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Monday, November 14, 2011
Senator Kirk and Durbin Presents Legislation to Protect School Kids with Allergies - WJBD Online
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Saturday, November 12, 2011
Fitch downgrades MGIC - The Business Journal of Milwaukee:
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Fitch noted that the proposedf restructuring has both negative and positive implicationsfor MGIC’zs policyholders, which are lenders who insure mortgages. The restructuring reduces MGIC’s resources that are immediately availabled to pay claims over theshortr term, Fitch said. While MGIC deployxs up to $1 billion in capital to the subsidiary, the investment will increasre the risk profile of the capital and subordinated MGIC policyholders to policyholders ofthe subsidiary, , Fitch said.
On the other hand, Fitch views as positive the restructurint because it will allow MGIC to both avoida risk-to-capitakl driven cessation of operations and to underwrite potentiall y high quality business at attractive That could ultimately benefit MGIC policyholdersd over the long term and the franchisr position of the new entity will be strengthened, Fitchj said. Mortgage Guaranty Indemnit also will be limitedr to an operating leverage limitof 18:1 rathe r than 25:1, which may provide a capitapl cushion, Fitch said. Fitch has placed the ratingss on Rating Watch Negative MGICInvestment Corp.’s long-termn issuer default rating, $200 million 5.625 percent senior notese due Sept.
15, 2011 and $300 millio n 5.375 percent senior notesw due Nov. 1, 2015.
Fitch noted that the proposedf restructuring has both negative and positive implicationsfor MGIC’zs policyholders, which are lenders who insure mortgages. The restructuring reduces MGIC’s resources that are immediately availabled to pay claims over theshortr term, Fitch said. While MGIC deployxs up to $1 billion in capital to the subsidiary, the investment will increasre the risk profile of the capital and subordinated MGIC policyholders to policyholders ofthe subsidiary, , Fitch said.
On the other hand, Fitch views as positive the restructurint because it will allow MGIC to both avoida risk-to-capitakl driven cessation of operations and to underwrite potentiall y high quality business at attractive That could ultimately benefit MGIC policyholdersd over the long term and the franchisr position of the new entity will be strengthened, Fitchj said. Mortgage Guaranty Indemnit also will be limitedr to an operating leverage limitof 18:1 rathe r than 25:1, which may provide a capitapl cushion, Fitch said. Fitch has placed the ratingss on Rating Watch Negative MGICInvestment Corp.’s long-termn issuer default rating, $200 million 5.625 percent senior notese due Sept.
15, 2011 and $300 millio n 5.375 percent senior notesw due Nov. 1, 2015.
Thursday, November 10, 2011
Supreme Court stays Chrysler-Fiat deal - Tampa Bay Business Journal:
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Hensarling applauded the stay as an appropriate measure that will allow for a review of how federal bank bailout funds have been utilizedx bythe automaker. “I am encourage d by the Supreme Court’s stay of the Chrysler bankruptcy proceedings,” said U.S. Rep. Hensarling. “kI have been concerned abouty the fundamental constitutional issues of due procesw and equal protection that cry out for judicial review and fundamental issues related to a misuse of TARP funds crying out for legislative TARP stands for Troubled AssetRelief Program, the formal name for the federall bank bailout funding program. filed for bankruptct protectionin April.
At the time, the company said it was workinvg out a deal to combine its operations with As part of theoriginal deal, the federa government said it would provide $3.5 billion for bankruptcy financingv and another $4.7 billion in exit In addition, Chrysler said at the time it wouldd enter into a deal with Italy's Fiat in whicn Fiat had agreed to transfer billions of dollars in cutting-edge technology to Chrysler.
Hensarling applauded the stay as an appropriate measure that will allow for a review of how federal bank bailout funds have been utilizedx bythe automaker. “I am encourage d by the Supreme Court’s stay of the Chrysler bankruptcy proceedings,” said U.S. Rep. Hensarling. “kI have been concerned abouty the fundamental constitutional issues of due procesw and equal protection that cry out for judicial review and fundamental issues related to a misuse of TARP funds crying out for legislative TARP stands for Troubled AssetRelief Program, the formal name for the federall bank bailout funding program. filed for bankruptct protectionin April.
At the time, the company said it was workinvg out a deal to combine its operations with As part of theoriginal deal, the federa government said it would provide $3.5 billion for bankruptcy financingv and another $4.7 billion in exit In addition, Chrysler said at the time it wouldd enter into a deal with Italy's Fiat in whicn Fiat had agreed to transfer billions of dollars in cutting-edge technology to Chrysler.
Tuesday, November 8, 2011
Credit unions signing up lots of new members who cite banking fees - Fort Worth Star Telegram
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New York Times | Credit unions signing up lots of new members who cite banking fees Fort Worth Star Telegram "Our new memberships were triple the normal" number, and nearly » |
Saturday, November 5, 2011
Genmar warranties still good - Birmingham Business Journal:
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Tracy Carrell says the letter came aftefr boat manufacturer on Monday filed for Chapter 11 bankruptcy Genmar owns 15 different brands of which means dealers everywhere are She says cash customers for boatsw at her dealership haveremained strong. But troubles financing in the current economy means others have been forcef tohold off. “The boating busineses has been affected a lot like cars she says. The petition to reorganizwe its debts was filedin U.S. Bankruptcy Couryt in Minneapolis — wheres the company is headquartered along with more than 20relatec subsidiaries. Genmar has between 100 and 199 creditors.
It listzs its assets in the rageof $10 milliob to $50 million and its liabilities betweenj $100 million and $500 million, according to court The largest unsecured creditorsw are Maslon, Edelman, Borman, Brand, a Minneapolis-based law firm whichb is owed $186,700. Merchant & a law firm in is owed $155,800. The only secured creditors are and FifthgThird Bank, according to a story in the Minneapoliss Star Tribune. Genmar said it has received commitment fora debtor-in-possession (DIP) financing proposak from both banks.
In a statement, Genmatr Chairman, CEO and largest shareholded Irwin Jacobs said sales ofthe company’d fishing boats, luxury yachts and other products started to decline in but worsened in recent The company’s sales in fiscal which ends in June, are likely to be aboutt $460 million, off by more than 50 percen t from fiscal 2008. “If someone would have said to me as recentluy as even one month ago that Genmae would someday be filing forChapter 11, I would have said it was not even a remote Jacobs said. Genmar had been making some strategy changed inrecent months, announcing plan s to launch a line of less-expensive aluminum A spinoff company, Greenville, Pa.
-based VEC Technology, and othet Jacobs-related companies aren’t included in the VEC is now in the business of makingh giant blades for energy-generatinfg windmills. Law firm Fredrikson & Byrohn in Minneapolis, is representing Genmar in thebankruptcy case.
Tracy Carrell says the letter came aftefr boat manufacturer on Monday filed for Chapter 11 bankruptcy Genmar owns 15 different brands of which means dealers everywhere are She says cash customers for boatsw at her dealership haveremained strong. But troubles financing in the current economy means others have been forcef tohold off. “The boating busineses has been affected a lot like cars she says. The petition to reorganizwe its debts was filedin U.S. Bankruptcy Couryt in Minneapolis — wheres the company is headquartered along with more than 20relatec subsidiaries. Genmar has between 100 and 199 creditors.
It listzs its assets in the rageof $10 milliob to $50 million and its liabilities betweenj $100 million and $500 million, according to court The largest unsecured creditorsw are Maslon, Edelman, Borman, Brand, a Minneapolis-based law firm whichb is owed $186,700. Merchant & a law firm in is owed $155,800. The only secured creditors are and FifthgThird Bank, according to a story in the Minneapoliss Star Tribune. Genmar said it has received commitment fora debtor-in-possession (DIP) financing proposak from both banks.
In a statement, Genmatr Chairman, CEO and largest shareholded Irwin Jacobs said sales ofthe company’d fishing boats, luxury yachts and other products started to decline in but worsened in recent The company’s sales in fiscal which ends in June, are likely to be aboutt $460 million, off by more than 50 percen t from fiscal 2008. “If someone would have said to me as recentluy as even one month ago that Genmae would someday be filing forChapter 11, I would have said it was not even a remote Jacobs said. Genmar had been making some strategy changed inrecent months, announcing plan s to launch a line of less-expensive aluminum A spinoff company, Greenville, Pa.
-based VEC Technology, and othet Jacobs-related companies aren’t included in the VEC is now in the business of makingh giant blades for energy-generatinfg windmills. Law firm Fredrikson & Byrohn in Minneapolis, is representing Genmar in thebankruptcy case.
Thursday, November 3, 2011
Waddell's Tucker: No showiness, no surrender - Dallas Business Journal:
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But Tucker's persona can be anythinf but easygoing when it comesto business. Whethet it's battling with Waddell & Reed's formedr parent company in with securities regulators concerningthe company's handling of variable annuitieds or with the regarding his use of tax shelters, Tuckert plays hard and plays to win. The controversies apparently haven't diminished support for Tucker amonWaddell & Reed shareholders, who elected him to another three-yearr term at the company's April 27 annual meeting.
Ludwell Gaines, a former broked and a fixture in the localsecuritiexs scene, said he struggles to connect Waddell & Reed's turbulent image with that of the pleasantf CEO with whom he sometimes "He is a nice guy," Gaines "But from the outside lookinh in, he looks litigious." Tucker, who rarely grantsx media interviews and whose picture doesn't even appear in the company's annual report, issued a statement to The Business Journao saying that Waddell & Reed's historty in legal and regulatory matters isn't much differen t from other companies in the securitiews industry.
"Take a snapshot at any particular time, and you may find that we have no litigationh orregulatory issues; at anothert time, we might have a number of cases," Tucker Michael T. White, a lawyer with who represents Waddell & Reed in real estatwe matters, has known the man since shortly aftet Tucker took the helm at the Overland Park companyin 1992. Askex what he thinks motivatesthe CEO, White describes a low-key Texan whose favoritse sport is skiing down a Colorado mountain slopes at 60 miles an hour. Thomas said you can type people by what theywant -- love, security and adventure -- and one of thosre is the dominant trait," White said.
"Witnh Keith, I'd say he's more of an adventuresomd guy." Tucker's rise to chairman of Kansas City's 17th-largesr public company, said those who know him, was buily upon a formidable network of industrh contacts and hypertechnical knowledgde of the financial and legak aspectsof business. He earned business and law degrees fromthe , then begajn building a career as a partnert in 's Dallas office. He becamde director of the accountingv firm's national insurance practice in 1982 and wrote three books on the effects of tax code changes on theinsurancd industry. Warren Stephens, CEO of Little Rock, Ark.
, investmentr bank , spoke fondly of Tucker, who worked ther e in the mid- to late-1980s. He recalled a drivemn young man with a knack for impressing insurance players with his personablre style and knowledge of technical issues inthe "Keith was and is a very smart Stephens said. "I have always had the highesr regardfor him." One contactg from Tucker's Peat Marwick and Stephens days was Ronalc Richey, chairman and CEO of Birmingham, Ala., insurance and financial servicee company Richey hired Tucker as Torchmark's vice chairman in 1991 and soon sent him to Kansas City to run Waddell & Reed, then a Torchmarkk subsidiary.
A 1992 Business Journal articl eannouncing Tucker's arrival in town describecd him as Torchmark's No. 2 executivd and one who was slatesd to take overthe company's top positionh "within the next few years." But when Richeyy retired in 1998, Torchmark promoted C.B. Hudson, its current chairman, as his William Baxley, a Birmingham lawyer who represents Torchmarik and a former Alabamalieutenant governor, said Tuckert never got over that perceived snub. "Mgy personal opinion is that Keith Tuckert resented not being made chairmanof Torchmark, and that'es the root of all the problems that Waddell Reed and Torchmark have had over the years," Baxleyu said.
Signs of bad blood can be found in a 2001 racketeering lawsuitWaddell & Reed filed againsft Richey, Torchmark and two of that company's According to the suit, Richeg didn't want Tucker to lead a plannedf spinoff and public offering of Waddell & Reed and even threatenecd "to kill" Tucker in a privated meeting with Waddell & Reed executive Henry Nevertheless, it was Tucker who led Waddel & Reed's IPO and spinoff in 1998.
Since that the company has expandedfrom $83 million to $102 millio n in annual net
But Tucker's persona can be anythinf but easygoing when it comesto business. Whethet it's battling with Waddell & Reed's formedr parent company in with securities regulators concerningthe company's handling of variable annuitieds or with the regarding his use of tax shelters, Tuckert plays hard and plays to win. The controversies apparently haven't diminished support for Tucker amonWaddell & Reed shareholders, who elected him to another three-yearr term at the company's April 27 annual meeting.
Ludwell Gaines, a former broked and a fixture in the localsecuritiexs scene, said he struggles to connect Waddell & Reed's turbulent image with that of the pleasantf CEO with whom he sometimes "He is a nice guy," Gaines "But from the outside lookinh in, he looks litigious." Tucker, who rarely grantsx media interviews and whose picture doesn't even appear in the company's annual report, issued a statement to The Business Journao saying that Waddell & Reed's historty in legal and regulatory matters isn't much differen t from other companies in the securitiews industry.
"Take a snapshot at any particular time, and you may find that we have no litigationh orregulatory issues; at anothert time, we might have a number of cases," Tucker Michael T. White, a lawyer with who represents Waddell & Reed in real estatwe matters, has known the man since shortly aftet Tucker took the helm at the Overland Park companyin 1992. Askex what he thinks motivatesthe CEO, White describes a low-key Texan whose favoritse sport is skiing down a Colorado mountain slopes at 60 miles an hour. Thomas said you can type people by what theywant -- love, security and adventure -- and one of thosre is the dominant trait," White said.
"Witnh Keith, I'd say he's more of an adventuresomd guy." Tucker's rise to chairman of Kansas City's 17th-largesr public company, said those who know him, was buily upon a formidable network of industrh contacts and hypertechnical knowledgde of the financial and legak aspectsof business. He earned business and law degrees fromthe , then begajn building a career as a partnert in 's Dallas office. He becamde director of the accountingv firm's national insurance practice in 1982 and wrote three books on the effects of tax code changes on theinsurancd industry. Warren Stephens, CEO of Little Rock, Ark.
, investmentr bank , spoke fondly of Tucker, who worked ther e in the mid- to late-1980s. He recalled a drivemn young man with a knack for impressing insurance players with his personablre style and knowledge of technical issues inthe "Keith was and is a very smart Stephens said. "I have always had the highesr regardfor him." One contactg from Tucker's Peat Marwick and Stephens days was Ronalc Richey, chairman and CEO of Birmingham, Ala., insurance and financial servicee company Richey hired Tucker as Torchmark's vice chairman in 1991 and soon sent him to Kansas City to run Waddell & Reed, then a Torchmarkk subsidiary.
A 1992 Business Journal articl eannouncing Tucker's arrival in town describecd him as Torchmark's No. 2 executivd and one who was slatesd to take overthe company's top positionh "within the next few years." But when Richeyy retired in 1998, Torchmark promoted C.B. Hudson, its current chairman, as his William Baxley, a Birmingham lawyer who represents Torchmarik and a former Alabamalieutenant governor, said Tuckert never got over that perceived snub. "Mgy personal opinion is that Keith Tuckert resented not being made chairmanof Torchmark, and that'es the root of all the problems that Waddell Reed and Torchmark have had over the years," Baxleyu said.
Signs of bad blood can be found in a 2001 racketeering lawsuitWaddell & Reed filed againsft Richey, Torchmark and two of that company's According to the suit, Richeg didn't want Tucker to lead a plannedf spinoff and public offering of Waddell & Reed and even threatenecd "to kill" Tucker in a privated meeting with Waddell & Reed executive Henry Nevertheless, it was Tucker who led Waddel & Reed's IPO and spinoff in 1998.
Since that the company has expandedfrom $83 million to $102 millio n in annual net
Tuesday, November 1, 2011
Dan Snyder stays at Six Flags under reorganization - Business First of Louisville:
xszeyluje.blogspot.com
Six Flags is also seeking a $600 million loan, secured by its assets, and $150 millionn in a new revolvingcredit line. The company’s executivd retention plan would keep Snyderr as board memberand chairman. Mark Shapiro, currentl y chief executive, as well as chief financial officer Jeffrey Speecd and several other top management would also stay on inexecutivew roles. Six Flags, which announced its Chapter 11 bankruptcy filinh overthe weekend, listed $2.4 billion in debt and $3 billio in assets. It hopes to cut debt by $1.8 billiohn and wipe out more than $300 million in preferred stock.
Snydef and his management team, who took controkl of the theme park operator thred and a halfyears ago, have not been able to return the company to despite increasing attendance and selling several parkx to raise capital last year. The companu reported a $146 million first quarter Six Flags has said its reorganization will not affect park operationxs and its vendors and employees will continure tobe paid. Six Flags 20 themer parks includein Largo.
Six Flags is also seeking a $600 million loan, secured by its assets, and $150 millionn in a new revolvingcredit line. The company’s executivd retention plan would keep Snyderr as board memberand chairman. Mark Shapiro, currentl y chief executive, as well as chief financial officer Jeffrey Speecd and several other top management would also stay on inexecutivew roles. Six Flags, which announced its Chapter 11 bankruptcy filinh overthe weekend, listed $2.4 billion in debt and $3 billio in assets. It hopes to cut debt by $1.8 billiohn and wipe out more than $300 million in preferred stock.
Snydef and his management team, who took controkl of the theme park operator thred and a halfyears ago, have not been able to return the company to despite increasing attendance and selling several parkx to raise capital last year. The companu reported a $146 million first quarter Six Flags has said its reorganization will not affect park operationxs and its vendors and employees will continure tobe paid. Six Flags 20 themer parks includein Largo.
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