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August 30, 2008

Prosecutors argue for Nacchio

Filed under: business — Tags: , , — Gladiator @ 9:24 am

Prosecutors will argue to an appeals court that jurors would have convicted ex-Qwest CEO Joseph Nacchio on 19 felony counts even if a procedural error that excluded defense testimony had not been made in the executive's 2007 insider-trading trial.

The Denver-based 10th Circuit Court of Appeals holds a rare second oral arguments session Sept. 25 on Nacchio's appeal, which succeeded in reversing his conviction earlier this year.

The U.S. Attorney's Office submitted its brief for the hearing Friday, detailing in 72 pages why the Denver-based federal appeals court's March order for a new trial was in error.

A panel of three 10th Circuit judges overturned Nacchio's conviction March 17 in a 2-1 vote and ordered a second lower-court trial on the grounds that one defense witness, Daniel Fischel, an expert on stock market trends, had been improperly excluded from testifying before the jurors.

That jury convicted the former head of Denver-based Qwest Communications International Inc. (NYSE: Q) of fraudulently making $52 million from selling Qwest stock in 2001 while keeping shareholders in the dark about increasingly dire internal forecasts about the telecom's prospects.

The appeals court panel ruled that U.S fast cash online. District Court Judge Edward Nottingham didn't follow proper procedure when he decided that Fischel's testimony would confuse jurors and was unnecessary.

At the prosecution's request, the 10th Circuit agreed to reconsider the ruling, and next month judges on the court will review the decision instead of the typical three.

The government's filing for that hearing argues jurors would have convicted Nacchio even if Fischel had testified in 2007 and that, even if the appeals court thought Fischel could have swayed the jury, the appellate court should have simply ordered a new lower court hearing on the suitability of Fischel's testimony without demanding a whole new trial.

The hearing brief for Nacchio's defense is expected to be filed before midnight Friday.

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August 29, 2008

Achievo adds Chinese software development center

Filed under: management — Tags: , , — Gladiator @ 8:09 pm

Achievo Corp. of San Ramon has opened a software development center in Wuxi, China, the company said Friday.

“Wuxi’s proximity to Shanghai offers an advantage for Achievo’s Japanese customers, as Shanghai is an important hub for Japanese business interests in China,” said Robert Lee, Achievo’s chairman and CEO.

Lee stated he believes that establishing R&D centers in cities outside China’s large urban centers shields the company from the “rapid inflation seen in larger metropolitan centers,” allowing it to offer better value to customers and better compete with Indian software outsourcing and IT service providers payday loans in 1 hour.

Achievo’s new 32,300-square-foot Wuxi offices are located in iPark, a new 1.6 million-square-foot technology center which houses more than 40 companies engaged in software development, IC design and digital animation.

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Music was the message at rocking DNC show

Filed under: term — Tags: , — Gladiator @ 12:00 pm

In a night of speeches, capping the biggest political event in Denver’s history, music did a lot of the talking.

Closing night at the Democratic National Convention at Invesco Field at Mile High had the trappings of a summer rock festival: A lot of swinging and swaying to the music, a fair amount of singing along, and generous applications of sunscreen.

Yes, Barack Obama delivered a 45-minute speech Thursday that frequently roused a packed house that spilled out onto the field.

Yes, former Vice President Al Gore and New Mexico Gov. Bill Richardson — who preceded Obama to the stage — were greeted with thunderous responses.

But many of the best moments of Thursday’s six-hour grand finale to the 2008 DNC came between the speeches and the video clips, when an assortment of musical stars took the stage.

Obama and party leaders booked some fine pop and soul performers, helping lend a celebratory spirit to the proceedings that counter-balanced the litany of national woes contained in many of the speeches.

It helped the mood that Denver was having one of those impossibly perfect August days that turn visitors into residents. On a night when many speakers sang the praises of Colorado, the most effective marketing was provided by the weather.

Not everyone was able to get into the stadium early enough to experience all the event. The lineup at the main security gate on the east side of Invesco snaked back a mile or more onto the Auraria campus.

Hours after the program started at 3 p.m., many seats were still empty.

Those few who did make it inside when the convention was called to order were treated to a short set by Colorado’s own Yonder Mountain String Band, which unleashed a whitewater run of progressive bluegrass, Rocky Mountain style.

“We’ve been a band for 10 years and this is probably the coolest thing we’ve ever done,” a bandmember enthused.

Soon, Oscar winner Jennifer Hudson was unleashing the fury of her gospel-informed voice on the national anthem, with the assist of a brief volley of fireworks.

Black Eyed Peas rapper will.i.am and R&B crooner John Legend dueted in a reprise of will.i.am’s “Yes We Can” online video repeating applause lines from Obama speeches.

On the stadium floor, where the delegates were arranged in a fan around the stage, there was an Olympics closing-ceremonies feel to the evening, with dancing and flag waving during many musical interludes.

Then sultry singer Sheryl Crow offered a slight rewrite on one of her hits to play off an Obama slogan: “A Change Will Do Us Good.”

Her wrapup tune, “Every Day Is a Winding Road,” was perhaps inspired by a ride on one of the wayward buses that carried the media from their hotels during DNC week payday loans lenders. In any case, the song had even the sign-language interpreter bobbing and weaving along.

Soul legend Stevie Wonder had the crowd joining in for much of “Signed, Sealed, Delivered.” (What, no “Higher Ground”?) And snowy-haired former Doobie Brother Michael McDonald offered a take on “America, the Beautiful” that inspired flag waving en masse.

Even tapes of Aretha Franklin and Bruce Springsteen (the latter did not appear, despite earlier rumors) got big reactions from the delegates. And when renewable-energy advocate Gore took the stage, the “let the sunshine in” refrain from “Hair” was playing.

Gov. Bill Ritter quoted a musical icon — Merle Haggard — in his speech: “If God doesn’t live in Colorado, at least that’s where he spends most of his time.”

There was also a tribute to the Rev. Martin Luther King Jr. 45 years after his “I have a dream” speech to remind the crowd of the evening’s place in history, as the conclusion of the first major-party convention to nominate an African-American.



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August 27, 2008

Credit union savings outpace lending

Filed under: news — Tags: , , — Gladiator @ 2:33 pm

Membership at federally insured credit unions across the country grew 1 percent to 88 million members, with savings outpacing lending in the first six months of 2008, according to the National Credit Union Administration.

During that time, savings grew 7 percent. Lending grew 3.7 percent, and assets increased 6.5 percent between January and June.

First mortgage real estate loans grew by 10.1 percent from January through June 2008, according to Michael E. Fryzel, chairman of the administration.

Credit unions reported a loan-to-share ratio of 81 percent. All major loan categories grew from January to June, with the exception of declines in new automobile and other unsecured loans and lines of credit.

The first six months of first mortgage real estate loans represent $198.1 billion cashadvance.com. The administration reported other types of real estate loans grew 1.7 percent to $92.8 billion.

According to the report:

  • Used automobile loans increased 3.3 percent to $92 billion
  • Unsecured credit card loans grew 1.5 percent to $30.6 billion
  • All other loans and lines of credit grew to $25.6 billion.



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August 20, 2008

Post Oglethorpe sold to Mid-America Apartments

Filed under: marketing — Tags: , , — Gladiator @ 8:36 am

Post Properties Inc. reported Tuesday evening it sold the Post Oglethorpe apartment community in the Brookhaven neighborhood of Atlanta for about $38.5 million.

Atlanta-based Post Properties (NYSE: PPS) did not disclose the buyer. However, according to letters sent to Post Oglethorpe residents, the buyer is Memphis, Tenn.-based Mid-America Apartments LP, a unit of Mid-America Apartment Communities. The community has been renamed Sanctuary at Oglethorpe.

Post said it expects to gain $23 million from the sale of the property, which has 250 units and was built in 1994.

Post also reported it closed two five-year mortgage loans with Fannie Mae to refinance existing debt secured by mortgages on its Post Biltmore community in Atlanta and its Post Massachusetts Avenue community in Washington, D.C. Each community is held in an unconsolidated joint venture, in which Post holds a 35 percent interest.

The Post Biltmore mortgage loan has a principal amount of about $29.3 million, requires fixed interest-only payments at 5.83 percent and matures on Sept http://easy-quick-payday-loans.com. 1, 2013.

The Post Massachusetts Avenue mortgage loan has a principal amount of about $50.5 million, requires fixed interest-only payments at 5.82 percent and matures on Sept. 1, 2013.



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August 19, 2008

Ex-Hawaiian Telcom CEO lands job

Filed under: term — Tags: , — Gladiator @ 8:48 am

Former Hawaiian Telcom CEO Mike Ruley has been named the chief executive of a Chicago-based Internet service provider.

Sparkplug Inc. said Monday it has hired Ruley, who was fired from Hawaiian Telcom in February. The telephone company had posted more than $300 million in losses under Ruley, who was brought on board in 2005 when The Carlyle Group bought Verizon Hawaii.

Sparkplug says it provides high-speed Internet service across Illinois, Tennessee, Iowa, Arizona and Nevada for business, education and government customers.

Ruley will be based at the company's Scottsdale, Ariz free credit reports. office.



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August 18, 2008

HTA decision on its CEO expected soon

Filed under: economics — Tags: , , — Gladiator @ 7:21 am

A decision on Hawaii Tourism Authority president and CEO Rex Johnson’e employment could be decided early this week.

HTA Chairman Kelvin Bloom told PBN that the HTA hopes to resolve the issue “as quickly as possible. Certain decisions were made in executive session, but there is a process that must be followed.”

The HTA board held a seven-hour meeting last Tuesday at the Hawaii Convention Center, most of it behind closed doors, to evaluate Johnson’s employment following a state audit that revealed he used his office computer to view adult-oriented material.

Details about the e-mails have not been forthcoming, but Johnson has admitted he made “a stupid mistake.”

After Tuesday’s meeting, Bloom was asked by reporters whether the board took a vote on Johnson’s fate free credit report .com. He said he could not comment.

When asked at that time if the board would be scheduling another meeting soon, Bloom said, “We may not need to take a vote.”



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August 14, 2008

Report: McClatchy to shed Real Cities Network

Filed under: term — Tags: , , — Gladiator @ 8:15 am

The McClatchy Co. is expected to announce a deal for its Real Cities Network early Thursday, ending months of rumors about the newspaper publisher selling the once-popular online network, according to a media report.

Chicago-based Centro, an online media buying company that connects media agencies and newspapers, will likely announce the purchase Thursday. Financial terms were not disclosed.

McClatchy executives confirmed discussions – and being close to a deal – several weeks ago, but said negotiations stalled. Company officials were not available for comment late Wednesday.

The Sacramento-based company – publisher of The Sacramento Bee, Miami Herald and 28 other daily newspapers – acquired Real Cities as part of its Knight Ridder Inc. purchase in June 2006. Knight Ridder, formerly the nation’s second-largest newspaper chain, created the Real Cities Network several years ago and reports 44 million monthly unique visitors per month, according to PaidContent.org, which first issued the report late Wednesday cash til payday loan.

Cash-strapped McClatchy continues to cut costs – recently detailing the elimination of 10 percent of its work force – and looks to increase revenue.

Shares of McClatchy (NYSE: MNI) inched up 1 cent to $3.90 in trading Wednesday, much lower than its one-year peak of $24.05.


Staff writer Melanie Turner contributed to this report.


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August 12, 2008

July homes sales, prices decline

Filed under: economics — Tags: , , — Gladiator @ 6:00 pm

Home sales and median prices in the Twin Cities market continued to decline for the month of July, according to a report released Tuesday.

Pending sales, however, increased slightly.

Closed home sales for the month were down more than 8 percent, to 4,160 from July 2007, when there were 4,522 closed home sales. For the month of July, the number of pending sales rose to 4,462, up from 4,202 a year ago.

The median sales price for a home sold in the metro slipped 10.7 percent in July to $208,000, down from $233,000 one year ago.

In July, there were 8,608 new listings, down from 9.379 during the same month last year.

The report was issued by both the Minneapolis and Saint Paul Area Associations of Realtors, which combined represent over 9,000 members payday advance lender.


cwyant@bizjournals.com | (612) 288-2108


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August 11, 2008

Packers

Filed under: online — Tags: , — Gladiator @ 6:54 am

NFL player agent Mike Sullivan on Friday confirmed that he was fired by Green Bay Packers quarterback Aaron Rodgers, saying he received a termination letter Thursday.

“Aaron has decided to go in a different direction as far as an agent,” said Sullivan, managing director of Octagon Football. “While I am disappointed with his decision, I wish him the best.”

Sullivan had represented Rodgers since he was drafted in the ‘05 NFL Draft. The termination was first reported by Web site profootballtalk.com, citing unidentified sources.

There is speculation in the industry that Rodgers will sign with agent Tom Condon of CAA or agent David Dunn of Athletes First, but a CAA source said that agency has had no contact with the quarterback payday loans.


SportsBusiness Journal is a sister publication to The Business Journal.


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