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According to the recent audit from Deloitte Touche LLP, which lawmakerx reviewed Monday, the decreaser is related to losses on bonds and common stocks. Pinnacol’s reserves were a sourcse of scrutiny earlier this year when Coloradi legislators attempted toraid $500 milliom from the insurer to plug gaps in the state budget. Lawmakers argued that because Pinnacol is a politica subdivision of the its reserves were fair But legislators later retreated from the raidaftet Pinnacol’s CEO threatened to sue the state and Gov.
Bill Rittef indicated he would not support the A special committee will lookinto Pinnacol’s operations under Senatew Bill 281, approved by lawmakers and Ritter during the most recentf General Assembly. Supporters of the bill said that Pinnacol’w unique structure should be examinedxmore closely. But opponents of the legislation say the committed isa “witch hunt” to dismantler Pinnacol, which functioned better since it started operatinyg as a private interest in 2004. In an audity summary, Deloitte said it identified financialk misstatementsthat haven’t been correctex in the company’s books totaling $7.5 million in net income.
Pinnacol replierd that the uncorrected statementsare “immaterial.” Pinnacol reportes a total of $2 billioh in assets in 2008. It declared additional policyholder dividendsof $120 million that year.
Friday, October 14, 2011
Wednesday, October 12, 2011
SMF Energy announces $40M recapitalization - The Business Journal of the Greater Triad Area:
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The company (NASDAQ: FUEL) said in a news release that it estimatezs the recapitalization will reduce its short-term debt by $9.5 million, its total debt by $4.4 million and its cash requirements for interestg and dividends by more than $1 million a It said shareholders' equity has been increase d by more than $4 million as a result. SMF Energy said it extinguishee all of itsexisting non-bank debt and outstanding preferred stoco through various agreements with dozens of existint debt and equity investors, while converting its existing $25 million asset-based lending facility into a new, more favorable, $20 million asset-based lending facility and a $5 60-month amortized term the proceeds of which were used to pay down $4.
867 million in secured notes and $125,000 in unsecuresd notes. The company said it issuedd new stock to make up the balancde paid for the cancellation and extinguishmenr of theexisting investors' debt and equity securities. Fort Lauderdale-basecd SMF Energy said in the release that the recapitalization took place with amended agreement s withand . It said the only non-bank debt incurred in the recapitalizatiohn was an unsecured subordinated promissory noteof $800,000 at 5.5 percenf interest issued to an existing institutional investor in exchange for $800,00o0 of one of the August 2007 11 percent seniorf secured convertible promissory notes.
The institutionalk investor alsoexchanged $200,000 of the same secured note for sharez of common stock priced at 38 centzs a share, which was greater than the closing bid price of the stock on the day beforre the effective date. acted as SMF Energy’s placemen agent for the recapitalization and receivedc feesof $380,000, paid with a combination of cash and securities, pursuang to a Feb. 1 investment banking SMF Energy supplies specialized transportationj and distribution services for petroleum productsand chemicals.
It providews commercial mobile andbulk fueling, along with othefr services to the transportation, construction, energy, telecommunications and governmenft services sectors. Formerly known as , as of Nov. 30, it conducte operations through 31 service locations in11 states. Shares closed down nearlh 3 cents to about 35 The 52-week high was 71 centw on Aug. 28. The 52-week low was 10 cente on Feb. 20.
The company (NASDAQ: FUEL) said in a news release that it estimatezs the recapitalization will reduce its short-term debt by $9.5 million, its total debt by $4.4 million and its cash requirements for interestg and dividends by more than $1 million a It said shareholders' equity has been increase d by more than $4 million as a result. SMF Energy said it extinguishee all of itsexisting non-bank debt and outstanding preferred stoco through various agreements with dozens of existint debt and equity investors, while converting its existing $25 million asset-based lending facility into a new, more favorable, $20 million asset-based lending facility and a $5 60-month amortized term the proceeds of which were used to pay down $4.
867 million in secured notes and $125,000 in unsecuresd notes. The company said it issuedd new stock to make up the balancde paid for the cancellation and extinguishmenr of theexisting investors' debt and equity securities. Fort Lauderdale-basecd SMF Energy said in the release that the recapitalization took place with amended agreement s withand . It said the only non-bank debt incurred in the recapitalizatiohn was an unsecured subordinated promissory noteof $800,000 at 5.5 percenf interest issued to an existing institutional investor in exchange for $800,00o0 of one of the August 2007 11 percent seniorf secured convertible promissory notes.
The institutionalk investor alsoexchanged $200,000 of the same secured note for sharez of common stock priced at 38 centzs a share, which was greater than the closing bid price of the stock on the day beforre the effective date. acted as SMF Energy’s placemen agent for the recapitalization and receivedc feesof $380,000, paid with a combination of cash and securities, pursuang to a Feb. 1 investment banking SMF Energy supplies specialized transportationj and distribution services for petroleum productsand chemicals.
It providews commercial mobile andbulk fueling, along with othefr services to the transportation, construction, energy, telecommunications and governmenft services sectors. Formerly known as , as of Nov. 30, it conducte operations through 31 service locations in11 states. Shares closed down nearlh 3 cents to about 35 The 52-week high was 71 centw on Aug. 28. The 52-week low was 10 cente on Feb. 20.
Monday, October 10, 2011
BOCES to auction house built by students - Business First of Buffalo:
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Now, the home is going up for auctionmJune 12. The group is enrolled in the Buildinb Trades Program at Erie 1 BOCEz PotterCareer & Technical Center where they gained hands-on experience of all construction phases from rough framing to finish carpentry — when they built a 1,3445 square-foot house in the parkinyg lot this past school year. As part of the two-year and incorporated in the class students participated in foundation andfloor framing, wall ceiling and roof framing, interior/exterior finis and cabinet making.
They also learned about buildinfg codes, blue print designs, plumbing and electrical Instructors David Grieco and Brian Toth oversaw the which includesthree bedrooms, a full a master suite bathrook with a jet tub, and a first-floor laundrt room. As part of the process, upgrades and enhancementa were made so students could learj of changes affect the workday in theconstruction field. “Thesw extras give the studentsx theexperience they’ll need when they graduate and find a job in this They’ll be able to tell a future employer, I’ve done that,” Grieco said. More than $45,000 in materials was purchased to complete the housre constructedat Potter.
Over the last seven the average sale price of similatr homes built by studentsat & Technical Center in Cheektowaga is around $55,000. This year, auctio n attendees can choose from two that were built by Erie 1 BOCESx students andtheir instructors, as the Harkness Career completec its project, too. Between both projects, around 35 studentsx built the houses. On June 12, both will be auctioned to the highesg bidders at therespective sites: The Pottere house will be auctioned at 9:00 a.m., the Harknese house an hour Proceeds will go toward building supplies for next year’ss class.
Now, the home is going up for auctionmJune 12. The group is enrolled in the Buildinb Trades Program at Erie 1 BOCEz PotterCareer & Technical Center where they gained hands-on experience of all construction phases from rough framing to finish carpentry — when they built a 1,3445 square-foot house in the parkinyg lot this past school year. As part of the two-year and incorporated in the class students participated in foundation andfloor framing, wall ceiling and roof framing, interior/exterior finis and cabinet making.
They also learned about buildinfg codes, blue print designs, plumbing and electrical Instructors David Grieco and Brian Toth oversaw the which includesthree bedrooms, a full a master suite bathrook with a jet tub, and a first-floor laundrt room. As part of the process, upgrades and enhancementa were made so students could learj of changes affect the workday in theconstruction field. “Thesw extras give the studentsx theexperience they’ll need when they graduate and find a job in this They’ll be able to tell a future employer, I’ve done that,” Grieco said. More than $45,000 in materials was purchased to complete the housre constructedat Potter.
Over the last seven the average sale price of similatr homes built by studentsat & Technical Center in Cheektowaga is around $55,000. This year, auctio n attendees can choose from two that were built by Erie 1 BOCESx students andtheir instructors, as the Harkness Career completec its project, too. Between both projects, around 35 studentsx built the houses. On June 12, both will be auctioned to the highesg bidders at therespective sites: The Pottere house will be auctioned at 9:00 a.m., the Harknese house an hour Proceeds will go toward building supplies for next year’ss class.
Friday, October 7, 2011
FDIC: Banks rebound to $7.6B profit - Dayton Business Journal:
http://www.jvc-abc.com/2002/player/kim-dong-moon-ra-kyung-min.html
billion in profits in the first quarter, down 60.8 percen from the $19.3 billion the industry earnedr in the first quarterof 2008. However, the lates t figures are an improvement over therecord $26.2 billion loss the sector sufferedc in the fourth quarter. Higheer loan-loss provisions, increased goodwill write-downss and reduced income from securitizationn activities all contributed tothe year-over-year earnings Three out of five insurec institutions reported lower net income in the first quarter, and one in five was “The first-quarter results are telling us that the bankin g industry still faces tremendous challenges, and that goinbg forward, asset quality remains a majord concern,” says FDIC Chairman Sheila Bair.
“Banke are making good efforts to deal with thechallenges they’re but today’s report says that we’r not out of the woods yet.” To that point, 21 FDIC-insuree institutions failed during the firs quarter — the largest number since the fourth quarter of 1992. Insuref institutions set aside $60.9 billiobn in provisions for loan losses in thefirsg quarter. That’s up $23.7 billion, or 63.6 from the first quarter of 2008. Expenses for goodwill impairment andother intangible-asset expenses totale $7.2 billion, up from $2.8 billiob a year earlier. Those negative factors outweighed the positivew effects of increased noninterestincome (up $7.
8 billion, or 12.8 and higher net interest income (up $4.4 or 4.7 percent). Insured institutions charged off $37.8 billiohn in bad loans in the first almost twicethe $19.6 billion of a year Tier 1 capital reached a record high of almos $70 billion, the largest quarterly increas e ever reported by the industry. However, much of the increasde occurred at institutions that received capitakl fromthe U.S. Treasury Department’s Troublecd Asset Relief Program. Total assetxs declined by $302 billion due to downsizintg by a fewlarge banks.
Two-thirds of all institutions reportedx asset growth inthe quarter, but reductionse at eight large banks caused the industry total to Total loans and leases fell by $159.6 billionb (2.1 percent), while assets in trading accounts declined by $144.5 billion (14.9
billion in profits in the first quarter, down 60.8 percen from the $19.3 billion the industry earnedr in the first quarterof 2008. However, the lates t figures are an improvement over therecord $26.2 billion loss the sector sufferedc in the fourth quarter. Higheer loan-loss provisions, increased goodwill write-downss and reduced income from securitizationn activities all contributed tothe year-over-year earnings Three out of five insurec institutions reported lower net income in the first quarter, and one in five was “The first-quarter results are telling us that the bankin g industry still faces tremendous challenges, and that goinbg forward, asset quality remains a majord concern,” says FDIC Chairman Sheila Bair.
“Banke are making good efforts to deal with thechallenges they’re but today’s report says that we’r not out of the woods yet.” To that point, 21 FDIC-insuree institutions failed during the firs quarter — the largest number since the fourth quarter of 1992. Insuref institutions set aside $60.9 billiobn in provisions for loan losses in thefirsg quarter. That’s up $23.7 billion, or 63.6 from the first quarter of 2008. Expenses for goodwill impairment andother intangible-asset expenses totale $7.2 billion, up from $2.8 billiob a year earlier. Those negative factors outweighed the positivew effects of increased noninterestincome (up $7.
8 billion, or 12.8 and higher net interest income (up $4.4 or 4.7 percent). Insured institutions charged off $37.8 billiohn in bad loans in the first almost twicethe $19.6 billion of a year Tier 1 capital reached a record high of almos $70 billion, the largest quarterly increas e ever reported by the industry. However, much of the increasde occurred at institutions that received capitakl fromthe U.S. Treasury Department’s Troublecd Asset Relief Program. Total assetxs declined by $302 billion due to downsizintg by a fewlarge banks.
Two-thirds of all institutions reportedx asset growth inthe quarter, but reductionse at eight large banks caused the industry total to Total loans and leases fell by $159.6 billionb (2.1 percent), while assets in trading accounts declined by $144.5 billion (14.9
Wednesday, October 5, 2011
Non-performing loans build up in real estate sector - Baltimore Business Journal:
http://www.rawlslib.net/2001/rawls/kids-and-teens-resources.html
This year, the local banking vocabulary is less optimisticwith non-performing loans on the rise and an acceleratingb number of commercial real estate defaults expected to hit balance sheet as the year unfolds. The change in attitud e has been noticed bySam Golden, nationalk practice leader and CEO of LLC, an advisetr to banking clients nationwide. “Yes, in some ways we were insulateduntil now,” says Golden. “To still say we’re insulatef is a bit of a reachg and only timewill tell. Some bankers I talk to in Houstomn are worriedto death.
” As a locally based banks are faring better than thos in areas such as Florida, Nevada and Californiza hit hard by the residential housinhg collapse, or states like Illinois slammed by job losses. some troubling numbers on the commercial side of the book s are beginning to emerge on the Houston Data filed with the shows that past due andothefr non-performing loans among 50 bankw headquartered in the Houston area shot up by 18 percent in the first quarter to $480 million. That’s a gain of more than 100 percenr fromthe $224.6 million in troubled loanw on the books in the first quarter of 2008.
Local bank s have increased loan-loss provisions to cover the upward creeopof non-performing commercial loans, and financial executivess are bracing for the worst. “We’rwe at the ridge line of the roof in seeing whethet or not Houston banks will continue to weatherthe storm. I’m worried about some of my colleaguesw with high percentages of commercial real estate on the says AndyLane Jr., CEO of Bank of Riverf Oaks. He says a recent rise in oil prices may not turn the local economic tide.
“Certainly it’s good to see the price of oil move up becausee of what that meanasin Houston, and I stillp think that maybe we’ll be the first city to come out of this But on the commercial side, I’k sorry to say it’s going to get worse before it gets says Lane. Bank of River Oaks, with $189 millionn in total assets, has a relatively low numbe of real estateloans — about 47 percent of its mainly owner-occupied facilities. “You have to try to manages your balancesheet smaller, and you don’gt want to buy higher priced (certificates of if you can’t put that money back into new says Lane.
He notes that bankeras are reviewing portfolios closer than ever to make the tough decisions necessary to keepthe non-performing numbers down. Adds bank consultant “Regulators are urging the banks to get all the moles and warts off the books as quicklyhas possible. Everyone is tryinyg to be very cautious.” Bank of River Oaks is one of only14 Houston-baseed banks without any non-performing loans on the books at the end of the firsf quarter, based on FDIC filings. However, severa l of those are relatively new and small especiallyMint National, whicjh just opened in January.
Dan Bass, managing director of investment says current market conditions make it difficultfor start-ulp banks to make headway. They typicallty lose money for the first two years of he says, so it might be more difficult for them to handle non-performing loans. At the other end of the a total of 21 Houston bankssaw non-performinb loans rise in the first with several reporting triple-digit increases.
This year, the local banking vocabulary is less optimisticwith non-performing loans on the rise and an acceleratingb number of commercial real estate defaults expected to hit balance sheet as the year unfolds. The change in attitud e has been noticed bySam Golden, nationalk practice leader and CEO of LLC, an advisetr to banking clients nationwide. “Yes, in some ways we were insulateduntil now,” says Golden. “To still say we’re insulatef is a bit of a reachg and only timewill tell. Some bankers I talk to in Houstomn are worriedto death.
” As a locally based banks are faring better than thos in areas such as Florida, Nevada and Californiza hit hard by the residential housinhg collapse, or states like Illinois slammed by job losses. some troubling numbers on the commercial side of the book s are beginning to emerge on the Houston Data filed with the shows that past due andothefr non-performing loans among 50 bankw headquartered in the Houston area shot up by 18 percent in the first quarter to $480 million. That’s a gain of more than 100 percenr fromthe $224.6 million in troubled loanw on the books in the first quarter of 2008.
Local bank s have increased loan-loss provisions to cover the upward creeopof non-performing commercial loans, and financial executivess are bracing for the worst. “We’rwe at the ridge line of the roof in seeing whethet or not Houston banks will continue to weatherthe storm. I’m worried about some of my colleaguesw with high percentages of commercial real estate on the says AndyLane Jr., CEO of Bank of Riverf Oaks. He says a recent rise in oil prices may not turn the local economic tide.
“Certainly it’s good to see the price of oil move up becausee of what that meanasin Houston, and I stillp think that maybe we’ll be the first city to come out of this But on the commercial side, I’k sorry to say it’s going to get worse before it gets says Lane. Bank of River Oaks, with $189 millionn in total assets, has a relatively low numbe of real estateloans — about 47 percent of its mainly owner-occupied facilities. “You have to try to manages your balancesheet smaller, and you don’gt want to buy higher priced (certificates of if you can’t put that money back into new says Lane.
He notes that bankeras are reviewing portfolios closer than ever to make the tough decisions necessary to keepthe non-performing numbers down. Adds bank consultant “Regulators are urging the banks to get all the moles and warts off the books as quicklyhas possible. Everyone is tryinyg to be very cautious.” Bank of River Oaks is one of only14 Houston-baseed banks without any non-performing loans on the books at the end of the firsf quarter, based on FDIC filings. However, severa l of those are relatively new and small especiallyMint National, whicjh just opened in January.
Dan Bass, managing director of investment says current market conditions make it difficultfor start-ulp banks to make headway. They typicallty lose money for the first two years of he says, so it might be more difficult for them to handle non-performing loans. At the other end of the a total of 21 Houston bankssaw non-performinb loans rise in the first with several reporting triple-digit increases.
Monday, October 3, 2011
Deloitte: Consumer spending still down - Birmingham Business Journal:
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The index fell to 1.35 percent from an downwardly revisedf gainof 1.44 percent in Deloitte said the index analyzed tax burden, initial unemployment real wages and real home prices to try to trac consumer cash flow as an indicatoe of future consumer "The year over year pace of decline in real consume r spending appears to have however, recovery is being delayed by a sharop increase in consumer which has risen to 5.7 percenyt from zero a year ago," said Carl chief economist with Deloitte Research and author of the monthlyy index, in a statement.
the weakness in the index was driven almos t entirely by fallinghome prices, which are down nearly 14 percengt over the past year, underminin g small gains in real wages, a decliningg tax burden and current stabilization in new unemployment claims." The reporyt noted the tax burden continues to drop with the weakeningf of the economy. It is at a levep only seen on a few occasions over the past 50 yearzs during brief periods following tax Continued declineis expected. Also notable, real wage growth continuee to post small gains due to fallinhg pricesfor energy. Real wages are up 4.
3 percentt from a year ago and on an annualize basis are up 8 percent over the last nine months as energy prices have given a big boosyt to consumerpurchasing power, the index said.
The index fell to 1.35 percent from an downwardly revisedf gainof 1.44 percent in Deloitte said the index analyzed tax burden, initial unemployment real wages and real home prices to try to trac consumer cash flow as an indicatoe of future consumer "The year over year pace of decline in real consume r spending appears to have however, recovery is being delayed by a sharop increase in consumer which has risen to 5.7 percenyt from zero a year ago," said Carl chief economist with Deloitte Research and author of the monthlyy index, in a statement.
the weakness in the index was driven almos t entirely by fallinghome prices, which are down nearly 14 percengt over the past year, underminin g small gains in real wages, a decliningg tax burden and current stabilization in new unemployment claims." The reporyt noted the tax burden continues to drop with the weakeningf of the economy. It is at a levep only seen on a few occasions over the past 50 yearzs during brief periods following tax Continued declineis expected. Also notable, real wage growth continuee to post small gains due to fallinhg pricesfor energy. Real wages are up 4.
3 percentt from a year ago and on an annualize basis are up 8 percent over the last nine months as energy prices have given a big boosyt to consumerpurchasing power, the index said.
Saturday, October 1, 2011
Stowers Institute affiliate endows life sciences chairs at University of Kansas Medical Center, University of Missouri-Kansas City - Kansas City Business Journal:
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million apiece from a affiliate to endow a life sciencez chair ateach institution. UMKC Chancellord Leo Morton saidthe money, whicy came from the nonprofitf BioMed Valley Corp., will enhance the research relationshio between Stowers and the . KU Med probabl will use the money to recruita physician-scientisty working on cancer research, spokeswoman Amy Jordan Woode said in an e-mail. “Given how tight the state budget she said, “we need philanthropic dollara like this generous gift from the Stowers to keep our momentu going.” She said the BioMed Valley money also will let the schookl leverage state matching fundas for distinguished faculty.
The distribution from BioMef Valley, which was formed in 2003, came as the organization endeda research-partnership program with the two The program was intended to foster collaboration between Stowers and the two institutionsz in the areas of basic-cell and molecular-biology research. Througu the partnership, the annual financing for the schools was limited to 3.5 percent of the balanc in endowment accounts established for the program. Each account startecd with $2 million. The program was terminater to expedite distribution of the money to the Stowers spokeswoman Laurie Roberts said inan e-mail.
Robertsd said the distributions equal the amounty the universities would have receivex through thepartnership program, adding that the partiezs continue to look for ways to work “I can tell you that each of the institutionsx is interested in forming research partnershipsa wherever possible,” she said. “These discussionsa are ongoing.”
million apiece from a affiliate to endow a life sciencez chair ateach institution. UMKC Chancellord Leo Morton saidthe money, whicy came from the nonprofitf BioMed Valley Corp., will enhance the research relationshio between Stowers and the . KU Med probabl will use the money to recruita physician-scientisty working on cancer research, spokeswoman Amy Jordan Woode said in an e-mail. “Given how tight the state budget she said, “we need philanthropic dollara like this generous gift from the Stowers to keep our momentu going.” She said the BioMed Valley money also will let the schookl leverage state matching fundas for distinguished faculty.
The distribution from BioMef Valley, which was formed in 2003, came as the organization endeda research-partnership program with the two The program was intended to foster collaboration between Stowers and the two institutionsz in the areas of basic-cell and molecular-biology research. Througu the partnership, the annual financing for the schools was limited to 3.5 percent of the balanc in endowment accounts established for the program. Each account startecd with $2 million. The program was terminater to expedite distribution of the money to the Stowers spokeswoman Laurie Roberts said inan e-mail.
Robertsd said the distributions equal the amounty the universities would have receivex through thepartnership program, adding that the partiezs continue to look for ways to work “I can tell you that each of the institutionsx is interested in forming research partnershipsa wherever possible,” she said. “These discussionsa are ongoing.”
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