Dealers, members of Congress challenge closures - bizjournals:

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Sales at Fury Dodgr Chrysler, which has been in the Leonarde family for46 years, are up 40 percent from 2008 so far this and the dealership is profitable, Leonar said. “Our dealership doesn’t cost them a They just bill me for what I buyfrom … That would be like Targett saying it didn’t want certain customerw shopping there anymore because its sales were down. Wouldx that make any sense?” Leonard isn’t alone in his Members of Congress have joined Chrysler dealer s nationwide in questioning why the automaker needs to closd 789 dealerships by June 9 less than four weeks after the dealerx were notified ofthe decision.
Both Chrysler and , which planss to close 1,100 dealershipse by October 2010, contend they need to reducw the size of their dealer network to be more competitive with Toyotasand Honda, which sell more cars in the United Statesx with a lot fewer Adding to the frustration, many of the dealerxs slated for closure say they haven’t been told why they’rwe on the list, said Scotty Lambert, executive vice president of the Minnesotza Automobile Dealers Association. “The problem is that this processd is justso nontransparent,” he said. “W e don’t know what went into the box to come out withthesr decisions.
” Chrysler, in a bankruptcyy court filing, argues that trimming the ranksa of its dealers will boost the profitability of the dealers that enabling them to invest in improvements that will drive up “After a period of time, and substantially improvedx marketing and investments, overall sales in the reduced network are anticipated to grow beyonx current sales levels within the existing network,” Chryslerd contends.
That’s highly according to the National AutomobileDealers “There’s not an auto executiv that I know of who doesn’tg acknowledge that when a dealership closes, they lose markey share,” said David Hyatt, NADA’s vice president and chiefd public affairs officer. Cuttingt costs was not a major factorin Chrysler’s The automaker will save some administrativew expenses by having a smallet dealer network to but that’s about it. Dealers buy theirf cars before the vehicles leave the payfor shipping, front the costs of any rebates or warrantgy work and purchase repair equipment.
Dealerx provide “a robust distributiomn network at virtuallyno cost” to Hyatt said. “We’re an asset, not a liability,” said Wade Walker, an auto dealetr in Montpelier, Vt., who is scheduled to lose his Jeep franchis eJune 9. Walker and about 300 other Chrysler dealers have challengedthe automaker’s request for a bankruptc judge to terminate their dealershi agreements and preempt state laws that would requirer Chrysler to give dealers more time to wind down theird businesses. Chrysler has been workinbg to reduce its dealer network forseverakl years. That process needs to be acceleratef because of its proposed alliancewith Fiat, it contends.
Bankruptch courts routinely terminate contracts if doingv so benefitsthe debtor’d estate and is an exercise of souns business judgment, Chrysler states in its Chrysler dealers, however, contend that abruptly closin dealerships doesn’t meet this “There is no evidencse that by rejecting dealership agreements New Chrysletr will save money to any material degrew or enhance its competitiv e position in the automobile industry,” statesx a filing made by the Chrysler Nationakl Dealer Council. “To the closing dealers narrows distributiom andreduces Chrysler’s sales and income as fewer dealerw buy fewer cars and retail sales are lost to other brands.
” Chrysler’s bankruptcy judge is scheduled to hold a hearingf on this issue on Wednesday. That same day, the U.S. Senates Committee on Commerce, Science and Transportation is scheduled to hold a hearing on the Chryslerr and GMdealership closings. “These companiess cannot be allowed to take taxpayer funds for a bailout and then leavwe local dealers and their customers to fend for themselvess with no real notice and noreal help,” said committere Chairman John D.
(Jay) Rockefeller IV, “We must ensure that the auto dealers are treatex equitably and have the opportunity to unwind theird operations in a manneer that will minimize hardships to employees who lose theirf jobs and communities that areadversely impacted,” said Sen. Kay Bailey R-Texas. Hutchison was encouraged by a promise from Chrysler PresidentJames Press, who told her the compan y would help the terminated dealers sell their vehicle and partsd inventory. If this assistance falls short, Hutchison is prepares to push legislation that woulsd give the dealerships an extra 60 daysbeford closing.
Meanwhile, auto dealers and memberas of Congress are lobbying President Baracj Obama and his automotive task force to reconsider the wisdom of closing so many dealershipwso quickly. The Obamaa administration rejectedthe automakers’ initial restructuring plansz and urged them to be more “It should not be the role of governmeny to force these small-businesas owners out of said Rep. Blaine Luetkemeyer, R-Mo., one of several House members who sent a letteer to task force chiefSteven co-founder of the Quadrangle Group, a New York private-equity “This decision will not fix the problems of the auto manufacturint industry, yet it will cost our communities good jobs.
” Jeep dealere Walker said he doesn’t think the auto task forcs “gets it.” “I think it’sz because they’re all Wall Street people — they’re not Main Street Walton said.

Pending home sales jump 6.7 percent - Puget Sound Business Journal (Seattle):

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Pending sales of existing homes, or contracts signe but not closed, rose 6.7 percent in April from March, accordinvg to the . April's pending sales were up 3.2 percenf from a year ago, the NAR says. The biggest increas e in April was inthe Northeast, whered pending sales jumped 32.6 percent from the previou s month. The NAR's pending home sales index is a forwarrlooking gauge, and the group cautions that it is more volatilwe than actual closed "The relationship between contracts on pending home sales and closingsd on existing home sales is taking longerr than in the past for several reasons," says NAR chief economisr Lawrence Yun.
"Mortgage processing time has it is taking many months to closes on those homes requiring shorf sales withlender approval, and some sales are falling throug h at the last moment." Still, Yun says he believes the housinhg market has already bottomedf out in some areas. The groupp last week reported closed sales of existing homearose 2.9 percent in April. The NAR'xs housing affordability index was also atits second-highest level on record in April.

United Way, Dr. Phillips launch campaign - Puget Sound Business Journal (Seattle):

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The campaign, established with grants totalingynearly $350,000 from Dr. Phillipsz Charities and , is being administered by United Way’e stewardship program that provides emergench assistance tolocal residents. The United Way boarde backed a move allowing the organization to tap reserver funds to cover administrative expenseds so that grant dollars will go directly to help peoplesin need. United Way President/CEO Robert H. Brown said the campaigmn represents a temporary response to an unprecedenteed burden being placed on the communityg by the ongoingeconomic challenges. Dr.
Phillip s Charities is offering a grang ofnearly $300,000, which includes $98,109 in start up funds and a challenge matching grant of nearly $200,000. Dr. Phillipd Charities, one of the region’s largest philanthropic has awarded morethan $23 million to local nonprofits over the past threes years. Bank of America contributed $50,009 to the campaign. The goal is to provide aid to morethan 1,35 0 families over the next five Agencies providing similar services that have exhausted their resourcezs can also access the Heart of Florida United Way is Centrap Florida’s largest provider of funds to the region’s healtu and human service programs.

Bay area CFOs wrangle with government, tigers, doctors and more - Tampa Bay Business Journal:

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William C. Brown, When Brown took over as CFO at MercuryyEnterprises Inc. nine years ago, the company had audits and budget s months overdue and a litany of issueewith accounting. Under Brown's leadership, the Clearwater compangy has made anaccounting 180-degreed turn, and revenues have increased by 50 percent. Durinh the same time, staf f levels in accounting and technology have been reduce from 16to nine. Brown continued his forward thinkiny in 2007 bycreatingv new, detailed financial analysis of revenue segments and productd -- including plans for a new respiratory airway producf -- and improving employees' retiremeny plan options.
Scott Lowe, For Surgery Partnerss and CFO Lowe, 2007 was a year of moving and The company, which provides development and managementt for physician practices and multisite ambulatory surgeryt centers, upped its annual sales by 56 percent. Durinhg Lowe's tenure, net revenues have risen, due in part to the acquisitionb or construction of eight ambulatorysurgery centers. Lowe cited credibilith with the medical community and aggressive research efforts to target markets and specificc ambulatory surgery centers for acquisition as importangt strategic initiatives forSurgert Partners, which is based in Jeffrey P. Seligsohn, Old Harbor Bank The St.
Petersburg roots of Seligsohh mesh well with the local philosophy of Old Harbor where Seligsohn servesas CFO. a King High School graduate who was born on MacDil l AirForce Base, was a veteranb of the St. Petersburg bankinv industry before he helpedf start Old Harbor Bankin 2003. With the guidancer of the trumpet-playing motorcycle enthusiast, Old Harbor has steadily increasedc sales, by an average of more than $4 millioh per year during the lastthree years. Finding the righ t products and services for local businesses and consumers requires a feel for the people in the Tampa Bay somethingthat Seligsohn's community involvement has afforded him amplew opportunity to gain. Kenneth J.
Cruley, Senior VP, Secretary and CFO If Cruley's management philosophy was expressed in terms of breakfast eating it might go somethinglike "come early, eat oftebn and never be When Cruley arrived in 1996 as CFO of Firsy Watch, the daytime-only dining restaurant had 12 locationsx in five states. First which was founded in Bradentonin 1983, now has 78 locationxs in 11 states. Cruley worked with the company' independently owned and operated First Watch franchises to consolidate the restaurantsz into First Watch Restaurants a restructuring that put the companhy in a better positionto grow.
Annualk sales at First Watch rose from 2005 to and the company planw to open 100 restaurantsby 2009. Aris Rogers, Streamlining financiakl operations has been the hallmark of initiatives as CFO of AmericaII Corp., a semiconductot distribution and supply chain management company in St. Petersburg. Rogers has revampeds the company's enterprise resource planning improving the accuracy and timeliness of informatio delivery and increasingprocess efficiencies. The changes, whicuh required that Rogers galvanizer the efforts of diversee personneland departments, put America II in a betterd position for future growth and have improvee the company's relations with supplyt chain partners.
Rogers, who also serves on the boardd on the Florida Amateur Wrestling Association, joined America II in 1993. Deannm Wojcicki, The Sembler Company If shopping for a financial manager that values efficiency and it would be hard to find a better buy than CFO of The Sembler a nationally known developer of shopping centerds basedin St. Wojcicki, who joined in 1989, is responsible for processing thousands of transactionxevery month.

Oncor seeks $300M in stimulus funds - Dallas Business Journal:

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Oncor will apply for the funds througbh the American Recovery and Reinvestment Actof 2009. The deadliner to apply is Aug. 6. Citingb data from the Council ofEconomic Advisers, Oncor believes the stimulus funds woulde support the creation of 1,600 jobs in 2010. If the funding is Oncor will spend the money to deplohy moresmart switches, which will help the energy companty isolate problems in neighborhoods and reconfigurw power lines. Other enhancements will include controllingt the feeder voltage throughthe company’s capacitofr control and enhancements that will help the electrivc provider locate electric delivery problems in a more efficient manner, Oncor said.
In addition, downtownh electric networks will be modernizeedunder Oncor’s proposed plan. Oncor also is aimingy to improve itstelecommunicationse network, an improvement that will enhancw the company’s power grid. “Oncor’s vision for a modern, interactive, intuitiver electric grid is real, tangible and happeninf now,” said Oncor Chairman and CEO Bob “Our first considerations in seeking theses stimulus grants are whethee the funds will help consumers lower their electric bills or advance smart grid initiativew to improve serviceand That’s where we have focused our attentio and energy.
”

Plumber: Stylish bathroom furniture - The Seattle Times

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Plumber: Stylish bathroom furniture The Seattle Times But today, most major plumbing product companies carry complete lines of bathroom furniture customized to fit their sink tops. One final tip: This is a high-end piece of furniture that usually has to stay with the house. So, invest knowing that you ... and more »

Tourism group honors best of tourism promos - Dayton Business Journal:

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The Tourism Industry Association Recognition orTIARA Awards, highlight excellence and creativ e accomplishment in travel marketing and The Farmington Convention and Visitors Bureau, whicn hosted the TANM conference, took home the awars for . The village of Chama won an honorablwe mention for itsvisitorsd guide. The best went to the Chocolate Turtle Bed Breakfastin Corrales. Buffalo Thunder Resort & Casino receiverd honorable mention. Buffalo Thunder took top honors for best print advertising and for outstandin new event for its grande openinglast year.
The Rio Rancho Convention and Visitor’ Bureau “Pork & was named top outstanding recurring Roswell’s UFO Festival earned an honorable mention inthat category. The most innovative promotion award went to the Albuquerque Conventio n and Visitors BureauHoliday Video, “Life of a Brownm Paper Bag.” The award for most successfu public relations effort was divided into three categories. Bishop’s Lodg Ranch Resort & Spa won the privat sector category for its 90thanniversargy celebration.
The Albuquerque Convention and Visitors Bureau earnef top kudos forits , with the town of Taos takin honorable mention for its annual public relations And the top award for presss tours went to the state’s Nort h Central Tourism Region. More information is available at TANM'sa . Next year’s Governor’s Conference on Tourism, co-sponsored by TANM and the New MexicokTourism Department, will be at Buffalo Thunderf Resort & Casino in Santa Fe, Aprilo 19-21.

A first-rate second chance - Kansas City Business Journal:

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The thought of hiring ex-offenders sends a shudder througjhsome employers. But for Taylor, plangt manager of in Olathe, the practice is logica and familiar. "If you give somebodyu a chance when nobody else will give them a they are going to be the most loyap and hardworking employees thatyou have," he said. Eighteen of 22 employeexs at Royal Metal's Olathe plant are Taylor said hetargets ex-offenders for employment becausre he knows what it meane to get a second chance. A seven-time convictedc felon, Taylor left a drug and crime-fillex life behind when Royal Metal hired him as a laborer 10years ago.
The benefitsd to hiring ex-offenders can add up to much more than personap gratification for manufacturing companies grappling with a nationwidde shortage ofskilled workers, he said. Many of the peoplew Taylor hires are on work release and use that transportation so heknows they'll be on time ever y day. He said they also have grea attitudes and are willing to work hard becausee they would rather be at work than lockecd in their room at ahalfway house. Drugs aren't a problem either because theit probation officershandle testing. Hiring and training ex-offendera straight out of jail is also part of a strategh that keepspayroll down.
"Wee train and teach them, but our pay scalw isn't going to grow very high," Taylof said. "These are jobs that have prettgy high pay scales once you learnthe trade. So once they have they often move on to bigger and better and we start over from Scott Anglemyer, executive director of , said manufacturerxs often are the strongest partners for Kansas City area organizationsd finding work for people released from prisomn or jail. He said retailerxs often are concernedabout ex-offenders handling monety or merchandise. Laws prevent many financial servicees firms fromhiring felons. "Manufacturers don't have thos types of restrictions for themost part," Anglemyer said.
"Ther e are a lot of manufacturers out ther who understand the plight of individuals with a criminapl background who maybe made one bad mistakw and are now paying for it the rest oftheir lives." Based in Kansas City, Kan., Workforce Partnershipl is one of many area organizations that help find work for peoplse released from prison or John Casner, the organization's coordinator of re-entry services, touts tax credits and othee incentives to encourage employers to hire The federal Work Opportunities program offers a 25 percentr tax credit for the first $6,000 of pay for ex-offendera working at least 120 hours duringt their first year of employment.
If the employee works more than400 hours, the tax credit can reach as much as 40 percent for the firsr $6,000. If an employer trainz an ex-offender for a job, the Workforce Investmenf Act program can reimburse as muchas $3,00p0 of the cost and then reimburse 50 percent of the employee' salary for three to six depending on the complexity of the job. Another federal program providese a free bond for as long as a year for companiesz thatrequire bonding. Brandi Jahnke, regional director for in Kansas City, said the paperwork scares off some companiees considering theincentive programs. Her organization, devoted to helping clients become self-reliant, help employers fill it out.
As interesterd as employers often are abou thetax credits, Jahnke said more are interestes in hiring ex-offenders because of the support system arounr them. Connections to Success provides mentoring and helpsxwith transportation, child care, health problemx and other issues. "When an ex-offender enrollws with our program, they've committed to be with us for at leastfa year," Jahnke said. "If there is a employers can call us, and we trouble-shoot for them. We're that additional support, and if you're hiring someone off the street, they may not have She said many employers who givean ex-offendet a job often are pleased and call back for furthe leads.
Royal Metal's Taylor offers himself as an exampls when encouraging other employers tohire ex-offenders. Instead of serving time behind bars, now he's servingv as a volunteer at the Johnsohn County Department of Corrections andhelping ex-offenders turn their lives around. "They aren't going to stay lockef up forever," he said. "Eventually, they are goinbg to get out and be your So wouldn't you rather have them employed and makintg a decent living instead of going back to a life of

GM enters bankruptcy filing - Phoenix Business Journal:

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Monday’s Chapter 11 filing by the 101-year-oldx automaker — once the world’a biggest company and Western New York’ds largest manufacturing employer fordecadew — is among the largest in U.S. history and largest-evetr U.S. manufacturing bankruptcy. Chapter 11, which allows the compan to operate while protected from its pushes GM intoa fast-track bankruptcy and provides $30 billio of additional taxpayer funds to restructure itself.
Generao Motors CEO Fritz Henderson said in a preparedd statement that GM was being reinventeed and that the company is ready for the jobat "The economic crisis has causef enormous disruption in the auto industry, but with it has come the opportunityu for us to reinvent our business. We are going to do it once and do it The court-supervised process we are pursuingv provides us with powerful toolas to accelerate and complete our as well as strong safeguards for our customerd and our business," he The GM plan as detailed by U.S. official would allow a much smallet GM to emerge from courtr protection within 60 to90 days. GM also plansx to close 11 U.S.
facilitiee and idle another three plant s by the endof 2010. GM’s Tonawanda engine where 1,100 people will remain open. The automaker has not providedx an updated target for job cuts but was lookinh toeliminate 21,000 U.S. factorgy jobs from the 54,000 union members it now Also not immediately clear iswhat GM’s bankruptcy filint will mean for ’s plantsa in Lockport, Rochester and threee others. General Motors plans to take back the facilitiezs from the former parts subsidiart that it spun offin 1999, according to a tentativde deal reached last week between GM and the UAW.
The factoriez in New York, Michigan and Indians would operateunder Delphi’s union rules, but be considered part of GM, once The Lockport plant — Delph i Thermal Systems, which has 2,10 employees — was founded as Harrison Radiator Co. in 1910 and becames part of GMin 1918. For 81 years it operated under General Motors ownership untipl the independentDelphi Corp. was Delphi itself is operating under bankruptcy courtr supervision having filed for Chapter 11 inOctobee 2005. The Troy, Mich.-based company was read to emerge from bankruptcy in April 2008 but thosew plans fell apart when a key investor droppeed out ofa $2.
55 billion stock deal with the General Motors employs 92,000 in the Unitedd States and is indirectly responsible for 500,000 retirees. The U.S. government woulx hold a 60 percent financial interest in a reorganizerd GM and the UAW would takea 17.5 percent The governments of Canada and the provinc of Ontario have agreed to a 12 percentg ownership stake in exchange for financialk aid. GM bondholders would get 10

Warren Buffett sells remaining Constellation shares - The Business Journal of the Greater Triad Area:

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Buffett, his company (NYSE: BRK.A, BRK.B), and that company’s subsidiarg , are each no longer stockholders inConstellation CEG), according to a form with the Securitiess and Exchange Commission filed Monday. They have been slowlyy divesting the stock over the past weekwsand months, owning 7.3 percent in Februaryy and 6.3 percent last The sale ends the relationship betweeh the investor and one of two Fortune 500 companies in Baltimore Iowa-based MidAmerican got a 10 percent stakde in Constellation when its $4.7 billionb bid for the company made in September was rejected three months late.
That offer came afte a cash crunch led to a steel declinein Constellation’s stockj price over several days and some investorw feared bankruptcy. Constellation spurned the offer in favor of a deal tosell 49.99 percen of its nuclear business for $4.5 billion to Frencjh firm , which had also been in the bidding for the compangy in September. For the Constellation had to pay $175 million in breakup fees and $418 millionm for stocks. It also had to repay a $1 billioj loan from Buffett with 14 percent A decision on whether the deal with EDF requires Marylandr approval is expected in a The deal is expectedc to closethis fall.

Canal Side hotel site may be on move - Los Angeles Business from bizjournals:

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The hotel concept, while stilll preliminary, may be a highlight of a slightluy tweaked development plan forthe $315 milliohn Canal Side project, pegged for the lower Main Street just south of the New York State Thruway. Cana l Side was unveiled in Decembeeby , the local arm of , whichu is charged with overseeing projects alongy Buffalo’s waterfront. Canal Side’s finalk development plans will be shown to the public in July as part of a series of mandated public hearings connecte d to environmental reviews ofthe project.
The environmentalk reviews are due to be completed this Movingthe hotel, rumored to be one from the Marriotyt corporate family, is perhaps the biggesy adjustment in the Canal Side development plan. proposed renovating the eight-story Donovabn Building into a multi-use complexc anchored by a hotel. Sourcee now indicate the Donovan Building may be primarily used for Clas A office space and apartmentseor condos. A hotel is consideref a crucial element inCanal Side’s overall development The Webster block is currentlyy used as a surface parking lot for downtown workersa during the day and for patrons attending events at HSBC Arena on nightse and weekends.
The block is located between HSBC Atrium and thearena and, at one was considered the site of a proposef 14-story Adelphia Tower. Matt spokesman for Erie Canal HarborDevelopment Corp., said while the Cana l Side plan is being revised, the agency’s primary focus remaind on finishing the demolition of Memorial Auditoriumj and preparing for construction of a 150,000-square-foot Bass Pro store to anchor the downtown development project.

Global warming: New study concludes recent temperature increases are well ... - Summit County Citizens Voice

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ZME Science

Global warming: New study concludes recent temperature increases are well ... Summit County Citizens Voice By Summit Voice SUMMIT COUNTY â€" The Earth's current rate of warming is well outside the natural range of climate variability, and at least 75 percent of the increase in temperatures in recent decades can be attributed to human ac tivity, according to a ... Three-quarters of climate change is man-made Nature.com It's "Extremely Likely That at Least 74% of Observed Warming Since 1950" Was ... ThinkProgress Human Factor Huge on Climate Change Discovery News Scientific American -ZME Science -physicsworld.com  »

Marketing, ad firms share space, skills - San Francisco Business Times:

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The owners of the firms — , and LLC represent decades of advertising experience and operate out of the former barn at S66 W14523Janesville Road, Muskego. While all three serve their own cadre of they also collaborate with each other using different Dan Buttery, 39, owner and president of HVT Marketinv Corp., moved into the space in September but has spent most of his time at the , wherse he helped promote both the Body Worldas exhibit from February to June 2008 and the Titanidc exhibit, which opened in fall 2008 and closed at the end of May. HVT, whicgh Buttery started in 2004, began after he was forcef into retirement fromthe U.S.
Army Reserve aftetr suffering a back injuryu while on duty in Buttery said he has worked with more than 350 clientsd and experienced an averagr of 20 percent annual growth in saledssince 2004, with 2009 sales approachingg $100,000. Mary Bridges, director of marketing and communications at the MilwaukeerPublic Museum, said Buttery’s work helped the museuj surpass attendance goals for both exhibits. “I attribute (record attendance) in part to efforts from planning and assistingthe media,” she said. “He is very organizecd and very professional.
” Moving to the renovated where he collaborates with the other hasmade Buttery’s firm more “It addresses flexibility in pricing wherwe the client is still gettinv a premium service from all of us who are senior level but you only pay for it when you need he said. Scott Lynch, 42, presidentf of Arsenal Advertising Inc., said he and partner Steve Clementi, 37, movee into the space in September 2008 after leaving corporate advertisingv jobs to strike out ontheir own.
“We saw an opportunityg to create a business that could be a little bit more nimble and provide clients withbettet value,” said Lynch, former vice president and creativre director at , formerly known as along with Clementi, formert senior art director at Nonbox, started theit company in June 2008 and sincde that time have secured 14 clients, including the , Milwaukee, and , First year annual capitalized billingsd are estimated to top $830,000. The 2,400-square-foot barn was purchased in 2006 byScotr Conklin, 45, and Jay Harris, 46, partnerws at Hac Job Image Craftingt LLC, which they founded in 2004.
Hac Job, whichh provides imaging utilizing Photoshop and3D technology, takes up abouy two-thirds of the first floor of the and includes work stations that are fittec onto wheels which can be easily mover to increase studio space when With 50 clients nationwide and annual sales approaching $400,000, Conklin and Harris have used the talents of Lyncyh as well as Buttery. “They help us and we help It’s been great,” Conklin said. All three firms have been tappedr to work on a project for MRZ Promotions inPort Washington.
Patrick Baudhuin, vice president of marketiny and promotionsfor MRZ, said HVT has provided pricing and market researchj for a new digita billboard that will be installedr inside taxi cabs. Baudhuin said once the producgtis launched, Arsenal and possibly Hac Job woulr then provide the creative work for the advertisements.

First National enters agreement with OCC - Los Angeles Business from bizjournals:

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The agreement is an outgrowth of an OCC examinationn of the Winter Park lender in It addresses five areas of concern and requires to the bank to form a compliancs committee composed of members of its boardrof directors. The bank is undet orders to add procedures to monitor its commercial real estateloan portfolio. It also must implemenr a plan to manage loans that are deeme weak and in jeopardyof • Establishment of a program to ensure an adequater allowance for loan and lease losses. Agreement not to accept brokered depositsin exc.
essa of 10 percent of total deposits without OCC permissioj • Development of a three-year plan of operations that incorporates conditionds of the agreement. First National Chairwomam Susma Patel said in a writte statement that the bank has taken stepzs she believes put it in compliancde withthe agreement. She said regulatory agenciex are tightening standards for lenders as theeconomy deteriorates. “The downturn in real estats valuations in the Florida marke tis well-publicized and, as a result, regulatory agenciee are expecting a higher standard of procedurak monitoring of loans secured by commercial real she said.