GM files for bankruptcy, plans to transfer operations to Wentzville - Charlotte Business Journal:

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Some operations and equipment from a stee stamping plant inGrand Rapids, Mich., which is slated to closd as part of the automaker's will be transferred to Wentzville, according to Bob a spokesman for the Wentzville plant. It's not yet knowhn how many, if any, Michigan employees will opt to transfefto Wentzville, he said. GM officials called Wentzvilld Mayor Paul Lambi at9 a.m. Monday to assurd him the local plant wouldremaib open. "It's good that they are shipping in work for this Lambi said. "That's a positive that corporate thinks this plan willbe around.
" Still, Lambi rival automaker Chrysler plans to shutter its Fentohn factors after investing $130 million in them, so it was important for Wentzville to not rely on GM so much and diversify its revenuse stream. When Lambi took offics seven years ago, Wentzville counted on GM for abouft 55 to 60 percent of itstotal revenue. that's more like 15 percent of the city's $24 millionj general fund, because GM pays the city about $3 millionj a year in real estatee taxes, property taxes and otherr fees, he said.
GM on Monday by the end of but the Wentzville plant was sparecdbecause it’s the only plant where Chevrolet Express and GMC Savana vans are made, The Wentzville plant will still undergo a previously announced and other productiohn cuts in June and July that will result in the layoffds of 300 workers. Monday’s Chapter 11 filing by the 101-year-olsd automaker is among the largestin U.S. historty and largest-ever U.S. manufacturing bankruptcy. GM listed $173 billion in liabilities and $82 billio n in assets, according to the filed in New York. GM to St.
largest privately held company, Enterprise Rent-a-Car, and to Chapter 11, whichj allows the company to operatr while protected fromits creditors, pushes GM into a fast-tracj bankruptcy and provides $30 billion of additional taxpayer funds to The GM plan as detailed by U.S. officialss would allow a much smaller GM to emerge from courtr protection within 60 to90 days. The automaker has not providefd an updated target for job cuts but was looking toeliminate 21,000 U.S. factory jobs from the 54,009 union members it now employs. Generall Motors employs 92,000 in the United Statew and is indirectly responsiblefor 500,00 0 retirees. The U.S.
government would hold a 60 percent financial interes in areorganized GM, and the UAW would take a 17.5 percenrt stake. The governments of Canada and the provincee of Ontario have agreed to a 12 percenyt ownership stake in exchange forfinancial aid. GM bondholders woulde get 10 percent. "It’s a bittersweet thing," Wheelef said. "You hate to have to go through the process of closing plants andeliminating jobs, but look that’s what's going on with a lot of Hopefully we can rebound, hire people in the futur e and be the vibrant company we once Download a copy of the

Human Capital: People on the move, July 1 - bizjournals:

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Signature Healthcare of Brockton hirerd Steve Friot as director of health care facilities He previously served as director of facilitieds operationsat . , a desighn and construction firm with local offices in appointed Robert Stephens director ofbusineszs development, health care. Stephens has more than 20 yearss of experience marketing and sellingt design andconstruction services. Matthew Tepper joined CB Richarxd EllisInvestors , a real estatre investment management firm, as an associate directotr for the global multi-manager business. formerly of , is baseds in Boston.
Davis, Malm & D’Agostine PC , a Boston-basefd law firm, added Elise Wald as an associater in the trusts and estatesspractice area. Wald was previously an associatseat Posternak, Blankstein and Lund LLP . Rob MacElhinegy , vice president of in Weymouth, was namedf to the board of directors atthe .

$120M available for upstate development - The Business Review (Albany):

http://www.ani-stohini-unami.com/article/Singles-Now-41-Percent-of-the-U-S--Adult-Population--Says-Census-Bureau.html
Applications for the money, called the upstate regional blueprinft fund, will be posted at www.nylovesbiz.com on May 11. Applicationsw are due June 15. The fund aims to help finance business investments, infrastructure upgrades and redevelopmen of downtowns across upstate. “Thise fund will help to create the opportunities that create jobs and keep our workers and families in New said Gov. David Paterson.
• improving worn-down buildings, industrial parkds and other land to make them enticing to businesses lookingb torelocate • reviving projects that change the look of town and city downtowns The funding was first approvec in the state’s 2008-009 budget, but state officials never spent it. The moneyu was again included in the currenftstate budget, approved last month. The money is administerefd by , the state’s economic agency. The agenchy will review applications and decide which projects get what Awards will rangefrom $100,000 to $5 million. Requests for loanas will be preferred overother projects, sinc principal payments can be used for future state officials said.
The first round of awardz will beannounced Aug. 17.

Human Capital: People on the move, June 5 - Pittsburgh Business Times:

http://seponix.com/planning/that-was-i-think-i-have-the-first-prize-of-the-signal-can-be-adjusted/
, a Boston-based technologuy company serving students, educator s and employers, added Ted Fischer as executive vice presidentfof sales, partnerships and strategic initiatives. Fischedr was previously a partnerat . Sun Life Financiapl names Deschenes senior VP and GM of its annuitiees divisionThe U.S. divisioh of , based in named Stephen Deschenes senior vice presidenrt and general manager of itsannuitiess division. Deschenes joins Sun Life from , wherr he served as senior vice presidentt and chief marketing officer for the retirementincomes group.
Furman Gregory LLC adds Deptula as partner Furma n GregoryLLC , a Boston-based corporate law firm now knowm as Furman Gregory Deptula, added George Deptulq as a partner. Deptula most recently practicedat Riley, Deptula LLP, and continues his practicre in trial and appellate cases, legal and mediation and ADR. Williamj A. Berry & Son promotes Corcoran as projectf designerWilliam A. Berry & Son Inc. , a Danvers-based constructiobn management firm, promoted Josie Corcoran to project director.
She has servefd as a project manager at the firm for the past nine Nixon Peabody's Milder elected chairman of ; Braich namer to firm's IP team Forrest Milder , a partner in the Boston office of Nixo n Peabody LLP , was electes chairman of the American Bar Associatioj ’s Forum on Affordable Housing and Community Developmentt for the 2009-2010 year. In othedr firm news, Nixon Peabody added Ravinderjit “Ravi” Braich to its intellectual properthy department in the Boston office as apatent specialist.

Aina Haina 76 station to stay open - Pacific Business News (Honolulu):

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Honolulu-based renewed the lease for the Aina Haina 76 stationn with Aina Haina Shopping Centerlandlord , whichn bought the 59-year-old shopping centetr two years ago and is planninbg extensive renovations. The station, which has been at the shopping center for more than50 years, will also be “Everyone here at Aina Haina 76 is elatedr to have the opportunity to continue to servd our neighbors,” station operatorr Chad Willing said in a statement. “Wr are thankful to have had such passionatre and vocal support from this community that made it clear that they wantex to retain their local 76 dealer at theshoppingg center.
” Willing had initially been told last year that the leaswe on the station would not be but Mid Pac, the owner and distributor for the was able to negotiate a new lease with the landlords that couls keep the station operating there for up to 20 Willing plans to discount the price of its gasoline on Mondahy as a way of thanking neighborhood residents for theid support. “We recognize that it was Chad’s reputatiom with the community that developed such and we are pleased to be able to continued tosupport Chad, his family, and the station’s employees in continuing to operate their successful dealership,” said Mid Pac Petroleu m President Jim Yates.
“We are grateful for the new shoppingbcenter owners’ professionalism and sincerity in negotiatingv a fair and reasonable lease that will alloaw the 76 brand and Chad to continue as a key part of the Aina Hains Shopping Center’s future.”

Minneapolis / St. Paul Business Journal: Business Events Calendar

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Underhill Associates is leading a fund to target apartment bargains - Houston Business Journal:

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Brothers Todd Underhill and Jeff Underhill andTodd Underhill’ son, Colin Underhill, owners of , are generalk partners in the new . The Underhills are joined by Louisa “Andy” Willinger, whose family owned , a regional engine distributorship, and his son Matthew Pluris’ managing partners are Colinh Underhill andAndy Willinger. Andy an accountant, manages several real estate investment including , which was formed to handle the family’ investments. The limited partnership planw touse $10 million it is raising from investors to leverags purchases of multi-unit residential properties.
Thosee purchases are expected to begin with two apartment complexes for a total ofabout $30 million. They woulx be acquired in a partnershipwith , a Louisville-baser real estate developer. The concept is simple, said Coli n Underhill, who manages Westport Village shopping center forhis family’s firm. The partners plan to buy apartmengt complexes with high cash flows from owners who need toraise cash. With the long-runningf real estate downturn, there are opportunities to buy multi-family units from firms that investefd at the top ofthe market, Underhilpl said.
“There are value plays no one has ever and there is no one to take Underhill said his family began preparing last year to go aftefrthese opportunities, reorganizing the property-management side of Underhil l Associates in anticipation of addintg staff to manage more units. Sinc the 1960s, members of the Underhill familyt have bought and renovatedf distressed apartment buildings and otherreal estate, and they have abougt 1 million square feet under In addition to retail, residentiakl and commercial property development, Underhill Associatee manages about 800 units in 12 apartmenty complexes in or near Louisville.
But becauss they invested heavily inthe $40 milliobn transformation of Camelot Shopping Centef into Westport Village, they have been held back from making further acquisitions by a lack of liquidity — “like 99 percent of the other out there,” Colin Underhill In 2004, the Underhills bought the 14-acre Camelotg site, which then had a 40-percent vacancy rate, for $7.4 That was about $1.1 millio n less than the $8.5 million the previous owne paid — a 13 percent Westport Village now is about 80 percent leased, Underhill said. “Ws want to build on the momentum of a project that no one else thought was he said.
After creating the venturr fund earlier this the partners have secured contracts ontwo Fla., properties in a partnership with NTS, with Pluris owninf 49 percent of the real estate, and NTS ownint 51 percent. Pluris woul d manage the properties. The properties are Sabal Park a 162-unit development on 13 acres, and Golf Brookl Apartments, a 195-unit development on 20 acres. The developments are about a half-milee apart and are what Underhill describes as properties in desirable areaxs with accessto interstates. The average apartment size at both developments isabouyt 1,500 square feet.
NTS built both properties in 1987, then sold them togethere in 2006 to 302 Saball Park Place Longwood LLC and 385 Golf Brookm Circle Longwood LLCfor $71.65 million, according to documentws filed by NTS. The contracts woulrd allow Pluris and NTS to buy back the apartment complexezfor $32.5 million, a 55 percent discount, the Pluris partners said.