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Three of the loans totaling morethan $224 milliob have gone into foreclosure. Another for $962.5 million is securexd by the , plus numerous other properties. It isn’tt in foreclosure, but developer , one of Florida’s largestf homebuilder, has sought bankruptcy court protection while it The limited liability company thatowns , a 52-building apartment complex at 4003 S. Westshore bought in July 2005for $61 sought bankruptcy protection on Dec. 29. LaSalle trustee for the equity fund thatloaned $57.6 million for the filed a foreclosure lawsuit in November, alleging payments haven’t been made since LLC, controlled by M. Stevebn Sembler and James Chadwick ofthe St.
Petersburg-base , owns the development. Neither Sembler, nor his attorney, Amy Dentonb Harris of , returned calls. At the peak of the housinh boomin 2005, Westshore Boulevard in South Tampa seemexd like a good bet with its easy access to Florida’s largest business district, two populatr malls and . Property along Tampa Bay offered the type of Floridq living portrayed in magazines andtelevisiojn commercials: Amazing bay views complete with stunning Developers scrambled to buy largre tracts of waterfront property at record setting prices that surprised longtims brokers. They planned to buil d and sell luxury condos and somefor millions.
Over the past coupls years, plans for most of those developments collapsed with thehousinhg market, leaving investors upside down by tens of millions of Only Westshore Yacht Club has homes and residentss In December, BofA foreclosed the , to the soutu of The Cove, after an entity controlled by Chicago’s defaultesd on the $97.3 million loan. The bank is now tryingt to sell the propertyfor $60 Several brokers said it’s only worth $25 millio n to $30 million in today’s depressef market. BofA also is in litigation on the $69 millioh mortgage on New PortTampa Bay, a redevelopmen south of Gandy that was to include condominiums, stores, restaurantsz and a marina.
Word in the brokerage community is that a buyerf is trying to work out a deal with BofA andthe , whicnh owns most of the $50 million communithy development district bonds on the vacant 52-acre Some commercial real estate insiderss contend the property is worth less than what’s owed on the Deeds show that the price per acre for the four boulevarx properties increased dramatically between August 2004 and July 2005. WCI Communitiees (Pink Sheets: WCIMQ), bought a large parcel for redevelopment andpaid $282,000 an acre in 2004. Eleven month later, the Ballast Point Group entitypaid $2.
4 milliojn an acre for The The four properties are withimn miles of each other — posing a geographicx risk banks would refuse to take today, said Owen a commercial banker at in Tampa. While Bank of America BAC) appears to be the hardest hit on theWestshore it’s not the only one facintg losses. Other lenders, including investors in commerciao mortgagebacked securities, will suffer, too. Largee commercial loans typically involve three to four banksaas lenders. “It’s LaFave said of nonperforming loans. “It’as systematic. Everybody got caught up with the go-go It’s not just Bank of America.
The market was so good for so long we got away from the Camille Roberts Lamarof , which brokereed WCI’s acquisition of the former Hendryu shipyard for Westshore Yacht said banks don’t comprehend the lossee they’re facing. “They can’t possiblhy know the depth of their bad loans orknow who’ws going to go out of business,” Lamare said. Lamar expects more large commercial loanws involving Westshore properties to go into As theeconomy deteriorates, commercial especially those for the developmengt and construction of residential communities, are likely to Comptroller of the Currency John Dugan warned bankers a year ago that more than 60 percengt of Florida’s banks had CRE loan exceeding 300 percent of capital.
“Unfortunately the overall markett continuesto deteriorate,” LaFave said. “We all underestimatecd just how drastically the market would fall off as well as the duratiohn ofthe market.”
Monday, July 30, 2012
Sunday, July 29, 2012
Evergreen Resources receives $22M offer for Kansas assets - Kansas City Business Journal:
grachevakautawil.blogspot.com
Closing is subject to, amonvg other things, the execution of a definitive agreement and Heartlansd obtainingnecessary financing. Heartland has entered into an agreemenyt withand Sterne, Agee & Leach to arrange the necessar y financing and provide for Heartland's ongoing working The Kansas assets comprise all of Evergreen'ss interests in the Forest City Basin, including approximately 766,000 acres of leases, well surface equipment, gathering and surface facilities, vehicles, pipelines, as well as engineering, land and accounting data and records.
As a conditiojn to closing, Heartland has required that Evergreen's executive officersz agree to serve asan "advisoryh board" for two years. In addition, Heartland intendzs to retain allfield personnel. Subject to a definitiver purchase and sale agreement and Heartlandr obtainingnecessary financing, closing of the acquisitionn is expected to occur on Sept. 24. The boardes of Evergreen Resourcesand (NYSE: PXD) approvesd a strategic merger valued at approximatelu $2.1 billion. Pioneer will continue to be based in and willretain Evergreen's Denver offices as its base of operations in the The merger is expected to be completed on Sept. 28.
In the merger agreement provides for an additional cash payment to Evergreen shareholders equal to the sum of 35 centas per share of Evergreen common stocok as consideration from Pioneerfor Evergreen's propertieds located in Kansas, plus (2) an amounft per share of Evergreen common stockl equal to a pro rata shar e of the net proceeds in excess of $15 million from Evergreen'sx sale, if any, of its Kansas properties to a thired party if a sale occurxs prior to the closing date of the Based on the offer price of $22 million and after deducting estimated transaction costs, net proceeds in excesz of $15 million from the possible sale of the Kansas properties would provide Evergreen shareholders with estimate d additional cash of 12 cents to 14 centw per share, resulting in a total cash payment of 47 cents to 49 centas per share for the Kansas If the merger were completedx on Sept.
28, Evergreen shareholders would be entitlee to receive the estimated additional cash payment of 12 cents to 14 centsz per share only if the sale of the Kansas properties occurs prior to the close of businesson Sept. 27.
Closing is subject to, amonvg other things, the execution of a definitive agreement and Heartlansd obtainingnecessary financing. Heartland has entered into an agreemenyt withand Sterne, Agee & Leach to arrange the necessar y financing and provide for Heartland's ongoing working The Kansas assets comprise all of Evergreen'ss interests in the Forest City Basin, including approximately 766,000 acres of leases, well surface equipment, gathering and surface facilities, vehicles, pipelines, as well as engineering, land and accounting data and records.
As a conditiojn to closing, Heartland has required that Evergreen's executive officersz agree to serve asan "advisoryh board" for two years. In addition, Heartland intendzs to retain allfield personnel. Subject to a definitiver purchase and sale agreement and Heartlandr obtainingnecessary financing, closing of the acquisitionn is expected to occur on Sept. 24. The boardes of Evergreen Resourcesand (NYSE: PXD) approvesd a strategic merger valued at approximatelu $2.1 billion. Pioneer will continue to be based in and willretain Evergreen's Denver offices as its base of operations in the The merger is expected to be completed on Sept. 28.
In the merger agreement provides for an additional cash payment to Evergreen shareholders equal to the sum of 35 centas per share of Evergreen common stocok as consideration from Pioneerfor Evergreen's propertieds located in Kansas, plus (2) an amounft per share of Evergreen common stockl equal to a pro rata shar e of the net proceeds in excess of $15 million from Evergreen'sx sale, if any, of its Kansas properties to a thired party if a sale occurxs prior to the closing date of the Based on the offer price of $22 million and after deducting estimated transaction costs, net proceeds in excesz of $15 million from the possible sale of the Kansas properties would provide Evergreen shareholders with estimate d additional cash of 12 cents to 14 centw per share, resulting in a total cash payment of 47 cents to 49 centas per share for the Kansas If the merger were completedx on Sept.
28, Evergreen shareholders would be entitlee to receive the estimated additional cash payment of 12 cents to 14 centsz per share only if the sale of the Kansas properties occurs prior to the close of businesson Sept. 27.
Saturday, July 28, 2012
Rebates should boost Energy Star sales - Phoenix Business Journal:
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“This rebate program will help Floridians buy appliancews atdiscount rates, lowerf utility costs and benefit Florida businesses by stimulating sale s of energy-efficient appliances,” Gov. Charlie Cris t said in a press releaseMay 18. Although the bill was signedr last week, the projected time for the program to be administeresd is probably sometimethis fall. Consumersd will not be eligible for the rebates until then because some of the details of the programj still need to beworked out, said Jerem y Susac, the executive director of Crist’ws Energy Office.
The specific amounts for the rebatew must be approved by the legislativsebudget committee, and Crist’s office is still waiting for guidance from the federal government on how exactly the program will Susac said. The FECC is expecting Florida toreceive $18 million in federal stimulus funds to provider the rebate program. In the Florida legislature isgiving $150,000 to the FECC to help them put the plan into All of this shouldx help Floridians save 20 percent on the cost of energy-efficient “This is what we are Susac said. “We are looking at 20 percent all acrosathe board.
” With the 20 percentf rebate, consumers could save $290 on refrigerators, $200 on washingy machines, freezers and dishwashers, $65 on room air conditionerws and $40 on dehumidifiers. Only laundry and kitchejn home appliances with the Energy Star label will be eligible for the All Energy Star appliances meet strict energy efficienct guidelines set by the Environmentalp Protection Agencyand U.S. Department of Energy, but certaihn items like flat screen televisions are not Susac said.
Even though they use the most energy out of all the home certain kitchen itemslike microwaves, ovens and stovee tops are also not included because they have yet to be regulate by Energy Star in the United States, said Michael Setzer, the ownert of Setzer’s appliance dealer in Energy Star appliances do cost an averager of $50 to $100 more than the standard versionsw because of the advanced technologies, he said, but the rebatew should lighten the costs, making it almosty cheaper to buy the Energg Star product. “You don’t have to spend $1,000p to have an Energy Setzer said. “Energy Star has cheaper models now.
I have a $300 dishwashet and a $800 refrigerator in my storre that are allEnergy Star.” In addition, the investment will causes consumers’ utility bills to go down in dolla amount. Customers should recover theird costs ofthe energy-efficient appliancd on their monthly bills within five to six According to Energy Star’s Web site, their appliances can save consumeres $75 a year in energy costs, and they use 10 to 20 perceng less energy and water than traditional models, making them better for the environment.
For example, a front-loading Energ Star washing machine uses 16 to 18 gallonsw of water versus thetraditional top-loadinh appliance that uses 40 “I don’t know if our sales will go up because the customers will still have to put out the full Setzer said. “But any increase in saleas willbe great, and it would be a greay thing for people to get thei money back.” Business has been slow durinyg the economic downturn at both Setzer’e locations here in Jacksonville and Ocala, but it’s still going pretty steady because people are always going to need refrigerators and dishwashers, he said.
In addition, 75 to 80 perceng of the appliances he sells areEnergty Star, so Setzer said he’es very hopeful. Energy Star is also excited for the rebate programk to go into effecyt because the Florida proposalis unprecedented, an Energg Star spokesperson said. In years past, rebatew have caused a jump intheir sales, but they have never had a rebate program like this
“This rebate program will help Floridians buy appliancews atdiscount rates, lowerf utility costs and benefit Florida businesses by stimulating sale s of energy-efficient appliances,” Gov. Charlie Cris t said in a press releaseMay 18. Although the bill was signedr last week, the projected time for the program to be administeresd is probably sometimethis fall. Consumersd will not be eligible for the rebates until then because some of the details of the programj still need to beworked out, said Jerem y Susac, the executive director of Crist’ws Energy Office.
The specific amounts for the rebatew must be approved by the legislativsebudget committee, and Crist’s office is still waiting for guidance from the federal government on how exactly the program will Susac said. The FECC is expecting Florida toreceive $18 million in federal stimulus funds to provider the rebate program. In the Florida legislature isgiving $150,000 to the FECC to help them put the plan into All of this shouldx help Floridians save 20 percent on the cost of energy-efficient “This is what we are Susac said. “We are looking at 20 percent all acrosathe board.
” With the 20 percentf rebate, consumers could save $290 on refrigerators, $200 on washingy machines, freezers and dishwashers, $65 on room air conditionerws and $40 on dehumidifiers. Only laundry and kitchejn home appliances with the Energy Star label will be eligible for the All Energy Star appliances meet strict energy efficienct guidelines set by the Environmentalp Protection Agencyand U.S. Department of Energy, but certaihn items like flat screen televisions are not Susac said.
Even though they use the most energy out of all the home certain kitchen itemslike microwaves, ovens and stovee tops are also not included because they have yet to be regulate by Energy Star in the United States, said Michael Setzer, the ownert of Setzer’s appliance dealer in Energy Star appliances do cost an averager of $50 to $100 more than the standard versionsw because of the advanced technologies, he said, but the rebatew should lighten the costs, making it almosty cheaper to buy the Energg Star product. “You don’t have to spend $1,000p to have an Energy Setzer said. “Energy Star has cheaper models now.
I have a $300 dishwashet and a $800 refrigerator in my storre that are allEnergy Star.” In addition, the investment will causes consumers’ utility bills to go down in dolla amount. Customers should recover theird costs ofthe energy-efficient appliancd on their monthly bills within five to six According to Energy Star’s Web site, their appliances can save consumeres $75 a year in energy costs, and they use 10 to 20 perceng less energy and water than traditional models, making them better for the environment.
For example, a front-loading Energ Star washing machine uses 16 to 18 gallonsw of water versus thetraditional top-loadinh appliance that uses 40 “I don’t know if our sales will go up because the customers will still have to put out the full Setzer said. “But any increase in saleas willbe great, and it would be a greay thing for people to get thei money back.” Business has been slow durinyg the economic downturn at both Setzer’e locations here in Jacksonville and Ocala, but it’s still going pretty steady because people are always going to need refrigerators and dishwashers, he said.
In addition, 75 to 80 perceng of the appliances he sells areEnergty Star, so Setzer said he’es very hopeful. Energy Star is also excited for the rebate programk to go into effecyt because the Florida proposalis unprecedented, an Energg Star spokesperson said. In years past, rebatew have caused a jump intheir sales, but they have never had a rebate program like this
Wednesday, July 25, 2012
Md. colleges given $11M to combat nursing shortage - Pacific Business News (Honolulu):
yqyqynesara.blogspot.com
The grants, being divvied among 17 Marylanenursing schools, will be used to lure faculty and students, and improve technology at the universities. Maryland’sx nursing shortage is expected toreach 10,000 by according to the . The current vacanchy rate of nurses at state hospitals is 8 The economic downturn has helped the industry becauses many retired nurses have come back to but once the recession ends the shortagewill worsen, said Carmela Coyle, CEO of the Marylan d Hospital Association. The first round of grants will increase the numbetr of nurses graduating by 300 students and add 20 facultyu positions at nursing programas acrossthe state.
“The numbedr of nurses graduating from Maryland schools are simply not saidRonald B. Peterson, president of and co-chair of the “Whpo Will Care?” campaign at a press conference Monday. “Wed cannot take our eye off thenursintg demand.” The campaign’s goal is to add 1,500p new nursing students. The progra has raised $15.5 million to date through the state’e business community, including funds from the Baltimore constructionform , , the region'w largest hospital system, and , the region's largestg health insurer. Greater Baltimore Medical Center, for gave $500,000.
The goal is to raise $20 million from the private sector by the end of the and then raise anaddition $40 million in local and federal funds. • • • • • ; and, • .
The grants, being divvied among 17 Marylanenursing schools, will be used to lure faculty and students, and improve technology at the universities. Maryland’sx nursing shortage is expected toreach 10,000 by according to the . The current vacanchy rate of nurses at state hospitals is 8 The economic downturn has helped the industry becauses many retired nurses have come back to but once the recession ends the shortagewill worsen, said Carmela Coyle, CEO of the Marylan d Hospital Association. The first round of grants will increase the numbetr of nurses graduating by 300 students and add 20 facultyu positions at nursing programas acrossthe state.
“The numbedr of nurses graduating from Maryland schools are simply not saidRonald B. Peterson, president of and co-chair of the “Whpo Will Care?” campaign at a press conference Monday. “Wed cannot take our eye off thenursintg demand.” The campaign’s goal is to add 1,500p new nursing students. The progra has raised $15.5 million to date through the state’e business community, including funds from the Baltimore constructionform , , the region'w largest hospital system, and , the region's largestg health insurer. Greater Baltimore Medical Center, for gave $500,000.
The goal is to raise $20 million from the private sector by the end of the and then raise anaddition $40 million in local and federal funds. • • • • • ; and, • .
Monday, July 23, 2012
To boost sales, check your optimism level - The Business Journal of the Greater Triad Area:
hyperwave-exhausted.blogspot.com
Here’s a thought: Take a look at a soft emotionaol intelligence skill that yieldse hardsales results, optimism. Therwe is evidence that supports the theory that salea teams possessing high levels of optimism make companiemore money. One of the best case studiew comes from the work that psychologist Martin Seligmamn did with Metropolitan Life inNew York. He convinced Met Life to give him accesws to their new employees and administerr theusual testing, as well as a new test he developesd that measured optimism. He followed the progressz of new salespeople for one year and foundd that salespeople who scored high in optimism sold 33 percent more insurances than those whoscored low.
After two years, the optimistix group of salespeople were thriving intheier positions, which increased retention and decreasef the costs associated with turnover and increased sales. How optimisti c is your organization? There is a lot of presa on theswine flu, and people are worriedd about catching it. There is another epidemix to watch out forin today’s economy: It can be deadly when it hits an organizationh because emotions are contagious. The clinical term is emotionaol contagion and is definedas “the transmissiobn of moods.” When people are in a certaij mood — happy or depressed that mood is often communicated to What is the mood at your company?
A sales manager shares the story of a rep who starteed every conversation in the last downturn with, “Youi probably don’t have any money so you don’ want to buy …” The self-fulfillinb prophecy was set by the and the prospect followed the salesperson’s lead. No deal. So what can you do to stop the epidemixof pessimism? Study and duplicated optimistic salespeople. When face with adversity, optimistic salespeople ask themselves: What’s good about this? They know that adversityg is where true character is formed and great lesson sare taught.
Optimists take advantage of this schooling because they know that lessons learned today make money inthe • What can I do abouyt this situation? Optimists know that control equale action, action yields results and resultzs increase motivation. • What is funny about this? Humor is a greaty way to relieve which frees up the mind for creativity and Optimistic salespeopletake control. They know sales is the greatest profession to be in during a They can meet with mentors who can help them look at anothet way of doing business in tough They can outworktheir competitors. They can invest in learning and outsmartrtheir competitor. Optimistic salespeople manage results, not excuses.
Here’s a thought: Take a look at a soft emotionaol intelligence skill that yieldse hardsales results, optimism. Therwe is evidence that supports the theory that salea teams possessing high levels of optimism make companiemore money. One of the best case studiew comes from the work that psychologist Martin Seligmamn did with Metropolitan Life inNew York. He convinced Met Life to give him accesws to their new employees and administerr theusual testing, as well as a new test he developesd that measured optimism. He followed the progressz of new salespeople for one year and foundd that salespeople who scored high in optimism sold 33 percent more insurances than those whoscored low.
After two years, the optimistix group of salespeople were thriving intheier positions, which increased retention and decreasef the costs associated with turnover and increased sales. How optimisti c is your organization? There is a lot of presa on theswine flu, and people are worriedd about catching it. There is another epidemix to watch out forin today’s economy: It can be deadly when it hits an organizationh because emotions are contagious. The clinical term is emotionaol contagion and is definedas “the transmissiobn of moods.” When people are in a certaij mood — happy or depressed that mood is often communicated to What is the mood at your company?
A sales manager shares the story of a rep who starteed every conversation in the last downturn with, “Youi probably don’t have any money so you don’ want to buy …” The self-fulfillinb prophecy was set by the and the prospect followed the salesperson’s lead. No deal. So what can you do to stop the epidemixof pessimism? Study and duplicated optimistic salespeople. When face with adversity, optimistic salespeople ask themselves: What’s good about this? They know that adversityg is where true character is formed and great lesson sare taught.
Optimists take advantage of this schooling because they know that lessons learned today make money inthe • What can I do abouyt this situation? Optimists know that control equale action, action yields results and resultzs increase motivation. • What is funny about this? Humor is a greaty way to relieve which frees up the mind for creativity and Optimistic salespeopletake control. They know sales is the greatest profession to be in during a They can meet with mentors who can help them look at anothet way of doing business in tough They can outworktheir competitors. They can invest in learning and outsmartrtheir competitor. Optimistic salespeople manage results, not excuses.
Sunday, July 22, 2012
Sprint won
polinaagyvtiwu.blogspot.com
the reported Wednesday. The article, citing sources familiarf withthe matter, said that the telecomm companies have discussed the venture in recentf weeks but that they may not do a deal or may do a network-sharingv partnership instead. Overland Park-based Sprint (NYSE: S) doesn’t want to sell the unit and woul d want to keep at least 51percent ownership, the Wall Street Journak reported. A Sprint spokeswoman said the company doesn’r comment on rumor and speculation. Last the wireline — or long-distance unit posted revenue of $6.333 billion. That’s almost 18 percent of overall2008 revenue, which was $35.64 billion. Sprint is the nation’sa No.
3 wireless carrier, with about 49 million customers. It ranks No. 1 on the Kansas City Businesa Journal’s list of the area’ s top public companies. Level 3 (Nasdaq: LVLT), which has its headquartersd in Broomfield, Colo., provides fiber-based communications services such as videoand voice. Its 2008 revenue was $4.3 billion.
the reported Wednesday. The article, citing sources familiarf withthe matter, said that the telecomm companies have discussed the venture in recentf weeks but that they may not do a deal or may do a network-sharingv partnership instead. Overland Park-based Sprint (NYSE: S) doesn’t want to sell the unit and woul d want to keep at least 51percent ownership, the Wall Street Journak reported. A Sprint spokeswoman said the company doesn’r comment on rumor and speculation. Last the wireline — or long-distance unit posted revenue of $6.333 billion. That’s almost 18 percent of overall2008 revenue, which was $35.64 billion. Sprint is the nation’sa No.
3 wireless carrier, with about 49 million customers. It ranks No. 1 on the Kansas City Businesa Journal’s list of the area’ s top public companies. Level 3 (Nasdaq: LVLT), which has its headquartersd in Broomfield, Colo., provides fiber-based communications services such as videoand voice. Its 2008 revenue was $4.3 billion.
Saturday, July 21, 2012
Catherine A. Lesjak Executive Profile
tenamup.wordpress.com
A veteran of the company for more than two Lesjak previously was senior vice presidentand treasurer, responsible for managing the companu
A veteran of the company for more than two Lesjak previously was senior vice presidentand treasurer, responsible for managing the companu
Thursday, July 19, 2012
Lane4 completes purchase of three Kansas City-area shopping centers - South Florida Business Journal:
vittitowmehigyk1238.blogspot.com
million. The Kansas City Business Journal reportefd that the PrairieVillage Shops, the Corintuh Square shopping center in Prairis Village and the Fairway Shops in Fairway were under contract to investors led by Lane4, a Kansasx City-based commercial real estate brokerage and developmen t firm. Highwoods (NYSE: HIW), based in Raleigh, N.C., disclosed the sale priced in aThursday release. The three shoppinhg centers have a combined 2009 appraised value ofabout $64 million, according to figures from the Johnson County Appraiser’ss Office. The three shopping centers contaijn 416,000 square feet combined and were, on average, 94.5 percenrt leased and 55 years old, Highwood s said.
The properties generate a combinedf annual cash net operating income ofabout $5.4 million. The new owners plan no “immediated major changes” to the shopping centers, Jeff senior vice president and principalof Lane4, said in a separate releas e Thursday. “We intend to enhance and upgrade the centere as opportunities ariseover time, but these improvementse will not change their basic character,” Lane4 Presidentf Owen Buckley said in the “We look forward to taking good care of them and feel they represen t an excellent opportunity to invesyt in our community.
” Kansas City developer Jesse Clyder Nichols built the grocery-anchored shopping centers in the and the JC Nichols Co. sold them to Highwoods in 1998.
million. The Kansas City Business Journal reportefd that the PrairieVillage Shops, the Corintuh Square shopping center in Prairis Village and the Fairway Shops in Fairway were under contract to investors led by Lane4, a Kansasx City-based commercial real estate brokerage and developmen t firm. Highwoods (NYSE: HIW), based in Raleigh, N.C., disclosed the sale priced in aThursday release. The three shoppinhg centers have a combined 2009 appraised value ofabout $64 million, according to figures from the Johnson County Appraiser’ss Office. The three shopping centers contaijn 416,000 square feet combined and were, on average, 94.5 percenrt leased and 55 years old, Highwood s said.
The properties generate a combinedf annual cash net operating income ofabout $5.4 million. The new owners plan no “immediated major changes” to the shopping centers, Jeff senior vice president and principalof Lane4, said in a separate releas e Thursday. “We intend to enhance and upgrade the centere as opportunities ariseover time, but these improvementse will not change their basic character,” Lane4 Presidentf Owen Buckley said in the “We look forward to taking good care of them and feel they represen t an excellent opportunity to invesyt in our community.
” Kansas City developer Jesse Clyder Nichols built the grocery-anchored shopping centers in the and the JC Nichols Co. sold them to Highwoods in 1998.
Wednesday, July 18, 2012
Common Core not nationalized education - Salt Lake Tribune
ernstiryastrov.blogspot.com
Deseret News | Common Core not nationalized education Salt Lake Tribune This pamphlet contains numerous gross exaggerations with no basis in facts. Unfortunately, she and the pamphlet's authors have entirely misrepresented how Utah's Core Curriculum Standards are developed, reviewed, field-tested, then approved, based on ... Comm on Core conspiracies about in Utah, not based in reality Schools to unveil new curriculum this f » |
Monday, July 16, 2012
Guaranty Bank: FDIC assistance needed for survival - Dallas Business Journal:
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Guaranty’s parent company, , stated that it is in discussions with the FDIC and itsprimary regulator, the , for a plan where the FDIC would absorb a portion of the bank’s losses while private investors provide a “significant equity capital infusion.” Guaranty’s larges shareholders are Dallas billionaire Robert Rowling and activist investofr Carl Icahn, who control 20% and just more than 17% of the bank'sx common stock, respectively. Guaranty is the fourth-largest independent banking institution basedin Texas. It has 162 officesx in Texas and Californiaand $11.6 billion in according to the latest data available.
"Guaranty Bank continues to work closelgy with its regulators to find a way said bank spokesman John Wessman in awritten statement. "Wre believe strongly that open bank assistancre is in the best interest ofour depositors, and that it meetsx the standard of being the leasr costly alternative for government regulators.” Bank representatives declined to comment It's not clear when the regulators will responrd or react to Guaranty's proposal. At $14.4e billion in assets, Guaranty Bank is biggee than the largest bank that has failed so farthis year, a distinction now held by FSB of Corapl Gables, Fla. The bank had $12.
8 billion in assetse when it failed, according to the The bulk of BankUnited’s good assets were sold in May to a privat equity investment group ledby W.L. Ross & Co. and . Before that, BankUnited had proposed an open assistance plan to but word of thatplan didn’t become public until after BankUnitex failed. In laying out its options before shareholders and the public in a Securities and ExchangeCommission filing, Guaranty’s executivesd are showing what they’rw doing to keep the bank afloat, said Dan a banking analyst with “They’re putting all theifr cards on the table,” he Guaranty is suggesting a rare optioh — one the FDIC would only use if it’s the leastf costly way for the FDIC’s deposigt insurance fund to resolve Guaranty’s according to the bank.
Guaranty is officially based in but PresidentKevin Hanigan, CFO Ronald Murffc and Treasurer Stephen Raffaele work from its Dallas businessz banking office in Preston More than bad Guaranty invested heavily in mortgage-backed securities, whicjh today are worth much less than what the bank If Guaranty doesn’t receive FDIC it will have to mark down the value of its securities portfolik and related items by more than $1.7 billion, the bank said in its regulatory filing. That would give the company a $2.2 billion annuapl loss in 2008 and less capital than it needz to continuein business. In early April regulators ordered Guaranty to raise additional capital byMay 21.
That deadline has passed. For 21 Guaranty was been a subsidiaryof , a makee of cardboard boxes and timber building supplies. Guaranty was spun out of Temple-Inlande at the urging of Icahn. Temple-Inlandf (NYSE: TIN) completed the spinoff on Dec. 28, just as the excesses of the residentialp mortgage lending bubblebecame apparent. Guaranty investedd heavily in securities backed by mortgageds madein California. It has not reportec a quarterly profit since it becamea stand-alone Since its spinout from Temple Icahn and Rowling have invested heavily in In July, the duo invested an additional $600 milliojn in Guaranty.
They control 37 percent of Guaranty
Guaranty’s parent company, , stated that it is in discussions with the FDIC and itsprimary regulator, the , for a plan where the FDIC would absorb a portion of the bank’s losses while private investors provide a “significant equity capital infusion.” Guaranty’s larges shareholders are Dallas billionaire Robert Rowling and activist investofr Carl Icahn, who control 20% and just more than 17% of the bank'sx common stock, respectively. Guaranty is the fourth-largest independent banking institution basedin Texas. It has 162 officesx in Texas and Californiaand $11.6 billion in according to the latest data available.
"Guaranty Bank continues to work closelgy with its regulators to find a way said bank spokesman John Wessman in awritten statement. "Wre believe strongly that open bank assistancre is in the best interest ofour depositors, and that it meetsx the standard of being the leasr costly alternative for government regulators.” Bank representatives declined to comment It's not clear when the regulators will responrd or react to Guaranty's proposal. At $14.4e billion in assets, Guaranty Bank is biggee than the largest bank that has failed so farthis year, a distinction now held by FSB of Corapl Gables, Fla. The bank had $12.
8 billion in assetse when it failed, according to the The bulk of BankUnited’s good assets were sold in May to a privat equity investment group ledby W.L. Ross & Co. and . Before that, BankUnited had proposed an open assistance plan to but word of thatplan didn’t become public until after BankUnitex failed. In laying out its options before shareholders and the public in a Securities and ExchangeCommission filing, Guaranty’s executivesd are showing what they’rw doing to keep the bank afloat, said Dan a banking analyst with “They’re putting all theifr cards on the table,” he Guaranty is suggesting a rare optioh — one the FDIC would only use if it’s the leastf costly way for the FDIC’s deposigt insurance fund to resolve Guaranty’s according to the bank.
Guaranty is officially based in but PresidentKevin Hanigan, CFO Ronald Murffc and Treasurer Stephen Raffaele work from its Dallas businessz banking office in Preston More than bad Guaranty invested heavily in mortgage-backed securities, whicjh today are worth much less than what the bank If Guaranty doesn’t receive FDIC it will have to mark down the value of its securities portfolik and related items by more than $1.7 billion, the bank said in its regulatory filing. That would give the company a $2.2 billion annuapl loss in 2008 and less capital than it needz to continuein business. In early April regulators ordered Guaranty to raise additional capital byMay 21.
That deadline has passed. For 21 Guaranty was been a subsidiaryof , a makee of cardboard boxes and timber building supplies. Guaranty was spun out of Temple-Inlande at the urging of Icahn. Temple-Inlandf (NYSE: TIN) completed the spinoff on Dec. 28, just as the excesses of the residentialp mortgage lending bubblebecame apparent. Guaranty investedd heavily in securities backed by mortgageds madein California. It has not reportec a quarterly profit since it becamea stand-alone Since its spinout from Temple Icahn and Rowling have invested heavily in In July, the duo invested an additional $600 milliojn in Guaranty.
They control 37 percent of Guaranty
Sunday, July 15, 2012
Salmona sees trouble as 'mob' trespasses - Times of India
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Salmona sees trouble as 'mob' trespasses Times of India A resident of Saligao has lodged a police complaint alleging that a group of people trespassed into his property over a period of five days recently, attempting to stop construction activity being undertaken by him. |
Saturday, July 14, 2012
Christian Bale on playing Batman one last time - Chicago Sun-Times
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Entertainmentwise | Christian Bale on playing Batman one last time Chicago Sun-Times In the end, Batman is the ultimate loner. No one knows that better than actor Christian Bale, who began an epic franchise alone. He ended it in the same way. Christian Bale: 'Dark Knight Rises' goes full circle This Week's Cover: Christian Bale and Christopher Nolan discuss the making ... Christian Bale: 'Batman Is A Very Sad, Lonely Individual' |
Thursday, July 12, 2012
Prestige or preservation? - Times of India
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Prestige or preservation? Times of India As Unesco's World Heritage Committee deliberates on 38 nominations for the World Heritage Site status at its fortnight long meeting beginning today in St. Petersburg, Russia, India is most likely to. |
Wednesday, July 11, 2012
Cascade AIDS Project to move - Boston Business Journal:
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New offices at downtown Portland’e Lincoln Building, 208 S.W. Fifth will be on the eighth floor, and will be open beginning The nonprofit’s Men’s Wellnesxs Center, which serves gay and bisexual men, will move from its Starki Street location into the ground floor of the building this following construction. Rent, on a per-square-foot will be roughly the same at the new site as the Cascads AIDS Project hasbeen paying. Buildinh owner Unico Properties LLC offered significant incentives to make the movepenciol out, said Michael Kaplan, executive director of the nonprofit.
Unicoo will grant the grouop four months of free rent in the coming fiscal year, which begins July 1, resulting in cash savings of betweenh $20,000 and $40,000, Kaplan said. The landlord also provided Cascadd AIDS Project witha $75,000 cash movingv allowance and built out 15,000 square feet of office spacr at Unico’s expense.
New offices at downtown Portland’e Lincoln Building, 208 S.W. Fifth will be on the eighth floor, and will be open beginning The nonprofit’s Men’s Wellnesxs Center, which serves gay and bisexual men, will move from its Starki Street location into the ground floor of the building this following construction. Rent, on a per-square-foot will be roughly the same at the new site as the Cascads AIDS Project hasbeen paying. Buildinh owner Unico Properties LLC offered significant incentives to make the movepenciol out, said Michael Kaplan, executive director of the nonprofit.
Unicoo will grant the grouop four months of free rent in the coming fiscal year, which begins July 1, resulting in cash savings of betweenh $20,000 and $40,000, Kaplan said. The landlord also provided Cascadd AIDS Project witha $75,000 cash movingv allowance and built out 15,000 square feet of office spacr at Unico’s expense.
Monday, July 9, 2012
Santa Clara network firm builds stimulus task force to show them the money - Silicon Valley / San Jose Business Journal:
ignatiywulyxura.blogspot.com
billion in broadband grants allotted underthe $787 billiob federal stimulus package. But that didn’tf stop the maker of Ethernet networks from setting up itsown 11-member stimuluds package task force in Aprilo to look at funding And it didn’t stop the Santa Clara company from movingf quickly to get on a list of approvede vendors to sell the equipment to service providerss who will receive granta for $2.
5 billion in rural broadband That money is being directex specifically to independent telecom and on June 9, Extreme will hold a webinar for ruralp telecom providers to explain how they can apply for It makes sense considering that Extreme’s Ethernetr networks support data, voicde and video for enterprises and telecomk providers. “These grants are going to enabls our customers to upgradethe networks, and what we’rr hoping to do is provide let them know what we’re doing and that we’rde on the approved vendor said Peter Lunk, senior director of servicwe provider marketing for Extreme.
“We thinj the focus of providing broadband to rural communitiews and creating jobs around these networks is agreat opportunity.” Whilew U.S. Rep. Anna Eshoo, D-Palo Alto, has suggested that Palo Alto apply for stimulus fundsw directed at installing or upgrading broadband in unserved orunderservedc communities, Extreme’s director of service provider marketing Mark Showalter said there’a little opportunity to build out networkds between Silicon Valley and San Francisco, and the focu s will probably be more toward rural middle America and California’s Central Valley.
But, Lunk admitted, nobod y can really be sure what the opportunity will be untikl the final rulesare released. That is expectedr at the end of June. In just a single quarter, the North American carrier marketplace waswortjh $590 million, Showalter said, and that was beforse stimulus funding hit. “There is enough of an opportunity for us to create the task butI don’t think we can quantift it yet,” Lunk said. “We believe the opportunit y is there.” According to Extreme Networks’ Aprill 23 earnings call, revenue for the quarteer ending March 29was $77.2 down 6 percent from the same quartetr last year.
President and CEO Mark Canepz said business for the quarter was slow to starft and wasmore back-end loaded than normal, according to a transcripgt of the call.
billion in broadband grants allotted underthe $787 billiob federal stimulus package. But that didn’tf stop the maker of Ethernet networks from setting up itsown 11-member stimuluds package task force in Aprilo to look at funding And it didn’t stop the Santa Clara company from movingf quickly to get on a list of approvede vendors to sell the equipment to service providerss who will receive granta for $2.
5 billion in rural broadband That money is being directex specifically to independent telecom and on June 9, Extreme will hold a webinar for ruralp telecom providers to explain how they can apply for It makes sense considering that Extreme’s Ethernetr networks support data, voicde and video for enterprises and telecomk providers. “These grants are going to enabls our customers to upgradethe networks, and what we’rr hoping to do is provide let them know what we’re doing and that we’rde on the approved vendor said Peter Lunk, senior director of servicwe provider marketing for Extreme.
“We thinj the focus of providing broadband to rural communitiews and creating jobs around these networks is agreat opportunity.” Whilew U.S. Rep. Anna Eshoo, D-Palo Alto, has suggested that Palo Alto apply for stimulus fundsw directed at installing or upgrading broadband in unserved orunderservedc communities, Extreme’s director of service provider marketing Mark Showalter said there’a little opportunity to build out networkds between Silicon Valley and San Francisco, and the focu s will probably be more toward rural middle America and California’s Central Valley.
But, Lunk admitted, nobod y can really be sure what the opportunity will be untikl the final rulesare released. That is expectedr at the end of June. In just a single quarter, the North American carrier marketplace waswortjh $590 million, Showalter said, and that was beforse stimulus funding hit. “There is enough of an opportunity for us to create the task butI don’t think we can quantift it yet,” Lunk said. “We believe the opportunit y is there.” According to Extreme Networks’ Aprill 23 earnings call, revenue for the quarteer ending March 29was $77.2 down 6 percent from the same quartetr last year.
President and CEO Mark Canepz said business for the quarter was slow to starft and wasmore back-end loaded than normal, according to a transcripgt of the call.
Sunday, July 8, 2012
Catering to the Hispanic market - Phoenix Business Journal:
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million Hispanics, a growing population with $28 billioh a year in purchasing That’s why small-business owner Alfonsko Carrizosa commissioned to create a map to help him identify wherre to open more ofhis Mexican-styler ice cream shops in the The map, which outlines areas of the Valleu where Hispanic households are most dense, should help businesses targeg that population. It identified 13 areas dominated by who make up 29 poercent ofthe state’zs population. “This map is going to help me take a look at areasx and notwaste time,” Carrizos said. When he moved from Tucsom to Phoenix six years ago to expanfdhis business, he drover all over the Valley looking for sites.
Afterr opening three shops in Tucsob and selling them tohis brother, Carrizosa openedd three shops in Phoenix and one in He plans to add three or four more during the next two Because his products are low-cost, Carrizoss said his business has been recession-proof. Revenue declinerd about 10 percent last but sales have rebounded to wherre they were threeyears ago, he The largest concentration of the Valley’s Hispanic populatio is in the west Phoenix area bounded by Interstatd 17, 43rd Avenue, Van Burej Street and Camelback Road. Another large concentrationh is bounded by 43rd and 107th Indian School Road andSouther Avenue.
With the help of the map, Carrizosa is eyeinhg locations in El Buckeye and Avondalefor expansion. Mark El-Tawil, market president of ’s Arizona operations, said his insurance companyg has conducted similar researcyh in the past few years to targetr theHispanic population. His company’s findingsw were in line with the maps usedby “A large portion of the population in this state has Hispanid heritage,” El-Tawil said. “It is such an importanyt constituency.” Madeleine Arritola, who is leading Humana’s nationall Hispanic initiative, said her team works with various internal and external sources to targert theHispanic population.
“We knew goinv into this that we needed to gather someadditional data,” she said. Humana works with Miami-baserd Geoscape to identify Valley businesses thatare Hispanic-owned or emplog a high percentage of “Through the Geoscape tool, we also were able to look at languags preferences — whether they are bilingual or Spanishb preferred — and acculturatiom levels,” she said. This information is being used to marke t insurance plans to Hispanics in their own languagee and run ads inHispanic publications. That same type of data wouled be used to place billboards in highly concentratesdHispanic areas, she said.
Harry Garewal, former president and CEO of the , said companiese need to know exactly whom they aretargeting — for example, Hispanics from Mexico, El Salvador or Peru because each ethnic group needs to be reached differently. He said effectivde marketing involves more than simply translatinga company’s Englisb messages into Spanish. “You have to make it understandabler in theirnative language,” Garewapl said. Tony Alwin, spokesman for Phoenix-based , said his compangy uses a variety of toolws to help customers target the Hispanic For example, the company uses Arbitron Inc.
’ss Scarborough Reports, which help determinee where people drive, and other data sources to determinde where people live by ZIP code. Paul owner of Maps Facts in Phoenix, creates a new map each month and e-mails it to abouf 1,500 clients and business For example, in January, he created a map of employmenrthot spots, and in February he producedr one that showed the highesy concentrations of employees in the Valley. Maps & Facts Unlimitedf Inc.
:
million Hispanics, a growing population with $28 billioh a year in purchasing That’s why small-business owner Alfonsko Carrizosa commissioned to create a map to help him identify wherre to open more ofhis Mexican-styler ice cream shops in the The map, which outlines areas of the Valleu where Hispanic households are most dense, should help businesses targeg that population. It identified 13 areas dominated by who make up 29 poercent ofthe state’zs population. “This map is going to help me take a look at areasx and notwaste time,” Carrizos said. When he moved from Tucsom to Phoenix six years ago to expanfdhis business, he drover all over the Valley looking for sites.
Afterr opening three shops in Tucsob and selling them tohis brother, Carrizosa openedd three shops in Phoenix and one in He plans to add three or four more during the next two Because his products are low-cost, Carrizoss said his business has been recession-proof. Revenue declinerd about 10 percent last but sales have rebounded to wherre they were threeyears ago, he The largest concentration of the Valley’s Hispanic populatio is in the west Phoenix area bounded by Interstatd 17, 43rd Avenue, Van Burej Street and Camelback Road. Another large concentrationh is bounded by 43rd and 107th Indian School Road andSouther Avenue.
With the help of the map, Carrizosa is eyeinhg locations in El Buckeye and Avondalefor expansion. Mark El-Tawil, market president of ’s Arizona operations, said his insurance companyg has conducted similar researcyh in the past few years to targetr theHispanic population. His company’s findingsw were in line with the maps usedby “A large portion of the population in this state has Hispanid heritage,” El-Tawil said. “It is such an importanyt constituency.” Madeleine Arritola, who is leading Humana’s nationall Hispanic initiative, said her team works with various internal and external sources to targert theHispanic population.
“We knew goinv into this that we needed to gather someadditional data,” she said. Humana works with Miami-baserd Geoscape to identify Valley businesses thatare Hispanic-owned or emplog a high percentage of “Through the Geoscape tool, we also were able to look at languags preferences — whether they are bilingual or Spanishb preferred — and acculturatiom levels,” she said. This information is being used to marke t insurance plans to Hispanics in their own languagee and run ads inHispanic publications. That same type of data wouled be used to place billboards in highly concentratesdHispanic areas, she said.
Harry Garewal, former president and CEO of the , said companiese need to know exactly whom they aretargeting — for example, Hispanics from Mexico, El Salvador or Peru because each ethnic group needs to be reached differently. He said effectivde marketing involves more than simply translatinga company’s Englisb messages into Spanish. “You have to make it understandabler in theirnative language,” Garewapl said. Tony Alwin, spokesman for Phoenix-based , said his compangy uses a variety of toolws to help customers target the Hispanic For example, the company uses Arbitron Inc.
’ss Scarborough Reports, which help determinee where people drive, and other data sources to determinde where people live by ZIP code. Paul owner of Maps Facts in Phoenix, creates a new map each month and e-mails it to abouf 1,500 clients and business For example, in January, he created a map of employmenrthot spots, and in February he producedr one that showed the highesy concentrations of employees in the Valley. Maps & Facts Unlimitedf Inc.
:
Saturday, July 7, 2012
Port San Antonio tenant begins air cargo service to Mexico - Business First of Louisville:
ycoguqi.wordpress.com
, the port’s foreigbn trade zone operator, will host the servicd on Mexpress. LOGITEX USA will serve as the salew agent. Mexpress is an air cargol transportation company that catersto small- to medium-sized companies that need to ship less than a trailerd load of supplies. Mexpress, in turn, will aggregate the cargok andship customers’ materials out via air cargo shippers at the port threde times a week. “This service will be very important to companiee in need of air cargo transporg between our region and the strategic cargo centersin Mexico,” says Jorge Canavati, vice presidengt of business development for Port San Antonio.
“A the same time it is an efficient tool for small and medium sized companies that need to ship a pallety or two at a The companies involved in this partnership envision offering this servicer to other markets in Mexico andCentral America. The companies couldc also serve as a feeder to and from Asia through internationakl aircargo hubs. “We are opening new tradse horizons in dealing with PortSan Antonio.” Mexpresx President Carlos Duron says.
, the port’s foreigbn trade zone operator, will host the servicd on Mexpress. LOGITEX USA will serve as the salew agent. Mexpress is an air cargol transportation company that catersto small- to medium-sized companies that need to ship less than a trailerd load of supplies. Mexpress, in turn, will aggregate the cargok andship customers’ materials out via air cargo shippers at the port threde times a week. “This service will be very important to companiee in need of air cargo transporg between our region and the strategic cargo centersin Mexico,” says Jorge Canavati, vice presidengt of business development for Port San Antonio.
“A the same time it is an efficient tool for small and medium sized companies that need to ship a pallety or two at a The companies involved in this partnership envision offering this servicer to other markets in Mexico andCentral America. The companies couldc also serve as a feeder to and from Asia through internationakl aircargo hubs. “We are opening new tradse horizons in dealing with PortSan Antonio.” Mexpresx President Carlos Duron says.
Thursday, July 5, 2012
Total number of heat-related deaths in Maryland climbs to 8 - Washington Post
stockdaleiqemico1521.blogspot.com
Total number of heat-related deaths in Maryland climbs to 8 Washington Post BALTIMORE â€" Four more people have died heat-related deaths in Maryland, bringing the total number of heat-related deaths in recent days to eight. |
Wednesday, July 4, 2012
Microsoft's Touch Keyboard Could Cost $60-$100 (MSFT) - San Francisco Chronicle
uqudenlid.blogspot.com
Daily Mail | Microsoft's Touch Keyboard Could Cost $60-$100 (MSFT) San Francisco Chronicle Citi analyst Walter Pritchard says in a note, "In our view the keyboard margin (50% on a $60-100 accessory) could help substanti » |
Monday, July 2, 2012
Procter & Gamble not bullish on FY 2010 - Business Courier of Cincinnati:
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P&G executives provided their 2010 outlook this morning in New York City duringf a strategic decisions conference hostedby . The compan predicted core earnings per shareof $3.65 to $3.80 in fiscal 2010, versus $3.62 to $3.66 in FY 2009. P&G's fiscal 2010 startws July 1. The $3.65 to $3.8 0 outlook represents zero to 4 percentg growth over expected fiscal2009 profit, of about $3.65r per share. And it falls short of that by analyst surveyed byThomson Reuters, who projected 2010 earningse per share of $3.91.
P&Gh expects fiscal 2010 organic salee growth of 1 percent to3 percent, mainlyt driven by growth in markegt share, and net sales of 1 percent to minus 2 percent, compared with fiscal 2009. The net salez figures factor in a negative foreigj exchange impact of 2 percent to3 percent, the company Chief Financial Officer Jon Moeller said in the release that P&Gt plans to invest aggressively in its businesses during fiscap 2010. “We want to position the companhy strategically and competitively to be even stronger coming out of thisgloball recession,” he said. Shares in P&G PG) rose 63 cents, to $52.41, in Thursday afternoo n trading.
Procter & Gamble, headquartered in develops, manufactures and markets consumer productsand pharmaceuticals.
P&G executives provided their 2010 outlook this morning in New York City duringf a strategic decisions conference hostedby . The compan predicted core earnings per shareof $3.65 to $3.80 in fiscal 2010, versus $3.62 to $3.66 in FY 2009. P&G's fiscal 2010 startws July 1. The $3.65 to $3.8 0 outlook represents zero to 4 percentg growth over expected fiscal2009 profit, of about $3.65r per share. And it falls short of that by analyst surveyed byThomson Reuters, who projected 2010 earningse per share of $3.91.
P&Gh expects fiscal 2010 organic salee growth of 1 percent to3 percent, mainlyt driven by growth in markegt share, and net sales of 1 percent to minus 2 percent, compared with fiscal 2009. The net salez figures factor in a negative foreigj exchange impact of 2 percent to3 percent, the company Chief Financial Officer Jon Moeller said in the release that P&Gt plans to invest aggressively in its businesses during fiscap 2010. “We want to position the companhy strategically and competitively to be even stronger coming out of thisgloball recession,” he said. Shares in P&G PG) rose 63 cents, to $52.41, in Thursday afternoo n trading.
Procter & Gamble, headquartered in develops, manufactures and markets consumer productsand pharmaceuticals.
Sunday, July 1, 2012
Tax collectors tighten screws as budget gaps widen - Boston Business Journal:
iwyqaxewun.wordpress.com
Their options are somewhat Thereare carrots, such as an amnesty progra m that the ran in March and April. By waivinfg penalties, the commonwealth hoped to collectg as muchas $20 million extrwa for fiscal 2009. And they have sticks. The departmeng now has the powedr tosuspend driver’s licenses and vehicles registrations for nonpayment of taxes. At the federal the is looking harder at offshore assetsand high-end tax In April the department’s Tax Division said it was litigatinyg about 90 civil tax shelter cases or groups of These efforts are kicking in at a time when treasuries are feeling a pinch.
For the first quarte of this year, the Massachusetts Department of Revenus collectednearly $1 billion less than in the same perioe last year, a drop of 6.8 percent. Salesx tax collections were down 5.1 percent, corporate and business tax collectionswere 16.1 percent off and incomre tax receipts fell by 6.1 percent. But the timinf is coincidental, the department said. “Making changes in tax administration is, not something that is accomplished overnight,” said DOR spokesma Robert Bliss. “You really have to plan out what you are Some changes, such as beefingb up the ranks of auditors, were authorized by the statse budget signed last summer.
And whild the department recently ordered Town Fair Tire Centerd to collect a 5 percent use tax on Massachusetts resident s buying tires in other that case dates back to a 2003 Taxaccountants don’t doubt the claimn on timing. Rather than a knee-jerk reaction to the more aggressive enforcement seems to bea long-term trend, they say. “They have programs where they are trying to increasr the amount of audits they are but that’s got nothing to do with the economy,” said Ken Kirklanc of LLC in Braintree.
However, both state and federao agencies are taking a moretargeted approach, said Gary managing director at in He and others say the IRS tendd to focus more now on specifics. In contacting a taxpayer, the agency will zoom in on the magnitudwof deductions, the size of a loss or other specififc matters, and then wrap it up quickly. At the statde level, resources shift with income Hayes said. Expect more audits of sales-and-usew taxes and more scrutiny of out-of-state filers. “Wwe are seeing a lot of notices, particularlhy if you are connectedx toa partnership. The states are getting more he said.
Nonprofits are under more scrutiny as Even the smallest nonprofitf must now file a Form990 disclosure, which demands more information on such topics as how the nonprofitt uses endowments, organizes its boarde and handles conflicts of interest. “Although therse is no law that says you must have these there is an opinion being presented as to the structurwe they should have and how the oversightf is set up to monitor how they servewtheir mission,” said John Sannella, an audit partner with Kirkland Albrecht & Fredrickson. “To the extent that you have no there is the potentiap that they could bered flags.
” There’s one more grouo on the hook more than ever before: accountants. “Thre preparer penalty rules are much more striccoming forward,” Kirkland said. That’x good news for taxpayers, as theier preparers have extra incentive to getit right.
Their options are somewhat Thereare carrots, such as an amnesty progra m that the ran in March and April. By waivinfg penalties, the commonwealth hoped to collectg as muchas $20 million extrwa for fiscal 2009. And they have sticks. The departmeng now has the powedr tosuspend driver’s licenses and vehicles registrations for nonpayment of taxes. At the federal the is looking harder at offshore assetsand high-end tax In April the department’s Tax Division said it was litigatinyg about 90 civil tax shelter cases or groups of These efforts are kicking in at a time when treasuries are feeling a pinch.
For the first quarte of this year, the Massachusetts Department of Revenus collectednearly $1 billion less than in the same perioe last year, a drop of 6.8 percent. Salesx tax collections were down 5.1 percent, corporate and business tax collectionswere 16.1 percent off and incomre tax receipts fell by 6.1 percent. But the timinf is coincidental, the department said. “Making changes in tax administration is, not something that is accomplished overnight,” said DOR spokesma Robert Bliss. “You really have to plan out what you are Some changes, such as beefingb up the ranks of auditors, were authorized by the statse budget signed last summer.
And whild the department recently ordered Town Fair Tire Centerd to collect a 5 percent use tax on Massachusetts resident s buying tires in other that case dates back to a 2003 Taxaccountants don’t doubt the claimn on timing. Rather than a knee-jerk reaction to the more aggressive enforcement seems to bea long-term trend, they say. “They have programs where they are trying to increasr the amount of audits they are but that’s got nothing to do with the economy,” said Ken Kirklanc of LLC in Braintree.
However, both state and federao agencies are taking a moretargeted approach, said Gary managing director at in He and others say the IRS tendd to focus more now on specifics. In contacting a taxpayer, the agency will zoom in on the magnitudwof deductions, the size of a loss or other specififc matters, and then wrap it up quickly. At the statde level, resources shift with income Hayes said. Expect more audits of sales-and-usew taxes and more scrutiny of out-of-state filers. “Wwe are seeing a lot of notices, particularlhy if you are connectedx toa partnership. The states are getting more he said.
Nonprofits are under more scrutiny as Even the smallest nonprofitf must now file a Form990 disclosure, which demands more information on such topics as how the nonprofitt uses endowments, organizes its boarde and handles conflicts of interest. “Although therse is no law that says you must have these there is an opinion being presented as to the structurwe they should have and how the oversightf is set up to monitor how they servewtheir mission,” said John Sannella, an audit partner with Kirkland Albrecht & Fredrickson. “To the extent that you have no there is the potentiap that they could bered flags.
” There’s one more grouo on the hook more than ever before: accountants. “Thre preparer penalty rules are much more striccoming forward,” Kirkland said. That’x good news for taxpayers, as theier preparers have extra incentive to getit right.
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