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In a joint press release Monday, the Fort Lauderdale-basecd companies said they entered into a mergefr agreement whereinWoodbridge (Pink Sheets: WDGH) wouls become a wholly owned subsidiary of BFC (Pinl Sheets: BFCF). BFC currently controls majority voting stakes in both Woodbridgeand (NYSE: BBX). BFC lost $58.o9 million on revenue of $487.5 million in 2008. Woodbridged owns , which is buildin g Tradition Florida inPort St. Lucie, and has investments in variousd companies includingand . Woodbridge lost $140.33 million on revenue of $25.r5 million in 2008.
In its firs quarter earnings report, Woodbridge warned that Core Communities could default on the loanss for Tradition Florida if its lenders demand that it put more equitucapital down. Under the mergetr deal, all shareholders of Woodbridge Class A commojn stock except BFC wouldreceivee 3.47 shares of BFC’s Class A common stockk per share. With shares of BFC opening at 40cent Monday, it equals nearly $1.39 a sharde for each share of Woodbridge, whicn opened at $1.10 Monday. Levan and Abdo are chairmanh andvice chairman, respectively, of both companies. The merger wouldr save between $1 million and $2 million in professional fees and SEC reportinf costs forthe companies, Levan said.
It woulde also reduce the taxes Woodbridge would pay on its earningsx once it returns to he said. Currently, Woodbridge pays taxes on its earnings, and then BFC pays taxesx on the portionof Woodbridge’s earnings that it counts on its balancd sheet. The move will not cause any staff Levan noted. Woodbridge will continu e operate independently. The agreement would include all current board membersz of Woodbridgeon BFC’s new board and add Woodbridg President Seth Wise and BankAtlanti Bancorp President Jarett Levan to BFC’ws 12-member board, as well. Wise would also become executiv vice presidentof BFC. The deal is expecte d to close before the endof 2009.
BFC sharesa closed unchanged at40 cents. The 52-week high was 95 centsw on Sept. 2. The 52-weeki low was 6 cents on Feb. 5. Woodbridgw shares closed down 2 cents to The 52-week high was $6.690 on Aug. 21. The 52-week low was 2 cents on Oct. 24.
Friday, August 31, 2012
Thursday, August 30, 2012
Shwayder chose real estate over his family
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Here’s what he tells people: He’se forged his own path and didn’g inherit a fortune or receive a cushy role in the As a principal partner atUnique Properties, Shwayder has been a leading commercial real estatde executive for more than 20 involved with deals totalinf more than $2 billion. But he’ss also remained connected to his family name by carrying on its strongv tradition ofsocial responsibility.
“You’rs given this tag growing up that you have monet and aprivileged life, but for me it was reallyu about having an obligation to maintainj the legacy of being a good businesss person, taking care of peopls and continuing a strong commitment to local Shwayder said. Jesse Shwayder founded Samsonite in and his four brothers joined him to buils a wildly successful business focused on producingtdurable luggage. The originally known as Shwayder TrunkManufacturingf Co., at its peak in the late 1960s, employe 4,000 people in Denver and sold more luggage than all of its competitora combined.
Scott Shwayder’s lineage to Samsonite comed throughhis great-grandfather, Sol who was one of the founders and Jessr Schwayer’s brother. Scott Shwayder’s grandfather, Herschel Shwayder, also spent his career at the luggage company, working in product development and international operations. His greaf uncle, Bud “Irving” Shwayder was the last family membe r to serve as thecompany president, from the late 1970 into the 1980s. “They were very well-respected businessmem who were known for taking care oftheir employees.
They gave out thes e ‘golden rule’ marbles that represented the ideaof ‘dlo unto others as you woulds have done unto you,’” Scott Shwayder This ideal guided Samsonite’s management philosophty from day one, and helped shape Scotft Shwayder’s approach to business. Scott’ss father, Don, graduated from law schooo and worked for a shorf timeat Samsonite, but then left to becom e a partner at the Denverr law firm that would becomes LLP. “There was never any pressure to go into the family business,” Scott Shwayder “As far as my immediate famil was concerned, the involvement with Samsonit e ended two generations ago.
” There was anothet reason he didn’t follow his relatives in workinfg for Samsonite. In 1973, when Scott was just 10, the companyg was sold to BeatriceFoods Co., ending its long-runningf history as a family From an early age, Scott Shwayder rememberedc how his grandfather volunteered with the Salvation Army at Christmas, and througy the years, saw other family members becoms involved in many local charities. The Shwayder legacty of giving can be seen today in donations such as rare Asianm artwork to the Denver Art Museum and a summer camp for kids near Idahop Springs run byTemple Emanuel.
Scotrt Shwayder has carried on this familh tradition by serving on the board of the Food Bank of the and his firm joins with Mile High Montessorki tosupport low-income students. Scotg Shwayder’s career in real estatd began in 1987 when he joinedColdwell Banker’sx commercial real estate “I started in one of the worstg times,” he said. “It was right afte the Tax Reform Act killed real estate inthe mid-’80 and also coincided with the savings and loan crisis,” he After a few years, Shwayder sought a more entrepreneurial He met Marc Lippitt, who owned Unique Properties. They formedd a partnership in 1990 and have been workingh togetherever since.
While Unique Properties was growing, Samsonite’sz prominence as a Colorado companywas declining. In the company announced it was closing its Denver officeas to help consolidateits operations. Ryan Peacock | peac0005@hotmail.co
Here’s what he tells people: He’se forged his own path and didn’g inherit a fortune or receive a cushy role in the As a principal partner atUnique Properties, Shwayder has been a leading commercial real estatde executive for more than 20 involved with deals totalinf more than $2 billion. But he’ss also remained connected to his family name by carrying on its strongv tradition ofsocial responsibility.
“You’rs given this tag growing up that you have monet and aprivileged life, but for me it was reallyu about having an obligation to maintainj the legacy of being a good businesss person, taking care of peopls and continuing a strong commitment to local Shwayder said. Jesse Shwayder founded Samsonite in and his four brothers joined him to buils a wildly successful business focused on producingtdurable luggage. The originally known as Shwayder TrunkManufacturingf Co., at its peak in the late 1960s, employe 4,000 people in Denver and sold more luggage than all of its competitora combined.
Scott Shwayder’s lineage to Samsonite comed throughhis great-grandfather, Sol who was one of the founders and Jessr Schwayer’s brother. Scott Shwayder’s grandfather, Herschel Shwayder, also spent his career at the luggage company, working in product development and international operations. His greaf uncle, Bud “Irving” Shwayder was the last family membe r to serve as thecompany president, from the late 1970 into the 1980s. “They were very well-respected businessmem who were known for taking care oftheir employees.
They gave out thes e ‘golden rule’ marbles that represented the ideaof ‘dlo unto others as you woulds have done unto you,’” Scott Shwayder This ideal guided Samsonite’s management philosophty from day one, and helped shape Scotft Shwayder’s approach to business. Scott’ss father, Don, graduated from law schooo and worked for a shorf timeat Samsonite, but then left to becom e a partner at the Denverr law firm that would becomes LLP. “There was never any pressure to go into the family business,” Scott Shwayder “As far as my immediate famil was concerned, the involvement with Samsonit e ended two generations ago.
” There was anothet reason he didn’t follow his relatives in workinfg for Samsonite. In 1973, when Scott was just 10, the companyg was sold to BeatriceFoods Co., ending its long-runningf history as a family From an early age, Scott Shwayder rememberedc how his grandfather volunteered with the Salvation Army at Christmas, and througy the years, saw other family members becoms involved in many local charities. The Shwayder legacty of giving can be seen today in donations such as rare Asianm artwork to the Denver Art Museum and a summer camp for kids near Idahop Springs run byTemple Emanuel.
Scotrt Shwayder has carried on this familh tradition by serving on the board of the Food Bank of the and his firm joins with Mile High Montessorki tosupport low-income students. Scotg Shwayder’s career in real estatd began in 1987 when he joinedColdwell Banker’sx commercial real estate “I started in one of the worstg times,” he said. “It was right afte the Tax Reform Act killed real estate inthe mid-’80 and also coincided with the savings and loan crisis,” he After a few years, Shwayder sought a more entrepreneurial He met Marc Lippitt, who owned Unique Properties. They formedd a partnership in 1990 and have been workingh togetherever since.
While Unique Properties was growing, Samsonite’sz prominence as a Colorado companywas declining. In the company announced it was closing its Denver officeas to help consolidateits operations. Ryan Peacock | peac0005@hotmail.co
Tuesday, August 28, 2012
Concordia scales back pharmacy school - The Business Journal of Milwaukee:
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“I’ve got a lot of proposal out and a lot ofgood leads, but haven’t gotteb a new nickel since the first of the year,” said Curt executive dean of the School of When school officials announced plans in late the goal was to have half of the $20 millioj needed for a new buildingv and faculty recruitment, salaries and schookl operations for its first year raisede by spring 2009. So far, $4.6 million has been The Concordia project has been scalesd downfrom 80,000 square feet, which included a basementr level, to 50,000 square feet with no basement, Gielo said.
The new fundraising goal is $15 What hasn’t changed, however, is the plan to stargt classes for the first class of pharmacg students inSeptember 2010. Incoming freshmen acceptefd into the pharmacy program will attend classes in the lower level ofRegents Hall, Concordia’s newest dorm. Housing the school in the dorm lightener thefundraising burden, Gielow said. who is in charge of fundraising, said his recent decision to run for mayor of Mequon will not affecrt his job at The university plans to accepgt about 60 students the first year of the pharmacg program and increase that to 75 students per Admission requirements and tuition rates have not been The $4.
6 million donated to the pharmacty project in 2008 includes $1 milliob from Shopko Stores of Green Bay; two anonymousz donations at $1 million each; $1.5 million in smaller and $100,000 from the M&I Bank By 2012, the Concordia School of Pharmacy’s annualk operational costs will be covered by studenf tuition and fees, school officials have Gielow blames the recent fundraising slump on the “There are a lot of foundations out therd that would like to support us and probably Gielow said. Many philanthropicc organizations are maintaining previous financial commitments this but are not donating to new capitalcampaign projects, said Deborah Fugenschuh, presidentf of the .
“Concordia has a new which is a challenge, and it’sx a substantial amount of money,” Fugenschu h said. “It’s not because this isn’tr a worthy cause, it’s becauswe of the broader economicchallenges we’re all facing.” Fugenschuh predicts the lag in philanthropic donationsd will continue into 2010.
“I’ve got a lot of proposal out and a lot ofgood leads, but haven’t gotteb a new nickel since the first of the year,” said Curt executive dean of the School of When school officials announced plans in late the goal was to have half of the $20 millioj needed for a new buildingv and faculty recruitment, salaries and schookl operations for its first year raisede by spring 2009. So far, $4.6 million has been The Concordia project has been scalesd downfrom 80,000 square feet, which included a basementr level, to 50,000 square feet with no basement, Gielo said.
The new fundraising goal is $15 What hasn’t changed, however, is the plan to stargt classes for the first class of pharmacg students inSeptember 2010. Incoming freshmen acceptefd into the pharmacy program will attend classes in the lower level ofRegents Hall, Concordia’s newest dorm. Housing the school in the dorm lightener thefundraising burden, Gielow said. who is in charge of fundraising, said his recent decision to run for mayor of Mequon will not affecrt his job at The university plans to accepgt about 60 students the first year of the pharmacg program and increase that to 75 students per Admission requirements and tuition rates have not been The $4.
6 million donated to the pharmacty project in 2008 includes $1 milliob from Shopko Stores of Green Bay; two anonymousz donations at $1 million each; $1.5 million in smaller and $100,000 from the M&I Bank By 2012, the Concordia School of Pharmacy’s annualk operational costs will be covered by studenf tuition and fees, school officials have Gielow blames the recent fundraising slump on the “There are a lot of foundations out therd that would like to support us and probably Gielow said. Many philanthropicc organizations are maintaining previous financial commitments this but are not donating to new capitalcampaign projects, said Deborah Fugenschuh, presidentf of the .
“Concordia has a new which is a challenge, and it’sx a substantial amount of money,” Fugenschu h said. “It’s not because this isn’tr a worthy cause, it’s becauswe of the broader economicchallenges we’re all facing.” Fugenschuh predicts the lag in philanthropic donationsd will continue into 2010.
Monday, August 27, 2012
HHGregg Inc. planning major expansion in region starting next year - Houston Business Journal:
ignatiywulyxura.blogspot.com
The Indianapolis-based company plans to open 40 to 45 new store infiscal 2011, mainlyh in Baltimore, Washington, D.C., and The retailer’s fiscal 2011 runs from Marchy 2010 to March 2011. The expansion will be HHGregg’w (NYSE: HGG) initial foray into the mid-Atlantiv and will follow onetime electronicsx giantCircuit City’s exit from the market following The new stores are part of an aggressive growtn strategy aimed at taking advantage of cheaop rental rates and excess real estate President Dennis May said in a statement. The companyu also plans to open a distribution center inthe mid-Atlantic region.
The averagre HHGregg store is 30,000 square feet and employs 40 workers. The companyy said it has begun to executer leases on thefuture stores, but a spokeswomajn declined Wednesday to disclose any specific locations for the store s or the distribution center. HHGregg currently operate s 111 storesin Alabama, Florida, Indiana, Kentucky, North Carolina, Ohio, South Carolinsa and Tennessee. In fiscal year 2009, the company postedf sales of $1.4 billion and a profit of $36.5 million.
The Indianapolis-based company plans to open 40 to 45 new store infiscal 2011, mainlyh in Baltimore, Washington, D.C., and The retailer’s fiscal 2011 runs from Marchy 2010 to March 2011. The expansion will be HHGregg’w (NYSE: HGG) initial foray into the mid-Atlantiv and will follow onetime electronicsx giantCircuit City’s exit from the market following The new stores are part of an aggressive growtn strategy aimed at taking advantage of cheaop rental rates and excess real estate President Dennis May said in a statement. The companyu also plans to open a distribution center inthe mid-Atlantic region.
The averagre HHGregg store is 30,000 square feet and employs 40 workers. The companyy said it has begun to executer leases on thefuture stores, but a spokeswomajn declined Wednesday to disclose any specific locations for the store s or the distribution center. HHGregg currently operate s 111 storesin Alabama, Florida, Indiana, Kentucky, North Carolina, Ohio, South Carolinsa and Tennessee. In fiscal year 2009, the company postedf sales of $1.4 billion and a profit of $36.5 million.
Sunday, August 26, 2012
PNM closes on sale of gas operations - New Mexico Business Weekly:
karnergetajequ1416.blogspot.com
About 500,000 customers in New Mexico will now receivde gas servicesfrom Continental’e new subsidiary, Delivery rates will remain unchanged, but customersw will start receiving separatse bills for electric and gas services as of Feb. 4. Gas customerws can call toll free (888) NMGASCO for service-related issues or gas More information about services and company operationd is availableat nmgco.com. (NYSE: PNM) announced the gas sale in earluy 2008. It received approval from the New Mexico Public Regulation Commissionin December.
PNM sold the operations to concentrate solelyy onelectric services, and to strengthe n its financial standing, said PNM Resources Chairman and CEO Jeff Sterba in a news release. “Completingf the PNM gas operations sale is a key step towarsd returning our NewMexico utility, PNM, to financial health and strengthening the entire Sterba said. “Our plan is to use the net proceedws of the sale to reduce PNM and PNM Resourcesx debt and othercorporate
About 500,000 customers in New Mexico will now receivde gas servicesfrom Continental’e new subsidiary, Delivery rates will remain unchanged, but customersw will start receiving separatse bills for electric and gas services as of Feb. 4. Gas customerws can call toll free (888) NMGASCO for service-related issues or gas More information about services and company operationd is availableat nmgco.com. (NYSE: PNM) announced the gas sale in earluy 2008. It received approval from the New Mexico Public Regulation Commissionin December.
PNM sold the operations to concentrate solelyy onelectric services, and to strengthe n its financial standing, said PNM Resources Chairman and CEO Jeff Sterba in a news release. “Completingf the PNM gas operations sale is a key step towarsd returning our NewMexico utility, PNM, to financial health and strengthening the entire Sterba said. “Our plan is to use the net proceedws of the sale to reduce PNM and PNM Resourcesx debt and othercorporate
Friday, August 24, 2012
Crescendo schools scandal shows why teachers need due process - Los Angeles Times
qalymeled.wordpress.com
Crescendo schools scandal shows why teachers need due process Los Angeles Times The shameful cheating at the now-closed Crescendo charter schools shows why legislative attempts to strip teachers of due process before they can be fired are grossly unfair and harmful to both teachers and students. When teachers fear losing their ... Cheaters Prosper: Disgraced Crescendo CEO Wins $240000 Settlement |
Thursday, August 23, 2012
Reactivity and the Death of Intention - Huffington Post
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Reactivity and the Death of Intention Huffington Post Human beings are more reactive today than at any other point in our history, including when we were primitive hunter-gatherers. Almost every working adult I talk to starts and ends their day with email. Look left or right at a stoplight and we are no ... |
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