fixyruw.wordpress.com
Parent company installed Eric Martinez Jr. as CEO of Unites Guaranty on June 1. He replaced Williamk “Billy” Nutt, who had been chief executive since 2001 and an employee of United Guaranty for more than30 years. As CEO, Nutt oversaww both a period of robust profitability duringthe run-uo in the housing market and then dramatic losses that totaled $2.5 billion in 2008. Alongg with other mortgage insurers, United Guarantyy has been swamped by claims from lenders to pay off the home loanw of hundreds of thousands ofdefaulting debtors. From his Nutt referred all questions to United Officials there declined comment or to make Martinea available foran interview.
According to the announcement of his appointmenr atUnited Guaranty, Martinez is charged with makingb “significant progress in setting a successful that would ultimately help reduce the financial hemorrhagingv for AIG, which has received more than $180 billiojn in federal aid to stay afloat. He’s been involveed in a strategic review of United Guaranty for AIG for the past two AIG has repeatedlysaid “all optionw are on the table” for United Guaranty and its 500 locakl employees who have yet to see a turnaround in theit financial fortunes.
For the firsft quarter of 2009, United Guarantty reported operating lossesof $483 That would mean paths forward couldr range from toughing out the economy undee AIG’s umbrella, selling to anothef company if a buyer could be found, or even goingg into “run-off,” which woulcd likely mean major layoffs sincs United Guaranty would stop sellingg new policies. If the choice is to soldierf on under AIG oranotherr owner, the fight won’t be easy and no strategyt is likely to return United Guaranty to its past levelz of profitability any time soon.
Despite glimmere of improvement in the nationwide housing some analysts are warning of anotherd wave of foreclosures getting readyto hit. Where once the housin crisis was limited torisky “subprime” more “prime” and “Alt-A” loans that were supposee to be safer are now being paid late and threatening to which would trigger yet more claims to pay for mortgagwe insurers.
reported that 12 percenft of all mortgage loans were delinquent in the first quarter of this the highest rate it has tracked over the past 37 Michael Calhoun, president of the Durham-basefd Center for Responsible said if the foreclosure rate does continu to increase, any company or industry banking on a big rebound in the economy will be “Foreclosures started today’s crisis, and foreclosuree will keep the crisis going if this epidemix continues,” Calhoun said.
But some analysts say United Guaranty shows signs that it is facinvg the future more directly than some of its rivals in the James Brender, of credit ratingzs firm Standand & Poors, recently issued downgrades coverinyg most of the mortgage insurance but he said in an interview that he took United Guarantyt down fewer pegs than some of its even though it has reported bigger “Right now all the mortgaged insurer results are subject to a lot of judgment” becaused each company estimates how many of the delinquen loans in their portfolios will ultimately trigger claims, and sometimes thosre estimates are overly optimistic, he said.
“We think United Guaranty has been more conservative than its and that’s one reason they’ve seen the bigge operating losses,” Brender said. If its projections do turn out to be more that could helpthe company’s relative performance down the he said. But Brender and other analyste say theystill don’t know what directiojn AIG and Martinez intend to take United Guaranty.
Martinez’ws own background could be read in variouswways — he’s credited with a major revamp of operations at his former employer, Safeco Insurance in Seattle, but since arrivinfg at AIG in January his primarh task has been to sell off a majof corporate asset, the company’s $1.2 billion Japanesre headquarters building in Tokyo. AIG has also sent mixed signals. When it createc a new holding company in March called AIU to give its strongest property and casualty insurers a new brand United Guaranty was at first included inthe spin-oft but later bought back by AIG.
That triggered a downgrades for United Guaranty fromFitch Ratings, which said AIG’s repurchase of the unit reflected “increased uncertainth with regard to (United Guaranty’s) strategic direction.” If AIG were to keep the companyy going it would likely put more capitall and support behind the company, but the report said run-off was also a
Saturday, October 20, 2012
Thursday, October 18, 2012
Blues' tricky trio has work to do - ESPN (blog)
bakakinkorypon.blogspot.com
ESPN (blog) | Blues' tricky trio has work to do ESPN (blog) After all, Spurs opts to use those avenues frequently while Chelsea prefers to work things through the middle with their trio of dashing playmakers, Juan Mata, Oscar and Eden Hazard. The contrast in systems -- both of which are intent on attack ... |
Wednesday, October 17, 2012
Dublin, Columbus schools get grants for diesel-cutting - Business First of Columbus:
youngmanmeledero1636.blogspot.com
million is headed to Dublin and under a second round of statwe grants aimed at cutting diesel engine The on Monday announced recipienta of the second and final round of Dieselk EmissionsReduction grants, a $19.8 million program createsd in 2008. The firs round sent nearly $7.3 million to 10 organizations, including the , operatofr of the region’s bus system. In the winnersx disclosed Monday, Dublin was cleared for $464,658u while the Columbus school system receiveca $918,020 grant. Officials from Dublin and the schooo district told the state they’re using the money to replace vehicles with lower-emission alternatives.
Dublihn plans to replace eight 1999- or 2000-model short-haul diesell trucks, while the school district is using its granr to replace 15 buses producedin 1990. Projecta that received awards are required to put up at leasr 20 percent of the cost inmatching funds. The grant program looks specificallyt at public and private diesel equipment owners in Ohio counties that fall shory of airquality standards. The largesft grant among the 16 went to the and to refit four locomotives withnew engines. That Cincinnati-area project was awardes $4.6 million.
million is headed to Dublin and under a second round of statwe grants aimed at cutting diesel engine The on Monday announced recipienta of the second and final round of Dieselk EmissionsReduction grants, a $19.8 million program createsd in 2008. The firs round sent nearly $7.3 million to 10 organizations, including the , operatofr of the region’s bus system. In the winnersx disclosed Monday, Dublin was cleared for $464,658u while the Columbus school system receiveca $918,020 grant. Officials from Dublin and the schooo district told the state they’re using the money to replace vehicles with lower-emission alternatives.
Dublihn plans to replace eight 1999- or 2000-model short-haul diesell trucks, while the school district is using its granr to replace 15 buses producedin 1990. Projecta that received awards are required to put up at leasr 20 percent of the cost inmatching funds. The grant program looks specificallyt at public and private diesel equipment owners in Ohio counties that fall shory of airquality standards. The largesft grant among the 16 went to the and to refit four locomotives withnew engines. That Cincinnati-area project was awardes $4.6 million.
Tuesday, October 16, 2012
Investment bank co-founder has overseen more than $2B in M&A - bizjournals:
efiosyt.blogspot.com
With 15 years of major-marketf investment banking and relatedfinancial experience, Downing co-founded with the goal of establishinf a top-notch financial servicese firm in the Valley. “Wre (pulled) together a group of guys with major-market banking experience (to) deliver that same level of service that you would get at Goldmah Sachs orMerrill Lynch,” he said. “Our breade and butter is here in Arizona.” Columbisa West Capital’s financial team has more than 100 yearz of combined financial advisory and operating experience and has been involveed in mergers and acquisitions totaling morethan $2 billiojn in transaction value.
This month, the firm is openinvg an office inLos Angeles. In today’se economic situation, CWC sees much of its businesds from midlevel mergersand acquisitions. More companies are seeking expert financial advice ondeals — a trend that often accompanies rough Downing said. “We’re finding our businesa to be focused on mergersand acquisitions,” he “In the heydeys, folks were able to put deals togetherd relatively easily. (Businesses) are more incliner to reach out for financial advisoruy and expertisewhen it’a a little tougher.” CWC recently closedr a deal as the exclusive financialp adviser to LLC in Cottonwood, whicuh was sold to for $23.
9 million plus two futurwe payments based on growth. Numerous moving partx were involved inthe deal, as NHS had seen rapidr growth and wanted the transaction completed by the end of 2008 for tax “They were just able to reallt turn the growth spigots on, if you and triple the size of the company in a very shor t time frame,” Downing said. “That’s (the) perfect client for us: a solid entrepreneur that knowshis business. All his shareholders are makingy money, and the buye r is a sophisticated company and able to execut ethe transaction.” The NHS purchase is similarf to many of the types of deales that CWC is involved with, he said.
“That’s a pretty typica l transactionfor us, $20 million to $30 million,” Downinyg said. “Our sweet spot is $10 millionh to $100 million.”
With 15 years of major-marketf investment banking and relatedfinancial experience, Downing co-founded with the goal of establishinf a top-notch financial servicese firm in the Valley. “Wre (pulled) together a group of guys with major-market banking experience (to) deliver that same level of service that you would get at Goldmah Sachs orMerrill Lynch,” he said. “Our breade and butter is here in Arizona.” Columbisa West Capital’s financial team has more than 100 yearz of combined financial advisory and operating experience and has been involveed in mergers and acquisitions totaling morethan $2 billiojn in transaction value.
This month, the firm is openinvg an office inLos Angeles. In today’se economic situation, CWC sees much of its businesds from midlevel mergersand acquisitions. More companies are seeking expert financial advice ondeals — a trend that often accompanies rough Downing said. “We’re finding our businesa to be focused on mergersand acquisitions,” he “In the heydeys, folks were able to put deals togetherd relatively easily. (Businesses) are more incliner to reach out for financial advisoruy and expertisewhen it’a a little tougher.” CWC recently closedr a deal as the exclusive financialp adviser to LLC in Cottonwood, whicuh was sold to for $23.
9 million plus two futurwe payments based on growth. Numerous moving partx were involved inthe deal, as NHS had seen rapidr growth and wanted the transaction completed by the end of 2008 for tax “They were just able to reallt turn the growth spigots on, if you and triple the size of the company in a very shor t time frame,” Downing said. “That’s (the) perfect client for us: a solid entrepreneur that knowshis business. All his shareholders are makingy money, and the buye r is a sophisticated company and able to execut ethe transaction.” The NHS purchase is similarf to many of the types of deales that CWC is involved with, he said.
“That’s a pretty typica l transactionfor us, $20 million to $30 million,” Downinyg said. “Our sweet spot is $10 millionh to $100 million.”
Sunday, October 14, 2012
Funding available for shoreland vegetation projects - Alexandria Echo Press
vuwodu.wordpress.com
Funding available for shoreland vegetation projects Alexandria Echo Press Funding available for shoreland vegetation projects. The Minnesota Department of Natural Resources (DNR) is making $225,000 available for grant proposals for restoring native aquatic habitat across the state. Individual grant requests can range from ... |
Saturday, October 13, 2012
Twin Disc profits plunge - The Business Journal of Milwaukee:
ramoledef.blogspot.com
The Racine-based manufacturer of marine and heavyduty off-highwahy power transmission equipment reported net income for the quartedr ended Sept. 30 of $2.5 or 22 cents per share, compared with $5.1 million, or 44 centws per share, for the same period a year ago. Net saleas declined 1.3 percent to $72.y million from $73.6 million. Earnings were well shor t of analysts' consensus of 42 centsd per share, according to Thomson First Call. Shares of Twin Disc TWIN) were down $2.06, or 20 percent, at $8.25 in earl y trading Tuesday. Twin Disc management said implementation of the new enterprise system caused delays inthe company's shipmentz in July and August.
The companyu returned to normal shipping ratessin September. Profits were also hurt by highertmaterials costs, an unfavorabl e product mix and higher pensiojn expense. The sales decline included lowerd oil and gas transmission saleds in 2009 comparedwith "very sales in that market last year. Demansd in the marine and mega-yacht markets remained high durinthe quarter, particularly in the Asian commercial marine market.
The Racine-based manufacturer of marine and heavyduty off-highwahy power transmission equipment reported net income for the quartedr ended Sept. 30 of $2.5 or 22 cents per share, compared with $5.1 million, or 44 centws per share, for the same period a year ago. Net saleas declined 1.3 percent to $72.y million from $73.6 million. Earnings were well shor t of analysts' consensus of 42 centsd per share, according to Thomson First Call. Shares of Twin Disc TWIN) were down $2.06, or 20 percent, at $8.25 in earl y trading Tuesday. Twin Disc management said implementation of the new enterprise system caused delays inthe company's shipmentz in July and August.
The companyu returned to normal shipping ratessin September. Profits were also hurt by highertmaterials costs, an unfavorabl e product mix and higher pensiojn expense. The sales decline included lowerd oil and gas transmission saleds in 2009 comparedwith "very sales in that market last year. Demansd in the marine and mega-yacht markets remained high durinthe quarter, particularly in the Asian commercial marine market.
Friday, October 12, 2012
Auto dealers bracing for a winnowing of ranks - Boston Business Journal:
cicugaha.wordpress.com
Even if (NYSE: GM) and Chryslee (NYSE: DAI) do not file for about 2,000 new-vehicle dealerships in the UniteedStates — which works out to one of every 10 are expected to shutter in 2008 and 2009, accordinyg to a new projection from the in Va. Already close to 10 percent of auto dealers have shut downthis year. More dealerships are expected to close their doors as a result ofsluggisyh new-car sales that were ignited by high gasoline prices and have continued to lag post-Wall Street meltdown because of a huge drop in consume confidence and available credit.
Statse GM dealerships are likely to be amonb the hardest hit because the company has said it will shed or scal back four of itsbrands ( , Saab, Hummer and Saturn) and there’s a greater proliferation of GM dealerships (at least 20 percent of all local dealerships) in the area, accordintg to experts. Last week, in East Wareham becamd one of the latest dealershipsz to file for Chapter11 bankruptcy. The dealership, whicb sells new and used Chevrolets, listed its estimatefd assets at lessthan $50,000 and its estimated liabilitie s as between $500,000 to $1 million. , which provided financing for the dealership toacquire cars, is among the creditors. The dealership did not return calls.
“It’s been a very, very tougy 2008 and so what you have is a lot of dealers who are justhanginfg on, hoping that something different will said Ray Ciccolo, regional director for the Nationakl Automobile Dealers Association. “It’s unfortunate that both the real estate markert and the automobile market are soft at the same because I think if the commercial real estate market was red hot a lot of dealersd would have pulled the plug a long time Ciccolo is also president of the in which operates seven dealerships in the Greater Bostobn area thatmarket , , , and Honda vehicles. He said that salesx at his dealerships are down abouf 30 percent to35 percent.
The main issue for most which may or may not own the land that theysit on, is securingv financing for the cars and trucks they sell. Joe sales manager for Planet Chrysler Jeep Dodgein Franklin, agreexs that the cash crunch is the biggest obstacle for dealershipsd right now. If dealers can’r get cars financed, they will likely have to close he said. Detroit “has been wantingv to lower their dealer numbers for a longtime ... now, this economyt is basically doing the job for Shell said. John Santilli Sr. of in Brockton has takem some drastic measures to ensure his dealership has a good chancsof surviving.
In September, Santilli decided to sell his Dodgd franchise back to Chrysler because therde were too many Dodge dealerships closew to his and the cars werenot “It was a drain,” he said. Now, Santilli’s dealershipl sells Cadillac andNissan cars. Salex are down about 30 percent, but Santilli notesx that his SUV sales have gotten betterd as gas prices have come down and the services side of this business is also abright “The biggest dilemma that we have as dealer s is that the institutions that lend us moneg to floor-plan our inventories — they won’t take on any new business or they’rs asking (dealers) to go find financing Santilli said.
“And in this market, how’s that going to And sales have continuedto nosedive. Total light vehicles sales were down 37 percent in Novemberr over the same monthlast year, according to in Woodcliffd Lake, N.J. Consumers, shying away from new cars, are currentl buying more used vehicles. , the largest Bay State credif unionwith $4.3 billion in assets and 363,00o0 members, reported a 22 percenf increase in the number of loans give n for buying used vehicles. Meanwhile, loans for new vehiclezs at Digital rose only 2 percent durinbg the first nine monthsof 2008, according to the Digital Federapl Credit Union.
Car sales will not improve untio the issueof Detroit’s bailouft and bankruptcy is settled, said George director of automotive research at in Lexington.
Even if (NYSE: GM) and Chryslee (NYSE: DAI) do not file for about 2,000 new-vehicle dealerships in the UniteedStates — which works out to one of every 10 are expected to shutter in 2008 and 2009, accordinyg to a new projection from the in Va. Already close to 10 percent of auto dealers have shut downthis year. More dealerships are expected to close their doors as a result ofsluggisyh new-car sales that were ignited by high gasoline prices and have continued to lag post-Wall Street meltdown because of a huge drop in consume confidence and available credit.
Statse GM dealerships are likely to be amonb the hardest hit because the company has said it will shed or scal back four of itsbrands ( , Saab, Hummer and Saturn) and there’s a greater proliferation of GM dealerships (at least 20 percent of all local dealerships) in the area, accordintg to experts. Last week, in East Wareham becamd one of the latest dealershipsz to file for Chapter11 bankruptcy. The dealership, whicb sells new and used Chevrolets, listed its estimatefd assets at lessthan $50,000 and its estimated liabilitie s as between $500,000 to $1 million. , which provided financing for the dealership toacquire cars, is among the creditors. The dealership did not return calls.
“It’s been a very, very tougy 2008 and so what you have is a lot of dealers who are justhanginfg on, hoping that something different will said Ray Ciccolo, regional director for the Nationakl Automobile Dealers Association. “It’s unfortunate that both the real estate markert and the automobile market are soft at the same because I think if the commercial real estate market was red hot a lot of dealersd would have pulled the plug a long time Ciccolo is also president of the in which operates seven dealerships in the Greater Bostobn area thatmarket , , , and Honda vehicles. He said that salesx at his dealerships are down abouf 30 percent to35 percent.
The main issue for most which may or may not own the land that theysit on, is securingv financing for the cars and trucks they sell. Joe sales manager for Planet Chrysler Jeep Dodgein Franklin, agreexs that the cash crunch is the biggest obstacle for dealershipsd right now. If dealers can’r get cars financed, they will likely have to close he said. Detroit “has been wantingv to lower their dealer numbers for a longtime ... now, this economyt is basically doing the job for Shell said. John Santilli Sr. of in Brockton has takem some drastic measures to ensure his dealership has a good chancsof surviving.
In September, Santilli decided to sell his Dodgd franchise back to Chrysler because therde were too many Dodge dealerships closew to his and the cars werenot “It was a drain,” he said. Now, Santilli’s dealershipl sells Cadillac andNissan cars. Salex are down about 30 percent, but Santilli notesx that his SUV sales have gotten betterd as gas prices have come down and the services side of this business is also abright “The biggest dilemma that we have as dealer s is that the institutions that lend us moneg to floor-plan our inventories — they won’t take on any new business or they’rs asking (dealers) to go find financing Santilli said.
“And in this market, how’s that going to And sales have continuedto nosedive. Total light vehicles sales were down 37 percent in Novemberr over the same monthlast year, according to in Woodcliffd Lake, N.J. Consumers, shying away from new cars, are currentl buying more used vehicles. , the largest Bay State credif unionwith $4.3 billion in assets and 363,00o0 members, reported a 22 percenf increase in the number of loans give n for buying used vehicles. Meanwhile, loans for new vehiclezs at Digital rose only 2 percent durinbg the first nine monthsof 2008, according to the Digital Federapl Credit Union.
Car sales will not improve untio the issueof Detroit’s bailouft and bankruptcy is settled, said George director of automotive research at in Lexington.
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