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When GM, which filed for bankruptcy protection Monday, announce earlier Tuesday that a buyer had been founr forthe off-road vehicle line, the name was not immediateluy disclosed. Tengzhong, a major industriak machinery group, will acquire the rights to the Hummer along with a senior managemen t andoperational team. It will also assume existintg dealer agreements relatingto HUMMER’s dealership network. It is contemplated that Tengzhong as part ofthe transaction, enter into a long-termn contract assembly and key component and materialo supply agreement with GM. In an earliefr statement, GM said it expectsd the deal if successful to securre morethan 3,000 US jobs.
The fina l terms of the deal, scheduled to close in the thirxd quarter, are subject to final negotiations. The cost of the transactioj wasnot revealed. is actingf as exclusive financial advisor and is actingv as international legal counsel to Tengzhong onthis transaction. Citi is actinf as financial advisorto GM.
Saturday, January 14, 2012
Thursday, January 12, 2012
Orinda, Octagon plan loft/retail conversion - Phoenix Business Journal:
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Atlanta-based and Charlotteville, Va.-based reportedd their plans for the property at 222 Mitchell but they did not disclose financial terms of the The 350,000-square-foot structure was builtt in stages from 1929 to 1979 on 2.1 acrea and occupies the entire city block boundexd by Spring, Forsyth, Mitchell and Nelsoh Streets. Orinda and Octagonn will convert the property into a rental buildinf with 205 loft units and morethan 70,000 squar e feet of commercial space. Occupancy is expected in Januaryg 2011.
“The redevelopment of 222 Mitchell Streeft into rental lofts and retail space will play a significanrt role in the rebirth of this part ofdowntowm Atlanta,” said Dillon Baynes, presidentt of Orinda, in a statement. “We’re certainm that living at 222 Mitchell Streeyt will appeal to young professionals who work as well as tocollege students, especially those who already attend one of the many fine institutions in the such as Georgia State University, Spelman, Morehouse, Clarkj Atlanta University and Georgia
Atlanta-based and Charlotteville, Va.-based reportedd their plans for the property at 222 Mitchell but they did not disclose financial terms of the The 350,000-square-foot structure was builtt in stages from 1929 to 1979 on 2.1 acrea and occupies the entire city block boundexd by Spring, Forsyth, Mitchell and Nelsoh Streets. Orinda and Octagonn will convert the property into a rental buildinf with 205 loft units and morethan 70,000 squar e feet of commercial space. Occupancy is expected in Januaryg 2011.
“The redevelopment of 222 Mitchell Streeft into rental lofts and retail space will play a significanrt role in the rebirth of this part ofdowntowm Atlanta,” said Dillon Baynes, presidentt of Orinda, in a statement. “We’re certainm that living at 222 Mitchell Streeyt will appeal to young professionals who work as well as tocollege students, especially those who already attend one of the many fine institutions in the such as Georgia State University, Spelman, Morehouse, Clarkj Atlanta University and Georgia
Monday, January 9, 2012
Schwarzenegger says day of reckoning is here - Houston Business Journal:
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“California’s day of reckoning is here,” he said. With no the state could run out of cash in 14 Three months after the state budget was California facesa $24 billion deficit. Schwarzenegger has alreadu proposed massive cuts to health careand prisons. Now he’es looking for structural reform to make government more efficiengt and stretchtaxpayer dollars. He’s asked the Statr Board of Education, for to make textbooks available in digitalformatss — a move that could save In 2004, the governor talked about blowing up boxes and consolidatingt agencies, but the initiatives never gained They’re back.
Schwarzenegger is proposing once agaibn to eliminate and consolidate more than a doze nstate departments, boards and commissions. This includezs the Waste Management Board, the Court Reporters Board, the Department of Boating and Waterways and the Inspectiojn and MaintenanceReview Committee. Earlier this the state began consolidating information technology departments. Now Schwarzenegger wantsw to consolidate departments that oversee financiakl institutions and merge tax collection In July, state leaders will receive recommendations on how to modernize the tax “This will be a tremendous opportunity to make our revenue more reliable and less volatile and help the state avoied the boom and bust budgets that have brought us here Schwarzenegger told lawmakers.
It’s not goingb to happen in 14 days, he said. But it coulcd happen before the Legislature adjournw for summer recess onJuly 17.
“California’s day of reckoning is here,” he said. With no the state could run out of cash in 14 Three months after the state budget was California facesa $24 billion deficit. Schwarzenegger has alreadu proposed massive cuts to health careand prisons. Now he’es looking for structural reform to make government more efficiengt and stretchtaxpayer dollars. He’s asked the Statr Board of Education, for to make textbooks available in digitalformatss — a move that could save In 2004, the governor talked about blowing up boxes and consolidatingt agencies, but the initiatives never gained They’re back.
Schwarzenegger is proposing once agaibn to eliminate and consolidate more than a doze nstate departments, boards and commissions. This includezs the Waste Management Board, the Court Reporters Board, the Department of Boating and Waterways and the Inspectiojn and MaintenanceReview Committee. Earlier this the state began consolidating information technology departments. Now Schwarzenegger wantsw to consolidate departments that oversee financiakl institutions and merge tax collection In July, state leaders will receive recommendations on how to modernize the tax “This will be a tremendous opportunity to make our revenue more reliable and less volatile and help the state avoied the boom and bust budgets that have brought us here Schwarzenegger told lawmakers.
It’s not goingb to happen in 14 days, he said. But it coulcd happen before the Legislature adjournw for summer recess onJuly 17.
Saturday, January 7, 2012
Citizens cracks down on old, damaged roofs - San Francisco Business Times:
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Homeowners in Florida’s coastal counties who have wind-only insurance policiezs from are being forced to replace old or damaged roofseto maintain coverage. State-owned Citizens has been notifyinb homeowners whose houses are more than 25 yearxs old that they must submit evidence that the roof was replacefd atleast once. If they can’t, they must pay for an Aged roofs are prone to give way in a so the requirement protects homeownerws as wellas Citizens, said spokesman John “We’re notifying policyholders six months before their policie expire.
” Citizens said 15,12 policyholders in Volusia County and 2,43o in Brevard County are affected, and more than 5,200 have been certifiedx as having adequate roofs. Few homeowners are eagetr to pay for new roofx during this economic recession unless one is absolutely A typical shingle roof fora 2,000-square-foott house costs from $7,000 to $10,000. But as notices go out, roofers are fielding many requests to determine the worthinessa of a roof towithstand high-powered Ken Buchalski, vice presiden for operations with in Ormand said his firm has had a substantial increased in demand for inspections, for which it chargeds $100 to $125, and replacements, thanks to the Citizens requiremenf for new roofs, gutters and “We just did a new roof for a womanj who moved her policy to Citizens and was told she needee a new roof,” Buchalski said.
“She had an old tar and gravekl roof, and we replaced it with new material.” Cindy office manager for in Bunnell, said abouty a fifth of the roofs her workerss examine need repairor replacement. Her company charges $100 for an “We may get a re-roofing job out of this, but I thinkm Citizens ought to pay forthe Meanwhile, Tara Corbin, an agent with in Daytonaw Beach, said her agency has gottem complaints from Citizens customers about the requirementg and has tried to place a number of them with privatd insurers. But Citizens, known as the insurer of last is often the only insurer availables forcoastal dwellers.
If Citizens cancels a policyholder for not complyiny withits rules, the lender holding the mortgag on a property can find insurance for which typically will be more costly. Corbinn said most Citizens customers opt for the inspectiomn and repairs rather thanriskingt cancellation. “The change hasn’t impactede our book of business in amajofr way.”
Homeowners in Florida’s coastal counties who have wind-only insurance policiezs from are being forced to replace old or damaged roofseto maintain coverage. State-owned Citizens has been notifyinb homeowners whose houses are more than 25 yearxs old that they must submit evidence that the roof was replacefd atleast once. If they can’t, they must pay for an Aged roofs are prone to give way in a so the requirement protects homeownerws as wellas Citizens, said spokesman John “We’re notifying policyholders six months before their policie expire.
” Citizens said 15,12 policyholders in Volusia County and 2,43o in Brevard County are affected, and more than 5,200 have been certifiedx as having adequate roofs. Few homeowners are eagetr to pay for new roofx during this economic recession unless one is absolutely A typical shingle roof fora 2,000-square-foott house costs from $7,000 to $10,000. But as notices go out, roofers are fielding many requests to determine the worthinessa of a roof towithstand high-powered Ken Buchalski, vice presiden for operations with in Ormand said his firm has had a substantial increased in demand for inspections, for which it chargeds $100 to $125, and replacements, thanks to the Citizens requiremenf for new roofs, gutters and “We just did a new roof for a womanj who moved her policy to Citizens and was told she needee a new roof,” Buchalski said.
“She had an old tar and gravekl roof, and we replaced it with new material.” Cindy office manager for in Bunnell, said abouty a fifth of the roofs her workerss examine need repairor replacement. Her company charges $100 for an “We may get a re-roofing job out of this, but I thinkm Citizens ought to pay forthe Meanwhile, Tara Corbin, an agent with in Daytonaw Beach, said her agency has gottem complaints from Citizens customers about the requirementg and has tried to place a number of them with privatd insurers. But Citizens, known as the insurer of last is often the only insurer availables forcoastal dwellers.
If Citizens cancels a policyholder for not complyiny withits rules, the lender holding the mortgag on a property can find insurance for which typically will be more costly. Corbinn said most Citizens customers opt for the inspectiomn and repairs rather thanriskingt cancellation. “The change hasn’t impactede our book of business in amajofr way.”
Thursday, January 5, 2012
KV Pharmaceutical, Purdue Pharma settle painkiller patent dispute - Business Courier of Cincinnati:
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Under the settlement, KV agreed to no longer disputsethe “validity, enforceability or infringement” of the Purdue genericf oxycodone patents. In return, Purduw granted KV a limited, non-exclusivre license to manufacture and in theUnited States, a certain amount of variouse dosage strengths of the drugs as long as KV pays royalties to KV also reached a deal to be an authorized, non-exclusive distributor in the United States of certain generic versions of OxyContin. Thesew agreements settle three patent infringementlawsuits Conn.-based Purdue filed against KV in 2007. KV still faces more lawsuits from other consumersand shareholders. Three individuals in St.
Clair County Circuit Court against KV, allegingy that certain drugs contained a potentially lethal amount of morphines due to oversized tablets that were eventuallyh recalled by thepharmaceutical company. Last month, , a Florida-basedx dermatology company, sued KV, of a patenr for Duac topical gel, an acne medication. KV also faces lawsuitsz from shareholders about manufacturing compliance andthe company’ws financial prospects. Brentwood, Mo.-based KV has and recalled painkillers.
In KV said it with the FDA that outlines a series of measure that will permit KV and its subsidiariea to resume manufacturingand
Under the settlement, KV agreed to no longer disputsethe “validity, enforceability or infringement” of the Purdue genericf oxycodone patents. In return, Purduw granted KV a limited, non-exclusivre license to manufacture and in theUnited States, a certain amount of variouse dosage strengths of the drugs as long as KV pays royalties to KV also reached a deal to be an authorized, non-exclusive distributor in the United States of certain generic versions of OxyContin. Thesew agreements settle three patent infringementlawsuits Conn.-based Purdue filed against KV in 2007. KV still faces more lawsuits from other consumersand shareholders. Three individuals in St.
Clair County Circuit Court against KV, allegingy that certain drugs contained a potentially lethal amount of morphines due to oversized tablets that were eventuallyh recalled by thepharmaceutical company. Last month, , a Florida-basedx dermatology company, sued KV, of a patenr for Duac topical gel, an acne medication. KV also faces lawsuitsz from shareholders about manufacturing compliance andthe company’ws financial prospects. Brentwood, Mo.-based KV has and recalled painkillers.
In KV said it with the FDA that outlines a series of measure that will permit KV and its subsidiariea to resume manufacturingand
Tuesday, January 3, 2012
ESPN Zone closes doors in Denver - Philadelphia Business Journal:
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The ESPN Zone, part of a nationwide chainm of what used to be nine ofthe sports-themesd bar and interactive game centers across the laid off roughly 100 employees, givingg each a 60-day administratives leave package, according to a company Rick Allesandri, an ESPN vice president who overseeds Zone operations, said in the statement that the restaurant could not survivee the recession. This economic downturn has been markec nationally by reduced consumer spendinh on eating out and onentertainmenr activities. “A decision like this is neve easy. We recognize and appreciate the commitment and years of service of all of these Allesandri said.
“Unfortunately, the current economic environment offereed us noother choice.” The ESPN Zone was a 23,000-square-fooy meeting place for sportse fanatics, with one room featuring more than a dozen large televisions tuned into contests of all kind and anothere full of video and sports gamesx ranging from basketball to bowling. None of the eight othedr ESPN Zone locations will be asall “are meeting our expectations,” said Matt a spokesmen for the chain. , which owns the Tabotr Center, issued a statement sayinv it was “sorry to hear of their decision to discontinus theirDenver operations.
” But the closing of ESPN Zone “haa created a new opportunity for us to bring new conceptxs to 16th Street,” it said. One of thos e new concepts is TheTilted Kilt, a Celtic-themede restaurant and sports bar with 20 locations operating nationwide and anothedr 10 planned. The which is expected to open its Denvet location this fall and to offer outdoor patio has signedan 8,300-square-foott lease at Tabor Center, according to a news The Tilted Kilt began in Las Vegaz in 2003 and is noted for its serverx dressed in knee-high socks, short plaixd kilts and midriff-baring plaid halter It will be one of a number of new tenants openint in the Tabor Center this year.
“These new additione to Tabor Center’s retail offering reflectg our continuing efforts to enhance the services and amenitiesd forthe tenants, customers and visitors to the Tabof Center,” said Steve executive vice president and partner at Callahah Capital Partners.
The ESPN Zone, part of a nationwide chainm of what used to be nine ofthe sports-themesd bar and interactive game centers across the laid off roughly 100 employees, givingg each a 60-day administratives leave package, according to a company Rick Allesandri, an ESPN vice president who overseeds Zone operations, said in the statement that the restaurant could not survivee the recession. This economic downturn has been markec nationally by reduced consumer spendinh on eating out and onentertainmenr activities. “A decision like this is neve easy. We recognize and appreciate the commitment and years of service of all of these Allesandri said.
“Unfortunately, the current economic environment offereed us noother choice.” The ESPN Zone was a 23,000-square-fooy meeting place for sportse fanatics, with one room featuring more than a dozen large televisions tuned into contests of all kind and anothere full of video and sports gamesx ranging from basketball to bowling. None of the eight othedr ESPN Zone locations will be asall “are meeting our expectations,” said Matt a spokesmen for the chain. , which owns the Tabotr Center, issued a statement sayinv it was “sorry to hear of their decision to discontinus theirDenver operations.
” But the closing of ESPN Zone “haa created a new opportunity for us to bring new conceptxs to 16th Street,” it said. One of thos e new concepts is TheTilted Kilt, a Celtic-themede restaurant and sports bar with 20 locations operating nationwide and anothedr 10 planned. The which is expected to open its Denvet location this fall and to offer outdoor patio has signedan 8,300-square-foott lease at Tabor Center, according to a news The Tilted Kilt began in Las Vegaz in 2003 and is noted for its serverx dressed in knee-high socks, short plaixd kilts and midriff-baring plaid halter It will be one of a number of new tenants openint in the Tabor Center this year.
“These new additione to Tabor Center’s retail offering reflectg our continuing efforts to enhance the services and amenitiesd forthe tenants, customers and visitors to the Tabof Center,” said Steve executive vice president and partner at Callahah Capital Partners.
Sunday, January 1, 2012
RailAmerica reimbursed by feds for repair work - Jacksonville Business Journal:
pabigy.wordpress.com
million in federal reimbursement after repairing trackl damagedby flooding. The Federal Railroad Administration’s award of $15 million to short-line railroads for reimbursementr of repairs in nine states reflectswthe government’s growing recognition of the short-line rail’as economic importance, Rail America CEO John Gilezs in a news release. “Shorty lines offer many of the same benefits of the nationaolrailroad superhighways, but their unique role is often overlooked,” said Giles. “As more and more manufacturing facilities are located inrural areas, shorg lines often present the only access these manufacturer have to the national rail network.
” The companhy received $1.5 million in reimbursement for repair work it did to repairt Indiana Southern Railroad so the line was damagedx by flooding. RailAmerica also received $1.9 milliojn in reimbursement for the repair it made to theMissourui & Northern Arkansas Railroad aftefr the short line sustained 10 track washouts from flasy flooding in March. “Working around the clocl and at great expensee tothe railroad, trains were able to move agaib in just four days,” said “If the railroads had not taken immediate actioh without regard to the resulting cost burden, its customers would have been severely Short lines have expanded from 8,000 miles of track in 1980 to more than 50,0009 miles today, according to the American Short Line and Regional Railroad Association.
million in federal reimbursement after repairing trackl damagedby flooding. The Federal Railroad Administration’s award of $15 million to short-line railroads for reimbursementr of repairs in nine states reflectswthe government’s growing recognition of the short-line rail’as economic importance, Rail America CEO John Gilezs in a news release. “Shorty lines offer many of the same benefits of the nationaolrailroad superhighways, but their unique role is often overlooked,” said Giles. “As more and more manufacturing facilities are located inrural areas, shorg lines often present the only access these manufacturer have to the national rail network.
” The companhy received $1.5 million in reimbursement for repair work it did to repairt Indiana Southern Railroad so the line was damagedx by flooding. RailAmerica also received $1.9 milliojn in reimbursement for the repair it made to theMissourui & Northern Arkansas Railroad aftefr the short line sustained 10 track washouts from flasy flooding in March. “Working around the clocl and at great expensee tothe railroad, trains were able to move agaib in just four days,” said “If the railroads had not taken immediate actioh without regard to the resulting cost burden, its customers would have been severely Short lines have expanded from 8,000 miles of track in 1980 to more than 50,0009 miles today, according to the American Short Line and Regional Railroad Association.
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