World Economic Forum in Davos: Distinct sense of burnout in the air - Economic Times

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World Economic Forum in Davos: Distinct sense of burnout in the air Economic Times In the run-up to the annual meeting of the World Economic Forum in Davos, there is a distinct sense of burnout in the air. I hope that this year's meeting will help to form a new model of leadership capable of overcoming this malaise. and more »

Biggest Globe union rejects deal - Business Courier of Cincinnati:

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“We regret having to take this action, but have no financially viablse alternative,” Globe management said in a statemenyt issued afterthe 277-to-265 vote by members of the . To take the unliterakl step underlabor law, the Times Co. declared an impasse in negotiations. In his own statementf also issued after the Guild local President Daniel Totten said the unio nis “committed to resuming good-faitjh negotiations with the New York Times Compant and Globe management to reach an agreement.” Timez and Globe management “must do better,” he said. The cuts proposedx by management were partof $20 million in cost-savings demand by the Times Co.
for the which it bought in 1993for $1.1 Times executives have said the paper is losingt about $1 million per week on operations. At one pointg earlier this year, Times managers said they would shutter the paperf if unable toachieve cost-savings. Other major unions agreefd to concessions inrecent weeks.

PARC buys St. Louis NASCAR go-cart - Business First of Buffalo:

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The other NASCAR SpeedParks acquired are inMyrtle Beach, Sevierville, Tenn.; Concord, N.C.; and Vaughn, Ontario, Canada. The six acquired from South Carolina-based developer , are now part of a growinhg collection of entertainment properties owned and operated by PARC NASCAR SpeedParks' track designs, including the one at 5555 St. Louis Millsx Boulevard, are scaled down replicas of NASCAt tracks with both road and ovaltrack designs.
The indoor and outdood facilities alsooffer kids' amusemenrt rides, challenge mini-golf, playgrounds, arcades, simulators, shopping and "We want each of our parks to contribute to the economifc health of the community they and offer an affordable place for our guests, team and their neighbors, to engagse in clean, safe leisure Randal Drew, CEO of PARC Management, said in a As part of the PARC Management now also carries the exclusive worldwide license for NASCAR SpeedParks. Financiapl terms of the agreement werenot disclosed.
PARC Management, an entertainment managementr company basedin Jacksonville, owns and operates theme water parks and other entertainment properties throughout the United States. Other PARC Management properties include Frontie City and WhiteWater Bay, Darien Lake Themde Park Resort, , Wild Waves Theme Waterworld California, Splashtown and Magic Springs & Crystal

DEAL OF THE WEEK: Loehmann's lease - South Florida Business Journal:

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The designer discount apparel store is slated tooccupuy 25,699 square feet and open by spring 2010. Althougjh Jim Padron, senior development manager at , whichb handles retail leasing, would not discuss the value of the signed earlierthis month, he said it was a 10-yeaf term. Owned by , the Palmsd at Town & Country is a rentap pacesetter, with small shop asking rates averaging $50 a squared foot or more. The 75-acre shopping center, at 8505 Millsz Drive, is a redevelopment and expansio n of the former KendallTown & Countryh Center that mixes retail and offices.
On the retaikl side, the enclosed shopping mall around the lake was knocker down and is being rebuilt asa 400,000-square-foot lifestyle shopping center. Kohl’z was the first retailer to open, on Oct. 1. It occupies nearluy 89,000 square feet. has signex a deal to open a 35,000-square-foot storwe in spring 2010. The Palms at Town Country also has anexisting 293,0009 square feet of retail, including a , a , and a . Padron said the key to the centerd is its location andtenant mix.
Loehmann’s has more than 65 storesx in 16 states that carry designer names such asCalvihn Klein, Diane Von Furstenberg, Kenneth Cole, Dolcde & Gabbana, Valentino, Nicole Miller, Anne Klein, Donnas Karan and Michael Kors. The retailer also has stores in Miami, Boca Raton and Palm Beach

Will Yang's Yahoo Departure Appease Angry Investors? - DailyFinance

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Forbes

Will Yang's Yahoo Departure Appease Angry Investors? DailyFinance Yahoo's (YHOO) embattled co-founder Jerry Yang is gone from the board, but for Third Point LLC, that's not good enough. The disgruntled Yahoo investor is aiming to take down company Chairman Roy Bostock and potenti »

CREMER Is Going to Take Over the Witten Manufacturing Facilities of Sasol Germany - MarketWatch (press release)

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CREMER Is Going to Take Over the Witten Manufacturing Facilities of Sasol Germany MarketWatch (press release) Information: Odile Grahl Cremer Oleo GmbH & Co. KG GlockengieBerwall 3, 20095 Hamburg, Germany Telephone: +49 (0) 40/ 3 20 11-0 Fax: +49 (0) 40/ 3 20 11-400 E-Mail: welcome@cremer.de http://www.cremer-care.de http://www.cremeroleo.de. and more »

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Epstein not counting Cubs out for next season - Globe and Mail

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Globe and Mail

Epstein not counting Cubs out for next season Globe and Mail CHICAGOâ€" AP For all the talk about the Chicago Cubs' future, Theo Epstein isn't ready to write them off for next season. The club's new president of baseball operations says the Cubs just might surprise a few people even though there are some question ... and more »

Lancaster luxury project is stalled as debts unpaid - Charlotte Business Journal:

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— which defaulted on its $25 million construction loan is trying to arrange a sale of Regiones of Bretagne beforeWachovia Corp. But the proposed buyer, a New York private-equity firm callec , is having troublee finding financing in the currentcredit market. “With the way thingsz are in thefinancial they’ve had a hard time gettinvg funding,” says Troy Ludemann, a principal at Bretagnr Development. “We’re doing everything we can to aid the buyerd inobtaining financing.” Construction on the 300-acre project stopped last summer, several lawsuits have been filed and contractorsx say they are owed more than $1.2 million.
Bretagnre Development, which also includes Rick Walliser andJasonn Munn, broke ground for Bretagne in mid-2007. The development plan calls for nearly 400 homes off Barberville Road inIndian Land. Lots rangd to 2 acres, with communityh rules dictating that the homes be designed to fit anEnglis manor, Tuscan villa and Frenc countryside theme. About 92 lots have been sold. Wallise and Munn did not return phone callxseeking comment. Ludemann says Bretagne Development paid offabout $18 million of its Wachovi a loan. But then the mone y ran out, and Wachovia wouldn’t refinance. Bills begab to pile up.
Ludemann says Bretagne Development owesabout $14 milliom on the project, includinfg the $7 million left on its Wachovia note. Generao contractor State Utility filed a lawsuit in Decembet againstthe firm, claiming it is owed nearly $900,000 of a $5.8 millionj contract. also filed suit against Bretagne Development in saying it isowed $231,725. Tin Roof is Ludemann’sz company, which was hired to managew the development stage ofthe , project designer, says it is owed nearly $100,000. It filex a suit against Bretagne Developmenytlast month. Ludemann says Wachovia has not takem any legal action againstBretagne Development.
He’sz unsure how much time the developers Bretagne Development began talking to Elauwit last summer about a possible which Ludemann expected to close by But that was before the financialcrisis hit. With the credit market virtually thegroup hasn’t been able to obtain financing. On its Web Elauwit is described as a holding company for media and technology operations. Elauwit officials could not be reached for comment. Bretagne Developmentt is reaching out to alternative lendersw around the country to help Elauwitget financing. “Traditionaol banks are off the tablee atthis point,” Ludemann says. “We heard there’s a group in Raleig h that is lending.
So we put the buyer in contactwith them.” He says part of the salesa agreement mandates that the original development plan be Amenities in the community were to include a clubhouse, pool, water park and sports The plan also callse for 100 acres of open space and a kayaok station on Little Sugar Creek, which runs through the Bretagne Development expected the project would take abour five years to complete when it announcede its plans in 2007. Ludemann estimates it will takeabouf $1.
2 million to complete the infrastructure work for the firsf three phases of the project, so lot owners can “We’re holding property that you can sell and can’f do anything with right now,” says one lot who did not want to be “We’re all scratching our heads trying to figure out what happened. Wherre the heck did all of themoney go?”

Developer, firm give time and funds to aid villages in Africa - Minneapolis / St. Paul Business Journal:

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These efforts are part of the Sierra LeonedPlymouth Partnership, founded by the real estate which has brought about $100,00p of aid into three Sierra Leones villages every year since 2006. But Hall isn’tr interested in merely donating funds to a developing He spends two weeks in Sierr a Leone each year planning how the monety willbe used, looking aheadc to the next phase of effortws and forming long-lasting partnerships. “You can’t just builcd a water well and Hall said. “It’s abou creating a model for using these funds that will make thevillagees self-sustaining.
” Hall’s history with Sierraq Leone began in 1987, when he spent two years volunteering with the in the village of Shortly after Hall returned to the Unitex States, the village was destroyed during a decade-lonyg civil war that displaced 2 millionh people. While order has been slowly restored in the West Africah nation since the war endedin 2002, a returh trip for Hall in 2004 showed him that Jokibh and surrounding villages were still lacking the basifc assistance they needed to get back on their

San Antonio Rodeo wins marketing honors for TV spots - San Francisco Business Times:

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The rodeo won one Silver Tellyt and two Bronze Tellys for commercialse featuring rodeopersonalities Barrelman, Leon Coffee; Barebacik Riding contestant Ryan Gray; and rodeo animal athletes. This is the thir d consecutive year the local rodeo won marketing Anderson Marketing Group and Shootz Production both ofSan Antonio, createdx and produced the The Telly Awards honor the best regional national cable television commercials and programs. The 29th Annual Telly Awards receive morethan 14,000 entries from all 50 states and five The stock show and rodel is managed by the San Antonik Livestock Exposition. This year, the rodeo committedx $8.
1 million to education in the formof grants, endowments, junior livestockj auctions and other cash prizes. Since the scholarshilp program beganin 1984, the rodeo has raised more than $96 millionn in scholarships. www.sarodeo.com

Machinists, Boeing more friendly as South beckons - Seattle Business Travel Guide

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In the Machinists’ District 751 May local union President Tom Wroblewskj said both the union and Boeinb are cultivating warmer relations in hopes of avoidinyg a strike during the next rouned ofcontract talks. “An enhanced with Chicago-based Boeing Co. is a “key to determiningy what Boeing’s future will be for this Wroblewski wrote in the monthlh Aero Mechanic local newsletter ofthe . Durinfg a regular meeting with Boeing leaderx in Chicagoin April, “considerablde time was spent discussing ways to change the dynamicw and improve this relationship so we do not have the same result when we negotiate again in 2012,” he wrote.
“Bothn sides have renewed their commitment to improvinhour relationship, because we have a common interesg in moving forward.” The statementsx mark a sharp shift from the more bombasticx tone before and during the last negotiations. Just beford the 57-day strike last fall, for the union said Boeing “chose to bring take-awayes in some of the best timed intheir history. They have insulted and, frankly, made this work forcd very angry.
” The strike, which halted production and cost Boeinv anestimated $2 billion, is seen as a tippintg point that could drive Boeing to shift productioj to right-to-work states in the Deep But the prospect of warmer relations with the Puget Soun d unions, and avoiding a strike next time, could reducew that possibility and keep Boeing here, expertxs say. While the idea of moving big Boeing factoriesd mayseem far-fetched, Boeing’s rival Airbua already has moved production — to China. On May 18, the Europeah plane maker celebrated the flight of the first A320 jet assemble din China, not France.
Peterf Jacobs, an analyst at Ragen MacKenziew brokeragein Seattle, has long predicted that Boeintg would open a factory in the Deep “The straw that brokd the camel’s back was the labor strike last he said. “Boeing is going to seriously consided moving some of its manufacturingg and assembly operations to another area ofthe U.S. that is more tax- and logistics-friendly.” But he said the more conciliatory tone coulxd slow or haltthat “I think the union reaching out … is the righyt thing to do,” he said. But the same tone must come from too. And the warmer dialogu e will need to be substantial to reverse the impacts of the 2008 he added.
Both sides “have to make sure that Boeing’xs business in Puget Sound remains competitive with anyonse else inthe world,” he said. “That is what is requiref to keepBoeing here.” Boeing’s othedr major union, the (SPEEA), also supports the new attitudse — and said it’x closer to their own negotiating “I understand what they’rr trying to do,” said SPEEA Executive Directodr Ray Goforth. “I think they’re genuine in what they’rew trying to do. I think if Boeinbg can reciprocate with thesame spirit, there’z likely to be good for both sides.” The state also is weighintg in. In April, Gov.
Chris Gregoirer formed the , made up of membersx from Boeing, the unions, suppliers and other It is to serve asthe governor’s voiced to the Legislature in recommending changes in the law to keep aerospacr here. In an interview, Wroblewski said a key step that Machinisr leaders and Boeing executives took at theitr April meetings in Chicago was to drop accusationes about the acrimonious strikelast fall. In the past, each side blamef the other for not tryin g hard enough to understand the conflicting viewsabout outsourcing, and for the failure to reach an agreementt sooner.
Wroblewski said he felt the improvesd attitude, by both the union and the was important enough to discussw inthe newsletter. “I think I’ m sticking my neck out a little bit, but I don’tg mind,” he said. “I think the membershil is wanting to have abetter relationship.” Wroblewsk acknowledged that since the strike he’ s felt community pressure about Boeint moving, especially if poor relations Economic leaders from the South have been clear that they’df be only too happy to have Boeing open a commercial aircraft plant there.
“I have had lots of at lodge meetings, saying they like the idea of workinyg together withthis company, doing what they can to maintai competitiveness in this area, and maintain Wroblewski said. He has hearxd criticism, too, but it seems minore in comparison.

Fontainebleau Las Vegas company files Chapter 11 - Orlando Business Journal:

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Fontainebleau Las Vegas LLC and two of its affiliates Fontainebleau Las Vegas Holdings LLC and Fontainebleau Las VegaseCapital Corp. – filed bankruptcy petitions in Miamoilate Tuesday. The Miami Beach hotel is not included in the The company said in a news release that the decisiomn to file Chapter 11 was the direct result of litigationm with lenders on the Las Vegas hoteo construction project that had to do with contractuall disputes related tonearly $800 million in construction funding for the $2.9 billiojn resort-casino project, which is 70 percent complete. Lenderse include , and Deutsche Bank Trustg Co. Americas.
The legal dispute has effectively shut down the projecand “put thousands of people out of work,” said Howard chief restructuring officer of Fontainebleau Las Vegas, in the release. “Oudr goal now is to securd funding to completethis world-classs project and restructure our existing debt.” Fontainebleau Las Vegasd reached a provisional agreement with a group of its non-defaultin g lenders for the use of cash for the administratio of its bankruptcy case, and is in negotiations to obtaih financing to restart construction on that project. Fontainebleauj Miami Beach, which is a separate legal entity, continuesa to operate as normal.
Turnberry West the project’s general contractor, is also not include d in the filing, according to the news release. In Nakheel Hotels of Duba bought a 50 percent interest in the Fontainebleau Miamki Beachfor $375 The Las Vegas hotel companies that filed bankruptcuy are based in South Florida becausse the Soffer family of Aventura, whichb also owns the Turnberry development and constructiojn companies, owns all the Fontainebleaju companies.
Jeffrey Soffer is a principal of umbrellz company FontainebleauResorts LLC, according to state Fontainebleau Las Vegas also withdrew without prejudice its $3 billion lawsuit in Las Vegas againsty some of its lenders, and refiled the case in Miamik bankruptcy court, where the Chapter 11 petitions were The lawsuit with lenders was amended on May 12 to includd allegations that Deutsche Bank Trust Co. Americas was “seekinv to destroy the Fontainebleau in order tominimize competition” with the nearby and which is wholly owned by a Deutsch e Bank subsidiary.
"This claim is an attempty by the Fontainebleau's developersx to distract from the fact that they have breachesd theirloan covenants. We will defend ourselves vigorously against thismeritlesxs allegation," Deutsche Bank spokesmaj John Gallagher said in an e-mailefd response. Fontainebleau Las Vegas LLC listws morethan $1 billion in debt and a similarf amount in assets on its petition, with more than 1,0009 creditors.
The only South Floridaq creditor listed was International Bedding in Fort with a claimof

Alliance Title, Financial Title parent files for bankruptcy - Silicon Valley / San Jose Business Journal:

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, the one-time high-flying title and escrow agen with dozens of offices and thousands of employees in Northern listed assets and liabilitiesof $50 million to $100 It is seeking to reorganize its Mercury’s move follows Alliance’s Chapter 7 bankruptcy liquidation filinbg on June 5 in federapl court in San Jose. Alliance listed assets of $515,00 0 and liabilities approaching $100 million. Financial Title closed its doorsJuly 30. Both Alliance and Financiao left long wakes of disgruntled Bay Area employeed who have alleged in court documentz and other public filings that they were not paid forwagezs due, accrued vacation bonuses and commissions.
Financial Title employeees have toldthe state’s Division of Labor Standards Enforcement that finalp paychecks bounced. At leasy one landlord has told the Business Journal that a final check sent by Financial for rent due also did not cleadthe bank. Among Mercury’s largest 20 unsecured creditorws are 11 employees owed closewto $12 million in deferred Those employees include John Harritt, the forme r president of Alliance Title, whosd deferred compensation claim exceedas $500,000. The largest unsecured clai at $17 million comes from Sant a Ana-based First American was Alliance’s and Financial’ss largest title insurance policy underwriter.
Mercury says the debt is in David Balter, the attorney for the Californias State Labor Commissioner Division of LaboerStandards Enforcement, which is representing the former Alliance and Financial Titlwe employees in their claims, said the Mercuryg bankruptcy is not tantamount to the employees’ losinfg all avenues for recompense. “People file for bankruptcu all ofthe time,” he “Sometimes the petitions get dismissed. Just because someonde files a petition doesn’t mean they are bankrupt.
Assets are founc or have been departedwith It’s not good news for but I wouldn’t assume anything as of