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Fontainebleau Las Vegas LLC and two of its affiliates Fontainebleau Las Vegas Holdings LLC and Fontainebleau Las VegasCapitakl Corp. – filed bankruptcy petitionx in Miamilate Tuesday. The Miami Beacnh hotel is not included inthe filing. The company said in a news releasew that the decision to file Chapteer 11 was the direct result of litigatiohn with lenders on the Las Vegas hotel construction project that had to do with contractualp disputes related tonearly $800 millio n in construction funding for the $2.9 billion resort-casino which is 70 percent complete. Lenders includde , and Deutsche Bank Trust Co. Americas.
The legalp dispute has effectively shut down the projectand “pugt thousands of people out of work,” said Howarfd Karawan, chief restructuring officer of Fontainebleaj Las Vegas, in the release. “Our goal now is to secure funding to completdethis world-class project and restructure our existint debt.” Fontainebleau Las Vegasw reached a provisional agreement with a group of its non-defaultingh lenders for the use of cash for the administratiom of its bankruptcy case, and is in negotiation s to obtain financing to restart construction on that project. Fontainebleayu Miami Beach, which is a separate legaol entity, continues to operate as normal.
Turnberrh West Construction, the project’ws general contractor, is also not included in the according to the news In 2008, Nakheel Hotels of Dubaji bought a 50 percent interest in the Fontainebleaui Miami Beach for $375 million. The Las Vegas hotel companiew that filed bankruptcy are based in Southu Florida because the Soffer family of which also owns the Turnberryy development andconstruction companies, owns all the Fontainebleauj companies.
Jeffrey Soffer is a principal of umbrellwa company FontainebleauResorts LLC, according to state Fontainebleau Las Vegas also withdreqw without prejudice its $3 billion lawsuit in Las Vegasd against some of its lenders, and refiled the case in Miami bankruptcyy court, where the Chapter 11 petitionas were filed. The lawsuit with lenders was amended on May 12 to includes allegations that Deutsche BankTrust Co.
Americas was “seeking to destrohy the Fontainebleau in order tominimize competition” with the nearbyu and Casino, which is wholly owned by a Deutsche Bank "This claim is an attempt by the Fontainebleau'sx developers to distract from the fact that they have breacher their loan covenants. We will defend ourselves vigorously against thismeritless allegation," Deutsche Bank spokesman John Gallaghet said in an e-mailed response. Fontainebleau Las Vegax LLC lists morethan $1 billion in debt and a simila amount in assets on its petition, with more than 1,00o0 creditors. The only South Florida creditor listed was International Bedding in Fort with a claimof $498,737.
Saturday, December 31, 2011
Thursday, December 29, 2011
Alliance Title, Financial Title parent files for bankruptcy - Silicon Valley / San Jose Business Journal:
inupujyfab1211.blogspot.com
, the one-time high-flying title and escroa agent with dozens of offices and thousands of employees inNorthern California, listed assets and liabilitieds of $50 million to $100 million. It is seeking to reorganize its business. Mercury’s move followws Alliance’s Chapter 7 bankruptcy liquidation filing on June 5 in federal court inSan Jose. Alliance listed assets of $515,000 and liabilities approaching $100 million. Financial Title closed its doorsJuly 30. Both Alliance and Financial left long wakes of disgruntled Bay Area employeees who have alleged in court documents and other publifc filings that they were not paid forwagesx due, accrued vacation bonuses and commissions.
Financial Title employeesz have toldthe state’s Division of Labor Standardss Enforcement that final paychecks bounced. At least one landlord has told the Business Journalo that a final check sent by Financial for rent due also did not clear the bank. Among Mercury’s largest 20 unsecuref creditors are 11 employees owed closeto $12 milliom in deferred compensation. Thosed employees include John the former president of Alliance whose deferred compensation claim exceeds The largest unsecured claimat $17 million comes from Santz Ana-based First American was Alliance’s and Financial’es largest title insurance policy Mercury says the debt is in dispute.
David the attorney for the California State Labod Commissioner Division of LaboStandards Enforcement, which is representing the former Alliance and Financia l Title employees in their claims, said the Mercurty bankruptcy is not tantamountt to the employees’ losing all avenues for “People file for bankruptcy all of the time,” he “Sometimes the petitions get dismissed. Just becausew someone files a petition doesn’ t mean they are bankrupt. Assets are founrd or have been departedwith improperly. It’sz not good news for but I wouldn’t assume anythingh as of yet.
”
, the one-time high-flying title and escroa agent with dozens of offices and thousands of employees inNorthern California, listed assets and liabilitieds of $50 million to $100 million. It is seeking to reorganize its business. Mercury’s move followws Alliance’s Chapter 7 bankruptcy liquidation filing on June 5 in federal court inSan Jose. Alliance listed assets of $515,000 and liabilities approaching $100 million. Financial Title closed its doorsJuly 30. Both Alliance and Financial left long wakes of disgruntled Bay Area employeees who have alleged in court documents and other publifc filings that they were not paid forwagesx due, accrued vacation bonuses and commissions.
Financial Title employeesz have toldthe state’s Division of Labor Standardss Enforcement that final paychecks bounced. At least one landlord has told the Business Journalo that a final check sent by Financial for rent due also did not clear the bank. Among Mercury’s largest 20 unsecuref creditors are 11 employees owed closeto $12 milliom in deferred compensation. Thosed employees include John the former president of Alliance whose deferred compensation claim exceeds The largest unsecured claimat $17 million comes from Santz Ana-based First American was Alliance’s and Financial’es largest title insurance policy Mercury says the debt is in dispute.
David the attorney for the California State Labod Commissioner Division of LaboStandards Enforcement, which is representing the former Alliance and Financia l Title employees in their claims, said the Mercurty bankruptcy is not tantamountt to the employees’ losing all avenues for “People file for bankruptcy all of the time,” he “Sometimes the petitions get dismissed. Just becausew someone files a petition doesn’ t mean they are bankrupt. Assets are founrd or have been departedwith improperly. It’sz not good news for but I wouldn’t assume anythingh as of yet.
”
Tuesday, December 27, 2011
Study: More CEOs say good works boost recruiting - St. Louis Business Journal:
caloloary.blogspot.com
This marks a shiff in corporate philanthropy since the Roundtable releases itsin 2000, which noted that corporatde responsibility was beginning to evolve from communitg impact to bottom line impact. The most recent reportg shows thatthe evolution, indeed, has takebn place. Boston struggles to maintain its college grads as they move into the and the Round Tablwe report underscores that philanthropy is a factorr making some local companies more attractivr toyounger workers. The Roundtable issuec the report in collaboration with the Universityh of Massachusetts Boston EmergingLeaders Program.
A team from the Emerginf Leaders Program started working on the report last interviewing 20 Massachusetts companies about their corporate social responsibilityactivities -- predominantly large companes and representinf a cross-section of industries. “Historically CEOs wouls engage in philanthropy because it was the righft thingto do. They wanted to be good corporatd citizens,” said J.D. Chesloff, deputy director of the MassachusettsBusiness “Now there’s a good business case to incorporating it into their business plan. There’ss a bottom line impact to it, in additiobn to being good for all the othedcommunity reasons.
” Based on the findings from the 20 companieds included in the research, the report suggestss five ways companies can build a culture of social • Create a clear link to the company’s mission and secure endorsement at the executivre level. • Engage employees at all levelsas decision-makers in relation to corporate social responsibility targets and • Leverage employees’ skills to make positive contributions to the • Provide opportunities for employees to develoop new skills.
“A lot of it is around a companty being authentic about wantinvg to do something in the community and listeniny to what the employees are interested in doinbg and connecting it to the values of the saidEllen Remmer, CEO of The , a nonprofit that promotes strategic philanthropy and advisese donors.
This marks a shiff in corporate philanthropy since the Roundtable releases itsin 2000, which noted that corporatde responsibility was beginning to evolve from communitg impact to bottom line impact. The most recent reportg shows thatthe evolution, indeed, has takebn place. Boston struggles to maintain its college grads as they move into the and the Round Tablwe report underscores that philanthropy is a factorr making some local companies more attractivr toyounger workers. The Roundtable issuec the report in collaboration with the Universityh of Massachusetts Boston EmergingLeaders Program.
A team from the Emerginf Leaders Program started working on the report last interviewing 20 Massachusetts companies about their corporate social responsibilityactivities -- predominantly large companes and representinf a cross-section of industries. “Historically CEOs wouls engage in philanthropy because it was the righft thingto do. They wanted to be good corporatd citizens,” said J.D. Chesloff, deputy director of the MassachusettsBusiness “Now there’s a good business case to incorporating it into their business plan. There’ss a bottom line impact to it, in additiobn to being good for all the othedcommunity reasons.
” Based on the findings from the 20 companieds included in the research, the report suggestss five ways companies can build a culture of social • Create a clear link to the company’s mission and secure endorsement at the executivre level. • Engage employees at all levelsas decision-makers in relation to corporate social responsibility targets and • Leverage employees’ skills to make positive contributions to the • Provide opportunities for employees to develoop new skills.
“A lot of it is around a companty being authentic about wantinvg to do something in the community and listeniny to what the employees are interested in doinbg and connecting it to the values of the saidEllen Remmer, CEO of The , a nonprofit that promotes strategic philanthropy and advisese donors.
Sunday, December 25, 2011
Florida posts small gain in online ads - Jacksonville Business Journal:
xeconatyxex.blogspot.com
Since January, online labor demand has fallenb 71,000, but that’s a significant improvement overthe 1.2 millionj decline in the previous five months betweem August 2008 and January 2009. "We are not out of the woodds yet, but job demand has definitely stabilized since Gad Levanon, senior economist at The Conference Board, said in a news The number of advertised vacanciesa fell in June in all four regionsd of the country ranging from a modesy drop of 3,400 in the Southern region to 18,100o in the Northeast, 13,40o0 in the Midwest and 10,300 in the Florida, which reported a 10.
2 percenf unemployment rate in May, experienced a sizeabld gain, 9,200, and was followed by Georgiaq (2,900), North Carolina (900) and Virginia (100), accordingb to the report. Nationally, computer and mathematical sciencw saw the greatest declinein demand, down 19,900, followef by sales (-11,700), health practitioners and technical occupations and architecture and engineerinh (-10,000). Some areas that saw growtjh werein art, design, entertainment, sports and which posted 98,200 advertised vacancies in The number of unemployed exceedefd the number of advertised vacancies in all of the 52 metro areas for which informationm is reported separately. Washington, D.C.
and Salt Lake City were the locationw with the mostfavorable supply/demand where the number of unemployecd looking for work was only slightly larger than the number of advertised vacancies. But, metro areae where the respective numberd of unemployed is substantially above the number of online advertised vacanciewsinclude Miami, where there are three jobs for everyg five people looking, accordingt to the report.
Since January, online labor demand has fallenb 71,000, but that’s a significant improvement overthe 1.2 millionj decline in the previous five months betweem August 2008 and January 2009. "We are not out of the woodds yet, but job demand has definitely stabilized since Gad Levanon, senior economist at The Conference Board, said in a news The number of advertised vacanciesa fell in June in all four regionsd of the country ranging from a modesy drop of 3,400 in the Southern region to 18,100o in the Northeast, 13,40o0 in the Midwest and 10,300 in the Florida, which reported a 10.
2 percenf unemployment rate in May, experienced a sizeabld gain, 9,200, and was followed by Georgiaq (2,900), North Carolina (900) and Virginia (100), accordingb to the report. Nationally, computer and mathematical sciencw saw the greatest declinein demand, down 19,900, followef by sales (-11,700), health practitioners and technical occupations and architecture and engineerinh (-10,000). Some areas that saw growtjh werein art, design, entertainment, sports and which posted 98,200 advertised vacancies in The number of unemployed exceedefd the number of advertised vacancies in all of the 52 metro areas for which informationm is reported separately. Washington, D.C.
and Salt Lake City were the locationw with the mostfavorable supply/demand where the number of unemployecd looking for work was only slightly larger than the number of advertised vacancies. But, metro areae where the respective numberd of unemployed is substantially above the number of online advertised vacanciewsinclude Miami, where there are three jobs for everyg five people looking, accordingt to the report.
Friday, December 23, 2011
NAIOP names Highwoods Properties 2009 Developer of the Year - Birmingham Business Journal:
edibin.wordpress.com
NAIOP will present the award to Highwoods President and CEO Ed Fritschat NAIOP’es annual meeting Oct. 15 in Chicago. The award, whic has been presented annuallysince 1979, is givej to a member company that best exemplifies leadership and innovation in the commercial real estates industry. A five-member committee of industrhy peers selectsthe winner. Past winners include of Pa.; ProLogis of Denver, Colo.; Colonial Properties Trust of Ala.; and of Indianapolis. Raleigh-based Highwoode (NYSE: HIW) is a publicly held real estatre investment trustthat owns, or has an interestt in, 382 properties in North Carolina, Florida, Tennessee, Virginia, Missouri and Iowa encompassinh 35.
4 million square feet of office, industrial and retail space and 580 acres of development land. In Highwoods reported revenueof $461 million. Since January 2005, Highwoods has delivered $633 million wort h of office and industrial propertiesencompassinh 4.1 million square including downtown Raleigh’s tallest the RBC Plaza office and condominiunm building. In 2009, the company’s goals includre continuing to upgrade the quality of the delivering $93 million of new development and sellinv $50 million to 100 million wort h of older, non-core assets.
“Highwoods is clearly a leader in both the real estated and generalbusiness communities, proven by its ability to outperform no matter what the real estate said Thomas J. Bisacquino, NAIOP’s president. “Highwoodsx is recognized throughout the industry for its development of outstanding and itis NAIOP’s privilege to recognize the company for its contributionxs to both the real estate development community and NAIOP, the commercial real estate development association, has 15,000 members in North America.
NAIOP will present the award to Highwoods President and CEO Ed Fritschat NAIOP’es annual meeting Oct. 15 in Chicago. The award, whic has been presented annuallysince 1979, is givej to a member company that best exemplifies leadership and innovation in the commercial real estates industry. A five-member committee of industrhy peers selectsthe winner. Past winners include of Pa.; ProLogis of Denver, Colo.; Colonial Properties Trust of Ala.; and of Indianapolis. Raleigh-based Highwoode (NYSE: HIW) is a publicly held real estatre investment trustthat owns, or has an interestt in, 382 properties in North Carolina, Florida, Tennessee, Virginia, Missouri and Iowa encompassinh 35.
4 million square feet of office, industrial and retail space and 580 acres of development land. In Highwoods reported revenueof $461 million. Since January 2005, Highwoods has delivered $633 million wort h of office and industrial propertiesencompassinh 4.1 million square including downtown Raleigh’s tallest the RBC Plaza office and condominiunm building. In 2009, the company’s goals includre continuing to upgrade the quality of the delivering $93 million of new development and sellinv $50 million to 100 million wort h of older, non-core assets.
“Highwoods is clearly a leader in both the real estated and generalbusiness communities, proven by its ability to outperform no matter what the real estate said Thomas J. Bisacquino, NAIOP’s president. “Highwoodsx is recognized throughout the industry for its development of outstanding and itis NAIOP’s privilege to recognize the company for its contributionxs to both the real estate development community and NAIOP, the commercial real estate development association, has 15,000 members in North America.
Tuesday, December 20, 2011
Lantech CEO says recession will make strong companies stronger - Baltimore Business Journal:
srikanth-topic.blogspot.com
From its headquarters at 11000 Bluegrassz Parkwayin Jeffersontown, Lantech sells pallet-wrapping equipmentt costing between $10,000 and $300,000 each to some of the world’sw largest companies. “Eighty percengt of what your readerx buy comes across one of my machines on its way to the said Lancaster, who is CEO of Lantech. Customers includee international consumer companies suchas , and giant “We touch a huge percentage of products that move as any sort of packaged goods, and we were hit like all the other capitalp equipment companies,” he said.
Yet, Lancaster sees not only his but all strongAmerican businesses, cominv out of this recession more efficient and readt to invest in capital equipment afted having been on cruise control during boom times. “oI feel better about the prospects ofthis country’s competitivenessd than I did three, four or five years ago,” he said. “I’m not the only one thinkingf about getting the cost structure of my companyunder control. Peopls are focused on their making what happens in theirt fourwalls better. “You take that times a bunch of and it’s a big deal in terms of the competitivenesws of this country.” Not that it’s been fun.
And not that the economu is back. Lancaster said 2008 started out well on pace to tophis 37-year-ol company’s best year ever, 2007, when Lantec had about $120 million in gross As of May 2008, orderxs were up 17 percent over May 2007. But in business slowed dramatically, first in the United States, then in Europer and Asia. “When Asia it didn’t just drop. It stopped,” Lancasterd said. Companies that were leveraged and took 5 percenyt to 50 percent revenur hitsare dead, or they’re in the process of dying, Lancaster Companies with manageable debt, such as suddenly had the time and incentive to starr restructuring and investing in thei businesses.
Lantech has no impetus to keep cash in the bank drawiny1 percent, he said. “We’re making way bigger investmentd in our businessthan (before the downturn). This is not money-management time. This is the time to invest in productdevelopment … to improve long-termj competitiveness.” But last fall, it was time to cut staffd so that Lantech didn’t start losing money. Lantech has had to cut its locao staff to about300 people, Lancaster said. Lancastet declined to say how many people he was forcedto cut, but the company had 350 employeee in Louisville last according to Business First’s Aug. 29 list of the area’ss largest manufacturing firms.
“We just droppecd (the work force) to break even,” Lancaster “We didn’t want to (lose money) and set ourselved up for being weaker againsftthe competition. We cut not to hold our profitability but just to break Remaining staff started rethinking how Lantechis run, “making hundreds if not thousands of decisions,” he said. Lantechy saved $2,500 per month by buying out leases for dumpsters and trasgh compactors and buyingits own. Renegotiating phone services savedanother $2,500. Consolidating off-site storagee areas saved $9,000 per month.
The money saveed —hundreds of thousands of dollars per montghin non-payroll expenses — kept the company from drastically cutting its work force, Lancaster said.
From its headquarters at 11000 Bluegrassz Parkwayin Jeffersontown, Lantech sells pallet-wrapping equipmentt costing between $10,000 and $300,000 each to some of the world’sw largest companies. “Eighty percengt of what your readerx buy comes across one of my machines on its way to the said Lancaster, who is CEO of Lantech. Customers includee international consumer companies suchas , and giant “We touch a huge percentage of products that move as any sort of packaged goods, and we were hit like all the other capitalp equipment companies,” he said.
Yet, Lancaster sees not only his but all strongAmerican businesses, cominv out of this recession more efficient and readt to invest in capital equipment afted having been on cruise control during boom times. “oI feel better about the prospects ofthis country’s competitivenessd than I did three, four or five years ago,” he said. “I’m not the only one thinkingf about getting the cost structure of my companyunder control. Peopls are focused on their making what happens in theirt fourwalls better. “You take that times a bunch of and it’s a big deal in terms of the competitivenesws of this country.” Not that it’s been fun.
And not that the economu is back. Lancaster said 2008 started out well on pace to tophis 37-year-ol company’s best year ever, 2007, when Lantec had about $120 million in gross As of May 2008, orderxs were up 17 percent over May 2007. But in business slowed dramatically, first in the United States, then in Europer and Asia. “When Asia it didn’t just drop. It stopped,” Lancasterd said. Companies that were leveraged and took 5 percenyt to 50 percent revenur hitsare dead, or they’re in the process of dying, Lancaster Companies with manageable debt, such as suddenly had the time and incentive to starr restructuring and investing in thei businesses.
Lantech has no impetus to keep cash in the bank drawiny1 percent, he said. “We’re making way bigger investmentd in our businessthan (before the downturn). This is not money-management time. This is the time to invest in productdevelopment … to improve long-termj competitiveness.” But last fall, it was time to cut staffd so that Lantech didn’t start losing money. Lantech has had to cut its locao staff to about300 people, Lancaster said. Lancastet declined to say how many people he was forcedto cut, but the company had 350 employeee in Louisville last according to Business First’s Aug. 29 list of the area’ss largest manufacturing firms.
“We just droppecd (the work force) to break even,” Lancaster “We didn’t want to (lose money) and set ourselved up for being weaker againsftthe competition. We cut not to hold our profitability but just to break Remaining staff started rethinking how Lantechis run, “making hundreds if not thousands of decisions,” he said. Lantechy saved $2,500 per month by buying out leases for dumpsters and trasgh compactors and buyingits own. Renegotiating phone services savedanother $2,500. Consolidating off-site storagee areas saved $9,000 per month.
The money saveed —hundreds of thousands of dollars per montghin non-payroll expenses — kept the company from drastically cutting its work force, Lancaster said.
Sunday, December 18, 2011
Duke reaches Save-A-Watt settlement - Sacramento Business Journal:
tulusenoveb.blogspot.com
The Southern Environmental Law Center, which was the lead legalk team for theenvironmental groups, announced the settlement Friday morning. It calls for Save-A-Watt to reducer energy demand by 2 percent over the next four It sets a target of reducing demandf by as much as 8 percenrtby 2020. The environmental groups say that woule be the equivalent of the annual outputfrom Duke’s 825-megawatt expansionn at the controversial Cliffside coal plantf on the border of Cleveland and Rutherforx counties. The groups say that capping Duke’s profits will protecy consumers from unreasonably high charges forenergy efficiency.
Greatere conservation efforts and lower costws were key issues for environmental groups and the Publivc Staff ofthe N.C. Utilities Commission, whic h represents customer interests inutility cases, as they fought Duke for two yearsd over Save-A-Watt. Michael Regan, southeast regionapl air-policy expert for the Environmental Defenss Fund says the environmental groups believe the settlementr makes the program betterfor customers, the environment and for He says the groups want to suppory utilities in their efforts to provide energy-efficiency programs.
And he says incentiveds built into the settlement that allow Duke to increase its rate of returj based on achieving specified efficiency targets accomplishthat goal. Duke also got what it considersx animportant concession. Duke will be allowed to make a returj on part of what it would have cost to builde power plants to provide the energy theprogram saves. Duke has said eliminatingb compensation based onsuch “avoided costs” would be a deal-breaker.
Duke contendes such compensation puts efficiency on a more equaol footing with electricity sales for generating Without that kind of Dukehas said, efficiency would alwayds take a back seat in utilities’ business “The fact that the avoided-cost modelo is in there, that it’xs based on pay-for-performance and that it is up to us to make sure the programes really work were all keys to the settlemen t for Duke,” says company spokesman Tim Pettit. The publixc staff and environmental groups had opposedthe avoided-costs idea, largely on fearss that it could provide Duke with unreasonable The public staff also worriedr about departing from standard regulatory practice.
In North Carolina, utilities are generalluy allowed to make a return on the money they An avoided-costs model breaks that connectiohn and offers Duke a return on money it does not But an important concession to the public staffd was a decision to make Save-A-Watt a four-yearr pilot initiative. The N.C. Utilitiea Commission will review the program at the end of that perioxd and decide whether it has performexd well enough to be made The avoided costs outlined in the settlement will track the modelk Ohio adoptedfor Duke’s version of the Save-A-Wattr program in that state.
It reduces the percentage of avoiderd costs on which Duke can earn a Duke had originally askefd to make a rate of return on 90 percent of what it woulc have cost to provide the energ thatwas saved. Under the settlement, Duke will get a return on 50 percentg of the avoided costesfor energy-conservation programs and 75 percen of the avoided costs for programa that shift use away from peak times. Like in the settlement lets Duke cove what arecalled “lost margins.” Severa l environmental groups have recognized the need to allos Duke to recover those fixed costsx for generating and delivering electricitty when efficiency programs reduce demand.
The settlement announced Friday will form the basiss ofa Save-A-Watt proposa Duke will make to S.C. regulators this The S.C. Public Service Commission rejected Duke’d first proposal in February. Save-A-Watt is an energy-efficiencyh initiative Duke has been toutin gfor years. The proposal comprises a series of programds to help customers use less electricity or shift their use of powerefrom peak-demand hours to low-us times.
Some of the programs — such as discountsz for energy-saving light bulbs and financial incentives tobuy high-efficiencty appliances — started June 1 in both But neither state has approved the full The has led the environmenta groups in dissecting the program. Opponents contende d the original proposal would reward Duke too handsomely and primariluy for shifting the use of electricity from busy That would conserve little energy but saveutilities money. Steve executive director of the alliance, says his group’s concernb from the beginning was to makesure Save-A-Wattr resulted in significant reductions in energ y use.
In North Carolina, the commission approved Save-A-Watt’s programs but withheld judgmenyon Duke’s compensation. The commission asked for additiona l comments on the As opponents were formulating their responses to that they and Duke resumed negotiations in North Carolina. Any settlement here could create a templat for the program inSouty Carolina. One key feature of the compromisr will be the creation of an advisory group that will assist in reviewinbgfor Save-A-Watt. Duke Energy Carolinas is a divisionof Charlotte-baseds (NYSE:DUK).
The Southern Environmental Law Center, which was the lead legalk team for theenvironmental groups, announced the settlement Friday morning. It calls for Save-A-Watt to reducer energy demand by 2 percent over the next four It sets a target of reducing demandf by as much as 8 percenrtby 2020. The environmental groups say that woule be the equivalent of the annual outputfrom Duke’s 825-megawatt expansionn at the controversial Cliffside coal plantf on the border of Cleveland and Rutherforx counties. The groups say that capping Duke’s profits will protecy consumers from unreasonably high charges forenergy efficiency.
Greatere conservation efforts and lower costws were key issues for environmental groups and the Publivc Staff ofthe N.C. Utilities Commission, whic h represents customer interests inutility cases, as they fought Duke for two yearsd over Save-A-Watt. Michael Regan, southeast regionapl air-policy expert for the Environmental Defenss Fund says the environmental groups believe the settlementr makes the program betterfor customers, the environment and for He says the groups want to suppory utilities in their efforts to provide energy-efficiency programs.
And he says incentiveds built into the settlement that allow Duke to increase its rate of returj based on achieving specified efficiency targets accomplishthat goal. Duke also got what it considersx animportant concession. Duke will be allowed to make a returj on part of what it would have cost to builde power plants to provide the energy theprogram saves. Duke has said eliminatingb compensation based onsuch “avoided costs” would be a deal-breaker.
Duke contendes such compensation puts efficiency on a more equaol footing with electricity sales for generating Without that kind of Dukehas said, efficiency would alwayds take a back seat in utilities’ business “The fact that the avoided-cost modelo is in there, that it’xs based on pay-for-performance and that it is up to us to make sure the programes really work were all keys to the settlemen t for Duke,” says company spokesman Tim Pettit. The publixc staff and environmental groups had opposedthe avoided-costs idea, largely on fearss that it could provide Duke with unreasonable The public staff also worriedr about departing from standard regulatory practice.
In North Carolina, utilities are generalluy allowed to make a return on the money they An avoided-costs model breaks that connectiohn and offers Duke a return on money it does not But an important concession to the public staffd was a decision to make Save-A-Watt a four-yearr pilot initiative. The N.C. Utilitiea Commission will review the program at the end of that perioxd and decide whether it has performexd well enough to be made The avoided costs outlined in the settlement will track the modelk Ohio adoptedfor Duke’s version of the Save-A-Wattr program in that state.
It reduces the percentage of avoiderd costs on which Duke can earn a Duke had originally askefd to make a rate of return on 90 percent of what it woulc have cost to provide the energ thatwas saved. Under the settlement, Duke will get a return on 50 percentg of the avoided costesfor energy-conservation programs and 75 percen of the avoided costs for programa that shift use away from peak times. Like in the settlement lets Duke cove what arecalled “lost margins.” Severa l environmental groups have recognized the need to allos Duke to recover those fixed costsx for generating and delivering electricitty when efficiency programs reduce demand.
The settlement announced Friday will form the basiss ofa Save-A-Watt proposa Duke will make to S.C. regulators this The S.C. Public Service Commission rejected Duke’d first proposal in February. Save-A-Watt is an energy-efficiencyh initiative Duke has been toutin gfor years. The proposal comprises a series of programds to help customers use less electricity or shift their use of powerefrom peak-demand hours to low-us times.
Some of the programs — such as discountsz for energy-saving light bulbs and financial incentives tobuy high-efficiencty appliances — started June 1 in both But neither state has approved the full The has led the environmenta groups in dissecting the program. Opponents contende d the original proposal would reward Duke too handsomely and primariluy for shifting the use of electricity from busy That would conserve little energy but saveutilities money. Steve executive director of the alliance, says his group’s concernb from the beginning was to makesure Save-A-Wattr resulted in significant reductions in energ y use.
In North Carolina, the commission approved Save-A-Watt’s programs but withheld judgmenyon Duke’s compensation. The commission asked for additiona l comments on the As opponents were formulating their responses to that they and Duke resumed negotiations in North Carolina. Any settlement here could create a templat for the program inSouty Carolina. One key feature of the compromisr will be the creation of an advisory group that will assist in reviewinbgfor Save-A-Watt. Duke Energy Carolinas is a divisionof Charlotte-baseds (NYSE:DUK).
Friday, December 16, 2011
Special Needs Planning Special Report, Pt. 1: Merrill Releases a Calculator - AdvisorOne
gault-rickettsias.blogspot.com
AdvisorOne | Special Needs Planning Special Report, Pt. 1: Merrill Releases a Calculator AdvisorOne Merrill Lynch on Thursday premiered a special needs calculator for the parents and caregivers of special needs individuals. The calculator is designed to assist in calculating the amount of money necessary to sustain a special needs person throughout ... |
Wednesday, December 14, 2011
XPRESS: The truth behind Nixa's Thomas School of Discovery's approval - Christian County Headliner News
vuwodu.wordpress.com
XPRESS: The truth behind Nixa's Thomas School of Discovery's approval Christian County Headliner News Ryan has been editor of the Nixa Xpress, the Headliner News' sister publication, since 2009 and covers Nixa news, features and education. It's not so much a conspiracy, but some inconvenient truths about the recent approval of the John Thomas School of ... |
Monday, December 12, 2011
Physical Duck makes impact - Calgary Herald
inufyw.blogspot.com
Globe and Mail | Physical Duck makes impact Calgary Herald Exerting himself early in Sunday's Red/White scrimmage - trying to hit everything that moved - the Anaheim Ducks crashing winger bagged a goal and physic » |
Saturday, December 10, 2011
Ruling on Coyotes move could come Wednesday - Silicon Valley / San Jose Business Journal:
otomaqaqaba.blogspot.com
U.S. Bankruptcy Court Judge Redfieldr Baum struggled to stay on taskat Tuesday’sx hearing as attorneys representing Balsillie, Coyotes ownef Jerry Moyes, the city of Glendale, the and other professional sports leaguess delivered hours of oral arguments over bankruptcy code, anti-trustf law, relocation and other legal issues. Baum and the myriaed of attorneys delved into obscure bankruptcy provisionsw and past relocations by teams including theOaklanc Raiders, San Diego Clippers, Quebex Nordiques and Baltimore Colts.
Baum focused on whethedr Balsillie will have to pay the NHL a relocatiobn fee on top ofhis $213 million offerr to buy the financially strapped Coyotes from Phoenix trucking companuy owner Jerry Moyes. The relocation fee couldr total as muchas $100 court documents indicate. Baum appears ready to rule that the NHL has the rightsz to the Hamilton market and if the Coyotew aremoved there, Balsillie will have to compensatde the league for loss of an expansion The city of Glendale pressed Baum to considerd legal claims and costs that would accompany a move to That could offset an offer as low as $140 millionb by parties wanting to keep the team in city representatives said.
Glendale officials said they would make a claimm for as muchas $500 million if the team breaka its lease at the city-ownedr Jobing.com Arena. Arena concessionaire Aramarki Corp. also could make a Moyes and Balsillie’s attorneys argued that a lease claim is subjectf to various monetary caps and that the court can discharge lease terms and penalties in orderr to maximizethe team’s valud for creditors. Moyes said a decisiob could come Wednesday and has urged the courtr to hold an auction sale for the hockeg team onJune 22. The NHL and Glendal e say the sale should be put off until August and the leaguew said it will finance the Coyotes into next season ifneed be.
Glendalde attorneys also pressed Baum to find out how much money Moyees may have taken out ofthe team. They poin t to the fact the Coyotes spend moneh leasing private office space at Westgate City Centef instead of usingarena offices. Moyess spokesman Steve Roman saidthe city’s speculation that Moyew is profiting from that arrangement is Moyes and Westgate developer Stevde Ellman split joint assets, includinv the Coyotes, in 2006 with Moyes takint over as team owner. The Coyotes have lost more than $300 million since moving to Phoenix from Winnipevin 1996.
U.S. Bankruptcy Court Judge Redfieldr Baum struggled to stay on taskat Tuesday’sx hearing as attorneys representing Balsillie, Coyotes ownef Jerry Moyes, the city of Glendale, the and other professional sports leaguess delivered hours of oral arguments over bankruptcy code, anti-trustf law, relocation and other legal issues. Baum and the myriaed of attorneys delved into obscure bankruptcy provisionsw and past relocations by teams including theOaklanc Raiders, San Diego Clippers, Quebex Nordiques and Baltimore Colts.
Baum focused on whethedr Balsillie will have to pay the NHL a relocatiobn fee on top ofhis $213 million offerr to buy the financially strapped Coyotes from Phoenix trucking companuy owner Jerry Moyes. The relocation fee couldr total as muchas $100 court documents indicate. Baum appears ready to rule that the NHL has the rightsz to the Hamilton market and if the Coyotew aremoved there, Balsillie will have to compensatde the league for loss of an expansion The city of Glendale pressed Baum to considerd legal claims and costs that would accompany a move to That could offset an offer as low as $140 millionb by parties wanting to keep the team in city representatives said.
Glendale officials said they would make a claimm for as muchas $500 million if the team breaka its lease at the city-ownedr Jobing.com Arena. Arena concessionaire Aramarki Corp. also could make a Moyes and Balsillie’s attorneys argued that a lease claim is subjectf to various monetary caps and that the court can discharge lease terms and penalties in orderr to maximizethe team’s valud for creditors. Moyes said a decisiob could come Wednesday and has urged the courtr to hold an auction sale for the hockeg team onJune 22. The NHL and Glendal e say the sale should be put off until August and the leaguew said it will finance the Coyotes into next season ifneed be.
Glendalde attorneys also pressed Baum to find out how much money Moyees may have taken out ofthe team. They poin t to the fact the Coyotes spend moneh leasing private office space at Westgate City Centef instead of usingarena offices. Moyess spokesman Steve Roman saidthe city’s speculation that Moyew is profiting from that arrangement is Moyes and Westgate developer Stevde Ellman split joint assets, includinv the Coyotes, in 2006 with Moyes takint over as team owner. The Coyotes have lost more than $300 million since moving to Phoenix from Winnipevin 1996.
Wednesday, December 7, 2011
Corzine to testify before Congress about MF Global - CNN International
zolinstanixes.blogspot.com
Human Events | Corzine to testify before Congress about MF Global CNN International By James O'Toole @CNNMoney December 7, 2011: 6:01 PM ET Former New Jersey governor and MF Global CEO Jon Corzine will appear before the House Agriculture Committee on Thursday. NEW YORK (CNNMoney) -- After weeks of speculation about how more than a ... Congress c » |
Monday, December 5, 2011
New York Mets Were Wise Not to Match Miami's Jose Reyes Deal: Fan's View - Yahoo! Sports
edovogopu.wordpress.com
New York Times (blog) | New York Mets Were Wise Not to Match Miami's Jose Reyes Deal: Fan's View Yahoo! Sports On Sunday former Mets shortstop Jose Reyes(notes) agreed to a six year - $106 million contract to join the Miami Marlins. The 28 year old Reyes posted one of his best seasons in 2011 ... At $106 Million, Mets Were Wise to P ass on Reyes Marlins define outlandish spending with nine-figure offer to Reyes David Wright on losing Jose Reyes |
Saturday, December 3, 2011
Improving Caps still require win - Ottawa Citizen
takes-trendsthe.blogspot.com
Improving Caps still require win Ottawa Citizen WASHINGTON, DC รข€"By almost any measure, Washington's 2-1 loss to the Pittsburgh Penguins on Thursday night was not unlike the others that cost Bruce Boudreau his job. The Capitals mustered just 17 ... |
Thursday, December 1, 2011
PG&E signs solar power deal - Sacramento Business Journal:
houghtalingbaemo1268.blogspot.com
The project, which will be located in Antelope is expected to produce592 gigawatt-hours of electricit each year for PG&E customers throughout Northern and Central enough energy to power 90,000 averager homes. AV Solar Ranchj 1 is a subsidiary ofSan Francisco-basef LLC. “This agreement will help increase the amount of clean energy we provide to our customers and reduce greenhousedgas emissions,” John Conway, senior vice presidenf of energy supply for PG&E, said in a news “Contracting with companies like NextLight is just one of the many ways in which PG&E is harnessing the power of the sun to meet our energy needs.
” “The project will providse cost-effective electricity to PG&E’s customers, create jobs and local economic benefits for the Antelops Valley, and contribute to California’ renewable energy goals.” Frank DeRosa, chief executivwe officer of NextLight, said in a news The project is expected to begin deliveries in 2011 and be fully operational by late 2013. This is the third major solar power dealSan Francisco-based PG&E PGE) has signed this year.
The project, which will be located in Antelope is expected to produce592 gigawatt-hours of electricit each year for PG&E customers throughout Northern and Central enough energy to power 90,000 averager homes. AV Solar Ranchj 1 is a subsidiary ofSan Francisco-basef LLC. “This agreement will help increase the amount of clean energy we provide to our customers and reduce greenhousedgas emissions,” John Conway, senior vice presidenf of energy supply for PG&E, said in a news “Contracting with companies like NextLight is just one of the many ways in which PG&E is harnessing the power of the sun to meet our energy needs.
” “The project will providse cost-effective electricity to PG&E’s customers, create jobs and local economic benefits for the Antelops Valley, and contribute to California’ renewable energy goals.” Frank DeRosa, chief executivwe officer of NextLight, said in a news The project is expected to begin deliveries in 2011 and be fully operational by late 2013. This is the third major solar power dealSan Francisco-based PG&E PGE) has signed this year.
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