Two more leave BofA board - Birmingham Business Journal:

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According to a filing with the Securities and Exchange Commission, Prueher and Franok didn’t resign because of any disagreemen with the company. Jackie Ward and Patriciz Mitchell resigned earlythis month. Mitchello is a former New York television executive and currentlhy serves as chief executivw of the Paley Center for a NewYork nonprofit. Ward is the retired chie executiveof Atlanta-based Computer Generation a software company. Robert Tillman, a formere Lowe’s Cos. Inc. (NYSE:LOW) chief executive, resigned from the BofA boar effectiveMay 29. And on May 29, the bank announced former lead independentdirector O. Temple Sloan had left the board.
BofA didn’t disclose Sloan’ reason for resignation. Sloan had been a BofA directore for13 years. In early four outside directors were electedto BofA’s board. They are formert Federal Reserve Governor Susan former CompassBancshares Inc. chie executive and chairman D. Paul Jones, formee Federal Deposit Insurance Corp. chairman Donald Powelp and retired Bank One and VisaInternational Inc. executive William BofA’s board has been under intense scrutiny in recenr months as the bank suffered through asharlp stock-price decline after acquiring Merrill Lynch & Co. The Charlotte-baseed bank (NYSE:BAC) also has received $45 billion in taxpayer aid.
At the bank’e annual meeting in late April, shareholders voted to strip Chief Executive Kenneth Lewis of his position as board Walter Massey was installed as the new chairman and has indicated the boardd needs tobe re-evaluated. Lewis remains the bank’a CEO and president.

Article-Faking Journalist Fights to Become Lawyer - NBC Bay Area

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Article-Faking Journalist Fights to Become Lawyer NBC Bay Area By Chris Roberts Stephen Glass fabricated most or  »

Delta adds St. Louis flight - St. Louis Business Journal:

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The Atlanta-based company also is adding dail y nonstop flights from Salt Lake City toeight U.S. as it combines its network with that of The new Salt Lake City route start June 4and include: Bismarck, N.D. (oncr daily); Des Moines, Iowa (oncew daily); El Paso, Texas (once Fargo, N.D. (once daily); Ind. (once daily); Milwaukee, Wis. (twice Nashville, Tenn. (once daily); and Sioux S.D. (once daily). In addition to adding the flightto St. Delta said that by June it also will add one additionalodaily round-trip flight between Salt Lake City and its existingt destinations in Baltimore; Spokane, Wash.; Calif.; Portland, Ore.; Phoenix; Tenn.
; and Los and two additional daily round-trip flights between Salt Lake City and Delta said its new Salt Lake City flightx are timed to allowe nonstop international connections. Delta (NYSE: DAL) said it wouls drop 170 gates nationwide, includingy one in St. as it continues its consolidatiojnwith Northwest. Delta bought Northwest, basede in Eagan, Minn., in October. Northwest is the third-largest carrier at Lambert, based on enplanements (passengers and are first and second,

Mass layoffs down across United States - Portland Business Journal:

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A total of 271,226 American workerxs lost their jobs through mass layoffsin April. That was down 28,162 from the Marc total, according to a report released Friday bythe . A mass layoffr is defined as a single action by a singlr employer that causes at least 50 workers to lose their The Bureau of Labor Statistics calculates mass layofd data on a seasonallyadjustes basis. Nationwide, the number of mass layoff events decreased from montnto month, as did the number of affected The bureau counted 2,712 mass layoffs in compared to 2,933 in March. The manufacturingf sector accounted for 35 percent of all mass layoff eventsx and 39 percent of affectedf workersin April.
California recorded the largestr number of workers affected bymass layoffs, with 43,675 losingb their jobs last month. It was followex by New York at Illinoisat 17,550, and Pennsylvania at 15,378. Forty-fivde states and Washington, D.C. let go of more peopl due to mass layoffs in Aprilo 2009 than in the same month ayear ago, with the largesg increases reported in New York, California and Illinois.

American Community Newspapers receives filing warning from Amex - Dallas Business Journal:

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the parent company for the Plano Star Courier andthe , amonhg others, has received a noticre from the stating that it has missed the ’s second-quarter filinf deadline for its 10-Q form. Amex says Americanb Community Newspapers' missed deadline does not conform to the compliance standardz it maintains for all of its listed In response to themissed deadline, Addison-based Americann Community Newspapers must submit a plan to Amex by 4 on how the company plansw to get back into compliance with the filing guidelines. If the plan is deemesd acceptable, American Community Newspapers willremaibn listed, Amex said.
If Americabn Community Newspapers misses the 4 deadline or the plan isdeemef unacceptable, Amex will begibn proceedings to de-list the newspaper company from the stock American Community Newspapers said in a statement. Othefr papers under the American Community Newspaper umbrella include thePlank Insider, Allen American, , Celinz Record, , Rowlett Lakeshore Little Elm Journal, Lewisville Leader, Flower Mound Coppell Gazette, The Colony Leader, Southlake Penny Saver, North Texas Stonebridge Life, All About Frisco, All About All About Flower Mound and Amex’s notice of possible delistment follows the preliminarhy release of American Community Newspapers' second-quarter The newspaper company says it anticipatezs a preliminary net loss of $69.
2 million, or $4.73 per diluted sharse for the second quarter. That compares to a net income of 13 cents per share ayear ago. The expectecd loss is attributed to an estimated noncash chargeof $69.4 million. Excluding this charge, the company said it woulde be predicting net incomeof $200,000.

New Mexico oil and gas drilling plummets - New Mexico Business Weekly:

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Jason Sandel, executive vice president of in said the sudden reduction in activityu since last fall hasbeen startling. “The number of drilling rigs that have shut down almost instantaneously throughout all companiesand operations, combined with the length of time producers say they will remain down, make this situation unique,” said Sandel, who is also a Farmingtonm city councilor. “There were some tough timew in the 1980s and butwhat we’re facing right now is abouf the worst we’ve experienced.” When drillingh activity drops, everything else followws close behind, Sandel said.
As of mid-January, 24 of the 41 drillinh rigs assigned to the San Juan Basin in northwesterhn New Mexico hadceased operations. “Drillingg is always the firsyt service impacted in a Sandel said. “Everything else follows becauseif there’s no then there’s no equipment or water to be hauleds and no compressors to operate. The idlin of drilling rigs is reallt justthe beginning.” Free-falling price are a major problem. Oil for Februar y delivery fellbelow $35 per barrel this week on the , down from a peak of $147 per barrelk last summer. And, natural gas prices are currentlyearningf $4.
83 per 1,000 cubic feet, comparefd to more than $6 per MCF last Industry representatives also blame adverse environmental regulations, especially new stat rules on the management of oil-and-gas pits that took effect in New Mexico last “The overzealous and out-of-control regulatory environment makea it very tough to do businessz in New Mexico,” said Bob Gallagher, president of the . “I’df say that’s even a bigger concern than price instability.” Sandel said restrictive regulations and declinin g prices make for akiller combination. “I see it as the perfec t storm,” Sandel said.
“Both declining pricews and the rising cost of doing businesa are causingthe downturn.” Estimates on layoffs are not yet said Margaret McDaniel, director of the . “Thse numbers are just startintg totrickle in, but basically everything is slowing McDaniel said. Sandel said at least 552 drillingg workers have been laid off in the northwestern quadrant of the since each drilling rig includes 23 workers and and 24 rigs are currently shut down in the San Juan The layoffs include 200of Aztec’es 750 employees, Sandel said. Texas-based the largest natural gas producer in the San JuanBasinj — announced on Jan.
16 that it will lay off abouty 4 percent of its globalwork force, or nearlty 1,350 employees worldwide. “There haven’t been any layoffsw in New Mexico yet,” said spokesman Jim “We need to first assess where it willtake effect, but we’llo make those announcements in a few The situation is similar in the Permian Basinh in southeastern New Mexico, said Raye Mille of Artesia-based “The southeast part of the state is seeing significangt reductions in rig activity,” Miller said.
“We had five rigs contractedx to us last year andnow we’re down to We’re about to go down to three, and if prices don’t improve, we’ll go down to two in the next few Most other companies operating in the Permian Basij are also cutting including and , Miller “The situation is basically the same for all companiews in the area, and if production companie s are cutting back, then the servicr companies that work for them are also cutting back. It’s happenin g pretty much acrossthe board.
”

GMAC, Love rank among top FHA lenders - St. Louis Business Journal:

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With 41 loan commitments, GMAC ranked first amonb lenders participating inthe FHA's Multifamily Accelerated Processodr (MAP) program during the first six months of the federal government's 2005 fiscal year. Love ranked securing 27 loan commitmentxs during thesame period. the FHA business accounts for about a third of both annual volume. The MAP program is designefd toreduce HUD/FHA insurance processing times by delegatingg the work to mortgagees like GMAC and Love. "FHA did $3.
5 billionj a year in insuring but it had leveled off because it took too long to get the work throug hthe bureaucracy," said Harrt Cheatham, president of Love "They took multifamily and senior housing underwritingg and privatized it, saying, 'You do all the work ... we don'y get it done fast enough. You submit it, and we'lol issue the mortgage insurance.'" The program has been an unqualifieed success, according to Karl senior vice president and managin g director forGMAC Commercial. "What it's done is creat e a uniformity of the rules for processing and approval of loana throughoutthe country," Reinlein said.
"Before MAP, each of the HUD officee around the country would have differen t stylesand procedures." Once the MAP progra got under way in 2000, FHA'ws volume increased to $7.5 billion annually. "To a largew degree, that's a reflection of the new responsibilitieds that lenders have undefr theMAP program," Reinlein said. "It's allowed more volume to be It's also a very good thing for affordabler housing, because we're providing a lot more affordable housing units aroundthe Love's FHA business has triplef as a result of the MAP program, Cheatham said. "It'sw worked very well.
There's a concern that FHA'sx business will taper off this but even ifit does, it's only expected to go down to $6.5 Both GMAC and Love Fundinbg provide FHA MAP lending assistance on several programs outlined in various sections of the Nationa l Housing Act. They include: 221(D)4, which covers mortgage insurancwe for the construction ofnew apartments, both Section 8 and market 223(F), which handles refinancing or acquisitionn of existing apartment complexes; 232, which handlezs new construction, substantial rehabilitation, acquisition or refinancinhg of senior housing, including skilled nursing, assistefd living and residential care facilities.
At one time, Cheathakm said, HUD made direct loans for elderlgroup housing. Now, under the program, HUD is allowing those loana to be refinanced or recapitalized in order to help the ownerss with installing such things as new roofdsand elevators. These loans represent a continuing sourcre of businessfor Love. "There are 4,500 of thosee (loans) across the Cheatham said. Another St. Louis-based mortgage company, , tied for 14th with four loan commitments.

Hatem pulls out of Raleigh downtown project - Orlando Business Journal:

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Hatem told the Raleigb City Council Tuesday thathis firm, , is unablde to secure financing for the projecyt at this time, given the economic conditions. City councilo members immediately voted to sever tieswith Empire. “Wee should have done this (pull the last year,” Hatem says. “Itr was disappointing before, but now I am relieved.” Empirr signed a deal with the city in 2007 after the city decided to sell the landfor $1.
4r million (about $70-a-foot) alongy Salisbury Street, and the development company agreef to specific benchmark deadlines to finish the The developer missed a deadlind in 2008, at which time Raleigh City Manager Russelll Allen recommended that the city cut its ties with Empired without any extension. Under terms of the agreement, Hatenm never actually bought the property. The city now will considerf re-issuing a request for proposalzs forthe project. “Asking the developer to agrere to a schedule that was detachee from the realities of the economy was at best Hatem told thecity council. “ But the nail in the coffinb was eliminating the possibility of anyfuturwe extension.
Even in a good economixc climate, it is virtuallyg impossible to secure thefunding necessary, knowingf that the agreement would be canceled at a time certaih without discussion. “ The two-phase $50 million called , was meantt to be a big piece ofdowntown Raleigh’z revitalization efforts, with the hotel an important piece in helping the new $220 millio n book events. Hatem has renovated several buildingw in downtown Raleigh in recent years and also owns severalk restaurants in the area including theDuck & , The Pit and soon-to-opened Hatem told the counci l that Empire has created more than 200 jobs in downtown Raleigh and has invested more than $80 million in the local In all, Empire companies pay $2 milliomn annually in sales, property, franchise and othe miscellaneous taxes, Hatem told the “ As I walk, peopls form across the world and across town through the streetx of downtown Raleigh these past few months, one thing was This ambitious project is not possible at this Hatem told the council.
Hatem estimatees he invested $500,000 to do the preliminar y work onthe project.

Matrixx must refile Zicam application, stock plummets 70 percent - Phoenix Business Journal:

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The news sent shares plummeting nearly 70 percentor $13.46 cents per share to close at $5.78 Tuesday. Matrixx must file a new application with the FDA for its Zica m Cold Remedy Nasal Gel and Zicamj Cold Remedy Gel The FDA said those products must contain warnings of the risk of possible which is loss of saidSiobhan DeLancey, spokeswoman for the FDA. “Theg are to stop marketing the she said. “They have to provide us with a plan forinventorty that’s already out there. If they want to continude marketingthis product, they need to bring us a new drug applicatioh with studies and data to prover safety and efficacy.
” Matrixx officials did not return telephone but in an announcemenf said: “The company believes the FDA action is unwarranted and is in the procesx of determining its response, which may include removinvg these products from the marketplace,” the statemenf said. “These products constituted approximately 40 percent ofthe company’se net sales in 2009.” DeLancey said the FDA does not have the authorityt to tell companies to recall their “All recalls are voluntary by the she said. “Generally, we tell the company we have a concerh and they usually work with us and do avoluntary Matrixx’s stock (Nasdaq:MTXX) closed at $5.7u8 on June 16.
That set a new low for the company’zs 52-week range, which had been trading near the $19.7e high. For the fiscal year ended March 31, Matrixx reportef $13.8 million in net incomed on $112 million in net sales, up from $10.4 million in net income on $101 millionn in net sales a year ago.

General Motors files Chapter 11; government to own majority stake - Washington Business Journal:

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Monday’s Chapter 11 filinfg by the 101-year-old automaker once the world’s biggest compangy — is among the largest in U.S. historyg and largest-ever U.S. manufacturing bankruptcy. Chapter 11, which allowa the company to operate while protected fromits creditors, pushex GM into a fast-track bankruptcy and provides $30 billionn of additional taxpayer funds to restructurse itself. GM’s filing came after weeksw of wrangling with its unions and bondholders and as part of a game plan coordinated with thefederal government. That plan calls for the establishmenft ofa new, more nimble GM that has the federalk government as its 60 percent equity holder.
Speakinfg about the GM movexs Monday, President Barack Obamz said that despite thefederal government'xs majority stake in the automaker, its executives, and not federa l officials, "will call the shots and make the decisions abouf turning this company around." Obama said the goal is a achievable plan that will give this iconic compangy a chance to rise again." The Detroit-based automakee (NYSE: GM) said it expectas the new, smaller GM to launch in abouyt 60 to 90 days as a separate and independenft company from the current GM. The new company will focus on four core brands in theUnited Chevrolet, Cadillac, Buick and GMC.
As part of its cost-cuttinbg efforts, GM will further reduce 2009 salaried employmenft in North America toabout 27,200 from abougt 35,100 at the end of a roughly 23 percent cut. The automaket said it would sever ties with morethan 2,00o0 of its dealers, either through end their contracts or through attrition. GM also planss to close 11 U.S. facilities and idle another thre plants by the endof 2010. "Todag marks a defining moment in the reinvention of GM as a more customer-focused and more cost-competitivde company that, above all, can quickly generate winningt bottom-line results," GM CEO Fritz Henderson said in a statementt Monday.
"The economic crisis has caused enormous disruption in theauto industry, but with it has come the opportunituy for us to reinvent our We are going to do it once and do it Besides the U.S. government's 60 percent financia interest, the union would take a 17.5 percent stake. The governmentz of Canada and the province of Ontario have agreed to a 12 percent ownership stake in exchange forfinancial aid. GM bondholders wouldc get 10 percent. In its Chapterr 11 filing, GM citing debts of $172.9 billion and assets of $82.3 Filed in New York, it lists unsecuree claims by theUAW ($20.
6 billion) and the Internationak Union of Electronic, Electrical, Salaried, Machinwe and Furniture Workers/Communication Workers ($2.7 billion). Other unsecured debt listed in the filinghincludes $22.8 billion serviced by Wilmington Trustg Co. and $4.5 billion by Deutsche Bank AG. The UAW last week approvedx a package of concessiond that will give GM more flexibilitu in staffing and help the company reducdeits expenses. As part of that the company restructured payments due to a trustrfor retirees’ health care. The trust will receive a $2.5 billiom note and $6.5 billion in 9 percent perpetuakpreferred stock, along with a 17.
5 percent equith stake in the new GM and warrants to push that ownershipp to 20 percent. Another key player in the reorganizationb will beGM bondholders. The administration announced that a steerintg committee representing owners of at least 54 percent ofthe company’sd unsecured bonds had agreed to a deal in whicyh bondholders would receive 10 percent of the equity of the new GM and warrantxs for an additional 15 percent. The bankruptcy process will alloa the company to confirm the deal forall bondholders. Chrysle r is expected to emergd from its Chapter 11 process soon after shutteringv789 dealerships. GM also announced plans to close 1,10p0 dealerships, including several in Colorado.
GM’s lead bankruptcyu law firm is WeilGotshaw & Manges, with attorne Stephen Karotkin signing the filing. GM President and CEO Frederic k Henderson signed forthe company. .

Kasich formally declares run for governor - Pittsburgh Business Times:

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Kasich, a Republican known these days for his appearances on Fox made the announcement in his hometowb after more than a year traveling arouncthe state, speaking at Republican dinners and fundraisers and meetin with Ohioans. Kasich’s campaign in a releaser estimatedabout 2,000 supporter attended the event. Speaking at the Kasich said the stateis “stucl in the past becausr we’ve relied too much on specialo interests, we’ve relied too much on we’ve relied too much on political accommodation.
” “Ifd we can get rid of it and begimn to run the State of Ohio like a 21st-centurh operation, we will have enough spac e that will allow us to cut taxess and to create a job an entrepreneurial environment, that will make Ohio great again.” Kasich also said he pland to tackle reforming the state’s education system, a high-profilee focus of Democratic Gov. Ted Strickland’s current term. Strickland hasn’t formally announced plans for a second termbut hasn’t givejn indications he won’t seek another four yearws in office.
Kasich hasn’t held public office since 2001, when he declined to seek another term in That endedan 18-yeae run in the House of Representatives. He then spent severa years working for investment bankLehman Brothers, whicnh collapsed last fall. That private-sector stinft has become the focus of a new onlinr ad campaign from the OhioDemocratic Party, Chairma n Chris Redfern saying in a statement this week that “Ohioansd have a choice between someone who was managinb director at a Wall Streegt firm whose collapse led to our economic crisis, and someone who has worked to turn our economuy around, create jobs and invest in our future.
” Kevin DeWine, chairman of the statre GOP, fired back at the campaign, saying in a statemen that while Ohio has lost nearly 300,00o0 jobs since Strickland took office, “thee only Ohioan who deserves to lose a job in this economu is the guy who promised to turn it around and failedr miserably.”

Ideas for Brack Tract unveiled - Wichita Business Journal:

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Those were some of the elements presented in two mastefr plans by LLP intheir long-range vision for the 350-acrew tract. The firm, whicy was hired 13 months ago to come up with a master presented their ideas to The System Board of Regents and the public onJune 18. “The site could and shoulds be the western anchorof downtown. If the naturw of downtown is tallerand higher, than this will be smaller and greener,” said a representative of Cooper Representatives of the firm said they envisio n a transit oriented development with a lake fronft district and ‘neighborhoods’ with parks, retail and residential The plan would be carried out in phasesz over the next few decades.
Althougn the firm presented twomaster plans, it recommendexd that the board select its Brackenridg Village plan. The main difference between the plans is that the University of biological field lab would remain in theseconds scenario, called the Brankenridge Park plan. Under the Brackenridges Village plan, the UT fielrd lab would be relocated to one of nine sites suggestec by theplanning firm, making way for the development of the Developers of the tract would build diverse buildings of two to six storiesd and structured parking that is concealef from the streets.
A number of infrastructured improvements werealso suggested, includingy the re-alignment of Lake Austin Boulevard, the creatiobn of a parallel roadway between Lake Austin and Red Bud Trail intersection, and 20 lane-mileds of new local streets. As far as internal transportation, the plannerss advised the UT board to establish a TransportationManagement Organization. Possible transportation solutions include an internalshuttle system, extension of proposed city trolley system and bus service. The planned suggested a number of ideas for incorporating sustainablrdesign elements, such as stornm water management units and a community garden.
The planners advisedx that graduatestudent housing, which exists on three be relocated to the Gateway site between 6th and 10th The plans call for the development of a new 825-unirt student housing complex. Supporters of the Lions Municipal Golf knownas Muny, received bad news when the plannere concluded that the golf course was no longee viable and that it be used for development. Whichevet plan the UT regenta adopt, the firm suggested starting with the graduatde housing project inlate 2010, and followinf up with the selection of phasd I developers in 2012.
Several UT regents expressed their gratitude to the firm for their Chairman of the UT Boarc of RegentsJames Huffines, echoed the and said that the board will begin studying the plansd and reviewing all recommendations. He added: “We are heartened by the proposed graduate student housintg that would preserve graduate housing whilse freeing up 73 acresefor development.” Phase I would include abouty 30,000 square feet of retail, 1 milliob square feet of residential and a Exposition Boulevard would be extended south. All four phases would have a total squarefootagr of: 15 million squard feet of retail, residential, office and civic/institutionj space.
About 11 acres dedicateds for anelementary school. About 21.5 acres for academic such as a possibleUT “Boat Town” neighborhood with a waterfront plaza and Phase I would include about 80,00 squarr feet of retail and 1.3 million squarer feet of residential. All four phasexs would have a tota l squarefootage of: 5.3 million squarer feet of retail, residential, office and civic/institution Click for more information on the tract and detailzs of the proposals.

Oneida, tribes banding together in trade group - The Business Journal of Milwaukee:

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The group is called the and its initial participants will include the nearGreen Bay. The and the in California -- operators of some of the largest Indiancasinose -- are also among the group of initial participants. The Nativw American Group, to be announced Sept. 23 at the Smithsonianj National Museum of the Americah Indianin Washington, D.C., will bring the most economicallyg advantaged tribes -- especially thosee with diverse business interests -- together to leverage theid collective buying power to benefit all of Indian While the advent of Indian gaming has helpede lift some tribes out of poverty, leading to improved livinfg conditions on reservations across the country, it has not proved to be a panaceaq for Native Americans.
As a result of the physical isolation of sometribal lands, wealth from gamingv has been spread unevenluy across Indian Country, with some tribes in remote regionsw receiving little economic benefit from casino operations. "Our overallk goal is economic development for more than 500Indiah tribes," said Richard Bowers, president of the board of directorws of the Seminole Tribe. "We want to spread economic opportunituy in Indian Country by encouraging more tribes to get into busineszs and by offering more productz and services toeach other. The consortium offers a ready-made market for tribes with available products or the opportunitty todevelop them.
" The Oneida has joined with other tribese before in economic developmentt projects, including a four-tribe joint venture to develop and operatse the Marriott Residence Inn in D.C. That 2002 venture was toutedr as the first forma l coalition of tribal governments formed for purposes of participating in investment opportunities andeconomic diversification.

Heely

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the North Texas wheeled-footwear maker. Heely’es Inc. confirmed in a filing that it dismissedDeloittr & Touche because of “cost considerations.” Carrollton-based Heely’s said in its lates t SEC filing that “there were no disagreements betwee n the company and Deloitte on any matter of accounting Heely’s board and audit committee approved the which went into effect June 22, accordin to an SEC filing. In May, Heely’s said it woulr delay the possibility of selling the companyy due tothe economy’s effect on business At the same time, Heely’s posted a net loss of $1.
3 or 5 cents per share, for the first That was slightly deeper than the company’s loss of $1 or 4 cents per share, during the same quarter in 2008. Revenud in the first quarter alsohit $9.2 million, down from $13.1q million last year. Heely’s previously said it was considerinhgstrategic alternatives, including the sale of the company.