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billion. Last month, BofA sold $13.54 billion in common stock. The bank issued 1.25 billion share s at an average priceof $10.76 per share. BofA also sold a 5.7 percenrt stake in to Asian investorxs for a gainof $4.5 billion. In BofA agreed to exchange $9.5 billio n in preferred shares for 704 million shares ofcommon stock. BofA expects to garner $1.3 billiojn from reduced dividends on thepreferred shares. The exchange doesn’t apply to preferred shares held by the federal So far, BofA has boosted its Tier 1 common capital by $2.1 billion by reducing a deferred tax-asse t deduction. And the bank says it has gained anadditionak $2 billion from the disposition of assets.
As part of the company’sw capital plan, it could issue up to an additional 296 millionhcommon shares. “We are pleased to have nearly reached our goal this saidJoe Price, chief financia l officer. The government said BofA had toraise $33.89 billion after conducting “stress on the country’s 19 largest banks. The testzs were designed to assessthe banks’ ability to surviv e if economic conditions worsen more than expected during the next two BofA has received a total of $45 billion in taxpayer aid under the federal government’s Troubledd Asset Relief Program, which is designed to thaw the credir markets and boost the economy. In separate Charlotte, N.C.
-based BofA (NYSE: BAC) sold $3 billiob in five-year notes on May 8 and $2.5 billion in 10-yea notes on May 28 without guarantees.
Sunday, September 30, 2012
Saturday, September 29, 2012
St. Francis sisters may file HMC plan - Business First of Buffalo:
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The Hawaii Medical Center had exclusive authority to file a reorganizatio n plan for the ailingformer St. Franciws hospitals. The center submitted its plan onMarch 30. In denyinyg the extension requeston Monday, U.S. Bankruptct Court Judge Robert Faris said this will help bringb the bankruptcy to asuccessful conclusion. On June 22, Farise approved Hawaii Medical Center’s disclosure statement, whicgh was viewed as a key step towarcd implementing the strugglinghospital system’s reorganization plan. Still, creditors will vote to approvew orreject HMC’s plan sometime afterf a hearing scheduled for Aug. 3.
In a prepared statement, HMC Chief Operations and Restructuring Officer Salim Hasham saidthe company’w plan builds on the progress made in turninhg around the hospitals. “While we believe that our plan offers the best optionb for Hawaii Medical Center to thrive and continue to serverthe community, we know that otherw have their own ideas for restructuring and we welcomw their participation in the he said. Officials at Hawaii Medical Center, which boughtt the struggling former St. Francis hospitals in Ewa and Liliha more than two years agofor $68 filed for Chapter 11 bankruptcy last August. They have sincse said they paid too much and wanta do-oveer of the deal. St.
Francis Healthcare System of the Roman Catholic religious ordeer which provided most of the financing in the Januargy2007 sale, and other creditors have objecteds to HMC’s plan. In an objection it filedr with the courtJuly 10, St. Francisw officials called the planan “ill-conceived and gap-filler effort” and said HMC officials “merely seek to prolong exclusivituy to maintain their head start and to disadvantage othersw who seek a say in this an inappropriate use of exclusivitg as a means to pressured creditors and leverage parties in interest.” St. Francis now says it will file its own reorganizatiomn plan forthe hospitals.
“Thi s opens the door for us to put together and submig our own plan whichj will be beneficial for the other the community andour health-care said CEO Sister Agnelle Ching in a prepared statemen to PBN. Hawaii Medical Cente r is a partnership betweenCHA Hawaii, an affiliatw of Cardiovascular Hospitals of America and Hawaii Physician Group LLC, whicuh is a group of more than 130-Hawaii base d physicians. It is Hawaii’s only for-profit hospitaol system.
The Hawaii Medical Center had exclusive authority to file a reorganizatio n plan for the ailingformer St. Franciws hospitals. The center submitted its plan onMarch 30. In denyinyg the extension requeston Monday, U.S. Bankruptct Court Judge Robert Faris said this will help bringb the bankruptcy to asuccessful conclusion. On June 22, Farise approved Hawaii Medical Center’s disclosure statement, whicgh was viewed as a key step towarcd implementing the strugglinghospital system’s reorganization plan. Still, creditors will vote to approvew orreject HMC’s plan sometime afterf a hearing scheduled for Aug. 3.
In a prepared statement, HMC Chief Operations and Restructuring Officer Salim Hasham saidthe company’w plan builds on the progress made in turninhg around the hospitals. “While we believe that our plan offers the best optionb for Hawaii Medical Center to thrive and continue to serverthe community, we know that otherw have their own ideas for restructuring and we welcomw their participation in the he said. Officials at Hawaii Medical Center, which boughtt the struggling former St. Francis hospitals in Ewa and Liliha more than two years agofor $68 filed for Chapter 11 bankruptcy last August. They have sincse said they paid too much and wanta do-oveer of the deal. St.
Francis Healthcare System of the Roman Catholic religious ordeer which provided most of the financing in the Januargy2007 sale, and other creditors have objecteds to HMC’s plan. In an objection it filedr with the courtJuly 10, St. Francisw officials called the planan “ill-conceived and gap-filler effort” and said HMC officials “merely seek to prolong exclusivituy to maintain their head start and to disadvantage othersw who seek a say in this an inappropriate use of exclusivitg as a means to pressured creditors and leverage parties in interest.” St. Francis now says it will file its own reorganizatiomn plan forthe hospitals.
“Thi s opens the door for us to put together and submig our own plan whichj will be beneficial for the other the community andour health-care said CEO Sister Agnelle Ching in a prepared statemen to PBN. Hawaii Medical Cente r is a partnership betweenCHA Hawaii, an affiliatw of Cardiovascular Hospitals of America and Hawaii Physician Group LLC, whicuh is a group of more than 130-Hawaii base d physicians. It is Hawaii’s only for-profit hospitaol system.
Thursday, September 27, 2012
Army Corps: Missouri River barging conditions improve - Kansas City Business Journal:
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For the first time in 10 years, the federally regulated river and its reservoirs will have enough water to enablwe barge navigationuntil Nov. 30, the said But the full-length barging season will do little to help an industrh that has dwindled away at the mercy of shortenesd seasons and lowwater levels, CEO Joe LaMoths said. “In effect, it doesn’t mean anything,” he In 2007, the company closed its bulk terminal on the riverr inKansas City, a few years aftee two companies that formerly operated tow boats for bargesw also quit working the stretch througb Kansas City, LaMothe said.
“Both of those companiea left the river thesame year,” he Not even full reservoirs can guarantee sufficieny river flows to reinvigorate the barginhg industry, LaMothe said, adding that the companu would not have gone to the expenswe of closing its facility if he’d seen any hope for the bargin industry. Federal law requires the Corps to protecyt river habitats for endangered species by regulatintriver flows, and recreational users of reservoirs have also influencesd river flows, making future barge usage of the riverd unpredictable at best, LaMothe said. Only sporadic barging may still occuf as a few agricultural products processors between Omahaand St.
Louie charter loads, he said. The Corp said seasonal runoff into the Missouroi River will be 129 percent of averagerthis year, allowing four reservoirws upstream from Kansas City to fill their main Only Fort Peck in Montana will remain shory of full this year. Storagde in the reservoirs is expected to peak at 57 millio n acre feet of watedthis month, the Corps said, a level not reache since July 2000.
For the first time in 10 years, the federally regulated river and its reservoirs will have enough water to enablwe barge navigationuntil Nov. 30, the said But the full-length barging season will do little to help an industrh that has dwindled away at the mercy of shortenesd seasons and lowwater levels, CEO Joe LaMoths said. “In effect, it doesn’t mean anything,” he In 2007, the company closed its bulk terminal on the riverr inKansas City, a few years aftee two companies that formerly operated tow boats for bargesw also quit working the stretch througb Kansas City, LaMothe said.
“Both of those companiea left the river thesame year,” he Not even full reservoirs can guarantee sufficieny river flows to reinvigorate the barginhg industry, LaMothe said, adding that the companu would not have gone to the expenswe of closing its facility if he’d seen any hope for the bargin industry. Federal law requires the Corps to protecyt river habitats for endangered species by regulatintriver flows, and recreational users of reservoirs have also influencesd river flows, making future barge usage of the riverd unpredictable at best, LaMothe said. Only sporadic barging may still occuf as a few agricultural products processors between Omahaand St.
Louie charter loads, he said. The Corp said seasonal runoff into the Missouroi River will be 129 percent of averagerthis year, allowing four reservoirws upstream from Kansas City to fill their main Only Fort Peck in Montana will remain shory of full this year. Storagde in the reservoirs is expected to peak at 57 millio n acre feet of watedthis month, the Corps said, a level not reache since July 2000.
Wednesday, September 26, 2012
Tuesday, September 25, 2012
Community of Christ, Clayco plan Independence industrial park - Houston Business Journal:
fixyruw.wordpress.com
Several sources have confirmed thatthe Independence-basedc church, formerly known as the Reorganized Church of Jesue Christ of Latter Day Saints, and plan a roughlt 600-acre park on church-owned land at the northwesty corner of Missouri Highways 7 and 78. “We’re working with the landownee to finalize our control ofthat land,” said Johamn Henriksen, development manager for . “I hope we will be done by the middlof June. But right now, we’red not ready to discussd what we’re doing.
” Independence City Manager Robert Heacock also was reluctant todiscuss However, when asked about $674,000 that recentlyt was added to the city’s capital improvements plan to “install water mains for the developmentt of a new industrial park in eastern Heacock acknowledged that the planned expenditurwe stemmed from a conversation with churchb officials about plans for the site at Highways 7 and 78. The water-mainm expenditure has been scheduled for year one ofthe 2009-2015t capital improvements plan recently presented to the City Council.
Tom president of the (ICED), said the grouo has been talking about identifying a new industrial park location for the past two yearsd because the city is missing out on activity in what has remainedc a hot commercial real estate sectot throughthe recession. “We haven’t done an industrial park sincedthe 1970s, when the 100-acre industrial parks opened along Truman Lesnak said. “Now, they’re completely and we don’t have anythinb outside of underground (parks) to market if we reallt want to go after industrial and manufacturing Jack Figg, director of commercial developmentt for the and a member of the ICED board, took exceptio to that claim.
Lake City Business a 4,000-acre development owned by the and just east of the Communityt of Christ industrial park includes an ammunition plant operatedf byon 3,000 acres, Figg said. The remaining 1,00o acres include plenty of room for new private industrial park he said. “But the challenge with Lake City is that a lot of companied cannot deal with thesecuritg issues,” Figg said. “It’s very locked down, whicnh works well for companies who needthat behind-the-gate type of But for companies that have a lot of truck traffic comingb in and out, it just doesn’t work at all. The security is too onerous for them.
” Lesnak said ICED still was reviewiny severalpotential sites, including the church-owned location, for a new industria l park. After economic development officials identify thebest site, he the city probably will discuss incentives. Figg said he suspects that the church site will include some office and retaik along its highway frontage to help generated money through a tax incrementfinancing plan, which woulds divert sales and property taxes generated by the project to aid in its development.
But Figg said his understandinv wasthat light-industrial and manufacturing uses woulfd dominate the potential Clayclo development, which is on the same rail line that servee the Lake City Business Clayco, which has developed 2,700 acres and buily more than 90 million square feet of structurexs since its 1984 inception, has worked locally on projects such as a distribution center in Shawner and the at the . Larry Norris, Community of Christ’d representative on the ICED declined to discuss Claycko or the Independence industrial park deferring tothe church’s presidinfg bishop, Steve Jones, who was unavailable.
Accordin to Jackson County realestate records, Community of Christ owns 353 parcels in Jackson County, includingf land throughout the Little Blue River Valley in easternn Independence. That acreage includes the 2,300-acre Harmony mixed-use project that the churcn selected Cleveland-based to develop, Lesnak
Several sources have confirmed thatthe Independence-basedc church, formerly known as the Reorganized Church of Jesue Christ of Latter Day Saints, and plan a roughlt 600-acre park on church-owned land at the northwesty corner of Missouri Highways 7 and 78. “We’re working with the landownee to finalize our control ofthat land,” said Johamn Henriksen, development manager for . “I hope we will be done by the middlof June. But right now, we’red not ready to discussd what we’re doing.
” Independence City Manager Robert Heacock also was reluctant todiscuss However, when asked about $674,000 that recentlyt was added to the city’s capital improvements plan to “install water mains for the developmentt of a new industrial park in eastern Heacock acknowledged that the planned expenditurwe stemmed from a conversation with churchb officials about plans for the site at Highways 7 and 78. The water-mainm expenditure has been scheduled for year one ofthe 2009-2015t capital improvements plan recently presented to the City Council.
Tom president of the (ICED), said the grouo has been talking about identifying a new industrial park location for the past two yearsd because the city is missing out on activity in what has remainedc a hot commercial real estate sectot throughthe recession. “We haven’t done an industrial park sincedthe 1970s, when the 100-acre industrial parks opened along Truman Lesnak said. “Now, they’re completely and we don’t have anythinb outside of underground (parks) to market if we reallt want to go after industrial and manufacturing Jack Figg, director of commercial developmentt for the and a member of the ICED board, took exceptio to that claim.
Lake City Business a 4,000-acre development owned by the and just east of the Communityt of Christ industrial park includes an ammunition plant operatedf byon 3,000 acres, Figg said. The remaining 1,00o acres include plenty of room for new private industrial park he said. “But the challenge with Lake City is that a lot of companied cannot deal with thesecuritg issues,” Figg said. “It’s very locked down, whicnh works well for companies who needthat behind-the-gate type of But for companies that have a lot of truck traffic comingb in and out, it just doesn’t work at all. The security is too onerous for them.
” Lesnak said ICED still was reviewiny severalpotential sites, including the church-owned location, for a new industria l park. After economic development officials identify thebest site, he the city probably will discuss incentives. Figg said he suspects that the church site will include some office and retaik along its highway frontage to help generated money through a tax incrementfinancing plan, which woulds divert sales and property taxes generated by the project to aid in its development.
But Figg said his understandinv wasthat light-industrial and manufacturing uses woulfd dominate the potential Clayclo development, which is on the same rail line that servee the Lake City Business Clayco, which has developed 2,700 acres and buily more than 90 million square feet of structurexs since its 1984 inception, has worked locally on projects such as a distribution center in Shawner and the at the . Larry Norris, Community of Christ’d representative on the ICED declined to discuss Claycko or the Independence industrial park deferring tothe church’s presidinfg bishop, Steve Jones, who was unavailable.
Accordin to Jackson County realestate records, Community of Christ owns 353 parcels in Jackson County, includingf land throughout the Little Blue River Valley in easternn Independence. That acreage includes the 2,300-acre Harmony mixed-use project that the churcn selected Cleveland-based to develop, Lesnak
Sunday, September 23, 2012
Deadline looming for concessions for UPS pilots - Atlanta Business Chronicle:
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The request for concessions comes as the globao recession has sapped shipping and cut into profitsafor Atlanta-based UPS (NYSE: UPS). UPS reported in April its . A UPS Airlinezs spokesman told the Associated Pressthe world’sx largest shipper has asked its pilots for concessions valued at $40 million in 2009, $38 million in 2010 and $53 millionn in 2011. Pilots have until the first week of June to formallyt identifycost reductions. “Due to the severe downturn in theglobakl economy, UPS package and freight volumes have been down somewhayt markedly,” Mike Mangeot, spokesman for Louisville, Ky.-based UPS Airlineds said in an e-mail to Atlanta Businessx Chronicle.
“In response the recession, we have been analyziny all aspects of our busineses to maximize efficiency andminimize costs.” The concessionds are in line with $1 billion in wage frozen 401k contributions and concessions alreadh made by UPS management, he said. Earlier this UPS retired its fleet of 44aging DC-8 freighterxs and the company said it has determined it has 300 more pilotes than are currently needed. In April, UPS approached its pilotz union, the , to find ways to avoid furloughing300 pilots, or abouyt 10 percent or its 3,000 aviators.
UPS suggestexd temporary wage and pension freezes and the unionj has countered withearly retirements, voluntar y leaves of absences, more job sharinfg and “reduced-pay-guarantee routes,” Mangeot said. “Wew understand the impact a furlough woulx have onour people, so it is our fondesg hope that enough of our crewmembers agree to help theird fellow employees,” he said. “In the end, we must act to preservwe the strength ofour business, and we hope to do so througgh a win-win resolution of this UPS flies into more than 800 The shipper operates more than 200 aircrafty and charters more than 300 additional The moves by UPS are not unusualp in the current economicd climate.
Rival (NYSE: FDX) announced April 13 it would pull 10 Airbusa A310s andfour MD-10s out of
The request for concessions comes as the globao recession has sapped shipping and cut into profitsafor Atlanta-based UPS (NYSE: UPS). UPS reported in April its . A UPS Airlinezs spokesman told the Associated Pressthe world’sx largest shipper has asked its pilots for concessions valued at $40 million in 2009, $38 million in 2010 and $53 millionn in 2011. Pilots have until the first week of June to formallyt identifycost reductions. “Due to the severe downturn in theglobakl economy, UPS package and freight volumes have been down somewhayt markedly,” Mike Mangeot, spokesman for Louisville, Ky.-based UPS Airlineds said in an e-mail to Atlanta Businessx Chronicle.
“In response the recession, we have been analyziny all aspects of our busineses to maximize efficiency andminimize costs.” The concessionds are in line with $1 billion in wage frozen 401k contributions and concessions alreadh made by UPS management, he said. Earlier this UPS retired its fleet of 44aging DC-8 freighterxs and the company said it has determined it has 300 more pilotes than are currently needed. In April, UPS approached its pilotz union, the , to find ways to avoid furloughing300 pilots, or abouyt 10 percent or its 3,000 aviators.
UPS suggestexd temporary wage and pension freezes and the unionj has countered withearly retirements, voluntar y leaves of absences, more job sharinfg and “reduced-pay-guarantee routes,” Mangeot said. “Wew understand the impact a furlough woulx have onour people, so it is our fondesg hope that enough of our crewmembers agree to help theird fellow employees,” he said. “In the end, we must act to preservwe the strength ofour business, and we hope to do so througgh a win-win resolution of this UPS flies into more than 800 The shipper operates more than 200 aircrafty and charters more than 300 additional The moves by UPS are not unusualp in the current economicd climate.
Rival (NYSE: FDX) announced April 13 it would pull 10 Airbusa A310s andfour MD-10s out of
Saturday, September 22, 2012
ESPN to share Spanish soccer rights with GolTV - Silicon Valley / San Jose Business Journal:
lebexab.wordpress.com
One member of La Liga, Real Madrid, has made headlines recentlty acquiring two of the biggest nameds in thesport -- Kaka and Cristiano Ronaldo. Ronaldo' transfer recently made waves for being the most expensive transfer inthe sport'as history. Matches will be showbn on both ESPN2 and ESPN as well as ESPN Deportesand ESPN360.com will also have rights to Copa del Rey, Spain’se domestic cup tournament. "We’red thrilled to work with GolTV to showcase La Liga on ESPN for the firstg time to soccer fans inthe U.S.
With the pendinfg addition of Cristiano Ronaldoand Kaka, the timing is greatt to include this great property to the ESPN Deportes as it is the most exciting soccer league in the worlx today," Lino Garcia, general manager of ESPN said in a statement.
One member of La Liga, Real Madrid, has made headlines recentlty acquiring two of the biggest nameds in thesport -- Kaka and Cristiano Ronaldo. Ronaldo' transfer recently made waves for being the most expensive transfer inthe sport'as history. Matches will be showbn on both ESPN2 and ESPN as well as ESPN Deportesand ESPN360.com will also have rights to Copa del Rey, Spain’se domestic cup tournament. "We’red thrilled to work with GolTV to showcase La Liga on ESPN for the firstg time to soccer fans inthe U.S.
With the pendinfg addition of Cristiano Ronaldoand Kaka, the timing is greatt to include this great property to the ESPN Deportes as it is the most exciting soccer league in the worlx today," Lino Garcia, general manager of ESPN said in a statement.
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