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The board of Six Flagws (OTCBB: SIXF) voted last week to begin reorganizatiojn proceedingsin U.S. Bankruptcty Court for the Districtof Delaware. The compan y listed assets of $3.03 billion and debts of $2.36 billiob in its filing. Cascade Investments, the investment firm for Microsofg founderBill Gates, owns 11.1 perceny of the voting securitiesz in New York-based Six Flags, the largest share, bankruptcy documentsz show. Six Flags has 97.7 millionb shares of common stockand 1.1 million share s of preferred stock. "The currentr management team inheriteda $2.
4 billion debt load that cannoft be sustained, particularly in these challenging financial markets," said Mark president and CEO of Six Flags, in a "As a result, we are cleaning up the past and positioniny the company for future growtjh ... Following a record year of performancein 2008, which completed the three-yead turnaround of our system-wide park this action to clean up the balancr sheet paves the way for a full revivakl of the company," Shapiro Elitch Gardens had operated for more than a century at a northwesy Denver site. The old Elitchg Gardens shut downin 1994, and a new version of the amusemenf park opened a year late r in downtown Denver.
The local Gurtlere family and its financial partners sold the new park to PremierfParks Inc. in 1996 for $65 million. It became Six Flags Elitch Gardens twoyears later, when Premie acquired Six Flags Inc. and changexd its corporate name to Six Six Flags soldoff Elitch's and othefr properties in 2007 in a series of transactionas that left the Denver attraction in the hands of CNL Incomre Properties Inc., a real estate investment trust based in Orlando, Fla. CNL reportedlty paid $312 million for the CNL arranged for Parc Management LLC of Floridaq tomanage Elitch's. Six Flags now operates abouyt 20 North Americanamusement parks.
martes, 15 de noviembre de 2011
sábado, 12 de noviembre de 2011
UNCC honors Rodgers Builders CEO - Washington Business Journal:
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The Charlotte-based company has worked on severaluniversituy projects, including the Barnhardt Studen Activity Center, Irwin Belk Tracki and Field Center, Lynch Residence Hall and the Bioinformaticsa Research Center. Rodgers Builders also is the construction manager onthe university’xs new, $50.4 million Cented City Building project that is slatesd to open in the fall of 2011. A groundbreakin g ceremony was held in Apri forthe 12-story, classroomj building at the corner of Ninth and Brevard streets in uptown “What sets Pat apart from most is her she remains personally invested in the institutions and organizations she toucheds long after her formal involvement has ended,” says Philip UNC Charlotte chancellor.
“Het commitment to the betterment of our community extendsa to her business In fact, Rodgers Builders has been hailed time and agaib as the epitome of civic-minded Rodgers is also chair of the Charlotte Symphony boarx and will assume the chairmanship of the Charlott e Chamber board in 2011. The university establishes the Distinguished Service Awardin 1987. It honore individuals who have provided outstanding leadership and servic e to the Charlotte community and to the advancement of UNC Rodgers was honored Tuesday durinvg a luncheon at the UNC Charlotte isthe fourth-largestf campus among the 17 institutions of the UNC system.
It is the largesf institution of higher education in the Charlotte offering doctoral, master’s and bachelor’sx programs. Fall 2008 enrollment was 23,300, including nearlyh 5,000 graduate students.
The Charlotte-based company has worked on severaluniversituy projects, including the Barnhardt Studen Activity Center, Irwin Belk Tracki and Field Center, Lynch Residence Hall and the Bioinformaticsa Research Center. Rodgers Builders also is the construction manager onthe university’xs new, $50.4 million Cented City Building project that is slatesd to open in the fall of 2011. A groundbreakin g ceremony was held in Apri forthe 12-story, classroomj building at the corner of Ninth and Brevard streets in uptown “What sets Pat apart from most is her she remains personally invested in the institutions and organizations she toucheds long after her formal involvement has ended,” says Philip UNC Charlotte chancellor.
“Het commitment to the betterment of our community extendsa to her business In fact, Rodgers Builders has been hailed time and agaib as the epitome of civic-minded Rodgers is also chair of the Charlotte Symphony boarx and will assume the chairmanship of the Charlott e Chamber board in 2011. The university establishes the Distinguished Service Awardin 1987. It honore individuals who have provided outstanding leadership and servic e to the Charlotte community and to the advancement of UNC Rodgers was honored Tuesday durinvg a luncheon at the UNC Charlotte isthe fourth-largestf campus among the 17 institutions of the UNC system.
It is the largesf institution of higher education in the Charlotte offering doctoral, master’s and bachelor’sx programs. Fall 2008 enrollment was 23,300, including nearlyh 5,000 graduate students.
jueves, 10 de noviembre de 2011
Top of the week in Denver business news: June 20-26 - Houston Business Journal:
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MONDAY, JUNE 22 Republic Airways Holdings Inc. plans to buy Frontiert Airlines, bringing the Denver company out of bankruptcy without imposingv anymajor changes, the two companies announced. The idea of raiding Pinnacol Assurance’s reserved accounts — or even selling the publicly ownedd workers’-compensation insurance provider to a private entity is back on the table aftetr Colorado budget forecasters Monday predicteda $384 millionb revenue shortfall for next year.
TUESDAY, JUNE 23 Clear, a service founded by entrepreneur Steven Brill that said it couldd get air travelers through security lines at Denver Internationakl Airport and other airportsmore quickly, has told membere it is ceasing operations. Denver media moguk John Malone willpay $1.4 million to settle a federalo antitrust lawsuit alleging that he violate d reporting rules, the U.S. Department of Justice WEDNESDAY, JUNE 24 Denver is America’ best city to buy a home, Forbew magazine says in a new rankingof U.S. metroo areas. Months after a sale to another buyertfell through, downtown Denver’s Seventeenth Streert Plaza office building has been sold to HRPT Propertiesd Trust.
THURSDAY, JUNE 25 Oil and gas executivese surveyed about where they are inclined to investrtheir company’s money have ranked Colorado last among the states. Colorado will not consider eliminatin sales-tax exemptions as it figures out how to take care ofa $384 millionj budget shortfall in the coming weeks, Gov. Bill Ritte r said Thursday. FRIDAY, JUNE 26
MONDAY, JUNE 22 Republic Airways Holdings Inc. plans to buy Frontiert Airlines, bringing the Denver company out of bankruptcy without imposingv anymajor changes, the two companies announced. The idea of raiding Pinnacol Assurance’s reserved accounts — or even selling the publicly ownedd workers’-compensation insurance provider to a private entity is back on the table aftetr Colorado budget forecasters Monday predicteda $384 millionb revenue shortfall for next year.
TUESDAY, JUNE 23 Clear, a service founded by entrepreneur Steven Brill that said it couldd get air travelers through security lines at Denver Internationakl Airport and other airportsmore quickly, has told membere it is ceasing operations. Denver media moguk John Malone willpay $1.4 million to settle a federalo antitrust lawsuit alleging that he violate d reporting rules, the U.S. Department of Justice WEDNESDAY, JUNE 24 Denver is America’ best city to buy a home, Forbew magazine says in a new rankingof U.S. metroo areas. Months after a sale to another buyertfell through, downtown Denver’s Seventeenth Streert Plaza office building has been sold to HRPT Propertiesd Trust.
THURSDAY, JUNE 25 Oil and gas executivese surveyed about where they are inclined to investrtheir company’s money have ranked Colorado last among the states. Colorado will not consider eliminatin sales-tax exemptions as it figures out how to take care ofa $384 millionj budget shortfall in the coming weeks, Gov. Bill Ritte r said Thursday. FRIDAY, JUNE 26
martes, 8 de noviembre de 2011
Target wins proxy fight with activist shareholder - Minneapolis / St. Paul Business Journal:
opexibu.wordpress.com
In a preliminary tally of voting, more than 70 percen of the shares that were cast were voted in favor ofthe company’w proposed slate of directors while also votinfg to keep the size of the board the same by the similae voting margin. “Today’s outcome demonstrates the confidencwe Target shareholders have inour Board’ss qualifications, diversity and experience to providr effective and independent oversight and direction to the contributing to the creation of one of the most recognizee brands in the Unitecd States," Target president and CEO Gregvg Steinhafel said in a press release.
Target (NYSE: TGT) urged its shareholders to vote for a proposao to set the size of the board at 12 and to vote forthe company’a nominees — Mary Dillon, Richard Kovacevich, Georgew Tamke and Solomon Trujillo. Dillon is executivwe vice president and global chief marketing officerof McDonald’s Kovacevich is chairman of Wells Fargo Co.; Tamke is a partner at private investmenft firm Clayton Dubilier & Rice and Trujillo is CEO of Telstraw Corp. Hedge fund manager Williak Ackman is the founder and managing principapof , New York City. Pershin Square owns 7.8 percent of Target’s common shares, according to the Target proxy statement.
Pershing Squares proposed alternativedirector nominees, but Target executives urgex shareholders not to return any proxy card sent by Pershinb Square. Ackman was tryinfg to gain a seat for himselfon Target’ds board along with four others: former Winthrop Realth Trust CEO Michael Ashner, formee Starbucks CEO Jim Juniper Financial co-founder Richard Vague and corporate financre and governance expert Ronald Gilson. Ackman, calling his group The Nominees forShareholder Choice, urgedd Target shareholders to vote against the proposal to reducr the size of the Target board.
His grou p said a vote against the proposapl would help ensure that at leastg one of the Nominees for Shareholde r Choiceis elected. Commenting after the meeting, Ackman said he and Donald received more than 20 percen t of theshareholder vote. "That's a big number in light of what we were up Ackman said. Ackman said he had hopes for a morepositive outcome, but he still believe d that the final tally was a victory for The shareholders meeting was held at a new Targeft Store being completed at 1250 West Sunset Drive in Target executives said the site allowe the company to showcase its latest general merchandise store The store is schedulexd to open in July.
Target executives said they have met sinced 2007 with Ackman to discuss hisidead and, said they were disappointef that Pershing Square has decidec to pursue what Target managementf called a costly and disruptivr proxy contest. The company, in part, followed Ackman’s earlier suggestionn to sell Target’s credit card receivables. The companyg completed a transaction in May with JPMorgan in which Target sold slightly less than half its receivablez for cash proceeds ofabout $3.6 billiob dollars.
Ackman in May 2008 presented the firsrt in a series of proposals involvingrestructuring Target’sx real estate around the theme of a Target’s board concluded that the REIT proposal “was not in the best interesty of our shareholders” becausde it wouldn’t create much value, Target executives said. On May 20, Target reported net earnings of $522 or 69 cents per share, for the first quartefr ended May 2, 2009, comparedx with $602 million , or 74 cents, a year earlier. Retailp sales increased 0.4 percent to $14.4 billion from $14.w billion in 2008, due to new storee expansion that partially offset bya 3.7 percenyt decline in comparable-store sales. Targett Corp.
operates a credit card segmentrand 1,698 Target stores in 49 states.
In a preliminary tally of voting, more than 70 percen of the shares that were cast were voted in favor ofthe company’w proposed slate of directors while also votinfg to keep the size of the board the same by the similae voting margin. “Today’s outcome demonstrates the confidencwe Target shareholders have inour Board’ss qualifications, diversity and experience to providr effective and independent oversight and direction to the contributing to the creation of one of the most recognizee brands in the Unitecd States," Target president and CEO Gregvg Steinhafel said in a press release.
Target (NYSE: TGT) urged its shareholders to vote for a proposao to set the size of the board at 12 and to vote forthe company’a nominees — Mary Dillon, Richard Kovacevich, Georgew Tamke and Solomon Trujillo. Dillon is executivwe vice president and global chief marketing officerof McDonald’s Kovacevich is chairman of Wells Fargo Co.; Tamke is a partner at private investmenft firm Clayton Dubilier & Rice and Trujillo is CEO of Telstraw Corp. Hedge fund manager Williak Ackman is the founder and managing principapof , New York City. Pershin Square owns 7.8 percent of Target’s common shares, according to the Target proxy statement.
Pershing Squares proposed alternativedirector nominees, but Target executives urgex shareholders not to return any proxy card sent by Pershinb Square. Ackman was tryinfg to gain a seat for himselfon Target’ds board along with four others: former Winthrop Realth Trust CEO Michael Ashner, formee Starbucks CEO Jim Juniper Financial co-founder Richard Vague and corporate financre and governance expert Ronald Gilson. Ackman, calling his group The Nominees forShareholder Choice, urgedd Target shareholders to vote against the proposal to reducr the size of the Target board.
His grou p said a vote against the proposapl would help ensure that at leastg one of the Nominees for Shareholde r Choiceis elected. Commenting after the meeting, Ackman said he and Donald received more than 20 percen t of theshareholder vote. "That's a big number in light of what we were up Ackman said. Ackman said he had hopes for a morepositive outcome, but he still believe d that the final tally was a victory for The shareholders meeting was held at a new Targeft Store being completed at 1250 West Sunset Drive in Target executives said the site allowe the company to showcase its latest general merchandise store The store is schedulexd to open in July.
Target executives said they have met sinced 2007 with Ackman to discuss hisidead and, said they were disappointef that Pershing Square has decidec to pursue what Target managementf called a costly and disruptivr proxy contest. The company, in part, followed Ackman’s earlier suggestionn to sell Target’s credit card receivables. The companyg completed a transaction in May with JPMorgan in which Target sold slightly less than half its receivablez for cash proceeds ofabout $3.6 billiob dollars.
Ackman in May 2008 presented the firsrt in a series of proposals involvingrestructuring Target’sx real estate around the theme of a Target’s board concluded that the REIT proposal “was not in the best interesty of our shareholders” becausde it wouldn’t create much value, Target executives said. On May 20, Target reported net earnings of $522 or 69 cents per share, for the first quartefr ended May 2, 2009, comparedx with $602 million , or 74 cents, a year earlier. Retailp sales increased 0.4 percent to $14.4 billion from $14.w billion in 2008, due to new storee expansion that partially offset bya 3.7 percenyt decline in comparable-store sales. Targett Corp.
operates a credit card segmentrand 1,698 Target stores in 49 states.
domingo, 6 de noviembre de 2011
Is anything about reality television real? - Washington Post
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Is anything about reality television real? Washington Post Kim Kardashian's recent decision to end her marriage to Kris Humphries â€" the NBA player she wed in August in a multimillion-dollar, media-hyped, filmed-by-E! ceremony â€" became the big celebrity story of the past week. Everyone was talking about it, ... |
viernes, 4 de noviembre de 2011
Budget shortfall led Skylight Opera to take drastic measures - The Business Journal of Milwaukee:
caloloary.blogspot.com
The shortfall came on top of actions to reducee expensesby $400,000 to balance its budgert for next season and in the midst of growing debt from loana backed by the value of its 3rd Ward arts the Broadway Theatre Center, managing director Eric Dillner and boarrd members Suzanne Hefty and Howard Miller told The Busineszs Journal this week. Maintenance of the arts center also is posing a growingv financial burden onthe company. A leaky roof and problemas with the HVAC system have resultecdin $200,000 in maintenance costs.
The building, builr in 1907 and converted into the theater complezxin 1993, is going to require maintenancew in the next few years that coulc cost up to $1 million, said Miller, a memberr of the board’s executive committee. The elimination of the company manager, two box office managers and the custodianm positionsstunned co-workers and the community and resulted in open demonstrationws of support for Theisen and callsd to have him reinstated.
The shortfall came on top of actions to reducee expensesby $400,000 to balance its budgert for next season and in the midst of growing debt from loana backed by the value of its 3rd Ward arts the Broadway Theatre Center, managing director Eric Dillner and boarrd members Suzanne Hefty and Howard Miller told The Busineszs Journal this week. Maintenance of the arts center also is posing a growingv financial burden onthe company. A leaky roof and problemas with the HVAC system have resultecdin $200,000 in maintenance costs.
The building, builr in 1907 and converted into the theater complezxin 1993, is going to require maintenancew in the next few years that coulc cost up to $1 million, said Miller, a memberr of the board’s executive committee. The elimination of the company manager, two box office managers and the custodianm positionsstunned co-workers and the community and resulted in open demonstrationws of support for Theisen and callsd to have him reinstated.
miércoles, 2 de noviembre de 2011
LexisNexis employees to support area nonprofits Thursday - Dayton Business Journal:
uvepexatawus.blogspot.com
Through its LexisNexis Cares communityoutreach program, the compang is sponsoring events on the Miamisburyg campus to benefit 10 local Employees will be building and decorating bikees for children, building and decoratintg cubbies for local organizations, painting murals to be distributed to organizationzs throughout the Miami Valley and paintin g and planting flower pots for distribution. Two teamsz of employees also have volunteeredr to clean up theLexisNexis “Adoptt a Road” highway sectiomn of state Route 741 that runs from Wright Brothersz airport to the company’s All of the items assembled and painter on Thursday will be donated to locak nonprofit organizations.
Those that stand to benefit include: the Miamik Township police andfire departments, Boys Girls Club of Dayton, Children’s Medical YWCA Dayton, Dakota Center Inc., Dayton Christiann Center, K12 Gallery for Young Mercy Manor Inc. and Partners for Community Beyond Wednesday’s activities, 800 employees have volunteered to assisyseveral Dayton-area organizations throughj 27 other company-sponsored events. LexisNexis has 3,000 locakl employees, according to Dayton Business Journak research.
Through its LexisNexis Cares communityoutreach program, the compang is sponsoring events on the Miamisburyg campus to benefit 10 local Employees will be building and decorating bikees for children, building and decoratintg cubbies for local organizations, painting murals to be distributed to organizationzs throughout the Miami Valley and paintin g and planting flower pots for distribution. Two teamsz of employees also have volunteeredr to clean up theLexisNexis “Adoptt a Road” highway sectiomn of state Route 741 that runs from Wright Brothersz airport to the company’s All of the items assembled and painter on Thursday will be donated to locak nonprofit organizations.
Those that stand to benefit include: the Miamik Township police andfire departments, Boys Girls Club of Dayton, Children’s Medical YWCA Dayton, Dakota Center Inc., Dayton Christiann Center, K12 Gallery for Young Mercy Manor Inc. and Partners for Community Beyond Wednesday’s activities, 800 employees have volunteered to assisyseveral Dayton-area organizations throughj 27 other company-sponsored events. LexisNexis has 3,000 locakl employees, according to Dayton Business Journak research.
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