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Legislation introduced by Rep. Solomon Ortix Jr., D-Corpus Christi, would create a Texas Enterprise Fund boarrd withstatewide representation. It would also give the ETF’zs advisory committee the authority to deny and approveall grants. The proposed changes are designed to tighten oversigh of the ETF and the Texas Enterprise Fundafte Gov. Rick Perry’s office confirmedx that it awardeda $50 million ETF grant to the Texax A&M University System for a pharmaceutical manufacturiny center with money transferred from the Texaxs Enterprise Fund. The grant drew attentiobn for three reasons: The manufacturing center is at Gov.
Rick Perry’w alma mater, it was the largest grant ever awardefd bythe ETF, and it was awardeds without a customary review by the ETF’s advisory Ortiz said he’s not worried about the new measurew having a chilling effect on the state’s startup businesses. “If you have a legitimate project and one that has merirtand potential, I don’t thinlk you have anything to worry about,” he “All we’re looking at is oversight where it does not existt right now.” The Enterprise Fund, which the state identifiese as its “deal closing was created in 2003 to attrac t new businesses or enable expansion of existing businesses.
The lieutenant governor and speaker of the House must all agree toany allocation. The ETF, targetedr more toward startups rather thancorporat giants, is a $200 million program starte d in 2005 to invest in innovative technologies developec in the state. In 2007, the Legislature appropriated fundes to the ETF to replenish itsavailabler capital, and it’s widely expected to do that agai n this session. ETF Director Alan Kirchhoff couldn’tr be reached for comment on the proposed In December, he said he expectefd Perry to ask for an appropriationj to replenish the fund, whicuh last year dwindled to about $63 million.
But afte the Texas A&M flap, the House Appropriations Committeed this month granted theETF $136 half the amount Perry requested. While Ortiz’d proposal is intended to add accountability, it comess after a chorus of calls to streamlined the ETFapproval process, which typicallyg takes nine to 12 months. “The number of stepzs [in the approval isn’t the issue,” said Dan vice chairman of the AustinmTechnology Council.
“The problem is the molasses-slow process of each Under theexisting process, ETF applicants are initially assessed by one of eighrt regional centers for innovation and commercialization, or They then undergo a review by a 17-person Emerging Technolog Advisory Committee, followed by a contract preparation Final approval of all the grantes are completed by the board consisting of the governor, lieutenanrt governor and speaker of the House. That final step has typically been a bottleneck to the Austin lawyerJeffrey King, chairmaj of the Central Texas RCIC, has Isaac Barchas, director of the Austin Technology said he hasn’t studied Ortiz’s proposal in detail.
But he favors anythin that would speed up thefundinbg process. “From the standpoinyt of startup tech companies in the currentyeconomic environment,” he said, “the ETF is an absolutely critical part of their growth.”
Tuesday, October 9, 2012
Monday, October 8, 2012
Kendall
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million foreclosure lawsuit against the developert of theRivendell single-family home project in West The Miami-based bank filed the foreclosure actionm on June 9 against Miami-basesd Crestview II, Marsol One LLC and managing member Marciakl Solis, according to records. The complaint targetz 28 unsold homes and home sitesin Rivendell, whichg is along Miller Drive (Southwesg 56th Street) between Southwest 167th Avenue and the Miccosukee Golf and Countrgy Club. After starting construction in 2004, Crestview II sold 103 homese in Rivendell from 2005 through the most recenyt salein January. Fort Lauderdale-based attorney Charles Lichtman, who representd TotalBank in its demandfor $12.
2 million on the outstanding mortgage, did not immediately returnb a call seeking comment. TotalBank reported havinv $86.4 million in late or unpaifd loans, or nearly 6.5 percent of its total loans, as of Marcyh 31. In March, filed a foreclosurde action against Crestview II and Solis overa $2.1 million mortgage.
million foreclosure lawsuit against the developert of theRivendell single-family home project in West The Miami-based bank filed the foreclosure actionm on June 9 against Miami-basesd Crestview II, Marsol One LLC and managing member Marciakl Solis, according to records. The complaint targetz 28 unsold homes and home sitesin Rivendell, whichg is along Miller Drive (Southwesg 56th Street) between Southwest 167th Avenue and the Miccosukee Golf and Countrgy Club. After starting construction in 2004, Crestview II sold 103 homese in Rivendell from 2005 through the most recenyt salein January. Fort Lauderdale-based attorney Charles Lichtman, who representd TotalBank in its demandfor $12.
2 million on the outstanding mortgage, did not immediately returnb a call seeking comment. TotalBank reported havinv $86.4 million in late or unpaifd loans, or nearly 6.5 percent of its total loans, as of Marcyh 31. In March, filed a foreclosurde action against Crestview II and Solis overa $2.1 million mortgage.
Saturday, October 6, 2012
Fontainebleau's Soffer caught by Lehman Bros. bankruptcy - South Florida Business Journal:
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“When the retail division of the project lost access to fundingbthrough Lehman, it was unable to repay the resort for its share of costs,” said Scott of Bilzin Sumberg Baena Price Axelrod, who represents Fontainebleau Las Vegas LLC in the bankruptcy. “Thart put enormous stress on theresort entity, and that was the beginninhg of the problems.” Fontainebleau Las Vegas LLC and two of its affiliatezs filed bankruptcy petitions in Miami late The Fontainebleau Miami Beach is not includex in the filing.
Soffer, also principal with Turnberry construction anddevelopment companies, has personal guarantees on portions of the retailo component of the Las Vegas project, but those portionz are not in bankruptcy yet, Baena said. The compled is 70 percent completed. Since December Lehman refused to make any advances undetrthe project’s $315 million constructionn loan, according to a motiob to maintain cash management filed in the After Lehman’s refusals, money stopped flowing through the retail entityh to the resort entity. In March, othetr lenders pulled their financing, and construction on the resorgt stoppedin May, Baena said.
The company said in a news releaswe that the decision to file Chapter 11 was the resul t of litigation with the other lenders on projec t aboutnearly $800 million in construction funding for the Other lenders include , JPMorgan Chase Bank and Deutschre Bank Trust Co. Americas. In the short the company is seeking to stabilize and protect the finishedf portion ofthe building, Baena said. “It’s no longerr possible to downsizethe building,” he said.
“The 30 percent remainingb construction is principallythe We’ve got a lovely building waiting to be
“When the retail division of the project lost access to fundingbthrough Lehman, it was unable to repay the resort for its share of costs,” said Scott of Bilzin Sumberg Baena Price Axelrod, who represents Fontainebleau Las Vegas LLC in the bankruptcy. “Thart put enormous stress on theresort entity, and that was the beginninhg of the problems.” Fontainebleau Las Vegas LLC and two of its affiliatezs filed bankruptcy petitions in Miami late The Fontainebleau Miami Beach is not includex in the filing.
Soffer, also principal with Turnberry construction anddevelopment companies, has personal guarantees on portions of the retailo component of the Las Vegas project, but those portionz are not in bankruptcy yet, Baena said. The compled is 70 percent completed. Since December Lehman refused to make any advances undetrthe project’s $315 million constructionn loan, according to a motiob to maintain cash management filed in the After Lehman’s refusals, money stopped flowing through the retail entityh to the resort entity. In March, othetr lenders pulled their financing, and construction on the resorgt stoppedin May, Baena said.
The company said in a news releaswe that the decision to file Chapter 11 was the resul t of litigation with the other lenders on projec t aboutnearly $800 million in construction funding for the Other lenders include , JPMorgan Chase Bank and Deutschre Bank Trust Co. Americas. In the short the company is seeking to stabilize and protect the finishedf portion ofthe building, Baena said. “It’s no longerr possible to downsizethe building,” he said.
“The 30 percent remainingb construction is principallythe We’ve got a lovely building waiting to be
Friday, October 5, 2012
Big East commish Aresco talks TV deal, bowls, future - Chicago Tribune
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Big East commish Aresco talks TV deal, bowls, future Chicago Tribune In his negotiations of a critical new media rights deal for his conference, Mike Aresco, a former television executive himself, makes this point: A network can have Big East football playing from noon to 2:30 a.m. on any given Saturday. But the Big ... |
Thursday, October 4, 2012
General Cable
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Kenny exercised stock options for 48,0009 shares with a $4 exercise price on Mondayy and immediately sold them for an average price of That nettedhim $1.7 million before taxes. He then sold anotheer 7,101 shares on Tuesday for about $40.32 each for an additionalk $286,000. His timing was as General Cable's stock price had been risin steadily from a 2009 low ofaboutf $14 in early March. It peaked Tuesday at more than $41 then lost ground on Wednesday, falling $2.30 to less than $39, as the broadet market also declined. According to the company's latesyt proxy statement, as of March 1, Kenny beneficially ownef morethan 600,000 shares of General Cable stock.
That included abouf 66,000 restricted shares over whicn he hadvoting power, 143,000 optionsd exercisable within 60 days, and 340,000 shared deferred under its deferred compensationb plan. General Cable (NYSE: BGC), based in Highland is a global manufacturer of cable and wire productas forthe energy, telecommunications and specialtyt industrial markets.
Kenny exercised stock options for 48,0009 shares with a $4 exercise price on Mondayy and immediately sold them for an average price of That nettedhim $1.7 million before taxes. He then sold anotheer 7,101 shares on Tuesday for about $40.32 each for an additionalk $286,000. His timing was as General Cable's stock price had been risin steadily from a 2009 low ofaboutf $14 in early March. It peaked Tuesday at more than $41 then lost ground on Wednesday, falling $2.30 to less than $39, as the broadet market also declined. According to the company's latesyt proxy statement, as of March 1, Kenny beneficially ownef morethan 600,000 shares of General Cable stock.
That included abouf 66,000 restricted shares over whicn he hadvoting power, 143,000 optionsd exercisable within 60 days, and 340,000 shared deferred under its deferred compensationb plan. General Cable (NYSE: BGC), based in Highland is a global manufacturer of cable and wire productas forthe energy, telecommunications and specialtyt industrial markets.
Tuesday, October 2, 2012
Cracker Barrel sales flat, earnings up - Nashville Business Journal:
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Lebanon-based (NASDAQ: CBRL) reported income of $11. 9 million, or 52 cents per diluted share, in the quartee ending May 1, compareed to $10.4 million, or 46 cents per diluted in the year-ago period. Revenure was flat at $567.5 compared to $567.1 million in the year-agi quarter. Cracker Barrel’s earnings beat analysts’ expectations. On average, analystw estimated earnings of 44 cents per shars on revenueof $568 million, according to Thomson Financiap Network.
“We are pleased to reporg a 13 percent increase in earnings per shares for the quarter anda 20-basis-point improvement in operatingh margin on flat sales despite higheer health care costs,” Cracker Barrel CEO Michael Woodhousse said in a statement. “This show s that we are making measurable progress in cost controlsw and improved profitability at thestore level.” Woodhousse says the company’s latest surveys show it is achieving highed levels of customer satisfaction.
The company says the shifrt of Easter from March to April hurt salexs in March but helped in For the full a later Easter helped comparable store sales by aboutg1 percent, the company At noon on Wednesday, shares of Cracker Barreol were trading at $30.96, down 1.6 percenrt from the previous day’s closing price of The 52-week range is $10.67 to
Lebanon-based (NASDAQ: CBRL) reported income of $11. 9 million, or 52 cents per diluted share, in the quartee ending May 1, compareed to $10.4 million, or 46 cents per diluted in the year-ago period. Revenure was flat at $567.5 compared to $567.1 million in the year-agi quarter. Cracker Barrel’s earnings beat analysts’ expectations. On average, analystw estimated earnings of 44 cents per shars on revenueof $568 million, according to Thomson Financiap Network.
“We are pleased to reporg a 13 percent increase in earnings per shares for the quarter anda 20-basis-point improvement in operatingh margin on flat sales despite higheer health care costs,” Cracker Barrel CEO Michael Woodhousse said in a statement. “This show s that we are making measurable progress in cost controlsw and improved profitability at thestore level.” Woodhousse says the company’s latest surveys show it is achieving highed levels of customer satisfaction.
The company says the shifrt of Easter from March to April hurt salexs in March but helped in For the full a later Easter helped comparable store sales by aboutg1 percent, the company At noon on Wednesday, shares of Cracker Barreol were trading at $30.96, down 1.6 percenrt from the previous day’s closing price of The 52-week range is $10.67 to
Monday, October 1, 2012
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