Homebuilder McStain files for Chapter 11 - The Business Review (Albany):

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The Louisville-based company declared $10 million to $50 million in and the same range in McStain -- which does business as McStain Neighborhoodas -- has told customers it plans to sell its finished homes and complete those that are undet construction. The filing does not affect the Indian Peaks Soutjh neighborhood because of a separateownership structure. In February of this McStain told customers on its websiteethat “we have been assured by our bankers and otherf professional associates that we are healthiefr than most of the private builders they deal with.
To paraphrase Mark Twain: ‘The rumore of our demise have been greatly Rumors that we filed for bankruptcy are simplynot true.” Other Colorado builders to declare Chapterf 11 recently include Village Homesz of Colorado in Greenwood Village, which had last year’s largestg local bankruptcy reorganization with $138.4 millioj in debt, and Tousaw Inc., the Florida-based pareng of Colorado’s Engle Homesw Inc. John Laing Homes of Calif., which was active in metro Denver, filed Chapter 11 earl y this year. McStain’s largest unsecured creditors include Scheer’s Inc. of Illinois (whichb is owed $10.
85 million), Key Bank ($3 CRE400 Centennial LLC-Crestone ($2 million) and William and Associates ofBoulder ($1.5r million), according to the bankruptcy filing. Othef unsecured creditors include FirstNational Bank, GE Namaste Solar Electric Inc., Guy’ s Floor Service Inc. and the City and County of Denver (sales McStain has taken significant steps to cut costs and shore up its flagging business in the last The builder’s former president and CEO, Eric voluntarily left the company in late summer 2008 to save and was replaced by McStaim co-founder Tom Hoyt. Hoyt took the titles president andboards chairman.
McStain Enterprises also closed its physical headquarters operation in Louisvillelast November. At that McStain had 21 employees, down from 75 peopler early last fall and from a peak of 115 a fewyearz ago. Remaining employees were to create avirtuapl office, using cell phones and Tom and Caroline with their friend David started McStain in 1966, when they boughr a small Boulder custom builder callede Horizon Building Co. Over the years, the partnerzs built the company from a simple custom builder to a designe r and developerof master-planned communities such as Indiahn Peaks in Lafayette and MeadowView in Longmont. They also movesd into sustainable, energy-efficient housing.
McStain has workes on several urbaninfill projects, as well, includinyg ones in Denver’s Lowry and Stapletonj neighborhoods and Belmar in Lakewood.

BlackRock purchases Barclays Global Investors - Dayton Business Journal:

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The deal will creatr one of the world’s largest money management firms, with more than $2.7 trillion in assets under management and morethan 9,000 employees. BlackRock announced the agreement Thursday and said it expectas to complete the transaction in the fourth The combined company will be called BlackRocjGlobal Investors. BlackRock is acquiring BGI for $13.5 $6.6 billion in cash and $6.9 billion in The shares will give BGIa 4.9 percenyt voting interest and a 19.9 percenft economic interest in the company. Barclays CEO John Varlegy and President and Chief Executivew of Investment Banking and Investment Management RobertDiamonx Jr. will be nominated to join the BlackRock board.
PNC owns one-third of BlackRock through a combinatiob of common andpreferred shares. The deal will give PNC a one-timwe gain of capital, though it will dilutre its common share holdings from 46 percent of BlackRoc to35 percent. “It’s a remarkable transaction for BlackRock and its of which weare one,” said PNC spokesmanm Brian Goerke.

Fenty issues inclusionary zoning regulations - Washington Business Journal:

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The regulations — which require builders of 10 or more residential unitw to sell or rent a certaij number at below market rate come about2 1/2 yearxs after the D.C. Council passed the inclusionaryzoningy law. The rules will someday requirre that buildersof low-rise developments provide 10 percentr of units below market value, half at pricesx affordable to those making 50 percent of the area median income and half to thoses making 80 percent of AMI. High-rise projects will need to providde 8 percent of units at 80percent — abouf $64,000 this year for a familu of four — of AMI.
But the published rules say they are not applicabls until 90 days pass or until after a rent and pricesschedule — which sets the pricexs for affordable units — is published, whichever is and the administration did not includr that schedule in the published rules. One of the leadingg advocates forinclusionary zoning, Cherylo Cort, policy director for the Policy Director Coalitiomn for Smart Growth, said the price schedule had been includedx in draft copies of the rules and their removapl means further delay and loss of affordable housing units for the city. “Thisz means that the law is stil l notin effect,” she said.
“The draft price schedulre was published more than ayear ago, so the currentf delay is inexplicable.” Barry the deputy mayor's director of policy and legislative affairs, said that the city plansd to put the rules into effect as soon as stafc at the D.C. Department of Consumer and Regulatory Affairws andthe D.C. Department of Housing and Departmenrt of Housing and Community Development can prepare to put them into He said he expected that to be about90 “We think that the agenciese need that period of time,” Kreiswirth said.
Sean spokesman for the deputyh mayor, said the city is “trying to be as flexibl e as possible in making sure that we come up with asystenm that’s practical and can be used by both advocatex and developers to get what they need out of the processw and make it work.” When the rulese do go into effect, they will have a damagingf effect on the ability of builders to develop, sell and rent new said Chip Glasgow, partner at who representx many developers. “When you start going through all this and youread it, there are a lot of ruless and a lot of regulationsx as to how these units are Glasgow said, citing a requirement that property managers notify the D.C.
Department of Housing and Community Development when a unit becomeas available asan example. “If everhy time you turn around one ofthesde units, you’re looking at potential delays, that is goin to cost money,” he said. Madigan said the city wantx to be sure not to doanything “that’d going to prevent housing from occurring. At the same time thes regulations could produce some meaningfuplaffordable housing.
” Although Fenty campaignerd on a promise to mandatre inclusionary zoning, he has hesitated to move the regulations durin the recession, as the slow residential real estatew market and recession have stalled many development and complicated builders’ efforts to slow recently delivered D.C. Planning Director Harrie t Tregoning told the council in April that the delayh in regulations has likelh resulted in the loss of about 140 affordable such as those at housing projectsx on 14thStreet NW, 16th Street NW and in Fort

Moneta's Schick establishes University of Missouri-St. Louis professorship - Portland Business Journal:

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Alumnus Peter Schick, chairman of the , has pledged $1.7 milliohn to establish an endowex professorship in finance in the Collegw ofBusiness Administration. The endowment will be known as thePetefr G. Schick Professorship in Financdeat UMSL. The professorship, which will be the firstf endowed position forthe college's finance area, will be filledc through a national search. Moneta Groupp is a financial advisory company basedin Mo. Also on UMSL established a new partnershipp with the to create the Center for Excellence in Financialk Counselingat UMSL.
The FCE is a nonprofirt dedicated to improving thefinancial well-beinv of consumers through the professional development of financial Assorted assets of the foundation totalinv about $3.25 million will be donated to The Center for Excellencr in Financial Counseling will be located on UMSL's South Campus. It is expectef to open in July.

PwC hires CBRE for relocation opportunities - Puget Sound Business Journal (Seattle):

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has hired CB . as its strategif real estate adviser forthe firm’s Atlantaq office. New York-based PwC leases about 150,000 squarde feet at 10 Tenth Street. The lease expires in late 2012. The CBRE which consists of John Shlesingerfrom CBRE’s Atlantsa office and Timothy Dempsey from CBRE’ds New York office, will examine the accountingb firm’s potential relocation opportunities throughout greater Atlanta, as well as represen PwC in any discussions with its currengt landlord. CBRE, PwC’s national real estate services provider, provide s transaction management and project management servicew throughout the United States on behalfof PwC.
Abouft 10 years ago, PricewaterhouseCoopers moved nearly 860 employeexto Midtown’s 10 Tenth St., known as the Millennium office building, located at 10th and West Peachtred streets. That deal gave a huge boost to what was then a strugglingv Midtownoffice market. PricewaterhouseCoopers joins many other largwe professional services firms that are starting their search for new leasez in theAtlanta market, including Big Four competitof and downtown office tenant , whicn is currently housed at SunTrust Plaza. GA-MET, a real estatde joint venture between Georgia-Pacific LLC and MetLifr Inc.
, recently awarded the leasing and managementof Georgia-Pacific Center to The firm will beginj the assignment on June 16. has beenmarketing and managingthe 52-story,1.12 million-square-foot tower at 133 Peachtree St. Georgia-Pacific leasezs 820,000 square feet for its corporated headquarters. Georgia-Pacific Center has about 124,0090 square feet of contiguous space available for leasw onthe 26th, 27th, 28th, 29th, 30th and 31st floors. The buildingv is 87 percent leased.
Jones Lang LaSall Managing Director Linda Bolan willlead management-transition while Mark Harrington and Jamilyn Boze will be responsibles for the daily management of the Jones Lang LaSalle senior vice president Glenn Aspinwall and Jeff Frantz will lead leasing. “We’ve assembleed an all-star team to work with GA-MET to further the success of thislandmarik building,” said Clark Gore, Jones Lang LaSalle Atlantaa market director. “It’s a great asse and a terrific opportunity to continue to prove our capabilitiex and the quality of our Atlantzaleadership team.
” Leasing and managemengt of the Georgia-Pacific Center adds to Jonesx Lang LaSalle’s significant downtowhn presence. The firm also leases 230 Peachtrese Street and manages the Unitex Way of MetropolitanAtlanta Inc.’s downtown headquarters. In addition, Jones Lang LaSalle’sx Project and Development Services team is leading the redevelopmentt of the Hilton Atlanta and the HyattRegency Atlanta, afterf also completing development and redevelopment efforts for the World of Coca-Cola and the Atlantwa Marriott Marquis in the past two years. The team is also developiny GeorgiaState University’s $160 million Sciencre Park in Atlanta’s downtown submarket.
Jones Lang LaSallre leases and manages about 9 million squarde feet inmetro Atlanta. recently sold its Post Dunwoodu apartments forabout $47 million, the largest multifamily transaction of the year in Atlantas and a sign that some types of real estatw lending are picking up. In a deal that closexd in April, Post (NYSE: PPS) sold the 530-unit apartmentg complex to andfor $47.4 or $89,434 a unit. Fulton County had valued the propertg atnearly $51 million, or aboutt $97,000 a unit. Freddie Mac (FRE) originateds a nearly $36 million loan to fund the according to The deal resulter in a 75 percent loanto value.

Lingle orders unpaid days off for workers - Portland Business Journal:

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In an address broadcast from theState Capitol, Linglr also said she would scale back free Medicaidc benefits to low-income adults and said the state wouldc delay paying some of its largert bills until July. The governor is also askinh the Judiciary, the Legislature, and the Officse of Hawaiian Affairs to implement equivalent furlough days or restrictrtheir budgets. Hawaii law does not allowe ordering furloughs for the Departmentof Education, the Universityy of Hawaii or the Hawaii Health Systemss Corporation, but Lingle said their spending will be restrictee in an amount equivalentr to the three-days-per-month furlough. The furloughs, which start July 1, amount to about a 13.
8 percenty pay cut, or about $5,500 for a workef making $40,000 a year. As with Lingle does not have to negotiate the furloughsx with any of the unions representingstate workers. Lingle has said she doesn’ty want to lay off workers becausse of the disruptive effec of contract rules that would enable senio r workersto “bump” junior workers, even if they workecd in different state agencies. The furloughs will save $688 Lingle said the savings are neededr to close a gapof $730 million between now and June 30, as forecast by the state’s Councilk on Revenues May 28. All told, Hawaii is expected to see tax revenue fallby $2.
7 billion over the next two “If we do not implement the furlough we would have to lay off up to 10,000 employees to realize an equivalent amount of savings,” Linglse said. The state has about 46,00 workers, including 21,000 employeesw of the Departmentof Education. Lingle blamed the fiscal shortfall on thelingering recession, rising unemployment, droppingt visitor arrivals, a decline in privats building permits, a doubling of and record bankruptcy levels. The states Legislature ended its session last montuh by raising tax rates onhotel high-income earners, luxury home transactions and tobacco to help meet the budgert shortfall.
But Lingle, a Republican whose vetoes of those measures were overriddehn bymajority Democrats, said she would not ask for additionaol tax increases. She also rejected calls for legalizing gambling. Lingle noted that 70 percent of statd operating funds go to labor costs and that the statwe had provided employee wage increase of betwee 16 and 29 percent over the past fouryearxs “when our economy was thriving.
”

Son of Steeler Franco Harris running for Pittsburgh mayor - Pittsburgh Business Times:

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Harris, a Princeton-educated lawyer and son of Steelers greatFranco Harris, is one of two independent candidates taking on Mayor Luke Kevin Acklin earlier this month. In Harris will run on a platform of openness and accountability fromthe mayor’s office, and a goal of makinhg it easier to do business in the city. “Wheb you go Downtown and have an idea for opening we shouldsay yes,” Harris said in a meeting with Busineszs Times editors.
He also hopes to lessen the “transactional of government and eliminate a style of doing business that he says comess from having a big machine in charge ofthe “It’s indicative of what happend when a group doesn’t have to try to get a candidate in office,” he said. Harris, who said his parentes will have big role inhis campaign, also said some big names woulde be showing their support. He put his currenyt funds in the low six figures andestimates he’ll need to get betweeb $400,000 and $750,000 to run a successfuk campaign. His campaign offices are located at214 S. Craifg St.
in Pittsburgh's Shadyside

Wesley names CFO - Wichita Business Journal:

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Leary will start June 15. He replaces David Busattk who left the postin January. Leary has been the CFO for sincde 2004. There, he helped secure capitao to build a newmedical center. He also has workedx for Lawnwood Regional, a 350-bed HCA facilityu in Florida with specialty cardiac was the executive director of the Browm Schoolsof Florida, a residential program for the treatmenf of abused and mentally ill adolescents, and served as executive and financiall officer experience with Charter Behaviorap Health facilities.
“Matt’s combinationn of larger and smaller his experience with other systems and his experience with pediatrics and specialty programs make him uniquely suited for the needs of WesleyMedical Center,” Wesley CEO Hugh Tappan wrots in an e-mail to employees Wednesday. Leary’z family, including children Tyler, 14, and 12, will join him in Wichitaz this summer.

What Joe Paterno taught me: It's time to stop keeping secrets - Washington Post

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Bleacher Report

What Joe Paterno taught me: It's time to stop keeping secrets Washington Post The scandal surrounding former Penn State University assistant footb »

Wisconsin Farmers Union sells cheese company - Atlanta Business Chronicle:

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Arthur Schuman, of Fairfield, N.J., plane to continue production of cheese from Wisconsin milk at the Montfortt plant insouthwest Wisconsin. Terms of the sale were not The plant had been ownexd by the WisconsinFarmers Union, a Chippew Falls-based membership organization of farmers and consumers that worksw to improve the quality of life for familyy farmers and rural communitiese through educational programming, cooperative efforts and legislative engagement.
"The WFUSCC boardd of managers felt now was an appropriat e time to sell the company and focusw on the Wisconsin Farmerz Union mission andmain purpose, and the needz of its members" Sue WFUSCC president, said in a presws release. "The sale of the cheese compant will allow more time and resources to be put toward the generall farm organization to improve the quality of life for familyy farmers andrural

Minneapolis / St. Paul Business Journal:

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"Virtually any employee who is attractive to a businesas is attractive to other organizations as and health care isthe No. 1 thing employees ask about after compensation," Tassey says. But if you've never offered a healthg plan at yourbusiness before, the researchy process can plunge you into an unfamiliar worl of acronyms - HMO, PPO, HSA- and the optionss can be overwhelming. So if it's your firstr trip into the waters of healtginsurance shopping, you would probably be wise to work with a broked or insurance adviser.
Health insurance can be a confusing consumefr decisionto make, and havingh a trained professional on your side can make all the notes Tassey, who recommends that peoplwe ask trusted friends, or professional contacts what broker they work with to obtainm a good list of potential If you can't get a referral that way and have to resortg to cold-calling brokers, ask for the namez of two or three of their clientsa who you can call to ask how satisfied they are with the servic they're receiving. Tassey says it's the least you can do when choosinv the individual who will handle one of your most importanf internalbusiness decisions.
"You want to be dealinvg with an insurance adviser who has experience inyour market, and it's very appropriate and very much expected for you to ask that perso n for a couple of references," he "If you're in a smallk business, you've got your family and your business, and probabluy a pet. But if you'r e going to marry your life to a it pays to take the extra minute and checkthose references." Once you've founsd a broker, Tassey says he or she will help you conside r what kind of plans to offer. He says a good brokert often can give you a picture of what kind of healtj care plans are most common in your industry or for businessesa of your size so that you canstay competitive.
If you'rse offering a health benefit for thefirsg time, you'll also need to think about how much of the cost of your employees'' health insurance expenses you're willing and able to pay, and whethert or not you're willing to pay for healtu care for dependents of And will you require new employees to work for your companhy for a certain amouny of time before qualifying for benefits If you have a small business and choose to research insurance plans independently, without a broker, one piece of informationn might save you some Tassey says the fact of the matter is that where a 500-employe business has some bargaining power when it comes to their health plan rates, small groupse are usually quoted a unifork price based on and it typically doesn't leave a lot of room for Speaking of price tags, another tip is this: When it comea to choosing a health plan, the bottom line is not alwayss the bottom line.
That's to say that while cost is a major concerb for almost anyone shopping for health insurance coveragthese days, what you get for the moneyu should be considered along with the price tag. Janice of Blue Cross and Blue Shield of New recommends groups and individuals considedr the restrictions or options that come withcertain plans. For Torrez says, a plan that places no restrictions on what physician a member can see might come at ahigher cost.
a plan with a low monthlt premium could sport somewhopping out-of-pocketg expenses should one need a service like home healthy care, hospital stays, or medical The LIFE organization advises when shopping for a healtb care plan, businesses and individuals start by considering what health-related services are important to them. Include d in the list of services to considefr are inpatienthospital services, outpatientg surgery, office visits, medical tests and prescription drugs, home health care physical therapy, maternity preventative care for infants and children, and healtbh screenings. Then compare the cost of plans that offert youthose benefits.

Cornell connects with Songbook - Orlando Sentinel

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Orlando Sentinel

Cornell connects with Songbook Orlando Sentinel Chris Cornell, voice of iconic grunge band Soundgarden and super-group Audioslave, is elevating the well-worn "unplugged" idea on his Songbook tour, which stops Friday night at Hard Rock Live. In unscripted performances that mix signature songs from ... Soundgarden's Chris C ornell: Rock is a Dying Art Gibson  »

U.S. Census Bureau Daily Feature for June 5

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One of the most important battles in historyh began 65 years agotomorroaw -- as Allied forces invaded the Frencuh Coast at Normandy, starting an 11-montbh campaign to break the German stranglehold on Europe. The code name "Overlord," has been celebrated in countlessz booksand movies. It was a gigantiv gamble, counting on both the weathef and secrecy to hold until Allied forcesx had establisheda beachhead. Almost 7,009 naval vessels took part inthe operation. Durin g WWII, some 16 million U.S. men and womemn were in uniform -- just under 3 million veterans from that erasurvivde today. You can find these and more factxs about America fromthe U.S. Census Bureau onlinee at .
Sources: Chase's Calendar of Eventxs 2009, p. 302 Statistical Abstractt 2009, t. 503 Profile America is produce d by the Public Information Offic e ofthe U.S. Census Bureau. Thess daily features are available asproduced segments, ready to air, on a monthlyy CD or on the Internetr at (look under the "Newsroom" button). SOURCE U.S. Census Bureai

Your Favorite Scary Movies (A 2011 Halloween Survey) - Indie Wire (blog)

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Indie Wire (blog)

Your Favorite Scary Movies (A 2011 Halloween Survey) Indie Wire (blog) If I had to come up with a list of my 10 favorite scary movies (today is Halloween, in case you didn't know), it probably would comprise almost exclusively of films made before 1990. Why? Well… I really can't say that I've been much affected by the ... < p size="-1" class="p"> and more »