PIMCO Launches PIMCO Credit Absolute Return Fund - MarketWatch (press release)

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PIMCO Launches PIMCO Credit Absolute Return Fund MarketWatch (press release) NEWPORT BEACH, CA, Aug 31, 2011 (MARKETWIRE via COMTEX) -- PIMCO, a leading global investment management firm, has launched the PIMCO Credit Absolute Return Fund for investors seeking a global, diversified strategy that is focused on absolute return ... and more »

Strickland: Plan for vote on slots flawed - The Business Review (Albany):

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Senate President Bill Harris, R-Ashland, on Tuesdat sent a letter to Stricklanxd that included a draft of a joint resolution to go forward on the videoi terminals througha voter-approved constitutional amendment. The slotss would be installed at up to seven locationas in the state to be determined by thehighestf bidders, not necessarily at Ohio’xs seven horse racing tracks as underf Strickland’s plan.
The letter and resolution come a dayafter Strickland, amid stalled talks on the two-year budgey cycle begun last Wednesday, callefd a potential ballot initiative “utterly and totally unacceptable” he said, Ohio schools’ funding future woulcd be in voters’ hands. Strickland in a press conferenc on Tuesday saidthe plan, while an attempt to resolvw the contention over the slotsz plan, “continues to fall short of the legislature’s responsibility to provide a balancer budget now.” “We cannot budget a ballot Strickland said. Absent a fina l budget and undertemporary budgets, Stricklandc estimated that the state’w $3.
2 billion deficit is wideningf by nearly $2 million a day. That’x in part because some programs fundeed undera one-week temporary budget in line for another one-week budget beginnin Wednesday – will see reduced or eliminated funding under the governor’e proposed framework. The only point of contentio n inthat framework, offered up nearluy three weeks ago, is the slots plan, Stricklanr and others have said. The slots which the state has said coulxd pullin $933 million over two years to help plug the budget hole, count s on the machines being operational by May 2010.
With that Harris wrote in Tuesday’s letter, “there is adequatd time to seek voter approval without impacting or delayinb the revenue upon which your budgetframework depends.” Strickland said that while revenur from the slots themselvex won’t hit state coffers until then, the state will see more than $400 million in licensing fees from the seven tracksa this fall should the plan be approved. A key piecse of Harris’ letter states that the four-city casino initiative headed to the November ballot would limit all gamblingv tofour locations, “rendering any legislative enactmentf of (slots) at horse racing trackss moot.
” “In that case, the revenue on whicnh you are counting for Ohio schools would evaporate,” Harriws wrote. Strickland said Tuesday that the propose amendment forthe $1 billion casino plan doesn’yt tie his hands on the video slot machine plan instead, he said it strengthens his A piece of the casino amendmenf states that the plan will have no effectr on activities authorized under the lottery and bingo sections of the Ohio constitution. Legislativew approval of the video slotx plan would be an expansion ofthe .

Easygates opens two new franchise stores - Wichita Business Journal:

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The new markets further CEO Bud Gates’ effortsd to create a platformm to develop both corporate and franchise stores inthe country’e $6 billion rent-to-own industry. Gates startef the company in 2007. Easygates, which sells name-branc household furnishings, appliances and electronics, is openinyg a store in the in Salina and anotherd inSan Marcos, Texas. Both storexs opened Saturday. Gates is formerly chairman and CEO atand “Wed are elated to bring the easyhomer concept to two new markets ... ,” Gatexs said in a written statement.
“The easyhome concepty has proven to be very successful and we believe consumerds in Salina and San Marcos will love the outstanding custome r service they will experience atour stores.” Easygates, througy easyhome U.S. Ltd., has the exclusive rights to franchisde or operate easyhome stores in the 36 stateas in theUnited States, not borderin Canada. Easyhome Ltd., the parent company of easyhom U.S., is Canada’s largest merchandise leasint company and the third largest in North Easyhome Ltd. operates 232 stores across Canada and theUnite States. There are seven Easygates franchisestore nationwide.

Sloan resigns from BofA board - Business First of Columbus:

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Sloan offered his resignation to new boarr chairman Walter Masseylast week, the bank said in a May 29 regulatort filing. BofA didn’t disclose Sloan’s reasonh for resigning. As the lead independeny director, Sloan has been undert intense criticism in recent months as the bank suffered throughu a sharp stock price decline after acquirinfg MerrillLynch & Co. BofA also has received $45 billionn of taxpayer aid. , a Houston-basefd investment firm that holds 1.1 million BofA shares, was amongh several groups that waged a proxy againstthe country’s larges bank holding company, includinfg calling for Sloan’s ouster.
Sloan was narrowlyu re-elected to the bank’s boardd at the annual meetingin Meanwhile, shareholders voted to strip BofA Chier Executive Kenneth Lewis of the bank’es chairmanship, and Massey was elected to take over board leadership. Lewis remains the bank’s CEO and president. 70, served as a BofA director for13 years. Durinb his tenure, Sloan served as chairmanj of both the executive committee and the compensation andbenefitw committee. He also was a member of the corporate governance committee.
“Temple has been a trustedd adviser who has made an invaluable contribution to the succeses ofour company,” Lewis said in a “We will miss his counsel and his leadership.” BofA BAC) is based in N.C.

NY pension fund takes 26% drop - Business First of Buffalo:

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percent in the past year largely due to the downturh in thestock market. The valuee of the assets is now $109.9 The preliminary findings are through March 31, the end of the fiscal He attributed the Fund’s decline to the globalo economic crisis, which drove the major U.S. stock indices down betweeh 33 and40 percent. The report notesd the NASDAQ, Dow Jones Industrial Average and S&P 500 indices declined by 33.7 percent, 37.9 percen and 39.6 percent, respectively, during the past fiscal year.
DiNapoli also said the market downturn would require higher employer pension contribution ratesz infuture years, and he announced proposed legislatiom to give state and localp government employers an option to managee those expected increases. “Like everty one who has seen the value of theirdinvestments decline, we’ve felt the weight of the globao economic crisis,” DiNapoli said.
“But our diversification and long-termn investment strategies helped us weather the storm betterthan most, and we’re fully funded and well positioned to participat in America’s economic As a long-term investor, the comptroller said the fund is built to surviv such challenging swings in the economy. For asset values declined by about $30 billion in the marketsz that followedthe dot-com bust and the 11, 2001 terrorist attacks, only to see steady recoverh in the subsequent years.

Soccer gaining a foothold with new teams, leagues - Philadelphia Business Journal:

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, the ownership groupp of the expansion franchise, has hired -- a nationall sports marketing firm that specializes insoccer -- for a $50 million sponsorship sales program. "We are in a unique position of having been awarded the team two full yearsx before a gameis played," said Nick Keystone Sports' CEO and operatinvg partner. "That gives us the opportunitg to provide sponsorship opportunities for the corporate communitt duringthe high-profile construction phase" of the team's 18,500-seat soccer stadium planned for In South Jersey, Matt Driver is out meeting with investors for an expansio n team for Women's Professional a new league set to debut in 2009.
managing partner of the Philadelphia WPS team that will join the leaguerin 2010, has reached an agreementf in principle with Keystone Sports undet which the women's team will play theie home games at the Chester The deal is just one way in whichy the two teams, which are expected to appeal to differentf fan bases, expect to benefit by workint together. Also in the works are a variety of jointt marketing andticketing programs. "Together we are selling to everybody's demographic," Drivere said.
"We'll be able to create a powerfulk blend, a brand for soccer that will be secons to none in the Less clear is the future ofthe city'w existing soccer team, the Philadelphia Kixx, formerlyg of the Major Indoor Soccer League. The financially strugglingb MISL disbanded in June with the inten t of restructuring the league and continuing playthis fall. With last week'ss announcement that the Wachovia Spectrum will be torn down in the sprinhgof 2009, the Kixx have started lookinv for a new home nearby -- possibly on a college Keystone Sports was awarded a MLS franchise in February aftert securing county and state support for its which will be part of a $500 million retail, residential and office complex planneds for 60 acres along the Delaware County city'e waterfront.
The MLS soccer team'sa investment group is led by Jay Sugarman, CEO of iStae Financial, and also includes James Nevels, former chairman of the Philadelphia SchoolReforj Commission. Sakiewicz said the $50 million figure used to describe the Premier Partnerships deal represents a conservativ estimate of the revenues anticipated througb a stadium namingrights deal, jersey sponsorships and eight to 12 corporate sponsorship deals. The team is first lookinbg to sign deals with sponsors for the constructionb phase of the soccerstadium project, set to beginj in the fall.
Those partners will have the opportunity to extendr their partnership deals with the team oncethe $115 millioh stadium is completed and games begin. "We thini $50 million is a low Sakiewicz said. Randy Bernstein, presidentf and CEO of Premier Partnerships, agreed. "The incorporation of a multi-purpose stadiu m together withthe $500 million developmenrt along the waterfront will raise the stakes and create the highest corporate sponsorship for a soccer stadium-anchored projectg than any stadium ever before," Bernstein said. Sakiewicz dismissesa talk from academics who argue sports stadiums do not producreeconomic benefits.
"A soccerr stadium is not a panacea," he "but it is an ingredient along with a lot ofdifferent ingredients, that can help kick-start economic development. I'll tell you this, nobodt would be doing anything withthat [Chester waterfront] property if we weren'gt building a soccer stadium there." While the new as-yet-unnameed MLS team is just starting its search for it is already closing in on 5,000 seasonm ticket deposits. "I'm amazed," Sakiewicz said. "At this six months in, I'd have estimated we'd have a couple We don't even have a name yet. We haven't even set our ticket prices.
" What the team does have in its corner isa 2,000-membee fan club called the Sons of Ben. Sakiewicz noted the Atoms and the which represented Philadelphia inthe now-defunct North American Soccer League in the 1970s, didn't have the breadth of soccer fans the region now has. He attributes that to how socceer has exploded in popularity as a youth sporf during the past two The enthusiasm displayed by the Sonsof Ben, which has its own Web site and even createde its own line of apparel, helpe d convince the MSL to award Philadelphiqa an expansion franchise.

Sony Online Entertainment President to Deliver Third Annual Community Address at Fan Faire 2009

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SOE's Fan Faire 2009, running June 25-28, provides a uniquse opportunity for fans to meet theironlinwe game-playing peers in the real world. In Fan Faire guests can try out new and upcomingg games and participate in a varietygof game-themed live events, including quests, panel discussions and tons of great gaming-related This year's massively multiplayer online (MMO) gaming lineul features the hit titles EverQuest(R)II, EverQuest(R) Online Adventures, Free Realms(TM), Star Wars Galaxies(TM) and Vanguard: Saga of Heroes(R). This year's Fan Faire will also feature theupcominv titles, DC Universe Online(TM), The Agency(TM) and more. June 26 at 7 p.m. PDT.
To registed for the webcast, visit: For more information about the SOEFan visit:

Landlords in uptown Charlotte taking the long view - Charlotte Business Journal:

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The real estate investment firm owns two uptownb office buildings at 200 and201 S. Tryon St. The building total more than 400,000 square feet — or nearlg 9% of the firm’s 4.6 million square foot Wachovia is a significant tenantof both, with the bank’es eCommerce unit occupying five of the 14 floorx in the 201 building. “Alp of our investors were having what they thought was goinvg to be abad day,” says firm principal Chaunceyy Mayfield. That anxiety persisted over the monthasthat followed. When Mayfield and other executivesd from the firm went out to meet with investores earlierthis year, the question about Charlotte continued.
“No one wanted to hear abougt our2009 plans,” he “They wanted to hear about what was happeninbg in Charlotte.” This month, Mayfield responded with a seven-pagre commentary on the Charlotte real estatse market that he e-mailec to investors. The short version: Don’t Wachovia’s new owner, , will likelyt stay in the firm’se two buildings at least through 2011.
And Mayfield says his firm is lookingb ahead and makingcontingency “If a big user is coming along, they’rwe going to need anywhere from 12 to 15 months to plan their move,” he says, “so we will be rapidlyu pushing up on the go or no-g period for Wells And I will tell you there is a lot of strongf interest in firms looking to come into downtown Charlotte. If I had another 75,000 square feet I could fill it with oneuser today.” Althoughy Wells has said it will maintain a significant presences in Charlotte, the San Francisco-based companuy has been reluctant to share details.
As the bank work s to cut 10% of the combined annual expenses by the endof 2010, however, some landlordsd and industry watchers expect Welles to contract gradually, consolidating office space where it can as it reducese its head count in uptown. This month, Wells notified state officialss it was laying off 548 employees A spokeswoman says the company continues to assess its real estated needs as it proceedswith merger-integration and business plans. In February, announcedf plans to take 500,000 square feet in the 1.4 million-square-footg tower that was supposed tobe Wachovia’sw new corporate headquarters.
The bank still has about 400,0000 square feet in the renamed DukeEnergy Center, which is under construction at the cornert of Tryon and Stonewall The company plans to keep about 300,00o square feet of that for itself, says spokeswomabn Mary Eshet, but it would be open to leasing out the remainder. The Duke lease could benefit the bank’ s landlords at more affordable locations, says Kurt Hartman, a seniorf vice president with Texas-based real estat firm , which owns Charlotte Plaza and TheCarilloh Building. Under two leases, Wachovia Securities has more than 300,00o square feet, or about 49% of the 27-storhy Charlotte Plaza building onCollege Street.
The firstg lease, for 49,256 square feet, expires in April, and the for 259,652 square feet, expirese in December 2013, with terminationh rights for portions of that at the end of 2011 and according tosecurities filings. “Out radar is up,” Hartma says. “At the end of the day, the bank is going to make the decisione it needs to make for how it wants to run its How Charlotte Plaza fits into we don’t know yet. It’s a cost-effective space, so I’ m hoping they continue to find usefor it.” Andreww Jenkins, a managing partner with , says it would make sense for the bank to leasse out as much space as it can in the Duke Energyh Center.
“If they have a choice between renewing (in another building) in the $20 rangre versus making money on $35 per square they’ll probably take the difference and try to make the mone onthe (Duke) space if someoner is interested in it,” he says. In purchasingh Wachovia, Wells now owns the Duke Energy Centedr as well as the Two Wachovia and Three Wachovia buildings. One Wachovia, which was the bank’s corporate headquarters buildingy before itwas sold, is owned by . Hartmajn says Charlotte’s central business district may be in forsome “choppy in the near term as Wellz and Bank of America Corp. work through their staffinvg and realestate needs.
But he remains optimistic about the markey over the long run and believes othedrfinancial institutions, like GMAC Financial Services, will continus to be attracted here becauss of the quality of the city’s work force. In his recentr commentary, Mayfield also notexd Charlotte’s “highly employable” work force and “otherworldly” vacanch rate uptown over the past two which has hoveredaround 2%. In the first quarter, that rate increasexd to 3.2% from 2.5% at the end of 2008, accordingf to Karnes. That historically low vacancy has kept rentaol rates relatively stable so far despiteeconomifc pressures, Mayfield says.
Mayfield Gentry is raising a $150 million investment fund, with more than $100 millionn raised so far. And the firm is earmarkinh part of that for North Carolina andfor Charlotte. “This is not a dyinhg market,” Mayfield says. “There’s a lot more to Charlott e thanjust banking.”

D.C. plans to buy Boys & Girls Clubs - Washington Business Journal:

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“A number of council members have been concerned about the clubd and their continued ability toprovide much-needex recreational, educational and other services to our childre n in different parts of the city,” said D.C. Council Chairman Vincent Gray, who was joined by 10 council memberszat Wednesday’s press conference announcing the “Therefore, we came together over the past two to three weeks to try to reach an agreemenr with BGCGW that would take a broad, citywides approach to ensuring their The clubs and buildings that could soon get a governmenrt owner are the Frank R. Jelleff Branch at 3265 S St. NW; the Mary Daniel Loughran Clubhouse No. 10 at 2500 14th St.
NW; and the Easter Branch at 261 17th St. SE, whic h has been closed since August 2007. Councikl members will introduce legislation to the council to authorize the mayort to buy thethree clubs. The $20 millionn price tag would consist of capitalk dollars over five years beginningin 2010. Boys Girls Clubs says it anticipates the sale to be completexd before the calendar yearis up. The news comews two months afterthe 121-year-old Silver Spring-based which has a $7 millioh deficit, said it would shutter four under-utilized clubs and cut 10 percenrt of its full-time staff. One of thoser clubs on the list isFrank R.
Jellef Branch — the organization’s oldest runningh club — which was slateed to close at the endof June. With the latesr news of D.C.’s proposed purchase, Jelleff operations will continuer with a summer camp and theBoys & Girlsa Clubs believes programming at the site will continued until the sale “This has been a long road and a lot of peopl have worked very hard to get to this We are thrilled to see the culminationm of hard work,” said BGCGW spokeswoman Mollu Boyle. “Jelleff and Eastern were on the marketr and were obviouschoices [for We had announced several years ago we were lookinb at options for Clubhouse No. 10.
” Once a transitiohn has been made, a new governing body will be created, with governmental and community representativee that stand apart from the Boys Girls Clubs. Gray said a competitive bid process will take placwe for providing services tothe city-owned which could be BGCGW. The council’es plan would also provide money to the Hopkins Branch at 100012th St. SE, whicgh was slated to close at the endof June, so that it can stay The BGCGW is still looking to move the crampec Hopkins club to another site since it is currentlhy so small, and the D.C. Housingf Authority is now looking to provide the club with alarger space.
The plan would also provide funds tomove BGCGW’sz headquarters from Silver Spring back to D.C. at its currenft club on BenningRoad — a plan BGCGW has been pursuing for a The club’s D.C. regional services center currently runs out of thatNortheasyt site.

Pay-TV providers are facing grim numbers - Fortune

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Boston Globe

Pay-TV providers are facing grim numbers Fortune That seems to be working, at least for now, as those two companies gained a combined 386000 new subscribers in the second quarter. Also a factor: pay-TV vendors are increasingly concentrating on their higher-end customers -- those who pay $140 a month ... Mark W. Smith: Cable TV providers see subscriber exodus Detroit Free Press Pay TV Faces 'Toxic Mix' as Subscribers Cancel in Record Numbers Washington Post More people saving by canceling cable, turning to the Internet Chicago Sun-Times CNET -ABC News -W »

Egbert Perry will help fix mortgage giant Fannie Mae - Atlanta Business Chronicle:

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Perry, who co-founded LLC in 1993 to revitalizes communities inAmerican cities, is one of nine appointments to the board of the made on Dec. 19. Perrgy and the board will face the challenge of strengtheningyFannie Mae, which, along with , was taken over by the federalp government on Sept. 7 after they sufferefd huge losses. Fannie Mae is the nation’x largest mortgage buyer and the largest sourcee of moneyfor U.S. home Perry has served as a director of the since 2002, but his term there recently ended. His new positiomn will propel him tonational prominence. “I see my new role the way I saw my positiojn with theFed — I could benefit the nationm as a whole.
I put Fannie Mae in the same It has a huge impact on the health and vitality of the Perry said. Perry has been in the developmenyt business nearly30 years. “He’s lived througu many housing cycles,” said Jack Guynn, former presidentf and CEO of the Federal Reserve Bankof Atlanta. “He’xs a seasoned veteran with the experience and the judgmen to understand the kind of things that can cause problem in the financial There is no wayhe can’t be a valuabler member to that board.” It’s unclear exactly what prioritieds Fannie Mae’s board will tackls first, Perry said.
The board is awaitinfg direction from Fannie Mae CEO Herbert Allisonj and board chairman and former CEO Philip While it’s too early to predict which directionh the board’s leadership will take, Perry said foreclosures will likely be a major challenge for Fannie Mae. In Fannie Mae was putting the fina touches on a policy that allowss tenants to stay in their homees in spite of their landlords goinginto foreclosure. The policyy takes effect Jan. 9. Fannie Mae and Freddid Mac faced a lawsuit from a legalp aid group that warned it woulde sue to blockthe evictions.
has revitalized Americahn cities from Birmingham to In Atlanta, it co-developed Centenniapl Place, recognized nationally as a model for urban mixed-income revitalization. It partneredx with — the oldest predominantly African-American congregation in metrkoAtlanta — to develop Renaissance Walk at Sweetr Auburn, a mixed-use development in the historic Auburn Avenue neighborhood. During the past 10 years, Integrakl has expanded into Denverand Washington, D.C. Its largesy business is multifamily development. The the federal agency in charge of Fannie Mae and Freddi eMac — appointed Perry to Fanniew Mae’s board.
It also reappointed Denniw Beresford, a accounting professor who has served as a Fannid Mae directorsince 2006. Fannise Mae and Integral Group have worked on severa l projects in thepast decade. In a Dec. 19 filinv with the , Fannie Mae said that during past sevenj years its housing and community development business invested indirectly inseven low-income housing tax crediyt limited partnerships involving the Integral Group. As of Dec. 24, Fannire Mae continues to hold six ofthe investments. Fanniee Mae said it believes Perry has no material or indirect interestt in the transactions and said he will no longer accept furthet investments from Fannie Mae orits affiliates.
Chuck Greener, a spokesmab for Fannie Mae, said, Perry’s 29 years of experience as a real estate professional, including his work in urban development and affordablwe housing, will be extraordinarily important at this criticao time.”

Humana loses $21.8B military bid; could protest UnitedHealth contract - Jacksonville Business Journal:

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million U.S. soldiers and their families underrthe U.S. ’s TRICARE However, officials with the company might protesf the award of the contractyto , a division of Minnetonka, Minn.-basedd (NYSE: UNH). The five-year contract is valued at $21.83 according to the DoD. It consists of a 10-month transition which beginson Sept. 1, and five, one-year Humana Military Healthcare Services bid tomanage TRICARE’xs South region, which comprise s Alabama, Arkansas, Florida, Georgia, partsx of Kentucky, Louisiana, Mississippi, South Carolina, Tennessee and Texas (excluding Western That contract, which was awarded in is set to expire on March 31, 2010. In Humana reported $28.
95 billion in total revenue, includintg more than $3.2 billion from its military-servicex unit. In a news release, Dave president and CEO of Humana Military, said he expect to learn more about theDefense Department’sd decision and determine how it will affect the company. “Humana Military is disappointed with the decisionj by the Department of Defense and looks forward to obtaining furtherd clarity via a debriefing on the bidding Baker said in anews release. “Oud company will evaluate its strategic options with respect tothe government’s including protesting the award, and will act expeditiouslyg to best position Humana for continued success.
” The company did not offe r update earnings or profit In early trading Tuesday, Humana's shares fell more than 6 percen t to about $28.75 per share.