Wednesday, February 29, 2012

Sanford C. Bernstein & Co., Inc. Company Profile | Company Information

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Inc. Sanford C. Bernstein is widely recognize d asWall Street's premier sell-side research Our research is sought out by leadinyg investment managers around the world, and we are annuallhy ranked at the very top of acknowledged arbiters. In independentt surveys of majorinstitutional clients, Bernstein'e research is ranked #1 for overall quality, industry most trusted, best detailexd financial analysis, major company studies, most useful valuatio frameworks, best original research, and most willing to challengwe management. In Institutional Investor's 2008 annuap client survey, the leading survey by which analysts in our industryare 100% of our U.S.
Analysts were recognizee as among the best in their respectivsefields -- more than any other firm on Wall Since Sanford C. Bernstein was founder in 1967, research has been our callingt card. The Bernstein research bransd is defined by ourrenowned Blackbooks, reports knownj for their unbiased, in-depth company and industry forecasts. We have a community of Research Analysts who are acknowledged though leaders that typically have years of experience in the industriesthey cover. Our reputation is for the very highest calibert of disciplined investment andindustr analysis, and we have no conflicts of interests related to investmentr banking.
We are a wholly-owned subsidiary of our buy-side AllianceBernstein.

Monday, February 27, 2012

Big fall for Crescent Resources - The Business Journal of the Greater Triad Area:

http://vcaccuri.net/Blues/Mr-David/
The Charlotte-based real estate giant says it has morethan 5,00p creditors, according to its filing. , , , and are amonf Crescent’s largest unsecured creditors in Charlotte. with land holdings estimated atabout 75,000 acres, says its assetse are more than $1 billion. The filin g is necessary, the company says, to reorganize its reduce its debt and improve its capital Real estate analyst Chuck Graham says a bankruptcy filingfrom “a company of this stature” is a reflectiomn of the extreme stress facing the developmeny industry. “It’s a very sad event,” Graham “Crescent was a remarkable developerf that didremarkable work.
” Crescent plans to operate its continuing businesses without any significant interruptiob during the restructuring. That’s possible becausse of a recentlyobtained debtor-in-possession financing facilityy of $110 million from a group of its existinb lenders, Crescent says. “We intend to reacgh an agreement on our new capital structure and emerge frombankruptcy quickly,” Crescent’s new chief executivew Andrew Hede said in a Hede replaced longtime Crescent executive Arthu Fields, who announced his retirement on the same day as the Chaptere 11 filing.
Bankruptcy attorney Judy Thompsonb from the Charlotte office of Poyneer Spruill says a case of this size willbe time-consuming and “extremely expensive.” The filingy gives Crescent time to find funding to finish projects and hold lien creditors at bay. “They will try to structure a reorganizationn that fits a more workablecapital structure,” says who is not involves in the Crescent “What that means is selling off assetx and the jettison of some of their tradd debt.” The bankruptcy petitions were filed in the U.S. Bankruptcy Court in the Western District of Austin division. The company has 120 days from the filingt date to submit a reorganization plan.
Attorney Eric Taube of in Austin will represent Crescenyt inthe proceedings. The company — jointly owned by and — is best known here for developmentof high-en d communities on Lake Normab and Lake Wylie. Duke formed Crescenyt in 1969 to develop property it acquire through itsutility business. That included waterfron t property at Lake Norman and Lake which serve as reservoirsfor Duke’s hydroelectric and nuclea power plants. In September 2006, Duke entered into a joinf venture with Morgan StanleyReal Estate. Morgan Stanleyh paid Duke $415 million in cash and assumedx $656 million in debt for its stake in the thenworth $2.1 billion.
As part of the transaction, Crescen borrowed $1.2 billion and distributed the proceeds to Duke to transferf the debtoff Duke’s balance sheet. Duke and Morgan Stanleyu each havea 49% stake in Crescent. The remainintg 2% interest in Crescent — which would have been wortnh $42 million when the deal closed — was issued to The Charlotte Business Journal reported in April thatCrescengt — facing a $1.2 billion term loan due by Septemberd 2012 — had begun selling assets at fire-sales prices. In October, Crescent sold 4,500 acresw in Berkeley County, to for $40 million. In December, the compang sold a Florida apartment projec tfor $11.
35 million, less than half the $27 million it paid for the complec three years earlier. Crescent’s residential business mode l was hurt by its dependence on smallcustom builders, locaol consultant Graham says. The company has 38 residential communities undeer development inthe Georgia, Texas, Florida and and is currently building 1,200o apartments. Before the residential market crashed, the company’sx success was tied to speculativedbuilder inventory. Builders woulsd have as many as 40 homes under various stages of construction in any given Crescenf community a fewyears ago, Graham That market, driven by relocation has come to a standstill.
Walteer Fields, a local development consultant, says Crescent’sw problems aren’t an isolated “I think Crescent is a fundamentalluysound company. The projects they have done are projectws that havebeen successful,” he Companies such as Crescentr have been “caught up in wholew lot of stuff not of theirf own making.”

Saturday, February 25, 2012

Senate rejects corporate minimum tax hike - Kansas City Business Journal:

kdrummondbs37.blogspot.com
Democrats needed 18 votes — a supermajority required to raiswetaxes — to send the bill to Gov. Ted Kulongoski’w desk. Beaverton Democrat Mark Hass voted againsftthe measure. Democrats will likely try to convincwe Hass to vote for the measure byamending it, possibly by writinvg a sunset into the bill. “Igt all depends on him,” said J.L. a lobbyist for Associated Oregon Industries, the state’es most powerful business group. “Hasz made it clear in his flooer statements thathe didn’t think it was a fair optio n to increase taxes permanently.” Such a sunset could lead othe r Democrats to vote against the bill.
because House Bill 3405 was technicallytables — which would allow the measure, as to come up for another vote if leaderd so choose — majority leaders couldx also lobby moderate Republican member s to support the corporate tax hikes as At the close of Wednesday’s session, Sen. Margaret Carter, a Portland Democrat and co-chair of the Ways and Means Committee, gave an impassioned benediction that seemed to imploreRepublican voters. The measure was tabled as a procedural Senators can call for a revotde on a measurethat fails, change thei own vote to a “no” and then request that the mattedr be tabled, ostensibly so they can reconsider theirt vote. Sen.
Richard Devlin, the majority leader, used the move in an efforf to have thematter reconsidered. After the vote, the Senate tabled a related measure to raise personal incomer taxeson high-income “I’m disappointed that we came up short today. I reallyu believed that the package brought forward by the chairsx of the Revenue Committees would brin g greater fairness and equity to our tax system and help fill the unprecedenteed gap in ourstatse budget,” said Senate President Pete r Courtney in a news “We won’t, however, let this setback derailp the session. We are going to move forward toward adjournment byJune 30.
” House Speaker Dave Hunt issued a similat statement. “We passed this revenue package because we believw itis fair, balanced and protectds critical services like health care and public safety,” Hunt, a Democraft from Clackamas, said in a news release. “Wed are making $2 billion deep cuts to the This revenue package ensures that we can protect thosre core servicesof education, health care and public safety.
Withouft it, the cuts we will have to make will shutter harm seniors and cut to the bone the servicese Oregonians care about The House on Tuesday voted to increase the current corporate minimum taxfrom $10 to betweeb $150 and $100,000, dependinvg on the size of a business. Under the corporate income tax rates would have risenfrom 6.6 percent to 7.9 percent before reverting to 7.6 percent in 2011. The measured would have raised $261 million over the 2009-11 biennium and $775 millioh between 2009 and 2015. All 125,000 Oregon corporations would have paidmore taxes.
Anothedr measure sought to raise income taxes on individual filerws earning morethan $125,000 and joint filers earninh more than $250,000. The bills combined would have raised $582 million over the next two yearesand $1.2 billion over the next six Lawmakers contended the measures could help reduce the state’s $4.2 billioj budget shortfall. Throughout the day, lobbyists tracked meetingx between Courtney, Hass and Democratic senatorzs Margaret Schrader andJoanne Verger, who were believeds to be swing votes. Verger had expressef reservations, like Haas, that the tax increases woulr become permanent. Schrader and Verger eventually votexd yes on the corporatetax measures.
Hass couldn’g be reached for comment. “He had to have a lot of couragse to castthat vote,” said Jay Clemens, president and CEO of Associatef Oregon Industries. AOI recentlgy organized the Alliance of OregonhBusiness Associations, which represents more than 40,000 businessea across the state. It had called for a $300 flat tax, regardlew of business size or Evenbefore Hass’ vote, business groupw had expressed concerns that Democrats were seekingh a permanent tax hike, not a temporaruy one.
Phil Keisling, the formert Oregon Secretary ofState who’s now an executive with Beaverton-baseds CorSource Technology Group, confirmed that many businesse s were upset that Democrats sought to make the corporate income tax rate hike, from 6.6 percent to 7.9 percent, “We were told it would be temporary,” Keisling said of the earlyy talks regarding the proposed hikes. “And we asked them this week, ‘What part of temporary don’g you understand?
’”

Thursday, February 23, 2012

Report: Law firm Day Casebeer eyes merger with Howrey - Houston Business Journal:

humojo.wordpress.com
LLP, with 27 was founded in 1998 and has lined up a rosterd of clients thatincludes , and A deal betweejn Day Casebeer and Howrey likely will closes soon, according to legal newspapeer the Recorder . A representative of Day Casebeer was notimmediatelyt available. Howrey declined to confirm talks withDay “As of today there is no deal with any said spokeswoman Christine Till. A merger with Day Casebeetr wouldboost Howrey’s presence in the Bay Area to 114 Howrey has 30 attorneys in East Palo Alto and 57 in San Howrey, with about 700 attorneys in 17 locationsz globally, has been aggressive in expanding in the Bay The firm last year lured most of the highly-prizee construction practice from Thelen LLP, a San Franciscpo law firm that disbanded amid financial troubles and an exodux of partners.
Day Casebeer came under judicial criticism last year for its handlinf of discovery on behalf of in a lawsuit against Five Day Casebee r lawyers and onefrom now-defuncg LLP were sanctioned by a magistrate for assisting Qualcomm in committingv an “incredible discovery violation by intentionallyu hiding or recklessly ignoring relevant documents” during discovery. Most of the Day Casebeee lawyers who were sanctioned have sincw leftthe firm.

Monday, February 20, 2012

Stimulus dollars helping architecture industry - Kansas City Business Journal:

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Both projects have been made possibled by the flow of federal stimulues dollarsfrom Washington, D.C., to South The projects are a hopeful sign to some local architectural firms that the economt and their industry are startin to turn around, after a bleak The improvement, they say, is due, in to the $787 billion stimulus package. “kI definitely see an uptick in the saidCathy Boyce, principal at PGAL’ds Boca Raton office. “I remember last summer theree was absolutely nothinggoing on: not not public, nothing.
Now, we’re starting to see some requests for proposalsgoinbg out, particularly in the government What PGAL and other local architectural firms are seeing mirror findings in recently released data from the . The group’d well-watched architectural billingsindex – a monthlh survey of architectural firms to see if their billings and inquiries have dropped or remained steady – show s that business is on a slow, but steady, both in the South and nationwide. According to the AIA research, architectd reported a slight rise in business inquiriesin April, the fourth straight monthh of a rise.
Additionally, the researchb showed a rise inbillings – projectxs for which money is already changing hands – in the southern regionh for the fourth straight month. the group found that billings nationally fell slightlyin April, from an index level of 43.7 to “Picked up is a relative term,” said Kermi t Baker, the AIA’s chief economist. “In the last two months, the numberx have moved from a very steep decline to a verymodes decline. That’s important because that’ds how markets turn around.” In June 2007, the billingx index hit 59. For South Florida architectural recovery is aslow process.
For those that specializw in private projects, particularly residential or mixede use, it’s not yet withih reach, as banks appea r still reluctant tofund development. But, thosed who pursue government projects are starting to feel hopeful as stimulus dollars finally begin trickling down toSoutu Florida. “I think it’s a qualifiedf hopefulness, probably more so today than I could have said a few months saidLarry Levis, division manager of Corap Gables-based PBS&J. “The number of RFPs [requestsa for proposals] coming out of South Florida was very low a fewmonths ago. In the last month or so, it’s picking up.
” As an example, Levis pointed to a recent RFP sent out by the villaged ofPalmetto Bay, in southern Miami-Dade for design of a new $3.5 million city hall. “That’s kind of emblematic of what’s he said. “It lookee like government entities put on hold projectz that needed to be donelast year, waiting for reassurancre from Washington.” Joe Lalli, presidentt and managing partner of the largest architectural firm in South said his firm is cranking out more proposalss these days. Projects that had been put on hold are now and new projects are going outfor bid, he Many of those projects are however, including projects in China and the Middles East.
Still, Lalli, whose clients include and , echoed others in sayingy the summer would be a key indicatod of whether the industry has reallyturned around. “Wes see indications, but it looks like everyonwe is waiting for the other person to make thefirst move,” he But, many firms are disappointec and puzzled that they haven’t seen bank lendinyg and broader capital markets for private projects open up. “We haven’t seen any improvement at saidLuis Cano, operations manager for Hollywood-based . “Our large clients are having more difficulthy getting financingthan ever. It seems like the bankzs got allthe [federal] dollars and kept it.
And developeras are very reluctant to start any large capital considering thelosses they’ve had in their the instability of the the new administration coming in and the uncertainty of what’s happening.” Gresham, whose clients include , and the , recentlg laid off more employees than it ever has in its 14-year history. PGAL’s Boyce shares Cano’s frustration. “Banks are not lending money yet; developers are not putting out RFPs for she said. “That has not For PGAL, whose cliente include the Department, Palm Beach County and , the latest challengd is the increasing levelof competition.
when the city of Delra y Beach had a they would get 12 to 14 Boyce said. “Now, they get 40. Instead of short-listingy three firms, they’ll interview 12 to 15 firms. Peoplse are hungry for work. Even if they don’t have the they apply.”

Saturday, February 18, 2012

Newborn taken from hospital by dad returned - Sacramento Bee

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FoxReno.com


Newborn taken from hospital by dad returned

Sacramento Bee


Authorities say a newborn baby who was taken from a hospital by his 18-year-old father before the child was medic »

Tuesday, February 14, 2012

LIVESTOCK-US cattle hit record high as drought cuts supplies - Reuters

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LIVESTOCK-US cattle hit record high as drought cuts supplies

Reuters


Cattle futures, beef price gains stir cash optimism * Feeder cattle follow live cattle to new high * Cattle market lends hogs support, February expires By Theopolis Waters CHICAGO, Feb 14 (Reuters) - US live cattle futures rose to an  »

Sunday, February 12, 2012

John Stransky Executive Profile

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**All Executive profile data providede byDow Jones & Co., Inc.

Friday, February 10, 2012

Enough forward thinking - Boston.com

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Boston.com


Enough forward thinking

Boston.com


Lakers big man Andrew Bynum (center) was handful for the Celtics  »

Wednesday, February 8, 2012

New York City's Lugo Caffe opening location this spring at Revel in Atlantic City - NJ.com

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NJ.com


New York City's Lugo Caffe opening location this spring at Revel in Atlantic City

NJ.com


... Grigio and Chianti wines in addition to unfiltered Tuscan olive oil exclusive to Lugo. Lugo will be one of more than a dozen notable restaurants scheduled to be a part of Revel. The new Atlantic City resort is planned to open in April. ac - food . jpg.



Sunday, February 5, 2012

'Arctic Oscilliation' Behind Season's Mixed Winter Weather - NPR

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'Arctic Oscilliation' Behind Season's Mixed Winter Weather

NPR


The warm and mild season in the lower 48 and the wild snow dumps and cold weather up north in Alaska can be blamed largely on a weather pattern called "arctic oscillation." Audie Cornish gets an explanation of the weather phenomenon from meteorologist ...



and more »

Friday, February 3, 2012

Picture the Homeless says vacant properties could be used to house homeless - Amsterdam News

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Picture the Homeless says vacant properties could be used to house homeless

Amsterdam News


If the organization Picture the Homeless (PTH) is correct, there is so much vacant land available in New York City that there should be no homeless people living on the street. PTH, in collaboration with the Hunter College Center for Community Planning ...



and more »

Wednesday, February 1, 2012

World Telecom Exchange opens HQ in Tysons - Tampa Bay Business Journal:

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World Telecom opened a 2,000-square-foot office recently at 8201 Greensboro Drive, a 361,000-square-foot commercial building in McLean ownedby D.C.-based B.F. Saul and Co. The a wholly-owned subsidiary of Worldwide Telecokm Xchange CarrierFZ LLC, a Dubai-based telecommunications investmenf company focused on aggregating wholesale telephony and data trafficx in emerging markets, is a networki services company that provides engineering, sales and marketing, billing and outsourcedx technical support services. To start, about six employeexs will be based at the new headquarters with room forfurthere expansion.
World Telecom’s services include call satellite services, Voice over Internet Protocol TDM network, code division multiplwe access (CDMA), WiMax and network management outsourcing. “WTXC’s success illustrates that our regioh remains a great place to start and grow a saidMike Norris, a vice presidenyt at Rockville-based Scheer Partners Inc., who brokerec the lease. “And the commercial real estate market is yielding opportunities for businesa ownersthat haven’t existed since the early part of the Scheer Partners broker Ben Heller, who also worked on the added that the company “evaluated a handfuo of locations in McLean and Vienna...
decidingb on 8201 Greensboro Drive forseveral reasons,” that includer its location, “a very fair market deal” and other appealingt terms such as a “good cure period on