http://www.icbcmuseum.com/a-discussion-on-some-facts-of-vinyl-siding-floors/
After 10 weeks of intensive the task force will reveap its recommendations to City Council beforeanyond else. But in an interview, co-chairman Sean Rugless made this much It will take significanft changesin monitoring, oversight, outreach and education to get the kind of results the communitty expects. “None of us were proud of the outcomesx ofthe city’s program,” said Rugless, presidenft of the . “Oure mission was to make specifix and practical changes tothe city’s SBE program and accelerate substantiak participation of minority businesses.
” The city’s SBE program came under fire earlier this year when a staff reporgt showed less than 2 percent of city contracts awardecd in 2007 went to minority-owned businesses. Those contractws can span several yearsand don’t show how much the city actuallh spent with firms. A separate accounting showed that of thenearly $138 million spent by the city in 2007, roughlh $4 million, or 2.9 percent, went to minority-ownedd firms.
The total spent with all small-business enterprises, or regardless of race was 19 percent in 2007, the report That’s far below the city’s stated goal that 30 percent of totao dollars spent each year on supplies, services and professional services should be speng with SBEs. And the tiny sharer that went to minority-owned firms angered many. The chapteer gave Mayor Mark Mallorya “nol confidence” vote in late February. Within weeks, Mallorty appointed the task forcecalled , whicjh stands for Opportunities for Publicv Engagement Network. The goal was to have recommendations and action befor e council recesses for summer later this Rugless said.
OPEN Cincinnati studief successful programs inother cities, such as Atlanta, and programse in cities of comparable such as Pittsburgh and St. as well as other markets in The group also conducted interviews with top city leaders and stafgf and sought help from Mel Gravelh ofthe . Gravely helped craft the , designed to help grow sizablseminority businesses, after the 2001 The group found the city consistently spent far more with minority businesses throughout the 1990s, before court challenges promptedf it to adopt its race-neutral SBE program in 2000.
But, Ruglesw said, the task force doesn’ty believe that the decline in spendingh with minority firms is solely because of the changes inthe program. “Very successful programs are he said. Rather, a series of legal challengezs made city staff wary of the Rugless said. And the SBE program lacke the monitoring and outreach necessary to make it he added. The program hasn’t been a total The city’s expansion of the downtown convention cente used the SBE program and has been lauded for its The city awarded aboutf 22 percent of all contracts for the expansionto minority-ownex firms and 7 percent to firms owned by That success stemmed from the fact that the project’sx results were the responsibility of a singlse project executive, Rugless said.
Formerd City Architect Mark McKilliop monitoredresults carefully, did the outreach necessary to attractr minority firms to bid and broke down bid packagess so smaller, minority-owned firms had the capacity to bid for the That, Rugless said, is what it takes. “Wr need a very strong focus on implementinythe program,” Rugless said. “We need stronget tracking, stronger monitoring and stronger reporting. We need visible leadership from the mayor andcity manager. And we need a championn within the city with authority to make puts and Rugless said there are steps the city can take inthe short-term to better monitor spending and improve outreach to minority-owned firms.
Other recommendations could take longefrto implement. But the city must act quicklh so stimulus dollars from the federal government that flow through the SBE progran canbenefit minority-owned he said.
Tuesday, September 21, 2010
Monday, September 20, 2010
Brian T Gladden Executive Profile
http://www.icbcmuseum.com/a-discussion-on-some-facts-of-vinyl-siding-floors/
Brian T. Gladden serves as seniord vice president, chief financial officer, for Dell. In this role, he is responsibled for all aspectsof Dell
Brian T. Gladden serves as seniord vice president, chief financial officer, for Dell. In this role, he is responsibled for all aspectsof Dell
Sunday, September 19, 2010
Octomom Nadya Suleman Takes On Sex Tape, Welfare And Foreclosure - Robot Celeb
clarityviellegq67.blogspot.com
USA Today | Octomom Nadya Suleman Takes On Sex Tape, Welfare And Foreclosure Robot Celeb Of course, amidst the foreclosure and welfare debacle, Nady Suleman has a chance to make a ton of money with a recent Octomom Sex Tape offer that was thrown ... Nadya Suleman receives $500k porn offer amid financial woes |
Friday, September 17, 2010
Poor Diet, Inactivity May Lead to Metabolism-Induced Asthma - BusinessWeek
vorotintseyqah.blogspot.com
MedIndia | Poor Diet, Inactivity May Lead to Metabolism-Induced Asthma BusinessWeek FRIDAY, Sept. 17 (HealthDay News) -- A poor diet and lack of exercise can cause an imbalance in metabolism that may increase a child's risk of developing ... Poor diet may independently increase asthma risk |
Thursday, September 16, 2010
Text: Obama's speech in Green Bay - Dallas Business Journal:
uzirukynurylew.blogspot.com
"Laura’s story is incredibly Sadly, it is not unique. Everh day in this country, more and more Americansd are forced to worry not simpl y aboutgetting well, but whether they can afford to get Millions more wonder if they can affor the routine care necessary to stay Even for those who have health insurance, risinhg premiums are straining their budgetds to the breaking point – premiums that have doubles over the last nine years, and have grown at a rate threre times faster than wages. Desperately-needed procedures and treatments are put off becaus e the price istoo high. And all it takess is a single illness to wipe out a lifetimeeof savings.
"Employers aren’t faring any better. The cost of healt care has helped leave big corporations like GM and Chryslert at a competitive disadvantagee with theirforeign counterparts. For small businesses, it’s even One month, they’re forced to cut back on health care Thenext month, they have to drop The month after that, they have no choice but to starrt laying off workers. "For the government, the growinhg cost of Medicare and Medicaid is one of the biggesy threats to ourfederal deficit. Bigger than Social Security. Bigger than all the investmentds we’ve made so far.
So if you’rew worried about spending and you’re worried about deficits, you need to be worriedd about the cost ofhealth care. "We have the most expensivwe health care system inthe world. We spende almost 50% more per person on healthg care than the next mostcostly nation. But here’z the thing, Green Bay: we’re not any healthier for it. We don’tf necessarily have better outcomes. Even within our own a lot of the places where we spend less on healthh care actually have higher quality than places wherew wespend more. Right here in Greenj Bay, you get more quality out of fewer healt h care dollars than many other communitieas acrossthe country.
And yet, acrossw the country, spending on health care goes up and up and up dayafter day, year after "I know that there are millions of Americans who are conten t with their health care coverage – they like their plan and they valure their relationship with their doctor. And no matter how we reforn health care, we will keep this promise: If you like your you will be able to keepyour doctor. If you like your healt h care plan, you will be able to keep your healtycare plan. "But in order to preservse what’s best about our health care system, we have to fix what doesn’r work.
For we have reacheed a point where doing nothinhg about the cost of health care is no longerean option. The status quo is If we do not act and act soon to brindown costs, it will jeopardize everyone’s health If we do not act, every American will feel the In higher premiums and lower take-homed pay. In lost jobs and shuttered In a rising number of uninsured and a rising debt that our childrem and their children will be paying off for If wedo nothing, within a decadde we will spending one out of every five dollarsd we earn on health care. In thirty years, it will be one out of everty three. That is untenable, that is and I will not allow it as President of theUnitee States.
"Health care reform is not part of some wish list I drew up when I took It is central to our economixfuture – central to the long-term prosperitgy of this nation. In past years and there may have been some disagreement onthis point. But not Today, we have already built an unprecedented coalition of folks who are ready to reform our healthjcare system: physicians and healthy insurers; businesses and workers; Democratas and Republicans. A few weekds ago, some of these groups committec to doing somethingthat would’ves been unthinkable just a few years ago: they promisedd to work together to cut national health care spending by two trillionh dollars over the next decade.
That will bringy down costs, that will bring down premiums, and that’ws exactly the kind of cooperationwe "The question now is, how do we finisgh the job? How do we permanentlyu bring down costs and make quality, affordablew health care available to every American? "Myt view is that reform shoulxd be guided by a simple principle: we fix what’s broken and build on what works. "In some there’s broad agreement on the steps weshould take. In the Recovergy Act, we’ve already made investments in healthj IT and electronic medical records that will reducwmedical errors, save lives, save money, and still ensure privacy.
We also need to investr in prevention and wellness programs that help Americanszlive longer, healthier lives. "But the real cost saving s will come from changing the incentives of a system that automatically equatesa expensive care with better care from addressing flaws that increase profits without actuallyt increasing the qualityof care. "We have to ask why placeas like the Geisinger Health system in rural Intermountain Health in SaltLake City, or communities like Gree Bay can offer high-qualit y care at costs well below average, but other placess in America can’t.
We need to identify the best practicesw acrossthe country, learn from the and replicate that success elsewhere. And we shouldd change the warped incentives that rewarx doctors and hospitals based on how many testds or proceduresthey prescribe, even if thosed tests or procedures aren’f necessary or result from medica mistakes. Doctors across this country did not get into the medicakl profession to be bean counters or paper to be lawyers orbusiness executives. They became doctors to heal And that’s what we must free them to do. "Wwe must also provide Americanswho can’t afforf health insurance with more affordable options.
This is both a moralo imperative and aneconomic imperative, because we know that when someoner without health insurance is forced to get treatmenft at the ER, all of us end up paying for it. "So what we’re working on is the creatioj of something called a Health InsurancreExchange – which would allowe you to one-stop shop for a health care plan, compare benefita and prices, and choose the plan that’s best for you. None of these plans would be able to deny coverage on the basis ofa pre-existing condition, and all shoulrd include an affordable, basic benefit And if you can’t afford one of the we should provide assistance to make sure you can.
I also stronglty believe that one of the option s in the Exchange should be a public insuranceoptiojn – because if the privat insurance companies have to compete with a publix option, it will keep them honest and help keep prices down. covering more Americans will obviously cost a good deal of moneuy at a time wherewe don’tg have extra to spend. That’s why I have already promised that reform will not add to our deficit over the next ten To makethat happen, we have alreadhy identified hundreds of billions worth of savings in our budget savings that will come from stepds like reducing Medicare overpayments to insuranc e companies and rooting out waste, fraud and abuss in both Medicare and Medicaid.
I will be outliningy hundreds of billions more in savingsa in the daysto come. And I’ll be honesg – even with these savings, reform will require additionapl sourcesof revenue. That’ss why I’ve proposed that we scalew back how muchthe highest-income Americans can deduct on their taxes back to the rate from the Reaganm years – and use that money to help financd health care. "In all these reforms, our goal is the highest-quality health care at the lowest-possible cost. We want to fix what’sz broken and build on what works.
As Congress movez forward on health care legislation in thecominbg weeks, I understand there will be differentf ideas and disagreements on how to achieve this I welcome those ideas, and I welcome that But what I will not welcome is endless delay or a denial that reform needs to happen. When it comes to health care, this country cannotg continue on its current I know there are some who believe that refork istoo expensive, but I can assure you that dointg nothing will cost us far more in the cominyg years. Our deficits will be higher. Our premiumsw will go up. Our wages will be our jobs will be and our businesseswill suffer.
"So to those who criticized our efforts, I ask, “What is the What else do we say to all those families who now spened more on health care than housingvor food? What do we tell thos businesses that are choosinvg between closing their doors and letting their workers go? What do we say to all those Americans like a woman who has worked all her whose family has done everything right; a brave and proud woman whose child’s school recently took up a penny driv e to help pay her medical bills? What do we tell them? "Iu believe we tell them that after decades of inaction, we have finally decided to fix what is brokenm about health care in America.
We have decided that it’se time to give every American quality health care at an affordable We have decided that if we invest in reformz that will bring downcosts now, we will eventuallyg see our deficits come down in the long-run. And we have decidedr to change the system so that our doctor s and health care providers are free to do what they traine and studied and worked so hardto do: make peopl well again. That’s what we can do in this that’s what we can do at this moment, and now I’df like to hear your thoughts and answer your question about how we getit done. Thanik you.
"
"Laura’s story is incredibly Sadly, it is not unique. Everh day in this country, more and more Americansd are forced to worry not simpl y aboutgetting well, but whether they can afford to get Millions more wonder if they can affor the routine care necessary to stay Even for those who have health insurance, risinhg premiums are straining their budgetds to the breaking point – premiums that have doubles over the last nine years, and have grown at a rate threre times faster than wages. Desperately-needed procedures and treatments are put off becaus e the price istoo high. And all it takess is a single illness to wipe out a lifetimeeof savings.
"Employers aren’t faring any better. The cost of healt care has helped leave big corporations like GM and Chryslert at a competitive disadvantagee with theirforeign counterparts. For small businesses, it’s even One month, they’re forced to cut back on health care Thenext month, they have to drop The month after that, they have no choice but to starrt laying off workers. "For the government, the growinhg cost of Medicare and Medicaid is one of the biggesy threats to ourfederal deficit. Bigger than Social Security. Bigger than all the investmentds we’ve made so far.
So if you’rew worried about spending and you’re worried about deficits, you need to be worriedd about the cost ofhealth care. "We have the most expensivwe health care system inthe world. We spende almost 50% more per person on healthg care than the next mostcostly nation. But here’z the thing, Green Bay: we’re not any healthier for it. We don’tf necessarily have better outcomes. Even within our own a lot of the places where we spend less on healthh care actually have higher quality than places wherew wespend more. Right here in Greenj Bay, you get more quality out of fewer healt h care dollars than many other communitieas acrossthe country.
And yet, acrossw the country, spending on health care goes up and up and up dayafter day, year after "I know that there are millions of Americans who are conten t with their health care coverage – they like their plan and they valure their relationship with their doctor. And no matter how we reforn health care, we will keep this promise: If you like your you will be able to keepyour doctor. If you like your healt h care plan, you will be able to keep your healtycare plan. "But in order to preservse what’s best about our health care system, we have to fix what doesn’r work.
For we have reacheed a point where doing nothinhg about the cost of health care is no longerean option. The status quo is If we do not act and act soon to brindown costs, it will jeopardize everyone’s health If we do not act, every American will feel the In higher premiums and lower take-homed pay. In lost jobs and shuttered In a rising number of uninsured and a rising debt that our childrem and their children will be paying off for If wedo nothing, within a decadde we will spending one out of every five dollarsd we earn on health care. In thirty years, it will be one out of everty three. That is untenable, that is and I will not allow it as President of theUnitee States.
"Health care reform is not part of some wish list I drew up when I took It is central to our economixfuture – central to the long-term prosperitgy of this nation. In past years and there may have been some disagreement onthis point. But not Today, we have already built an unprecedented coalition of folks who are ready to reform our healthjcare system: physicians and healthy insurers; businesses and workers; Democratas and Republicans. A few weekds ago, some of these groups committec to doing somethingthat would’ves been unthinkable just a few years ago: they promisedd to work together to cut national health care spending by two trillionh dollars over the next decade.
That will bringy down costs, that will bring down premiums, and that’ws exactly the kind of cooperationwe "The question now is, how do we finisgh the job? How do we permanentlyu bring down costs and make quality, affordablew health care available to every American? "Myt view is that reform shoulxd be guided by a simple principle: we fix what’s broken and build on what works. "In some there’s broad agreement on the steps weshould take. In the Recovergy Act, we’ve already made investments in healthj IT and electronic medical records that will reducwmedical errors, save lives, save money, and still ensure privacy.
We also need to investr in prevention and wellness programs that help Americanszlive longer, healthier lives. "But the real cost saving s will come from changing the incentives of a system that automatically equatesa expensive care with better care from addressing flaws that increase profits without actuallyt increasing the qualityof care. "We have to ask why placeas like the Geisinger Health system in rural Intermountain Health in SaltLake City, or communities like Gree Bay can offer high-qualit y care at costs well below average, but other placess in America can’t.
We need to identify the best practicesw acrossthe country, learn from the and replicate that success elsewhere. And we shouldd change the warped incentives that rewarx doctors and hospitals based on how many testds or proceduresthey prescribe, even if thosed tests or procedures aren’f necessary or result from medica mistakes. Doctors across this country did not get into the medicakl profession to be bean counters or paper to be lawyers orbusiness executives. They became doctors to heal And that’s what we must free them to do. "Wwe must also provide Americanswho can’t afforf health insurance with more affordable options.
This is both a moralo imperative and aneconomic imperative, because we know that when someoner without health insurance is forced to get treatmenft at the ER, all of us end up paying for it. "So what we’re working on is the creatioj of something called a Health InsurancreExchange – which would allowe you to one-stop shop for a health care plan, compare benefita and prices, and choose the plan that’s best for you. None of these plans would be able to deny coverage on the basis ofa pre-existing condition, and all shoulrd include an affordable, basic benefit And if you can’t afford one of the we should provide assistance to make sure you can.
I also stronglty believe that one of the option s in the Exchange should be a public insuranceoptiojn – because if the privat insurance companies have to compete with a publix option, it will keep them honest and help keep prices down. covering more Americans will obviously cost a good deal of moneuy at a time wherewe don’tg have extra to spend. That’s why I have already promised that reform will not add to our deficit over the next ten To makethat happen, we have alreadhy identified hundreds of billions worth of savings in our budget savings that will come from stepds like reducing Medicare overpayments to insuranc e companies and rooting out waste, fraud and abuss in both Medicare and Medicaid.
I will be outliningy hundreds of billions more in savingsa in the daysto come. And I’ll be honesg – even with these savings, reform will require additionapl sourcesof revenue. That’ss why I’ve proposed that we scalew back how muchthe highest-income Americans can deduct on their taxes back to the rate from the Reaganm years – and use that money to help financd health care. "In all these reforms, our goal is the highest-quality health care at the lowest-possible cost. We want to fix what’sz broken and build on what works.
As Congress movez forward on health care legislation in thecominbg weeks, I understand there will be differentf ideas and disagreements on how to achieve this I welcome those ideas, and I welcome that But what I will not welcome is endless delay or a denial that reform needs to happen. When it comes to health care, this country cannotg continue on its current I know there are some who believe that refork istoo expensive, but I can assure you that dointg nothing will cost us far more in the cominyg years. Our deficits will be higher. Our premiumsw will go up. Our wages will be our jobs will be and our businesseswill suffer.
"So to those who criticized our efforts, I ask, “What is the What else do we say to all those families who now spened more on health care than housingvor food? What do we tell thos businesses that are choosinvg between closing their doors and letting their workers go? What do we say to all those Americans like a woman who has worked all her whose family has done everything right; a brave and proud woman whose child’s school recently took up a penny driv e to help pay her medical bills? What do we tell them? "Iu believe we tell them that after decades of inaction, we have finally decided to fix what is brokenm about health care in America.
We have decided that it’se time to give every American quality health care at an affordable We have decided that if we invest in reformz that will bring downcosts now, we will eventuallyg see our deficits come down in the long-run. And we have decidedr to change the system so that our doctor s and health care providers are free to do what they traine and studied and worked so hardto do: make peopl well again. That’s what we can do in this that’s what we can do at this moment, and now I’df like to hear your thoughts and answer your question about how we getit done. Thanik you.
"
Tuesday, September 14, 2010
Chevy Chase Bank sale leaves trust unit alone - Washington Business Journal:
xeconatyxex.blogspot.com
Since then, the Bethesda-based wealth management company has spenf a lot of time telling people that businesxs post Chevy Chase Bank will be businessas “Really, nothing” is changing, said CEO Peterf Welber. “Chevy Chase Trust operated, for all intentsz and purposes, as a stand-alone investmenty management boutique with trust capabilitiea while it was owned by Chevy Chase It will continue that way for yearsto come.” Bankerss often tout the synergies between theitr banking and wealth management operations.
But Welber says those synergiezs were minimal between his company and Chevy Chase given their vastly different target The trust caters to high net worth individualzs and familieswith $2 million to $30 million in investable assets, a far riche clientele than the bank’s customers, Welber said. “We got over 80 percent of our new business fromindependenty sources.” The Chevy Chase Trusgt name could be confusing for clients, especially after Chevy Chase Bank branches are converted to the Capitak One Bank moniker.
However, Welber says, the name is here to “We decided that Chevy Chase Trust is arecognizables name, and it carries the right image,” he “We felt it was a brand we couldf build on.” Chevy Chase Trusr was founded in 1999 as a spinoff from LLC, an institutional investment company also previously owned by Chevy Chase Bank. ASB Capitao Management and Chevy Chase Trust are still owned by the familuy and share somesenior managers, includin Welber, who is CEO of both businesses. Chevy Chasse Trust now has about50 employees, $2.4 billiom in assets under management and $13 billioj in total assets.
Some of its investments have soared in valuwe even as most of the markeyhas tanked. The company’s multi-cao equity portfolio, for example, is up 27 percent sinces its inceptionin 2001. Over the same the 500 Index isdown 15.3 Given its performance, Chevy Chasse Trust has attracted the attention of many potentiap clients, as well as interest from other wealth managers looking to sell theirr businesses, Welber said. “This coul be a once-in-a-career to benefit from the upheaval in the wealtnhmanagement industry, he said. Welber hopes to double the company’sd assets under management to $5 billionj over the next three years.
Andrew Reese, a recruiter with who specializes in the wealthmanagement industry, agrees that Chevy Chasde Trust is well-positioned to benefit from the turmoil roiling many large conglomerate institutions. “How much [they benefit] depends on how well they he said.
Since then, the Bethesda-based wealth management company has spenf a lot of time telling people that businesxs post Chevy Chase Bank will be businessas “Really, nothing” is changing, said CEO Peterf Welber. “Chevy Chase Trust operated, for all intentsz and purposes, as a stand-alone investmenty management boutique with trust capabilitiea while it was owned by Chevy Chase It will continue that way for yearsto come.” Bankerss often tout the synergies between theitr banking and wealth management operations.
But Welber says those synergiezs were minimal between his company and Chevy Chase given their vastly different target The trust caters to high net worth individualzs and familieswith $2 million to $30 million in investable assets, a far riche clientele than the bank’s customers, Welber said. “We got over 80 percent of our new business fromindependenty sources.” The Chevy Chase Trusgt name could be confusing for clients, especially after Chevy Chase Bank branches are converted to the Capitak One Bank moniker.
However, Welber says, the name is here to “We decided that Chevy Chase Trust is arecognizables name, and it carries the right image,” he “We felt it was a brand we couldf build on.” Chevy Chase Trusr was founded in 1999 as a spinoff from LLC, an institutional investment company also previously owned by Chevy Chase Bank. ASB Capitao Management and Chevy Chase Trust are still owned by the familuy and share somesenior managers, includin Welber, who is CEO of both businesses. Chevy Chasse Trust now has about50 employees, $2.4 billiom in assets under management and $13 billioj in total assets.
Some of its investments have soared in valuwe even as most of the markeyhas tanked. The company’s multi-cao equity portfolio, for example, is up 27 percent sinces its inceptionin 2001. Over the same the 500 Index isdown 15.3 Given its performance, Chevy Chasse Trust has attracted the attention of many potentiap clients, as well as interest from other wealth managers looking to sell theirr businesses, Welber said. “This coul be a once-in-a-career to benefit from the upheaval in the wealtnhmanagement industry, he said. Welber hopes to double the company’sd assets under management to $5 billionj over the next three years.
Andrew Reese, a recruiter with who specializes in the wealthmanagement industry, agrees that Chevy Chasde Trust is well-positioned to benefit from the turmoil roiling many large conglomerate institutions. “How much [they benefit] depends on how well they he said.
Monday, September 13, 2010
Fontainebleau's Soffer caught by Lehman Bros. bankruptcy - Washington Business Journal:
stelauguqdinec.blogspot.com
“When the retail division of the project lost accesa to fundingthrough Lehman, it was unabl e to repay the resort for its sharre of costs,” said Scott Baena, of Bilzijn Sumberg Baena Price Axelrod, who represents Fontainebleau Las Vegas LLC in the bankruptcy. “Thar put enormous stress on theresort entity, and that was the beginninhg of the problems.” Fontainebleau Las Vega s LLC and two of its affiliates filed bankruptcy petitions in Miami late Tuesday. The Fontainebleau Miami Beach is not included inthe filing.
Soffer, also principal with Turnberryy construction anddevelopment companies, has personal guarantees on portions of the retail componeng of the Las Vegas but those portions are not in bankruptcyt yet, Baena said. The complezx is 70 percent completed. Since Decembee 2008, Lehman refused to make any advances underthe project’z $315 million construction loan, according to a motion to maintaim cash management filed in the After Lehman’s refusals, money stopped flowingf through the retail entity to the resort entity. In other lenders pulled their financing, and construction on the resorf stoppedin May, Baena said.
The company said in a news releasee that the decision to file Chapter 11 was the result of litigatioj with the other lenderws on project aboutnearly $800 millioh in construction funding for the Other lenders include , JPMorgan Chase Bank and Deutsche Bank Trust Co. Americas. In the shortf term, the company is seekingg to stabilize and protect the finishex portion ofthe building, Baena said. “It’ds no longer possible to downsizrthe building,” he said. “The 30 percent remaininh construction is principallythe We’ve got a lovely building waiting to be finished.
”
“When the retail division of the project lost accesa to fundingthrough Lehman, it was unabl e to repay the resort for its sharre of costs,” said Scott Baena, of Bilzijn Sumberg Baena Price Axelrod, who represents Fontainebleau Las Vegas LLC in the bankruptcy. “Thar put enormous stress on theresort entity, and that was the beginninhg of the problems.” Fontainebleau Las Vega s LLC and two of its affiliates filed bankruptcy petitions in Miami late Tuesday. The Fontainebleau Miami Beach is not included inthe filing.
Soffer, also principal with Turnberryy construction anddevelopment companies, has personal guarantees on portions of the retail componeng of the Las Vegas but those portions are not in bankruptcyt yet, Baena said. The complezx is 70 percent completed. Since Decembee 2008, Lehman refused to make any advances underthe project’z $315 million construction loan, according to a motion to maintaim cash management filed in the After Lehman’s refusals, money stopped flowingf through the retail entity to the resort entity. In other lenders pulled their financing, and construction on the resorf stoppedin May, Baena said.
The company said in a news releasee that the decision to file Chapter 11 was the result of litigatioj with the other lenderws on project aboutnearly $800 millioh in construction funding for the Other lenders include , JPMorgan Chase Bank and Deutsche Bank Trust Co. Americas. In the shortf term, the company is seekingg to stabilize and protect the finishex portion ofthe building, Baena said. “It’ds no longer possible to downsizrthe building,” he said. “The 30 percent remaininh construction is principallythe We’ve got a lovely building waiting to be finished.
”
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