Low-bridge bulletins will continue a few more weeks - West Seattle Blog (blog)

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Low-bridge bulletins will continue a few more weeks West Seattle Blog (blog) Update: Low-bridge bulletins will continue a few more weeks. August 30, 2012 at 3:28 pm | In Transportation, West Seattle news | 5 Comments. FIRST REPORT, 3:28 PM: If you have used Twitter or Metro text messaging to keep track of when the West Seattle ... and more »

Exxon ordered to pay $507.5M in spill case - Tampa Bay Business Journal:

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million in punitive damages plus interest to plaintiffs affectecd by the Exxon Valdez oil spill that impacted residents and businesses living alonv the coast of Alaskain 1989. The made their rulinv Monday after the case was sent back fromthe . At the Ninthu Circuit level, justices were charged with determining interest andappellate costs. The Nintnh Circuit confirmed the punitive damage amount after the U.S. Supreme Court determinec compensatory damages and punitive damages should be assessee usinga 1-to-1 ratio.
In its latest the Ninth Circuit confirmedthat Irving-based Exxoh (NYSE: XOM) is responsible for $507 million in punitive damages and must pay interestg on the judgment at the rate of 5.9 percenf dating back to 1996, when the initial judgment against the company was firsg issued by a The federal case against Exxon Mobil has been languishing for more than a The Ninth Circuit said both sidews will cover their own attorney’s fees. The original jury verdicf against Exxon Mobilwas $5 billion, an amountg that has been reduced by 90 percent during the more than 10 years of according to court records.
An Exxon Mobil spokesmamn said Monday, "We are aware that the opinion has been issued and will revieq the opinion beforecommenting further."

Digital signage tradeshow named 'Fastest 50' - Digital Signage Today

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Digital signage tradeshow named 'Fastest 50' Digital Signage Today Digital Signage Expo, an international tradeshow and conference dedicated to digital signage, interactive technology and digital out-of-home networks, has been named by "Trade Show Executive Magazine" as one of its 2011 Fastest 50, according to an ... Digital Signage Expo Named 2011 "Fastest 50" by Trade Show Executive ... Home Toys (press release) < /p>  »

Warriors having to work harder to hit their numbers - Birmingham Business Journal:

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Warriors executives have to work harder to line up sponsorws and sell tickets amid theeconomic gloom. Initiao indications are that season ticket salez and sponsorships are about on par with last seasom at thistime — but the salea cycle is taking longer. “We have to be said Robert Rowell, team “It’s been challenging” to sell during the current downturn. The team said it renewedc about 80 percent oflast year’s season tickeyt holders and brought back nearly all of its top-leveo sponsors, which pay at leasyt $600,000. Those companies include , Lucky Supermarkets, , , , , , Inc.
and The falteringh economy means many companies are not initiatinvsponsorship deals, said Rowell. The team, like othef franchises across the has not been able to attractg moreauto sponsors, for example. Typically car and truck maker s are big spenders on sports But with companies like and on the they are guarding Moreover the shakeup in some industriesd leaves Warriors officials uncertain aboutr whether even stronger companies will want to strike deals. The Warriors have a deal with , whicn sponsors ATMs in Oracle But that bank is being acquiredby , promptingh questions about Wells’ appetite for future On the ticket front, the Warriors have had to work harderd on sales.
The team is pushing four-gam ticket packages this year — a contrast to the emphasi on 10-game packages last The team hopes that offerin g packets of fewer gamesw will appeal to people who might not want to commirt to10 games. Rowell said ticket sale s are trending about on pace with last year at this But to make those numbers the sales staff has had to reacu out tomore buyers. The Warriors raised ticket pricew by an average of 5 percent to 15 percenrthis season. The team made the decision, despite the poor because of cost pressures.
While revenuer from sponsorships and broadcast contracts generate much of the moneyg that goes toplayer contracts, ticker prices do help “putt a competitive product on the floor,” said The Warriors are not the only local sportsz team facing economic headwinds. The Oakland A’s said 2009 ticket prices will fall by an average of5 percent. The will lowefr the price of someseason tickets.

Voting begins on King Soopers contract offer - Memphis Business Journal:

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Voting on the five-year offer by memberse of United Food and Commercial Workers Local 7 will continurethrough Wednesday. Union leaders are not makinbg a recommendation to their members on thecontract offer, which the union complains would cut pension benefitx by an average of $100,000 -- a conclusiob disputed by management. “It’s a good contracg in a normal economy. It’s a grea contract in this economy,” King Soopers spokeswomanm Diane Mulligan said last She said roughly 65 percent of workers woule get raises underthe company’s proposal. King Sooperd is a Colorado unitof Cincinnati-baserd (NYSE: KR).
Colorado workerds for two other grocerychains — Pleasanton, Calif.-basedd (NYSE: SWY) and Boise, Idaho-based (privately — continue to negotiate separate deals with their If King Soopers workers reject the chain’s latest proposal, they will continue working without a contracr until an agreement is reached or a strike is Their contract expired May 9.

Wall Street closes down for the week - Pittsburgh Business Times:

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The Dow Jones Industrial Average closedx Fridayat 8,146.52, down 36.65 points, or 0.45 percent. Nasdaq edged into positivr territory, gaining 3.48 points, or 0.20 to finish at 1,756.03. Both exchanges lost ground over the past The Dow finished trading last Thursday the week was shortened in observance of the Independence Day holiday — at 8,291.32. Nasdaq closed at Among a cross-section of companies operating in saw the biggestpercentage change. The Latrobe-based manufacturer priced its 7 million share offeringat $15.76 per share after markets closedd Thursday. Kennametal (NYSE:KMT) finished tradinyg Friday at $17.41 per share, up 10.54 percent. (NYSE:AA), up 1.08 percent to $9.
33 (NYSE:AYE), down 3.26 percent to $24.72 up 1.72 percent to $30.75 (NYSE:AEO), down 0.85 percent to $12.78 (NYSE:CNX), down 1.81 percent to $29.8 Dick’s Sporting Goods (NYSE:DKS), down 1.63 percent to $16.8 (NYSE:FII), down 0.70 percent to $22.60 up 0.25 percent to $35.64 (NYSE:KOP), down 1.44 percent to $22.634 (Nasdaq:MYL), down 1.93 percent to $12.17 (NYSE:PNC), down 2.46 perceny to $35.68 (NYSE:PPG), down 0.40 percent to $41.944 (NYSE:X), down 2.01 percent to $30.76 down 0.65 percent to $30.67 down 1.49 percent to $23.
10

Base metals close mainly higher - The Daily Telegraph

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Base metals close mainly higher The Daily Telegraph Base metals close mainly higher. From: AAP; August 23, 2012 8:18AM. Increase Text Size · Decrease Text Size · Print · Email · Share · Add to Digg · Add to del.icio.us · Add to Facebook · Add to Kwoff · Add to Myspace · Add to Newsvine · What are these? and more »

Report: Gannett to cut 1,000 jobs - Portland Business Journal:

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The cuts, a response to the McLean, Va.-baseds media company’s revenue declines, will occur in Gannett’s communithy publishing division, according to the which said USA Todau willbe spared. Gannett has about 41,00o0 employees. It publishes more than 80 dailygnewspapers — including the Salem Statesman Journal and has about 850 non-daily publications, according to the company’w Web site. In addition, it operates 23 TV In the first quarter, totao revenue dropped 18 percentto $1.378 billion. Revenue from advertisementx inthe company’s publications fell 34 percentr to $723 million, and circulation revenue went down 3.1 percenft to $300 million.
Income fell 60 percent to $77.4 In cost-cutting moves earlier this Gannett (NYSE: GCI) mandated unpaid furloughds for most employees and temporarily reducede salaries forsome higher-paidd employees.

UNC nominates Washington

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Swanson is currently a professor and chairf of the family and child nursing departmenty atthe . She already has accepted the UNC position, but she must be confirmer by the univerity’s Board of "Dr. Swanson has earned a national reputatio n forher teaching, research and contributions to the nursing field," said Executivse Vice Chancellor and Provost Bernadettee Gray-Little. "She has the righ experience and skills to build upon an already excelleny School of Nursing that is committed to helping meetthe health-card needs of North Linda Cronenwett, who served as dean for 10 will step down in July and returm to the faculty next year as a Swanson is a fellow of the and an alumnqa of the Robert Wood Johnson Executive Nurse Fellowas Program.
She has developed a national reputatioj for her researchon caring, responses to miscarriage and interventionss to promote healing after early pregnancy loss. Swanson is a nativre of Rhode Island and graduateed witha bachelor’s degree from the in 1975. She earnex a master’s degree from the in 1978 and a in nursing from thein 1983. She joinex the University of Washington in 1985 as a postdoctoral fellow. She became a research assistant professoin 1987, assistant professor in 1989, associate professofr in 1993 and full professor and chaie in 2000.

Health care - Sacramento Business Journal:

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The legislative plan backed by Gov. Arnoled Schwarzenegger will likely be adoptedthis month, but funding the $14.7 billion plan will be up to voters in sources say. It could all fall apart in between. The plan to covert almost 4 million Californians who now lack insurancer depends on shared responsibility by individuals and doctorsand hospitals, healtg plans and government agencies. All must take part for the plan to Gritty details on how to financde the plan must be hammered out while the state grapples with anestimated $14 billion budget defici that's likely to prompt broaxd cuts to government programs. Debat e over the 2007 state budgey stalled action on health care reformfor months.
There's momentujm now but the stakezs are higherand it's an election year. Hooplas over reform legislation approved by the Assembly in Decembet turned national attentionto California. Two weeks a federal judge in San Francisco ruled that employers cannott be required to provide or subsidize health benefits for a decision that could have ramifications for the state Inthe meantime, healt h care premiums continue to hit employers in the The average rise in the cost of employer-based healtyh insurance in California in 2007 was 8.3 percent, more than twicre the state inflation rate of 3.4 percent, accordingv to a survey by the and the .
Thesw figures and a softening economy will likely prompt some businessese todrop coverage, increasinbg the number of uninsured and pressure to come up with a fix, said Albertg Lowey-Ball, a Sacramento health economist. regulators and lawmakers are expectee to crack down on health plans that inappropriately deny coveragwe for those whohave insurance. , , and have been under scrutinuy and hit with fines in the past year forcancelint policies. The new state Department of Publicv Health, which started up in Sacramento onJuly 1, is expecte d to work closely with a proposed new Schoo of Public Health at , being considered by the university system. 1.
Healtg care reform, touted as a top polict issue, spins its wheelsx until late in the year and remains Thestate Assembly, with support from the governor, approved landmark legislation in December to extend coveragew to almost 4 millionh uninsured Californians, but the Senate has yet to vote and voterx would have to approve financing. 2. Statre regulators give California hospitalsa $4.6 billion reprievee from strict earthquake-safety standards by adoptint a new method of assessing Buildings that pass the test could keep operatinv until 2030 with minor fixes required by the Six out of 10, including all hospitals in Greater Sacramento, are expectede to qualify for the 3.
A bruising 10-month fight between rival healtj systems over lucrative trauma care in south Sacramento Countyended Dec. 11 when the Boarde of Supervisors choseKaiser Permanente's South Sacramento Medical Center over , an affiliate of .

Beshear outlines budget proposal - Business First of Louisville:

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Beshear has called a special session of the Kentucky General scheduled to startJune 15, to create a budgeg for the state. The current fiscal year ends June 30. Beshear’a plan calls for $200 million in cuts and the useof $742 milliobn in federal stimulus funds, primarily for educationn and Medicaid, the governor’ s office said in a news release. Beshear’s proposer budget would preservethe per-pupi l amount the state spends on It also funds higher education at the same levelsa as the fiscal 2009 “I’ll say it again and again. We cannot move forwardr if we take significant steps backward in spending in our Beshear said inthe release.
Besheatr also proposed maintaining current funding levelsx forthe state’s Medicaid program, mentalp health services, state police, local economic development programs and veterans’ programs. The budget woulsd increase fundingfor prosecutors, public defenders and corrections. It also woulx provide the Kentucky Department of Revenue additional fundinv to bolsterits tax-collection efforts, something that is projected to brinbg Kentucky an additional $18.5 million. The budget also would providre increased funding for the statseparks system.
Many departments face cuts, fewer paid holidayds To offset some of thespending increases, Beshear proposed cuttinbg spending within other state agenciez by 2.6 percent in fiscal 2010. The which are projected to amounft toabout $200 million, are in additionj to $600 million in spending cuts over the past 18 according to the news release. “This will not be easy to Beshear said inthe release. “Many of our departmentsw and agencies have had theif spending cut in the current and previouebudget cycle, so many are already operatin g in a lean manner. They will have to cut even more. How they do that will be an ongoing process.
” Beshear proposed eliminatingy three paid holidays for state workers makingy lessthan $50,000 a year and five holidays for employeesa making $50,000 or more. Elimination of paid holidays is projectefd to save the stateabout $10.6 Beshear said he also will work with Kentucky Transportation Cabiner officials to determine how to deal with a projectec $239 million shortfall in the state’s road fund. The governort also estimated that the state can saveabout $113 millionb by restructuring debt.

Investors wanted: Credit crunch stymies developer

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He has been buying up old buildingx downtown for the past 12 refurbishing them and renting them asapartmentes or, more recently, businesses. His work has draw n praise, yet he’s little known beyondf the confines ofthe “The preservation community has so far been impressex by the buildings he’s done,” said Gloriw Kishton, chair of the , “buf we’re watching closely to see if 108 Uniomn St. gets done this year.” Mahoutchian is trying to drum up interesty among investors to convert the formedr Schenectady County courthouse at 108Unio St.
—one of the most distinctive properties in the Stockade Historif District—into 32 student apartments with a restaurant and wine bar in the He estimates the project would cost $1.8 The effort comes at a time when bank financing is hard to find becaus of stricter lending standards. “We’re looking for jointg ventures,” said Mahoutchian, 51. “There are still a lot of people who have money to investbut they’re leer y of getting into the stock market.
This projec makes a lot of The rate of return is very He estimated student housing can generate profitsd of 20 percent to 30 percent because the apartments can be furnishefd with two tofour beds, whichn boosts the potential incomr without greatly increasing the fixed costs. he has put the 43,000-square-foog property and adjacent parking lots on the markertfor $2.2 million. Mahoutchian is a bundle of energy who can somehow keep the detailsa straight on severalprojects he’s tackling at Elsewhere on Union Street, just outside the Stockade, he’d renovating a row of buildings for a coal-fired pizza restaurant and an upscalee coffee shop.
He has already won a preservatiojn award for the conversion of one of the 613Union St., into the WineDown The lounge became popular over the past 16 months but recently closer because of a dispute Mahoutchian had with the His architect, Scott Wallanyt of in Albany, calls Mahoutchian a workaholic. “He’lk have a suit on and be talking to the mayor in the morninb and in the afternoon be demolishinga building,” Wallant “He’s not afraid of Mahoutchian immigrated from Iran during the 1979 culturak revolution to study medicine in the U.S., but ended up in engineerin school.
He worked for the state Department of Transportation for several years before quitting to starrt hisown firm, . Over the past 12 he has refurbished about a doze buildingsin Schenectady, mostly with his own hands. he owns 13 properties, 11 of whicy are buildings (restorations have not yet starteeon some). Mahoutchian, who lives in Ballstom Lake, closed his engineering business threee years ago so he couldc concentrate full time onrenovating properties.

Week brings double-digit increases in gas prices - New Mexico Business Weekly:

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According to the ’s Weekend Gas the average priceof self-serve regular gasoline in the Los Angeles-Long Beach area is $2.825r per gallon, which is 16.2 centsw more than last week, 49 cents higher than last month, and $1.44 less than last year. On the Centralk Coast, the average price is up 15.5 cents from last week, 44 cents above last month, and $1.48 below last year. In the Inlansd Empire, the average per gallon pric is $2.810, which is 14.9 cents more than last 48 cents more thanlast month, and $1.47y less than last year.
"Just as in 2008, commoditiex investors are pushing up crude oil and wholesalde gasoline prices at a frenzied pace that seemx to have no connection to domestix fuel consumptionor availability. There have been some refineruy issues this year acrossthe U.S., but no more so than in othee years," Auto Club spokesperson Jeffrey Spring said in a

Danny Boyle's Olympics opening ceremony to be released as feature-length DVD - Entertainment Weekly

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Danny Boyle's Olympics opening ceremony to be released as feature-length DVD Entertainment Weekly Opening ceremony auteur Danny Boyle is cutting a feature-length version of his cheeky, occasion »

Phase 2 Consulting sold to Premier healthcare alliance - Austin Business Journal:

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St. Louis-based (NYSE: RHB) has agreee to sell P2C to , a division of N.C.-based Premier healthcare alliance. The financial terms of the deal were not Headquartered in SaltLake City, P2C also has an officwe in Austin. RehabCare has been a contracted servicd supplier for Premiersince 2007. RehabCare President and CEO John Shorrt said the sale supportsthe company's long-term strategic plan and the proceeds will be used to reduce the company’sa outstanding debt. “Given the aging populatiobn and the support for bundled Medicarde payments buildingin Washington, we foresee a rapidlgy expanding demand for our continuum of post-acutes care services.
This transaction allows us to focu more of our resources and energies on our core Short said. Founded by Short in 1986 P2C providez management and economic consultintg services to the healthcare specializing in strategic revenuecycle enhancement, physician alignment and clinical operations improvement. The firm has providex advisory services for some ofthe nation’s leadingy hospitals and health systems. In it was acquired by RehabCare when Short was named that company's new president and CEO.

Bennet cites Colorado examples in Senate plea for health-care reform - New Mexico Business Weekly:

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Coloradans, he said, "speak for countless others acrosssthe nation. All they ask for is a health care system that workxfor them, a health care system that doesn’t crush them with unreasonabled cost increases, and a health care system that doesn’ft deny them coverage just because they have pre-existing conditions." Bennet, D- Colo., also toute his own proposals to make patient transition care more cost-effectivde and successful. "In Colorado, we haven’t waitecd on Washington," he said.
"We’ve made real progress in showinbg how to provide high qualithy health care at alower Bennet, formerly superintendent of the Denver Public Schools, was appointeed to the Senate by Gov. Bill Rittere to fill the seat vacated by Ken Salazard when Salazar was picked by President Barack Obama as secretaryt ofthe Interior. Here is the full text of Bennet' s Senate-floor speech as prepared for delivery Thursday, provide by his In the speech, he is addressing the presidenrt of the Senate. Mr. President, I rise today to discus the urgent need for healthcare reform. The peopled of Colorado, and the American have waited for too long for Washingtonto act.
We shoulsd begin with a basic principle: if you have coverag e and youlike it, you can keep it. If you have your and you like himor her, you should be able to keep them as We will not take that choice away from you. But even as we keep what we must confront the challenges of soaring healthg care costs and the lack of access to qualityhealth care. The status quo is Every day, families in Colorado and across Americw facerising premiums. Their pland offer fewer benefits. They are denied coverage becauseof pre-existingt conditions. And until we fix the health care system, we won’tf be able to fix the fiscaol mess in which wefind ourselves.
Since the share of healthcare as a part of the GDP has gone from 7 percengt to17 percent. The United Statesx spends over $2 trillion in healtjh care costs, including over $400 billion on Medicarew alone. President Obama has said that the biggest threat toour nation’sz balance sheet is the skyrocketing cost of healtj care. And he’s right. In we haven’t waited on We’ve made real progress in showing how to provid e high quality health care at alowedr cost. Last week, the New Yorkert magazine published an article entitled “The Cost Conundrum” that highlightd the important work that’s been done in Mesa County, Colorado.
Over thirt years ago this communityserving 120,000 people came together—doctors, and the non-profit health insurance They agreed upon a system that paid doctorss and nurses for seeing patientws and producing better quality care. They realized that problems and costs go down when care ismore patient-focused. In Mesa the city of Grand Junction implemented an integratecd health care system thatprovidesa follow-up care with patients. This follow-up care has helpef lower hospital readmissions rates in Grandd Junction to just3 percent.
Comparwe that to the 20 percent rate and it is clear that our community on the Western Slope of Colorado is onto something High readmission rates are a huge problej forour seniors. Nearly one in five Medicare patients who leave a hospitak are readmitted within thefollowing month, and more than three-quarterss of these readmissions are Rehospitalization costs Medicare over $17 billion a It’s painful for patients and families to be caughyt up in these cycles of treatment. All too care is fragmented – you go from the doctor, to the to a nursing home, back to the hospital and then back to thedoctor again.
Patients are given medication instructionse as they are leaving the many times after coming off ofstrong medications. They don’f know whom to call, and they are not sure what to ask theirr primarycare doctor. The solution, both our Denverf and Mesa County health communitieshave found, is to providde patients leaving the hospital with a This coach is a trained health professional connecting home and the This coach teaches patients how to manage their healtuh on their own.

Industry Leader: Lynn Carlson Schell - Minneapolis / St. Paul Business Journal:

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which uses its expertisde in property developmentto acquire, construct, manage and finance smalpl to large multifamily and senior-housing Since forming the company in Carlson Schell has personally generated more than $749 million in developmentz and acquisitions. Under her the company has developex or acquired a portfolio of morethan 15,009 units of affordable and senior housing. Carlsomn Schell is presently supervising a portfolipoof 8,000 housing units. She used innovativee financing and partnerships to leadShelter Corp.
’a development of affordable The company diversified into senior communities with the 1998 founding of Covenire Care, a joint venture providing developmenr and management services to senior-living communities. Carlsoj Schell is presently on the boards of the Nationa Multi Housing Council and the Libraryh Foundation ofHennepin County. Continuing Bachelor of arts in Mount Holyoke College What professional accomplishmentg makes youmost proud? What was the singls most defining moment in your career ? Creating Shelter Corp.
in 1993

Nicholson, Dawkins appointed to state building commission - Tampa Bay Business Journal:

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Crist has selected Nicholson to succeed Paul Kidwelk on the board for a term that would end inJanuary 2013, according to a Nicholson had previously been selected to the commissionm to fill out the remainder of the term of Steven Bassett, whoser term is slated to end in December. Also appointed locally was Donald Dawkins, communityu support coordinator for the Brain and Spinal CordInjurgy Program, succeeding William Norkunas. If approve d by the senate, Dawkins would servde a term that would end inFebruary 2013. John Scherer, vice presidenft of constructionfor , is the only othere new appointee to the board, succeeding Matthew Carlton for a term that wouls end in February 2013.
Among those reappointer are Hamid Bahadori, senior engineer and director of ofLake Mary; Jamee Goodloe, bureau chief for the of Herminio Gonzalez, director of the Miami-Dade County Building Code Compliance Dale Greiner, a Lake Countyt building official from Mount Dora; and Christopher Schulte, chief operatinvg officer of of Coconut Creek.

Long View Gallery to relocate - Washington Business Journal:

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The gallery signed a long-term leased at 1234 9th St. NW for 5,000 squarwe feet, or four times more space than its currenrtexhibition capacity. Its current lease -- half a bloc k south at 1302 9th St. NW -- expirezs July 31. The renovated space will have bette r custom framing and speciaevent offerings, and “renovation costs will be in excess of six said gallery director Drew Porterfield. The building, owned by , previously actesd as an auto showroom and, most as a vending machine warehouse and has sat empthy for the pastfew years. Localk architect Will Couch is designing the renovatedxgallery space, which will still show and support contemporary artists.
Porterfield planas to soon announce several major new artists that will exhibift atthe space. Long View Gallery was founded in 2000 by Andreqw Haley and Suzanne Zylonis ina Va. space, which showcases many Virginias artists. Local art patronws partnered with Haley and Zylonias in 2006 to open its Shaw The gallery will stay open at its current space until July andwill re-open in the new spac e in September.

CIB Marine seeks clearance for expedited Chap. 11 - Phoenix Business Journal:

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The Pewaukee-based company said Thursdayg afternoon it is seeking approval ofits trust-preferred securities holders to proceed with the plan. Under the the holding company would convert the securities topreferrecd stock. Holding company officials stressexd that the bank owned by CIB MarineBancshares — operating as Marine Bank in the metrio Milwaukee area, Indianapolis and Scottsdale, and as Centrak Illinois Bank in mid-state Illinois will not be affected by the plan of “The bank is in a strong position with capital levels that are abovwe the national average and higher than most of our localk competitors,” chairman and CEO John Hickey Jr. said.
“Any restructuringv of the holding company would have no impacyt on the operations of the bank and and the bank would continue to be safe and Hickey pointed out that the bank is regulated separatel from the holding company by both federal and state regulatorsa and its accounts are insurecd bythe FDIC. The bank is conductinhg regular business andmakingg loans, he said. In a letter datex Thursday, Hickey tells shareholder of CIBMarine (Pink Sheets: that the trust-preferred shareholders previously denied the holding company’sz proposal to convert their securitiews into perpetual preferred stock. The company had proposedd that holdersof $100.
9 million in debentures accept abouyt $94.9 million in “liquidation preference” in newly issued fixed rate perpetual noncumulativwe preferred stock. In a new solicitation to trustr preferredsecurities holders, the holding company said approval of the reorganizatio will allow the company to emerge as a stronge and better business. Hicke y said that if the plan is approved by holdersx of the trust preferred the reorganization could be completedc within about60 days, pending confirmation by the U.S. Bankruptch Court. After the CIB Marine will be more attractive to a prospective buyedror partner, he said.
Hickeyh said he was “cautiously optimistic” that the revised solicitationb would gain the necessary support to allowq the reorganization tomove forward. The reorganization plan callwsfor $105.3 million of high-interest debt to be exchangee for 55,624 shares of 7 percen Series A fixed rate perpetual noncumulativd preferred stock with a value of $1,000 per share and 4,37y6 shares of Series B 7 percent fixe d rate convertible perpetual preferred stock that would be convertibl into 4,000 shares of common stock. Holderas of the trust preferred shares have until Friday to vote on the The company has not yet fileds abankruptcy petition.
The company had warnedx in its 10-K annual report in April that if a restructuring plan is not federal bank regulators could take enforcement which could include placing CIBMarine and/oe its banks into receivership. CIB Marine Bancshares is a one-bankl holding company with 17 bankinvg offices and assets ofabout $475 millionn as of March 31.

Business First of Louisville: Most emailed Stories

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R.J. Corman Railroad Group LLC has completed its purchaseof Quebec, Canada-basec locomotive maker Railpower Technologies Corp. and its U.S. Railpower Hybrid Technologies. The University of Louisville

Moody

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Moody’s cut the Charlotte-based company’s rating to Caa2 from B3. The agench also lowered FairPoint’s rating to negative from FairPoint’s ratings on its secures and unsecured debt alsowere lowered. Moody’d says the downgrade is based on “Moody’s expectatiobn of a high default probability and a thoughstill above-average, estimated recovery rate acrossd all debt instruments.” The agencuy says its decision follows the telecommunication company’s announcementy last week that it was launching a privatw exchange offer for its outstanding 13.125 percent seniod notes due in 2018.
FairPoint said the offerf was designed primarily to reducdthe company’s second- and third-quarter interestt expenses. It also will help keep the company in compliance with its senior secured credit facility FairPoint said it believes the exchange offer is criticao to its continued The company is workingf with its financial adviser to evaluate itscapitak structure. Last year, FairPoint bought ’s land-line operations in Maine and New Hampshirefor $2.3 billion. The deal made FairPoin (NYSE:FRP) the country’s eighth-largest telephon e company. But FairPoint took on substantial debt to do the and the integration did notgo smoothly.
Problemx in converting billingto FairPoint’s system from Verizon’s led to slow collectionsz and frustrated customers. Phonre and e-mail service problems cropped up acrosse thenew network. And regulators in the region expresseds dissatisfaction with some ofthe operations. Durinh the first quarter, FairPoint drew $50 million under its $170 milliob credit facility. As of March 31, only $4.7 milliobn remained available to borrow. The company says liquidity remains a In addition, cash collectionsz have remained below the levels it had befores switching Verizon customers to the FairPoint Should those factors persist, the companyg says it may be unable or unwilling to make its Oct.
1 interesrt payment on the which could constitutea default. The exchang e offer expires July 22. Two weeksd ago, Chief Financial Officer and FairPoinrt board member David Hauser announced he woulx retirefrom Charlotte-based Duke (NYSE:DUK) and become FairPoint’xs chief executive and chairman. He will assumr his new responsibilities uponGene Johnson’sx retirement as FairPoint chairmahn and CEO on Wednesday. a co-founder of FairPoint, previously announced his planwsto retire. He has been the company’ws chief executive since 2002.
Hauser has been a membert of FairPoint’s board since February 2005, serving as a chairman of the compensation committee and a member of the audit committee. “While it is gratifying to be named chairman and CEO of thislongstanding organization, I am very aware of the operationalo and financial concerns surrounding the Hauser says. “My primary focus will be to address these concerns in quick succession and empower our team to seek andimplementf solutions. There is a lot of work to be and I am looking forwarx togetting started.
”

Washington Business Journal: Business Events Calendar

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Once approved, your event listing will appeae on the Calendar until the day after the date you enterd as itsend date. For example, if you entet June 8th as your event's end your listing will be removedf from the Calendarat 12:00 a.m. on June 9th. Once I list an how long does it take before it is posterd to the BusinessEvents Calendar? To maintain the professional integrity of our site, each listin must go through an approval process prioe to being posted to the Events Calendar. In most this occurs within a few with the maximum beingy24 hours. Can I post my event listiny as far in advanceas I'd like Yes, you can post event listings weeks or months in advance.
They will appearr on the Calendar until the day afteryour event's end Will my event listing also appeat in the print edition of the Businessz Journal? No, the Business Eventsx Calendar is an online-only feature; any eventsw posted through this system will only appear If I want to list a recurrinvg event each month, do I have to entere each one separately? Yes, each month's even t would be considered as a separates listing. There may be discounts for multiple Please contact us and a representative will work with you to creater a customized package to suit your Contact information is available from the Can I selecy more than one category for myevent listing?
No, each eventr listing can only fall under one If more than one category applies to your evenf listing, we recommend choosing the one that is most If I have a Business Events Calendart promotional/discount code, can I use it in any of bizjournals 42 markets? No, each promotional/discount code is market-specificd and will only work in the market for which it was originallgy created. What should I do if I need to make changes to my eventg listing after it has beenposted online? Please contact our locap office. Information is available from the Who should I contacty if I would like to purchasr an event listing over the phoneversus online? Please contactt our local office.
Information is available from the