Miami-Dade, Broward and Palm Beach counties continued to see upward movement in the number of bankruptcy filings last month.
Only Palm Beach County showed some moderation in the number of business bankruptcies when compared to August 2009.
In the three-county area, personal bankruptcy filings were up 59 percent, to 3,387 from 2,127 in August 2009, and up 6 percent from July. Business bankruptcy filings rose 7 percent, to 119 from 111, a year earlier, but were down 17 percent from July.
In Miami-Dade County, personal bankruptcy filings rose 74 percent, year-over-year, to 1,788 cases opened, and 5 percent over July. There were 49 new business bankruptcies for Miami-Dade in August, up from 40 last year, but down from 57 in July.
Personal bankruptcy filings in Broward rose 50 percent over last year, to 1,067 cases opened, and rose 12 percent compared to July. There were 43 new business bankruptcies filed in Broward County in August, up from 41 last year, but down from 47 in July.
Palm Beach County personal bankruptcies rose 36 percent, year-over-year, to 532, but decreased by 4 percent compared to July. There were 27 new business bankruptcy filings in Palm Beach County in August, down from 30 cases last year and 40 cases in July.
The American Bankruptcy Institute said August consumer filings nationwide rose 6 percent to 127,028 from 119,874 a year earlier, but fell 8 percent from the July total.
“While monthly filings are volatile, consumer bankruptcies are still the highest they have been since Congress overhauled the bankruptcy law in 2005,” ABI Executive Director Samuel Gerdano said. “Consumer filings remain on track to top 1.6 million filings in 2010.”
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Facebook Inc. has reportedly acquired online content publishing software start-up Chai Labs Inc.
The All Things Digital blog of the Wall Street Journal reported the deal on Sunday, saying it is likely to be in the $10 million range and is most likely a talent buy rather than a new product play by the Palo Alto social networking company.
Mountain View-based Chai Labs was founded by Gokul Rajaram, who is a former Google Inc. (NASDAQ:GOOG) AdSense executive.
Regulatory filings show that it raised $1.1 million in funding last year and $1.3 million in 2008. Among the advisers list on its website are Netscape Communications Corp. founder Marc Andreessen, LinkedIn Inc. founder Reid Hoffman and Excite co-founder Joe Kraus.
Chai Labs' technology helps publishers and journalists launch content websites.
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Northrop Grumman Corp., which warned in April that 330 jobs were at risk at Fort Eustis in Newport News, Va., as the company competed for a contract renewal, said will cut 173 jobs there even though it got the renewal.
Northrop announced July 1 it won a new contract for logistics support at Fort Eustis worth as much as $46 million over five years. The company will continue to provide supply management, installation transportation support and equipment maintenance at the base, but it will no longer provide food services.
“The new contract has a few changes,” said Northrop spokesman Ron Ellis. “One key change was a small business requirement for the food services portion of the contract.”
The company said it will offer assistance to employees affected by the job cuts, without being specific.
Northrop (NYSE: NOC), which is moving its headquarters from Los Angeles to Fairfax County, has provided support services at Fort Eustis for nearly 30 years.
Webcor will start construction in August on the $55 million renovation of San Francisco’s Moscone Center.
The renovation work, which is being managed by Jones Lang LaSalle, will include cosmetic improvements to the main exhibit halls — A, B and C — and minor HVAC work in the North meeting rooms. A second phase of work is slated to begin in December with cosmetic upgrades to selected restrooms to bring them into compliance with the American Disabilities Act. The second phase will also include renovation of meeting rooms in Moscone North.
Built in 1981 and expanded in 1991 and again in 2003, the 20-acre Moscone Center convention complex consists of three main buildings – Moscone North, South and West – totaling more than two million square feet and offering 740,000 square feet of meeting and exhibition space.
Construction and cosmetic improvement work will be timed to avoid any disruption to the facility, Jones Lang LaSalle said.
The renovation is being funded through a public-private partnership between the City of San Francisco and the San Francisco Tourism Improvement District Management Corporation (SFTID), a privately-funded group formed by local hotels specifically to make improvements to the Moscone Center and to promote tourism in San Francisco.
The city is providing $35 million toward the total cost of renovations with the SFTID generating an additional $20 million through a self- assessment of San Francisco hotels.
“Moscone Center is an integral part of San Francisco’s biggest economic driver – tourism – and this forward-thinking program promoted by the City and SFTID is critical for maintaining the facility’s competitiveness in the coming years,” said Steven Kahn, Senior VP and regional operations manager with JLL’s project and development services group in Northern California payday loans.
Kahn added that in addition to the phased renovation of the facility, Jones Lang LaSalle would also be looking at ways to improve the convention center’s energy efficiency making Moscone more sustainable and paving the way for LEED certification during future phases of improvement to the facility.
More than a third of visitors to San Francisco attend a convention or meeting in the city, and Moscone Center is by far the biggest venue for such meetings, according to the San Francisco Convention & Visitors Bureau. Moscone Center has hosted major national meetings such as MacWorld, OpenWorld and Oracle’s national convention as well as major West Coast events such as the Pacific Coast Builders Conference (PCBC).
“In 2009, San Francisco welcomed 15.4 million visitors, which represents a 5.8 percent decrease from 2008. Visitor spending was $7.8 billion, a decrease of 7.8 percent from the previous year,” said Dan Kelleher, chair of the San Francisco Tourism Improvement District. “The renovation of Moscone Center will be a critical component to attracting new and repeat convention business to San Francisco by providing an enhanced delegate experience.”
Jones Lang LaSalle’s Project and Development Services group provides single or multi-site project management expertise for new construction, renovation and interior improvements of a wide variety of buildings and other structures for owners and corporate users as well as public agencies in the U.S. and globally.
Lawmakers ripped into BP chief Tony Hayward on Thursday, accusing him of being ill-prepared for congressional testimony and not cooperating with an investigation into the Gulf of Mexico oil spill.
In Hayward’s first congressional appearance since the April 20 disaster, lawmakers wanted to know if BP had cut corners in an effort to save money in the run up to the explosion.
Questions during the 7-1/2 hour hearing, which included two recesses, focused on the well’s design and the measures taken while BP was attempting to seal it before it exploded.
"Did BP make a fundamental misjudgment" in using one long piece of well casing instead of many shorter pieces, as other oil companies said they would have done, asked Rep. Henry Waxman, D-Calif.
"I wasn’t involved in that decision," replied Hayward, saying that the single piece was better for the well’s long-term stability.
Waxman produced transcripts from BP’s engineers saying that the single casing was "unlikely to be successful." Waxman said BP went ahead with it anyway to save $7 to $10 million.
Hayward said he was "not prepared to draw conclusions about this accident until the investigation is complete."
"This is an investigation," said Waxman. "Are you cooperating with other investigations? Because they’re going to have a hard time reaching a conclusion if you stonewall them, which it appears you are doing today."
Rep. John Dingell, D-Mich., wanted to know how much it would have cost BP to perform additional tests on the cement in the well.
"I cannot say," said Hayward.
Dingell also wanted to know how much it would have cost to circulate a heavier drilling mud through the pipes, which may have prevented the explosion.
"I cannot say," replied Hayward, again.
"We thought we’d have more candid responses to our questions," said Rep. Bart Stupak, D-Mich. " You’re the CEO, you headed exploration, you know what’s going on."
Criticizing Hayward for his lack of answers became a theme of the meeting.
"Clearly Mr. Hayward is not prepared to answer the questions," said Rep. Joe Barton, R-Texas. "Any one of us could do a better job."
Apology flap
Barton may have been trying to deflect criticism after an earlier incident in which he called BP’s agreement to set up a $20 billion fund for spill victims "a shakedown" by the Obama administration, and apologized to BP.
The comment drew immediate criticism, with Rep. Edward Markey saying the fund is "the American government working at its best," and both the White House and Speaker of the House Nancy Pelosi, D-Calif. issuing statements blasting Barton.
There were reports some Republican lawmakers from Gulf states were asking him to resign as ranking member of the committee, and Republican leaders issued a statement saying "Congressman Barton’s statements this morning were wrong."
Barton later retracted his apology to BP and said he was sorry for using the term shakedown.
"BP is responsible for this accident, should be held responsible, and should in every way do everything possible to make good on the consequences," he said. "If anything I’ve said this morning has been misconstrued in an opposite effect, I want to apologize."
Hayward gets emotional
Tensions in the hearing were apparent before Hayward began testifying, when he was was interrupted by a woman shouting unintelligibly, her face and hands painted with oil.
After a brief struggle with police, she was removed from the room and arrested. U.S. Capitol Police say the woman was charged with unlawful conduct.
Hayward began his testimony by waiving his right to legal counsel.
He struck an emotional tone in his prepared remarks, acknowledging the loss of life and apologizing to residents of the Gulf Coast.
"When I learned that 11 men had lost their lives in the explosion and fire on the Deepwater Horizon, I was personally devastated," he said. "I want to offer my sincere condolences to their family and friends."
He went on to talk about the Gulf Coast economy and environment.
"I want to speak directly to the people who live and work in the Gulf region: I know that this incident has profoundly impacted lives and caused turmoil, and I deeply regret that," he said.
Hayward had been criticized previously for a sometimes callous approach to the disaster, especially the comment a few weeks back that he’d "like his life back" and that the "environmental impact of this disaster is likely to have been very, very modest."
In opening statements short on bluster and long on details, lawmakers outlined a series of steps BP took in the lead-up to the explosion that appeared to put cost above safety.
"Why would a team be sent home before performing a test?" on the well, asked Rep. Mike Doyle, D-Pa., referring to one of the decisions in question. "BP had several warnings, but instead of treating the well with caution, it seems BP was only interested was completing the well quickly and cheaply."
The well exploded 59 days ago, killing 11 workers. Millions of gallons of oil are still spewing into the Gulf, resulting in what some are calling the worst environmental disaster in American history.
According to congressional documents and interviews with workers on the rig when it exploded, it appears BP chose faster, cheaper techniques for drilling this well, sometimes against the advice of their sub-contractors.
Hayward said there was "no evidence of reckless behavior," contradicting President Obama, who referred to the company’s "recklessness" during Tuesday night’s address to the nation.
Hayward also said no BP employees have been laid off as a result of the accident, and that he did not believe cost cutting led to the explosion.
"If there’s any evidence that anybody put costs above safety I will take action," he said.
"I can’t believe you said that," retorted Waxman. "Of course there’s evidence."
– CNN staff contributed to this report
General Motors has banned the use of the Chevy name in all of its corporate communications. From now on, the bow-tie brand will go by its proper name, Chevrolet.
It’s OK if you still call your car a Chevy. It’s just that GM won’t.
The problem, said Alan Batey, vice president of sales for Chevrolet in the U.S., is that in today’s Internet-connected world, documents and Web sites created for an American audience can be read by anyone, anywhere. And the use of two different names for one car brand — Chevy and Chevrolet — can cause confusion abroad.
While Chevy is a popular nickname for the brand in the U.S. and Canada, it’s not used in any of the other 130 or so countries where the brand is sold.
"I get calls from international colleagues asking me ‘What is a Chevy," said German-born GM spokesman Klaus-Peter Martin. "It takes quite a long time to explain to them."
Customers in other countries who want to learn more about Chevrolet and come across the name Chevy on a U.S.-based Web site might think it refers to a separate brand, he said.
But Chevrolet isn’t trying to shun its popular nickname, said Batey. GM still loves Chevy.
"[The nickname] says there’s a rapport and a relationship with the brand," said Batey bad credit payday advance. "We love it when people call us Chevy."
The memo that was sent out to GM employees even asked them not to use the Chevy name in conversation, Batey said. However, the ban on speaking the two-syllable word won’t be strictly enforced.
Existing advertising and corporate communications won’t be changed, he added, but the rule will be enforced in any materials produced from here on out.
Founded in 1911 as the Chevrolet Motor Co., Chevrolet was named for founding partner Louis Chevrolet, an early race car driver.
As part of the company’s push for global consistency, Batey added, more products — such as the upcoming Chevrolet Cruze compact car — will be sold globally using the same model name everywhere. Until now, the automaker often sold similar models under different names around the world.
"The brand is going to become an icon around the world," he said.
Since everyone already knows Chevrolet, Batey said, and everyone in the U.S. knows that it’s Chevy, Americans shouldn’t miss anything.
Terremark Worldwide said on Thursday that revenue for the fourth quarter rose 11 percent to $82.5 million, up from $74.2 million in the prior three-month period.
The Miami-based provider of IT infrastructure services (NASDAQ:TMRK) reported revenue for the fiscal year ended March 31 was $292.3 million, a 17 percent increase over the prior fiscal year.
The company reported a net loss of $1.2 million, or 2 cents a share, improved from a loss of $8.3 million or 13 cents a share in the previous quarter, but down from the same time last year when it earned $4.1 million, or 6 cents a share.
Terremark said it added 56 customers in the fourth quarter, bringing its total number to 1,350.
“With another very strong quarter and fiscal year, Terremark continues to produce the positive results that reflect the strong demand among federal and enterprise customers for our suite of industry-leading solutions across our global footprint and our proven ability to successfully execute our strategic plan,” said Manuel D. Medina, Chairman and CEO of Terremark, in a news release. “Our consecutive quarters of record bookings, robust pipeline and strategic expansion create a solid base for fiscal 2011 and a clear path for sustained growth.”
Last week, Terremark said it acquired 27 acres of land adjacent to its Network Access Point (NAP) of the Capital Region for $5 million. The company also recently opened a 72,000-square-foot headquarters building at the NAP of the Capital Region campus.
The company said it expects revenues in the first quarter to range from $77 million to $79 million. For the full fiscal year, the company raised its guidance of revenue to range from $338 million to $343 million.
Shares closed up 32 cents to $7.50 on Thursday. The 52-week high was $8.98 on Jan. 21. The 52-week low was $4.34 on July 10.
Higher demand and cost reductions triggered a sharp rise in net income in the first quarter at Astronics Corp., the East Aurora manufacturer said Wednesday.
Profits rose 142.7 percent to $3.4 million, or 31 cents per share, up from $1.4 million, or 13 cents per share, in the 2009 first quarter.
Sales in the 2010 first quarter were down 6.2 percent to $46.9 million from $50 million a year ago. The company noted the figure for Astronics’ DME subsidiary was for the entire period while the 2009 first quarter included DME sales for a nine week period. Astronics acquired DME on Jan. 30, 2009.
“Demand was higher than expected, especially for our in-seat power products, and our aggressive cost cutting over the last year drove solid margins,” said Peter Gundermann, president and CEO.
Astronics (NASDAQ: ATRO) produces lighting, electrical power and automated test systems for the areospace and defense industries.
A proposal in the Arizona House of Representatives could restore some lost funding to the Arizona Office of Tourism.
As legislators look to close a $3.5 billion state budget deficit, they have cut the budgets of a number of departments, including the Arizona Office of Tourism.
As part of the state budget just approved by legislators, the transaction privilege tax formula funding for the Tourism Office was removed. TPT money comes from bed, restaurant and amusement taxes collected from businesses across the state. Those funds totaled about $14.6 million in fiscal 2010, and legislators appropriated $10.7 million of it to the Tourism Office through the TPT formula.
But the fiscal 2011 budget removed that funding from the Tourism Office completely, eliminating the formula and earmarking all TPT funds for the General Fund instead.
Under the new state budget, the department’s funding will come only from a portion of Indian gaming fees and revenue collected under Proposition 302, a voter-approved 1 percent bed and 3.25 percent car rental tax in Maricopa County — money the office has received in prior years. While the amount fluctuates based on sales receipts, it is estimated at about $12.6 million for fiscal 2011, according to state budget documents.
By comparison, the fiscal 2010 budget totaled $22 million including the TPT funding.
The bill now being considered by state lawmakers would reinstate the TPT formula. The measure, House Bill 2243, is sponsored by Rep. Michele Reagan, R-Scottsdale. Reagan was not available for comment.
The bill would set the stage for legislators to revive the Tourism Office budget with those TPT monies at a later date, said House Republican Majority spokesman Paul Boyer.
“Even though AZOT won’t be funded (through TPT), this will put that formula back into Arizona statute,” he said.
Kristen Jarnagin, spokeswoman for the Arizona Hotel and Lodging Association, said the bill is important because the TPT formula is “the foundation of tourism funding. If the state needs to do other things with that money during tough times, we understand. We want to be supportive, but the Arizona Office of Tourism needs to have that funding renewed — and the sooner, the better,” she said.
The bill is making its way through the state House of Representatives and has passed the Appropriations and Rules committees. Still, the measure must make it through the caucus and be approved formally by the House of Representatives, then move on to the Senate for consideration. If it passes all of those steps, it would go to Gov. Jan Brewer for signature.
The Arizona Office of Tourism declined to comment.
Attorney General Eric Holder announced Thursday in downtown Phoenix that Arizona will receive $1.7 million this spring to combat mortgage fraud – a prolific problem during the real estate boom that grew following the crash and ensuing recession.
The sum is more than 20 percent of the federal funds allocated by President Barack Obama to investigate and prosecute white collar criminals who continue to rip off uneducated consumers, costing the state millions in losses in the private sector, while fueling the foreclosure crises in one of the hardest hit cities in the country.
“I’m confident that these new investments will allow us to build on the recent success we’ve seen across the country and the progress that’s been made here in Arizona,” said Holder, who was among the many high profile representatives of the Financial Fraud Enforcement Task Force, which met in Phoenix for the second of a series of Mortgage Fraud Summits.
The task force, established by Obama in November, is comprised of a broad range of federal agencies, regulatory authorities, inspectors general, and state and local law enforcement.
Holder, addressing the public and reporters at the Sandra Day O’Connor U.S. Courthouse, said in Phoenix, mortgage fraud crimes have reached crisis proportions.
“But we are fighting back,” Holder said. “Through this broad federal, state, and local coalition, we’re using every tool at our disposal – including advanced technologies, new communication platforms, and the very best talent we have – to prevent, to prosecute, and to punish mortgage fraud crimes. And we’re making meaningful progress in our work to protect families and communities, to combat discrimination in our lending markets, to recover proceeds for fraud victims, and to restore confidence in our housing and financial markets.”
Phoenix has been at the epicenter of the mortgage mess and housing bust, which obliterated entire industries, spurred thousands of job losses, sank home prices and drove banks to collapse under heavy portfolios of soured loans. A study from the Department of the Treasury’s Financial Crimes Enforcement Network ranked the Phoenix metro area fourth in the nation in Suspicious Activity Reports filed by depository institutions concerning suspected mortgage fraud. According to the U.S. Department of Housing and Urban Development, Arizona has the most homes funded by the Federal Housing Administration loans in foreclosure and consistently ranks in the top 10 in loan fraud.
Arizona ended 2009 with the nation’s second-highest home foreclosure rate, according to RealtyTrac faxless cash advances. More than 163,000 Arizona properties received foreclosure notices in 2009, about 6.12 percent of homes.
Nevada, with a 10.2 percent foreclosure rate, was the only state with a higher rate.
Task force members met with community leaders, legal services providers, law enforcement officials and banking, mortgage and real estate experts to discuss the mortgage fraud problem from a national, state and local perspective. In the morning, attendees participated in panels on mortgage fraud trends in Phoenix and the community impact. In the afternoon, task force representatives are meeting privately with law enforcement officials investigating mortgage fraud.
“We will use information gained here in Phoenix – and in other epicenters of mortgage fraud – to focus and strengthen our law enforcement activities,” Holder said. “Mortgage fraud schemes must be stopped in their tracks. And those willing to exploit our national financial crisis for personal gain will be brought to justice.
The FBI is investigating more than 2,800 mortgage fraud cases, up almost 400 percent from five years ago, Holder said. The agency estimated that mortgage fraud schemes inflict approximately $4 to $6 billion dollars in losses every year.
Last week, Attorney General Terry Goddard announced a $120,000 settlement with several defendants for their roles in a real estate scheme in Pima County. Two days earlier, Mario Bernadel, the leader of a massive fraud scheme in Phoenix, was sentenced to 17 years in federal prison.
He and his co-conspirators used fraudulent documents to buy nearly 40 properties, resulting in more than $9 million in losses to local banks.
In June 2008, the first 36 defendants were charged following a multi-agency investigation, dubbed Operation Cash Back, of mortgage fraud schemes in Arizona. The defendants included mortgage loan officers, straw buyers, real estate investors, real estate agents, and escrow officers.
The operation utilized the efforts of the U.S. Attorney’s Office, FBI, Internal Revenue Service’s Criminal Investigation Division, U.S. Immigration and Customs Enforcement, Department of Housing and Urban Development Office of the Inspector General, U.S. Marshals Service, U.S. Postal Inspection Service, U.S. Secret Service, the FDIC-OIG, Arizona Department of Financial Institutions, Arizona Attorney General’s Office, county attorneys and local police departments.
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