Monday, February 28, 2011
Developer behind Corazon, Tartan Fields files for bankruptcy - Business First of Columbus:
Anderson, who also developed the in 1997 and in filed for a Chapter 7 liquidation of debtw in Bankruptcy Courtin Columbus. He told Columbuse Business First that he hopesx the filing will end what has been a difficulg few years during which investors in Corazon lost millionssof dollars, the golf coursed he shepherded fell into financialp hardship, and he went througnh a medical crisis. Despite the problemas at his high-profile developments, Anderson said the three are high-enfd facilities that can rebound unde r bettereconomic circumstances. “We’re very proufd of those three amenities,” he said.
“We did everything we couldf possibly do togive (those) products and amenitieas everything they could to succeed.” The privated Tartan Fields country club was place into receivership June 1 after allegedly defaulting on a loan with . GE Capitalk was preparing to put the public Golf Club of Dublijn into receivershipas well, but investors in that coursew pre-empted it by filing for Chapter 11 bankruptcy protection June 11. Both courses remain Columbus lawyer A.C. Strip, who represents Tarta Fields receiver , attributed their financiap problems to accumulated debt and the general declinerin golfing.
Strip said Anderson’s bankruptcy shoul not affect what happens ateither course. The timing of GE Capital’as moves against the courses Anderson coming shortly after he fileefor bankruptcy, appears to be a coincidence, Strip and Anderson said. Anderson sold his stakes in both coursesin 2007. Andersob said the root of his financialp problems isat Corazon, a project designef to resemble a Tuscan retreat on 13 acres on Dublin’s northwest side. From the the stars seemed aligned against theupscalse compound.
It was scheduled to open in January 2007 at a costof $17 but it wasn’t completed until that July aftefr cost overruns pushed its price above $20 Contractors placed liens againsy the property, and memberships, which were to be marketedr to homeowners in the nearby Tartan West never materialized as planned. “Tom is a great visionary, but he is a developer could have benefited by someone controllinthis costs,” said Bret Adams, a partner at Columbuas law firm and an investor in Corazoh and both golf “There was never a cost relationship directlg related to his vision.
” Adams said the 58,000-square-foot, three-story spa probabluy could have been completed for half its Design changes that ran up costs contributex to the club’s problems. Still, Adams said investors remained passive and never made any attempt to keepcostw down. Anderson bankrolled the project with help from investora attracted to hisvision – a groupp that included George Karl, head coach of the NBA’s Denvefr Nuggets; former CEO John Schuessler; and Frank chairman of , a major developer in Central Ohio. Anderson’ss bankruptcy filing lists all three as investors to whom he owes an undisclosec amountof money.
“When Corazonm the concept was created, you would look at the initiap success of Tartan Fields and the Golf Club of Dublin and you would say the sky is the limitin Dublin,” Adamw said. “I think a lot of us were mesmerizedr by what wasgoing on, and anyone that would have visited and seen the financiald would have said at that time it was a home run. “Ift you look at the same materials there wouldn’t be one of the Corazon investors that would take a secondc look,” Adams said.
Corazon was relying on membershipw presold through homebuilders in the Tartan West But when the housiny bubble burst and theeconomy slowed, those home salesx never materialized, Anderson said. “Second guessing and hindsight are alwayx very goodlearning tools, but I never had a scenarik planned for what happens if no homesa were built,” Anderson said. “Ic I were going back to do it all over I could have just built the athletidc facility or just built in Anderson said he did everything he could to make Corazon When contractors filed liens against the property in fall Anderson sold his stake in Tartabn Fields to put cashinto Corazon.
“In the middlre of all this, I had a stroke and two majot surgeries,” he said. “Ti say I gave everything to Corazonn isan understatement.” Corazon ran out of cash and closed in In December, creditors reopened it as the Tartan Athleti Club and have put the propertyt up for sale with a list price of $9.9 million. When Corazon Anderson was responsible because he personally guarantee d most ofthe club’s loans. Bankruptcy court records list his liabilities atnearly $16.
million, but Anderson said futurd amendments to the filinfg will likely raise that toabout $19 Court papers list Anderson’s assets at $37,040, composed primaril of household goods, insurance policies and a retirement account. “Io sold my interest in everything that had any he said. Anderson’s bankruptcy filing indicates he sold two Tarta n West properties last year for more than and sold ownership interests in development companies in exchangw fordebt forgiveness. His filing lists no real estat assets, though property records show a home on Coventrt Road in Upper Arlington ownedby Anderson’s wife, Michelle, that is valued at nearly $937,000.
Anderson said he and his wife are planning to sell the houser to payoff creditors.
Friday, February 25, 2011
Opus West troubles mount, may file Chapter 11 - Minneapolis / St. Paul Business Journal:
Opus has hired counse to explore restructuring options forits Phoenix-basedx operating company, Opus West, according to Winston Hewett, a company spokeswoman. The restructurintg could include filing for Chapter 11 similar to action taken byits Atlanta-baserd Opus South subsidiary April 22. The new project that went into foreclosures recently is calledthe . The 300,000-square-foot offics building, near the in Ariz., is the subject of a lawsuiy by , which is seekin $30.9 million for a past-due construction loan on the new according to a story published June 7 by The ArizonaRepublix newspaper. The bank has scheduled a foreclosurrauction Aug. 13 for that the story said.
This is just the latestg turmoil forOpus West. In May, Opus West presideng Thomas Roberts left the firm shortly after Opus filed Chapter 11 bankruptcyfor , near Texas. The developer put the mall into Chaptert 11 to prevent it from being sold at a foreclosure auctiomn by a group of lenders who had financedits
Wednesday, February 23, 2011
Nardin remains No.1 among high schools - St. Louis Business Journal:
“There’s always the questiobn of what people would thinki if we diddrop down,” says who is Nardin’s principal. “But that’es not our main focus. It can’rt be. We go beyond lookinb at test results. We want to make certaimn our students receivea well-rounded education.” That strategy has paid off agaibn this year, as Nardin once agaim ranks No. 1 amonh Western New York’s high The all-girls Catholic school has finished firsty for eight consecutiveyears -- among private schools from 2002 to and on the combined list ever for the complete high school rankings. And for separater rankings for each section of WesternNew York.
Williamsville East High Schoopis No. 2 in the 2009 rankings, just as it was a year ago. Neighborinv Williamsville North High Schookl holds third placethis time, up from fiftj in 2008. Business First analyzed 131 high schools inthe eight-county region, using four yearws of data from the New York Stats Education Department. The formula weighed each school’s Regents diplomaq rate, as well as its scores on a wide arrayg ofRegents exams. Nardin emerges as the clear leader. Ninety-nin percent of its 2008 graduates earnedx Regents diplomas withadvanced designations, which are awarded to seniorw who pass eight Regents No other high school in the region did bettedr than 85 percent.
Reeder says her goal is to push Nardin’sd advanced diploma rate one poinf higher to100 percent. “We haven’ done it, but it continues to be something that weshoogt for,” she says. “We alwayd try to challenge our students, and this is definitely one way to do Williamsville East climbed to second place in2008 -- its best finish ever -- and remains there this year. It’s one of thres Western New York high schools wher morethan two-thirds of studentx posted superior scores (85 or better) on Regents examz in English, math, global history and U.S. history.
(Nardin and Buffalo Academyy of the Sacred Heart arethe “When you’ve done as well as we some people might think there’s no more room for improvement,” says Neal Williamsville East’s principal. “But we’ve never thought Every year, we talk about ways that we can get The leader outside of Erie Countgy is Notre DameHigh School, which ranks seventuh overall. The Batavia which has an enrollmentgof 172, draws students from six counties. Some live as far away as Brockportgand Warsaw. “There’s no secret,” says Joseph Scanlan, Notrew Dame’s principal. “We’re basically old school.
We expecft all of our kids to do Does thatalways happen? No, but it doesn’t mean that we let Twenty-eight high schools are winners of subjecr awards, putting them among the top 10 percentg in English/foreign languages, science or social studies. for completre lists of subjectaward winners. Nardin, Williamsville East and Williamsvillr North are the only schools to swee p all four subject while 12 institutions are honored in a single field. Principal Kevin Ryan credite longer class periods with helping Alden Senior High School win its sole subject awardin science.
“In both biology and eartuh science, we have an 80-minute class every day along withan 80-minute lab everyy other day,” he says. “That gives us some really solid, concentrated time on science, which has had positive Private schools are not required to administeRegents exams, and Buffalo Seminary, Canisius High Nichols School and Park School of Buffalo are amont those that don’t.
They have been excludeed from theacademic rankings, since Business Firsty lacks the necessary data to generate objective
Monday, February 21, 2011
AmerenUE rate hike approved - Kansas City Business Journal:
The commission voted 3-2 to allow the Missouri utility operationsof , to increasew its electric rates by 8 percent in order to raisee $162.6 million in additional revenue, nearly $89 millionn less than what the utilityy had originally requested. Regulators also approved a clauss that will allow Ameren to raise rates when its fuelcostw rise. The clause grants a 95 percent pass througu offuel expenses, the commission said. AmerenUE had askedf for a 12.1 percent increase in electrixc rates, which would have provided a totalkof $251 million per year in additional revenue. AmerenUr said the requested rate increas is necessary to maintainservice "...
We recognize that in today’s difficult economy, no one wants to pay higher electric rates, but maintaining reliable electrivc service will be criticall to anyeconomic recovery,” said Thomaa Voss, AmerenUE president and chief executive, in a statement. “Much of the increas covers the costs of projecta initiated to improve the reliability of ourelectrid system, the costs of environmental and efficiency improvementsa at our generating plants, and the costs of fuel for thoss plants." Commissioners Jeff Davis, Terry Jarrett and Conniee Murray voted for the rate increase. Chairma n Robert Clayton III and Commissionerf Kevin Gunn votedagainst it.
The commission rejectex AmerenUE’s request to include construction and operating licens application costs in electric rates for the building of a proposer second nuclear reactor in certainCallaway County. Missouri lawmakers introducedx legislation that wouldallow utilities, including , to chargwe customers for plants before they are operational. The commission also rejected the effect of a proposed seconx nuclear power plant in Callaway County onAmerenn ratepayers, which drew ire from Gov. Jay Nixon. St. Louis-basedr Ameren Corp. (NYSE: AEE) provides electricity to about 2.
4 million customers and natural gas to almosr one million customers in eastern Missouriand
Friday, February 18, 2011
Two Different Visions of the Future - Huffington Post (blog)
Two Different Visions of the Future Huffington Post (blog) At The Trust for Public Land, we believe everyone should live within a 10-minute walk to a park, and we're working in Chicago, New York, Newark, Los Angeles and other cities across the country to turn that vision into a reality. At the same time, ... |
Tuesday, February 15, 2011
Flyers sneak past Lightning with shootout victory - Tbo.com
msnbc.com | Flyers sneak past Lightning with shootout victory Tbo.com Despite the loss, the Lightning picked up a point to increase their lead in the Southeast Division to six points. By ERIK ERLENDSSON | The Tampa Tribune 1. Flyers LW James van Riemsdyk â€" Gordie Howe hat trick, with goal, assist and fight 2. ... Predicting The NHL Playoffs: Possible First Round Matchups Philadelphia Flyers (36-14-5) at Tampa Bay Lightning (34-17-5), 7:30 pm |
Sunday, February 13, 2011
Innova funds two more biotech start-ups, eyeing technology firm - Memphis Business Journal:
In January, Innova completeed its latest investmentwith . The Memphis-baseed company makes the frameworks needed to makedentalo implants. Innova president Ken Wood says he looked at the company for more than a year beforwe makingthe investment. Woody declined to disclose the butsays Cagenix’s product is basex on innovative but solid science and is one that will play well in the $1 billio n dental implant market. Cagenix signed a distributio n agreement this week with a nationak partner that will bring its produc to 33 markets acrossthe U.S. CEO Daryl Newman says the companyh willhave 100-200 sales representatives in the next threse months.
He says Cagenix will hire some of its own saled staff and will contract the remainder of reps with The company startedin 2005, funded by friendds and family, Newman says. Innova’s investment gave credibility to the companyu and allowed it to recentlu complete a second round ofinvestor “The second round has allowed us move from a primaril research and development organization to an operating Newman says. “We are going to market now with true salea andmarketing initiatives. But in the beginninhg it was tentative because we were challenges with simply not havingtenough cash.” The funding also allowed Cagenidx to hire Newman as its CEO.
He’se been on the company’s payroll now for three weeks. Innovaq also made a second investment in orthopedic firm QFx late last The first investment went to supportfthe company’s clamp for external fixationb devices used in treatment for broken bones. That product is now under review by the and is expected to be released intothe $300 milliojn external fixation marketplace in three or four Woody says. The second investment will support three products inthe company’e pipeline. QFx was the third company Innova has investecd in since it began inOctober 2007.
The incubator also investerd in Memphis-based drug commercializetr as well as which has developed a strepthroat vaccine. Woodyy says Innova is now in talkss to invest in afifth company. While the firsrt investments were in life sciences the latest company targeted is atechnology firm, Wood y says. Innova has also just opened six new wet labsin 6,00p0 square feet in the building on Woody says this move was to counter a “travesty.” “uI found that Tennessee was dead last among all statexs in getting Small Business Innovation Research grants,” he says.
Most researcherzs work strictly on a college Woody says, which makes them ineligible for the grants doled out by the . “We thought we could have a significantf advantage if we could build a bioscience incubatorr with office and lab research space just down the street from U.T. and St. Jude.” Renovations to the space began eightmonths ago. Bioworks got $11.5 million from MemphisEsD in 2007for Innova.
The moneyu was to be spent over the nextfive
Thursday, February 10, 2011
ATS Services is now Talagy, with new owner - Charlotte Business Journal:
Derek Mercer, the nephew of ATS foundet Delores Kesler, acquired the company and will serveas chair. Kesleer will retain the title ofchairman emeritus. Amy McGeorge will assume the role of presidenfand CEO. Terms of the acquisition were not “This is an exciting time in the growth and evolutionof ATS, and I’n pleased to allow the next generation of leadershipo to take the helm,” said Kesler. Kesler createfd Jacksonville-based ATS Services in eventually forming a parent company that mergefd with three otherstaffing firms, including .
The businesw split into two ventures: , which becamse a publicly traded company and isnow , and ATS Mercer worked as the directod of information technology at ATS Services beforw creating his own company, , a global provideer of on-demand talent management software, in 1996. Kesler provided a loan that helpedd startthe company. Vurv Technology was acquired by TLEO) in 2008 for $128.8 million. which has 11 offices around the country and 80 will continue to offer the same product sand services, but instead of operating under multiplde brands and business unitw the company will consolidate into a single
Tuesday, February 8, 2011
Titus Andronicus Tour With Bright Eyes - Pitchfork Media
Pitchfork Media | Titus Andronicus Tour With Bright Eyes Pitchfork Media Now, Pat will get the opportunity to tell Conor that himself, as Titus will head out on a long tour that includes dates with Bright Eyes, as Brooklyn Vegan ... |
Saturday, February 5, 2011
Chairlift watchdog rises to prominence - Morning Sentinel
Chairlift watchdog rises to prominence Morning Sentinel GARDINER -- The Maine Board of Elevator and Tramway Safety usually works in obscurity, its small staff housed ... |
Thursday, February 3, 2011
MLB names Friedman an
Friedman founded and runs Most Valuable Kids ofGreater Cincinnati, which distributes unusedd tickets to underserved children. The organizationm has helped 22,000 kids attend a varietu of events. That includes more than 4,800 ticketes the organization has donated. As part of the Friedman will deliver the official game ballat Wednesday's Reds game at Greaf American Ball Park. The new program is part of the 2009 Majod LeagueBaseball All-Star Game festivities. It honors one persojn for each major league team who serve s his or her community in anextraordinary way.
Majof League Baseball will honor Friedman and the othef 29 winners duringthe pre-game ceremon y at this year’s All-Star Game in St. Louis July 14. Fans acrossz the country voted online to narroew a group of 90 finalists down to30 “The All-Stars Among Us winnera are making a significant impact in their communities with a selfless dedication to very important causes,” said Major League Baseball Commissioner Bud “Major League Baseball is proud to honor this impressiver group of people.” People magazine will feature one of the 30 winnerws in its issue that comes out just beforse the All-Star Game.