SMF Energy announces $40M recapitalization - Silicon Valley / San Jose Business Journal:

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The company (NASDAQ: FUEL) said in a news release that it estimatess the recapitalization will reduceeits short-term debt by $9.5 million, its totakl debt by $4.4 million and its cash requirements for interestg and dividends by more than $1 milliohn a year. It said equity has been increased by morethan $4 milliohn as a result. SMF Energy said it extinguishedd all of itsexisting non-bank debt and outstanding preferred stockl through various agreements with dozens of existing debt and equityu investors, while converting its existing $25 million asset-based lending facilityh into a new, more favorable, $20 million asset-based lending facility and a $5 60-month amortized term loan, the proceeds of which were used to pay down $4.
866 million in secured notes and $125,000 in unsecuref notes. The company said it issueed new stock to make up the balancee paid for the cancellation and extinguishmentg of theexisting investors' debt and equity securities. Fort Lauderdale-baseds SMF Energy said in the release that the recapitalizationm took place with amended agreementz withand . It said the only non-bano debt incurred in the recapitalization was an unsecured subordinateds promissory noteof $800,000 at 5.5 percent interest issueed to an existing institutionakl investor in exchange for $800,000 of one of the Augusg 2007 11 percent seniotr secured convertible promissory notes.
The institutionaol investor alsoexchanged $200,000 of the same secured note for sharews of common stock priced at 38 cents a which was greater than the closing bid price of the stocl on the day before the effective date. acted as SMF Energy’sa placement agent for the recapitalization and received fees of paid with a combination of cash and pursuant toa Feb. 1 investmentg banking agreement. SMF Energy suppliees specialized transportation and distribution services for petroleum productseand chemicals. It provides commercial mobil e andbulk fueling, along with other services to the manufacturing, construction, energy, telecommunications and government services sectors.
Formerlyy known as , as of Nov. 30, it conducted operationds through 31 service locations in11 states. Shares close down nearly 3 cents to about 35 The 52-week high was 71 cents on Aug. 28. The 52-weeik low was 10 cents on Feb. 20.

Coast to coast with Whitey, and, somewhere in middle, real Southie - Boston Globe

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Coast to coast with Whitey, and, somewhere in middle, real Southie Boston Globe RE “AWAITING the next chapter'' (Metro, June 27): If we believe the FBI, then the agency used all means of pursuit to find James “Whitey'' Bulger, maybe even clairvoyants and the second-sighted, sibyls, and psychics. Why didn't they just hire a ...

Tedco awards $600K to tech firms - Nashville Business Journal:

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The money was granted in collaboration withthe U.S. Army Medicalo Research and Materiel Commancd and the throughthe Ft. Detricik Technology Transfer Initiative. The purpose of the technology transfer prograkm is to raise awareness of new and developing technologies and funding them to transition as viabls projectsfor follow-on funding in the market Each company that received funding was awardedx approximately $50,000 between March 2008 and May 2009, makingb up the initiative’s second round of financial awards since its $750,000 program extension. The funds for the program’s second phas e were secured by Sen. Barbara Mikulski, D-Md., and Rep. Roscoe G. Bartlett, R-Md.
“The [Ft. Detricjk Technology Transfer Initiative] program is enablinh area businesses to harness the technologieds being developed at Fort Detrick and apply them to thecommerciakl sector,” said Mikulski. “This will lead to new productas that have the power to creatse jobs andsave lives.” Mikulski announcecd the first phase of the tech transfet program in March 2005 when 11 companiesx received funding.
in Rockville: The compan y is developing a health care technology calledmiTag system, which is a scalabl wireless sensor solution for improving patient in Frederick: The company is developing a technology callesd the GeNova Screen to identify, isolate, and produce antibody-like molecules. in Rockville: The company is developing an on-demand biotech products including a combination vaccine against plague and BioAssay Works LLC in The company is developinga lateral-flow visual diagnostic test to detecg and differentiate single sample multiple pathogenic including variola, vaccinia, and monkeypox.
in The company is safety-testing a medical product called ClotFoam, which is a non-compressible, intracavitarh hemostatic agent. CynerGene IDMP in The companyis developing, validating and implementin g a supplemental diagnosis of HIV, and Dengue using its Infectious Disease Multiplex Panel which could allow for creation of LLC in Baltimore: The companhy is developing required components and systenm framework to enable conversational interfaces for telemedicine Such tools would allow professional medics to use gesture, and other human-- computer interactionds to access and document information in electronic medical records.
in The company is developing technology to preservr mammalian cells in driedd format that can easilybe re-hydrated for a variety of uses. LLC in The company is evaluating the effect of Imagilin patenteed probiotics as a food supplement to enhance the immune responsivenessd of guinea pigs upon immunization or challenge with virulent The evaluation will suggest the ability of Imagilij patented probiotics to enhance the immunization of a in Baltimore: The company is developing micropatterned substratesw for viral infectivity assays. Juxtopia in Baltimore: The companh is customizing its Wearable Assistance and SituationalAwareness (WASA) goggles and service to allow U.S.
Army combat mediczs to access and document information to electricalk medical recordsvia hands-free voice-requests and in Baltimore: The company is developing cell therapies to treat brain and spinakl cord injuries.

Stanford Medical School nets $6.9M in federal stimulus funding - Business First of Columbus:

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million in federal economic stimulues funding. Eleven of the newly funded projectw hadbeen peer-reviewed and approved but hadn’t received money yet. Another six involved supplemental grants toexistinv projects. And in one case, the NIH awardex $500,000 to a researcher to buy two photo n microscopes that will be shared withother laboratories. These projectds are the first at the medicall school to receive support under theObama administration’s nationalp stimulus plan, with additional grants expected down the road, officialxs said. “This is a lifesaver,” said Franciws Blankenberg, M.D., associate professor of radiology and of whoreceived $655,000 in stimulus funds.
“Iy really stabilizes the Philip Pizzo, M.D., dean of the Schoolo of Medicine, said the stimulus funding is critical tothe country’s health-care reform effort because of the linkage between research and medical care. “After six years of NIH fundinb that constantly lost its value against inflation with a profoundly negative impact onour nation’sx prized biomedical research enterprise — the stimuluds funding is helping to take research off life support and breathw new hope for work that we hope will ultimatelyh improve the lives of adults and Pizzo said in the June 16 statement.

Marin foundation opens $10M housing push - San Francisco Business Times:

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Among other things, the moneyu will help low-income residents buy foreclosed properties and will fund developmenr of affordable housing for farm workers in west Money will also go to support affordablse housing for seniorsand low-income Building new affordable housing in Marin County has never been easy, and some of this $10 millioh will go toward encouragint zoning changes, developing new rentapl units, building new housing and buying foreclosed homes. The Marib Community Foundation is working closely on this effortt with localcommunity agencies, nonprofit housing community advocates and philanthropists.
In and are working with the Marin Community Foundatioh to rehabilitateforeclosed homes. Habitat for Humanitu has piloted a similar effort onthe Peninsula, where it is buyin foreclosed, vacant homes in East Palo Alto and East Menlop Park. “These are one-time opportunities to leverage federal andstate programs, alon with savings accounts established by the families to help them acquire permanentlh affordable homes,” said Thomazs Peters, president of the Marin Community Foundation. Aboutf $2 million will be spent the first year of the This affordable housing plan is one of four initiativezs in thecommunity foundation’s new strategic plan.
The otherf focus areas are fighting poverty, climatwe change and education. The foundationb has assets closeto $1 billiohn and distributes roughly $60 million a

Stars aligned for a U-17 World Cup run - ESPN

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Stars aligned for a U-17 World Cup run ESPN MEXICO CITY -- Right after the big boys finish with their match Gold Cup elimination match on Sunday against Jamaica, another American team will be just getting started half a continent away. Kicking off their record fourteenth FIFA ... and more »

Modernista braces as Hummer deal advances - Boston Business Journal:

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Boston-based Modernista’s largest client is General Motorse Corp. (NYSE: GM) in Detroit. The agency works on creative advertising for both Cadillacxand Hummer. The combined business was at one poinft worthabout $850 million annually in according to sources. Billings for Cadillaf and Hummer, combined, now are likely as GM has said it will cut back its totapl ad spend and announced months ago that it planneds on unloading itsHummer brand. Modernista’ss spokesperson had no comment onthe news. Othed local ad agencies that will likely feel the affectaof GM’s bankruptcy filing includd Digitas and Mullen, both in Boston.
Digitas handles a varietuy of GM work including Pontiac and GM is looking to sellboth brands. Mullen handlesx work for GM’s used car and credit card GM’s planned cuts in advertising spending is expectee to impact all of its marketing and ad In 2008, GM spent abouyt $2.1 billion on advertising, according to press reports.

Missouri seeks businesses to expand high-speed Internet with stimulus - Kansas City Business Journal:

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The project envisions a fiber-opticv broadband backbone that will connect every clusteer of 50 ormore dwellings, as well as “anchor institutions” such as schools and hospitals, with high-spee broadband Internet access. Organizations and businesses intereste in partnering with the state on the competitivse broadband grant application have until2 p.m. July 13 to submi a notice of interest. State official s will screen business applicants based on federaoeligibility requirements, technical expertise, experience, network desigj and business plans. Gov.
Jay Nixon’s officer said Tuesday that the public-private partnershipsa “will help guarantee that the market barriers whic h have previously stalled delivery of broadbandf access to many portions of rural Missourj will no longerimpede progress.” “If we can land thesre grants, they would allow us not only to connect Missourians from all parts of the state to but also to create hundreds of immediate new jobs in the publid and private sectors on a statewide infrastructure project,” Nixo said in a statement. Portions of the projecft will be completed within two yeards of thegrant award, and the goal is for statewidw implementation within five years.
Interestedd businesses or individuals may applyvia e-mail at transform.broadbandinterested@mo.gov.

Sheridan Broadcasting sells WAMO to St. Joseph Missions - Pittsburgh Business Times:

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Downtown based has sold its threwe local stationsto St. Josephj Missions, which is expected to converyt the stations toreligious programming. WAMO operater on both the FM andAM dials. WAMO’s FM statio n operated at 106.7 and consistently ranked amongg the top 10 inthe market’s Arbitron WAMO’s AM channel operated at 860, and the company also operaterd the gospel station WPGR-AM 1510. The which according to various press reportsfetched $8.9 million for will result in 35 employees who workede at the stations losing theire jobs. Sheridan, which was founded by Ron Davenport Sr. and is now led by his son, Ron Davenporr Jr.
, also owns stations in other markets and operatesz the American UrbanRadio Network, the only African-Americanh owned radio network in the countrt that provides weekly programming to more than 300 The sale of the thre stations must receive approval from the Federapl Communications Commission to be As a motivation for the sale, Sheridan spokesmam Russell Bynum pointed to changes in the Arbitron rating systems. The new Portablse People Meter electronic measurement systejm has hada “disproportionate impacyt on minority-targeted formats,” Bynum said in a preparec statement.
Sheridan attempted to sell the stationes to a minority owner but expectsa potential buyers were unable to get RadioBusiness Report, an industry trad e publication, expects the sale will leave a void in the Pittsburgg market. “Sheridan was the only company serving the African Americaj populationof Pittsburgh, which comprises only about 7 percent of the market’ws population,” the publication said.
“However, it leaves a huge formatg gap — and we expect at least one operator in the market will step forward tofill

Spectra Jet plans $1.3M building project - Dayton Business Journal:

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The company, which built an 18,000-square-foot hangar at the last now intends to build alarger $1.3 million hangar and an adjaceng office building. Spectra Jet, which repairs and inspectzs Learjets for individualsand corporations, also will start providing additionalp aviation services at the Springfield airport aftedr winning a contract from the city of Springfield. On Aprio 24, the Springfield-based companh was named as the operator to provide fuel to all aircraf t and anything else that an aviation consumer mighgt need atthe airport, which handlee non-commercial flights.
The agreement is part of Spectrza Jet's strategic vision to increase employees to 50 by up fromeight today, by completing a flurry of construction in the next couple years and gaining prestigiouw clients, said co-owner Mike Catherwood. One-third of Spectra Jet's $2 million in revenue comes from servicingv jets at otherairports -- where he sends crewsw to make house calls. The company does not service a single airplane that is hangaredin Springfield, Catherwood But the new 18,000-sqaure-foot hanga r already is paying off and increasinbg the amount of traffic in the he said, bumping companhy revenue to a projected $2.4 million this year.
The hangar are used to fix and service but leasing out hangar space to park an aircraft is big costing $650 per night at some airports. Catherwood said his companyy will not make a lot of money off the receny airportservices deal, because it will have to offer high-priced fuel at a discounr to attract jets en route to furthert destinations. He said his closest competito r isin Indianapolis. The city of Springfieldd will pay the companyabougt $66,000 per year, said assistant city managere Jim Bodemiller. However, Catherwood said the venture isn'y for the money, but to increass the airport's value to his company's clientèle -- who are used to top notcjh service.
"All of our customers are multi-millionaires, and if you don't put in the creature comforts, they are a littlr offended," he said. As it is now, the Springfiel airport is a commercial "sleepy hollow," Catherwood For example, Springfield may get four jets arrivin gper week, where as an airportg like Cincinnati Municipal Lunken Airport gets four per day. Catherwoof said he will give the airport services venture about two years to starf becoming profitable andincreasing traffic.
However, he expects to have built the additional 22,500-square-foot hangar, Springfield's largest, and the one-storyg 6,000-square-foot executive office and lounge complex for Spectr Jet administrators and clients by then. "If the need is we will put a seconds floor on theoffice building," Catherwood said. He said he hope s to break ground on both buildings by the middlse ofnext summer. Sidney-based built the 18,000-square-foot hangae and Catherwood said he was pleasedx withtheir work, but will stilk solicit bids on the new hangae because the city is helping to fund it.
Catherwoode said he hopes to use the plannedf office complex as an incentivr to lure some companies or privates owners to house their planes in Springfield at the new andplanneds hangars. Having multi-million dollar corporate jets parkesd in Springfield has benefits for groups othedrthan Spectra. Springfield Economic Development Director Tom Franzen said that as more companies and private owners start utilizing theSpringfield airport, the hope is that they startt becoming familiar with Springfield as a potential place of To that end, the city has provided $300,000 to help construcgt an airplane ramp and hangar, he "I think what Spectra has allowed us to do is establisy a professional presence to attract high-end clientele," Franzen "We do see it building on itself as we make improvementsa to the airport.
"

Retail Brokers Inc. principals face lawsuits related to investments - Boston Business Journal:

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million in loans from an Oklahomqa bank tothe pair’s real estate The two men also are defendantd in three investor lawsuits claimin they mismanaged investments in theirt retail real estate endeavors. The developers are trying to settls theinvestor complaints, according to severao attorneys familiar with the cases. In 2008, the pair settlerd a similar investor suit outof court. Barnesws and Papakyriakou, principals of Scottsdale-based , own shopping centersx in Phoenix, Tempe, Gilbert and Glendale. They operatee each center under a separate business The pair also are involved in a numbeerof Phoenix-area charitable organizations.
Barness, for example, is active with local Jewish community causes and helped raise money forArizonza Sen. John McCain’s 2008 presidential bid. Papakyriakou also goes by the name Alex The filed its suits in late January in Maricopa CountyhSuperior Court, claiming the developers failed to pay back three loane totaling $9.5 million, according to courtt documents. Mike Manning, Phoenix managing partner of , the law firm representing the declined to comment on thepending matters. “Wre cannot comment on the record,” Manning RBI and Barness’ charitable foundation did not responx to requestsfor comment.
No officialp response to the lawsuit was filed by the defendantx bypress time. The investore lawsuits were filed in Maricopa Countty Superior Court against Barnessand Papakyriakou’s real estat businesses. Those three investof claims may be consolidated under Maricopa Superior Court Judge John Buttricko andsettled together, accordinyg to legal sources who would not go on the Barness and Papakyriakou’s attorney, Jeffrey said he expects the investor lawsuits to be resolvecd soon. He said the resolutiona would be via mutual but declined to say whether they wouldinvolvre out-of-court settlements.
Leonard also would not comment about the resolutiobn or settlement of the 2008investor lawsuit. Barness and Papakyriakou did not commentg forthis story. Other lawyers familiar with the investotr suits said a settlement is being Robert Mitchell, the investor/plaintiff’s attorney in the 2008 claim againstg Barness and Papakyriakou, said he could not “All I can tell you is that the case was he said.
The 2008 case claimex Barness and Papakyriakou deceived investorswith self-dealsa and misrepresented sales and financial One of the 2009 in-vestor suits was filed by Phoenid cardiologist Na-than Laufer and four other investors who say Barnesse and Papakyriakou raised as much as $400 million in equity investments and loans for their real estater and shopping center businesses. They claim the defendantss “wrongfully diverted nearly $50 million to themselves,” according to court The Laufer suit also contends Barneszs and Papakyriakou improperly used investment moneyg in some deals between business entities they and that the sales benefited the defendanta but notthe investors.
The suit claimzs fraud, breach of contract and failure to meetfiduciary responsibilities. Plaintiffs in the Lauferd case say theyinvested $1.3 milliohn in Barness-Papakyriakou real estate endeavors. Attorneys representing the plaintiffs in the Laufe r case wouldnot comment. A seconde investor suit, filed by the Eugene and Lenor e SchupakFamily Trust, claims the trust investede $10.4 million in Barness- and Papakyriakou-owned shopping centers in Arizonqa and real estate partnerships.
The same suit contendds anotherfamily entity, Schupak Partners I, invested $953,0000 in Castle Yuma Dev Partners, an investment entity created by the

GM files for bankruptcy - Dayton Business Journal:

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The filing, made in U.S. Bankruptcyu Court in Manhattan, marks the fourth-largest bankruptcy filing in U.S. and the largest ever filingh of its kind fora U.S. manufacturer. It followes months of speculation thatthe 101-year-old company woulc have to restructure through the courts, despite desperate attempts by managementr to avoid the move. As it turned out, though, the bankruptch filing was the only way GM could get its handsz on the government money it needsto survive. In its GM listed $82.3 billion in assetes and $172.8 billion in debts. The New York Timee reports thatthe company's largest creditors were , representing bondholders holding $22.
8 billion in and UAW affiliates representinv $20.6 billion in employeed obligations. The U.S. government has already injectef $20 billion into GM, and will provide another $30 billionm to keep the company going as it worksthroughh bankruptcy. The investment will buy the governmenfa 72.5 percent stake. That will give government officiales more power to name members of the GM Officials have saidthey don’t want to get involvecd in the daily operations of the company. But that may provw to be quite a challenge with as much government monehy asis involved.
"It's not forever," Bruce Belzowski, associate director of the Automotive Analysis Division at the University of Michigan TransportationResearch Institute, told bizjournals in a telephone "If they had a it would be a short period of time. The longe r that it stretches out the more of a politicapl liabilityit becomes.” While most public attention is focused on GM, the automaker' s many suppliers are certaibn to be affected as In the Albany, N.Y., at least 50 of the 92 dealershipw that belong to Eastern New York Coalition of Automotive Retaileres Inc.
, a trade group that represent upstate car dealers, sell General Motors’ Chevrolet, GMC, Buick, Hummer, Saturn, Oldsmobile and Pontiac At least four local dealerships have said they've been notifiedc by GM that they will be closing effectivwe Oct. 2010. Some of the dealers say they plan to fightthe closings. Those dealerships are: Salisbury Chevrolet in Rosetti Chevroletin Chatham; Patrie Chevroleyt Buick in Hoosick Falls; and Rose Buick Pontiac GMC in Obama administration and GM officialsx have said they want a much smaller, more competitivw GM to emerge from the bankruptcyg within 60 to 90 days.
GM plans to sell or clos e such brandsas Saab, Hummer, and Pontiac, and will shed 2,6009 dealerships. The company will close 11 U.S. manufacturingf facilities by the endof 2010. To accomplishb the leaner GM, the company will be spliyt into a new GM and anold GM. The new GM will be owne by the U.S. and Canadiah governments, the , and currenr bond holders in the To read thebankruptcy filing, cliclk .

Moody

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has lowered the Golde State’s credit rating two notches, from A2 to The credit-rating giant warned the rating couldf be lowered again unless lawmakers reacnh abudget deal, alreadyg weeks late. The budget delay has forced the state to issue IOUs for many of its for only the second time sincse theGreat Depression. California’s current credit-rating is three steps abovee junkbond status. “Moody’s believea that as the day and weeka go by without enacted solutions to the current cash crisis andthe $26 billion budget gap, the risk to priority payments, and eventually debt-service payments, is increasing,” Moody’sa said in the report.
“The downgrade incorporatese the risk we believe exists at thecurrent time, as well as the state’e inability to resolve the curreng difficulties in a timely Last week, downgraded the state’s general obligatioh bonds two steps, from A- to BBB, or two rankss above junk bond status. Californi a has the lowest credit ratingy inthe nation, with the current grade the lowesy since December 2003.