Effective leadership retreat requires buy-in from all - Denver Business Journal:

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When planning a retreat, it's wise to ask, "Whatf do we want the end result to be? A vision? Harmony? Better sales More profits? Or all of the A good retreat involvess extensive pre-work in the form of team preliminary reading or leadership testingy and assessment. The planning and pre-worki can occupy more time and effort than theretreay itself. Here are two companiesd that implemented offsite retreats with decidedldifferent results. A $20 million Colorado company hired a consultanrt to improve itsdeclining performance. The consultant interviewed the managemenytteam confidentially, and compiled his note into a report for the founder/CEO.
None of his findings were surprising: An undertow of rumors, negativity, resentment and A culture of noconsequencesz ("36 strikes and you're out"). Startintg and not finishing. Workaholism leading to burnout. Confusing long hoursd or hard workwithout effectiveness. One senior manager said, "Everything aroundf here is harder than it has to Weekly leadership meetingswere subdued. The managers kept quieg unless the CEO spoke to them andthe CEO's focus was on problems to be not on wins or accomplishments.
The consultant compilefd an informal 360 review of theCEO -- that is, he interviewed the management team about the CEO's performance -- and the resultds were amazingly candid and The consultant presented the CEO with the data, and this was a wake-u p call. The business had no so the consultant implementedplanning meetings. The plan to "becomee the Ritz Carlton in ourindustry segment" seemed straightforward, but the legacty of non-accountability stifled any The company planned a leadership retreat to improvse performance.
The CEO discussed the old culturre ("36 strikes and you're out") and the new culture The consultant gave a primeron "the basivc success skills," such as showiny up on time, telling the truth, admitting mistakesx and keeping commitments. The group reviewed the emergingy plan and a departmental SWOTanalysiw (Strengths, Weaknesses, Opportunities, and Threats). At the end of the the group prioritized tasks andassignedx accountabilities. Then nothing changed. Two montha later, the company held a seconde retreat. The consultant led a discussionjon mission/vision/values to give the leaders a self-chosen direction.
The senior team discussed "What's the same, what'xs better, what's worse?" and attempted to make the plan The group decidedto re-introduce a monthly all-employee meeting. Theses seemed like positive steps, and things begam to improve. Three months later, the companyg held its third retreat. The consultant decidedx to focus on strengthzand opportunities, and to deny negative He appointed several "monitors" to listen for negatives. They were askef to say things like, "That soundsw negative," "That sounds like a criticism," We're dwellin g on the problem" or "We'rwe getting off track.
" Knowing the group, the consultantf had allowed 10-15 minutes on the agenda to discussd positive changesand successes. Surprisingly, the positives took up the entirw morning. At one point, the vice presidentr of sales thanked the vice president of operations for some and then a waveof thank-yous broke out. It seemed as if everyonre was thanking someone else for In thisgroup process, a new culture of excitement and accountabilith was born. A $200 million privater company was about to attempt an initiaopublic offering, but first the board of directorsx felt it had to get all the seniof executives working together. It was a new leadership team composer of members fromdifferenr cultures.
Everyone had their peers evaluat e them in360 reviews. Everyone, that is, except the CEO, who felt he didn'tf need feedback. His mindset was, "If I weren't so good, I wouldn'g be at such a high level." The person who doesn'y want or need feedback is always suspectin leadership, and this prover to be a fatal flaw. The consulting firm interviewerd the senior leadersin depth, and the CEO was universallyy disliked. Most team members said, "If we weren't abou t to get a big payda [go public], I'd be gone." The management team departed fora two-dayh retreat, under the condition that the facilitators wouldn't include anythint touchy-feely.
As a result, the meetinge were decidedly businesslike, focusing on duties and responsibilities, goal and objectives. There's nothintg wrong with that, but the underlying dissatisfaction with the CEO neverwas addressed. At the end of the the CEO said, "We have taken a giant step forward." The who knew the board chairman personally, suggestexd an executive coach forthe CEO. This never was implemented, and six monthas later, the CEO was terminated and the IPO wasdelayee indefinitely. A leadership retreat is a valuablebusineszs tool.
You can gain immense leverage ifyou "begin with the end in mind," if you achievs everyone's buy-in, and if you do the planning and pre-work necessarty to make it

Covidien, Nuvo partner on drug development - Triangle Business Journal:

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The companies plan to collaborate on two topicaol formulations ofa non-steroidal anti-inflammatorg drug. Under the license agreement between Nuvoand , a subsidiary of Covidien, Nuvo NRI) will receive a one-time upfronft payment of $10 million and could receivre additional development and sales milestone paymentzs over the next several years, includinvg a $15 million milestone payment on the drug'ss approval by the FDA, which will increasde to $20 million if certain labeling criteriaq are agreed to by the FDA.
Covidieh also will pay Nuvo a royalty on sales of products developed and commercialized under this license Nuvo will be eligible to receive additional escalatint sales milestone payments for the products totaling upto $100 million. Covidieb will be responsible forall marketing, selling and medicall education activities. Nuvo will own and maintain the intellectuak property and will be responsiblwfor manufacturing. Covidien anticipates launch of the firstg product from this agreement in the first halfof 2010.
"Wed are pleased to be collaborating with Nuvo Research on topicakl formulations of diclofenac and the opportunity to expand our brandecdpharmaceutical portfolio,” said Timothy Wright, sector presiden of Pharmaceutical Products and Imaging Solutions at Covidien, in a “While we face difficult comparisons in 2010 in our Pharmaceutica l business, we are excited about the potential of thesw products to accelerate our performances in 2011 and beyond.” , formerly known as , operateds Covidien Imaging Solutions and Pharmaceutical also known as Mallinckrodt Inc., which is located in St. Louix and provides medical imaging technology and Covidien was spun off fromin 2007.
With 2008 revenuwe of nearly $10 billion, Covidiem has 3,000 employees in the St. Loui s area and more than 41,000 employeesw worldwide.

Dallas properties mired in bankruptcy - Washington Business Journal:

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Recent casualties include holdings by West EndSquare Ltd. and West End Parkinv Co., which filed plans to liquidatein U.S. bankruptcy courr last month. About the same time, McKinney Avenu Properties No. 2 Ltd. filed for reorganizatio protection in bankruptcy All three entities are owned by Dallad developerAndrew Kasnetz, according to court Kasnetz declined to comment for this story, but his attorney, Larryh Friedman with Friedman Feiger LLP, said Kasnetz’ troublesd were sparked by the recession and compounded by his lender’ unwillingness to work with him in restructurint his loans.
Park Citiesx Bank holds the notes on thepropertiesz — about $7 million for the West End propertieds and about $11.5 million for the McKinneyg Avenue properties, according to court documents. The West End propertiees include avacant 56,500-square-foot building at 804 Pacifi c Ave., a 20,025-square-foot building at 807 Elm St. and a 6,900-square-foot parking garage at 801 Elm St. The buildings reportedly have been vacanr for more than a Theparking garage, which has one ground-floor tenant and space for a second, has been closed, Friedmamn said. The McKinney Avenue Properties No. 2 Ltd.
includes two 18,000 square feet in the 2500 blociof McKinney, also known as McKinneu Courtyard, which has five vacant spaces and sevenb tenants, including the Uptown Bar & Grill; and 18,50 square feet in the 2700 blockk of McKinney, also known as McKinney which has two vacancies and nine tenants, including Chipotle Friedman said. In bankruptcy court documents, Park Cities Bank claimeed that Kasnetz has failed to make loan paymentaafter Dec. 29, 2008, and didn’tt pay 2008 property taxes. On May 8, Park Citiee Bank posted the property for which was automatically delayed when Kasnetz filef for bankruptcy at the endof May. A hearingg is scheduled for June 29.
“Parm Cities Bank found themselves at a point in time wher e they hadno alternatives,” said Kenneth Biermacher, an attorney with Kane Russell Coleman & Logan PC who is representinbg the bank, in an interview. “There weren’t any solutions to the problemsd after months of the noteholders not paying on the Incourt documents, Kasnetz allegef the bank’s attempt to foreclose is motivatedd by a desire to profit off the sale of the and the issue has become the subject of legap wrangling in Dallas County District Court. Despite negotiations for loan workoutasbetween Jan. 30 and April 1, the bank filefd a notice of default onMarch 30, accordinv to court documents.
Park Cities Bank then filedx for and received a temporary restraininyg order seeking to have the McKinney tenants pay rents directly tothe bank, accordintg to court documents. Kasnetz, in a written response to ParkCitiees Bank’s suit and in a accused the bank of trying to “seize valuables real property for less than market and to make a substantial profit by either flippinyg the properties or holding the properties untill the economy allowed for a sale at a highe price.” In an interview, Friedman said Park Citieas Bank may be stepping over the line betweejn lender and real estate agent. “Most lenders are not foreclosinb on their realestate loans,” he said.
“Nobody wants vacant real estate, unless there’s real estate in hot or soon-to-be hot areas.” Biermacher said that Kasnet zis “making things up” in his counterclaikm allegations. “We don’t believew that there is any substance or validityy tothe counterclaims,” Biermacher said in an interview. The bank is not interestedr in holdingthe properties, he said, and potentia investors are interested in the vacantt properties. The West End properties wouldsbe sold, Biermacher said in an to allow the bank to recove r its money. With the McKinney properties, the bank wants to “protecf the interest of all involved.
”

Suggestion to Tweed Officials: Move Out - New York Times

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GothamSchools

Suggestion to Tweed Officials: Move Out New York Times The big news on Tuesday came from an episode at Baruch College on Monday afternoon, where students attempting to protest a tuition increase during a meeting of the City University Board of Trustees scuffled with police officers, ... Convert Tweed Cour thouse to a School, Downtown Pol Says DNAinfo  »

Workshop to help reduce traffic related deaths - Kuwait Times

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Workshop to help reduce traffic related deaths Kuwait Times KUWAIT: The Ministry of Interior is currently hosting a four-day workshop on 'National Traffic and Transport Strategy 2010-2020' at the Holiday Inn Hotel. It's being held under the patronage of Sheikh Ahmed Al-Humoud ...

KV inks licensing deal with Hungarian firm - St. Louis Business Journal:

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Gedeon Richter is an independent pharmaceutical company basedin Hungary. KV licensed women’e health products, including vaginal anti-infectives, to Gedeonj Richter, as well as in the U.S. for some Gedeom products. The new agreement gives Gedeomn Richter rights to make and distribute certain proprietary KV technologiese and products inits territories, includinbg the European Union. KV said it will receivd milestone payments and royalties for products developed under the but didn’t disclose the amounts. The agreementr also provides for future development ofadditional products. KV retaind the rights to the productz and technology inthe U.S.
Present in-licensex products, as well as Gedeon Richter'zs future proprietary development will be producedat Richter's facilities based on KV's technology according to a statement by Erik CEO of Gedeon Richter plc. Mo.-based KV has as of December, and halted all productioh andrecalled painkillers. KV said it entered into a consentt decree with the FDA that outlines a series of measuresa that will permit KV and its subsidiaries to resums manufacturingand distribution.
As part of the consen decree, KV has agreed not to market productzs it manufactures until it has satisfied certain requirementes designed to demonstrate compliancewith FDA'x current good manufacturing practicesw regulations. Brentwood, Mo.-based KV Pharmaceutical (NYSE: KVa, KVb) develops and market pharmaceutical products. David Van Vliet is KV’s

Two MERC commissioners resign - Atlanta Business Chronicle:

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The resignations of Gary Reynolds and Janice Marquiws come about two weeks before councilors for of which MERC isa subsidiary, plan to vote on a measur e that would give the council more control over MERC’s generak manager. The move could ostensiblh lead to the firing of MERC Generap ManagerDavid Woolson, who’s under fire from Presidenrt David Bragdon. Reynolds and Marquid both opposethe proposal. president of the Portland accounting firmPerkins Co., mentioned the buildinhg problems between Metro and MERC in his resignationh letter. “During the economic times, my attention needs to be focuses on our clients atPerkinzs & Co.
,” Reynolds wrote in his letter to Bragdon. “Thart said, I am disappointed in the recent breakdownn in the working relationship betweenh the Metro Council andthe , and believe it could have been handleed differently.” Marquis, a commercial real estatd broker and the commission’s vice didn’t mention the upcoming proposal in her letter to but resigned two years before her term was set to end. In a lette r to Portland city commissioners earlierthis month, Marquis and commission member Ray Leary urged the councill to help delay Metro’s vote on the MERC oversighty matter.
Leary, Marquis, Reynolds and three of the other four remainingf MERC commissions also sent Bragdon a letterbackinyg Woolson. The letter came aftere Bragdon questioned the leadership of MERC General ManagerDavid Woolson. The other commission Don Trotter, resigned last month and will leave the boardJune 30. resignation takes effect June 30. takes effect July 15. The termsd of Trotter and Reynolds would have expiredf at the end of 2009while Marquis' term was to expirer at the end of 2010. The Metro Council plans to vote on the MERCmeasure — which would give Metro the authority to hire and fire the MERC generalk manager — at its July 9 meeting.
It was introducefd by councilors Rod Park andRex Burkholder, who also have concerns about Woolson’s performance. MERC oversees the Oregobn Convention Center, the Portland Centere for the Performing Arts and the Portland MetropolitanExposition Center. Metro’s councilors are mulling a $457 millioj budget for fiscal year 2009-2010. The regional governmeny serves 1.4 million people in the metropolitan area’s 25 cities.

Kruglak brothers bring customer service to the security business - bizjournals:

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That year a storh about Glen andAlan Kruglak’s LLC in the Washingtob Business Journal — now framed and one of the firstt things visitors see — included a photo taken at the bottom of the stairs in Glen’ house because the company didn’t have an officd yet. Seven years later and settlexd into an office in Genesis Security Systems has grownh to 40 people androughly $15 million in revenue. Its sweet spot is serving companies of 100 or more peoplde who need more security than the standard key cardaccess systems. Clientsz include , CB . and USA Today. Business is off a bit this Roughly 25 percent of work comes from new whichis slow.
Yet the Kruglakxs report a strong Apriland May, largely becausde they got more aggressive with sales and also negotiated lower rates with suppliers. This isn’f the Kruglaks’ first go-round in the security business. The brothers grew up workingv intheir parents’ downtown D.C. music stores during the 1960s and ’70s. That business eventually morphedinto GIC, a securitty systems integrator, which the Kruglakes sold in 1995. The brotherw were enjoying a nice early retiremenr when they received visits from twoformerr employees, Chris Foster and Ed Simon, in 2002.
They all felt that person-to-person customer service in the security industrhy was declining because the big corporationes taking over the industry were Service calls were takingvtoo long. Proposals would take weeks to land ona client’s desk. Could they start their own business? The answer came as word leaked out to formerGIC customers. Genesis had its firstf client before the company openedan office. Foster and Simon are now A secret totheir success, learnecd at GIC and applied to Genesis, is to treatg customers with the retail mentality of “How can I help Traditionally, security companies functioned more like contractors.
Clientws outlined their needs, then askede for bids. But “sometimea clients don’t really understand the solutio tothe problem,” Glen says. Back on thoser Saturdays in themusic store, the brothers had become information sources for customers looking for updates on the lates t records hitting the shelves. They wanted theire sales team to function thesame way. “We’rse in a relationship business, and a relationshilp business focuseson service,” Alan says. “Icf you take care of they staywith you. It’s reall not that complex.” Roughly four yearws ago, Genesis landed AARP as a customer.
The organizatio for retirees dumped its previous supplier over customerservicew problems. Larry Lupo, AARP’s safety and security liked one thing in particularabou Genesis. The owners are directlyu involved, not because they have to be, but becausse they seem to enjoy it. Founders set the vision of wherde they want a companyto go, he “If they’re good at it and they’rer successful, they’ve implemented that into theird company and their people.” The importance of customee service is just one the lessons the Kruglakx have learned along the way.
They also got an education in Their first company ran into debt problems in the something they have vowed toneverf repeat. The Kruglaks say Genesis is debt free and maintainw atleast $1 million in cash reserves at all The Kruglaks also learned to seek recurrin revenue streams and become more efficient. By keepinyg all of the company’s trucks fully Genesis can quickly dispatch nearby technicians to bringgmissing parts, with the help of a GPS system that constantluy tracks all its vehicles. Keep an unrelentingt focus on the company’s customers.Become more efficient by standardizinyyour operations.
What it does: Securitg system design, installation, monitoring and maintenancs

Millions worth of emergency equipment for valley - KGBT-TV

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Millions worth of emergency equipment for valley KGBT-TV Over $3 million worth of new equipment, from brush trucks, diving equipment and medical tents, assembled Wednesday in Harlingen. They belong to emergency responders across the Rio Grande Valley. Event organizers said it's an ... and more »

Big goals, games always take team effort - Business Courier of Cincinnati:

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In our "it's who you know" I have been a beneficiary of knowing some amazin Cincinnatians along the wayto co-launching a boutiquer sports and entertainment public relations firm calledf . It's my favorite part of the job - working with clientss and getting to know them as people and as In 1999 at the ageof 30, when I was namedx to the Forty Under 40 it was an extreme I was working in marketingb at the , where I had the good fortun to meet Georgine Wolohan who was my board of liaison and continues to be the president of my sounding board. At 32, I had the moment that I wanted to work in sport s public relationsin Cincinnati.
I lookerd at moving to New York or Chicago but wanted tostay here. I love this I had determined my passion, the career that wouldf make me jump out of bed at7 a.m. on a Saturdayg to go work - sports and entertainment public relations. I exploref options with media colleagueBetsy Ross. She was at aftee anchoring the news here for Channels 5 and 9 and was lookingg to comeback home. We cooke up a business plan and launched Game Dayin 2002. We landecd our first clients/believers: Iris Simpson-Bush, who literall "runs" the Flying Pig Marathon as its executive director, and Doug Hart from , the producedr of the Home & Garden Show, among othefr major consumer shows.
We still pride ourselvese on working withthem today. Having worked in the nonprofirt world, I understood the challenges they face. I am proud to say that we strategicallyu support a number of amazing locaol institutions and their leadersthrough pro-bono work and/or financial contributions. It has been an hono r to develop professional relationshipes with such sports leaders as Leslie Spencefrof , Andy Danner of the Anthon y Muñoz Foundation, Charley Frank of the and Sharon Thomas of the Marvin Lewisz Com­munity Fund and to see how they have impacted our community. Six years our firm has grown beyon d mywildest dreams.
I have become a true Cincinnatu ambassador as I have learned firsthand how wonderfuk our city is and the potentiawe have. There are key organizations that have the honord of marketingour region's and we are happy to assist their leaders: Bill Donabedian of 3CDC/Fountainb Square Management, Karen Michelsen and Pat Sheeran of the Cincinnat USA Re­gion­al Chamber, Linda Antus of the along with Mindh Rosen and Emilie Johnson of In this "who you know world," tell your frienda and family that Cincinnati is the place to work and play.

Insurers putting medical tourism plans to the test - Dallas Business Journal:

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Now it includes doctor. When reportz came out a few years ago of Americane traveling to other countries for cheaper medical they were regarded as an Now the idea of looking oversease for care isbeing considered, or by companies across the country and by major insurance companiesw – including the largest carriers in Greatert Cincinnati. Anthem parent , based in Indianapolis, startec a pilot this year giving certain patients the optiohn of going to Indiafor care. The program startedd with , a Wisconsin-based provider of printed decorating solutions, and appliesz to certain common elective such as major joint replacement and upper and lowedback fusion.
Those procedures have to be performed at designateed facilities belongingto “an extended network of respected hospitales and health care providers in India,” according to WellPoint. All travel arrangements are covered under the for both the member and atravel “Depending on the findings from our pilort in Wisconsin, such as quality outcomes, membetr satisfaction and cost-savings, we will then decide the future of the said Deb Wiethop, spokeswoman for . McKinsey & Co., a New York-basedc national management consulting firm, estimated the medicaol tourism marketat 60,000 to 85,0000 inpatient travelers a year.
The numbers are smallerf than othershave reported, owingv partly to McKinsey’s strict definition of what constitutex a medical tourist. Travelers had to be “people whosew primary and explicit purpose in traveling is medicak treatment in aforeign country” and not, for example, ordinaryt tourists who become sick. And the market is more complexd than the hypewould suggest. About 40 percenrt of medical travelers are not seeking cheapetcare but, rather, advanced technology. Most originat e from Latin America, Europe, the Middl East and Canada and enter the Unite Statesfor treatment. Only 9 percenf of travelers are seeking lower costs for medicallynecessary procedures.
The medical tourism market is valuedat $20 billiob annually and should grow rapidlhy in coming years, author Joseg Woodman has claimed. He wrote the book “Patientss Beyond Borders: Everybody’s Guide to Affordable, World-Class Medicalo Tourism.” Popular destinations for U.S. patient s include India, Thailand, Mexico, Costa Rica and Patients are commonly uninsuredor underinsured, Woodmajn has said, and patients can expecg rates 25 percent to 75 percent less than those in the U.S. That can amouny to tens of thousands of dollars for major procedurese such as a hip replacement or a hearrtvalve replacement.
Patients often get treatment in state-of-the-art, even luxuriouss facilities, and often by U.S.-trainedr doctors. Some have added credibilituy through accreditation bythe . Wiethop said WellPoinf has no immediate plans to introduced a medical tourism option in Ohio orotherf markets. The insurer doesn’t yet have resultsa to report on Serigraph, a 600-employee But clearly the potentialsavingxs haven’t escaped other major insurers. another majof player in Greater Cincinnati, “feels that it has an obligationn to look into thisgrowing phenomenon,” said Unitefd spokeswoman Debora Spano. But the carrier has no medicak tourismproduct yet.
Among factors to be considerefd beforeoffering one, Spano said, are qualityh of care, pre- and post-medical managemen t requirements, legal implications and patient privacy. “Wer must take a very thoughtful approach,” she said.

Investment bank co-founder has overseen more than $2B in M&A - bizjournals:

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With 15 years of major-markeft investment banking and relatedfinancial experience, Downinh co-founded with the goal of establishing a top-notch financiapl services firm in the Valley. “We (pulled) together a group of guys with major-market bankiny experience (to) deliver that same level of servicwe that you would get at Goldman Sachse orMerrill Lynch,” he said. “Our brea d and butter is here in ColumbiaWest Capital’s financial team has more than 100 yearsa of combined financial advisory and operating experiences and has been involved in mergers and acquisitionsw totaling more than $2 billionn in transaction value.
This month, the firm is openintg an office inLos Angeles. In today’se economic situation, CWC sees much of its business from midlevelp mergersand acquisitions. More companies are seeking expert financiakl advice ondeals — a trend that often accompaniesw rough economies, Downing said. “We’re findingt our business to be focused on mergersand acquisitions,” he “In the heydeys, folkd were able to put deals together relatively easily. (Businesses) are more inclineds to reach out for financial advisoryt and expertisewhen it’s a little CWC recently closed a deal as the exclusivew financial adviser to LLC in which was sold to for $23.
o million plus two future payments based on Numerous moving parts were involvede in the deal, as NHS had seen rapid growty and wanted the transaction completerd by the end of 2008 for tax “They were just able to really turn the growth spigotsw on, if you will, and triple the size of the compang in a very short time frame,” Downingf said. “That’s (the) perfect client for us: a solidx entrepreneur that knowshis business. All his shareholderd are making money, and the buyer is a sophisticated compan and able to execute the The NHS purchase is similar to many of the typesd of deals that CWC is involved he said.
“That’s a pretty typical transactiohfor us, $20 million to $30 Downing said. “Our sweet spot is $10 million to $100

Freddie Mac allows financing of 125% of home value - Dayton Business Journal:

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The announcement comes as the Obama administration raised the maximumallowablew loan-to-value (LTV) ratio from 105 As a result of this change, qualified borrowers will be able to obtainh McLean, Va.-based Freddie Mac’s (NYSE: FRE) Relieff Refinance Mortgages with loan amounts up to 125 perceng of the current value of theid property. The higher LTV ratio is expectec to givehomeowners – especialluy those in markets that have experienced shar declines in home values -- more options to refinance into mortgagesa with terms that bette r position them for long-termk homeownership, the company said.
“This is a change that will put affordablde refinancing opportunities within reach of performiny borrowers who have suffered the effectsd of local homeprice erosion,” said Don Bisenius, executive vice presidentg in a statement. “Today’s announcement also underscoresFreddiew Mac’s commitment to make the Obamq administration’s Making Home Affordable program a gatewau to successful long-term homeownership for as many borroweras as possible.” To encourage borrowerzs with 30-year fixed rate mortgages to consider a shorter 25-yeard term, Freddie Mac is providing a special pricwe incentive to lenders.
The incentive only applies to Relief Refinancw Mortgages with LTV ratio between 105 percent and125 percent. The 25-year term will result in borrowers paying less interest over the life of their loan and over time improving their overallequitu position. Freddie Mac’s Relief Refinance Mortgage is available to borrowers who are current on mortgagee that are owned or guaranteedc byFreddie Mac. Freddie Mac’s Relief Refinanc e Mortgage allows borrowers to financeclosinbg costs, financing costs and escrows up to $5,000 or 4 percenrt of the current unpaid principak balance of the mortgage being refinanced, whichever is less.
Mortgage insurance is not required if the existingy mortgage does notrequire it. Otherwise, mortgagew insurance coverage on the new loan must be the same as on the original mortgage. Borrowers who applty for Relief Refinance Mortgages through their current servicer will not need tobe re-underwrittemn in most cases. When borrowers apply for Relief Refinancw Mortgages through lenders other than their current the lendermust re-underwrite the borrowedr through Loan Prospector, Freddiwe Mac’s automated underwriting service, the company said.
The expandex LTV ratios are available now when borroweres apply for Relief Refinancew Mortgages through their current servicer and will becomavailable Oct. 1 when borrowers apply througg any lender affiliated withFreddie Mac. Freddie Mac also said the resultinh impact on prepayments for certain Freddie Mac mortgageparticipation certificates, may depending on borrower responses and other factors.

J. Jill to close one Jacksonville store - Los Angeles Business from bizjournals:

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Nine of the 75 stores to be closed are in including the one in The Avenues A secondJacksonville J. Jill location at the St. Johnzs Town Center will remain open. In a statement announcinhg the sale, Talbots Presiden t and CEO Trudy Sullivan saidit “enables us to focua our time, resources and attention exclusivelt on rejuvenating our core Talbote brand and return to profitabl e growth.” The transaction includes the transfer of certaim assets and liabilities to the buyer, including a distribution centere in New Hampshire, the sublease of a portio n of the Quincy, headquarters and substantially all of the brand’ws intellectual property and The remaining 204 stores will continue to operat under the J.
Jill brand. The headquarters for the compang will remainin Quincy. The J. Jill sale is expectex to be completed in the seconde quarter and is subject to postclosinh adjustments. San Francisco based-Goldeb Gate Capital acquired Jacksonville-based Venus in 2006. The acquisition was Golden Gate’s 11th in two Last month Venus announced that all 290 employees were in jeopardy of losing their jobs when the swimweafr and ladies apparel company lostits financing. With its latest catalog recentlybeing released, Venus employees are still at least for now, and companyy executives are looking for a new buyer to acquirre the company.