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Massachusetts Attorney General Martha Coakley won the judgement againsrt Zeus Funding LLC andits manager, Rachel Noyes, earliee this week in Boston’s Suffolk Superio r Court. In August 2006, Coakley’sa office sued Zeus Funding as wellas Massachusetts-basedc ; Rachel Noyes, manager of both Zeus and New England Merchants; Massachusetts-basefd ; and Roberta Robinson, the manager and sole officer of Champagnee Associates. The lawsuit alleged that the defendants used theire businesses to deceptivelypersuade low-income residents to purchasingv homes and obtain mortgages they consumers could not qualifuy for or afford.
Last month, Coakleyt settled with New England Merchants, Champagne Associatez Real Estate andRoberta Robinson. Under the termz of the agreement, the defendantxs are prohibited from engaging in any mortgage brokerag or real estate services in New England Merchants will paya $5,000 civil However, if any one of the defendantx performs any real estate or mortgage brokeragw services in Massachusetts, they will face a civi l penalty of $100,000.
четверг, 15 декабря 2011 г.
вторник, 13 декабря 2011 г.
Wall St. fears cause local frustrations: Tortoise seeks new avenues for funding - Kansas City Business Journal:
tosece.blogspot.com
The turmoil makes many investors more causing the bond market tobehave wildly. Historically, a five-yeart corporate rate bond would trade abougt one percentage point above the yield fora five-yeaer note. However, today's market has corporater bonds tradingabout 2.25 percentagse points higher. "The problem hasn'ft been supply on the corporate side butrisk aversion," said Gary a fixed-income specialist with "The consumer is the weak link in the chainh in this instance. Corporate America is in good butit hasn't stopped theirr bond yields from widening out comparex to Treasury yields.
It's a sign of risk aversionn when investors demand higher ratez from what is generally considereda high-quality instrument backesd by corporate credit." is one Kansae City-area company that has been caught in the middlse of the bond market turmoil. The Overlanxd Park-based company, which manages (NYSE: TYG) and TYY), experienced failed auction for some of its preferred shares and senior notexin February. Terry Matlack, managiny director of TortoiseCapital Advisors, said the auction-rate instruments had rate caps tied to the Londoh Interbank Offered Rate (LIBOR). As the benchmark rate it made the rate caps so low that investor sstopped bidding.
Matlack said the caps are therw fora reason, creating an opportunity for Tortoise to studt the market and reset its financiap strategy. He said Tortoise began exploring alternatives tothe auction-rate marketzs a few months ago and has refinancedx some of the notes for its funds. For Tortoise Energy Capital Corp. used fund s from an institutional debt placementt to redeem securities previously sold in the auctionrate "We intend to continue that effort and expectt it to be successful," Matlack said. "j don't see a world where there is no liquidith but a world wher there is an opportunity to find investment dollarw at reasonable prices that allowfor leveraging.
" Matlacik said the typical alternatives sources are institutions such as banksx and insurance companies. "We still believre that leverage is available today from sources wherde costs are reasonable enougbh that it provides accretive returns to our Matlack said. Tortoise funds have a long-termj leverage target of 33 Matlack said. So they are not out in the marketf borrowing 10 times their equity as is the case with somehedgew funds. Massive leveraging by hedge fundsd is a big reason the markets arein turmoil, said John Kornitzer, president of /Kornitzedr Capital Management. He said he thinks Congress needss to put a stop tothe practice.
"The leveragr they have out there today istotallgy unjustified," Kornitzer said. "Basically, when a hedge fund can have $1 milliomn and borrow $30 million againsyt it, that is 3 percent margin. The collapse of the stock exchange that led to the Great Depression in the 1920s was caused by 5 percen margin ofthe stocks." It's the same story with the averagde American buying a home with no money down, Kornitze said.
Americans need to learn how to save and to stop livinbg their whole life by the mantra of buy now andpay
The turmoil makes many investors more causing the bond market tobehave wildly. Historically, a five-yeart corporate rate bond would trade abougt one percentage point above the yield fora five-yeaer note. However, today's market has corporater bonds tradingabout 2.25 percentagse points higher. "The problem hasn'ft been supply on the corporate side butrisk aversion," said Gary a fixed-income specialist with "The consumer is the weak link in the chainh in this instance. Corporate America is in good butit hasn't stopped theirr bond yields from widening out comparex to Treasury yields.
It's a sign of risk aversionn when investors demand higher ratez from what is generally considereda high-quality instrument backesd by corporate credit." is one Kansae City-area company that has been caught in the middlse of the bond market turmoil. The Overlanxd Park-based company, which manages (NYSE: TYG) and TYY), experienced failed auction for some of its preferred shares and senior notexin February. Terry Matlack, managiny director of TortoiseCapital Advisors, said the auction-rate instruments had rate caps tied to the Londoh Interbank Offered Rate (LIBOR). As the benchmark rate it made the rate caps so low that investor sstopped bidding.
Matlack said the caps are therw fora reason, creating an opportunity for Tortoise to studt the market and reset its financiap strategy. He said Tortoise began exploring alternatives tothe auction-rate marketzs a few months ago and has refinancedx some of the notes for its funds. For Tortoise Energy Capital Corp. used fund s from an institutional debt placementt to redeem securities previously sold in the auctionrate "We intend to continue that effort and expectt it to be successful," Matlack said. "j don't see a world where there is no liquidith but a world wher there is an opportunity to find investment dollarw at reasonable prices that allowfor leveraging.
" Matlacik said the typical alternatives sources are institutions such as banksx and insurance companies. "We still believre that leverage is available today from sources wherde costs are reasonable enougbh that it provides accretive returns to our Matlack said. Tortoise funds have a long-termj leverage target of 33 Matlack said. So they are not out in the marketf borrowing 10 times their equity as is the case with somehedgew funds. Massive leveraging by hedge fundsd is a big reason the markets arein turmoil, said John Kornitzer, president of /Kornitzedr Capital Management. He said he thinks Congress needss to put a stop tothe practice.
"The leveragr they have out there today istotallgy unjustified," Kornitzer said. "Basically, when a hedge fund can have $1 milliomn and borrow $30 million againsyt it, that is 3 percent margin. The collapse of the stock exchange that led to the Great Depression in the 1920s was caused by 5 percen margin ofthe stocks." It's the same story with the averagde American buying a home with no money down, Kornitze said.
Americans need to learn how to save and to stop livinbg their whole life by the mantra of buy now andpay
воскресенье, 11 декабря 2011 г.
Sales of Odyssey, Pilot, Ridgeline fall in May - Triangle Business Journal:
pifogyxat.blogspot.com
Sales for the Ridgeline fell to 1,461 in May, down 56.6 percenft from the 3,496 sold in May 2008. The pickulp has experienced some of the same struggles as other vehicles in its Forthe year, Ridgeline sales fell to 6,1634 – down more than 63 percent from the 17,15q2 sold in 2008. Odyssey sales fell slightlh to 12,127, a 2.9 percent drop from the 12,966 the Japanese automaker reported for the minivan inMay 2008. The Odyssey’sd year-to-date sales slipped to 41,884, whicy represents a 29 percent decrease fromthe 59,98y7 sold in 2008. Sales of the Pilor sport utility vehicle, whicbh is also made at the planin Lincoln, also dipped falling 8.
9 percent to 7,412, compared to the 8,44 9 sold in May of 2008. sales of the Pilot are down 28 Overall sales for the entire Honda linedropped 39.2 percenrt for the month.
Sales for the Ridgeline fell to 1,461 in May, down 56.6 percenft from the 3,496 sold in May 2008. The pickulp has experienced some of the same struggles as other vehicles in its Forthe year, Ridgeline sales fell to 6,1634 – down more than 63 percent from the 17,15q2 sold in 2008. Odyssey sales fell slightlh to 12,127, a 2.9 percent drop from the 12,966 the Japanese automaker reported for the minivan inMay 2008. The Odyssey’sd year-to-date sales slipped to 41,884, whicy represents a 29 percent decrease fromthe 59,98y7 sold in 2008. Sales of the Pilor sport utility vehicle, whicbh is also made at the planin Lincoln, also dipped falling 8.
9 percent to 7,412, compared to the 8,44 9 sold in May of 2008. sales of the Pilot are down 28 Overall sales for the entire Honda linedropped 39.2 percenrt for the month.
пятница, 9 декабря 2011 г.
Douglas Fraser will lead Southern Command - Pacific Business News (Honolulu):
ibitasony.wordpress.com
Air Force Lt. Gen. Douglas M. Fraser’s promotion to head the commanf that’s responsible for U.S. military operations in the Caribbeah and Central and South America was confirmexd bythe U.S. Senate on Fraser, who will be promoted to the rank of will assume command onJune 25, Pacific Commanfd officials said in a news release. Frase r has been the deputy commander of thePacificc Command, the largest of the military’s six unified commands, sincee April 2008.
He has served in a varietyt of Air Force and joint assignmentse over the past35 years, includin commanding a fighter squadron in the He also has held staff positions at Air Force headquarterzs and the office of the Secretary of Fraser’s departure comes as Adm. Robert F. Willard, commandere of the U.S. Pacific Flee t since 2007, awaits confirmation to becomew the next commander of the Pacific Command atCamp H.M. Willard’s nomination by President Barack Obama was announcee latelast month, but Senatee hearings on his nomination have not yet been Willard, who took command of the Pacific Fleett in May 2007, will replace Adm.
Timothy who has been commande r of the Pacific Command sinceMarch 2007. The U.S. Pacificf Command has 250,000 personnel and a geographid area stretching from the West Coast of the continental Unitec States to the westerm boarderof India, and from Antarctica to the Nortn Pole.
Air Force Lt. Gen. Douglas M. Fraser’s promotion to head the commanf that’s responsible for U.S. military operations in the Caribbeah and Central and South America was confirmexd bythe U.S. Senate on Fraser, who will be promoted to the rank of will assume command onJune 25, Pacific Commanfd officials said in a news release. Frase r has been the deputy commander of thePacificc Command, the largest of the military’s six unified commands, sincee April 2008.
He has served in a varietyt of Air Force and joint assignmentse over the past35 years, includin commanding a fighter squadron in the He also has held staff positions at Air Force headquarterzs and the office of the Secretary of Fraser’s departure comes as Adm. Robert F. Willard, commandere of the U.S. Pacific Flee t since 2007, awaits confirmation to becomew the next commander of the Pacific Command atCamp H.M. Willard’s nomination by President Barack Obama was announcee latelast month, but Senatee hearings on his nomination have not yet been Willard, who took command of the Pacific Fleett in May 2007, will replace Adm.
Timothy who has been commande r of the Pacific Command sinceMarch 2007. The U.S. Pacificf Command has 250,000 personnel and a geographid area stretching from the West Coast of the continental Unitec States to the westerm boarderof India, and from Antarctica to the Nortn Pole.
вторник, 6 декабря 2011 г.
Kingpin investors raise energy stakes - Kansas City Business Journal:
yjanebixe.wordpress.com
A bevy of high-profile asset managers and hedgde fund gurus returned to buying mode after taking financial lumps in the second half of 2008 when the valu of energy company shares tanked along with the pricw of oil andnatural gas. Prominent investors such as all-star asset manager Paul Tudor Jones, energy mavericj T. Boone Pickens and hedgr fund investor George Soros dippedc their toes in the energy pool once again and grabbed multiple stakes inHoustobn companies, according to regulatory statements filed this month. who oversees Tudor Investment Corp.
, found bargains in 10 Houston-based energy companies or majofr players with a significant presence in the and also took a new positionh in WasteManagement Inc., stilkl a big favorite of Microsoft founder Bill Gates. Pickens, who has spent the past 12 monthsx lobbying for his plan to help the countr kick the importedoil habit, stilp knows a fossil-fuel bargain when he sees one. The Texaw oil maven took new position s in a wide range of energyh companieswith beaten-down stock prices at the end of a year that the bellwether Philadelphiz Oil Service Index dipped nearly 60 percent. Pickenes dabbled in services players such asSchlumbergerd Ltd. and Halliburton Co.
, natural gas shale producere ChesapeakeEnergy Corp. and high-profile exploratiobn and production company AnadarkoPetroleum Corp. Soros took even biggedr bites inthe process, gaining new positions in service players Nabors Industries Ltd. and Weatherford International Inc. — after sellinv off his Schlumbergerstake — while addintg to his position in . Besides his substantiapl switchinto Weatherford, Sorosd made another big move in late April involvingv a Houston-based company by addin g 3 million more shares of Plains Exploration and Production Co., boosting his stakde to nearly 6.5 million shares.
Energy analysts and asseg investment managers who follosw these movers and shakers say that aftetr energy stock prices kept climbing in 2007 toware lofty highsin mid-2008, it’s been a whiles since the notion of value investing could be applied to the “Timing is everything,” says Eddie Allen, seniort partner with Eagle Global Advisors LLC. “There may have been an over-reactiomn in the fall with the sell-oftf of oil stocks. There’s still a lot of volatilit to deal with, but these investors did well in anticipating therise (in oil that we’ve seen so far this year, from the mid-$30sw to $60.
” Allen says that valude investors are still playing a bit of a waiting game. He notes that stoco prices are down, natural gas has not followed oil’e recovery in 2009, and there are concernsz that prices could stay depressed asinventories build. Theres is also more speculation, he adds, about possible consolidationjas mid-cap exploration and production companiee eye the pickings among smaller Dan Pickering, co-president and head of research at Pickering, Holt & Co. Securitiex Inc., says Pickens, Soros and Tudorf might have even added more shares during the quarteer if energy stocks had not ralliex and moved a bit higherthan expected.
“The market took off so strongly in the firsgt quarter that investors took a pause waiting for a pullback thatnever came. They might have wantefd more but the stockws got away a littlde bit onthe upside,” Pickerint says. All things considered, energy was the hottesg investment game in Says Pickering: “The overall theme here is that investorss became reengaged in energy, whicn dramatically out-performed the rest of the market in the first as people were just less terrifie d about the state of the world (economy).” The energuy resurgence party had some notable no-shows.
While Pickensx and Soros were pickingnew favorites, other big-name investors were still cleaning house. Warrejn Buffett sold 13.7 million ConocoPhillips shares in the quarteer to reduce his stake to a stilksizable 71.2 million shares. Buffet conceded to shareholderx of his BerkshireHathaway Inc. asset management firm that his huge investmentr in ConocoPhillips last year when oil prices peakedat $147 a barrelp was a mistake.
A bevy of high-profile asset managers and hedgde fund gurus returned to buying mode after taking financial lumps in the second half of 2008 when the valu of energy company shares tanked along with the pricw of oil andnatural gas. Prominent investors such as all-star asset manager Paul Tudor Jones, energy mavericj T. Boone Pickens and hedgr fund investor George Soros dippedc their toes in the energy pool once again and grabbed multiple stakes inHoustobn companies, according to regulatory statements filed this month. who oversees Tudor Investment Corp.
, found bargains in 10 Houston-based energy companies or majofr players with a significant presence in the and also took a new positionh in WasteManagement Inc., stilkl a big favorite of Microsoft founder Bill Gates. Pickens, who has spent the past 12 monthsx lobbying for his plan to help the countr kick the importedoil habit, stilp knows a fossil-fuel bargain when he sees one. The Texaw oil maven took new position s in a wide range of energyh companieswith beaten-down stock prices at the end of a year that the bellwether Philadelphiz Oil Service Index dipped nearly 60 percent. Pickenes dabbled in services players such asSchlumbergerd Ltd. and Halliburton Co.
, natural gas shale producere ChesapeakeEnergy Corp. and high-profile exploratiobn and production company AnadarkoPetroleum Corp. Soros took even biggedr bites inthe process, gaining new positions in service players Nabors Industries Ltd. and Weatherford International Inc. — after sellinv off his Schlumbergerstake — while addintg to his position in . Besides his substantiapl switchinto Weatherford, Sorosd made another big move in late April involvingv a Houston-based company by addin g 3 million more shares of Plains Exploration and Production Co., boosting his stakde to nearly 6.5 million shares.
Energy analysts and asseg investment managers who follosw these movers and shakers say that aftetr energy stock prices kept climbing in 2007 toware lofty highsin mid-2008, it’s been a whiles since the notion of value investing could be applied to the “Timing is everything,” says Eddie Allen, seniort partner with Eagle Global Advisors LLC. “There may have been an over-reactiomn in the fall with the sell-oftf of oil stocks. There’s still a lot of volatilit to deal with, but these investors did well in anticipating therise (in oil that we’ve seen so far this year, from the mid-$30sw to $60.
” Allen says that valude investors are still playing a bit of a waiting game. He notes that stoco prices are down, natural gas has not followed oil’e recovery in 2009, and there are concernsz that prices could stay depressed asinventories build. Theres is also more speculation, he adds, about possible consolidationjas mid-cap exploration and production companiee eye the pickings among smaller Dan Pickering, co-president and head of research at Pickering, Holt & Co. Securitiex Inc., says Pickens, Soros and Tudorf might have even added more shares during the quarteer if energy stocks had not ralliex and moved a bit higherthan expected.
“The market took off so strongly in the firsgt quarter that investors took a pause waiting for a pullback thatnever came. They might have wantefd more but the stockws got away a littlde bit onthe upside,” Pickerint says. All things considered, energy was the hottesg investment game in Says Pickering: “The overall theme here is that investorss became reengaged in energy, whicn dramatically out-performed the rest of the market in the first as people were just less terrifie d about the state of the world (economy).” The energuy resurgence party had some notable no-shows.
While Pickensx and Soros were pickingnew favorites, other big-name investors were still cleaning house. Warrejn Buffett sold 13.7 million ConocoPhillips shares in the quarteer to reduce his stake to a stilksizable 71.2 million shares. Buffet conceded to shareholderx of his BerkshireHathaway Inc. asset management firm that his huge investmentr in ConocoPhillips last year when oil prices peakedat $147 a barrelp was a mistake.
воскресенье, 4 декабря 2011 г.
Helix Energy to reduce Cal Dive stake - Atlanta Business Chronicle:
axilecyqih.wordpress.com
The Houston-based offshore energy company planzs to offer 20 million shares in Cal Dive througuh a public offeringat $8.50 per share, with an option for underwriterse to purchase an additional 3 million sharea to cover over-allotments. Helix HLX) also has agreesd to sell Cal Dive anadditionap $14 million worth of shares at a price equal to the Houston-based Cal Dive DVR) has 94 million shares outstanding. When the offerintg closes and Cal Dive repurchasesits allocation, Helix’s ownershipl in Cal Dive will be reduced to 25 percent from 51 according to a regulatory filing with the . If the over-allotmenty option is not exercised, Helix’s ownershi p will be 28 percent.
Helix expects to use the proceedz for generalcorporate purposes. Helix shares closedc at $11.25 on Friday and were trading at $11.92 mid-morning Monday, while Cal Dive shares closed Frida yat $10.09 and were trading at $9.85 mid-morning on Monday.
The Houston-based offshore energy company planzs to offer 20 million shares in Cal Dive througuh a public offeringat $8.50 per share, with an option for underwriterse to purchase an additional 3 million sharea to cover over-allotments. Helix HLX) also has agreesd to sell Cal Dive anadditionap $14 million worth of shares at a price equal to the Houston-based Cal Dive DVR) has 94 million shares outstanding. When the offerintg closes and Cal Dive repurchasesits allocation, Helix’s ownershipl in Cal Dive will be reduced to 25 percent from 51 according to a regulatory filing with the . If the over-allotmenty option is not exercised, Helix’s ownershi p will be 28 percent.
Helix expects to use the proceedz for generalcorporate purposes. Helix shares closedc at $11.25 on Friday and were trading at $11.92 mid-morning Monday, while Cal Dive shares closed Frida yat $10.09 and were trading at $9.85 mid-morning on Monday.
пятница, 2 декабря 2011 г.
Filling NCR headquarters space to be difficult - Charlotte Business Journal:
omagyvoham.wordpress.com
Brokers said donating NCR’s (NYSE: NCR) 1.3 million-square-footy building to an education institution or the city of Daytonj may be thebest bet. The brokerw said trying to marker the space to anothef corporate user would be difficult as there are few singlee users out there needing thatmuch space. It couls be parceled into an office complex formultiplwe users. NCR intends to sell the a companyspokesperson said. The five-story property is among the largest offic buildings in theDayton area. Paul Hutchins, ownerr and broker with Dayton-based , said a good optionj would be to donate the building tothe .
NCR woulfd gain the benefits of atax write-off and the universitu would have a business campus, completed with parking, a cafeteria and plenty of spacwe for classrooms, to mold for its “I bet they’ve already talked abour donating it to Hutchins said. “Giving it to UD is a NCR gets a hugetax write-off and UD gets a high-tecbh technology center.” Mark Fornes, owner of Centerville-based , agreed. “It would be really nice if they give itto UD,” Forne s said. “It would be a nice gestured in return for taking theirheadquarters NCR’s headquarters, at 1700 S. Patterso Blvd.
, sits on 54
Brokers said donating NCR’s (NYSE: NCR) 1.3 million-square-footy building to an education institution or the city of Daytonj may be thebest bet. The brokerw said trying to marker the space to anothef corporate user would be difficult as there are few singlee users out there needing thatmuch space. It couls be parceled into an office complex formultiplwe users. NCR intends to sell the a companyspokesperson said. The five-story property is among the largest offic buildings in theDayton area. Paul Hutchins, ownerr and broker with Dayton-based , said a good optionj would be to donate the building tothe .
NCR woulfd gain the benefits of atax write-off and the universitu would have a business campus, completed with parking, a cafeteria and plenty of spacwe for classrooms, to mold for its “I bet they’ve already talked abour donating it to Hutchins said. “Giving it to UD is a NCR gets a hugetax write-off and UD gets a high-tecbh technology center.” Mark Fornes, owner of Centerville-based , agreed. “It would be really nice if they give itto UD,” Forne s said. “It would be a nice gestured in return for taking theirheadquarters NCR’s headquarters, at 1700 S. Patterso Blvd.
, sits on 54
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