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

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Some operations and equipment from a steekl stamping plant inGrand Mich., which is slated to close as part of the automaker'sa restructuring, will be transferredr to Wentzville, according to Bob Wheeler, a spokesmann for the Wentzville plant. It's not yet known how many, if any, Michigan employees will opt to transferto Wentzville, he GM officials called Wentzville Mayor Paul Lambi at 9 a.m. Monday to assure him the local plant wouldremain open. "It's good that they are shippintg in work for this Lambi said.
"That's a positivew that corporate thinks this plant willbe Still, Lambi said, rival automaker Chrysler plans to shutter its Fenton factors after investing $130 millio in them, so it was important for Wentzville to not rely on GM so much and diversifg its revenue stream. When Lambi took officew seven years ago, Wentzvillwe counted on GM for about 55 to 60 percentg of itstotal revenue. Today, that'as more like 15 percenty of the city's $24 million general fund, becausd GM pays the city about $3 millio n a year in real estate taxes, property taxezs and other fees, he said.
GM on Monday by the end of but the Wentzville plant was sparedbecause it’ss the only plant where Chevrolet Express and GMC Savana vans are The Wentzville plant will still undergo a previously announced and othe r production cuts in June and July that will result in the layoffsz of 300 workers. Monday’s Chapter 11 filing by the 101-year-oldr automaker is among the largestin U.S. history and largest-ever U.S. manufacturing bankruptcy. GM listed $173 billiobn in liabilities and $82 billion in assets, accordinbg to the filed in New GMto St.
largest privately held company, Enterprisse Rent-a-Car, and to Chapter 11, which allows the company to operate while protected from its pushes GM intoa fast-track bankruptcy and provides $30 billion of additiona l taxpayer funds to restructure. The GM plan as detailed by U.S. officiale would allow a much smaller GM to emerge from court protection within 60 to90 days. The automaker has not providedc an updated target for job cuts but was lookinyg toeliminate 21,000 U.S. factorhy jobs from the 54,000 union members it now General Motorsemploys 92,000 in the United Stateds and is indirectly responsible for 500,000 retirees. The U.S.
governmenyt would hold a 60 percent financial interesy in areorganized GM, and the UAW woule take a 17.5 percent The governments of Canada and the province of Ontario have agreed to a 12 percent ownership stake in exchange for financial aid. GM bondholders would get 10 "It’s a bittersweet thing," Wheeler "You hate to have to go througnh the process of closing plants andeliminating jobs, but look around, that’zs what's going on with a lot of industries.
Hopefull we can rebound, hire people in the future and be the vibrant company we once Download a copyof the

Speaker of Legislature credited as a listener - Lincoln Journal Star

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San Francisco Chronicle

Speaker of Legislature credited as a listener Lincoln Journal Star Speaker of Legislature credited as a listener. Print Email. 2013-01-13T21:00:00Z 2013-01-13T20:12:23Z Speaker of Legislature credited as a listenerThe Associated Press The Associated Press. 45 minutes ago • Associated Press. (0) Comments. × ... Speaker of Nebraska Legislature Credited as a Listener 1011now  »

Stabbing follows Friday-night argument - San Antonio Express

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Stabbing follows Friday-night argument San Antonio Express A Friday night altercation at a Super Eight Motel in the 11000 block of Interstate 35 left one man hospitalized with multiple stab wounds in the abdomen, and another a fugitive. According to police, Haerron Guien, 33, had apparently argued with a ...

Storm chasers webpage helps prepare and educate the public - Warwick Daily News

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Storm chasers webpage helps prepare and educate the public Warwick Daily News Weather photogragher Terry West has contributed to a new calendar showcasing some amazing images from around the region. THE summer storm season is well and truly under way and thanks to a new website brought to us by the Higgins Storm Chasing ...

LandMar could take over Shipyards project - Jacksonville Business Journal:

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The latter two parties have been in a dispute since Apriol over how TriLegacyspent $36.5 million in city incentivese on the estimated $860 millionb Shipyards redevelopment project in Downtown Jacksonville. The city contends the loanecd money was to be spent on public including construction of the Riverwalj throughthe area, but TriLegacy maintains the city was awarer of its expenditures from the beginning of the projecyt and that TriLegacy did not breaik the parties' redevelopment agreement. LandMafr Group is affiliated with CrescentResourceds LLC, a Charlotte, N.C.-based real estate companhy controlled by Duke Energy Corp., one of the nation's largest poweer companies.
"We are thrilled at the possibility we mightt take the leadership role in The Shipyards which means so much to the continuing progresz ofDowntown Jacksonville," LandMar CEO Ed Burr was quotedc as saying in the draft release. Susie Wiles, a spokeswoma n for the Mayor's office, provided a copy of the draft release to The Businessz Journal but said it is not finall and would not comment any further onthe document's Phone calls to LandMar and the , that company'sx public relations firm, were not returned Tuesday.
"We chose to pass the batoj to LandMar after considering many possibledevelopment partners," Carltob Spence, a TriLegacy is quoted as saying in the draft release. "We feel confident LandMar has thefinancial resources, development expertise, environmental commitment, great love of Jacksonville, and aboves all a sense of stewardship needed to develoo The Shipyards." It has been eightf days since the Aug.
2 meeting of the Port Authorityh boardof directors, where city Generap Counsel Rick Mullaney assured the board that the two partiezs could reach an agreement in 48 as a separate Spence family company, , was workingy with the port and Finnish company UPM-Kymmense to build a warehouse at the Talleyrand Marinr Terminal. The board approved the deal, contingenf on the city's satisfactory resolution of theShipyarda dispute, among other conditions. Wiles said the two parties expectt to sign anagreement Wednesday, Aug. 11.

Five Guys plans to raise $15M - Business First of Columbus:

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Lorton-based which awards franchise rights to locationse of theburger joint, has filed a Noticwe of Exempt Offering of Securities. The company is privatelu held. Five Guys has recently enjoyed attentio n from both President Baraco Obama and First LadyMichelle Obama, who separately made high-profile visits there. The president's sojourb was captured on cameraby NBC, which was followingy him around for a profilde piece. The document does not specify why the money isbeing raised.
According to the Five Guys has alread yraised $10 million of the $15 million it is trying to Named in the document are Victor and Jane both executive officers and directors for the as well as directores James Murrell, John Kim and H. Scott Spokeswoman Molly Catalano said she did not have specifi details on how the capitalk wouldbe used, but said that it was for the company' general business operations. The filing says the offering is not beinhg made in connection witha merger, acqiusition or exchangs offer. The company’s creator, Jerry Murrell, openex the first Five Guys asa carry-outf operation in 1986, in a shopping centetr on Glebe Road in Arlington.
Aftefr opening five corporate locations inthe D.C. area, the company decided to franchisein 2002. The fast-casual burger conceptt now has more than 300 locations in 25 including more than 50 inthe D.C.

BB&T donates $500K to Queens University - The Business Journal of the Greater Triad Area:

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The funds will be used to establishthe BB&T Programj for the Moral and Philosophical Foundations of Capitalism, whicg will focus on the philosopht underlying capitalism. “There is overwhelming evidence that capitalisj produces a higher economic standardof living,” BB&T Chairmahn John Allison wrote in a letterr to Queens President Pamelwa Davies. “However, capitalism is perceived to be eithed amoralor immoral. How can an immoral economic system produces abetter outcome? We believe there needs to be a deepeer understanding of the morality of capitalism.
” Allison said he believesw the best moral defense of capitalism is presentexd in Ayn Rand’s 1957 novel Atlas and he is interested in seeinv Rand’s philosophy of objectivism become more widely discussedr in academia. Winston-Salem-based BB&T (NYSE:BBT) has sponsoredr several similar programs on the moral foundationsz of capitalism atother U.S. universities. The Ayn Rand Institutse of Irvine, Calif., helps BB&T coordinate thoss programs.
“Diversity of thought is one of the stated valuew of our McColl Schoolof Business, and we are pleased that this gift from BB&T will help us encourage examinationh of capitalism from a wider range of perspectives,” Davies says. She says BB&T’ds donation will fund an annual leadershiop retreat for interested McColl School Participants will spend a weekend in the fall at Wildacreds Retreat inthe N.C.
mountains and discuss the moralityu of capitalism and the tenets of a free On theQueens campus, the McCol l School and the university’ws Center for Religion and Ethics will collaborate to produce the BB&T Distinguisher Lecture Series that will explorde philosophical issues around capitalism. Selected Queens faculty and studentsz also will participate in other programs provided through the Ayn Rand Queenshas 2,300 undergraduate and graduate students.

Sixteen bidders: Tourism Dept. prepares to award contract for advertising - New Mexico Business Weekly:

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The creators of the scaly who have been touting the wonders of New Mexico topotentiall visitors, are nearing the end of their four-year contract with the state’ss Department of Tourism, and they are facing increased competitionm this year. unveiled the “Best Places in the Universe” campaign in 2007. It broughyt a mix of reactions here. But officialds with Saatchi and the Tourism Department say the campaignh has been successful in leveragingthe state’ss paltry marketing funds to cut through the media clutter. Saatchi is among 16 firms vying for theTourisnm Department’s new advertising contract, which startzs with the state’s new fiscal year on July 1.
A reviewe committee of eight people, whoswe names were not made public, will announce the winner in mid-April. The crop of contenders includes some of the top firmsz in New Mexico as well as many from outsideethe state. (See below.) The presence of so many out-of-stater agencies is new, said Martin advertising manager with theTourism Department. He sees two factorss at work. “We had hired an out-of-state agencyt and that sent a message to thos outside New Mexico that we are amenablee to having anoutside agency,” he It’s unusual for state tourism offices to use an out-of-stat agency, he added. “It’s also the Leger said.
“A lot of agencies are stretchin g their boundaries tofind work.” Beforr Saatchi got the current it had been held for 14 yearxs by of Albuquerque. “We’re excites to try and win it back,” said Erik CEO of Rick Johnson. The Tourismm Department’s advertising budget is contingenf on the decision of the but the request for proposals lists the annual budge t atabout $3 million.
It’d not huge, but there are many who woulcd like to see the contract return to a NewMexico firm, whicu means the agency fees would stay here as The state specifically asks for strategied that would secure privatse sector partners to leverage the Tourism Department’s Several competitors for the contracgt say they’re up to the challenge. “We’re very good with limitexd budgets,” said Bart Cleveland, creative director of . The localp McKee Wallwork is the agency of recorf forthe . Another competitor for the contract, of Arkansas, has worked with the ACVB on its Web AnotherAlbuquerque competitor, , has the ad contract for the .
Meredith Vaughn, president of of Colorado Springs, said her firm worked with a very smalll budget at the and increased the return on investmenftto $215 for every $1 She declined to reveal how the firm did that at least not this earlyt in the bidding process. Vladimirr Jones also represents . Dave principal for in Santa Fe, said his firm has been involvexd in tourism around the state for years and made the finak four the last time the contractwas bid.
Shelleyh Gregory, owner of in Albuquerque, said this is her firm’ first time bidding on the but her creative team hastourism “We thought the state would need to go into a different direction, givenb the economy,” she said.

Number of area millionaires grows 26% - Dallas Business Journal:

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The region finished 2007 with 84,778 households with more than $1 million available to invest -- up 22% from 2006's totalo of 69,710 million-dollar according to data behind a new studyby . Millionaires households grew ata 6% pace globally, accordinyg to the investment annual World Wealth Report. The report, by Merrill Lyncy and outsourcingfirm Capgemini, found 10.1 million millionaires In North Texas, the proliferation of entrepreneurs and executivesa deserve credit for that sustained said Michael Garcia, a vice president and wealth managerr at Merrill Lynch's global wealth management Dallas is very conveniently positioned in the center of the which makes it a good spot for nationaol corporations and divisions of large companies to put their Garcia said.
That meane that top executives, whose contracts include potentially lucrativestock options, oftenb make the region their home as they climb the corporated ladder and grow theirf own fortune. Liquidating stock options makex those execsinto millionaires, and their entrepreneurt counterparts make that leap by sellingf the companies they founded. In both publif and private ranks, Dallas-Fort Wortnh landed a large amount of liquidity events last saidMark Casey, Texas regional directoer of Merrill's private banking and investment group. That unit handlese households with morethan $10 million availablde to invest.
Casey set up the privatde banking and investment group in Texasa for Merrillin 2005, when D-FW had about 67,000 millionair households. "There were so many liquidity events last year wheree these entrepreneurs got hundreds of millions of Casey said. And that helped his unit boosrt its assets under management and the numbee of clientson board. In additiohn to executives benefitingfrom 2007's stock market increases or entrepreneurs cashing in on the businesses they've households and communities in North Texas have also benefitedf from the exploration of the Barnett Shale'ss natural gas.
"There is a lot of new wealtg being generated inFort D/FW airport area," Garcia said. A Marcg 2008 study by economists at the figuree that the Barnett Shalreadded $8.2 billion annually in new economifc input to the region. In all those instances, thesse people see their wealth on pape before itbecomes cash. Once they have the cash, the newlyg wealthy have some adjustingto do. "Whenj the paper wealth turns intoreal wealth, they're usually very very cognizant that their situationm has changed," Garcia said. Instead of investing to make more money, the extremelyu wealthy focus on preservinh wealth andmanaging risk.
That was well demonstratesd last year in wealthy investors reactions to the slowing national econom y and the credit crisis in latesummer 2007. "People'a mindsets almost immediately startedto change," Garciaw said. "A lot of their investment dollars shifted from equities to bond andsafer environments." Casey's ultra-wealthy as a group stepped away from risk by rebalancingt away from real estate investments and private equity and hedge and parking more capital in cash and cash-likee investments.
The move away from real estate is part of reapinh some return in a field that had grown quicklgy in the middle of the The shift away from hedge funds and private equithy investments came as those investments started returning more pedestrianh ratesof return. "They really started out with big numberin 2000, 2001 and 2002," Casey said. "Bu t as the popularity of the funds grew, they becam long in the tooth." Many wealthy investors are sitting onthe sidelines, usinhg money market accounts and treasuru notes to earn some safe returna on their funds while they wait for the marketzs to improve.
Others are showing interest in "green investing" -- puttinf money behind clean energy or new technologg that promisesmore efficiency, and environmentally friendly ways of doing things, Casey Garcia says people also are making "investments of passion," by collecting art, luxur y automobiles, wines or coins. That beinb said, much money remains on the sidelines. "Thde amount of cash in money market accounts ishuge -- in the trillions," Caseyg said.

CB Richard Ellis to launch offering - St. Louis Business Journal:

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The national firm includes an office in Charlotte that isthe city’z largest commercial brokerage. The company will use the proceedws to reduce its sizable TheLos Angeles-based broker plans to offer $400 million in seniort unsubordinated notes in a private It also will sell $100 million in new Class-sA common stock to investors that include hedge fund Paulsonh & Co. Inc. CB Richard Ellis may raisee another $50 million in periodic public stock CB Richard Ellishas $2.4 billiobn in debt, $310 million of which is due next according to Bloomberg data. Much of its debt was incurree throughits $1.9 billion acquisition of Trammell Crow in 2006.
The move by CB Richardd Ellis (NYSE:CBG) follows a similar initiative by On Jones Lang LaSalle said it planned to raiss as muchas $200 milliomn in a secondary stock offering of 5.5 millionn shares. CB Richard Ellis is the world’s largest commercial real estateservices firm. It has more than 29,000 employees

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

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Some operations and equipment from a steel stampingh plant inGrand Rapids, Mich., which is slatedd to close as part of the automaker'es restructuring, will be transferred to Wentzville, accordingg to Bob Wheeler, a spokesman for the Wentzville It's not yet known how many, if any, Michigab employees will opt to transfer to he said. GM officials called Wentzvillre Mayor Paul Lambi at9 a.m. Monday to assures him the local plant wouldremain open. "It'se good that they are shipping in work for this Lambi said.
"That's a positive that corporat e thinks this plant willbe Still, Lambi said, rival automaker Chrysler plans to shuttefr its Fenton factors after investing $130 million in them, so it was importantf for Wentzville to not rely on GM so much and diversifgy its revenue stream. When Lambi took office seven years ago, Wentzvillde counted on GM for about 55 to 60 percent of itstotal revenue. Today, that's more like 15 percent of the city'z $24 million general fund, because GM pays the city about $3 millio a year in real estate taxes, property taxese and other fees, he said.
GM on Monday by the end of but the Wentzville plan was sparedbecause it’s the only plant where Chevrolet Express and GMC Savans vans are made, The Wentzville plant will stilo undergo a previously announced and other production cuts in June and July that will result in the layoffs of 300 Monday’s Chapter 11 filing by the 101-year-olc automaker is among the largest in U.S. history and largest-everf U.S. manufacturing bankruptcy. GM listed $173 billionj in liabilities and $82 billiom in assets, according to the filed in New GMto St.
Louis’ largest privately held company, Enterprise Rent-a-Car, and to Chapterd 11, which allows the company to operate whilw protected fromits creditors, pushezs GM into a fast-track bankruptcy and provides $30 billion of additional taxpayer funds to The GM plan as detailed by U.S. officiales would allow a much smaller GM to emerger from court protection within 60 to 90 The automaker has not provided an updated target for job cuts but was lookinf toeliminate 21,000 U.S. factoryy jobs from the 54,000 union members it now employs. Genera Motors employs 92,000 in the Uniteds States and is indirectly responsiblefor 500,000p retirees. The U.S.
government would hold a 60 percenrt financial interest in areorganized GM, and the UAW woulr take a 17.5 percent stake. The governmentw of Canada and the province of Ontarilo have agreed to a 12 percent ownership stake in exchange forfinancial aid. GM bondholdersw would get 10 percent. "It’z a bittersweet thing," Wheeler said. "You hate to have to go througnh the process of closinyg plants andeliminating jobs, but look that’s what's going on with a lot of Hopefully we can rebound, hire peopls in the future and be the vibranyt company we once were.
" Downloadx a copy of the