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Buffett, his company (NYSE: BRK.A, BRK.B), and that company’s subsidiary , are each no longetr stockholders inConstellation (NYSE: CEG), according to a form with the Securitieds and Exchange Commission filed Monday. They have been slowly divesting the stock over the past weekesand months, owning 7.3 percent in February and 6.3 percenf last month. The sale ends the relationship between the investorand Constellation, one of two Fortunse 500 companies in Baltimore City. Iowa-basec MidAmerican got a 10 percent stake in Constellatiobn whenits $4.7 billion bid for the company made in Septembere was rejected three months late.
That offer came aftef a cash crunch led to a steep declinewin Constellation’s stock price over severalk days and some investors feared bankruptcy. Constellation spurned the offe in favor of a deal tosell 49.99 percen t of its nuclear business for $4.5 billion to French firm , whicn had also been in the bidding for the companu in September. For the cancelation, Constellation had to pay $175 millioh in breakup fees and $418 millio n for stocks.
It also had to repaty a $1 billion loan from Buffett with 14 percent A decision on whether the deal with EDF requires Marylanxd approval is expected in a The deal is expected to closethis
Wednesday, October 31, 2012
Tuesday, October 30, 2012
Taylor Swift to co-host Grammy nomination special - Los Angeles Times
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Examiner.com | Taylor Swift to co-host Grammy nomination special Los Angeles Times Just as “Red,†her latest opus of lovelorn anthems, opened to massive first-week sales numbers, the country-pop phenom has been tapped to co-host the Grammy nomination special, the Recording Academy announced on Monday. Swift will co-host the CBS ... Taylor Swift set to co-host Grammy nomination event with LL Cool J News Nuggets: Taylor Swift will co-host the Grammy nominations concert Taylor Swift and LL Cool J to co-host Grammy nominations |
Sunday, October 28, 2012
News: Meek Mill Downplays Rick Ross: "I Don't Think No Man Determines My ... - SOHH
jabire2389.blogspot.com
SOHH | News: Meek Mill Downplays Rick Ross: "I Don't Think No Man Determines My ... SOHH Maybach Music Group rapper Meek Mill may have got recruited and signed to Rick Ross' growing empire, however, the Dreams & Nightmares emcee recently said his career rests in no one person's hands. According to Meek, he already had a huge career ... Storytelling Rappers, Cool and Hot Meek Mill Claims Philly Powerhouse Stage With Rick Ross, TI, Big Sean, Trey ... On the Verge: Meek Mill shares 'Dreams and Nightmares' |
Saturday, October 27, 2012
Port to sell land to Keystone Coal - South Florida Business Journal:
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owner Tom Scholl will pay $6.6 million for the propertyu and pay hisown attorney’s legal fees of $6.6 which the authority was ordereed to pay. Under the arrangement, Schollo won’t pursue legal actiobn against the authority for alleged business lost when the 70 acrex at the northern terminal of Talleyrand Avenue were unded threat ofeminent domain. Jacksonville Port Authority Executivs Director Rick Ferrin said a bulk materials terminalo could have been built on the 38 but the authority decided to sell due to its need for capitalk and desire to focus onbuilding Ltd’s termina l at Dames Point.
He added that the economic impactf of the 38 acres would be greater if it was combinef with the other68 acres. Keystond Coal plans to build a $20 million coal terminal on part ofits 78-acree parcel. The authority bought the 38 acrex forabout $5.7 million from Jax LLC. Following the $61 millio n verdict for the 70 acress of land andthe authority’s balking on the price, Judge Richarcd Watson ordered the authority to pay $10.5 milliohn to lawyers who defended Keystone. Keystone’s lead counselk Andrew Brigham said he reduced the attorney fees by 40 percentfrom $10.t5 million to better help Keystone and the authority reacgh a deal.
owner Tom Scholl will pay $6.6 million for the propertyu and pay hisown attorney’s legal fees of $6.6 which the authority was ordereed to pay. Under the arrangement, Schollo won’t pursue legal actiobn against the authority for alleged business lost when the 70 acrex at the northern terminal of Talleyrand Avenue were unded threat ofeminent domain. Jacksonville Port Authority Executivs Director Rick Ferrin said a bulk materials terminalo could have been built on the 38 but the authority decided to sell due to its need for capitalk and desire to focus onbuilding Ltd’s termina l at Dames Point.
He added that the economic impactf of the 38 acres would be greater if it was combinef with the other68 acres. Keystond Coal plans to build a $20 million coal terminal on part ofits 78-acree parcel. The authority bought the 38 acrex forabout $5.7 million from Jax LLC. Following the $61 millio n verdict for the 70 acress of land andthe authority’s balking on the price, Judge Richarcd Watson ordered the authority to pay $10.5 milliohn to lawyers who defended Keystone. Keystone’s lead counselk Andrew Brigham said he reduced the attorney fees by 40 percentfrom $10.t5 million to better help Keystone and the authority reacgh a deal.
Friday, October 26, 2012
Economy Watch: FNF Construction gets highway stimulus contract - The Business Review (Albany):
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“It is a rehabilitation project to create a safer saidDeena Billings, businessz development officer for Tempe-based FNF Construction, which is celebratingh 25 years in business. Some areas of U.S. 491 have deterioratef creating a significant safety issue for those whouse it, she The project is a good fit for the which also has an office in Albuquerque, according to “Paving projects are kind of our niche.” In addition to making the roadwag safer for travelers, the $8.9 million project givesa FNF Construction’s staff more opportunity for “We will be able to keep existing employeesx busy and perhaps hire new she said.
The bidding process for a stimuluas contract is very similar to that on any job both for the contractord and the state department of transportation The New Mexico Department of Transportation advertised the projecrt in typical fashion with the lowest bidder winning the saidMegan Arrendondo, spokeswoman for the New Mexicio Department of Transportation. The federal government does look at the projectsin however, Arrendondo added. Construction on the 14-mile stretch, whicuh runs on the southern portion of the broke groundMay 20.
FNF Construction is hopefuk that its portion of the upgrade is complete by the endof “We are excited to keep on goinfg and be part of the Billings said of future
“It is a rehabilitation project to create a safer saidDeena Billings, businessz development officer for Tempe-based FNF Construction, which is celebratingh 25 years in business. Some areas of U.S. 491 have deterioratef creating a significant safety issue for those whouse it, she The project is a good fit for the which also has an office in Albuquerque, according to “Paving projects are kind of our niche.” In addition to making the roadwag safer for travelers, the $8.9 million project givesa FNF Construction’s staff more opportunity for “We will be able to keep existing employeesx busy and perhaps hire new she said.
The bidding process for a stimuluas contract is very similar to that on any job both for the contractord and the state department of transportation The New Mexico Department of Transportation advertised the projecrt in typical fashion with the lowest bidder winning the saidMegan Arrendondo, spokeswoman for the New Mexicio Department of Transportation. The federal government does look at the projectsin however, Arrendondo added. Construction on the 14-mile stretch, whicuh runs on the southern portion of the broke groundMay 20.
FNF Construction is hopefuk that its portion of the upgrade is complete by the endof “We are excited to keep on goinfg and be part of the Billings said of future
Wednesday, October 24, 2012
Most Eddie Bauer stores to stay open - The Business Journal of Milwaukee:
eragywaqer.wordpress.com
The company announced that it strucm an agreement withNew York–based privat e equity firm LLC to buy Eddire Bauer’s assets, subject to an auction and bankruptcuy court approval. CCMP Capital intends to operate the businessa as a going concern with little orno long-term According to Eddie Bauer, CCMP Capital has agreed to keep a majority of the 371 stores open and retain a majority of the employees. CCMP Capital specializes in buyouts and looksx for investment opportunities in retail andother sectors, and have made investmentsd in the outdoors specialty retailer Cabela’s, which sells fishing and camping gear.
Eddi e Bauer said it hopes to operate business as usualo during bankruptcy court proceedinge and has asked for court approval to continuer paying vendorsand workers. The company also said it intendws to honor customergift cards, returns and loyalty program The company also announcexd that it has secured a commitmenr from its existing revolving credit lenders, Bank of America, and /Business Credit, Inc. for so-called debtor-in-possessiobn (DIP) financing of $90 million on an interim basiszand $100 million based on the fina l court order. The the company said, should provide it with ample cash flow to continus payingits bills.
“Eddie Bauer is a good companhy with a great brand and a badbalancew sheet. This process will allow the businessx to emerge with farless debt, positionec for growth as the economy recovers and as our new producte gain traction,” said Neil Fiske, Eddise Bauer president and chief executive officer, in a “We expect this processz to be completed very quickly, protectin our employees and critical vendor partners every step of the way.
“Wd have made good progresas on our turnaround strategy of returning Eddise Bauer to its heritage as an active outdoor brand and have exciting new product launches on the wayto market, includiny First Ascent, our return to expedition-gradwe outerwear and gear. Unfortunately, a crushing debt burden placeed on the company from the Spiegel reorganizatiojnin 2005, combined with the severe, prolonged have left us with no choice but to use this procesx to reduce the debt load on the
The company announced that it strucm an agreement withNew York–based privat e equity firm LLC to buy Eddire Bauer’s assets, subject to an auction and bankruptcuy court approval. CCMP Capital intends to operate the businessa as a going concern with little orno long-term According to Eddie Bauer, CCMP Capital has agreed to keep a majority of the 371 stores open and retain a majority of the employees. CCMP Capital specializes in buyouts and looksx for investment opportunities in retail andother sectors, and have made investmentsd in the outdoors specialty retailer Cabela’s, which sells fishing and camping gear.
Eddi e Bauer said it hopes to operate business as usualo during bankruptcy court proceedinge and has asked for court approval to continuer paying vendorsand workers. The company also said it intendws to honor customergift cards, returns and loyalty program The company also announcexd that it has secured a commitmenr from its existing revolving credit lenders, Bank of America, and /Business Credit, Inc. for so-called debtor-in-possessiobn (DIP) financing of $90 million on an interim basiszand $100 million based on the fina l court order. The the company said, should provide it with ample cash flow to continus payingits bills.
“Eddie Bauer is a good companhy with a great brand and a badbalancew sheet. This process will allow the businessx to emerge with farless debt, positionec for growth as the economy recovers and as our new producte gain traction,” said Neil Fiske, Eddise Bauer president and chief executive officer, in a “We expect this processz to be completed very quickly, protectin our employees and critical vendor partners every step of the way.
“Wd have made good progresas on our turnaround strategy of returning Eddise Bauer to its heritage as an active outdoor brand and have exciting new product launches on the wayto market, includiny First Ascent, our return to expedition-gradwe outerwear and gear. Unfortunately, a crushing debt burden placeed on the company from the Spiegel reorganizatiojnin 2005, combined with the severe, prolonged have left us with no choice but to use this procesx to reduce the debt load on the
Tuesday, October 23, 2012
Genmar warranties still good - Memphis Business Journal:
vittitowmehigyk1238.blogspot.com
Tracy Carrell says the letterd came after boat manufacturer on Monday filed for Chapteer 11bankruptcy protection. Genmar owns 15 different brandxsof boats, which means dealere everywhere are impacted. She says cash customerw for boats at her dealershio haveremained strong. But trouble financing in the current economy means others have been forced tohold off. “Thde boating business has been affected a lot like cars she says. The petition to reorganize its debts was fileedin U.S. Bankruptcy Court in Minneapolis where the company isheadquartered — along with more than 20 relate subsidiaries.
Genmar has between 100 and 199 It lists its assets in the rageof $10 million to $50 million and its liabilities betweenj $100 million and $500 million, accordintg to court documents. The largest unsecured creditorsare Edelman, Borman, Brand, a Minneapolis-based law firm whichb is owed $186,700. Merchant & Gould, a law firm in is owed $155,800. The only secured creditors are and FifthThird Bank, according to a story in the Minneapoli Star Tribune. Genmar said it has receiverd commitment fora debtor-in-possession financing proposal from both banks.
In a statement, Genmaer Chairman, CEO and largest shareholdetr Irwin Jacobs said sales ofthe company’s fishingf boats, luxury yachts and other productw started to decline in 2008, but worsened in receny months. The company’s sales in fiscal 2009, whicj ends in June, are likely to be about $460 million, off by more than 50 percent fromfiscal 2008. “If someon would have said to me as recently as even one montg ago that Genmar would someday be filingf forChapter 11, I would have said it was not even a remotd possibility,” Jacobs said. Genmar had been making some strategy changes inrecent months, announcing plan to launch a line of less-expensive aluminuk boats.
A spinoff company, Greenville, Pa.-based VEC and other Jacobs-related companies aren’t included in the filing. VEC is now in the business of makinfg giant bladesfor energy-generating windmills. Law firm Fredrikson & Byroj in Minneapolis, is representing Genmar in thebankruptcy case.
Tracy Carrell says the letterd came after boat manufacturer on Monday filed for Chapteer 11bankruptcy protection. Genmar owns 15 different brandxsof boats, which means dealere everywhere are impacted. She says cash customerw for boats at her dealershio haveremained strong. But trouble financing in the current economy means others have been forced tohold off. “Thde boating business has been affected a lot like cars she says. The petition to reorganize its debts was fileedin U.S. Bankruptcy Court in Minneapolis where the company isheadquartered — along with more than 20 relate subsidiaries.
Genmar has between 100 and 199 It lists its assets in the rageof $10 million to $50 million and its liabilities betweenj $100 million and $500 million, accordintg to court documents. The largest unsecured creditorsare Edelman, Borman, Brand, a Minneapolis-based law firm whichb is owed $186,700. Merchant & Gould, a law firm in is owed $155,800. The only secured creditors are and FifthThird Bank, according to a story in the Minneapoli Star Tribune. Genmar said it has receiverd commitment fora debtor-in-possession financing proposal from both banks.
In a statement, Genmaer Chairman, CEO and largest shareholdetr Irwin Jacobs said sales ofthe company’s fishingf boats, luxury yachts and other productw started to decline in 2008, but worsened in receny months. The company’s sales in fiscal 2009, whicj ends in June, are likely to be about $460 million, off by more than 50 percent fromfiscal 2008. “If someon would have said to me as recently as even one montg ago that Genmar would someday be filingf forChapter 11, I would have said it was not even a remotd possibility,” Jacobs said. Genmar had been making some strategy changes inrecent months, announcing plan to launch a line of less-expensive aluminuk boats.
A spinoff company, Greenville, Pa.-based VEC and other Jacobs-related companies aren’t included in the filing. VEC is now in the business of makinfg giant bladesfor energy-generating windmills. Law firm Fredrikson & Byroj in Minneapolis, is representing Genmar in thebankruptcy case.
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