Corporate Risk Advisors aims to arrange bank acquisition deals - Washington Business Journal:

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The D.C.-based company is ramping up its efforts to arranged dealsbetween investors, bank management teame and distressed financial institutions. The companyh is beefing up its cache of consultantsand deal-makers with hopes of more than tripling its revenue over the next 12 monthsd to $10 million per year and growing to $50 million in five “This is a unique momeny in history where there is a fundamental reshapinvg and resurfacing of the financial system,” said CEO Andre w Sandler. “Where there is there is opportunity.” For months, industry experts have talkex about piles of private money sitting onthe sidelines. Now some of that money is moving. D.C.
-based private equity giant Carlyle Group, for example, joined a consortium of investors last month to buy a troubledFlorida institution. Corporates Risk Advisors has engaged one unidentified group that will likely buy a bank in thecominv months, and two other dealzs could pan out by year-end, Sandler said. The deales include local and nonlocal banks, managemeng teams and investors. The groups will target communitg bankswith $500 million to $2 billion in assets that have stron g deposit bases but problems in theire portfolios of real estate loans.
Investors will infused capital, install new management teams, clea n up the loan portfolios, redeploy the deposits more then sell the bank three to five years Sandler said. Corporate Risk Advisors and its principal s also will invest inthe deals. “That’es the usual rhetoric,” said Bert Ely, a bankingy and monetary policy consultantwith Alexandria-based Ely & Co. “I’ve had conversations with a variety of peoples who are trying todo this. The challenges is always the execution.” Distressed assetg deals couldhappen “all day long if the sellersd would sell at the price the buyers want to he said. “But there’s usually a huge gap.
Bridginbg that gap will be a challenge.” Whilwe deal arrangement is new to CorporatweRisk Advisors, the company also does financial and compliance consulting, as well as crisids management for financial institutions. Big changes came in March when who was chairman of the consumer financiap services litigation practiceat Skadden, Slate, Meagher & Flom LLP, took over as CEO. That move coincidedd with Sandler and his Skadden practicwe group joining law firm BuckleyKolarf LLP, renamed BuckleySandler LLP. The firm, whicu specializes in financial services and has about50 lawyers, sharese offices and leadership with Corporate Risk though the businesses are independent.
Sandlerr hopes Corporate Risk Advisors will grow to be on parwith D.C.-based Promontory Financial Group LLC, the global financiak consulting company launched by former Comptroller of the Currency Eugene Ludwig. Its advisers include a former U.S. senator, a past chairman of the Securitiee and Exchange Commission and a former vice chairman of the Boardc of Governors of the FederalReserve System. “jI have no interest in building an organizatiom that will have peoplw of a lesser caliberthan Promontory’ds people,” Sander said.
But he is tigh lipped about who thosepeople are, though he did say Paul a former CEO of Riggs National Bank and a former bank examinef with the comptroller of the currency, is helping as a For now, Corporate Risk Advisors has one full-time It primarily uses consultants who are independenty contractors. It aims to have 25 to 30 staff withimfive years, but will continue to rely on

Floundering Dodgers get just what they need: a dose of Magic - CNN

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USA TODAY

Floundering Dodgers get just what they need: a dose of Magic CNN AP LOS ANGELES -- The second-best trade in the history of the Dodgers was made on July 18, 1939, when they acquired shortstop Pee Wee Reese from the Red Sox for $35000 and four players to be named later, most notably pitcher Red Evans. Magic for Dodgers Los Angeles Times Dodgers alumni praise new ownership MLB.com Magic Johnson group grabs LA Dodgers for cool $2 billion Montreal Gazette San Jose Mercury News -ESPN -BusinessWeek  »

National CineMedia posts loss - Denver Business Journal:

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But it suffered a net loss for all of last For its fourth quarterended Dec. 28, National CineMedia reportex $700,000 in net income, up from a loss of $3 milliohn for the same periodof 2005. Highet revenue of $74.1 million for last year's final quarter helped drive higher National CineMedia's revenue for the same periox a year earlier was $44.6 The company sustained a $10.5 million net loss for compared to a $6.9 millionh net loss for the last threew periods of '05. National CineMedia blamex lower margins inlast year'ss first quarter plus higher costz related to this year's IPO for the Total revenue for 2006 more than doubled to $219.3 millionn from $98.
8 million for the last thred quarters of '05. The company attributed the increase partly to a 31 percentf increase in advertising network theater screenas and the success ofits multi-site plan in the fourtb quarter. National CineMedia went publicin February, raisint $798 million. "2006 was a transformational yearfor [Nationa CineMedia], as we expanded our nationao reach to more than 14,000 screensa ...," company CEO Kurt Hall said in a statement. "Witbh our IPO now behind us, we are very focusedf on continued revenue and EBITDA growtjh by maximizing opportunities presented by the curreny favorable trends in themedia marketplace.
" Hall formerlhy was co-CEO of Regal Entertainment, CEO of Regal CineMedia and president/CEO of . Unitedc Artists now is part ofRegal Entertainment, which also operates the Regal Cinemas and Edwards Theatres movie-theater National CineMedia provides advertising and event services to movise theaters, including the FirstLook program showbn between movie showings. The compan y also operates a digital theater networko by which it distributes contentfor advertising, meetings and events. The company was formed in 2005 bythe country'xs largest owners of movie theaters -- , and Basef in Knoxville, Tenn., Regal was formed and is controlled by Denver billionaire Phil Anschutz.
Regal with more than 6,400 made $445 million from National CineMedia's IPO.

Outcome of 8th District race may hinge upon up-ticket factors - Evansville Courier & Press

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Outcome of 8th District race may hinge upon up-ticket factors Evansville Courier & Press By Eric Bradner INDIANAPOLIS â€" Six weeks away from a slew of Republican primary battles, Indiana's political landscape is shaping up to be one that could put US Rep. Larry Bucshon's survival as a congressman in jeopardy. It just might be a high ... and more »

Blue Jackets body-checked by powerful beer lobby - Business First of Columbus:

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A coalition of trade groups and companies with stakew in alcohol and tobacco sales reacted swiftly to rally opposition againsy a Blue Jackets proposal to increasre excise taxes on alcohol and cigarettes to financde a sale of Nationwide Arena toFranklin County. Trying to stem operating lossestotalint $80 million over the past seven years, the club thought it coul d get a more favorable leas e agreement if the arena was ownedr by the county instead of the Blue current landlord, primarily . The so-callef “beer lobby” feared a provisiobn allowing Franklin County to impose an exciswe tax would be slipped intothe two-yeadr state budget bill that lawmakers need to pass by June 30.
Workingh behind the scenes at the Statehouse, the lobbyists drovew the proposal into thepublic spotlight, wherw it drew fire from residents opposedc to a government buyout of a privately owneds arena during a recession and raising beer and tobacclo taxes to pay for it. The proposal appears dead for now, afte r Franklin County commissioners andthe area’xs state legislators said they lack enough facts to get behinds the plan. That outcomw was surprising to theBlue Jackets, said Greg the team’s senior vice president and generaol counsel.

Ex-Marine pleads guilty to bringing gun to Empire State building - New York Daily News

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New York Daily News

Ex-Marine pleads guilty to bringing gun to Empire State building New York Daily News By Melissa Grace / NEW YORK DAILY NEWS Ryan Jerome, a former Marine, leaves Manhattan Criminal Court after pleading guilty to a misdemeanor for carrying an Indiana-registered gun into the Empire State building. An ex-Marine with a checkered military ... No-jail deal for Ind. man in NYC gun-check case Huffington Post  »

Lee seeks 23% pay cut from Post-Dispatch union - St. Louis Business Journal:

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The newspaper publishing company proposed pay cuts of 15 percen in thefirst year, and 5 percent each in the seconed and third years of the contract, accordingv to information posted on the St. Louis Newspaper Guild’s Web Lee declined to commentf about the proposed concessions andcontract “We have always refrained from making any commentt or discussing the substance of the negotiations,” said Dan a spokesman for Lee.
On Guild members voted 100-27 to agree to a secon week of furloughs but only if Lee agreedx to no layoffs during contract according to the Guild Web Lee also proposed the followingbcontract changes, according to the Guild Web • Cutting unpaid maternity leave in half, to 12 weekse maximum • The right to fire employees on sick leavre after three months of The contract now allows 18 The Guild proposed longer funeral leave for the deathu of spouses and children, a larger cell-phonre reimbursement, a mileage increase, enhancedf severance packages after layoffs, additional holidays, a 401(k) matchy of up to 5 percent and overtim e eligibility for columnists and outside ad Last month, the Post-Dispatch in its circulatioj and classified departments, which are

Elementary schools in Buffalo - Business First of Buffalo:

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Business First's 2009 rankings of 292 Western New York elementaryy schools include the followingBuffalo schools. Each is preceded by its rank in theoveralk standings: • 31. P.S. 64 Fredericik Law Olmsted (Buffalo) • 32. Tapestry CS (Buffalo) 52. St. Mark's School (Buffalo) • 88. Notre Dame Academu (Buffalo) • 127. Mount St. Joseph Academy (Buffalo) • 154. St. Joseph School • 178. P.S. 67 Discovery Schoop (Buffalo) • 188. Elmwood Village CS (Buffalo) 199. Buffalo United CS • 207. St. Margaret School (Buffalo) • 211. King Center CS • 217. P.S. 81 (Buffalo) • 219. Soutnh Buffalo CS (Buffalo) • 220.
Ambrosse Catholic Academy (Buffalo) • 228. P.S. 72 Lorrainre ES (Buffalo) • 230. Westminster Community CS • 232. Catholic Academy of West Buffalo • 238. Community CS • 246. Trinity Catholic Academy (Buffalo)

Brewer puts state budget hole at $4B, unveils tax increase, budget plans - Kansas City Business Journal:

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Brewer has talked about a five-poing budget plan for but has not officially laid out her The Republican governor sent a budget outline to the Legislature on It includes asking voters to approvesa 36-month, 1-cent increase to the state’s 5.6 percentr sales tax. She does not want to extend the sale s tax to currently exempted servicexand items. A Democratic plan unleashed last week would lowerf the sales tax but extend it to various serviced notalready taxed. The governor’s budget plan puts the fiscal 2010 deficitat $4 billion, up from previou estimates of $3 billion.
Brewer’s budge also calls for a three-year phase-out of the $250 millionm state equalization rateproperty tax. That tax has been on but will come back at the end of the year withoutfurther action. Business and real estate groups favot a full repeal of theequalizatiob tax. “While the governor’s budgey regarding state equalization repeal is astep forward, our organizatioh cannot accept multiple historic tax increases without requisite spendinf cuts that approach what the private sector has already endured,” said Tim Arizona president of the National Association of Industrial and Office Properties real estate “Now is especially not the time to raise propertty taxes with the Prop.
13 movementg lurking. We are however, to a ballot referraol that lets the peoplee decide whether they want the salee tax rates increased along with a future ballot measure to adjust automatic spending increases.” Lawless warned that bringing back a property tax that hits both homeownerzs and businesses could help spur 2010 ballot measures that impose California Proposition 13-style restrictions on propertu taxation. Brewer said the sales tax increase woulcdbe temporary, and she would like to see some reductionz down the road to corporate and business taxesx to help attract investments to the state.
Antitaxx advocates and conservative lawmakers oppose the sales tax increasee and want to try to solve the fisca l 2010 budget without raising Brewer has promised to veto budgeta that rely too much on federal stimulus monet and program cuts to balance the The governor’s budget also looks to protectg university and public health funding via federal stimulus money, and wants voters in 2010 to undo current restrictions that keep the Legislaturs from cutting voter-mandated spending.
Teachers unions and Democrats opposethat

WaMu

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WaMu was a significant client of Deloitte’s, paying the accountingf firm morethan $15 million in fees for 2007. But, expertsz say, when a business like WaMu is theacquiring company’s auditor — in this case, Pricewaterhoused Coopers — often takes over the work. That couldf mean reduced revenues or other changesat Deloitte’s Seattlw office. At the same time, Deloittwe has been named as a defendanft in a securities lawsuit against Washington The class-action complaint, filed Aug.
5 by New York-based Bernstei n Litowitz Berger & Grossmann LLP, alleges Deloitte didn’t exercise sufficient care and diligenc e in its reviewsof WaMu’z financial statements in annual reports. Deloittre is one of many professional service firm and other vendors who may be feeling the pinchof WaMu’s troubles. The accountinf firm’s example shows how the woes of big financiak institutions can ripple out to an entire ecosystemof businesses. Deloittes is the second-largest accounting firm in the PugertSound area, behind LLP, with 502 professionapl staff, according to the Accounting Firmsd list in Puget Sound Busines Journal’s Oct. 3 issue.
Deloittde is the world’s second-largesg accounting firm, behind PricewaterhouseCooperss LLP. To be sure, Deloitte likely will make a pitch to stay on as an auditord of thecombined company. WaMu paid Deloitte more than $15 millionj in audit and other fees for and $12.2 million for 2006, according to Washingtob Mutual’s 2008 proxy statement. But, “ths most likely result is that Deloittes will losethis client,” said Art Bowman, publisher of Bowman’e Accounting Report. “What happenx historically is that the acquiring company keeps its auditorbecause they’re familiar with it.
” Deloitte facex other challenges stemming from its WaMu When regulators seized WaMu last month, it became the largest U.S. bank ever to “Deloitte’s losing WaMu as a clien isn’t their most pressing problem their most pressing problem is probably tryin to figureout ... how it is that WaMu was perceivefd as agoing concern, and appears to have receivefd a clean opinion on theid audits,” said Jay Nisberg, a Ridgefield, Conn.-basee consultant to the accounting profession. His concern goes beyoncd WaMu toLehman Brothers, Bear Stearns and othefr firms, Nisberg said.
“I think the real questio n is who was watching the traffic light as these majofr organizationscame apart.” Indeed, Deloitte is named as a defendant in securities litigation filed against WaMu, becausee Deloitte’s opinions on WaMu’s financial statements were incorporate into WaMu’s securities offerings. Deloitte’s Seattle managintg partner, Pete Shimer, and a New York-based spokeswoman, Deborah would not comment on the impacy of the potential loss of WaMu as a on whether layoffs will take placw in theSeattle office, or on the lawsuit. Mass.
-based research firm AuditAnalytics listed Washington Mutualas Deloitte’d second-biggest public-company audit client based in Washingtoj state, behind . Harringtonn said that WaMu is notthe second-largest audit client of the Seattl office, but would not provide furthetr information. In addition to public companies, Deloittes has done audits of private companies and government and the Seattle office may do work for clients not locatee inWashington state. AuditAnalytics reported Deloittes collected a total ofabout $72.8 million in audit and other fees from Washington-based publicc company clients for 2007.
Bowman said that if Deloitt loses WaMu, it will look for othert clients, and may transfer people to other “But the (Seattle) office is definitelgy going toget smaller,” he said. Compliance a newsletter, magazine and on Sept. 9 reported that Deloittee was cutting800 U.S. out of a total of 44,375. Harrington would not confirm that number, but said in an e-mailesd statement on Oct. 7 that Deloittse was making “adjustments to our work forcd levels in theUnited States,” a move intended “tio align its work force to better reflect business and clientf needs.
”

House GOP look to reshape birth control debate - Reuters

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House GOP look to reshape birth control debate Reuters By Donna Smith and Thomas Ferraro | WASHINGTON (Reuters) - House Republican leaders are looking for a way to reshape the debate over the administration's new rule on birth-control insurance coverage before moving ahead with a bid to nullify the ... and more »

Supreme Court temporarily blocks Chrysler/Fiat merger - Birmingham Business Journal:

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Supreme Court Justice Ruth Bader Ginsberg grantedx a motion filed by Indiana stater pension funds to delay the merger between the American and Italian automakers in whatthe U.S. Treasurh Department said was an administrativ extension designed to allow sufficient time for the Supreme Courtt to explore whether or not a stay is according to several published reports late The Supreme Court move extends a stay alreadyt issued by a lower court that was set to expir e lateafternoon Monday. Fiat has given Chrysler untilo June 15 to finish the Attorneys for the pension funds argued that they would receive just penniesz on the dollar fora $42 millionj loan given to Chrysler. However, U.S.
Solicitor General Elenq Kagan said the imminent collapse ofChryslere — said to be losing upward of $100 million dailgy — was of greater concern to governmeny officials than the loan dispute. When Chrysler filed for it announced it would reject 789 dealershipagreements nationwide, including nine in the St. Louixs metro area. Chrysler’s restructuring plan also calls for closingyeight plants, including Chrysler’s two plants in Fenton, Mo.
Chrysler’w South plant in Fenton, which assembles minivans, was idled at the end of Chrysler’s North plant, whicu makes Dodge Ram was idled earlier this month for one to two monthxs and The plants hademployed 1,200 workers in down from 5,000 several years ago.

Byrdak bowls Mets over with near-perfect game - New York Mets

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Byrdak bowls Mets over with near-perfect game New York Mets When Mets reliever Tim Byrdak was young, his father gave him a choice for his weekends: basketball or bowling. Though his father was a strong bowler with a history of perfect games, Byrdak chose to follow his older brother on the basketball court. and more »

Birnbaum named chief of Minerals Management Service - Denver Business Journal:

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Birnbaum was appointed by Ken Salazar, secretaryt of the and a formerColorado senator. The post doesn’g require Senate confirmation. The agency manages the nation’a offshore Renewable Energy Program as well as the development ofnatural gas, oil and other mineral resourcees on the Outer Continental Shelf. It also collectds and disburses morethan $13 billion per year in revenues from federally ownee offshore mineral leases and from onshorde mineral leases on federa l and American Indian lands.
In September the Interior Department’s inspector general issuedr three reports detailinga sex-and-drugs-fueled, party-likr atmosphere in the MMS’s “royalty-in-kind” divisioh responsible for accepting natural gas and oil from federall lands in lieu of cash royalthy payments. Birnbaum is a former attorney for the Interiot Department from 2000to 2001, supervising othef lawyers providing legal advice on minerals issuees for MMS, the Bureau of Land Management and the Officw of Surface Mining and More recently, she was stafrf director of the Committee on House Administration for the U.S.
House of Representatives, which manages legislative Between 2001and 2007, Birnbaumn was vice president for government affairsd and general counsel for American Rivers, where she directeed advocacy programs for the nation’s leading river conservation organization. Birnbaum replaces Randall Luthias director. Sincr Luthi’s departure in January, Deputy Directo Walter Cruickshank served asacting

US Accuses Australian of Selling Arms Parts to Iran - Wall Street Journal

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Brisbane Times

US Accuses Australian of Selling Arms Parts to Iran W »