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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.
Saturday, May 12, 2012
Friday, May 11, 2012
BofA earns $2.4B for second quarter - Triangle Business Journal:
mozybyd.wordpress.com
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.
”
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.
”
Wednesday, May 9, 2012
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.
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.
Monday, May 7, 2012
Regions Bank gets control of Treasure Island Tennis & Yacht Club - Business First of Buffalo:
hihozeima.blogspot.com
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.
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.
Saturday, May 5, 2012
First IMAX screen coming to Albany - The Business Review (Albany):
caloloary.blogspot.com
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.
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.
Friday, May 4, 2012
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. |
Wednesday, May 2, 2012
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
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
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