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Xprotex gloves technology

editor — Thu, 17 Jun 2010 14:20:23 +0000

What is Xprotex?

Xprotex Gloves

XProTeX is a new company that challenges traditional methods of sports protection with the latest in advanced materials and a cutting edge approach. Our designs bring technology and innovations from extreme sports to team sports, starting with baseball and softball. The foundation of XProTeX is our patented A.I.C. (Advanced Impact Composite) material. XProTeX’s AIC provides a lightweight, flexible, cooler and a less restrictive solution to body protection with greater coverage of vulnerable body parts and better impact resistance than current products on the market.

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Elvis Presley Gospel Music

admin — Mon, 08 Mar 2010 18:55:04 +0000

By Theresea Hughes

Elvis Presley Gospel Music

A lot of people may not associate Elvis Presley with gospel music, but he wrote over 50 gospel songs. There have been many documentaries made regarding Elvis Presley’s love of gospel music. He started out in music by singing at a tiny church in Memphis. Also, he is a member of the Gospel Music Hall of Fame.

He Touched Me: The Gospel Music of Elvis Presley Volumes 1 and 2 feature over 30 of Elvis’ gospel recordings. It also contains stories from some of the people that knew him best. He was heavily influenced by two of the top southern gospel music quartets, “The Blackwood Brothers” and “The Statesmen.” Also, Presley had a lifelong bond with gospel legend J.D. Sumner.

Presley once said, “Since I was two years old, all I knew was gospel music. That music became such a part of my life it was as natural as dancing. A way to escape from the problems. And my way of release.” As a kid, Presley’s favorite singer was southern gospel singer Jake Hess. He is also said to be one of Presley’s greatest influences to his unique style.

There was entire book written about the gospel music of Elvis. It is titled “The Gospel Side of Elvis,” and was written by Joe Moscheo. This is a really nice book written from a great perspective. Moscheo played piano in some songs for Elvis’ recordings in the studio. He also sang at Presley’s funeral, giving this book a unique and interesting perspective. There have been many other books and documentaries released analyzing Elvis’ gospel music career.

Although once he became famous, record executives imposed their will on him and he began writing hits like “Jailhouse Rock” and “Hound Dog,” Elvis never lost his love for the southern gospel music that he was raised on. Songs like “Jailhouse Rock” and Hound Dog” raised him to the status of musical icon, but gospel music was his first love.

Elvis was especially found of black gospel music. Another huge influence on Presley’s music was Sister Rosetta Tharpe. As a boy Elvis would rush home every day after school just to listen to her and other black gospel singers on a special show that featured it on the radio. Tharpe and Presley had something in common in that they both controversially blended styles of music. Presley blended country music with rhythm and blues, while Tharpe mixed black spirituals with big band jazz.

At many of his concerts Elvis would use gospel groups as his backup singers. These gospel groups would travel with him while he was on tour. Elvis would use gospel music to relax. It was also very common to see him listening to it to prepare for a show.

While it is very well-known that Elvis did listen to gospel music and even made gospel songs, many do not fully understand the extent of the impact that gospel music made on Elvis’ career. The impact the gospel had on him was not just limited to music. It has often been said that most of the literature Elvis carried was religous-based and that he never went on tour without the Bible. Few understand the important of faith in the life of Elvis Presley.

Gospel Music Download - Rev 7 Gospel Music

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Steinway Artist Harry Connick, Jr. and Big Easy Musicians Perform at 2010 Governor’s Ball at The White House

admin — Tue, 23 Feb 2010 18:30:19 +0000

Steinway Artist Harry Connick, Jr. and his band performed at the 2010 Governor’s Ball hosted by President and Mrs. Obama on Sunday evening, February 21. Due to a packed East Room of the White House, the usual piano that occupies the room (a 1938 Steinway Art Case piano) was replaced with a smaller Steinway Model O Grand piano that was provided by Steinway Piano Gallery, Washington, D.C. for the event.

During the day, Connick, Jr. and his band performed for (and with) a group of Washington-area music students at a preview of the night’s event led by Mrs. Obama. Prior to the performance, Mrs. Obama paid tribute to Connick, Jr. for his humanitarian efforts in co-founding the Musicians’ Village, part of the New Orleans Habitat for Humanity rebuilding effort following Katrina.

On December 3, 2009, President Obama and a group of world-renowned performers were on hand for the National Tree Lighting Ceremony. In a tradition dating back to 1923, the President was on hand at the Ellipse near the White House to light the tree while bringing a message of peace and hope to the world.

For this year’s event, a group of talented performers were selected to perform, including Steinway Artist Brad Mehldau, Grammy award winner Sheryl Crow, hip-hop artist Common, country artist Ray LaMontagne, American Idol Jordin Sparks, jazz artist Joshua Redman, and the all-female music ensemble Celtic Woman.

All of the event’s performers who played piano or had piano accompaniment used a Steinway Model D concert grand piano (identification number CD-381) that is part of Steinway’s famed bank of Concert & Artist pianos stationed around the world at Steinway dealers. The piano was delivered from Steinway Piano Gallery in Washington, DC for the event and technicians spent over 9 hours preparing the piano so it would be in perfect playing condition for the performances.

Steinway and the White House have a long and storied history. In 1903, the 100,000th Steinway grand piano was presented to the White House as a gift. It was featured in the East Room of the White House until 1938, when it was replaced by the 300,000th Steinway grand — an Art Case piano with gilt American Eagle supports that is undoubtedly the most famous piano in the White House. The 1938 grand piano is still featured in the East Room (and sometimes in the Entrance Hall) of the White House. The original 1903 grand piano now resides in the Smithsonian Museum.

The next stop for the Steinway concert grand piano used at the National Christmas Tree Lighting Ceremony is the Kennedy Center in Washington, D.C. It is one of three Steinway grand pianos that are being provided for the Kennedy Center Honors Program, which will be televised on CBS, Tuesday, December 29 at 9 p.m. EST.

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A Long Island Success Story: Jacobi Industries Launches Website

admin — Wed, 14 Oct 2009 15:02:30 +0000

Jacobi Industries, a Long Island-based precision machine parts manufacturing company, has launched their new website: http://www.jacobiindustries.com. The firm is situated in a 5,000 square-foot facility in Medford, New York, and primarily specializes in manufacturing parts, replacement parts, and stainless steel fabrications for some of the largest pharmaceutical companies in the field. In addition to pharmaceuticals, Jacobi Industries also manufactures and assembles parts for the military, nuclear and commercial markets.

At jacobiindustries.com, visitors can virtually tour the facility and review the company’s capabilities including:

• CNC Machining Centers;
• CNC Turning Centers;
• Automatic Honing Equipment;
• Precision Dynamic Balancing (from .5 grams to 500 lbs.); and,
• Reverse Engineering

Jacobi Industries provides their clients with conventional milling, turning and precision welding, as well as construction of specialized machinery, custom engineered products or prototype development.

Says Roger Jacobi, president, Jacobi Industries, “My father, Otto Jacobi, was a tool and die maker, and started this business in 1954. Although we’ve continued in the tradition of a family business, we have been able to significantly expand in order to meet the growing demands of our clients.”

The Jacobi family migrated to the United States in the late 1800′s. Fifty-seven years ago founder, Otto Jacobi began the business in the basement of his home, quickly building the company’s reputation one client at a time. “Jacobi Industries thrives on word-of-mouth recommendations,” says Roger Jacobi. “We hold true to our mission of providing high quality design to every client we service. If you were to ask what separates us from most other Long Island businesses, I would answer, we actually make things. We have been able to grow our company because we produce something tangible – something other manufacturers need in order to make their own products.”

Despite a decline in the American manufacturing sector, Jacobi Industries has continued to grow and prosper for over half a century in the heart of Long Island.

For more information on Jacobi Industries, Jacobi Industries’ product line, or http://www.jacobiindustries.com, contact:
631.736.5394. Email: sales@jacobiindustries.com.This e-mail address is being protected from spam bots, you need JavaScript enabled to view it

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How I Did It: Wolfgang Puck

admin — Thu, 08 Oct 2009 21:29:33 +0000

Wolfgang Puck’s accent is Austrian, and his culinary bent ranges from Italian to Asian, but Puck’s business style is pure American entrepreneur. From his start as a 14-year-old apprentice in his native Austria, Puck has built a restaurant, frozen-food, and high-end kitchenware empire. He is most famously known for Spago, his pizzeria to the stars, which opened on Sunset Boulevard in 1982. But that was just the beginning. Today, his 16 restaurants and more than 80 express bistros stretch from New York to Maui.

My mother was a hotel chef in the small town where I grew up in Austria. My dad was a coal miner and a boxer. I always hung out in the kitchen with my mom. I quit school when I was 14 and got a job as a cooking apprentice at a hotel. When I told my father, he said, “Well, you’re good for nothing. Cooking is for women.”

By 18, I decided I wanted to move to France. I wrote letter after letter to all the two- and three-star restaurants until Raymond Thuilier, the owner of Provence’s famous Baumanière, hired me. He didn’t pay me for three months. I finally told him I had to leave, because I was broke, but he said, “No, I like you!” He started paying me, and he is the reason I decided to become a chef. He was my mentor: town mayor, painter, and a great chef who cooked from the heart without recipes — a real Renaissance man.

In 1975, I moved to Los Angeles to be a chef at a restaurant owned by a company with French restaurants scattered across the country. But I didn’t like the manager. One day, he wrote a menu and said, “Cook it.” I said, “You wrote it; you cook it.” And I left.

When my first paycheck bounced at my new job, at Ma Maison, I talked to the owner, who offered me 10 percent of the restaurant and said, “If we do better, you will, too.” We started to make money; famous people started showing up. When I found this location on Sunset, I said to him, “Let’s do an Italian-style trattoria.” He said, “I want 51 percent.” I took the lease myself the next day and gave three months’ notice. He told me to leave right away. That was in 1981.

I was 33 when I opened Spago, in January 1982. I used fresh goat cheese, arugula, sun-dried tomatoes. A farmer in Sonoma raised lambs for me. I served melon and white corn only in July and picked the day before. Other restaurants served good food, but their waiters wore stuffy black ties. Ours wore shirts and aprons. I worked the grill every night, and I loved it. The night Billy Wilder showed up with Sidney Poitier, Jack Lemmon, and Walter Matthau, I knew I made it.

I opened Chinois — all French Asian — in Santa Monica, in 1983, followed by Postrio — all Italian — in San Francisco, in 1989.

Johnny Carson used to come to Spago and take home 10 pizzas. One day, I said, “Johnny, are you having a party?” He said, “No, I put them in my freezer and then pop them in the oven for dinner.” I thought, How can you do that to my pizza? Then I tried it — it wasn’t bad. I met people from Gelson’s, a supermarket chain, and we built frozen pizzas into a multimillion-dollar business before selling to ConAgra. We later bought back the license and now work with a new partner.

Licensing and cafés cost me a lot of money and time. In the ’80s, I hired somebody from Harvard Business School who made a business model and spreadsheets for everything. He kept saying, “In three years, we’re going to be a billion-dollar company.” Suddenly, we had an office, which cost $700,000 a year, before we had business. I couldn’t sleep for six months, because I wasn’t adhering to my principle: Make more money than you spend. So, I took back control and focused our efforts on Wolfgang Puck Express, now in more than 80 locations, mostly in airports.

We started catering in the ’80s, but when we did the first post-Oscars Governor’s Ball, in 1995, we got a lot of publicity. Today, we have the fastest-growing catering company in the U.S. This year, I’m sure we’ll do more than $100 million.

Merchandising is where I make the most money for the least effort. We started on QVC, but they weren’t really nice to me, so I said, screw them. We took our products — knives, cookware, and my cookbooks — to the Home Shopping Network. Now, I go to Tampa six times a year to do 16 hours of live television each visit. It’s grueling work, but it’s worthwhile — a $60 million business. To make that with the restaurants, I need 1,200 people. Here, we need 20.

Success for me has always been focusing on the product first, the money second, whether that is a can of soup, a frying pan, or a restaurant. A lot of restaurants make more money than we do for three years and then go out of business. My philosophy is, Grow very slowly. We have 16 restaurants — in places like Las Vegas, Dallas, and Washington. I don’t want to fly from Delhi to Tokyo to Paris if my life isn’t getting better as a result. I did open restaurants in Maui and Vail, because I can bring my kids, have a good time, and still do my job.

I’m really proud that Spago and Chinois are still doing really well 27 years later. I thank my clientele for that, but people are fickle. You have to be careful not to overdo it with some and underdo it with others. If I see a movie star come in, I don’t run to that table. I will stop by as they’re ready to leave. Someone once said to me, “I’ve been watching you. Why did you go to David Beckham‘s and Tom Cruise‘s table last?” Most of the chefs and restaurant people fawn over celebrities. But they just want to be left alone, while the other customers, who are your regulars, will take note — Wolfgang said hello to me before Tom Cruise.

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10 Cities Primed for a Real Estate Recovery

admin — Thu, 08 Oct 2009 21:28:08 +0000

A stutter-step economic recovery seems to be underway, with signs that the housing bust and employment wipeout may finally be moderating. But economists still have a lot of major worries.

One of the biggest is an unfolding bust in commercial real estate that may mirror the housing meltdown. Earlier in this decade, when credit flowed easily and the economy was booming, commercial developers behaved much the same as overeager homeowners. Figuring business would keep growing and rents rising, they borrowed heavily to build office towers, hotel complexes, and retail projects. Banks obliged, funneling the cash. Now, with a surge in bankruptcies, cutbacks, and layoffs, office and retail vacancy rates are near record levels. Over the next three years, many cities will struggle with a new real estate bust as banks foreclose on commercial real estate loans and developers battle to stay in business.

In a separate story, we’ve profiled the cities likely to be hit hardest by the coming wave of commercial foreclosures. And here, we’ve compiled a list of cities likely to escape the commercial real estate scourge and transition soon to a bona fide recovery.

[See 10 Cities Facing the Next Real Estate Bust.]

We based our analysis on data provided by REIS, a real estate research firm. The data cover retail and office vacancy rates in the 79 biggest metro areas, including projections for 2010. At our request, REIS combined its retail and office data into a single commercial vacancy rate for the metro areas.

To gauge the impact on each city over the coming year, we measured the difference between the commercial vacancy rate in 2008 and the projected rate in 2010. One thing the data show is enduring pain from the recession: Every one of the 79 cities is likely to endure an increase in commercial vacancy rates next year. But there’s a wide disparity. In a few cities, the increase may be negligible. Tourist mecca Las Vegas stands to fare the worst, with a combined vacancy rate that’s projected to rise from 11.3 percent in 2008 to 18.1 in 2010, a jump of 6.8 percentage points. Tulsa, by contrast, should endure a rise of just 2.2 percentage points.

[See America's most endangered and most profitable malls.]

The 10 cities that seem most inoculated from the coming bust won’t necessarily have the lowest vacancy rates. Rather, they’re cities least likely to contend with a fresh round of commercial real estate woes that will hamper a recovery. And since commercial and residential real estate markets are linked, a mild office and retail downturn could signal an imminent improvement in the housing market and the overall economy. Several of these cities are now benefiting from a real estate market that seemed tepid earlier this decade, when other regions were booming; with less of a rise, there’s now less distance to fall. Other cities benefit from stable industries that have helped offset a retail meltdown. These 10 cities seem most likely to avoid a commercial real estate bust and start moving toward recovery:

Tulsa (projected vacancy rate in 2010: 19.2 percent, up 2.2 percentage points from 2008). The oil and gas sector was an albatross in the 1980s, when Tulsa suffered from a severe energy bust. But in recent years energy (along with healthcare, aerospace, and government) has helped sustain Tulsa’s economy. Employment and economic growth are much better than national averages, and unlike in other cities, most big construction projects have stayed on track. With new buildings coming online, the overall vacancy rate will stay high until the economy fully rebounds. But it will worsen only slightly in 2010 and probably start to improve by 2011.

Pittsburgh (17.3 percent, up 2.4 points). This once industrial city wriggled out of the Rust Belt years ago, and the economy now revolves around medicine, technology, and higher ed. At 7.7 percent, the unemployment rate is nearly 2 percentage points lower than the national average. Few people got rich in Pittsburgh during the real estate boom, which seemed to pass the city by. But the bust has spared Pittsburgh as well, with home prices remaining more stable than in most other markets. That leaves the Steel City primed for a recovery.

[See 8 industries that will sit out a recovery.]

Long Island, N.Y. (11.8 percent, up 2.7 points). Developers complain about the end of a boom that closely tracked the surge in the New York City economy and real estate market. And ongoing cutbacks in the financial industry will continue to crimp the Long Island economy. But Long Island is blessed with water on virtually all sides, which helped limit the kind of sprawl and overbuilding that took place in other cities. And even with the hometown financial industry in a tailspin, unemployment is better than the national average.

District of Columbia (11 percent, up 3.2 points). The federal government is one of the few big national employers that hasn’t been cutting jobs, and Washington has reaped the benefits. There’s even evidence that President Obama’s activist agenda has helped increase the demand for D.C. office space in 2009. Vacancies will rise a bit in 2010 and rents will drift slightly lower, but with an unemployment rate of less than 7 percent there’s barely a recession in Washington. (Note: REIS’s D.C. vacancy-rate data do not include retail space, but those rates are likely lower than the office vacancy rates.)

[See the industries hurt most by soaring healthcare costs.]

Philadelphia (13 percent, up 3.2 points). A sizable government sector has helped keep unemployment below the national average. Healthcare and education jobs also have helped offset cutbacks in finance, construction, and manufacturing. Those same sectors will help the economy recovery, possibly faster than the nation overall.

Birmingham, Ala. (15.6 percent, up 3.3 points). The city’s biggest bank, Regions Financial, is on a government lifeline, but Birmingham’s economy is a healthy blend of insurance, medicine, publishing, biotech, and higher ed. Even the nearby automotive sector is doing OK, since it’s centered around three manufacturers—Honda, Hyundai, and Mercedes-Benz—that stand to gain at the expense of rivals. Despite a string of retail closures, Birmingham’s real estate market should hold up better than the national average.

Louisville, Ky. (15.9 percent, up 3.5 points). Two Ford Motor plants have been laying off workers, and other cutbacks in manufacturing and construction have driven the local unemployment rate above 10 percent. But UPS recently expanded a major shipping hub, and there are other anecdotal signs of hope. Attendance at job fairs has been falling, for instance, and a majority of regional retailers say they’re optimistic that sales will pick up in coming months. Plus, Louisville’s real estate market never boomed like other markets, which means there will be less of a bust to recover from.

Portland, Ore. (12.8 percent, up 3.6 points). Portland’s unemployment rate has surged by nearly 7 percentage points over the past year, making it one of the highest in the nation. But local economists think that’s partly because people come to the region from more depressed areas, hoping to land a job in what has traditionally been one of the West Coast’s most vibrant economies. With dozens of businesses clustered around trendy sectors like clean technology, recycling, sustainable development, and eco-friendly manufacturing, Portland seems poised for a healthy rebound.

Fairfield County, Conn. (15.6 percent, up 3.6 points). Don’t weep for Connecticut’s “Gold Coast,” where fortunes rise and fall with those of Wall Street. Unemployment is up and real estate values are down, as in most of the country, but incomes have held steady, and Fairfield remains one of the wealthiest counties in America. Mature towns and a coastline helped limit overbuilding during the boom, which will ease the way toward a recovery.

Raleigh-Durham, N.C. (14.7 percent, up 3.6 points). A mix of government jobs, higher ed, healthcare, and technology has helped this progressive area pull off a neat trick: Population is growing at a healthy 3 percent rate, but the unemployment rate remains one of the lowest in the state. Vacancy rates will rise slightly in 2010 and some tenants will get a break on rent, but metro area residents may soon be wondering, what recession?

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10 Gaffes by Doomed CEOs

admin — Thu, 08 Oct 2009 21:27:18 +0000

“When markets are in trouble,” wrote John Kenneth Galbraith in 1954, “the phrases are the same: ‘The economic situation is fundamentally sound’ or simply ‘the fundamentals are good.’ All who hear these words should know that something is wrong.”

The famed economist was writing about the 1929 stock market crash, but Galbraith’s insights are as timeless as he intended. Beginning in 2005, there were signs that a supercharged real estate and financial boom were getting out of control. By 2007, the apparatus was starting to overheat, and in 2008, as we all know, the system nearly melted down. Yet right up till the moment the gears seized, many of America’s corporate bosses continued to insist that the fundamentals were sound. Here are 10 of the most ignominious reassurances from the Great Recession that began in 2007:

Stanley O’Neal, CEO, Merrill Lynch: “[The subprime problem is] reasonably well contained. There have been no clear signs it’s spilling over into other subsets of the bond market, the fixed-income market, and the credit market.”–July 28, 2007, at a conference in London

What happened next: Merrill ended up losing more than $50 billion on mortgage-backed securities, including subprime loans, which imperiled the entire firm. O’Neal left Merrill in November 2007 and was replaced by John Thain.

[See how the bailouts could have gone better.]

Charles Prince, Citigroup: “We see a lot of people on the Street who are scared. We are not scared. We are not panicked. We are not rattled. Our team has been through this before.”–Aug. 3, 2007, in an interview with the New York Times

What happened next: Bad real estate bets led Citi on a money-losing binge, forcing Prince to step down in late 2007. In 2008, the bank reported an unprecedented $28 billion loss. Citi has stayed in business thanks to $45 billion in aid from the U.S. government, which effectively owns one third of the bank.

Angelo Mozilo, Countrywide Financial: “We continue to be bullish about the long-term prospects of both Countrywide and our industry.”–Oct. 26, 2007, in a conference call with analysts

What happened next: Bank of America bought Countrywide for about $2.5 billion–a fraction of its former value–in 2008, as housing was on the verge of a meltdown and disputes over Countrywide’s lending standards were intensifying. In April 2009, BofA said it would retire the Countrywide name. In June, the Securities and Exchange Commission charged Mozilo with insider trading and fraud.

[See where bailout money goes to die.]

Martin Sullivan, AIG: “We believe we have a remarkable business platform with great prospects that represent tremendous value . . . . AIG is well positioned to capitalize on current and future opportunities.”–Dec. 5, 2007, in a presentation to shareholders

What happened next: AIG’s share price plunged as investors worried about swaps AIG had sold to insure mortgage-backed securities that were suddenly falling in value. Sullivan left in June 2008. By September, AIG was insolvent, necessitating an $85 billion bailout that’s the biggest in American history.

Alan Schwartz, CEO of Bear Stearns: “Some people could speculate that Bear Stearns might have some problems . . . since we’re a significant player in the mortgage business. None of those speculations are true.”–March 12, 2008 on CNBC

What happened next: Bear suffered a swift bank run as clients withdrew their money and its capital ran out. Two days after Schwartz’s appearance on CNBC, Bear effectively collapsed. JPMorgan Chase bought the firm in a government-brokered deal for an ultimate price of $1.2 billion, about 95 percent less than Bear’s peak value in 2007.

Richard Syron, Freddie Mac: “We are confident that the capital we are raising will enable us to both advance our mission and increase our returns to shareholders.”–May 14, 2008

What happened next: The federally chartered housing agency became insolvent in September 2008 and was taken over by the government, virtually wiping out the stock. Syron stepped down. Freddie Mac has received about $51 billion in federal bailout funds so far.

[See 4 problems that could sink America.]

Richard Fuld, Lehman Brothers: “Our core franchise and our culture are strong. Our capital and liquidity positions have never been stronger.”–June 16, 2008, on a conference call with analysts

What happened next: With clients pulling their money from Lehman accounts, the firm ran short of cash. Fuld reportedly turned down a financing offer from Warren Buffett, perhaps because he thought a government bailout–like that of Bear Stearns–would come with better terms. But no bailout materialized, and Lehman filed for bankruptcy on Sept. 15, 2008.

Rick Wagoner, General Motors: “Under any scenario we can imagine, our financial position, or cash position, will remain robust through the rest of this year.”–July 10, 2008, answering questions after a speech in Dallas

What happened next: GM ran out of cash by December and stayed in business thanks to government funding that now totals $51 billion. As part of its reorganization GM declared bankruptcy on June 1, 2009.

[See why GM is ready to rebound.]

John Thain, Merrill Lynch: “Right now we believe that we are in a very comfortable spot in terms of our capital.” –July 17, 2008, on a conference call with analysts

What happened next: Merrill nearly suffered the same fate as Lehman Brothers, with spooked clients withdrawing their money and investors driving the share price downward. With a collapse possible, Bank of America bought Merrill Lynch in September 2008 for a final price of about $29 billion, far below Merrill’s value a year earlier. Thain left Merrill in early 2009, following the controversy over $3.6 billion in bonuses paid to Merrill bankers right before the BofA merger became official.

Daniel Mudd, Fannie Mae: “If we can get through this rough patch–and everybody’s pulling on the same rope, I think, to try to get through this rough patch–on the other side of it is a very strong future for housing.”–Aug. 20, 2008, in an interview with radio host Diane Rehm

What happened next: Like Freddie Mac, Fannie Mae became insolvent in September 2008 and was taken over by the government. Mudd left. Fannie Mae has received about $45 billion in federal bailout funds so far. Some analysts think the housing market could take 10 or 20 years to fully recover.

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Bankruptcy judge approves Sun-Times sale

admin — Thu, 08 Oct 2009 21:26:19 +0000

WILMINGTON, Del. (AP) — A Delaware bankruptcy judge on Thursday approved the sale of the Chicago Sun-Times and other newspapers owned by its parent company to a group led by Chicago businessman Jim Tyree.

The Tyree group offered to pay $5 million for the assets of the Sun-Times Media Group Inc., which includes the Chicago tabloid and more than 50 suburban publications. The investors also plan to assume about $22 million in liabilities.

A major hurdle to closing the deal was cleared Wednesday when leaders of five unions that had rejected contract concessions demanded by Tyree tentatively agreed to contract changes. Rank and file members of four of the unions voted Wednesday night to accept contract changes agreed to by the Chicago Newspaper Guild. Members of the fifth union, representing editorial workers at the Post-Tribune of Northwest Indiana, were expected to vote Friday.

“We are confident that they will vote in favor of this deal by the end of this week,” Sun-Times attorney David Agay told Judge Christopher Sontchi at Thursday’s hearing.

Agay also said members of 10 of 11 separate trade unions have approved amended contracts, and that the remaining union, which represents a small group of typographical workers, is expected to give its consent soon.

“We’re close; we’re very close, your honor,” he said.

James McDonough, vice president and general counsel for the Sun-Times Media Group, testified that if the sale order were approved, the deal is expected to close by the end of the month. He characterized the remaining conditions to be met prior to closing as “housekeeping matters.”

The Sun-Times Media Group filed for Chapter 11 bankruptcy protection in March, citing $479 million in assets and $801 million in debt amid plunging advertising revenues that have contributed to about a dozen other media company bankruptcies.

McDonough said some members of the existing Sun-Times management team would stay with the new company after the sale, but that decisions on who will stay and who will go have not been made yet.

Sontchi approved the sale after overruling objections by the Sun-Times’ committee of unsecured creditors and a pension plan for the Communications Workers of America.

Michelle McMahon, an attorney for the pension plan, said in a court filing that by withdrawing from the pension plan, the Sun-Times would trigger a $17 million withdrawal liability, but the company has not proposed a method of payment or offered the pension plan adequate protection.

Attorneys for the Sun-Times argued that the pension plan would still have an unsecured claim after the sale and should not be allowed to improve its position relative to other creditors or the bankruptcy estate.

But McMahon argued that the pension plan would have a direct claim against the purchaser, not a general unsecured claim.

“It’s apparent we’re only going to get pennies on the dollar,” she said.

The committee, meanwhile, expressed concern about adequate enforcement mechanisms in the event that Sun Times Media Group breaches an agreement to operate the Sun-Times as a going concern for at least 180 days after closing.

“If that obligation by the buyer isn’t met, the debtor should have remedies to enforce that obligation,” said Scott Cargill, an attorney for the committee.

The committee also wanted an order directing the Sun-Times to seek a determination on its rights to $24.5 million being held in escrow in connection with the settlement of a class-action lawsuit alleging malfeasance by officials with former Sun-Times owner Hollinger International.

Hollinger’s CEO, Lord Conrad Black, was convicted in 2007 of siphoning millions of dollars from the Sun-Times and its other newspaper holdings.

Sontchi said the contract provisions regarding operating the Sun-Times as a going concern for 180 days were sufficiently clear. He also noted that the company was not selling its interests in the settlement escrow.

“I don’t think what time the debtors will get the proceeds from the escrow is relevant for the sale,” the judge said. “I don’t think that’s an issue for today.”

The Sun-Times owes as much as $608 million in back taxes and penalties related to Black’s financial dealings, but Agay noted that the Internal Revenue Service, the company’s largest creditor, did not object to the sale.

Sun-Times board chairman and interim CEO Jeremy Halbreich expressed confidence in Tyree and his investment group’s plans for the media group.

“These new owners will work hard to establish a wonderful, long future for our publications and for our employees, and finally, all of the legacy issues and distractions that have followed and negatively affected our products will be put to rest,” tey said in a statement.

By Randall Chase, AP Business Writer

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T3 Providers

admin — Mon, 28 Sep 2009 14:25:13 +0000

Our mission is to develop one of the most complete portfolios of telecommunications services in the industry and achieve a status as a market leader strongly positioned to serve enterprise, multi-location and other commercial customers. We strive to deliver the highest quality and most cost-effective solutions on a state-of-the-art billing platform.

T3 Service Provider New York

Carriers:

Access Point

Nitel

Time Warner Cable

ACC Business

AT&T

Optimum LightPath

Level 3 Communications

Global Crossing Inc

Qwest Communications

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Dell says Twitter works

admin — Mon, 14 Sep 2009 19:24:28 +0000

Representatives from Dell said, at a Twitter for Brands event hosted by New Media Age in London on Friday, that it has seen tangible uplifts in sales which can be directly attributed to marketing on Twitter. The brand’s Twitter account has driven $3 million in sales since it began operation in 2007, Dell said.

Moonfruit, a website builder, also said Twitter campaigns have helped the brand. Moonfruit said it spent around 10,000 pounds ($16,400) on prizes for the campaign, and that it brought in more than twice that amount in a single month in new subscriptions, reports ClickZ.

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