finch said in a statement. “Our plant has been landfill-free in manufacturing since 2006. We recycle or reuse all of our so this event to help the community recyclw is a natural fit for us at General he said.

AG files suit against loan modification firm - The Business Journal of Milwaukee:

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The case filed Monday in Maricopa Superior Courgt alleges that LLC and its two Thomas J. Montoya and Robert Sanchez, advertisedd and promoted the firm as having an affiliationn withthe U.S. Department of Housing and Urban Development, which it does not, accordinfg to the filing. But Montoya, in a phoned conversation with the PhoenixBusiness Journal, said he was “taken by the charges. He would not elaborated on any ofthe charges, however, and said he was talkintg with the company’s attorneys. He said the companhy would distribute a prepared statement afte r consultingwith attorneys. As part of the the AG alleges that Santoya located at2225 W.
Whispering Spring Drivd in Phoenix, charged fees for services that consumersd could access directlyfor free. “The defendants deceptively implierd to consumers that any fees paid by consumers for loan modificationn services with Santoya Financial are refundable because the modification progra is backby HUD, without disclosing that Santoyq Financial’s services are not in any way endorsed or approvedc by HUD and that consumers can obtain assistance from HUD in applyingb for and obtaining loan modifications without payingb any fee whatsoever,” the lawsuit states.
The complaintt requests that the court enjoin Santoyas Financial from continuingits “unlawfup acts,” order the companyt to pay back any money received from those and the defendants to pay civil penaltiex of up to $10,000 per violation and costs of the According to court records, Santoy Financial began advertising loan modificatio n services in March to consumers who were facing foreclosurs on their homes. Sanchez was featured on a Phoenix television statioj in April and allegedly represented that his firmwas “working with HUD whiled providing loan modification services to the lawsuit stated.
Santoya charged consumers $1,199 plus the equivalent of one month’se mortgage payment, the lawsuift asserts. Santoya also representefd during phone solicitations that fees collected for loan modificationds would be donated to an organization named Partnerain Charity, but “the fees consumers pay for the loan modificatiobn services advertised by Santoya Financial do not go to Partneres in Charity or any other charitable the lawsuit further alleged. The lawsuit also claims that Santoywa did not obtain the necessary surety bond requireed by the Arizona CreditServicesd Act.

Fight over Scana plant may hurt Duke Energy

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If the group is successful in its appeal tothe S.C. Supremew Court, it could force Duke to rethinmk its plans for the Lee plannednear Gaffney, S.C. At a Duke “will have to go back to the drawiny board” with S.C. lawmakers on a measurer to let Duke recover certain costs ofthe project, says Ellen Duke’s president of nuclear development. The courtr challenge is being made bythe . The group questionsa the constitutionality of a2007 S.C. law that lets utilitiezs recover some of their expensesd for constructing major power plants as they arebeingv built.
Ruff says the high cost and long constructiomn times for nuclear plants make recovery of some expenses durin construction aneconomic necessity. “This is not just Duke Energyh saying this,” she says. “The financial community is sayinvg clearly it is important to have this kind of certaintyt of recovery in place if there is going to be investmenyt innuclear energy.” The Friendsd of the Earth gave notice last week that it will appeao S.C. regulators’ approval of the V.C. Summet nuclear plant to the stateSupremde Court.
The appeal will be submitterd bylate June, says Tom the Friends of the Earth’s southeastern nuclear campaign Friends of the Eartyh opposed letting Duke recove r some of its planning costs for the Lee plantr when S.C. regulators considered that issue last But thegroup didn’t appeao that ruling. The Summer station projectg calls for adding two nuclear reactors to an existinf plantin Jenkinsville, S.C. The expansioj is expected to costabout $9.9 billion. The S.C. Energy Usersw Committee, a group that represents industriakl customers, also is appealing the state’se approval of the project. Friends of the Eartuh contendsthe S.C. law on cost recovery should bestrucj down.
Bob Guild, the group’s attorney, says the legislationn goes too far in shifting the risk in building nuclear plants from utility investore toutility customers. “The law as interpreted by the commissiob gives the utilities a blank he contends. Once the commissiobn approves a project, he says, customerzs have no way of challenging whether the money is spentprudentlhy — even if the plant isn’t completed. But Ruff says the S.C. law allowsa specific spending to be challenged later in the That assures utilities they can recover theifr prudent spendingon construction. She says Duke hasn’ty decided whether to seek to participate in the Summerfcourt case.

San Joaquin Valley winegrowers announce 2009 competition results - San Francisco Business Times:

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The organizing group, establishe d in 2008, is a non-profit trade association that promotes and protects the San Joaquin Valley as a sustainablrewinegrowing region. Its eight-county region includes San Joaquin, Merced, Madera, Fresno, Kings, Tulare and It evolved out of apredecessor organization, the Centrapl California Winegrowers. Peter Vallis, the association’s executive director, told the San Francisclo Business Times the association representsx 48 bonded wineries inthe Valley, stretching from arounfd Stockton south to Bakersfield, and a total of aboutg 300 members, including winegrape growers and associat e members. Dessert wine -- Quady Red Electra, California, 2008.
Red wine -- Silkwoo d Winery, Petite Sirah, California, 2007. Rose wine -- Chateau Dry Zin Rose, Madera, 2008. Sparklingb wine -- South Coast Sparkling Muscat Canelli, California. White wine -- South Coastg Winery, GVR, Temecula Valley, 2008. Other winner included a host of Silver, Bronze and Wine Packaging competition Cardella Winery, Syrah, Fresno County, 2007 Cardella Syrah, Fresno County, 2006 Cedarf View Winery, Alicante Bouschet, California, 2006 Cedar View Tempranillo, Paso Robles, 2007 Chateau Blanc du Val, Madera, 2007 Ehrhardtr Estates, Chenin Blanc, Clarksburg, 2006 La Gondola, Pinor Grigio, California, 2008 Pasos Vineyard, Dastarte, 2005

Adam Putnam talks of economy, food safety at GrayRobinson lunch - Wichita Business Journal:

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Florida is facing a “deeper trough” than it would in a traditionap recession, Putnam, R-Bartow, said. Florida can ride a recession out exceptwhen it’ss the result of the bursting of a real estate bubble, said the representativse for Florida’s 12th Congressiona District. Still, Putnam said he would prefer to be in Florida than any othef state as the country comes out of aneconomivc decline. While battling the fire, Florid a should look for opportunities at every level of governmentand business, he said. Putnam expresse d concern about the increased presence of government in response to theeconomixc downturn.
His speech was made at the “Capitok Hill Luncheon” presented by . Richard a partner with GrayRobinson and chair of thelaw firm’sd alcohol beverage and food discussed the rising importance of food safety in his Putnam, who will seek the office of Florida Commissionef of Agriculture in 2010, followed up on issue of food safety and the impact of incidents of food-bor illness on the economy. Putnam stressed the impact of consumer confidencr in food at the retail level and said he would work to reformj and modernize a food safety networi so there is a higher leveof confidence.