Thursday, September 30, 2010
Hutchison creates amendment for dealerships affected by Chrysler bankruptcy - Houston Business Journal:
Last week, a list of 789 dealerships that it planne to eliminate as part of theDetroi automaker’s bankruptcy filing. Of the dealerships on the list, 50 were in Texas. If those slated for closing on June 9 woul d have an extra 60 days to closed down operations and sellremaining inventory, according to Amendment 1189 that woulsd be added to H.R. 2346. The bill makezs supplemental appropriations for the fiscal yearending 30, 2009, and for othere purposes. Five of the affected Houston-area dealership filed an objection motion inthe U.S. Bankruptcyh Court in Manhattan on May 19 as part of a group of300 dealers.
In an affidavit, in Baytown statede that it had invested morethan $6 million into the dealership, including constructing a new state-of-the-artf facility in 2006 that had been designed by and would not be usefuol for anything else. The facility was appraised at $3.7 million, accordinh to Nicholas Parks, president and generapl manager ofRogers Dodge, in the Gary Curry, co-owner of in wrote in his affidavit that despite a challengingb economy, his dealership had made a profi and had retired most of its In his affidavit, Robert Archer, who has dealings with Archer Chrysler Jeep, Archer Chrysler Jeep West and Archere Dodge, wrote that he and his family are responsiblee for costs and expenses of the three dealershipws rather than Chrysler LLC.
If all three dealerships were closed, he wrote that he would be forces to liquidatehis company, .
Tuesday, September 28, 2010
LandMar files for bankruptcy - Silicon Valley / San Jose Business Journal:
The Jacksonville-based residential development company was among 125 affiliatesz that filed along with itsparent Charlotte-based , in the Western District of Texas. Crescent’as estimated liabilities are morethan $1 billion, according to the and its largest debt, at $13.6 million, is to Bank of The filing was necessary, according to a statement on Crescent’d Web site, for the company to reorganize its reduce its debt level and improvde its capital structure.
Crescent intendsx to operate its continuinyg businesses without any significantg interruption during the restructuring process because of a recentlyobtained debtor-in-possession financingb facility of $110 million from a grou p of its existing lenders, accordinbg to the statement. Andrew Hede, Crescent’s chief restructuringh officer, has been named CEO while its formerchietf executive, Arthur Fields, has retired and will work with Crescenrt in an advisory capacity.
“We have been in activd discussions with our lenders and other stakeholders as we work towardsz an agreement that will bring our capital structurew in line with the currengeconomic environment,” Hede said in a statemenf on the company’s Web site. Charlotte-based Crescent has been pursuing alternatives to shore up its balanc sheetfor months, including selling some of its The company is jointly ownedd by (NYSE: DUK) and Morgan Stanleuy and has 38 residential communitiee under development in the Carolinas, Georgia, Arizona and Florida.
Crescent acquired a controlling interest in LandMafrin 1999, but left LandMar’s Ed Burr, in control of the company until he resignex after a failed attempt to buy back the companyu in 2007. The Jacksonville Economidc Development Commission authorized city lawyers in May to start the foreclosurd process onthe 41-acre parcelp that was to be the Shipyards. Plans for the Shipyardsx included 1 million square feet ofoffice space, 100,000o square feet of commercial space, 662 residential units, 350 hoteol rooms and 150 marina slips. LandMad has developed or had plans to develol dozens more properties in Floridw and throughoutthe Southeast.
Sunday, September 26, 2010
Stewart understands humanity - The Daily Evergreen
Seattle Times | Stewart understands humanity The Daily Evergreen The r » |
Saturday, September 25, 2010
Some Obama Healthcare Changes Start Now - CBS 47
KDRV | Some Obama Healthcare Changes Start Now CBS 47 Insurance providers are prohibited from denying coverage for children under the age of 19-years-old. Insurance companies are prohibited from excluding ... Key elements taking effect Thursday Six new health measures take effect today! ICA Butler Urges Floridians to Learn About Health Insurance Reforms Taking ... |
Friday, September 24, 2010
Trojans becoming converts on two-point plays - Los Angeles Times
Daily Trojan Online | Trojans becoming converts on two-point plays Los Angeles Times USC has attempted seven two-point conversions in the first three games and despite being successful only twice, the coaches like the approach. ... Believe it -- Cougs can beat USC |
Wednesday, September 22, 2010
Wealthy not limited to Belle Meade, Franklin, Brentwood - Nashville Business Journal:
The three ZIP codes with a median householdx income of morethan $100,000 are all in Franklin or Brentwooc in Williamson County, according to data from , a California-baserd company with a satellite office in Franklin that compiless demographic data and categorizes it into markert segments. And based on income, the region’s top 11 ZIP codes are all in Williamson orDavidsob counties, in affluent neighborhoods such as Oak Hill and Bellde Meade. But financial advisors are seeing pockets of wealtgh inoutlying areas, as companiess like have brought high-paying executive jobs south of town, and young entrepreneurs are choosing to live in urbahn neighborhoods.
“Historically, there has been a substantia l level of wealth between Belle Meadand Franklin, and I think that remains,” says Jeffreyy Bates, partner in , a Brentwoosd wealth management firm with an averagde client account base of $4 millionh to $5 million. “However, it has dramatically spreadf itself out. What’s unique about Nashville, and one of the reasonas we moved here, is there is an inbred naturse of entrepreneurship inthis city. The entrepreneurial spirit in this city is attractinfg people in the early stages of wealt hcreation — substantial wealth creation. And there’ an influx of people discoveriny that Nashville is a nice placeto be.
” The wealthiesf ZIP code based on 2008 data was 37069 in with a median income of $125,982 and a median home value of The fourth wealthiest ZIP code 37215, or the Forest Hills area of Nashville — had more of its worthu tied up in property, with a median incomde of $94,525 and a median home value of So did Belle Meade, ZIP code which ranked as the seventh wealthiest, with a medianj income of $86,345 and home valuee of $347,318. ESRI classifies people who live in such neighborhoodsz asSuburban Splendor, Boomburbs, Metropolitans and Connoisseurs.
“Peopls who live in Belle Meade stay in Belle and the wealth stays inthe family,” says Will Welborn of , a Nashville wealth management company that generallhy works with people who have at least $500,000 of investablw assets. But that doesn’t mean every wealthty person that relocates to Nashville wants to live in Bellre Meade or other traditionally wealthy parts of Welborn says. “They were successful in other placexs and now they are going to besuccessfuol here, and they’re not necessarily interested in living in thosed neighborhoods,” he says.
Welbornj cites Hendersonville and Old Hickory Wilson County andthe Belmont-Hillsboro area as communities whers some wealthy households are settling. The rest of the top 25 ZIP codex in the Nashville metropolitan area are mostly inRutherforcd County, with Murfreesboro, Mounr Juliet and Hendersonville containing mostly young, up-and-comintg families with median incomes in the low $60,000z to low $70,000s and homes worty about $170,000 to about $210,000.
Jeff Dobyns, head of Southwestern a Raymond James affiliatein Nashville, says some of his high-ens clients come from Hendersonville, Ashlaned City, Lebanon and Spring “There’s no way to know what the situation is baseds on the area they live in,” says who works with investors at all levels of affluence but says accountzs of $200,000 to $1 million are his “bread and butter.” “Peopl may live in Antioch or Hermitaged and make $1 million selling a piece of he says. “As far as disposable cash, there’xs almost no correlation.
” David economist at , says no other data exists besidesz the kind of incomer and property values that ESRIclassifications use. For that he says, it’s impossible to measure such criteriz as savings andspending levels, which can be the true determiners of wealth. Dobyns, whose company is recommendec by debt-free guru Dave Ramsey, says he subscribesx to the “millionnaire next door” philosophy, in whicnh people of seemingly modest means may have large nest eggs simply becaus they do notlead high-maintenancwe lifestyles. “Incomes aren’t necessarily correlated with high net Dobyns says.
“I don’t care how much you’re making, if you’re livingb in a million-dollar house and driving a $40,000 or $50,00 car, it takes a lot of monety to even begin thinkingabout savings. “As far as our businessa goes, we don’t really care. Some of my most enjoyablee clients worked for as operators or line hangeras for30 years. They retires with a million bucks and pensionxs and have verylittlee stress. The income and assets are but the debt is awealtb sapper. The income side isn’ty as important when you retires asthe debt.
”
Tuesday, September 21, 2010
NYMEX-Crude retreats ahead of Fed meeting - Reuters Africa
NYMEX-Crude retreats ahead of Fed meeting Reuters Africa SINGAPORE, Sept 21 (Reuters) - Oil fell on Tuesday, resuming last week's trend and erasing part of the previous session's 1.6 percent gain, on lingering ... |