http://swansboro-hotels.com/fr/6288-Hotel-Best-Western-Silver-Creek-Inn/
Investment losses for the lates t quarter totalednearly $101 Chief Financial Officer Greg Gombar anticipates gainds in the financial market in April and May will eraser those losses. Carolinas HealthCare uses investment earnings for capital That money is not used fordaily operations. The health-carw system hopes negotiations with several lenderw will cut its interest expenses tied to variablr debt andhigher bank-liquidity fees. Those fees are about $1 million per Interest expenses in the first quartedwere $21.8 million. From an operational standpoint, Carolinas HealthCare had a strontgfirst quarter, says Russ Guerin, executive vice president for businesds development and planning.
Net operating revenue climbefd 8.6 percent to $1.2 billion systemwide. Operatingy income exceeded $24.5 million. The health-care syste m saw adjusted discharges — a calculation that gaugex patientactivity — climb 5.2 percent from a year Growth within the health-care systen and expense management “is the primar y driver why we’re above budgeg significantly,” Guerin says.
Carolinas HealthCarr spent morethan $106 millioh on capital projects in the first Projects include new operating rooms at CMC-NorthEast and Carolinas Medical Center, an expansion of CMC-Pineville, a new hospital at CMC-Lincoln and construction of health-care pavilions in Steels Creek and Waxhaw, which will include free-standingy emergency departments. Challenges in the coming months include managingthe system’s growing bad-debt and charity-care reducing interest expenses and preparing for a possible statd cut in Medicaid funding, Gombar says. Bad-debt costs were 12 percentg over budget during the first topping $48 million in the first quarter.
During the same periodd last year, bad debt was about $43 The health-care system speny more than $770 million in community care in 2008, includinyg bad debt, charity care and subsidizing Medicareand Medicaid. That equalsz 18.8 percent of the health-cars system’s net operating revenue. ”It’sd a trend everybody’s seeingh across the country,” Gombar says. “Wed can’t control how many people are uninsured, how many peoplr show up at our doorwithouyt insurance.” North Carolina’s budget woes coulr results in a cut of up to 15 percen t for Medicaid. That could equate to $36 million in annuao losses forCarolinas HealthCare.
“Medicaid cuts are the wors economic benefit cut the statecan make,” Gombard says. “It’s painful.” Says Guerin: “It raises prices for thos e whodo pay. It makes no good businesz sense todo that.” Gombard says every dollar cut from Medicaid eliminatee $4 from the economy. Carolinas HealthCare is the largest health-care system in the Carolinas and the third-larges public system in the nation. The system owns, leasea or manages 25 hospitals. It has more than 40,000 full and part-time employees.
Wednesday, November 10, 2010
Tuesday, November 9, 2010
Fontainebleau's Soffer caught by Lehman Bros. bankruptcy - Business Courier of Cincinnati:
inupujyfab1211.blogspot.com
“When the retail division of the project lost access to fundinbthrough Lehman, it was unable to repaty the resort for its sharde of costs,” said Scott Baena, of Bilzin Sumberg Baen Price Axelrod, who represents Fontainebleau Las Vegas LLC in the “That put enormous stresx on the resort and that was the beginning of the Fontainebleau Las Vegas LLC and two of its affiliatese filed bankruptcy petitions in Miami late Tuesday.
The Fontainebleau Miamk Beach is not included inthe Soffer, also principal with Turnberry constructiomn and development companies, has partial, personapl guarantees on portions of the retailo component of the Las Vegas but those portions are not in bankruptcyt yet, Baena said. The complex is 70 percenf completed. Since December 2008, Lehman refusesd to make any advances underthe project’s $315 millioh construction loan, according to a motion to maintaihn cash management filed in the bankruptcy. After Lehman’s refusals, money stopped flowing through the retaio entity to theresort entity.
In March, other lenders pulled their financing, and construction on the resor t stoppedin May, Baena said. The company said in a news releaswe that the decision to file Chaptert 11 was the result of litigatiojn with the other lenders on projecf aboutnearly $800 milliom in construction funding for the project. Other lenders include , JPMorgajn Chase Bank and Deutsche BankTrust Co. Americas. In the shorg term, the company is seeking to stabilize and protecg the finished portion of the Baena said. “It’s no longer possiblw to downsizethe building,” he said. “The 30 percent remaininv construction is principallythe interior.
We’ve got a lovelyg building waiting tobe finished.”
“When the retail division of the project lost access to fundinbthrough Lehman, it was unable to repaty the resort for its sharde of costs,” said Scott Baena, of Bilzin Sumberg Baen Price Axelrod, who represents Fontainebleau Las Vegas LLC in the “That put enormous stresx on the resort and that was the beginning of the Fontainebleau Las Vegas LLC and two of its affiliatese filed bankruptcy petitions in Miami late Tuesday.
The Fontainebleau Miamk Beach is not included inthe Soffer, also principal with Turnberry constructiomn and development companies, has partial, personapl guarantees on portions of the retailo component of the Las Vegas but those portions are not in bankruptcyt yet, Baena said. The complex is 70 percenf completed. Since December 2008, Lehman refusesd to make any advances underthe project’s $315 millioh construction loan, according to a motion to maintaihn cash management filed in the bankruptcy. After Lehman’s refusals, money stopped flowing through the retaio entity to theresort entity.
In March, other lenders pulled their financing, and construction on the resor t stoppedin May, Baena said. The company said in a news releaswe that the decision to file Chaptert 11 was the result of litigatiojn with the other lenders on projecf aboutnearly $800 milliom in construction funding for the project. Other lenders include , JPMorgajn Chase Bank and Deutsche BankTrust Co. Americas. In the shorg term, the company is seeking to stabilize and protecg the finished portion of the Baena said. “It’s no longer possiblw to downsizethe building,” he said. “The 30 percent remaininv construction is principallythe interior.
We’ve got a lovelyg building waiting tobe finished.”
Sunday, November 7, 2010
Cantor says Pelosi isn't listening to voters - Politico (blog)
http://www.gsoares.org/article/Choosing-Good-Wines-To-Drink.html
Fox News | Cantor says Pelosi isn't listening to voters Politico (blog) says Democrats are aren't listening to voters if they keep Speaker Nancy Pelosi in the House Democratic leadership. "It is almost as if they didn't get the ... Cantor: Democrats 'Didn't Get the Message' From Voters if Pelosi Stays Rep. Eric Cantor: Nancy Pelosi should not be Democratic leader Cantor: If Pelosi Wins, Dems Don't Get It |
Saturday, November 6, 2010
House panel eyes Bernanke
http://www.tropicalrainstormscreensaver.com/Ru/support.htm
The Associated Press reports. The news comes less than a week before Bernanke is set to testify before the Houswe Committee on Oversight andGovernment Reform. Last BofA CEO Kenneth Lewis testified before the same committer that government officials pressured him to acquire the troubled brokerage late last year in an effort to savethe U.S. The hearing focused on federal officials’ role in BofA’s purchasde of Merrill Lynch. Charlotte, N.C.-based BofA (NYSE: BAC) boughft Merrill on Jan. 1 for $29.1 The deal resulted in BofA’s receiving an additional $20 billion in federalk funds under the Troubled AssetRelied Program.
BofA has received a total of $45 billion in TARP Lewis has been under intensre pressure from BofA shareholders for not disclosing the depthof Merrill’sz financial difficulties before the Merrill lost $15.3 billioj in the fourth quarter. Lawmakers questionefd Lewis on reports he felt pressuref byfederal authorities, including Bernanke and then-Treasury Secretaryt Henry Paulson, to go aheasd with the deal as Merrill’sz losses mounted. Lewis testified that BofA contacter officials atthe U.S. Treasury and Federal Reserv e in mid-December to infor m them that thebank “haf serious concerns about closing the transaction.
” he said, was consideringf declaring a “material adversre change,” which can allow an acquirer to back out of a propose deal. Lewis testified that Paulson toldhim BofA’s managemen “would or could” be removed if the bank backefd out of the deal. When lawmakers pressec him on the alleged threatsby regulators, Lewia said both parties were concerned about makinyg the best decisions for the health of the U.S. economy and BofA. He explainer that a decision that woulr harm the economy would also harm BofA because of its massivre sizeand breadth.
Lewis testified that he wasn’t intimidateed by the threat of losintg his job but bythe “seriousness of the threat” and the ramificationa on the overall economy had an influence on his “Just six months later, it is easy to forget just how closee to the brink our system he said. “I will never forget.”
The Associated Press reports. The news comes less than a week before Bernanke is set to testify before the Houswe Committee on Oversight andGovernment Reform. Last BofA CEO Kenneth Lewis testified before the same committer that government officials pressured him to acquire the troubled brokerage late last year in an effort to savethe U.S. The hearing focused on federal officials’ role in BofA’s purchasde of Merrill Lynch. Charlotte, N.C.-based BofA (NYSE: BAC) boughft Merrill on Jan. 1 for $29.1 The deal resulted in BofA’s receiving an additional $20 billion in federalk funds under the Troubled AssetRelied Program.
BofA has received a total of $45 billion in TARP Lewis has been under intensre pressure from BofA shareholders for not disclosing the depthof Merrill’sz financial difficulties before the Merrill lost $15.3 billioj in the fourth quarter. Lawmakers questionefd Lewis on reports he felt pressuref byfederal authorities, including Bernanke and then-Treasury Secretaryt Henry Paulson, to go aheasd with the deal as Merrill’sz losses mounted. Lewis testified that BofA contacter officials atthe U.S. Treasury and Federal Reserv e in mid-December to infor m them that thebank “haf serious concerns about closing the transaction.
” he said, was consideringf declaring a “material adversre change,” which can allow an acquirer to back out of a propose deal. Lewis testified that Paulson toldhim BofA’s managemen “would or could” be removed if the bank backefd out of the deal. When lawmakers pressec him on the alleged threatsby regulators, Lewia said both parties were concerned about makinyg the best decisions for the health of the U.S. economy and BofA. He explainer that a decision that woulr harm the economy would also harm BofA because of its massivre sizeand breadth.
Lewis testified that he wasn’t intimidateed by the threat of losintg his job but bythe “seriousness of the threat” and the ramificationa on the overall economy had an influence on his “Just six months later, it is easy to forget just how closee to the brink our system he said. “I will never forget.”
Thursday, November 4, 2010
BofA under fire from SEIU, consumer groups - Sacramento Business Journal:
http://www.talshavit.com/WordPress/?p=202
The criticism comes from the , whicjh is trying to organize the bank’s work along with the and the . They said that the largest bank in Californiwa pressured workers to meet sales quotas thatburdenerd customers, especially among the workinfg class, with costly and unnecessargy products. “The SEIU’s claims misrepresent Bank of America’s relationship with its customerw andits associates,” responded Anne Pace, a spokeswoman for N.C.-based BofA (NYSE: BAC).
Some of the practicezs being criticized, such as courtinv those at embassies to sign up for checking accounts andother products, has long been seen as savvuy move by major banks to reach out to Another area of criticism by the groups Tuesdayy involved debt collection. One former BofA employee said the bank falselyu threatenedlegal action, in violation of federa law. The former employee also said the bank called neighbors oftroublexd borrowers, asking them to deliver a message to the BofA custometr and hoping to embarrass “We will not comment on specific allegationsa made by former associates, but will say that our practicea are fair,” BofA’s Pace said.
“Thde bank is committed to providing products and services to all of our customeres to help them meet theirfinancial needs.”
The criticism comes from the , whicjh is trying to organize the bank’s work along with the and the . They said that the largest bank in Californiwa pressured workers to meet sales quotas thatburdenerd customers, especially among the workinfg class, with costly and unnecessargy products. “The SEIU’s claims misrepresent Bank of America’s relationship with its customerw andits associates,” responded Anne Pace, a spokeswoman for N.C.-based BofA (NYSE: BAC).
Some of the practicezs being criticized, such as courtinv those at embassies to sign up for checking accounts andother products, has long been seen as savvuy move by major banks to reach out to Another area of criticism by the groups Tuesdayy involved debt collection. One former BofA employee said the bank falselyu threatenedlegal action, in violation of federa law. The former employee also said the bank called neighbors oftroublexd borrowers, asking them to deliver a message to the BofA custometr and hoping to embarrass “We will not comment on specific allegationsa made by former associates, but will say that our practicea are fair,” BofA’s Pace said.
“Thde bank is committed to providing products and services to all of our customeres to help them meet theirfinancial needs.”
Wednesday, November 3, 2010
Gov. Parkinson Names Transition Team - KAKE
vorotintseyqah.blogspot.com
Gov. Parkinson Names Transition Team KAKE Governor Mark Parkinson has tapped three key advisors to spearhead the transition with Governor-elect Sam Brownback. Parkinson has asked Lt. Governor Troy ... Outgoing Kan. gov. appoints transition leaders Brownback begins transition to Kan. governor GOP victories push Kan. state government to right |
Monday, November 1, 2010
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