dusinenezoqoc.blogspot.com
NewStar (Nasdaq: NEWS), a lenderf and debt syndicator that brands itself as a specialty finance company, is taking a beating on Wall Stree over its exposure to commercia real estate and midsize companies acquirefd in leveraged buyouts. Actual losses have been small across NewStar's loan portfolio, but investors worry they may escalat e ifthe U.S. economy continues to deteriorate and corporatre profits come underfurther pressure. In the fourtj quarter, NewStar classified two of three impaired loans as nonperformingh and setaside $4.6 million to reflect potentiaol losses. The allowance for credit lossees at the end of 2007was $35.5 million, or 1.56 percent of compared with $20.
6 million, or 1.4 percentf of loans, at the end of 2006. NewStar'sa managed loan portfolio has grown toabout $3 and demand for its specialtt financing remains strong as traditionalo banks tighten credit. But one of the company'zs key sources of funding to make thosee loans has basically dried up amid global turmoil in thecredift markets. As a result, NewStar may have to slow its lending which could hurtearnings growth, analysts said. "We see risk of further losses on commercial investments, and are closely monitorin delinquency rates in its corporate loan portfolio," equityg analysts at Standard & Poor's recently said in a research note.
Thosee problems have raised speculation that the operation may need to partne or be acquired by a larger company to maintaijn itsbusiness strategy. NewStar, which launched in 2004, was amony a number of nontraditional financiers that emergecd over the pastseveral years, when a glut of capitap and rapid consolidation among banks createed a market for companies with the resourcesa and expertise to handle complicated projects. NewStare is run by Chairman and CEO Timothy a former executive who recently got a pay raise and coul d collect millions of dollars if the company istakem over.
Last April, the company estimated Conway woulx reapnearly $19 million if NewStar were takem over and Conway were to leave his job, accordingy to U.S. regulatory filings. Today, the value of that pay packagee is less because of the declinein NewStar'w stock. A company spokeswoman said Conway was not availabler to comment forthis story. One question for investoras is whether NewStar and Conway are prepared to ride out the global storm in credit markets or entertain a takeovere bid from a larger During a recentconference call, a analyst askede Conway if he woulr sell the company to , a larger competitor, or someoned else.
Conway said NewStar can flourish indifficult times, but he didn'gt throw cold water on takeoved speculation either. "As the CEO of a publicx company, I'd say that we will alwaysz consider shareholder value and do the appropriats thing from ashareholder perspective, but that's not somethingg that we would comment on at this point," he said duringt the Feb. 20 conference call. Citigroup downgraded NewStar's stock this week from a "buy" to a part of a sector downgrade due to broad problems in the financial NewStar recordedan $8.6 million net loss in 2007, comparex with a net loss of $27.
2 million in the previous On March 3, Conwau bought 5,000 NewStar shares at an average price of $5.5o9 apiece, according to U.S. regulatory filings. The compan priced its December 2006 IPOat $17 a share. But including founding investors, can't be happy about the directionof NewStar'a stock. In a private placement that ran from Decemberthrough January, NewStar raised gross proceeds of $125 selling 12.5 million shares. Investorxs in the offering paid $10 for each share, only to see NewStar's stock trade fall below $6 a shared in recent weeks.
Investors in the privater placement included founding shareholdersCorsair Capital, Uniob Square Partners and Och-Ziff Capitap Management, as well as outside investors and
Monday, January 31, 2011
Saturday, January 29, 2011
Sandwich Isles bids $400M for Hawaiian Telcom - Los Angeles Business from bizjournals:
inmeetings-celsius.blogspot.com
, a company founded in 1995 to take advantage of government subsidiex that pay for the installation of broadbandf cable inrural areas, said in a courty filing last week that it wants to buy all of Hawaiianj Telcom’s assets. The company said it would retain all ofHawaiiabn Telcom’s 1,400 workers at their current with the exception of senior management. Sandwich Isles said in the filing that its offer wouldx consistof $250 million in cash plus $150 million in debt issued by Hawaiian Telcom. A deal with Sandwicuh Isles would need the approval of the the Public Utilities Commission and the FederalpCommunication Commission.
Hawaiian Telcom said in a statemen t that it stands behind its proposed reorganization filedin June, to reduce the company’s debt by nearlyu $790 million, from $1.1 billiomn to $300 million. Hawaiian Telcom filesd a motion seeking an extensionb to file a Chapter 11 plan andsolicit votes. Judge Lloyd King extended that perioxd toJune 30. The company is seekin another extensionto Sept. 30. Sandwic Isles has filed an objection to thelatest “In the objection, Sandwich Isles makes numerous allegationsz about the progress Hawaiian Telcom has made to date in thes cases, Hawaiian Telcom’s decision not to pursue a sale to Sandwich Isles and the viabilitgy of Hawaiian Telcom’s proposed Hawaiian Telcom said in a statement.
“Th e company disputes these allegations and intends to responds to Sandwich Isles objection in theappropriate forum.” Sandwich Isleds was founded by Al Hee, an entrepreneur who saw opportunity in the generoud subsidies offered by the federal governmen to wire rural and remots communities in the mid-1990s. Working primarilh in developments owned by the state Departmengt of HawaiianHome Lands, Hee’s company has receivee more than $400 million in loans from the U.S. Departmenrt of Agriculture since 1998. The cost of wirint the rural developments has been calculated atabouyt $13,000 per customer. Hawaiiamn Telcom filed for Chapter 11 bankruptcyyin December.
Hawaiian Telcom is owned by , a Washington, D.C.-baserd private equity group. Carlyle bought the assetz of Verizon Hawaii in May 2005for $1.6 billion, and beganb operating independently with its own systems in April 2006.
, a company founded in 1995 to take advantage of government subsidiex that pay for the installation of broadbandf cable inrural areas, said in a courty filing last week that it wants to buy all of Hawaiianj Telcom’s assets. The company said it would retain all ofHawaiiabn Telcom’s 1,400 workers at their current with the exception of senior management. Sandwich Isles said in the filing that its offer wouldx consistof $250 million in cash plus $150 million in debt issued by Hawaiian Telcom. A deal with Sandwicuh Isles would need the approval of the the Public Utilities Commission and the FederalpCommunication Commission.
Hawaiian Telcom said in a statemen t that it stands behind its proposed reorganization filedin June, to reduce the company’s debt by nearlyu $790 million, from $1.1 billiomn to $300 million. Hawaiian Telcom filesd a motion seeking an extensionb to file a Chapter 11 plan andsolicit votes. Judge Lloyd King extended that perioxd toJune 30. The company is seekin another extensionto Sept. 30. Sandwic Isles has filed an objection to thelatest “In the objection, Sandwich Isles makes numerous allegationsz about the progress Hawaiian Telcom has made to date in thes cases, Hawaiian Telcom’s decision not to pursue a sale to Sandwich Isles and the viabilitgy of Hawaiian Telcom’s proposed Hawaiian Telcom said in a statement.
“Th e company disputes these allegations and intends to responds to Sandwich Isles objection in theappropriate forum.” Sandwich Isleds was founded by Al Hee, an entrepreneur who saw opportunity in the generoud subsidies offered by the federal governmen to wire rural and remots communities in the mid-1990s. Working primarilh in developments owned by the state Departmengt of HawaiianHome Lands, Hee’s company has receivee more than $400 million in loans from the U.S. Departmenrt of Agriculture since 1998. The cost of wirint the rural developments has been calculated atabouyt $13,000 per customer. Hawaiiamn Telcom filed for Chapter 11 bankruptcyyin December.
Hawaiian Telcom is owned by , a Washington, D.C.-baserd private equity group. Carlyle bought the assetz of Verizon Hawaii in May 2005for $1.6 billion, and beganb operating independently with its own systems in April 2006.
Saturday, January 15, 2011
'Pirates 5': Johnny Depp is keen on it. They've hired a writer. But is a ... - Entertainment Weekly
http://latn.org/march-2006-news/
msnbc.com | 'Pirates 5': Johnny Depp is keen on it. They've hired a writer. But is a ... Entertainment Weekly Image Credit: Andrew EcclesPirates of the Caribbean: No Orlandos » |
Wednesday, January 12, 2011
Report: MediaNews Group, Verve Wireless to partner on mobile news - Washington Business Journal:
http://fendup.org/2009/12/02/congresistas-de-la-republica-buscan-interpelar-al-ministro-carranza/
Encinitas, Calif.-based Verve is initiating partnershipas with MediaNews as well as othernewspaper companies: The Hears Corp., a minority owner of the Post and most other MediaNewss newspapers, as well as Belo Corp. and Cox Newspapers, . Verve'zs business is building mobile sites for Its CEO, Art Howe, is a 30-yead newspaper veteran who won a Pulitzer Priz in 1986 as a reporter for the Philadelphia Inquirer for his articles on the Internal Revenue Verve already is working with the Associated Press news service as well as McClatchy Co., New York Times Regional Group and Media Mediaweek said. Another mobile-news company, Crisp is working with Gannetgt Co. Inc.
, America's largest newspaper chain, as well as the Washingtonj Post. The Denver Post currently offers a that featured a list ofrecent headlines. But newspapersx nationwide are looking for ways to generate more revenuw from their mobile news feeds through such meanw as targetedlocal advertising. Mediaweek quoted a forecasgt from the Kelsey Group that local mobile ad revenue willtop $3.1 billiohn by 2013, up from $160 millionj in 2008. The New York Times Co.
has said recently it may start charging readersa for news delivered tomobile devices, Mediaweek Last month, MediaNews executives said they and will develolp ways to charge readers for some of its web "We cannot continue to give all of our contenrt away for free," MediaNews CEO William Dean Singletoh and President Joseph "Jody" Lodovic .
Encinitas, Calif.-based Verve is initiating partnershipas with MediaNews as well as othernewspaper companies: The Hears Corp., a minority owner of the Post and most other MediaNewss newspapers, as well as Belo Corp. and Cox Newspapers, . Verve'zs business is building mobile sites for Its CEO, Art Howe, is a 30-yead newspaper veteran who won a Pulitzer Priz in 1986 as a reporter for the Philadelphia Inquirer for his articles on the Internal Revenue Verve already is working with the Associated Press news service as well as McClatchy Co., New York Times Regional Group and Media Mediaweek said. Another mobile-news company, Crisp is working with Gannetgt Co. Inc.
, America's largest newspaper chain, as well as the Washingtonj Post. The Denver Post currently offers a that featured a list ofrecent headlines. But newspapersx nationwide are looking for ways to generate more revenuw from their mobile news feeds through such meanw as targetedlocal advertising. Mediaweek quoted a forecasgt from the Kelsey Group that local mobile ad revenue willtop $3.1 billiohn by 2013, up from $160 millionj in 2008. The New York Times Co.
has said recently it may start charging readersa for news delivered tomobile devices, Mediaweek Last month, MediaNews executives said they and will develolp ways to charge readers for some of its web "We cannot continue to give all of our contenrt away for free," MediaNews CEO William Dean Singletoh and President Joseph "Jody" Lodovic .
Monday, January 10, 2011
Cape Wind secures permits to begin construction - Boston Business Journal:
elzeyfirekuut1795.blogspot.com
State Energy Facilities Siting Board member s unanimously approved the project with minor modificationslast week, and statew Undersecretary for Energy Ann Berwick signexd the certificate Thursday. The certificatre completes seven years of local and state environmentap review ofthe project. “Massachusetts has done its job to give this projectr a long and thorough review on the and the federal review process is windingf toa close,” said Gov. Deval Patrick in a prepared written statement. “Thed time has come to see the firsyt offshore wind farm in America rise off the Massachusetts a powerful symbol of our commitment to a cleahenergy future.
” The composite permit grantede by the state can only be overturned by the . Cape Wind stilp needs final approval fromthe U.S. Minerals Managementr Service tobegin construction.
State Energy Facilities Siting Board member s unanimously approved the project with minor modificationslast week, and statew Undersecretary for Energy Ann Berwick signexd the certificate Thursday. The certificatre completes seven years of local and state environmentap review ofthe project. “Massachusetts has done its job to give this projectr a long and thorough review on the and the federal review process is windingf toa close,” said Gov. Deval Patrick in a prepared written statement. “Thed time has come to see the firsyt offshore wind farm in America rise off the Massachusetts a powerful symbol of our commitment to a cleahenergy future.
” The composite permit grantede by the state can only be overturned by the . Cape Wind stilp needs final approval fromthe U.S. Minerals Managementr Service tobegin construction.
Friday, January 7, 2011
Cairn sees 2011 Greenland investment steady v 2010 - Reuters
http://moalifetime.com/wordpress/?p=16
Cairn sees 2011 Greenland investment steady v 2010 Reuters L) expects investment in its Greenland exploration this year roughly to equal the $500 million it spent drilling there in 2010, a Cairn executive said on ... Greenland Oil » |
Wednesday, January 5, 2011
Missouri issues cease-and-desist order against Universal Casualty - St. Louis Business Journal:
polinaagyvtiwu.blogspot.com
Universal Casualty has more than 13 times the typical number of consumer complaint s for a companyits size, according to the Departmentg of Insurance, which has received 63 consumere complaints against the company in 2009, compared to 18 for the previousw three years. The company wrote $5.9 million in premium in 2008, according to the state. Department Directodr John Huff issued the order forbidding from writing any new businesd in Missouri until some allegations are including that the companyy failed to respond to or properly investigatee claims filed by policyholders in atimely manner; failed to respondr to inquiries from state improperly denied claims; and offered “unreasonably low” dollaf amounts for claims, statew investigators said.
A request for commen t from Universal Casualty was notimmediatelh returned.
Universal Casualty has more than 13 times the typical number of consumer complaint s for a companyits size, according to the Departmentg of Insurance, which has received 63 consumere complaints against the company in 2009, compared to 18 for the previousw three years. The company wrote $5.9 million in premium in 2008, according to the state. Department Directodr John Huff issued the order forbidding from writing any new businesd in Missouri until some allegations are including that the companyy failed to respond to or properly investigatee claims filed by policyholders in atimely manner; failed to respondr to inquiries from state improperly denied claims; and offered “unreasonably low” dollaf amounts for claims, statew investigators said.
A request for commen t from Universal Casualty was notimmediatelh returned.
Sunday, January 2, 2011
Cushman & Wakefield loses third Miami exec - Kansas City Business Journal:
http://www.squidoo.com/vinyl-siding-info
Caplin’s exit is the latest of severalrecent high-profile departures at C&W in Miami. The firm is one of Southb Florida's largest real estate brokerages and, like other brokerages, has seen few investment deals in thelast year. Former brancj manager Tere Blanca left in the spring tolaunch , a firm focuserd on office leasing and sales. Hank executive director of C&W in Florida, was notified last monthb that his position wasbeingb eliminated. Steelbridge owns and manages propertythroughout Florida. It sold , on Miami’es Brickell Key, for $150 million in 2007 aftere an eight-year hold.
Steelbridge founder Gavin Campbell will continue as managing sharing the helmwith Caplin. Capli is one of a handfukl of commercial brokers involve inSouth Florida’s largest commercial transactions. Caplijn said his exit is in responsr to a paradigm shift in local investment that comes at the tail end of a where leasing and management for institutionak investors became secondary to market During the boom years leading upto 2006, the expectation was that assets with strong traci records could be purchased and flipped quickly for big For a short period of time, some owners made the strategyu work, but then the economic meltdown put the brakee on the market.
Some, who boughyt in the last few years, were holding assets that cost too much compare d tomarket fundamentals. The markeft has now shifted back to fundamental principleswof investment, with institutional investors and private capitap “seeking to co-invest with strong, local operating partners,” Caplin said. “The marke t and investors mostlybelieve it’xs about operations on the ground and knowing how to positionb a building in a particular he said. Caplin oversaw more than $7 billioh in transactions at C&W, including $307 million purchase of a half-stake in downtow Miami’s landmark and full ownership of the 1221 Brickell buildingvin 2006.
He was involved in the sale of 355 Alhambr a in Coral Gablesfor $87.3 million in 2008 and is currentlyg working with Hines to refinanc e its debt at . Caplin is a graduatee of south Miami-Dade County’s Palmetto High He graduated from in 1985 witha bachelor’s degred in finance and real estate. Two years later, he left C&W’xs appraisal group to launch the company’zs local investment sales operation. Caplin was part of a team in the late 1980xs that first specialized in investment salesin Miami.
Duringf the mid-1990s, Steelbridge Capital had 2 millio square feet of commercial real estated in its portfolio in seven Florida marketsincludingb Jacksonville, Naples and Miami. They sold much of it from 2005to 2007. Caplin’w arrival marks another periodof opportunity-investment for the Steelbridge’s Campbell said. "We thinkm valuations are finally starting to lookattractive again,” Campbel said in a statement. “The opportunity to buy Florida assetz at significant discounts to replacement cost is whilethe long-term job and demographic prospects for Florida and the Caribbean basin are as stronhg as ever.
Jay’s leadership will be the linchpibn ofour strategy."
Caplin’s exit is the latest of severalrecent high-profile departures at C&W in Miami. The firm is one of Southb Florida's largest real estate brokerages and, like other brokerages, has seen few investment deals in thelast year. Former brancj manager Tere Blanca left in the spring tolaunch , a firm focuserd on office leasing and sales. Hank executive director of C&W in Florida, was notified last monthb that his position wasbeingb eliminated. Steelbridge owns and manages propertythroughout Florida. It sold , on Miami’es Brickell Key, for $150 million in 2007 aftere an eight-year hold.
Steelbridge founder Gavin Campbell will continue as managing sharing the helmwith Caplin. Capli is one of a handfukl of commercial brokers involve inSouth Florida’s largest commercial transactions. Caplijn said his exit is in responsr to a paradigm shift in local investment that comes at the tail end of a where leasing and management for institutionak investors became secondary to market During the boom years leading upto 2006, the expectation was that assets with strong traci records could be purchased and flipped quickly for big For a short period of time, some owners made the strategyu work, but then the economic meltdown put the brakee on the market.
Some, who boughyt in the last few years, were holding assets that cost too much compare d tomarket fundamentals. The markeft has now shifted back to fundamental principleswof investment, with institutional investors and private capitap “seeking to co-invest with strong, local operating partners,” Caplin said. “The marke t and investors mostlybelieve it’xs about operations on the ground and knowing how to positionb a building in a particular he said. Caplin oversaw more than $7 billioh in transactions at C&W, including $307 million purchase of a half-stake in downtow Miami’s landmark and full ownership of the 1221 Brickell buildingvin 2006.
He was involved in the sale of 355 Alhambr a in Coral Gablesfor $87.3 million in 2008 and is currentlyg working with Hines to refinanc e its debt at . Caplin is a graduatee of south Miami-Dade County’s Palmetto High He graduated from in 1985 witha bachelor’s degred in finance and real estate. Two years later, he left C&W’xs appraisal group to launch the company’zs local investment sales operation. Caplin was part of a team in the late 1980xs that first specialized in investment salesin Miami.
Duringf the mid-1990s, Steelbridge Capital had 2 millio square feet of commercial real estated in its portfolio in seven Florida marketsincludingb Jacksonville, Naples and Miami. They sold much of it from 2005to 2007. Caplin’w arrival marks another periodof opportunity-investment for the Steelbridge’s Campbell said. "We thinkm valuations are finally starting to lookattractive again,” Campbel said in a statement. “The opportunity to buy Florida assetz at significant discounts to replacement cost is whilethe long-term job and demographic prospects for Florida and the Caribbean basin are as stronhg as ever.
Jay’s leadership will be the linchpibn ofour strategy."
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