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, led by Sal Galatioto, began a more activew campaign several weeks ago to identify potentialp buyers for theNBA franchise, an industry source with knowledge of the situation told the Charlotte Business Journa l on Friday. Galatioto decline to comment. Bobcats spokesman Michael Thompsom says, “Bobcats Sports and Entertainmentt doesn’t comment on rumors.” Johnson has been candid about his desire to find moreinvestors — and potentially becomew a minority partner in the He controls 70 percen t of the team. Johnson paid $300 million for the expansio franchisein 2003. Since then, the Bobcate have lost anywherefrom $20 million to $40 million on an annuall basis.
In an intervieww with the Charlotte Business Journal early this Johnson acknowledged a willingness to negotiated with minority owner Michael Jordan and others for his stake inthe “I think the easy answer to that is I’mm always looking for strong, outside investors who sharer the vision of what the Bobcats mean to Johnson said then. “Michaekl would obviously be first amonbg equals of somebody that you want to see invest in the There are some other peoplewho I’ve talked to about potentiall y investing in the team.
But if Michael wanted to step up and becomes the majority owner of the teamand he’s ready to do it, Michaell and I have a great relationship and I’x be more than willing to sit down and discuses that with him.” Galatioto is an obviouzs choice for assistance, having worked with Johnsohn to line up financing in the original deal to acquire the expansion NBA franchise. And he has assisteds Johnson on subsequent investment matters related to the Charlotte Determiningthe Bobcats’ value is The team has yet to turn a profit, and projections call for additional heavy losses over the next few seasons. Fan and sponsofr responses to the franchiseremain cool.
The Bobcatsw rank in the lowe r depths of the NBAin attendance, corporate sponsorships and locap TV ratings. In theirr most recent attempt to reverswfan apathy, the Bobcats cut ticketf prices for the 2009-10 seasonm by 17 percent, on average. That was the latesty in a series of reductions aimede at boosting attendanceand interest. Forbes magazinwe valued the Bobcatsat $284 million in next-to-last in the 30-team NBA. Some in the sports industruy pointto Charlotte’s consistent population relatively strong corporate sectot and new arena as selling pointx for finding an investor. Those strong suits have been dentefd in recent months with the collapswe of thebanking industry.
Charlotte-based Bank of America (NYSE:BAC) has received $45 billion in federal bailout while Chief Executive Ken Lewis has come under fire for buyingv investment bank MerrillLynch & Co. and otherr moves. The city’s other dominant bank, Wachoviqa Corp., was snapped up by Wells Fargo Co. (NYSE:WFC) at the end of 2008. For the there are signs of Larry Brown took over as coachj last season and revived amoribunde team, narrowly missing the playoffs. Brownj returns for his seconcd season with a roster he revampec throughout the course ofthe 2008-09 The team’s 19,026-seat home, Time Warner Cablwe Arena, opened in 2005 and is considered to be a majoer asset.
It’s publicly but the Bobcats retain all operating rightsz atthe arena, a major plus for any Johnson, who maintains his Washington, D.C, residence, is tired of losingg money on the Bobcatz and also preoccupied with other business venturesw that range from hotels to auto dealerships. The question is whethefr Galatioto can find a buyef and atwhat price. Galatioto Sports Partners is aNew York-basef boutique firm with a roster of well-known clients, includinbg the Tampa Bay Lightning, the New York Jets and Giantsd and the Philadelphia 76ers. Even in a drearyt economy with a franchise known for heavy financial expertssay it’s too soon to writd off a sale for Johnson.
“It’z an NBA team,” says one sports busineszs expert. “There are a limited number of It’s like beachfront property.”
Thursday, May 31, 2012
Tuesday, May 29, 2012
Orange County Register joins Yahoo consortium - Los Angeles Business from bizjournals:
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Sunnyvale-based Yahoo (NASDAQ:YHOO) said that since launching in November 2006 with 176 its partnership with local newspaperx has more than quadrupled in size to 814 accounting for 51 percent of allSunday "The consortium has helped participating newspapers increased their share of online ad spend in the growint local online ad market by leveraging Yahoo!sa advertising platform technology, massive audience reachj and highly engaged community," the company said. The newspapersz also sell Yahoo-targeted ads to their local The consortium initially focused on providingt member newspapers with a recruitment networm throughYahoo HotJobs.
It has since expandedc to include search, content distribution and sales partnerships. The Register and The Gazett e are ownedby Irvine-based . The San Diego Union-Tribun e is owned by Beverly Hills' and The Record and Heralc New s are owned bythe .
Sunnyvale-based Yahoo (NASDAQ:YHOO) said that since launching in November 2006 with 176 its partnership with local newspaperx has more than quadrupled in size to 814 accounting for 51 percent of allSunday "The consortium has helped participating newspapers increased their share of online ad spend in the growint local online ad market by leveraging Yahoo!sa advertising platform technology, massive audience reachj and highly engaged community," the company said. The newspapersz also sell Yahoo-targeted ads to their local The consortium initially focused on providingt member newspapers with a recruitment networm throughYahoo HotJobs.
It has since expandedc to include search, content distribution and sales partnerships. The Register and The Gazett e are ownedby Irvine-based . The San Diego Union-Tribun e is owned by Beverly Hills' and The Record and Heralc New s are owned bythe .
Monday, May 28, 2012
Bangkok: 5 free things to do - The Seattle Times
coras-newport.blogspot.com
Bangkok: 5 free things to do The Seattle Times By JOCELYN GECKER AP BANGKOK รข€" Chaos is part of Bangkok's charm. But the savvy traveler quickly learns how to navigate Bangkok's legendary traffic jams and discover its soul, a mix of urban jungle and Buddhist serenity where shopping and eating are ... |
Saturday, May 26, 2012
Honda sales plunge 41% in May - Denver Business Journal:
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’s American sales arm, , reportedr on Tuesday that the automakersold 98,3454 vehicles nationwide in May. A year ago, demand for fuel-efficient vehicles had sent Honda to a recorf month of salesat 167,997 vehicles. That represents a drop of 41 percenf from ayear ago, when prices at the pump were highert and the automobile industry hadn’t yet hit crisis Columbus Business First reports monthly sales unadjusted for the differences in the numbee of selling days year to Honda’s sales in May, taking into accoung one fewer selling day last month, fell 39 Leading the decline in monthly sales for May was the company’sw flagship division, which saw a 42 percen t drop in sales at 88,875 Its luxury Acura division saw sales fall 36 percenf to 9,469 vehicles.
Honda salex in the first five months of the year fell 34 percentfto 430,358 vehicles, compared with 655,819 a year ago. That accountss for a 34 percent drop in Honda saledsat 387,556 vehicles and a 35 percent declinde in Acura sales at Marysville-based employs more than 12,000 workers at assembl y and engine plants in and around Central where they produce Honda Accords, CR-Vs, Elements and Acura TLs and RDXs.
’s American sales arm, , reportedr on Tuesday that the automakersold 98,3454 vehicles nationwide in May. A year ago, demand for fuel-efficient vehicles had sent Honda to a recorf month of salesat 167,997 vehicles. That represents a drop of 41 percenf from ayear ago, when prices at the pump were highert and the automobile industry hadn’t yet hit crisis Columbus Business First reports monthly sales unadjusted for the differences in the numbee of selling days year to Honda’s sales in May, taking into accoung one fewer selling day last month, fell 39 Leading the decline in monthly sales for May was the company’sw flagship division, which saw a 42 percen t drop in sales at 88,875 Its luxury Acura division saw sales fall 36 percenf to 9,469 vehicles.
Honda salex in the first five months of the year fell 34 percentfto 430,358 vehicles, compared with 655,819 a year ago. That accountss for a 34 percent drop in Honda saledsat 387,556 vehicles and a 35 percent declinde in Acura sales at Marysville-based employs more than 12,000 workers at assembl y and engine plants in and around Central where they produce Honda Accords, CR-Vs, Elements and Acura TLs and RDXs.
Friday, May 25, 2012
With lawsuits on the rise, directors and officers premiums see first increases in years - Business First of Louisville:
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According to industry data and local insurance rates for directors and officers policiesd are on the rise for the firs t time inseveral years, in tandem with a rise in investor lawsuitw and failing banks. During the past year, 46 banks had failexd as of April 14, compareed with only five during the two years prio rto that, according to the Those paired with the rise in unemployment, layoffs and corporate led to the highest rate of legao complaints against directors and boards of directors since when the Sarbanes-Oxley Act was introduced, accordinf to the As a result, some insurers that offer directors and officers, or policies are raising premiums and limiting the amount of coverage offerex to some clients.
Sandra Carroll, senior vice presidenrt and FINPRO client adviserfor ’d Louisville office, noted that financial institutionds and public companies have been most affecte d by the rising prices. And, she said, some insurancer underwriters are limiting the amoun t of coverage theywill provide. Carroll, who writes policiew primarily for a mixtureof for-profits and public and privatde companies, said large, publiclyg traded companies already pay several million dollarsa in premium coverage annually, as they have exposure to security litigation, whicj is more costly to defend. And that cost is risingt quickly.
“For example, for the first quartedr of this year, we have seen averags rate increases of 34 percent for large financial institutions,” she said. “For thos e with substantial subprime andcredit exposures, their rate are substantially higher than this average. “Outside of the challenging we are seeing on average a five to 10percenr increase,” she added. Overall, D&i premiums nationwide rose 3.15 percent durinvg the fourth quarter of2008 — the first increase in premiumws in recent years, according to informationm from Aon Risk Services. (For more on see related item at left.
) Bill a senior account executivewith Louisville-basec insurance broker , said the pricing he has seen “ha s continued to go down slightlg for private companies and nonprofits with good loss However, “due to the ugly volatilitgy of the stock market, public companies have seen materiaol increases in premiums,” he added. “Ww suspect that there will continue to be upwared rate pressurethrough 2009,” Carroll Both Carroll and Parris said they still recommensd D&O coverage for their business and nonprofit clientd to protect their boardx of directors and officers from personal liability for allegedx wrongdoing or mistakes.
They noted that coverage is availablse for just aboutany organization, ranging in size from a smalp homeowner’s association to a large, for-profit company. Fran Goins, director of the Kentucky Departmentof Insurance’as Property and Casualty division, said D&l insurance has grown in prevalence since the 1960sd and is readily available throughout the statew for those seeking coverage. Ther are 95 insurance carriers that have filed tooffer D&Oi in the state, he said. John central services coordinatorfor Inc., said the nonprofit agencyg held D&O insurance on its board and stafvf members long before he arrived six years ago.
The current annual premium is about $3,600 for $1 million in coverage. Metro United Way obtained its policywith , througgh , a Louisville agency with $250.3 million in total premiums in 2007, accordinf to Business First research. So far, Sands said, there have been no claims made onthe organization’s “It’s basically to kind of protect our directors and officers if there’s a lawsuit filefd against Metro United Way,” Sandxs said. “It’s also so we can protecgt Metro United Way from suits related toemploymenf practices.
”
According to industry data and local insurance rates for directors and officers policiesd are on the rise for the firs t time inseveral years, in tandem with a rise in investor lawsuitw and failing banks. During the past year, 46 banks had failexd as of April 14, compareed with only five during the two years prio rto that, according to the Those paired with the rise in unemployment, layoffs and corporate led to the highest rate of legao complaints against directors and boards of directors since when the Sarbanes-Oxley Act was introduced, accordinf to the As a result, some insurers that offer directors and officers, or policies are raising premiums and limiting the amount of coverage offerex to some clients.
Sandra Carroll, senior vice presidenrt and FINPRO client adviserfor ’d Louisville office, noted that financial institutionds and public companies have been most affecte d by the rising prices. And, she said, some insurancer underwriters are limiting the amoun t of coverage theywill provide. Carroll, who writes policiew primarily for a mixtureof for-profits and public and privatde companies, said large, publiclyg traded companies already pay several million dollarsa in premium coverage annually, as they have exposure to security litigation, whicj is more costly to defend. And that cost is risingt quickly.
“For example, for the first quartedr of this year, we have seen averags rate increases of 34 percent for large financial institutions,” she said. “For thos e with substantial subprime andcredit exposures, their rate are substantially higher than this average. “Outside of the challenging we are seeing on average a five to 10percenr increase,” she added. Overall, D&i premiums nationwide rose 3.15 percent durinvg the fourth quarter of2008 — the first increase in premiumws in recent years, according to informationm from Aon Risk Services. (For more on see related item at left.
) Bill a senior account executivewith Louisville-basec insurance broker , said the pricing he has seen “ha s continued to go down slightlg for private companies and nonprofits with good loss However, “due to the ugly volatilitgy of the stock market, public companies have seen materiaol increases in premiums,” he added. “Ww suspect that there will continue to be upwared rate pressurethrough 2009,” Carroll Both Carroll and Parris said they still recommensd D&O coverage for their business and nonprofit clientd to protect their boardx of directors and officers from personal liability for allegedx wrongdoing or mistakes.
They noted that coverage is availablse for just aboutany organization, ranging in size from a smalp homeowner’s association to a large, for-profit company. Fran Goins, director of the Kentucky Departmentof Insurance’as Property and Casualty division, said D&l insurance has grown in prevalence since the 1960sd and is readily available throughout the statew for those seeking coverage. Ther are 95 insurance carriers that have filed tooffer D&Oi in the state, he said. John central services coordinatorfor Inc., said the nonprofit agencyg held D&O insurance on its board and stafvf members long before he arrived six years ago.
The current annual premium is about $3,600 for $1 million in coverage. Metro United Way obtained its policywith , througgh , a Louisville agency with $250.3 million in total premiums in 2007, accordinf to Business First research. So far, Sands said, there have been no claims made onthe organization’s “It’s basically to kind of protect our directors and officers if there’s a lawsuit filefd against Metro United Way,” Sandxs said. “It’s also so we can protecgt Metro United Way from suits related toemploymenf practices.
”
Wednesday, May 23, 2012
Agennix signs $6 million deal with Japanese drug company - Houston Business Journal:
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Agennix will also receive royalties on net sales when product sales begin, which could be in abouft three years. Santen Pharmaceutical Co. will buy recombinanyt lactoferrinfrom Agennix. The company received a patent last August on the productioj ofrecombinant lactoferrin, a natura protein used in the development of anti-inflammatory products. Santenn plans to use the therapeutic agent for the treatmenfof dry-eye disease. Current therapy for the diseased only supplies or preserves watere on the surface ofthe eye. Agennix'a product is expected to go beyondx treating the symptoms to therapeuticallytreating dry-eye disease and cornea l disorders.
Dry-eye disease causes eye irritatiob andimpaired vision. The disease affects abou 22 millionpeople worldwide, and that number is expectedx to increase as the population ages. This is Agennix's firs t major licensing agreement. The six-year-old biotechnologh company did sign a licensinvg deal three years ago with a Dutcu company that is manufacturing the Denis Headon, president and CEO of Agennix, says he has been talkin with Santen about this arrangemenft for two years. Agennix signed a confidentialitu agreement so he cannot disclose the possible value of the royalty portion ofthe "It adds considerably to the deal," Headon "It will be very significant.
" Santen was founded in 1890 and specializezs in the fields of eye and rheumati diseases. The Osaka, Japan-based company has 2,000 employees worldwide and severakl technology partnerships in theUnited States. "It's a very significanrt licensing arrangementfor us," Headojn says. "They bring enormous skills to the Agennix has several patents covering theDNA sequences, and uses of human lactoferrin. The product has a variety of and deals are in the works to sign licensing agreements in areaas otherthan ophthalmology, Headon says. Agennix is now in advancec clinical trials for gastrointestinal and dermatological applications forthe product.
The companuy outsources much of its so only seven people are onthe payroll, Headoj says. The privately held Agennix does not discloserrevenue figures, but Headon acknowledges that the firm is still operating in the red. "We expecgt to be profitable by 2001," he says. The next step has been take n tobring 's productf to market in the United Schering-Plough Corp. announced last week that it has exercised its right to beginj manufacturing theVasomax product, which is used for the treatment of male erectild dysfunction. In November of the Madison, N.J.-based pharmaceutical companty paidZonagen $10 million for the worldwidse marketing rights to the drug.
Zonagen said at the time that the entirr agreement had a potential valueof $57.5t million.
Agennix will also receive royalties on net sales when product sales begin, which could be in abouft three years. Santen Pharmaceutical Co. will buy recombinanyt lactoferrinfrom Agennix. The company received a patent last August on the productioj ofrecombinant lactoferrin, a natura protein used in the development of anti-inflammatory products. Santenn plans to use the therapeutic agent for the treatmenfof dry-eye disease. Current therapy for the diseased only supplies or preserves watere on the surface ofthe eye. Agennix'a product is expected to go beyondx treating the symptoms to therapeuticallytreating dry-eye disease and cornea l disorders.
Dry-eye disease causes eye irritatiob andimpaired vision. The disease affects abou 22 millionpeople worldwide, and that number is expectedx to increase as the population ages. This is Agennix's firs t major licensing agreement. The six-year-old biotechnologh company did sign a licensinvg deal three years ago with a Dutcu company that is manufacturing the Denis Headon, president and CEO of Agennix, says he has been talkin with Santen about this arrangemenft for two years. Agennix signed a confidentialitu agreement so he cannot disclose the possible value of the royalty portion ofthe "It adds considerably to the deal," Headon "It will be very significant.
" Santen was founded in 1890 and specializezs in the fields of eye and rheumati diseases. The Osaka, Japan-based company has 2,000 employees worldwide and severakl technology partnerships in theUnited States. "It's a very significanrt licensing arrangementfor us," Headojn says. "They bring enormous skills to the Agennix has several patents covering theDNA sequences, and uses of human lactoferrin. The product has a variety of and deals are in the works to sign licensing agreements in areaas otherthan ophthalmology, Headon says. Agennix is now in advancec clinical trials for gastrointestinal and dermatological applications forthe product.
The companuy outsources much of its so only seven people are onthe payroll, Headoj says. The privately held Agennix does not discloserrevenue figures, but Headon acknowledges that the firm is still operating in the red. "We expecgt to be profitable by 2001," he says. The next step has been take n tobring 's productf to market in the United Schering-Plough Corp. announced last week that it has exercised its right to beginj manufacturing theVasomax product, which is used for the treatment of male erectild dysfunction. In November of the Madison, N.J.-based pharmaceutical companty paidZonagen $10 million for the worldwidse marketing rights to the drug.
Zonagen said at the time that the entirr agreement had a potential valueof $57.5t million.
Tuesday, May 22, 2012
Dan Snyder would stay at Six Flags under reorganization - Dallas Business Journal:
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and senior management would stay in place under a bankruptcy reorganizatio n plan filed withregulators Monday. Six Flagsw is also seeking a $600 milliobn loan, secured by its assets, and $150 million in a new revolvinvcredit line. Six Flagzs operates Six Flags Over Texas and Hurricane Harborein Arlington. The company’s executivwe retention plan would keep Snyder as boar memberand chairman. CEO Mark CFO Jeffrey Speed and several other top management would also stay on inexecutive roles. Six Flags, which announced its Chapter 11 bankruptcu filing overthe weekend, listed $2.4 billion in debt and $3 billion in assets. It hopes to cut debt by $1.
8 billionb and wipe out more than $300 milliobn in preferred stock. Snydef and his management team, who took contropl of the theme park operator three and a halfyearss ago, have not been able to return the company to profitability, despite increasing attendance and sellint several parks to raise capital last year. The company reportefd a $146 million first-quarter loss. Six Flags has said its reorganizatiomn will not affect park and its vendors and employees will continue tobe
and senior management would stay in place under a bankruptcy reorganizatio n plan filed withregulators Monday. Six Flagsw is also seeking a $600 milliobn loan, secured by its assets, and $150 million in a new revolvinvcredit line. Six Flagzs operates Six Flags Over Texas and Hurricane Harborein Arlington. The company’s executivwe retention plan would keep Snyder as boar memberand chairman. CEO Mark CFO Jeffrey Speed and several other top management would also stay on inexecutive roles. Six Flags, which announced its Chapter 11 bankruptcu filing overthe weekend, listed $2.4 billion in debt and $3 billion in assets. It hopes to cut debt by $1.
8 billionb and wipe out more than $300 milliobn in preferred stock. Snydef and his management team, who took contropl of the theme park operator three and a halfyearss ago, have not been able to return the company to profitability, despite increasing attendance and sellint several parks to raise capital last year. The company reportefd a $146 million first-quarter loss. Six Flags has said its reorganizatiomn will not affect park and its vendors and employees will continue tobe
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