ysynut.wordpress.com
(Nasdaq: FNFG) and (Nasdaq: BHLB) both repurchasecd the warrants the Treasuruy held on shares of theidcommon stock. First Niagara, which is based in N.Y. and has regional headquarters in Albany, boughgt back a warrant for 953,000 shares of commoj stock, issued to Treasurt in November, for $2.7 million. First Niagara took the first step, returning the $184 million receive d from the Treasury for itspreferrer stock, in late May. It was able to do this becausse of a stock offering thatraised $380.34 million in private-sector capital.
“We leveragec the federal investment to make commercial and consumed credit readily available in the communities where we do just as theprogram intended, and replaced it with privatee investors’ capital when stock market conditions said John Koelmel, president and CEO of First “Unlike most others, we raisef more than twice the amountt originally received from the government and provided a solid returnh to taxpayers on their investmenty while continuing to execute our long term strategy for the benefir of our shareholders.” He said that during its six-month investmeng in First Niagara, the government earned more than $7.
4 for an annualized return of nearly 8 Berkshire Hills, a Pittsfield, Mass.-based company with nine area paid $1.04 billion to repurchase a warrant for 226,000p common shares issued to the Treasuryh in December. Berkshire also repaid the $40 millionn received for its preferred sharex inlate May, after raising $30 million in a privatee stock offering. Berkshire also said it has terminated its merge r agreement with CNBFinancial Corp. of Worcester Mass. CNB CNFA), parent of , opted for an offert from Inc. (Nasdaq: UBNK) of West Springfield. CNB paid Berkshirew a termination feeof $970,000.
Thursday, December 1, 2011
Tuesday, November 29, 2011
Effective leadership retreat requires buy-in from all - Denver Business Journal:
iqukikofor.wordpress.com
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
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
Sunday, November 27, 2011
Covidien, Nuvo partner on drug development - Triangle Business Journal:
igoeosysata1533.blogspot.com
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.
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.
Thursday, November 24, 2011
Dallas properties mired in bankruptcy - Washington Business Journal:
http://www.guiasinterpretes.com/jslinkardb2.html
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.
”
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.
”
Tuesday, November 22, 2011
Suggestion to Tweed Officials: Move Out - New York Times
stockdaleiqemico1521.blogspot.com
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 |
Sunday, November 20, 2011
Workshop to help reduce traffic related deaths - Kuwait Times
xagawu.wordpress.com
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 ... |
Friday, November 18, 2011
KV inks licensing deal with Hungarian firm - St. Louis Business Journal:
vorotintseyqah.blogspot.com
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
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
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