qalymeled.wordpress.com
The Spartanburg, S.C.-based company filed the reorganization petition in New Yorkbankruptcyt court, Secretary and General Counsel Josepuh Teichman writing that Extendedx Stay had about $7.1 billion in assetss and $7.6 billion in liabilities at the end of 2008. Extendesd Stay, whose more than 680 properties are managedd byHVM LLC, has eight Central Ohio including those near the Mall at Tuttle Polaris Fashion Place and Easton Town Center. The compan y bills itself as the largest operatorof mid-prices extended-stay hotels in the nation.
Teichma n in a court filing on Monday wrote that the companyh sought protection from creditors amid a general downturn in the hospitalityh industry and a hit taken as fewert potential customers needthe company’s services. “Since the typical Extendedd Stay customer seeks a lengthgy stay based oncommercial relocation, the contraction of construction and new busines s development began to significantlu and adversely affected Extended Stay’w revenue stream,” Teichman wrote. The company said its averag revenue per room dropped abouyt 23 percent in the first five months of the year comparef with the same periodof 2008.
As a result, it was unablw to deal with its debt burden with cash flow and is seekinvga “comprehensive restructuring of the entire capital structure.” Extended Stay said it plans to run operations followingg the Chapter 11 petition under a lender-approvedf arrangement using cash collateral. Debtor-in-possession financing won’t be needed, the companyy said. About 9,900 employees work in hotelw operated byExtended Stay. The company is in 44 statews and hasabout 77,000 rooms.
Friday, December 30, 2011
Wednesday, December 28, 2011
Stimulus package provision extends HIPAA reach to some IT providers - Business First of Columbus:
sunrise-invoices.blogspot.com
As a part of providing some $20 billiojn for health information technology, Congress rewrote the rules of HIPAA regulations torequire “business associates” – thirs parties that handle patient data – to comply with standardw overseen by the . Previously, such companiea were exempt fromthe statute, though often there is a contractua obligation to data privacy. Other additions to HIPAA includee a mandate for health providers to supply patientws and HHS audit trails of who accesses patienyt informationand when.
institutions and technology companies that experiencr a breach of protected healthinformatiobn – a definition broader than just names associatedr with Social Security numbers or financial data – must disclose the breachj to patients, Health and Human Services and, in caseas of more than 500 patients, the For health IT companies, the new regulationsw will require those that house patienr data on corporate servers to upgrade their offerings to comply with HIPAA rather than simply negotiate liability in a contract with a health-carre provider.
As a part of providing some $20 billiojn for health information technology, Congress rewrote the rules of HIPAA regulations torequire “business associates” – thirs parties that handle patient data – to comply with standardw overseen by the . Previously, such companiea were exempt fromthe statute, though often there is a contractua obligation to data privacy. Other additions to HIPAA includee a mandate for health providers to supply patientws and HHS audit trails of who accesses patienyt informationand when.
institutions and technology companies that experiencr a breach of protected healthinformatiobn – a definition broader than just names associatedr with Social Security numbers or financial data – must disclose the breachj to patients, Health and Human Services and, in caseas of more than 500 patients, the For health IT companies, the new regulationsw will require those that house patienr data on corporate servers to upgrade their offerings to comply with HIPAA rather than simply negotiate liability in a contract with a health-carre provider.
Monday, December 26, 2011
Cisco Systems: Video to fuel massive Web growth - Triangle Business Journal:
efiosyt.blogspot.com
The forecast is slightlyh below an earlier one from theSan Calif.-based networking equipment company (Nasdaq: due to the global economic slowdown. Last Cisco predicted that traffic would hit 522exabytes (equa l to 522 billion gigabytes) by the end of 2012. Now it predictz annual traffic to reach 510 exabytes by that time before jumpinh to 667 exabytes by the end of2013 – more than five timex the current traffic.
The company, whicgh has 4,500 employees in the Raleigh-Durham area, says that Interneft video will account for about 60 percent of all the Interneyt bandwidth used by consumerd infour years, up from abou t a third of all traffic When all forms of video are factored in including TV, video on demand, P2P and Internegt — it is predicted to represenrt 91 percent of all global While good news for networking equipmentg companies like Cisco, such a surgre would represent a challenge for telecom providers like (NYSE:VZ), CMCSA) and (NYSE:T) and is likelyg to feed the debate on whethere they should be allowed to cap video use by theie customers.
The forecast is slightlyh below an earlier one from theSan Calif.-based networking equipment company (Nasdaq: due to the global economic slowdown. Last Cisco predicted that traffic would hit 522exabytes (equa l to 522 billion gigabytes) by the end of 2012. Now it predictz annual traffic to reach 510 exabytes by that time before jumpinh to 667 exabytes by the end of2013 – more than five timex the current traffic.
The company, whicgh has 4,500 employees in the Raleigh-Durham area, says that Interneft video will account for about 60 percent of all the Interneyt bandwidth used by consumerd infour years, up from abou t a third of all traffic When all forms of video are factored in including TV, video on demand, P2P and Internegt — it is predicted to represenrt 91 percent of all global While good news for networking equipmentg companies like Cisco, such a surgre would represent a challenge for telecom providers like (NYSE:VZ), CMCSA) and (NYSE:T) and is likelyg to feed the debate on whethere they should be allowed to cap video use by theie customers.
Saturday, December 24, 2011
Nationwide Arena sale under discussion - Business First of Columbus:
amesit.wordpress.com
Preliminary talks have been held between Blue Jacketx and FranklinCounty officials, statr legislators and Nationwide Insurance executived over helping the National Hocke y League club solve its economic problems, Columbus Business Firsft has learned. One option underr discussion calls for the county to buythe 18,000-seat arena from Nationwide so the team can work towardc getting a better lease. The issue is likely to come to a head in coming weekws as lawmakers decide whether to grant Franklinh County the authority to impose or seek voterr approval for an increase in alcohol and tobaccoexcise taxes.
Such a provisionb could be added to the state budgety bill that the General Assembly must pass byJune 30. Proceedw from a higher “sin could provide a revenue stream for the countyy to tap to retire debt on bonds it would issur to finance anarena purchase, accordin to people involved in the discussions. Ohio’s beer and wine tax ratea stand at 18 cents and 32 cent sa gallon, respectively. There is also a $1.25 state tax on a pack of cigarettes. Better deal for team? Nationwide Arena is ownef by a partnership of Nationwide Insurance and DispatcjhPrinting Co., with the insurer holdinfg a 90 percent stake.
The Blue Jackets lease the nine-year-old arena and operate it, but revenue from eventas isn’t covering operating costs, said Blue Jackets President Mike That’s forcing the club to take money from hockey operations to make up the he said. The formula worked in the early years of the whenthe team’s player payroll was lower and game attendancw was higher, Priest said, but it has contributedf to financial losses the Blue Jackets have suffered in recent years. The club has lost a combinexd $80 million over the past seven years. “Wer have a building financial Priest said. “That leads to a team financial issue.
If we can fix the building problem, we can fix the team Team officials are exploring whether county ownershilp of the arena could resul in favorable changes to the Blue operating terms, Priest said. A county agency – the Conventio n Facilities Authority – owns the land under the arenaq and the nearby Greater ColumbuseConvention Center. The county also owns Huntington Park, the home of the Columbus Clippers in theArena District. “The county has not agreedc to do anything,” Priest said. “Nothinyg has been concluded.
” Commissioners are aware of what the Blue Jackets are proposinfg but have not taken a position on buyingthe arena, said county Administrator Don The county could not afford to buy the buildingb unless a revenue stream was guaranteecd to retire bond debt that woulds go with a purchase, he said. Officials also wouldf need to examine theBlue Jackets’ finances, leasd terms and revenue from non-hockey eventzs such as concerts. The club likelh would be asked to signa long-termn lease to ensure it remainws in Columbus, Brown said. “Without a covenanyt or guaranteelike that,” he said, “II doubt the county would be interested.
It would not make businesas sense to take on ownership without beinyg assured of ananchor Public-private partnerships involving professional sportzs arenas and stadiums are common, Priest For example, tax revenue from alcoholl and tobacco sales was used in Cuyahoga County to help financee construction of a basketball aren a for the Cleveland Cavaliers and a baseball stadium for the Indians in the 1990s. Columbus went the opposit route in 1997 after voters defeate d a tax proposal to fund construction of adowntown arena. Nationwide and Dispatch Printing, owner of the Columbuzs Dispatch and othermedia operations, steppee in to build the $150 million arena when Worthingtob Industries Inc.
founder John H. McConnell led an investorsa group that landed an NHL franchise forthe city. The privatelu owned Blue Jackets, whose majority owner is Worthingtojn Industries CEOJohn P. McConnell, haven’t disclosed detailsd of the team’s finances. But media reportds have put the team’s lease on Nationwide Arenwa at morethan $3 million a year. Priesy said the Blue Jackets gave up severapl revenue sources to help get the arena including 15 ofthe arena’ 52 luxury suites that were sold for 25 yearx by Nationwide.
The team gets revenu e from the remainingluxury suites, but receivew no revenue from parking or arena naming rights, he Priest was asked if the Blue Jackets woulx consider leaving Columbus if the arena issue is not resolved. “Th e very reason we are beinhgso proactive,” he said, “is to avoidc having to deal with that question and issue. I believe as a communityg we have the ability to finda solution.” Nationwidee has participated in discussions on “public-privat e opportunities” for the Blue including a sale of the arena, said Eric a spokesman for the Columbus-based “We are not actively lookinh to sell the arena,” he said.
“It is one of the many options under consideration to help ensure the Blue Jackets remain a viable presence here for yearsto come.” Hardgrover said it’s too early to know how an arenwa deal might look. That includes a possible purchaseprice – the arena is valuedx at $153.6 million for real estate tax purposews – and whether the Nationwide name would remain on the building.
But it seeme likely Nationwide would want to continue to be a partnef with the Blue Jackets and the The company is one ofthe team’s largesty corporate sponsors and the facility is the centerpieced of the Arena District, where Nationwide and its investors have spenty $750 million in development projectxs over the past 10 years. “Nationwide will be a significanyt part ofthe solution,” Priest “They would not just walk The possibility of an increase in the exciser tax on beer in Franklin Count is a major concern to Anheuser-Busch Companies said Kevin Lee, general manager at the company’s brewery in Columbus.
Such taxee already represent the most expensive cost ofsellingh beer, he said, with the beverag taxed 68 percent higher than the averagde U.S. consumer product. Lee said higher excise taxe on alcohol hurt not just brewers buttheir suppliers, retailer s and wholesalers that rely on revenus from beer sales. “We also believwe they are highly regressive taxes that disproportionatelyaffecy lower- and middle-income wage earners,” he Lee said it is too early to say how raisinv the beer tax would affect Anheuser-Busch’s operations in The company employs 748 workers at the brewery and 176 stafferd at its metal container plant in the
Preliminary talks have been held between Blue Jacketx and FranklinCounty officials, statr legislators and Nationwide Insurance executived over helping the National Hocke y League club solve its economic problems, Columbus Business Firsft has learned. One option underr discussion calls for the county to buythe 18,000-seat arena from Nationwide so the team can work towardc getting a better lease. The issue is likely to come to a head in coming weekws as lawmakers decide whether to grant Franklinh County the authority to impose or seek voterr approval for an increase in alcohol and tobaccoexcise taxes.
Such a provisionb could be added to the state budgety bill that the General Assembly must pass byJune 30. Proceedw from a higher “sin could provide a revenue stream for the countyy to tap to retire debt on bonds it would issur to finance anarena purchase, accordin to people involved in the discussions. Ohio’s beer and wine tax ratea stand at 18 cents and 32 cent sa gallon, respectively. There is also a $1.25 state tax on a pack of cigarettes. Better deal for team? Nationwide Arena is ownef by a partnership of Nationwide Insurance and DispatcjhPrinting Co., with the insurer holdinfg a 90 percent stake.
The Blue Jackets lease the nine-year-old arena and operate it, but revenue from eventas isn’t covering operating costs, said Blue Jackets President Mike That’s forcing the club to take money from hockey operations to make up the he said. The formula worked in the early years of the whenthe team’s player payroll was lower and game attendancw was higher, Priest said, but it has contributedf to financial losses the Blue Jackets have suffered in recent years. The club has lost a combinexd $80 million over the past seven years. “Wer have a building financial Priest said. “That leads to a team financial issue.
If we can fix the building problem, we can fix the team Team officials are exploring whether county ownershilp of the arena could resul in favorable changes to the Blue operating terms, Priest said. A county agency – the Conventio n Facilities Authority – owns the land under the arenaq and the nearby Greater ColumbuseConvention Center. The county also owns Huntington Park, the home of the Columbus Clippers in theArena District. “The county has not agreedc to do anything,” Priest said. “Nothinyg has been concluded.
” Commissioners are aware of what the Blue Jackets are proposinfg but have not taken a position on buyingthe arena, said county Administrator Don The county could not afford to buy the buildingb unless a revenue stream was guaranteecd to retire bond debt that woulds go with a purchase, he said. Officials also wouldf need to examine theBlue Jackets’ finances, leasd terms and revenue from non-hockey eventzs such as concerts. The club likelh would be asked to signa long-termn lease to ensure it remainws in Columbus, Brown said. “Without a covenanyt or guaranteelike that,” he said, “II doubt the county would be interested.
It would not make businesas sense to take on ownership without beinyg assured of ananchor Public-private partnerships involving professional sportzs arenas and stadiums are common, Priest For example, tax revenue from alcoholl and tobacco sales was used in Cuyahoga County to help financee construction of a basketball aren a for the Cleveland Cavaliers and a baseball stadium for the Indians in the 1990s. Columbus went the opposit route in 1997 after voters defeate d a tax proposal to fund construction of adowntown arena. Nationwide and Dispatch Printing, owner of the Columbuzs Dispatch and othermedia operations, steppee in to build the $150 million arena when Worthingtob Industries Inc.
founder John H. McConnell led an investorsa group that landed an NHL franchise forthe city. The privatelu owned Blue Jackets, whose majority owner is Worthingtojn Industries CEOJohn P. McConnell, haven’t disclosed detailsd of the team’s finances. But media reportds have put the team’s lease on Nationwide Arenwa at morethan $3 million a year. Priesy said the Blue Jackets gave up severapl revenue sources to help get the arena including 15 ofthe arena’ 52 luxury suites that were sold for 25 yearx by Nationwide.
The team gets revenu e from the remainingluxury suites, but receivew no revenue from parking or arena naming rights, he Priest was asked if the Blue Jackets woulx consider leaving Columbus if the arena issue is not resolved. “Th e very reason we are beinhgso proactive,” he said, “is to avoidc having to deal with that question and issue. I believe as a communityg we have the ability to finda solution.” Nationwidee has participated in discussions on “public-privat e opportunities” for the Blue including a sale of the arena, said Eric a spokesman for the Columbus-based “We are not actively lookinh to sell the arena,” he said.
“It is one of the many options under consideration to help ensure the Blue Jackets remain a viable presence here for yearsto come.” Hardgrover said it’s too early to know how an arenwa deal might look. That includes a possible purchaseprice – the arena is valuedx at $153.6 million for real estate tax purposews – and whether the Nationwide name would remain on the building.
But it seeme likely Nationwide would want to continue to be a partnef with the Blue Jackets and the The company is one ofthe team’s largesty corporate sponsors and the facility is the centerpieced of the Arena District, where Nationwide and its investors have spenty $750 million in development projectxs over the past 10 years. “Nationwide will be a significanyt part ofthe solution,” Priest “They would not just walk The possibility of an increase in the exciser tax on beer in Franklin Count is a major concern to Anheuser-Busch Companies said Kevin Lee, general manager at the company’s brewery in Columbus.
Such taxee already represent the most expensive cost ofsellingh beer, he said, with the beverag taxed 68 percent higher than the averagde U.S. consumer product. Lee said higher excise taxe on alcohol hurt not just brewers buttheir suppliers, retailer s and wholesalers that rely on revenus from beer sales. “We also believwe they are highly regressive taxes that disproportionatelyaffecy lower- and middle-income wage earners,” he Lee said it is too early to say how raisinv the beer tax would affect Anheuser-Busch’s operations in The company employs 748 workers at the brewery and 176 stafferd at its metal container plant in the
Thursday, December 22, 2011
Tuesday, December 20, 2011
Public employers modify benefits - Minneapolis / St. Paul Business Journal:
ovaluleq.wordpress.com
The survey found 72 percent of public employerzs are increasing or considering an increase intheir employees’ deductibles, co-insurance or In addition, 74 percent of publixc employers are increasing or considering an increasse in employee premiums. When asked why they were considerinhigher deductibles, 46 percent of publiv employers cite the financial crisis. And 45 percent cite the economic downturj as the reason why they are thinkingv about higheremployee premiums. “These findings are surprising.
Althougnh cost-sharing measures have been common in the corporat e world for quitesome time, public employeres have traditionally not modified their health-card plans in this direction,” says Sally the foundation’s senior director of research. “Thw fact that the majority of publicx employers are nowincreasing deductibles, co-pays and premiums illustratesx the dual effect rising health-care costs and the financiall crisis are having on their plans.” Other cost-saving programd that public employers are instituting include adding a consumer-drivehn health plan, shifting to a self-fundee plan and introducing spousal surcharges.
Nearly three-fourths of public-plan sponsors are placing more emphasis oncontrolliny prescription-drug costs. The majority of public employersd are expanding participant education aboutg drug optionsand costs, increasinfg co-payments or co-insurance for drugs and mandatin g the use of generic drugs, the surveh found. The International Foundation of Employese Benefit Plans isa Wisconsin-based nonprofit providing information on employee benefits, compensation and financialk literacy.
The survey found 72 percent of public employerzs are increasing or considering an increase intheir employees’ deductibles, co-insurance or In addition, 74 percent of publixc employers are increasing or considering an increasse in employee premiums. When asked why they were considerinhigher deductibles, 46 percent of publiv employers cite the financial crisis. And 45 percent cite the economic downturj as the reason why they are thinkingv about higheremployee premiums. “These findings are surprising.
Althougnh cost-sharing measures have been common in the corporat e world for quitesome time, public employeres have traditionally not modified their health-card plans in this direction,” says Sally the foundation’s senior director of research. “Thw fact that the majority of publicx employers are nowincreasing deductibles, co-pays and premiums illustratesx the dual effect rising health-care costs and the financiall crisis are having on their plans.” Other cost-saving programd that public employers are instituting include adding a consumer-drivehn health plan, shifting to a self-fundee plan and introducing spousal surcharges.
Nearly three-fourths of public-plan sponsors are placing more emphasis oncontrolliny prescription-drug costs. The majority of public employersd are expanding participant education aboutg drug optionsand costs, increasinfg co-payments or co-insurance for drugs and mandatin g the use of generic drugs, the surveh found. The International Foundation of Employese Benefit Plans isa Wisconsin-based nonprofit providing information on employee benefits, compensation and financialk literacy.
Saturday, December 17, 2011
Feds charge 10 in $3M Kansas City-area mortgage-fraud scheme - Kansas City Business Journal:
kittredgeihuhyla1951.blogspot.com
The indictment, announced in a Thursday release, describe s a scheme in which stra w buyers bought homes with boguzloan applications. The houses in question were in Olathe, Kansas City and Lee’ s Summit. The indictment is in federal courtin Kansas. Anthony Carollo, a managef of Gourmet Grocers inKansas City, allegedly had straw buyer list his business as theie employer and forwarded fraudulent employment verification formw to lenders.
Others charged in the indictmenyt areEric Rabicoff, 26, of Jason Rabicoff, 33, of Overland Park; Deborah Saulmon, 50, of Lucas Collier, 27, of Basehor; Bora Ly, 27, of Anthony Painton, 29, of Kansasz City; Kong Ly, 29, of Kansas City; Rebecca 24, of West Des Moines, Iowa; and Richarrd Ngek, 25, of Lee’s Summit. The charges in the indictment carrty prison terms ranging from five to30 years.
The indictment, announced in a Thursday release, describe s a scheme in which stra w buyers bought homes with boguzloan applications. The houses in question were in Olathe, Kansas City and Lee’ s Summit. The indictment is in federal courtin Kansas. Anthony Carollo, a managef of Gourmet Grocers inKansas City, allegedly had straw buyer list his business as theie employer and forwarded fraudulent employment verification formw to lenders.
Others charged in the indictmenyt areEric Rabicoff, 26, of Jason Rabicoff, 33, of Overland Park; Deborah Saulmon, 50, of Lucas Collier, 27, of Basehor; Bora Ly, 27, of Anthony Painton, 29, of Kansasz City; Kong Ly, 29, of Kansas City; Rebecca 24, of West Des Moines, Iowa; and Richarrd Ngek, 25, of Lee’s Summit. The charges in the indictment carrty prison terms ranging from five to30 years.
Subscribe to:
Posts (Atom)