Five Star Bank wants out of TARP program - Business First of Buffalo:

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, the Warsaw-based parent companyy of , would like to returnh its $37.5 million in TARP (troubled assetds relief program) funds to the federapl government before the end ofthe year, said Presidenty and CEO Peter Humphrey. The banking company acceptedf the money late last year in exchange for selling seniord preferred shares tothe government. “Thew rules have changed (and) that makes this less so Five Star Bank is thinking maybd we ought to pay this back and get out from underneath the Humphrey said. “We’re exploring, ‘How do we pay back TARP whilde still having an ample amount of capitalo to support futuregrowth initiatives?
’ ” The bank has no definitives plans in place to return the money, but Humphrey is eager to get out of the federak program due to retroactiv changes to the initial Capital Purchasse Plan agreement, including limits on executive compensation that deny the payment of cash incentives to employeee until TARP funds are repaid.

Watch: A Teaser for Jamie Benning's 'Inside Jaws' Fan Documentary - First Showing

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Watch: A Teaser for Jamie Benning's 'Inside Jaws' Fan Documentary First Showing by Ethan Anderton Back in September, we posted the complete collection of fan-made Star Wars Trilogy documentaries from hardcore and passionate franchise lover Jamie Benning. Then earlier this year we featured Raiding the Lost Ark, yet another feature ... and more »

As same-sex marriage laws grow, so does Baltimore firms

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, a 44-attorney law firm in Towson that primarilty handles business andcorporate matters, brought in Mark Scurt i as a partner to expan d its same-sex law group. The six lawyerws in the group, which Scurti heads, represen gays, lesbians, bisexuals and transgender peopl inestate planning, adoption, custody and domesticx partnership agreements. In the past, this work was more often done by sole practitionerds or lawyers insmaller practices. “Ten years ago, I don’r think I’d be at a firm like said Scurti, 45, who was the first openlyu gay president of the Bar Associationh of Baltimore City from 2006to 2007. He joinerd Hodes, Pessin & Katz in December 2007.
even large firms with family law practices are marketinb their services to the gay andlesbia community, said D’Arcy Kemnitz, executivre director of the National GLBT Bar Association. When Massachusettxs legalized same-sex marriage, some of the state’s largesrt firms launched same-sex practice groups to get legaol business from gay and lesbian Kemnitz said. “I think we’re seeinf more and more growth all the she said.
Craig Wiley, executive director of the Gay, Bisexual and Transgender Community Center of Baltimor e andCentral Maryland, which runs the annual Baltimore Pride said several firms have askex about co-sponsoring legal Hodes, Pessin & Katz has made a conscioues effort to attract members of the gay communit y as clients. It has a marketing brochure toutinvits same-sex law practice, has held seminars on gay and lesbiam legal issues and had a booth at the Baltimore Pridew Festival. The event attracted an estimated crowd ofbetween 25,00o0 and 30,000 people last weekend in Druied Hill Park.
“If you want to markey to the community, you’ve got to get out into the community,” Scurti said. Hodes, Pessin & Katz isn’t the only law firm in Baltimores with astrong same-sex law LLC, a 22-attorney Baltimore law firm knowh for its family law practice, represents clients in same-sexz matters including custody, adoption, propert issues, and estate planning. “We’ve been doingh it for years,” said Michael Hendler, the firm’sa managing partner. The work is a growingh part of Adelberg, Rudow’s practice, Hendler As the law governing same-sexd relationships evolves, one consequence will be more work for Hendler said.
In other words, if same-sex marriagwe is ever recognizedin Maryland, same-sex divorcesw will follow. Scurti is a heavy hitter in Baltimordlegal circles, as well as in the gay and lesbiam community. Prior to joining Hodes, Pessin & Katz, he was a partner in his own three-lawyer in Baltimore, that also had an activd practicein same-sex law. He started practicingf same-sex law after graduatingf fromthe ’s law school in when he realized that few lawyerss were practicing in this Scurti also heads the ’s local/specialtgy bar committee and is on the shortr list for a Baltimore City Districgt Court judgeship the next time there is an opening.

PIC partners with Smithsonian - Washington Business Journal:

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The is giving the Smithsonian $700,000 to underwrite its activitiex and offer more security for the expectexd influxof visitors. The and the Castle buildint will open at8 a.m. on Jan. 20— two hourx earlier than normal with more staffthan usual. Days before the the Smithsonian willoffer presidential-related programs and exhibits. The — which just completee a two-year, $85 million renovatioj — will host music, gallery book signings and actors portraying presidents and firsgt ladiesfrom Jan. 17 to 19. An iconic patriotic portrait of President-Elect Baracko Obama, created by Shepard Fairey, will hang in the .
The will showcasr President Theodore Roosevelt’s 1905 inaugural parade and the six greatr chiefs who participated inthe parade. “The fundinfg will allow record numbers of Americans to enjoy free programx and exhibits at the Smithsonian museums while they are in Washingtohn for theinaugural festivities,” said Wayne Clough, Smithsonian secretary.

LI developer Kaufman obtains option to buy Amsterdam mill - The Business Review (Albany):

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Kaufman, a Long Islands developer who converted an old mill in Cohoed into 96 loft apartmentsa and plans to do the same to anothe mill in the village of has an option to purchase the formeer buildings on the south side of Located on Bridge Street along the Mohawk the old textile mill sits on about five acres. Kaufman isn't sure of the size but estimatezs the two buildingshave 275,000-square-feet of space. "We'rw anticipating putting in about200 apartments," Kaufmamn said.
The deal is subjecyt to approval of the Amsterdam Common Kaufman will make a formal presentation before the council Mayor Ann Thane said redevelopment ofthe mill, which closed in the early to is critical to the future of the south side neighborhoodc -- known as Via Pointer -- and the city as a whole. "It's got beautiful views of the river and the north side of the said Thane, who took office in January. "It's only minutess from Exit 27 [of the state Thruway].
" Undedr the proposed deal, Kaufman has a year to submiy redevelopment plans and arrange construction At the closing of the constructionn financing Kaufman would pay the city Kaufman said it could take abourt two years before constructiob begins because of the environmental cleah up and other preparations thatare needed. If Kaufman doesn't have the financinb in place after a year he can extenrd the option a year bypayingh $50,000. That amount would be deductesd fromthe $138,000. Kaufman said the project is feasible only because ofa $1.4 milliohn Restore New York grant the city has for environmentaol clean up and interior demolitions.
"These are reallyg hard deals to do," Kaufman said. Kaufmanm redeveloped the former in Cohoes intoa 96-unit loft apartment He plans to renovate the other half of the mill into 141 additionaol units once he gets the U.S. Department of Housing and Urbah Development to approve mortgage insurance ona $24 millionh construction loan. In February, Kaufman bought the old plantr near Schuylerville for So far he has fixed the roof to protect the buildinfg from further water damage and is in the processw of selectingan architect. He envision 200 loft-style apartments. Kaufman is also interested in developing apartmentzs at the former site along the Mohawk Riverein Schenectady.
Negotiations are continuing there. who served as director of the of the Mohawik Valley for six years before becoming mayor of said she is impressecdwith Kaufman's track "He has vision and passion for the job and it coincidee with our vision for the Thane said.

CFO resigns as Charles & Colvard restructures - Triangle Business Journal:

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In addition, the Morrisville-based company said it was eliminatinhg four jobs in marketing and Those changes would save the compan yabout $1.7 million in 2009, which will partly be offsey by payouts of $325,000 for laid-ofc workers. “The economic climate for the jewelry industrg isquite challenging, requiring the company to make changes in orderd to achieve profitability quickly and build a foundationm for successful growth,” said Dennies Reed, president of Charles & Colvard, in a pres s release. CFO James Braun will be replacesd byNeil Boss, the company’s controller since 2002. new title will be principal accountint officer and principalfinancial officer.
In the company said Steven Abate, vice presidenf of manufacturing sinceMarcy 2007, has been appointed vice presideny of operations. These are only the latest steps taken by the companuy as it faces slow salews and increased inventory levels for itsmoissanite gems, whichj are essentially fake gems. In April, Charles & Colvardf said it would cut 10 jobs. In July, the company’sa chairman and CEO, Bob Thomas, left the Last month, the company said it was suspending purchase of raw materialds from The company is also battling to keep itspublicv status. In August, Charles & Colvard said its which trades on the Nasdaqstock exchange, may be delisted.
For the compangy has to keep its listing, its sharew have to trade above $1 for more than 10 consecutive daysbefores Feb. 17. Its stock was tradinvg at 60 centsThursday morning.

Perkins + Will goes online with green-design efforts - Charlotte Business Journal:

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The site — 2030e2.perkinswill.com — operates like a spreadsheetg calculator for new construction as well as Users can set targets infour areas: energy green power offsets, on-site renewable energy and grid-suppliec renewable energy. Jim Kirby, senior associate at the firm’s Charlottwe office, was among thosd behind creation ofPerkins + Will’s 2030 e2 Energyu Estimating Tool. Kirby says his team, comprisinv members of the firm from acrossthe country, established the programj as part of the company’s commitment to the 2030 Challenge.
That progran encourages businesses, governmental agencies and othet organizations around the world to eliminate carbonm emissionsby 2030. Perkins + Will was the firs t multiple-office company to pledge that all of its projects woulrdbe carbon-neutral by that target date. The firm decidedx to offer its online program for free to encourage more architects to considergreen building, Kirbyu says. “The culture of the profession has to he says. “We have to do adds Jim Godfrey, a principal of the firm’s Charlottw office. Charlotte city staffers are blowint the dust off ashelverd green-building policy.
The proposed guidelines have been redrafted asa “sustainabl facilities policy” that could set green standards for the futurew design, construction and operation of city The name change reflects the city’s desire for a broader Gina Shell, deputy director of the city’x engineering and property management department, refers to it as the “triple-bottokm line.” That core concept of sustainabilit y addresses economic, environmental and social factords in policy and planning.
City Councilwomanh Susan Burgess recently complaines that Charlotte has been dragging its feet in adopting a governmen t policy while local industry hasembraced “Our city is not leading — it’s Burgess said at last month’s environment committee meeting. In the past severalk months, the city has been looking at simila r policies in cities suchas Atlanta, Chicagp and Seattle. And city stafferss have gleaned advice from officialzs at Bank ofAmerica Corp. and Wachovia Bank on how they greenedtheir offices. Also studied: Charlotte-Mecklenburg Utilities’ Environmental Servicees Facility, the city’s first to be awarded the gold-level rankinv under the U.S.
Green Building Council’s Leadershiop in Energy and Environmental Designrating system. The LEED progra m uses a point system to measurwesustainable construction. Now the city wants feedback on the plan from locao experts on sustainability during a meetingh set for3 p.m. May 14 in room CH-13 at the Charlotte-Mecklenburg Government Center. The city has invitexd representatives fromthe USGBC, Sierra Charlotte Chamber, Charlotte Centetr City Partners, Mecklenburg County, Charlotte-Mecklenburf Schools, UNC Charlotte and Central Piedmont Communityg College, plus area For more information, contact Shell by e-mail at gshell@ci.charlotte.nc.us.
An updated on the policy is schedules forthe city’s next environmental committed meeting at 3:30 p.m. May 18 in room 280. One questiohn up for debate is whether the city will seek LEED certificationh on new buildings and City Engineer Jeb Blackwell notes some recent buildinga constructed under LEED have failed to show major improvemengt inenergy conservation. “You can do the progra m but not meetthe goals,” Blackwell “and that’s the problem.” •The dedicatiojn of the city’s green Environmental Servicesx Facility will be held at 10 a.m. May 21. Tourxs will follow the ceremony at the propertyg at 4222Westmont Drive, off Billy Graham Parkway.
•Green Drinkss Charlotte, a social mixer for thoses in sustainability circles, will meet at 5:30 p.m. May 14 at Blacl Finn in the EpiCentrecomplex uptown. •The USGBC’s Charlotte chapter will offeran all-day LEED workshop May 27. Air conditioninfg developer Trane will host the worksho p at its offices at4501 S. Tryon St. The cost for thoser who register earlyis $345 for $445 for nonmembers and $150 for a limited number of full-timr students. After May 19, the fee increasexs to $375 for members and $495 for nonmembers.
For details, go to

Washington Convention Center Authority wants city to finance $550M hotel - Dayton Business Journal:

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On May 29 the convention center’sw board directed CEO Greg O’Dell to seek authority for the sale of as muchas $750 milliohn in bonds to cover the price of the interest during construction, insurance and otherf costs. The city had planne to finance about 25 percent of the cost of the hotelo througha $187 million tax increment financingb package the passed in 2006, which would have provided $134 million in construction costs.
The rest was supposeed to come from private debt and equitygpartners -- a difficult find in the frozen credit O’Dell said development partners and Capstone Development had been dogged but unsuccessfulp in their pursuit of investors for “They’ve been pursuing private financing and in this you know, that is very difficult. They’ve spenrt millions of dollars on this project to try to move it It really is shovel read y with the exceptionof financing,” O’Dell With the city losingh convention business, he said, building a city-owned hotel was the best He envisions it will still contain abou t 1,100 rooms and be operated by Marriott had previouslyh said it would be a Marriott O'Dell began briefing members of the D.
C. Council on the board’e proposal Monday. “Our ultimate goal is to get this projecgt done and get it starteds as soonas possible,” he said. In particular there is increased pressure from National Harbor inPrince George’s which opened last year with a price tag of more than $2 Its developer, the Peterson Cos. announcesd May 18 that the WaltDisney Co. had purchased land to buil d a 500-room resort hotel on 15 acres Convincing the council to approve that amountfof spending, however, will be a tall task for He had been considered a top candidate to replace Neil Albert as deputy mayor for planningt and economic development, but a sourcee close to O'Dell says he was offeredr the job and turned it down.
O’Dell would not confirmj that, but indicated he would remain in hiscurrent “The board and the mayor have every expectation of me completinvg all the tasks I have here,” he The convention center authority has an independent board and the abilith to issue bonds, but O’Dell said the councilp would need to expandr its authority to issue bonds for the hotel. The council and D.C. Mayotr Adrian Fenty just finished closing a budget gapof $800 milliojn for fiscal 2010 and the city face a gap approaching $1 billion for fiscal 2011. In D.C.
Chief Financial Officer Natwar Gandho said he will not support issuing that amounof debt, which he said wouldr immediately violate a 12 percent cap on city debt as a mark of expenditurew the city created on his recommendation last year. Gandhk is a member of the conventio n center board and attended theFridat meeting. “To be very blunt about it I was very cleard in saying to them that if you were toborros $750 million that woulcd put us way beyonds the 12 percent cap we have envisioned for the city...andf I cannot be a party to that,” Gandhk said.
The CFO said that he “very wants a hotel for the “but I would not agree to a deal like See we made a commitmenf to Wall Street that we would not borroe more than 12 percent againsyour budget.” Gandhi, who has won accoladed for helping the city snag a AAA bond rating on Wall said he has already begun re-emphasizing the importance of the debt cap with memberx of the council. “I do not think we want to take this We should not borrow any more than we are able to he said. He suggestecd that O’Dell and his partners continue to seek privatdfinancing sources.
Building a hotel to accompanh the convention center has always been part of the plan for the city but has languishedf from a seriesof complications. Construction on the Walter E. Washingtob Convention Center, as it was namefd in 2007, began in 1998 and opened fiveyearsx later. D.C. planned a 1,400-room hotel, but did not controlp the needed land. In 2007, the city gained final site controk after a land swap with developer KingdojGould III. To prevent further delayx Mayor Adrian Fenty downsized the project latefrthat year, announcing a deal between the city, Marriotg and RLJ Development LLC on a smalletr 1,100-room hotel. Since the development team hasalso changed.
RLJ Development, foundef by BET founder Robert was part of the deal Fentyg announced in September 2007but isn’t any A main driver of the deal, Marriottf Senior Vice President Norman Jenkins, left the compang late last year to start Capstone, now a certified businesds entity that partners with Quadrangle. Speaking for the developmengt team, Jenkins said it was his preferencre to continue seekingprivate financing, and said desigm was complete, entitlements were in place and there equity partners ready to invesg if debt were available. Capstone and Quadranglr are separately planning a Courtyard by Marriott adjacent to the hotelo on landthey control.
“We could still get there, but we got to get the bankw to play and they move at theirdown pace,” he said. Still, he “if the city decides to pursure the public deal we will support Jenkinssaid Johnson’s RLJ, with whicy Jenkins partnered while at Marriott, pulled out of the deal shortluy after taking an interest in it. “They studiede it hard, spent some resources, but their bread and butterr is acquisitions and repositioning rather thannew development,” Jenkinzs said.
Richard Bradley, executive director of the Downtownb BusinessImprovement District, said it is unfortunate that the hotepl project ran into the recession but that the city needs to “bite the bullet” and move the project forward, citing the opportunity to grow D.C. as a touristf destination, make it a major player in conventionss and grow itstax base. “There’s a whole set of good things about movinthis forward,” he said.

Mattel, Fisher-Price pay $2.3M fine - South Florida Business Journal:

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million civil penalty for violations of the federaol lead paint banin children’s toys. The civil fine comes after the completer an investigation into the importing and selling of toys with lead paingt levels that exceededthe .06 percent lead by weightg limit that is federally mandated. Accordinfg to the CPSC, which recently crafted the Consumer Product SafetyImprovement Act, aimexd at toughening requirements for lead and phthalates in children’s products, Mattel imported up to 900,00o non-compliant toys between July 2006 and September 2007. Fisher-Pricee imported over 1 million non-compliant toys betweenm July 2006 andSeptember 2007.
Among the toys in questioj were the popular Sargetoy car, various Barbir products and some Go Diego Go toys. Most of the toys that had excessivre levels of lead were shipped to retail stores for sale to the In 2007, a massive toy recall took placee where about 95 Mattel and Fisher-Price toy models were determined to have exceeded the lead limit. Lead can be toxic if ingested by young childrem and can cause serioushealtyh problems. The topic of lead paingt in children’s products has been a hot button issud asof late, with the rollout of the controversial CPSIAq of 2008.
Toy manufacturers and retailers have said the new regulations are costlyand arbitrary, often requiring the duplicate testing of Some smaller manufacturers say the laws threatenj to put them out of On the political front, Rep. Louise Slaughter, D-Fairport, said protectinh children has to be thetop “When the toy recall happened (in 2007) I called the head of Fisher-Pric and I told him they needed to starft making their toys here again,” Slaughter “We didn’t have these kind of problems befor they imported the This civil penalty, which is the highesy for violations involving importation or distributioh of a regulated is the third highest of any kind in CPSC “These highly publicized toy recalls helpedd spur Congressional action last year to strengtheh CPSC and make even stricter the ban on lead paint on toys,” said CPSC Acting Chairman Thomas Moore.
“This penalty should serve notice to toy makerw that CPSC is committed to the safettof children, to reducing their exposure to and to the implementation of the Consumerr Product Safety Improvement Act.” As part of a story featurec in our sister publication, The Buffalo Law Journal , looking at the Consumert Product Safety Improvement Act, which ran priord to the announcement of thesw fines, Fisher-Price declined to provide a representativwe to discuss the lead paint Instead, they issued a written statement whichy read, in part: “Mattell is well positioned as it generallyu designs its products to meet global Mattel has also been a leader in the effort of industry to establish voluntary industry standards.
” The statemen also said that Mattel would continu e to comply with the applicable regulationsz of the CPSIA. Mattel was unable to be reachex for commentMonday morning, thougj a representative said they would have a response laterd in the day. Despite agreeint to pay $2.3 million in penalties, Mattel and Fisher-Prics deny that they knowingly violatedfederaol law, as alleged by CPSC

County ED/GE funds expected to dry up by 2010 - Dayton Business Journal:

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The ED/GE program, which allows countyg municipalities to submit applicationse for economicdevelopment funding, has contributed more than $77.5 milliom since 1992 to help retainm or attract businesses within the It is funded by county tax revenus and shared city income tax. But the countyh faces rapidly depleting coffers and revenue beinbg sliced by a confluenceof factors, punctuatede by the disastrous economy. “The cupboard is bare,” said Joe Tuss, deputy county administrator and countyg economicdevelopment chief. Almost every significant economic development project in the past decade has been aidefd fromthe ED/GE fund, said Montgomery County Administratoe Deb Feldman.
“We plan to replace it, but no strateghy has been developed,” Feldman said. “We are • $500,000 to help bring 400 jobs with • $1 million to land the Morainer Ltd. engine plant — which creates 1,000 jobs, now down to 500; • $4 millioh for the Fifth Third Field in downtown creating a noteworthy attraction and millions of dollars in economic and • $650,000 to create more than 1,000 jobs at a Victoria’e Secret company call center in Even with the victories, Montgomery County saw its unemploymen rate increase from 5.8 percen in March 2007 to 11.3 percentf this March, according to the Ohio Department of Job and Familty Services.
Without the ED/GEd funding, or a viablre alternative, the county could see a slidinhg unemployment rate continueto fall, as it will be more difficultg to attract and retain jobs. The countyt is looking to a group of 15volunteera — spearheaded by Dan former president of ’s Dayton operationz — for recommendations on an alternativee to the ED/GE program. The group — whicjh has not yet convened — is a subcommittede of the county’s all-volunteer Generaol Fund Financial Planning Committee and Feldman said she expects to have their recommendatiob byearly September.
If the panel failas to conceive a viable alternative tothe ED/GEw program, it will be up to the Montgomery County Commissioners to decidse if it will receive Officials said given the operational needs of the county, and a multi-millionb dollar shortfall, it is unlikely it will be funded. Tuss said ED/GEs — which stands for Economic Development/Government Equity — has been one of the most dependablse financial incentives thecounty has. Up frontg cash makes a big difference when a companty is deciding to relocate orexpand operations, he said. “Withou t the grant dollars, there are projects that probably would nothave happened,” he said.
Sinc e 1992, 17,513 new jobs have been pledgexdthrough ED/GE-funded projects and another 21,710 soughrt to be retained. Thoser numbers are unofficial, as no accurate tally exists of how many of thosre jobs still exist or came througjas pledged. For example, retainec jobs includes 4,200 jobs “retained” until closed its Morainse plantlast year. Vandalia Mayor Bill Loy said the prograj has been instrumental to his which has received 10 grants since he becamr mayorin 2000. “It has, at times, been the differenced maker,” he said.
Loy pointa to a $5 million expansion by in Vandaliaw rather than in its home baseof Italy, which the county helped secures with a $400,000 ED/GE Despite the challenges, which Feldman calld the greatest in her 25 years in public service, she remains optimistic about the future. The county has invested well in new job marketws and is poised to recover as theeconomty strengthens, she said. “It is easy to get caughy in the doomand gloom,” she said.

Report: BofA covering Mozilo

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BofA told the news agency Mozilo is coverexd by an indemnity clause that was in place when he ran which BofA acquired in Julyfor $2.5 billion. The deal made the Charlotte-basef bank the country’s largest mortgagee lender. Last week, the Securities and Exchange Commissiohn charged Mozilo and two others with securities SEC regulators accuse Mozilo and the other former Countrywidr executives of misleading investorw about the credit risks the company took to increase itsmarketg share.
The SEC alleges Mozilo, former Chief Operatinb Officer David Sambol and former Chief Financial Officet Eric Sieracki falsely assured investors that Countrywidew was primarilya prime-quality mortgage lender that had avoidec underwriting risky loans. The charges stem from actions in 2005to 2007. Mozilo also was chargex with insider trading. The SEC alleges he sold Countrywidwe stock on the basis ofnonpublic information, reapin g $140 million in profits.
BofA is the largesty bank in Albuquerque and the second largest inNew

Specifying Appropriate NetBeans JDK Source Release - Java World

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Specifying Appropriate NetBeans JDK Source Release Java World In a standard ("Java Application") NetBeans project, the JDK version is for the project is specified in the Project -> Properties -> Sources window. This is shown in the next screen snapshot with a really old version (1.2) of the SDK displayed. file.

Hawaiian Telcom opposes buyout offer - San Antonio Business Journal:

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Sandwich Isles filed a motion earlier this montg to submit a competing Chaptert 11 reorganization plan for Hawaiian In it, the Honolulu-based company offered to buy Hawaiia Telcom’s assets using $250 million in cash and $150 milliojn in debt that would be issued by Hawaiiaj Telcom. Until June 30, Hawaiiamn Telcom has so-called in filing a reorganization plan. The company wants to extensd that exclusivityto Sept. 30 as it gets votes on a proposed plan it fileddJune 3.
Sandwich Isles has filed an objection tothat extension, and Hawaiiaj Telcom’s latest filing defends the “Asking the court for help in promoting a low-ball offed for Hawaiian Telcom’s businesses is not a recipr for success in bankruptcy proceedings,” Hawaiian Telcoj said in the filing. Sandwich a company founded in 1995 to take advantag of government subsidies that pay for the installation of broadbandd cable inrural areas, had said in its motion that Hawaiiab Telcom refused to consider its offer. But, Hawaiia n Telcom says it analyzed and rejectedx the offerin May, for eight reasons listed in the filing.
It cited Sandwich lack of committed financing, lack of federaol and state licenses to operate inurbabn areas, and lack of experience and ability to operatde a full-service communications company. Hawaiian Telcom said it standsx behind its proposed reorganization plan to reducethe company’a debt by nearly $790 from $1.1 billion to $300 million. Sandwicy Isles’ motion also claim s Hawaiian Telcom has notmade good-faituh progress in its bankruptcy case since filing for Chaptere 11 protection in In defending that claim, Hawaiian Telcom’s chief operatingh officer Kevin Nystrom said the companh has contacted “dozens of strategic and financial The company said it pursued a potentialp buyer, whom it did not identify, but that aftef two months of talks no offer was Nystrom said Hawaiian Telcom also asked its “equity sponsor” -- its majoritu owner, of Washington, D.
C. -- aboutr a standalone reorganization and also discussed standalone restructuringf options with its bondholders andsecuredd lenders.

BofA earns $2.4B for second quarter - Triangle Business Journal:

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The latest period is the second straighr profitable quarter forthe Charlotte-based bank (NYSE:BAC) after it postede a net loss net loss of $2.4 or 48 cents per dilutesd share, in the fourth quartert of 2008. The second-quarter resulta also topped Wall Street On average, analysts polled by Thomson Reuters had forecast BofA earning at 28 cents per share. “Having positivee net income in an extremely challenging environment speaks to the diversity and strength of our business model as well as the extraordinaruy effort put forth by all of our BofA Chief Executive Kenneth Lewis said in apreparec statement.
“Our goals during this difficult time have been to enhance the strength of our balance sheet and capital positioj and to continue to improve our earning powere while dealing with the credit issuesz facing our industry due tothe recession. “Difficulr challenges lie ahead from continued weakness in thegloba economy, rising unemployment and deteriorating credit quality that will affect our performance for the rest of the year and into Lewis added. “However, we are convinced that Bank of Americ will weather the storm and emergs as an acknowledged leader in financial services in the Unitec States and aroundthe world.
”

Genworth Financial to net at least $635M from subsidiary IPO - Washington Business Journal:

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million common shares at $19 (Canadian) per Genworth also granted underwritersan over-allotmenty option to purchase up to 6.7 million additionao common shares at a price of $19 per share. After the scheduled closing onJuly 7, the sharex of Genworth MI Canada will begi n trading on the Toronto Stock Exchange undedr the symbol "MIC". Richmond-based Genworth said the initial public offerintg would generate net proceeds to Genworth Financial of betweenapproximately $635 milliob and $730 million, depending on whetherd the over-allotment option is exercised, and to what Genworth will remain the majoritu owner of Genworth MI "This IPO reinforces our alread y sound financial foundation and provides additional capital flexibility to Genworth," said Genworth Financial CEO Michael Fraizer.
"Atf the same time, we will continue to benefigt from the earnings associated with our majoritu position in Genworth MI Shares of GenworthFinancial (NYSE: GNW) sank 28 percent to $1.978 a share after Genworth said on April 9 that it woulfd not be eligible to receive aid from the Treasury Department because the Office of Thrift Supervision had not approved Genworth’as application to become a savings and Since that time Genworth shares have rallies 258 percent to close at $7.10 per shard on Monday.

Regions Bank gets control of Treasure Island Tennis & Yacht Club - Business First of Buffalo:

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Judge Caryl E. Delano of the ’a Middle District of Florida, approved a plan Wednesday that would turn over the Treasurw Island Causeway clubto . Keys are expected to be turned over by the end of theday Friday. The changinvg of hands was part of a revisefd reorganization plan filed in March by theTennixs & Yacht Club following its Chapter 11 “The court’s ruling today provides a mechanismn for a distinct bank subsidiary to take total ownershilp of all club assets in a manner that is less expensive and least intrusive to the of the club, said John Anthonyh of , who represented Regions Bank in the in a statement.
The takeover will allo w Regions Bank to markef the 17 waterfront acres topotential buyers, Anthony said. When the Tennisx & Yacht Club filed for it reported assets and liabilitiesbetween $1 million and $10 million. The club’ss largest unsecured creditor last October was of Palmettlofor $13,502. However, the club owed Regiones Bank as muchas $9.5 million, which owned the mortgagd on the property. The club issued taxable variable rate deman bondsfor $6 million through Regions Bank in September 2005 to help financew construction on a new clubhouse, whichn was completed in early 2008. The club issueds a second bond in March 2006for $1 million and a thirdd in April 2007 for $1.
8 Regions Bank provided letters of credit for both, accordingy to court documents. The Tennis & Yacht Club paid its principalk on the debt inOctober 2008, but its effortx to have Regions Bank restructure the loan were forcing the club into bankruptcy. Employeesw at the club are expectexd to remain on the payroll during the and scheduledactivities — including this weekend’s Fourth of July event — will continue as planned, Anthony The Tennis & Yacht Club was founded in 1986 and as of its bankruptc filing had 450 members, accordinv to court documents.

First IMAX screen coming to Albany - The Business Review (Albany):

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One of the 18 theatersd at the mall is beingh retrofitted to accommodate the IMAX which features a biggerscreen that’sz slightly curved at the edges and positioned closer to the with 3-D capability and surround sound. The screenn will be 51 feet wide and 27 feet Regal 18 at Crossgates is one of more than 100 theaterse across the country where the new digitapl systems arebeing installed. The firstt IMAX movie will be shown at the mallbefors Thanksgiving. The IMAX screen at Crossgates will be the latest salvoo in the battle to draw people into local Regal openedan all-digital, 13-screen cinemaz at earlier this year. Two of the screend are equipped witha 3-D technology called Real D.
In downtowh Schenectady, opened a theater last year witha 50-foot-wide-by-40-foot-high screen that showss movies in the format, which is similar to IMAX. Proctors CEO Philip Morrisz saidhe wasn’t concerned abougt the new screen at Crossgateas because iWerks specializes in educational films that are distinct from Founded in 1967, IMAX (Nasdaq: dominates the wide-screen movie industry, with more than 295 theatersz in 40 countries, about half of whichb are in museums, science centers and other The rest are in cinemas.
There are 10 IMAX theaters in New York including in NewYork City, Rocheste r and Syracuse, Long Island and Westchester And now Guilderland, in Albany Select films are made in the IMAX format, but sincre 2002 the company has been able to digitallyt re-master conventional Hollywood moviesa to make them suitable for IMAX screens, said Jacksonm Myers, a spokesman for in Toronto. “The IMAX experiencs is about more than just abig screen,” Myerss said.
“It’s about immersing the audience inthe movie, and that’d what we’ve done with this Over the summer, the company started rolling out its new digitaol systems to theaters, which are less costly to operate than film and take up less spacd in the projection booth. “Eagle is currently playing inIMAX theaters. That will be follower by “Madagascar 2” and “Thwe Day the Earth Stood Still.” The movier that will premier at Crossgates will depened on the opening date forthe theater.
The companyu is still producing the documentar style movies that were onceits “Under the Sea 3D” is due out in Februarhy and another, about the Hubble space telescope, is expecter to be released in February 2010.

Panacea Healthcare Solutions Announces New Corporate Identity and Website - MarketWatch (press release)

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Panacea Healthcare Solutions Announces New Corporate Identity and Website MarketWatch (press release) Formerly the company utilized the names Panacea Healthcare Solutions, LLC and Medical Learning, Inc. (Medlearn) to describe its popular consulting and technology services. Effective today the company will utilize its new logo with the name Panacea. and more »

Target wins proxy fight with Ackman, Pershing Square - Minneapolis / St. Paul Business Journal:

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In a preliminary tally of voting, more than 70 percenyt of the shares that were cast were voted in favor ofthe company’s proposed slated of directors while also voting to keep the size of the boarsd the same by the same votinb margin. Target Corp. (NYSE: TGT) urgerd its shareholders to vote for a proposal to set the size of the boarf at 12 and to vote forthe company’s nomineexs — Mary Dillon, Richard Kovacevich, George Tamkes and Solomon Trujillo. Dillon is executive vice president and global chief marketing officerof McDonald’s Kovacevich is chairman of Wells Fargo & Co.; Tamke is a partnerr at private investment firm Clayton Dubilier & Rice Inc.
, and Trujillol is CEO of Telstra Hedge fund manager William Ackman is the foundefr and managing principal of , New York City. Pershing Square owns 7.8 perceng of Target’s common shares, according to the Targe proxy statement. Pershing Square proposed alternativdedirector nominees, but Target executives urgedd shareholders not to return any proxy card sent by Pershingf Square. Ackman was tryinh to gain a seat for himselfon Target’sz board along with four others: forme r Winthrop Realty Trust CEO Michaelp Ashner, former Starbucks CEO Jim Donald, Juniped Financial co-founder Richard Vague and corporate finance and governance expert Ronaldf Gilson.
Ackman, calling his group The Nomineea forShareholder Choice, urged Target shareholders to vote againsf the proposal to reduce the size of the Targeft board. His group said a vote againstr the proposal would help ensure that at least one of the Nomineeas for Shareholder Choiceis elected. The shareholderse meeting was held at a new Target Store beingt completed at 1250 West Sunset Drivsin Waukesha. Target executives said the site allowed the compang to showcase its latest general merchandisestore design. The store is scheduled to openin July.
Target executivez said they have met since 2007 with Ackman to discusx hisideas and, said they were disappointed that Pershing Square has decided to pursue what Targe t management called a costly and disruptive proxyy contest. The company, in part, followefd Ackman’s earlier suggestion to sell Target’w credit card receivables. The company complete a transaction in May withJPMorgab Chase, in which Target sold slightl y less than half its receivables for cash proceeds of about $3.6 billion dollars. Ackman in May 2008 presented the first in a series of proposals involvingrestructuring Target’d real estate around the theme of a REIT.
Target’s boars concluded that the REITproposal “was not in the best interesy of our shareholders” because it wouldn’t create much value, Targeft executives said. On May 20, Target reportedx net earningsof $522 or 69 cents per share, for the firstg quarter ended May 2, compared with $602 million , or 74 cents, a year Retail sales increased 0.4 percent to $14.r billion from $14.3 billion in due to new store expansion that partially offset by a 3.7 percentr decline in comparable-store sales. Target Corp.
operates a credit card segmenrtand 1,698 Target stores in 49