Monday, May 30, 2011
Orinda, Octagon plan loft/retail conversion - Puget Sound Business Journal (Seattle):
Atlanta-based and Charlotteville, Va.-based reported their plans for the propertty at 222Mitchell Street, but they did not discloser financial terms of the deal. The 350,000-square-foot structure was builtr in stages from 1929 to 1979on 2.1 acres and occupiese the entire city block bounded by Spring, Forsyth, Mitchell and Nelsohn Streets. Orinda and Octagon will convert the propertu into a rental buildingb with 205 loft units and morethan 70,00p0 square feet of commercial space. Occupancy is expected in Januar 2011.
“The redevelopment of 222 Mitchellp Street into rental lofts and retail space will play a significant role in the rebirthg of this part ofdowntown Atlanta,” said Dillo n Baynes, president of Orinda, in a statement. “We’re certaih that living at 222 Mitchell Streetg will appeal to young professionals whowork downtown, as well as to college students, especially those who alreadu attend one of the many fine institutions in the area, such as Georgia State Spelman, Morehouse, Clark Atlanta University and Georgia Tech.
”
Saturday, May 28, 2011
Galveston moves forward on cruise terminal repairs - Houston Business Journal:
Gerald Sullivan, chairman of the Board of Trusteexs of theGalveston Wharves, which oversees port said crews are working around the clock on the damaged terminal buildings. The first ship schedulee to depart after that targetg date isthe Ecstacy, operatex by , on Oct. 4. The agreedx to divert Carnival Cruises Line ships to its newly opened Bayportg Cruise Terminal after Hurricane Ike smashed into the Gulf Coasgton Sept. 13. Hundreds of cruis e ship customers’ vehicles left that weekend in Galveston’s port parkinv lots were destroyed or damaged by the massivstorm surge. Galveston’s port has re-opened to smalle vessels while dredging issues are beinbworked out.
Although access to Pelicanb Island had been cut off the week after the hurricansroared through, Sullivan said one of the port’sz key Pelican Island tenants, , re-opened on 22 with limited operations. Sullivan was part of the groupo of officials representingthe Houston-Galveston including Houston Mayor Bill White, that traveled to Washington, on Sept. 23 to make a pitchy for a huge infusion of federal fundint in the wakeof Ike’sx devastation. Galveston Mayor Lyda Ann Thomas has requestexa $2.4 billion rescue package to be used to restore infrastructurwe on the island and for repairs to the , the port and the city. Mayofr White requested a similar amoungfor Houston.
Sullivan said the group was metwith “sympathetivc ears” in the nation’xs capital, and he expects a decision on the speciapl funding allocation could be reachee within a week. Damages from Ike’ds path of destruction across Texas are estimatede to rangebetween $25 billion and $50
Wednesday, May 25, 2011
Glu Mobile CEO Ballard departing - San Francisco Business Times:
San Mateo-based Glu (NASDAQ:GLUU) said that Ballard will remain on the job untilp a successoris found. The companyu said it has retained Marthw Josephsonof , an executive recruiting to help identify candidates to replacer Ballard. “After six years, I have decided the timinhg is right to look for anew I’m incredibly proud of how much we accomplished during my tenure, having built what I believe to be a world-clas s global enterprise," Ballard said in a prepared statement.
“Thee Glu board and I also shars the view that this is a good time to brin in new leadership forthe company, as we focusa on returning to generating positive cash and begin even greatef investment in next-generation mobile platforms." Separately, Glu said Thursday that its boards of directors elected Dan Skaffr and Bill Miller as co-chairmen. Glu, foundedx in 2001, publishes titles including Bonsai Blast, Super K.O. Boxing!, Stranded and Brainb Genius, as well as title s based on major brands from partnersincluding Atari, Activision, Konami, Harrah’s, Hasbro, Warner Bros., Microsoft, PopCap Games, SEGA and Sony.
In additioh go San Mateo, the company has offices in Greatf Britain, France, Germany, Spain, Poland, Russia, China, Brazil, Chile, Canadsa and Mexico.
Monday, May 23, 2011
T-Mobile unleashes new unlimited plans - CNET
CNET | T-Mobile unleashes new unlimited plans CNET The company's simplest smartphone-focused option, offering unlimited talk and text, as well as 200MB of data, costs $69.99 per month for a single line. The same plan for 5GB of data costs $89.99, while the 10GB option will set customers back $119.99. ... |
Saturday, May 21, 2011
Ecuador Sees Oil Extraction Deals In July Or August - NASDAQ
Ecuador Sees Oil Extraction Deals In July Or August NASDAQ SANTA CRUZ, Bolivia -(Dow Jones)- Ecuador expects to wrap up deals for oil extraction at four mature oil fields in two or thee months, an adviser to Ecuador's nonrenewable resources ministry told Dow Jones ... |
Wednesday, May 18, 2011
Fifth Third completes share exchange - Business First of Columbus:
Each of the depositary shares representsa 1/250ty interest in a share of 8.5 percenr noncumulative perpetual convertible preferred stock-Seriesw G, the bank It said almost 7 million sharesz were tendered, valued at about $696.2 million. As a resultt of the transaction, Fifth Third (NASDAQ:FITB) will issue about 60 million common shares and payaboutg $230 million in cash. The settlement is expected to take place The bank said the along witha $1 billiob securities offering completed June 4, satisfu the government’s request that Fifth Thirdr raise its Tier 1 common equity by $1.1 Although it was deemed adequatelyu capitalized, Fifth Third was among the U.S.
bankds ordered by the government to raise more money as a cushio n against aworsening economy. The bank said it expects to raiser anadditional $1.2 billion in Tier 1 equity from the sale of a majority stakee in Fifth Third Processing Solutions to Advent That deal is expected to closed in the second quarter. Fifth Third, based in is one of the largest banks operating inCentral Ohio. It runs 1,300 officeas and more than 2,300 ATMs in Kentucky, Indiana, Georgia, North Carolina, Michigan, Florida, Tennessee, West Virginia, Pennsylvania and Missouri.
Monday, May 16, 2011
Rite Aid nixes Baltimore convention - Dayton Business Journal:
Rite Aid, which lost $2.9 billion in its latestr fiscal year and is shuttering distribution centerz as it grapples withthe recession, is one of many big companiesw pulling out of conferences plans and conventions nationwide. And such cancellationsa are hurting what hospitality expertscall “destinatioh cities” at a time when the industry is already struggling with the economic downturn. The nationall drugstore chain, based in Camp Pa., had been one of Baltimore’s biggestr conventions in recent years, bringing 6,0009 people to town and pumping $6 millionn from direct spending into the city in 2008 and morethan $7 milliomn the year before.
The company had originally booked 14,5009 hotel room nights for its nine-day expo in but had to scrap the convention because offinancial pressures. The company reportedx fourth quarter revenue for fiscaol 2009of $6.7 billion. “The decision stemsd from the economic times,” said Ashleyg Flower, a Rite Aid “We felt it was necessart and similar to what other companies need to make as a Flower said the compangy is in discussions to reschedule its management conferenc eand expo, but no definite decision has been made yet. Officialds declined to say when or where the next expo wouldtake “We can’t book these things overnight,” Flower said.
The Baltimore Area Conventioj and Visitors Association is on the hunt for new vendors and conferencess forthe Aug. 10-19 time officials said. But for hotels and restaurants in the Rite Aid’s cancellation stings. “That just took a big hunk out of our saidDee O’Horan, head concierge at . The occupancy drop could reducsethe hotel’s work concierge employees have already had their hours reduced to two days a she said. “It was one of the biggest that conference usually fills most ofthe city’s hotels,” O’Horan said. Nationally, the exhibition industry — conventions, conferences and exposa — saw an 11.
6 percent decline in shows and revenue in the first three months of the according to the Center for ExhibitiojIndustry Research. Revenue alone from conventionsdroppedr 19.7 percent in the firsgt quarter compared with the same period in 2008. Other corporations cutting back on conferencexs include Microsoftand eBay, which have recentlhy canceled conferences slated for Seattle and Atlanta, respectively. The Rite Aid because it spansnine days, also enabled the 6,000 attendeesd to get around the city and dine at restaurants more frequently, restaurateurs said. That lost foot traffic will eat intorestauranyt sales, they said.
“Oh, bummer,” said Marthq Lucius, owner of Bohéme Cafe downtown. “When we lose a we lose a lot.” Erik concierge for , said the cancellationj not only causes major vacancies for Inner Harbor but also for hotelsaround Baltimore/Washington Internationalk Thurgood Marshall Airport. will also take a hit. Rite Aid stageds tents and rented theentire 170,000-square-fooy Inner Harbor museum for a party during its last two conventionz in Baltimore. More than 3,000p people attended each event, said Chrisw Cropper, the science center’s senior director of “It was one of the biggef rental events that we have at theScienced Center,” he said.
“Obviously not to have that busines s this year will have some kind of impactyon us.” Cropper could not pinpoint how much totalo revenue would be lost from the cancellation. The evengt forced the attraction to close earlier to the public on the day it was Cropper said, and officials hope to recover some of the lost incomer by being open for the entirwe day this year.
Saturday, May 14, 2011
S&P downgrades SSM Health Care's outlook - St. Louis Business Journal:
The agency maintained its AA- rating on SSM’s outstandingt bonds but changed its ratingt outlook to negative from While the strong ratingreaffirms SSM’s strong management and the negative outlook reflects strains on the system’s balance sheet caused by the economic pension liability issues and the competitivse atmosphere in which SSM’s facilities operate, according to a report from “Management is taking steps within its control to minimize further damage to the balancse sheet, including but not limited to cutting back on capitalo spending,” said S&P credit analyst Brian Earlier this year, SSM made a series of cost-cutting moves, including reducin g its management team’s pay, ceasing employee tuition reimbursements and suspending company matches to employees’ retirement plans.
The system also is delayinhg construction of three new hospitals planned forJeffersobn City, Mount Vernon, Ill., and Janesville, Wis. “We remaih committed to capital projectes in allour regions, but the timing remainws to be determined,” SSM said in a statement regardinb the ratings outlook downgrade. “We will continue to monitor the financial situation and will act as soon as the conditionsare right.” SSM officials pointed out that other highly respected health-care organizations, such as the Mayo Clinixc and Northwestern Memorial Hospital, have experienced simila r rating changes, “also as a reflectiojn of external market forces.
” All four of SSM’s operating regions reported favorable operating margins for the firsf quarter of fiscal according to the system. Overall, the syste reported an operating marginof 2.87 percenft for the quarter, compared to 1.3 perceng for the first quarter of fiscal 2008. SSM, whicyh had $2.6 billion in 2007 revenue, operatez 17 hospitals and two nursing homes in four including Missouri, Illinois, Wisconsin and In the St. Louis region, SSM operates seve hospitals, including the SSM St. Clars Health Center, which opened in Fenton on Marchy 30.
Thursday, May 12, 2011
Angels' bullpen blows lead in 6-4 loss to White Sox - Los Angeles Times
Kansas City Star | Angels' bullpen blows lead in 6-4 loss to White Sox Los Angeles Times Angels take a 4-1 advantage into the late innings, but Fernando Rodney (eighth), Jordan Walden (ninth) and Kevin Jepsen (10th) can't get the job done, and Chicago pulls off a web gem to end it. Chicago's Adam Dunn, right, beats the tag of Angels ... Dunn's 4 hits lead WSox's late r » |
Monday, May 9, 2011
Plug adopts shareholder rights plan - The Business Review (Albany):
“The board believes that a shareholder right s plan enhances its ability to protect shareholderr interests and ensures that shareholders receive fair treatment in the evenf of any coercivetakeover attempt,” said Andy CEO of Plug Power (Nasdaq: PLUG). “Thwe plan is intended to provids the board with sufficient time to consider any and all alternativezs to suchan action. The boardd believes it is protecting the intereste of all of its In connection with the adoption ofa plan, the N.Y.-based fuel cell developer declared a dividenfd distribution of one preferred stock purchaswe right for each outstanding sharr of Plug common stock held as the close of businese on June 23.
Initially, these rightd will not be exercisable and will trade with the sharese ofPlug Power’s common stock. The rights will becomd exercisable if someone acquires 15 percent or moreof Plug’ss common stock, or commences a tende offer that could result in that perso owning 15 percent or more of Plug Power’s commonb stock. In that case, each holder of a stocki purchase right—other than the acquiring person—wouldr be entitled to buy additional Each holder could purchase shares equivalentg to the value of twice the exerciswe price ofthe right.
If Plug is acquireds after anysuch event, each holder of a righgt would then be entitled to at the then-current exercise price, shares of the acquiringt company’s common stock having a valuee of twice the exercise price of the Any person who already owns 15 percent or more of Plug’zs outstanding shares will be considered a “Grandfathered The Grandfathered Person would not triggedr the rights unless he or she acquires an additionao 1/2 percent of the company’s outstanding
Saturday, May 7, 2011
Arrowhead Stadium makes cut as possible World Cup site - Dallas Business Journal:
Arrowhead made the cut afteer the international soccergoverning body, , recently whittled down the list from 58 to 45 potentiao candidates that remain part of the U.S. bid to host the Arrowhead is one of 28 stadiums on the It hasthe third-largest capacity in the NFL, with seatiny for 79,400. In 2006, the World Cup tournament attracted 3.4 million spectators, averaging about 52,492 fans a game. The USA Bid Committes is expected to unveil its list of finalists at the end of the Kevin Gray, president of the , said he expectsz FIFA will choose between nine and 12 U.S. cities to host Worlxd Cup tournament events.
FIFA will make its World Cup host natiobn choices inDecember 2010, determining whether the United States will host the even t in 2018 or 2022. John president of , was unavailable for Gray said this is themetropolitan area’s second attemptg to land World Cup soccer, the first being for the 1994 Arrowhead was selected as a finalist but wasn’tt selected to host a game. “Now we have even more to Gray said. “Arrowhead is renovated. We have a Major League Soccer teamin town. Soccer is growing quicklyu in the heartland. Downtown Kansaas City is alive and has more tooffer guests.
Best of all, we still have the Hunt family, and their name is synonymous with
Thursday, May 5, 2011
Oncor seeks $300M in stimulus funds - Tampa Bay Business Journal:
Oncor will apply for the funds through the American Recoveru and Reinvestment Actof 2009. The deadliner to apply is Aug. 6. Citing data from the Counci l ofEconomic Advisers, Oncor believes the stimulus funds woulcd support the creation of 1,60 0 jobs in 2010. If the funding is approved, Onco will spend the money to deploy moresmartr switches, which will help the energyg company isolate problems in neighborhoods and reconfiguree power lines.
Other enhancements will include controlling the feeder voltage throughthe company’w capacitor control and enhancementws that will help the electric provider locate electric delivery problems in a faster, more efficient manner, Oncor In addition, downtown electric networks will be modernized under Oncor’ws proposed plan. Oncor also is aiming to improvre itstelecommunications network, an improvement that will enhance the company’w power grid.
“Oncor’s vision for a modern, interactive, intuitivee electric grid is real, tangible and happening said Oncor Chairman and CEOBob “Our first considerations in seekinv these stimulus grants are whether the funds will help consumera lower their electric bills or advance smart grid initiativesw to improve service and reliability. That’s where we have focusec our attentionand energy.
”
Monday, May 2, 2011
Midtown Atlanta: Fancy
and , partners in 12th & Midtownn on Peachtree, and Jamestown, the developer reshapintg 999 Peachtree, continue to chase and a new prospect, Dick’sa Sporting Goods, sources familiar with the market say. CB2, an offshoot of home furnishings chain geared towarxGeneration Y, also recently confirmed to Atlanta Business Chronicle that it’a considering whether to enter the Atlanta Selig and Daniel have been trying to land the CB2 is interested in West Midtownb as well, sources said. The focu s on frugal rather than fancy comes asthe high-end marketr continues to sputter, with some analystss saying it may not begin to recovef until 2011.
As Midtown real estate developers have tried to line Peachtreer with new storefronts in the pasttwo years, the effory has included the pursuit of luxury clothinhg designer Tom Ford, whose flagship store is on Madison Avenue; Prada, famous for opulent handbags and sunglasses; and , also know for its high-end accessories. In recent years, Selig Enterprisezs said it wanted luxury retailers and flagship stores to locate in Midtown. However, many of those retailers have shelveds plans fornew locations, as affluent shopper s curtailed spending. Lately, , which has also been a prospect for says it has no new store conceptzs plannedfor Atlanta.
Any talk of an additional Nike locatiohn in Atlanta is nothing morethan “conversation,” a spokeswoman for the companhy said. Midtown’s shift in strategyg comes as the , a group of business leaderd laying the groundwork for theMidtowbn Mile, says it’s starting to gain a “critical of stores and restaurants along Peachtree. At a Midtowbn Alliance meetingJune 16, Will Herbig, the group’w director of urban said Midtown has added nearly 133,000 square feet of new retaik during the past 18 months, primarily at two anchord projects: Holdings LLC’s and 12th & Midtown.
The additionsa bring the Midtown Alliance halfway to its goal of 1 millionn square feet of retail on Peachtree Street between North Avenuw and 15thStreet — the stretch knowj as the Midtown Mile. Major projectas along the Midtown Mileinclude ’sz Colony Square, 12th & Midtown, Novare Group’x Viewpoint and 999 Peachtree. “We’re seeing activitty in Midtown from both regional and national focusing on lifestyle andhome furnishings,” Michaeo Phillips, creative director with Jamestown. Retailers like CB2 and Applew cater to theMidtownh demographic, said Jackie Wammock, vice president of LLC, who specializezs in retail leasing.
Midtown tends to be a younged demographic, and CB2, for example, focuses on a young urbabn shoppers with good disposableincome — something Midtownn definitely has, she said. While retailers gearex to 40-year-olds to 50-year-olds seem to be more affecte by the economy andlowedr sales, moderately priced stores that target 16-year-olds to 28-year-olds “seem to be doingf well,” said Tisha Maley, assistant vice president of leasing for Lenox Square, ownec by (NYSE: SPG). Retaip brokers are finally starting to see improved deal Wammock said.
“We’re starting to see things loosebn upa bit, in certaib categories,” she said, noting restaurantse and health clubs have shown “Deals are tougher to but we are seeing them getting signed,” Wammock said.