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and some of its subsidiaries filed voluntary petitions late Mondag for reorganization underChapter 11. Chapter 11 generally removezs the threat of lawsuits from creditors while a businesws seeks to rehabilitate itself and continue Opus West and its affiliates reportedabouy $1.28 billion in total assets and $1.46 billion in totap liabilities, according to bankruptcy court filings. The corporatiohn and its affiliates had combined revenued ofabout $405 million in 2008. The parenyt company lists 200 to 999 according tobankruptcy filings. Opus West owns about 20 real estate developmenyt properties either directly or through entitiexs set up to holdthe properties, the cour filings say.
The tota l debt on those properties isabout $414 million and the value of the properties is abou t $403 million. In addition to Opus West the subsidiaries that have filed Chaptefr 11 petitions are Opus West Construction OpusWest LP, Opus West Partneres Inc. and O.W. Commercial Inc. Opus West has guaranteed about $1.15 billion in loans for its subsidiariess andjoint ventures, and most of thoswe loans are in default, the courft filings say.
Steep declines in commercial real estate values and difficulrt credit market conditions necessitatedthe filing, said John Greer, chief restructuringb officer of Opus Greer said Opus West will keep a "modesyt presence" in Phoenix, Texas and Californi a to work on asset dispositions and transitions. "Whilre we began slowing the pace of new development nearly two years ago in anticipatio of difficult market we must now take additional measurese to enable anorderly wind-down of our portfolio, protec t asset values and maximized return on lenders' investment," Greer said in a prepared Opus West and its subsidiaries have sufferesd declining financial performance since resulting in defaults on certain credit lines and constrainee liquidity, according to an affidavigt filed by Greer, managingh member of New York-based Phoenix Capital which is the chiedf restructuring officer of Opus West Corp.
Greer is also president of the Opus West Opus West Partnersand O.W. Commercial Opus has focused on recapitalizinv through project salesand refinancing, but has been unable to do so becauswe of poor market conditions, Greer'sx affidavit says. Since 1979, Opus West and its affiliates have developee more than 52 million square feetof industrial, retail, multifamily, government and institutional the affidavit says. The company'sz assets include interests in commercialp and residential real estate projectsacross California, Arizona and Texas, includinvg condominium, office, industrial, apartment and retaik projects in various stages of the affidavit says.
Addison-based Opus West LP, formed to develo p real estate propertiesin Texas, owns seven propertiea that consist of eitherf vacant land, or a projectf under construction or completedc projects. The total debt on those propertiexs isabout $105 million and their value is aboutg $134 million, Greer's filing states. Opus has been dramatically scalingh back its North Texas operations for more thana year. Opus spokeswomann Winston Hewett told the that the Addisojn office has not started a new development in more than a year and has cut its staf in Dallas to 12 employeesd from about 40 ayear ago.
Opus West'x overall headcount had dropped to 40 as ofJuly 1, comparef to 291 two yearws ago, Hewett said. Since dozens of subcontractors have filed liens totaling morethan $4 millionb against Opus West Corp. and Opus West Construction tied to TwoAddiso Circle, a $23 million, 198,000-square-foot speculative office buildingy in Addison. The building was developed and is owned by Opus West The liens claim Opus owes the subcontractors for labor or materials provided in the courseof construction.
The six-storhy Two Addison building on the west side of the Dallaw North Tollway just north of Arapaho Road wasrecently completed, but has no The credit crunch and slowing demand for office space left Opus unable to get permanent financing to replacde the short-term construction loan on the Addisojn project, Hewett said. Other Opus West Corp. projects in Nortjh Texas include 121Lakepointe Crossing, an offic and industrial development in and Broadstone Parkway, a 5.8-acre mixed-use project at 5005 Galleria Drivs in North Dallas. Dallas area creditors includre RL Murphey CommercialRoof Systems, owed $1.25 million; Green Fire Systems of Texas, owed $856,660; and Ennia Steel Industries Inc.
, owed $519,402; and Tas Commercial Concretwe Construction, owed $500,704, accordingf to court records. Opus' troubles stem from the globaloeconomic downturn, deterioration of the real estate markegt and the credit crunch, which has made it difficulg for borrowers to get financingv to fund real estate projects or refinancw existing projects, Greer's affidavit states. The turmoil has scarex buyers, leading to excessx supply andlower prices. The dramatidc downturn has caused Opus to be out of complianced with terms of various loans and unablse torestructure them, and attempts to raisre capital and sell assets have proven bringing about the Chapter 11 Greer's affidavit says.
Opus' challenges vary considerably by saidMark Rauenhorst, chairman and CEO of Opus "Opus West faced particularly dramatic drops in real estates values in markets such as Californi and Arizona, and has been particularl y challenged by the sharp downturn in the capital markete and availability of refinancing," he Rauenhorst said that two other independenty operating companies of Opus Group -- and Opus Northwestr LLC -- have been less affected by the economidc and capital market conditions because of their mix of projecy types and their locatiohn in stronger markets. , which is based in Minn.
, is a design-build development firm that specializesin industrial, retail, multifamily, government and institutional projects. It also controlsx Washington-based LLC, which filee for Chapter 7 liquidation in late Opus Group saidits subsidiary, which is basesd in Atlanta, filed for reorganization in bankruptcy courty on April 22.
Thursday, April 12, 2012
Tuesday, April 10, 2012
More workers delaying retirement - The Business Review (Albany):
takes-trendsthe.blogspot.com
The Virginia-based human-resources consultant says 34 percenr of workers surveyed have pushed back their retirementf plans in thelast year. Among workers 50 and 44 percent are delaying retirement longerthan expected. “Ther economic crisis has affectedmany workers’ retiremenft plans and nest eggs, but thosr nearest to retirement have been especially hard hit,” says Watsob Wyatt (NYSE:WW) senior retirement consultant David “Older workers do not have the time to offset declining retirement-account values, either by recouping their investment losses or significantly increasingb their savings rate.
” Declines in the value of accounts ranked as the top reason for delayin g retirement. However, investment losses aren’t the only The survey says 63 percent of respondents cited the high cost ofhealtgh care; 62 percent cited higher pricex for basic necessities. The Watson Wyatt survey was conductecd in February and includes responses from morethan 2,200 full-timer workers.
The Virginia-based human-resources consultant says 34 percenr of workers surveyed have pushed back their retirementf plans in thelast year. Among workers 50 and 44 percent are delaying retirement longerthan expected. “Ther economic crisis has affectedmany workers’ retiremenft plans and nest eggs, but thosr nearest to retirement have been especially hard hit,” says Watsob Wyatt (NYSE:WW) senior retirement consultant David “Older workers do not have the time to offset declining retirement-account values, either by recouping their investment losses or significantly increasingb their savings rate.
” Declines in the value of accounts ranked as the top reason for delayin g retirement. However, investment losses aren’t the only The survey says 63 percent of respondents cited the high cost ofhealtgh care; 62 percent cited higher pricex for basic necessities. The Watson Wyatt survey was conductecd in February and includes responses from morethan 2,200 full-timer workers.
Sunday, April 8, 2012
Scott County Central boys basketball team routs Glasgow 78-48 in Class 1 semis - Southeast Missourian
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Scott County Central boys basketball team routs Glasgow 78-48 in Class 1 semis Southeast Missourian By Kevin Winters Morriss ~ Southeast Missourian Scott County Central forward Antonio Johnson, left and guard Dominique Porter press Glascow guard Ethan Thompson during the Braves' 78-48 win over the Yellow Jackets in the class 1 semi-final in Columbia ... |
Friday, April 6, 2012
High-end timeshares push flexibility - Orlando Business Journal:
savimy.blogspot.com
The new product, which costs from the low $100,000ds to $800,000, allows buyers to own an interestt in severalvacation properties. Insteaxd of giving investors the rightse to use a particula property for a certain amountof time, the Ritz-Carlton Destination Club gives them accesas to Ritz’s properties worldwide. The Orlando-based company is applying a strategy usedby less-pricey timesharer companies, among them , in which investors get pointa that can be used like currency to buy vacation Ritz-Carlton said the option should increase the appeal of its high-end known as fractionals, by attractinhg people who don’t want to be tied to a singlde piece of real estate.
“Pointss give you much more flexibility,” said David Short, Ritz-Carlton Destinatio n Club’s regional vice president for “They allow people to customize each trip to theirfown needs.” Howard Nusbaum, presidenf of the American Resort Developers Association, said the modepl fits well in the stressed economy, when vacation schedulea can be less flexible than in more prosperous times, and wealthy buyers are becomin more concerned about “Points allow people to spend exactly the amoungt of money they want on vacations,” Nusbaum In a traditional fractional ownership an owner might have one monthh a year at a fixe d location.
With the points system, the buyeer can apply credits to hotels or other timeshares in any time decreasing the chance that time might notbe used. Anothed advantage: In the traditional an owner who wants out of a timeshare needds to wait until some elsebuys in. Often, the required ratio is threee buyers forevery seller. “If 15 peoplee wanted out, they would have to wait until 45 peopl ewant in,” Nusbaum said. “In this economixc environment, that’s tough.
” Whilw Ritz-Carlton’s new plan allows buyers to applyu points toits properties, other timeshare companies are offering points packages that use a thirdr party to place owners in vacation properties not connectes to the timeshare company. Pat Connolly, senioe vice president with , said his compan y offers the use of The RegistruCollection — a global luxury timeshare exchange programj — to buyers in its high-endf Signature Collection.
The Signature Collection, which features 56 upscalde villas now under construction withinits 2,400-unit timeshare project near , will open next Orange Lake, which offers buyers of lower-priced unitsw exchange privileges through its own Holiday Inn Club Vacations uses The Registry Collection to give luxurty buyers access to comparablde properties it doesn’t own. “The introduction of a high-end product is takinhg us into a new level of thetimeshare market,” Connollgy said. Ritz-Carlton, which calls its points membership Portfolio, will sell interestas in increments.
The minimum purchase is $130,000, whicuh buys 5,000 points, with additional points sold in 2,500-poinyt increments. The company also charges annualo dues rangingfrom $7,500o to $18,000. A points option will be availablr tocurrent owners, who are members of the company’x Home Club. “We’re spending a lot of time working on programe for ourexisting customers,” Short said. “It’d good for them, and it shoulxd allow us to grow a littls more quickly inthe future.
”
The new product, which costs from the low $100,000ds to $800,000, allows buyers to own an interestt in severalvacation properties. Insteaxd of giving investors the rightse to use a particula property for a certain amountof time, the Ritz-Carlton Destination Club gives them accesas to Ritz’s properties worldwide. The Orlando-based company is applying a strategy usedby less-pricey timesharer companies, among them , in which investors get pointa that can be used like currency to buy vacation Ritz-Carlton said the option should increase the appeal of its high-end known as fractionals, by attractinhg people who don’t want to be tied to a singlde piece of real estate.
“Pointss give you much more flexibility,” said David Short, Ritz-Carlton Destinatio n Club’s regional vice president for “They allow people to customize each trip to theirfown needs.” Howard Nusbaum, presidenf of the American Resort Developers Association, said the modepl fits well in the stressed economy, when vacation schedulea can be less flexible than in more prosperous times, and wealthy buyers are becomin more concerned about “Points allow people to spend exactly the amoungt of money they want on vacations,” Nusbaum In a traditional fractional ownership an owner might have one monthh a year at a fixe d location.
With the points system, the buyeer can apply credits to hotels or other timeshares in any time decreasing the chance that time might notbe used. Anothed advantage: In the traditional an owner who wants out of a timeshare needds to wait until some elsebuys in. Often, the required ratio is threee buyers forevery seller. “If 15 peoplee wanted out, they would have to wait until 45 peopl ewant in,” Nusbaum said. “In this economixc environment, that’s tough.
” Whilw Ritz-Carlton’s new plan allows buyers to applyu points toits properties, other timeshare companies are offering points packages that use a thirdr party to place owners in vacation properties not connectes to the timeshare company. Pat Connolly, senioe vice president with , said his compan y offers the use of The RegistruCollection — a global luxury timeshare exchange programj — to buyers in its high-endf Signature Collection.
The Signature Collection, which features 56 upscalde villas now under construction withinits 2,400-unit timeshare project near , will open next Orange Lake, which offers buyers of lower-priced unitsw exchange privileges through its own Holiday Inn Club Vacations uses The Registry Collection to give luxurty buyers access to comparablde properties it doesn’t own. “The introduction of a high-end product is takinhg us into a new level of thetimeshare market,” Connollgy said. Ritz-Carlton, which calls its points membership Portfolio, will sell interestas in increments.
The minimum purchase is $130,000, whicuh buys 5,000 points, with additional points sold in 2,500-poinyt increments. The company also charges annualo dues rangingfrom $7,500o to $18,000. A points option will be availablr tocurrent owners, who are members of the company’x Home Club. “We’re spending a lot of time working on programe for ourexisting customers,” Short said. “It’d good for them, and it shoulxd allow us to grow a littls more quickly inthe future.
”
Wednesday, April 4, 2012
Hot Topic sees increased same-store sales - Los Angeles Business from bizjournals:
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Overall, the company saw a 7.1 percent increas e in same-store sales, which measure salez of stores open at least one The company broughtin $70.5 million during up 10.6 percent from a year ago. The company's Torrid stores saw a 5.9 percent drop in same-stor e sales, bringing in $15.1 million, a 3.2 perceng increase from a year ago. Hot Topiv stores saw a 10.6 percent increase in same-storse sales, bringing in $55.3 up 12.8 percent from a year ago. The companyy also increased its guidance for thefirst quarter, based on the same-store salew figures. The company now expectsd to earn between 1 and 2 centdsper share.
Previously, the company's rang e was from a loss of 1 cent a share to earningxs of 1 centa share. City of Industry-based Hot Topidc (NASDAQ: HOTT) is a mall-bases retailer that operates the Hot Topic and Torrid brandw that aim at young It also operates musicwebsite
Overall, the company saw a 7.1 percent increas e in same-store sales, which measure salez of stores open at least one The company broughtin $70.5 million during up 10.6 percent from a year ago. The company's Torrid stores saw a 5.9 percent drop in same-stor e sales, bringing in $15.1 million, a 3.2 perceng increase from a year ago. Hot Topiv stores saw a 10.6 percent increase in same-storse sales, bringing in $55.3 up 12.8 percent from a year ago. The companyy also increased its guidance for thefirst quarter, based on the same-store salew figures. The company now expectsd to earn between 1 and 2 centdsper share.
Previously, the company's rang e was from a loss of 1 cent a share to earningxs of 1 centa share. City of Industry-based Hot Topidc (NASDAQ: HOTT) is a mall-bases retailer that operates the Hot Topic and Torrid brandw that aim at young It also operates musicwebsite
Tuesday, April 3, 2012
Report: D.C.-area foreclosures fall in May - Atlanta Business Chronicle:
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Compared to April, foreclosures fell 25 perceng in D.C. to 299; 14 percent in Virginisa to 5,385; and 2 percenty in Maryland to 3,539. Nationally, foreclosured declined 6 percentto 321,48p0 according to the latest survety by Irvine, Calif.-based RealtyTrac, a foreclosurr research firm. Virginia continued to have the highesf rate of default amonv the three jurisdictions with one in 608 homews receiving aforeclosure notice. Maryland was next with a defaulrt rate of one in every 655 The District’s default rate is the lowest at one in everuy 951 homes.
The District also had the best foreclosurde performance compared to May of 2008 with defaultxs declining 24 percent from the year ago Virginia foreclosures were 2 percent higher than Mayof 2008. Marylanr foreclosures were 51 percent higher than ayear ago. RealtyTrac reported that foreclosures in May were 18 percengt higher than oneyear ago. One in everh 398 U.S. homes received a foreclosure filingin May, easing back from April’s nationak rate of one in everyu 374 households, the highestg monthly foreclosure rate since RealtyTrac began issuing data in January 2005.
Compared to April, foreclosures fell 25 perceng in D.C. to 299; 14 percent in Virginisa to 5,385; and 2 percenty in Maryland to 3,539. Nationally, foreclosured declined 6 percentto 321,48p0 according to the latest survety by Irvine, Calif.-based RealtyTrac, a foreclosurr research firm. Virginia continued to have the highesf rate of default amonv the three jurisdictions with one in 608 homews receiving aforeclosure notice. Maryland was next with a defaulrt rate of one in every 655 The District’s default rate is the lowest at one in everuy 951 homes.
The District also had the best foreclosurde performance compared to May of 2008 with defaultxs declining 24 percent from the year ago Virginia foreclosures were 2 percent higher than Mayof 2008. Marylanr foreclosures were 51 percent higher than ayear ago. RealtyTrac reported that foreclosures in May were 18 percengt higher than oneyear ago. One in everh 398 U.S. homes received a foreclosure filingin May, easing back from April’s nationak rate of one in everyu 374 households, the highestg monthly foreclosure rate since RealtyTrac began issuing data in January 2005.
Sunday, April 1, 2012
Detective interviews Bono officials about meeting - Russellville Courier
amesit.wordpress.com
Today's THV | Detective interviews Bono officials about meeting Russellville Courier Gary Etter of the Craighead County sheriff's office said he interviewed four Bono City Council members, Mayor Billy Stephens and police officer Dustin Norwood on Friday about the meeting. Etter plans to turn over his report to Prosecuting Attorney ... Ark. detecti ve interviews officials about meeting |
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