Monthly Archives: July 2015

2015
07/31

Category:
Credit Cards

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Police searching for men who stole woman’s purse, used credit cards in …

Virginia Beach, Va. Police are asking for the publics help in identifying two men who allegedly stole a womans purse and used her credit cards.

The purse was stolen from the victims car in the 1400 block of Riverside Drive sometime between midnight May 30th and 7 am May 31st.

Detectives are asking for assistance in identifying these two suspects.

Anyone with information regarding this crime is encouraged to call Virginia Beach Crime Solvers at 1-888-LOCK-U-UP (1-888-562-5887) or by texting “VBTIP” and the information to CRIMES (274637).¬† ¬†Tipsters remain anonymous and could be eligible for up to a $1,000 reward if their information leads to an arrest.

2015
07/30

Category:
Finance

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GulfQuest hires finance, HR chief; roughly 80 full- and part-time jobs en route

Leigh Barber has been tapped as finance and human resources director for the GulfQuest National Maritime Museum of the Gulf of Mexico, leaving only one administrative team opening for the long-awaited downtown Mobile attraction slated to open Sept. 26.

Barber, who earned bachelors degrees in both accounting and data processing from Mississippi State University, will manage the museums financial operations, accounting functions and budgeting processes, including developing the annual operating and capital budgets and preparing accurate and timely financial statements. She will also oversee human resource management, including recruiting and hiring, policies, procedures and benefits.

As we move toward our opening date, obviously staffing is critical. But so, too, is the financial management of the museum. Leigh is a certified public accountant and she has extensive experience as a chief financial officer and as a director of finance and records. I believe we have found just the right person to oversee both finance and HR, Tony Zodrow, GulfQuests executive director, said in a prepared statement.

RELATED: GulfQuest museum coming to life, as opening day approaches

Prior to joining GulfQuest, Barber served as the interim chief financial officer and director of finance and records for the city of Meridian, Miss., and spent seven years as that citys deputy city clerk and assistant director of finance and records.

Being a part of something new, something that will positively impact the city of Mobile and the entire region economically, is wonderful, Barber said, adding, I am thankful to join GulfQuest as this community comes together to celebrate the Gulf of Mexico and share with others in a fun, interactive learning environment.

Hiring will also begin shortly for roughly 80 crewmember positions, including about 30 full-time jobs and 50 part-time positions. AL.com will provide complete details as soon as the hiring information is made available.

Meanwhile, the museum is still seeking a special events/group sales director. Click here to view the complete job description.

2015
07/29

Category:
Secured Financing

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Enterprise Housing Corp. is expected this summer to start on a $22.3 million …

More housing is coming to Baltimore’s Howard Street corridor. Around the corner, on Mulberry Street.

Enterprise Housing Corp. is expected this summer to start on a $22.3 million, 68-unit affordable housing development, called Mulberry at Park, at 211 West Mulberry Street between Howard and Park Avenue.

The planned construction comes a week after Washington, DC, developer Michael Hunter unveiled plans to build 300 apartments in the 300 block of North Howard Street.

The six-story building at 211 West Mulberry Street will not have direct exposure to the 400 block of North Howard Street, but it will be so tall that it will be visible from it.

The project is in mid-towns former Chinatown district – today an array of mostly vacant city-owned buildings – and will face the legendary (now closed) rowhouse restaurant of the late Morris Martick.

Affordable, Low-Income

Enterprise secured financing for its project last month and is expected to begin construction this summer, with completion by the summer of 2016. Marks, Thomas Architects is the designer. Harkins Builders is the builder.

2015
07/29

Category:
Secured Financing

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Franklin Square Provides $150MM Secured Financing to Latham Pool Products

Franklin Square Capital Partner announced the origination of a $150 million first lien secured term loan to Latham Pool Products, Inc., the largest manufacturer of in-ground residential swimming pools and components in North America. Latham is a portfolio company of Littlejohn Company (Littlejohn), a Greenwich, CT based private equity investment firm focused on the middle market.  The financing was provided by FS Investment Corporation FSIC, +0.43% FS Investment Corporation II (FSIC II) and FS Investment Corporation III (FSIC III), BDCs managed by affiliates of Franklin Square and sub-advised by GSO / Blackstone Debt Funds Management LLC (GDFM), an affiliate of GSO Capital Partners LP (GSO).

Founded as a family business in 1956 and headquartered in Latham, NY, the company manufactures fiberglass pools, automatic safety covers, winter safety covers, packaged pool components and in-ground vinyl liners. Latham serves over 4,000 customer accounts and operates a network of 21 manufacturing facilities in the United States and Canada.

The scale of our platform allows us to provide customized credit solutions to market leading companies like Latham, said Michael C. Forman, Chairman and Chief Executive Officer of FSIC, FSIC II and FSIC III. We are pleased to work with Littlejohn and look forward to supporting Lathams continued growth.

Latham has both a diversified product portfolio and a strong presence in the North American pool industry, commented Brad Marshall, Senior Managing Director and Senior Portfolio Manager at GDFM. With its extensive operating footprint and its history of successful growth, we believe Latham is poised for continued success.

Franklin Square and GSO provided a single source of financing for our company, said Mark Laven, Chairman and Chief Executive Officer of Latham Pool Products, Inc. With financial backing from Franklin Square and GSO and the continued support of Littlejohn, Latham is in a strong position to continue to serve our clients.

FSIC is a publicly traded BDC focused on providing customized credit solutions to private middle market US companies. FSIC seeks to invest primarily in the senior secured debt and, to a lesser extent, the subordinated debt of private middle market companies to achieve the best risk-adjusted returns for its investors. In connection with its debt investments, FSIC may receive equity interests such as warrants or options.

FSIC is advised by FB Income Advisor, LLC, an affiliate of Franklin Square, and is sub-advised by GDFM, an affiliate of GSO. GSO, with approximately $75.0 billion in assets under management as of March 31, 2015, is the credit platform of Blackstone, one of the worlds leading managers of alternative investments. For more information, please visit www.fsinvestmentcorp.com.

About FSIC II and FSIC III FSIC II and FSIC III are publicly registered, non-traded BDCs sponsored by Franklin Square. FSIC II and FSIC III focus primarily on investing in the debt securities of private companies throughout the United States, with the investment objectives of generating current income and, to a lesser extent, long-term capital appreciation for their investors.

Franklin Square is a leading manager of alternative investment funds designed to enhance investors portfolios by providing access to asset classes, strategies and asset managers that typically have been available to only the largest institutional investors.

2015
07/28

Category:
Credit Cards

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Some Hershey visitors might see fraudulent charges on their credit cards

Visited Hershey lately? Check your credit card statement.

Hershey Entertainment and Resorts confirmed that some guests reported fraudulent charges on their credit cards after visiting the property, Kathleen McGraw, director of communications, said in a statement.

Hershey Entertainment and Resorts operates Hersheyparkand Hersheypark Stadium, and the Hotel Hershey, among other attractions in the area.

We take reports like this very seriously, McGraw said. While our company does have security measures in place designed to prevent unauthorized access to our network, we immediately began to investigate our system for signs of an issue and engaged an external computer security firm to assist us. The investigation is ongoing.

McGraw also reminded that consumers should review paymentcard statements regularly to check for unauthorized charges and report them in a timely manner.

2015
07/28

Category:
Finance

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Greece’s new finance minister: Change in style, if not substance

If sartorial style is anything to go by, the point man for Greece’s financial crisis has switched from leather biker jackets to corduroys and fuzzy sweaters.

But that does not mean Greeces new Finance Minister Euclid Tsakalotos will necessarily cave in to the suits in Brussels.

Hours after the tough-looking and even tougher-talking Yanis Varoufakis announced his resignation Monday, the 55-year-old Oxford-educated Tsakalotos was named Greeces new finance minister, tasked with jumpstarting his countrys stalled EU-IMF talks.

Born in Holland into a prominent Greek family, raised in Britain and an alumnus of Londons elite St. Pauls, Tsakalotos is made of softer, more polished stuff than his predecessor.

Greek Prime Minister Alexis Tsipras certainly hopes his new finance minister will not ruffle EU feathers the way Varoufakis did. Nor is the mild mannered economist likely to have headlines proclaiming him a sex icon as a German conservative paper described the athletic Varoufakis, who seemed allergic to tucking in his shirt or wearing a tie while in office.

But if EU finance ministers were expecting a pushover to replace Varoufakis, they will be sorely disappointed in the weeks and months to come.

Tsakalotos might have a milder disposition, but he shares Varoufakiss and the ruling Syriza partys — leftist economic ideals. As a prominent British business editor tweeted, New Greek FinMin is Tsakalotos. Brilliant man. My view (not consensus) more hardline than @yanisvaroufakis who is a passionate pro-European

2015
07/27

Category:
Finance

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Greek bailout referendum: Finance Minister Yanis Varoufakis quits

The European Central Bank said on Monday it was keeping the level of emergency credit to Greek banks unchanged, putting the banks under increasing pressure as they try to cope with cash withdrawals.

The ECB saidin a statement that the credit can onlybeprovided against sufficient collateral. That collateral has been weakened due to the worsening financial situation of Greece.

The decision leaves Greek banks in a stranglehold, as they struggle to replenish cash machines in the coming days.

The ECB says it is monitoring the situation in the financial markets closely and is ready to use all available measures to keep stability in the 19-nation eurozone.

Greece and its membership in Europes joint currency faced an uncertain future,with time pressing for the country to reach a bailout deal with creditors after Greeks resoundingly rejected the notion of more austerity in exchange for aid.

  • Follow our liveblog for breaking news from Greece
  • ANALYSIS I In rejecting austerity, Greek voters force Germanys hand

With Greek banks running out of cash and facing the danger of collapse within days without new aid, the government in Athens is racing against the clock.

In an effort to facilitate negotiations on a new aid program Finance MinisterYanisVaroufakis, who had clashed with European officials in the bailout talks, announced his resignation Monday.

The Greek government named Euclid Tsakalotos as the new finance minister. The 55-year-old economist wasPrime Minister AlexisTsipras lead bailout negotiator in talks that halted last month.

Greece and its creditorswill meet again Tuesday to discuss how to keep the country in the euro. But the two sidesremain far apart on key issues, particularly the notion of debt relief.

The negotiations are complicated for the European creditors by Tsipras triumph in Sundays referendum. More than 61 per cent of Greeks backed his call to vote no to budget cuts the creditors had proposed in return for rescue loans the country needs — even though those proposals were no longer on the table.

The vote was painted by opposition parties and many European officials as one on whether Greece should remain in Europes joint currency. In the aftermath, many officials softened their tone and said talks would resume, though Greeces chance of staying in the euro was looking increasingly shaky.

  • Greece in uncharted territory after referendum No vote
  • European leaders react to Greek referendum No vote
  • The sticking points that scupperedGreecesbailout talks

The countrys banks remained shut for a sixth working day on Monday as the government tries to limit a drain of deposits despite limits on cash withdrawals at ATMs. The banks will remain shut on Tuesday and Wednesday, as well.

2015
07/27

Category:
Finance

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German Finance Min Respects Decision of Greek People, Says New Proposals …

By Matthew Dalton

German Finance Minister Wolfgang Schaeuble said the results of Sundays Greek referendum should be respected but that Athens needs to send new proposals to its creditors for negotiations to restart.

2015
07/26

Category:
Secured Financing

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SunEdison Closes Financing and Starts Construction of a 185-Megawatt Wind …

Belmont, Calif., July 1, 2015 — SunEdison, Inc. (NYSE:SUNE), the worlds largest renewable energy company, today announced that is has secured financing for and started construction on the Bingham Wind project in Maine. The 185-megawatt (MW) wind project is expected to be the largest of its kind in the New England area of the US

2015
07/26

Category:
Secured Financing

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Raufeisen hasn’t proved financing, city attorney says

Davenport aldermen may decide this week whether to move forward with Todd Raufeisen to redevelop the former Dock restaurant.

Raufeisen had until last Thursday to prove he has the financing for the $11.2 million project to demolish the vacant restaurant on the citys riverfront and replace it with a 40,000-square-foot restaurant and office building.

What he submitted was insufficient, City Attorney Tom Warner told the Quad-City Times Monday.

It does not appear to (be sufficient) in terms of a secured, legally enforceable financing commitment, Warner said. But its not my call.

Warner said he will brief aldermen on the issue during closed-door meetings Tuesday afternoon.

Aldermen regularly meet behind closed doors Tuesdays in briefings of not more than five council members at a time so they do not violate the open meetings law.

They are not allowed to vote during their Tuesday briefings, but a vote is not needed for the city to terminate its contract with Raufeisen, Warner said.

The City Council voted April 8 to extend the right-to-cure period for the Dock project. In it, Raufeisen had to provide the city by noon last Thursday proof of adequate, available and committed financial capacity demonstrating sufficient liquid assets or secured financing or a combination thereof. And the commitment must be legally enforceable by the creditor or investor.

Failure to meet the deadline will automatically and immediately terminate Raufeisens agreement with the city.

Raufeisen is putting his project on hold until he hears from the City Council or city staff, he said Monday. Last week, he said he was going to begin asbestos remediation Monday morning and demolition in three to four weeks.

Theyve asked me for additional information, Raufeisen said. Theyll review everything. Im confident theyll let me continue.

Warner said the council could reach consensus as early as Tuesday afternoon. If the council agrees Raufeisen hasnt met his obligations, they can allow the agreement to end without a vote. If aldermen choose to extend Raufeisens deadline again, that will require a vote at a regular council meeting.

Aldermen meet Wednesday as a committee of the whole, where they usually do not vote on business unless they suspend the rules. They meet July 8 in a regular City Council meeting.

There will be no decision, but staff will get an idea of how the council wants to proceed, Alderman Gene Meeker, at-large, said.

Meeker said he still supports the project.

Its bad we get into these predicaments now, Meeker said. Its a good project and a great amenity for the downtown riverfront.

Alderman Mike Matson, 7th Ward, said hes waiting to hear from staff Tuesday before making a recommendation.

Ill listen to everybody tomorrow, Matson said. I dont have a position yet.

Alderman Barney Barnhill, 5th Ward, said he expects the council will have a unified statement following Tuesdays briefings.

Weve got to take action on this, Barnhill said. Its an eyesore down there.

Another deadline comes up Tuesday for Raufeisen. He was supposed to have the vacant Dock restaurant torn down.

Part of the councils April 8 vote was to authorize city staff to solicit bids for demolition. Those are expected Thursday, Finance Director Brandon Wright said.

The City Council unanimously approved a development agreement with Raufeisen for The Dock last summer over the objections of Mayor Bill Gluba.

Gluba vetoed the agreement, but the council then voted unanimously to override the veto.

Gluba raised questions over the weekend about Raufeisens financing for The Dock.

In an email sent to interim City Administrator Corri Spiegel, Gluba asked if Raufeisen can be prevented from starting work at The Dock until after a review by Spiegel, the citys legal staff and City Council members.

In the email, Gluba said, my reading is that Raufeisen still does not have a firm commitment for financing. Gluba also questions whether all aspects of Raufeisens plans for a new Dock building have been reviewed by city staff.

Gluba said Monday hes trying to convince aldermen to cut him loose.

Hes like flypaper, Gluba said of Raufeisen. Once you get started with him, youre stuck with him.

Raufeisen accused Gluba of running a one-man show.

Hes fought us for two years, Raufeisen said.

Gluba said he has not been alone in opposing the project, saying the Levee Improvement Commission, which has jurisdiction over the city-owned Dock property, had expressed its opposition prior to the council vote last summer.

The commission consists of Davenport residents who are appointed by the mayor with consent of the City Council.

Gluba said he has raised his doubts to aldermen about both the size of the project and whether Raufeisen was the developer who could pull it off.

I hate to say, I told you so, but the aldermen screwed up on this one, Gluba said. I know its hard to admit when youre wrong, but I hope this time they listen to me.