Bond Insurance

Toshiba Electronic Components Sign Future Electronics Agreement

noreply@blogger.com ((hris) — Sat, 30 Jan 2010 22:12:00 +0000

Future Electronics and Toshiba America Electronic Components, Inc. (TAEC) Sign an Americas Distribution Agreement

Pointe-Claire, Canada, December 12 -- Future Electronics and Toshiba America Electronic Components, Inc. (TAEC) announced today that both companies have signed an agreement for distribution of Toshiba display products in the United States, Canada and Mexico. Under the terms of this agreement, Future Electronics will distribute Toshiba's full line of TFT Liquid Crystal Displays (LCDs).

"We're confident that this new relationship will add significant value to our current display offering," said Bruce Jones, executive vice president of Worldwide Corporate Marketing. "Many of our customers' applications require a ruggedized LCD with long life, which Toshiba can provide for them."

Future's strong application engineering, marketing, integration capabilities and supply chain management provides Toshiba with the opportunity to offer the highest level of service to customers across the territory.

"Combining TAEC's extensive display offering with Future's Display Solutions integration capabilities is a winning strategy for our customers," states Sean Collins, vice president, Display Devices and Components Business Unit for TAEC. "It results in a long-term, quality solution that meets all of their LCD display requirements."

About Future Electronics' Display Solutions Group
Future Electronics' Display Solutions Group is a world-class leader and innovator in the Distribution, Marketing, and Technical Solution Support of Liquid Crystal Display (LCD) Solutions for customers of all sizes worldwide. Our experienced and knowledgeable team can provide any display solution from smaller projects to larger fully integrated finished solutions.

For additional information please visit:
http://www.futureelectronics.com.

TAEC LCD Products
Toshiba displays feature LTPS technology, which enables LCDs that are significantly thinner and lighter in weight and with higher-resolution than previous generations. LTPS technology reduces energy consumption for lower operating costs and longer operating life for battery powered applications. For industrial applications, the LCD modules now offer long-life, light-emitting diode (LED) backlight systems with a Mean Time Between Failure (MTBF)1 of 100,000 hours. The series includes eight new LCD products, available in four screen sizes: 5.7-inch, 8.4-inch, 10.4-inch, and 12.1-inch. Display resolutions are QVGA (320 x 240) and VGA (640 x 480) for the 5.7-inch module, and SVGA (800 x 600) and XGA (1024 x 768) for the three larger sizes. For additional information on Toshiba's displays please visit: www.lcd.toshiba.com

*About TAEC
Through proven commitment, lasting relationships and advanced, reliable electronic components, Toshiba enables its customers to create market-leading designs. Toshiba is the heartbeat within product breakthroughs from OEMs, ODMs, CMs, distributions and fabless chip companies worldwide. A committed electronic components leader, Toshiba designs and manufactures high-quality flash memory-based storage solutions, discrete devices, displays, advanced materials, medical tubes, custom SoCs/ASICs, digital multimedia and imaging products, microcontrollers and wireless components that make possible today's leading cell phones, MP3 players, cameras, medical devices, automotive electronics and more.

Toshiba America Electronic Components, Inc. is an independent operating company owned by Toshiba America, Inc., a subsidiary of Toshiba Corporation, Japan's largest semiconductor manufacturer and the world's third largest semiconductor manufacturer (Gartner, 2008 WW Semiconductor Revenue Estimate, Dec. 2008). For additional company and product information, please visit http://www.toshiba.com/taec/.

1The MTBF (Mean Time between Failures) is not a guarantee or estimate of product life; it is a statistical value related to mean failure rates for a large number of products which may not accurately reflect actual operation. Actual operating life of the product may not resemble the MTBF.

Contact Information
Future Lighting Solutions
Heather Goldsmith
5146947710
heather.goldmsmith@future.ca
www.futurelightingsolutions.com

Compliance Training Program To Reflect New TLGP Revisions

noreply@blogger.com ((hris) — Thu, 02 Apr 2009 16:54:00 +0000

Edcomm Banker'S Academy Updates Compliance Training Program To Reflect New TLGP Revisions

Edcomm Banker's Academy has made an immediate update to its compliance training program to reflect recent revisions made to the Temporary Liquidity Guarantee Program (TLGP).

Mar 23, 2009 - New York, NY - Edcomm Banker's Academy has made an immediate update to its compliance training program to reflect recent revisions made to the Temporary Liquidity Guarantee Program (TLGP). Focus on Compliance has been updated to include this new information as part of Edcomm Banker's Academy's commitment to providing financial institutions with the most up-to-date, accurate information. Regulatory changes are immediately updated in Banker's Academy's content.

According to the new changes made to the TLGP, entities participating in the debt guarantee program may issue certain FDIC-guaranteed Mandatory Convertible Debt (MCD). The intent of this amendment is to give eligible entities additional flexibility to obtain funding from investors with long-term investment horizons and to reduce the concentration of FDIC-guaranteed debt maturing in mid-2012 that might otherwise have to be rolled into new debt.

Focus on Compliance, from Edcomm Banker's Academy, is a computer-based, distance-learning program, and can be delivered via Internet, Intranet or CD-ROM. The program teaches banking compliance using easy-to-understand language in an interactive, self-paced format. Participants learn from their own perspective, with a curriculum customized to their position. Focus on Compliance covers: Bank Secrecy Act (BSA), Anti Money Laundering (AML), USA PATRIOT Act, OFAC, Privacy, Reg P, Gramm-Leach-Bliley Act, Right to Financial Privacy, Sarbanes-Oxley (SOX), Reg CC & Check 21, Reg D, Reg E, Reg Z, Truth in Lending, FCRA, FACT Act, HMDA, CRA, and Bank Bribery, among others. The program also includes a quick reference guide to all banking regulations, as well as a glossary of terms and a library of reference materials.

For more information about programs like this, or to find out how The Edcomm Group Banker's Academy can customize any training program, log onto www.bankersacademy.com or call 888-433-2666.

The Edcomm Group Banker's Academy is a 21-year-old multimedia education and communication consulting firm specializing in the development of creative business solutions that improve productivity, customer service and market share - providing bottom-line results. The Edcomm Group Banker's Academy has had the privilege of assisting many distinguished clients with business solutions in the form of eLearning programs, classroom instruction, multimedia production and online and print based documentation. Edcomm Banker's Academy offers many off-the-shelf and customized courses such as Teller Training, Compliance Training and Systems Training specifically designed for Banks, Credit Unions and Money Services Businesses (MSBs).

The Edcomm Group Banker's Academy (www.bankersacademy.com) is headquartered in New York City with locations and representation throughout the world.

Contact:
Linda Eagle
Edcomm Banker's Academy
21 Penn Plaza Suite 1010
New York, NY 10001
888-433-2666
linda.eagle@edcomm.com
http://www.bankersacademy.com

Pimco Official Wary of Fed Buying Treasurys

noreply@blogger.com (Baljeetam Saini) — Wed, 04 Feb 2009 12:42:00 +0000

A senior fund manager at bond fund giant Pacific Investment Management Co. said Tuesday that purchasing risky assets rather than Treasurys should be the top priority for the Federal Reserve.

Steve Rodosky, head of Treasury and derivatives trading at Newport Beach, Calif.-based Pimco, said he is âsuspiciousâ about the argument that buying long-dated Treasury securities will help improve credit markets.

âThe risk of buying Treasurys is that you would widen the yield spreads between Treasurys and risky assets,â said Rodosky in an interview.

That would run against the Fedâs stated intention of bringing down mortgage rates and corporate bond yields. Supporters of Fed purchases argued that yields on long-dated Treasurys are anchors for many types of fixed-rate corporate and consumer loans, including home loans.

But others, including Rodosky, counter that Treasury bond yields are already at very low levels. Purchases by the Fed would only serve to drive yields on government bonds even lower without having any impact on debt sold by the private sector as it wouldnât change the concerns investors have about the economyâs outlook and the problems plaguing the banking sector

Rodosky said the Fed has other options to help keep rates low in the broader economy: The central bank could expand existing programs by increasing its purchases of mortgage-backed securities and agency debt.

Policymakers could also step in to relieve banks of their bad assets or even provide aid to the municipal bond market, said Rodosky. He supports the idea of setting up a âbad bankâ to remove toxic assets from banks, though many issues need to be resolved.

Rodosky said a rebound in the economy in the second half of the year, as some have forecast, seems âpretty earlyâ because there is still a lot of uncertainty, with much depending on the impact of the economic stimulus plan.

Rodosky said he continues to favor high-quality agency mortgage-backed securities and agency debt over U.S. Treasurys, as well as high-quality corporate bonds and bank debt insured by the Federal Deposit Insurance Corporation. â"Min Zeng

Source:- WSJ.com

Many contributed to financial crisis

noreply@blogger.com (Baljeetam Saini) — Wed, 04 Feb 2009 12:41:00 +0000

I believe that the reason why the nationâs economic problems have reached epic proportions is due to the vast number of people who contributed to them. Weâve all heard about the speculators who bought homes with as little money as possible and then sold them for thousands of dollars more. Their house flipping was a key factor in driving up prices at lightning speeds.

Weâve also heard about the unethical deals struck by some of the subprime lenders and their clients. In these cases, the borrowers took out mortgages they couldnât afford, thanks sometimes to deceitful practices of both lenders and borrowers.

Well, thereâs plentiful information about the other contributors. I came across it while reading Paul Muoloâs book called â$700 Billion Bailout: The Emergency Economic Stabilization Act and What It Means to You, Your Money, Your Mortgage, and Your Taxes.â

Muolo, executive editor of National Mortgage News, said that when the wheelers and dealers from Wall Street got involved in the action, the money being staked on risky mortgages grew exponentially.

Investment banking firms such as Bear Stearns, Merrill Lynch and Lehman Brothers have profited in the past by creating bonds backed by low-risk mortgages. As part of this process, the firms made money by selling those bonds to institutional investors in the United States and overseas. However, in recent years, these investment houses and other Wall Street firms started looking for ways to increase their income.

The solution they adopted was to add subprime mortgages to the process. These riskier mortgages carried a higher interest rate and therefore a larger yield.

Muolo explained that once this practice began, there were investors who bought the new bonds without knowing exactly what they were buying. So, he said, the investment firms bought bond insurance to make them feel more secure.

At the same time, Wall Street firms and insurance companies sold investors a product called âcredit default swaps.â These were insurance contracts, Muolo said, âwhere an investor makes a bet against the value of a bond.â

Since there can be more than one contract issued against the same bond, the consequences for policy issuers, if you will, could be staggering. These contracts can be made for any type of bond, and a huge number of them have been created.

Although no one knows what percentage of existing contracts is for mortgage-backed bonds, the shocking picture that emerges when contracts are compared to mortgages might be revealing.

According to the estimates that Muolo provided, there is an astounding $44 trillion worth of credit default swaps in the United States. In stark contrast, his figures indicate that the entire amount owed on all mortgages now stands at about $9.6 trillion. The portion of this amount that is attributable to subprime mortgages is $1 trillion.

The roll call of contributors to the financial crisis doesnât stop here. Credit rating agencies gave excellent ratings to the risky subprime mortgage-backed bonds. These agencies considered the bonds safe because they were insured. On the other hand, the government made no effort to regulate the gigantic credit default swaps market.

For example, it didnât mandate that the firms that sold credit default swaps keep enough money in reserve to cover their contracts.

Not surprisingly, when borrowers started defaulting on their subprime mortgages, the entire financial system ground to a halt. The institutions that owned bonds based on subprime mortgages not only lost income, but also their bonds decreased in value.

These bond owners were typically Wall Street firms, insurance companies, banks, pension funds and governments at the state and city levels.

The bond insurance companies involved were caught unprepared for the high 30 percent default rate and were consequently unable to pay off on all their insurance policies.

Investment firms that had sold credit default swaps for mortgage-backed bonds were in the same predicament.

A credit crisis developed as bankers tried to figure out how many more mortgages were going to fail and which institutions would suffer severely because of them. As the banks attempted to play it safe by holding onto their money, they denied the requests of businesses and individual consumers who were in need of loans.

Clearly, by the time this happened, a lot of the contributors referred to earlier had already made a ton of money. But I didnât see any of them offering their money to help the nation get its finances back on track. On the contrary, the government asked taxpayers for $700 billion to bail the financial industry out.

This may have been necessary at the time, and I hope it works. However, I also want the people who were responsible for getting the nation in this mess to pay restitution.

Source:- thesouthendnews.com

GE Capital Sells First FDIC Bonds in Asian Currency

noreply@blogger.com (Baljeetam Saini) — Wed, 04 Feb 2009 12:39:00 +0000

General Electric Capital Corp., General Electric Co.âs finance arm, borrowed HK$1 billion ($129 million) with the first Federal Deposit Insurance Corp.-backed bonds sold in an Asian currency.

Stamford, Connecticut-based GE Capital sold three-year floating-rate notes paying 0.2 percentage point more than the three-month Hong Kong interbank offered rate, according to an e- mail sent to investors today. HSBC, a unit of HSBC Holdings Plc, managed the top investment grade-rated sale.

âThe fact we have an issuer coming from afar reflects general comfort for the positive bond market fundamentals in this part of the world,â said Tim Condon, head of Asia research with ING Groep NV in Singapore. âYou still have traditional investors who need to buy high-quality assets.â

The Washington-based FDIC, which oversees 8,384 U.S. institutions with $13.6 trillion in assets, in October agreed to guarantee financial companiesâ bonds to help them survive more than $1 trillion of writedowns and losses and weather the global recession. Companies and governments have sold $11.7 billion of bonds in Asian currencies this year, 39 percent more than in the same period a year earlier, data compiled by Bloomberg show.

Bank deposits in Hong Kong rose 3.2 percent from a year earlier to HK$6.06 trillion at the end of 2008, according to the Hong Kong Monetary Authority. The cityâs foreign currency reserves rose 20 percent to $182.5 billion, compared with an average of 3.1 percent growth for G-7 nations and a 13 percent decline in the U.S.

Relative Costs

GE Capital will pay interest of 1.15 percent on its Hong Kong dollar bonds after three-month Hibor was fixed at 0.95 percent today, Bloomberg data show.

The companyâs $1 billion FDIC-backed floating-rate notes maturing in June 2012 pay 0.3 percentage point more than the London interbank offered rate while its 75 million pounds ($108 million) three-year guaranteed bonds pay 0.33 percentage point above pound sterling Libor. Three-month dollar Libor was fixed at 1.23 percent yesterday while pound Libor was at 2.16 percent.

Investors earned a return of 5.4 percent from Hong Kong dollar-denominated bonds in the past year, according to HSBCâs Local Bond Indices.

GE Capitalâs Hong Kong sale adds to more than $24 billion the company has borrowed since Dec. 4 using the FDIC guarantee.

The U.S. government agreed in November to insure as much as $139 billion in debt for GE Capital to help it compete with banks already covered by the guarantee. The amount represented 125 percent of total senior unsecured debt outstanding as of Sept. 30 and maturing in by June 30, the company said on Nov. 12.

Russell Wilkerson, a spokesman for Fairfield, Connecticut- based GE, couldnât be reached for comment outside U.S. business hours today.

Moodyâs Investors Service on Jan. 27 said it may cut GE Capitalâs long-term credit ratings due to âheightened uncertaintyâ about its asset quality and earnings. A downgrade wouldnât affect FDIC-backed securities.

Source:- Bloomberg

Insurersâ Corporate-Bond Losses May Exceed Subprime

noreply@blogger.com (Baljeetam Saini) — Wed, 04 Feb 2009 12:38:00 +0000

Corporate debt defaults may cost U.S. life insurers âsubstantiallyâ more than losses on securities linked to subprime, Alt-A and commercial mortgages.

Corporate defaults are poised for a âsignificantâ increase this year as the recession deepens, Berg, based in New York, said in a research note yesterday. The American Council of Life Insurers estimated the industry,led my Metlife Inc. and Prudential Financial Inc, holds $1 trillion in corporate debt.

âNone of the life insurers we studied appear to be doing a particularly good jobâ of picking bonds backed by companies, Berg said. âUnderstandably, investors are concerned.â

Life insurers have plummeted in the past year in New York trading as investment losses and guarantees on slumping retirement products sap capital. Hatford Financial Services Group Inc. leads the industry with $7.9 billion in writedowns and unrealized losses tied to the real-estate market since 2007, while New York-based MetLife has accumulated $7.2 billion, according to Bloomberg data.

Hatford and Prudential have cut jobs, asked regulators to ease reserve standards and applied for aid from the governmentâs $700 billion rescue program to replenish funds after reporting net losses in the third quarter. Metlife sold $2.3 billion of stock in October to bolster finances. The Standard & Poorâs Supercomposite Life & Health Insurance Index has declined about 61 percent in the last 12 months.

Source:- Bloomberg

Dexia Will Cut 900 Jobs After Fourth-Quarter Loss

noreply@blogger.com (Baljeetam Saini) — Tue, 03 Feb 2009 14:21:00 +0000

Dexia SA, the worldâs largest lender to local governments, will cut about 900 jobs this year to reduce costs after an estimated 2.3 billion-euro ($3 billion) fourth-quarter loss.

Dexia plans to stop proprietary trading and focus on public finance in its main markets of France, Belgium and Luxembourg, the Paris-and Brussels-based company said today. The job cuts, which amount to about 3 percent of staff, will lead to savings of 200 million euros in 2009, Dexia said. The bank aims to triple that cost cutting amount over three years.

âIt was difficult to do otherwise,â said Christophe Ricetti, a Paris-based analyst at Natixis Securities who has a âreduceâ rating on the stock. âIâm not optimistic that conditions at Dexia would become acceptable again soon with its current scope of business.â

Dexia, which got a 6.4 billion-euro lifeline from France, Belgium and Luxembourg last September to avert collapse, is among the worst-hit European banks following the failure of Lehman Brothers Holdings Inc. Chief Executive Officer Pierre Mariani agreed in November to sell an unprofitable U.S. bond- insurance unit to Assured Guaranty Ltd. for $722 million and pledged to slash costs by 15 percent over three years.

No Dividend

Dexia wonât pay a dividend or bonuses to top managers for 2008 after posting a full-year net loss of 3 billion euros.

The bankâs board members will have their salary cut 50 percent this year as part of the cost-cutting plan and ways of attributing bonuses within the company will be rethought, Mariani said at a press conference in Brussels.

âWe are reducing the lifestyle of the company, behaviors will be changing,â said Mariani, 52. âEveryone will be making an effort.â

The company fell 7.2 percent to 2.46 euros in Brussels trading, valuing the bank at 4.3 billion euros. The shares have declined 85 percent in the past 12 months.

âWe hope that with the step-by-step improvement of the restructuring program, we can find in 2009 again a certain profitability,â Chairman Jean-Luc Dehaene told Bloomberg News in an interview today in Brussels. âThe aim should be at least that we are not in a loss situation like we are today.â

Less Risk

Dexia will take less risk in its trading activities and concentrate them in Brussels and Dublin. The bank will stop public finance operations in Australia, Eastern Europe, Mexico and Scandinavia and reduce lending to local governments in the U.K. and the U.S. The Slovakian unit Dexia Banka Slovensko will be kept as well as public finance operations in Italy and the Iberian Peninsula.

The French-Belgian lender is facing an increased cost of funding after the bankruptcy of Lehman froze credit markets. Dexia had to accept state guarantees on borrowings with a maturity of up to three years to fund its lending activities.

Dexiaâs âliquidity situationâ is gradually improving, the bank said. It had a Tier 1 capital ratio, an indicator of financial strength, above 10 percent at the end of December.

Deposits at the retail banking network in Belgium increased at the end of December from the end of September, Mariani told reporters.

FSA Losses

The bond insurance unit, Financial Security Assurance Inc., contributed 1.7 billion euros to the fourth-quarter loss. In addition, Dexia had 1.2 billion euros of provisions and writedowns related to the financial crisis. The bank plans to complete the sale of the bond insurer at the beginning of the second quarter.

Dexia agreed to sell FSAâs insured portfolio of $425 billion, including $110 billion of asset-backed securities, to Assured Guaranty, the bond insurer backed by billionaire Wilbur Ross. Dexia agreed to cover losses of as much as $4.5 billion on FSAâs $16.5 billion financial products portfolio, which includes subprime mortgage-backed securities.

FSAâs financial-products portfolio is excluded from the Assured Guaranty deal. Dexia said Nov. 14 it will cover losses of as much as $3.1 billion from that unit on top of the $1.4 billion provisioned by Sept. 30. The French and Belgian states will guarantee the unitâs assets, Dexia said.

Dexia will publish detailed full-year results on Feb. 26.

Cource:- Bloomberg

Yankees Face Higher Muni Borrowing Costs to Complete Stadium

noreply@blogger.com (Baljeetam Saini) — Tue, 03 Feb 2009 14:20:00 +0000

The New York Yankees baseball team will test demand today for lower-rated tax-exempt bonds with a $259 million municipal offering arranged through a city agency.

Yankee Stadium LLC is raising funds to finish the teamâs $1.4 billion ballpark in the Bronx, after construction costs rose 43 percent, according to Standard & Poorâs. New Yorkâs Triborough Bridge and Tunnel Authority also plans to sell $250 million in tax-exempt bonds to fund capital projects today.

Even with insurance, the Yankees may have to offer yields of 7 percent or more to sell 40-year bonds, based on trades this month for similar securities from the teamâs first round of tax- exempt financing in August 2006. Bonds issued at 4.51 percent and due in 2046 fell in price to yield 7.05 percent Jan. 15, data from the Municipal Securities Rulemaking Board show.

âItâs a difficult environment for any credit that might not be deemed Aaa,â said Mike Pietronico, chief executive officer of Miller Tabak Asset Management in New York. âItâs going to require a concession. Most people see the weakening economy and the political wrangling that has gone on about this particular deal.â

Bond insurance on the Yankeesâ deal will be provided by Assured Guaranty Corp., rated AAA by S&P and Aa2 by Moodyâs Investors Service. The bonds carry underlying ratings of Baa3 from Moodyâs and BBB- from S&P, the lowest investment grades. Goldman Sachs Group Inc. is managing the sale.

Top-rated state and local government bonds due in 30 years rose in yield yesterday to 5.32 percent, the highest in more than two weeks, according to a daily survey by Concord, Massachusetts- based Municipal Market Advisors.

Stadium Critic

The Yankees franchise fielded months of criticism from Democratic New York State Assemblyman Richard Brodsky about public subsidies and the bond approval process, before the cityâs Industrial Development Agency gave the final go-ahead to the deal Jan. 16.

The bonds are secured by payments in lieu of property taxes, or Pilots, made by Yankee Stadium LLC, run by Yankees Global Enterprises LLC, a 99 percent limited partner in the team.

About $184 million of the latest Yankee Stadium bonds will mature in 2049 and pay interest semiannually. The rest, known as capital appreciation bonds, will pay out their full return only upon maturities ranging from 2012 through 2047.

The Yankees are borrowing to fund added security measures, modifications for scoreboards and video screens, and structural upgrades at the stadium.

Mets Stadium

Also this month, the New York Mets won an $82 million authorization for a second round of Pilot bonds to complete that teamâs ballpark construction in Queens. The bond sale for Citi Field, managed by Citigroup Inc., will come tomorrow, according to data compiled by Bloomberg.

Both New York stadiums will open in time for the beginning of Major League Baseballâs regular season in April.

Since the two teams started building new homes, the value of municipal bond insurance has declined as most firms in the industry were stripped of their AAA financial strength ratings.

Philadelphia, rated BBB by S&P and Baa1 by Moodyâs, last month agreed to pay a yield of 7.25 percent on 30-year bonds insured by Assured Guaranty.

The yield was 140 basis points more than AAA general obligation bonds tracked by Municipal Market Advisors that day, compared with a premium of just three basis points at a similar insured sale by Philadelphia in April 2008, according to data compiled by Bloomberg. A basis point is 0.01 percentage point.

Insured bonds have accounted for 10 percent of municipal offerings in 2009 through last week, down from 36 percent during the comparable period last year, according to data compiled by Thomson Reuters.

Source- Bloomberg

Bond insurance problems pose new work threat

noreply@blogger.com (Baljeetam Saini) — Tue, 03 Feb 2009 14:15:00 +0000

Struggling contractors are about to hit a fresh obstacle trying to win work during the downturn, according to an accounting expert.
Richard Kelly, partner at accountancy firm BDO Stoy Hayward, has told Construction News that bond insurance problems could prove the next big stumbling block for contractors.

Clients often wish to secure performance bonds to insure themselves against breaches of contract by firms working for them â" as often happens when contractors go bust.

But the economic downturn could see performance bond providers refusing to insure clients against increasing numbers of contractors.

Mr Kelly said: "Prior to issuing a bond, the provider will undertake an assessment that the bonded contractor has the ability and credit worthiness to perform the contract. In the current market, that is likely to be an extremely rigorous assessment and there is certainly no guarantee that the bond will be provided."

This could see contractors struggle to win work from certain clients â" particularly in the public sector â" mirroring problems in the credit insurance market.

Mr Kelly added: "The absence of bonds could seriously inhibit the ability of some contractors to win work and therefore survive the downturn, thereby potentially making this as important as the absence of credit insurance."

Credit insurance policies cover businesses against the risk of bad debt due to the insolvency or default of their customers.

No Apology From Allina For 18 percent Interest Rate

noreply@blogger.com ((hris) — Thu, 22 Jan 2009 23:22:00 +0000

Allina Hospitals & Clinics Responds to Attorney General's Suit

MINNEAPOLIS - January 2009 -- In response to a lawsuit filed today by the Minnesota Attorney General's Office, Allina Hospitals & Clinics made the following statement:

"Allina Hospitals & Clinics is surprised by the Attorney General's action today. Allina had been analyzing various proposals to modify MedCredit's interest rate structure for some time, and prior to the filing of this suit, Allina had made the decision to reduce the interest rate on all current and future MedCredit accounts to eight percent, regardless of the size of the balance. Allina communicated this to the Attorney General in December of 2008. Allina believes that this new rate structure is in the best interests of our patients who would benefit from the ability to pay their medical bills over time.

"While Allina believes the new rate of eight percent is appropriate going forward, it should be noted that the previous rate structure, which included a sliding interest rate scale based on the balance due, was fully consistent with Minnesota law, and was clearly communicated to all patients who participated in the program. The program is considered "open-ended credit," meaning that patients can use the program on an ongoing basis for subsequent care. The rates previously charged by Allina are consistent with Minnesota law for this type of credit.

Allina believes that MedCredit remains a valuable tool to help some patients pay their medical bills and that it may be a better alternative to financing such debt through a credit card, which may charge a much higher interest rate. Allina does not deny care to anyone based on inability to pay, and works with patients to help ensure they receive all possible forms of assistance in paying their medical bills, including free care or government assistance programs. Allina offers free care to individuals and families whose income is less that 275 percent of Federal poverty guidelines.

"Allina believes the allegations contained in the complaint are without merit and that the MedCredit program is fully compliant with the law. Allina looks forward to discussing this matter further with the Attorney General, and bringing it to a timely resolution."

Allina Hospitals & Clinics is a not-for-profit health care system of hospitals, clinics and other patient care services that provides exceptional care to communities throughout Minnesota and western Wisconsin and employs more than 22,000 people. Allina Hospitals & Clinics facilities, services and jobs can be found online at www.allina.com.

Contacts

Allina Hospitals & Clinics
David Kanihan, 612-262-4986
david.kanihan@allina.com
Cell: 612-867-2845

The lawsuit names as defendants both Allina Health System and its subsidiary, Accounts Receivable Services, a debt collection agency owned by Allina that does business under the name MedCredit Financial Services. It seems odd to me that they lowered the rate to 8% which happens to be the legal limit. As a non-profit perhaps they should consider lowering the rate still further, since that could only be in the best interests of their clients...

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How To Have Effective Human Resource Management In A Down Economy

noreply@blogger.com ((hris) — Fri, 19 Dec 2008 19:37:00 +0000

Effective Human Resource Management In A Down Economy

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Talent management in a low or negative growth economy can offer new opportunities like internal organizational mobility, performance management QA, and increased quality of hires. This can deliver significant increase to business performance benefits, even in the midst of financial constraints. Using historical data and demographic trends this white paper dispels many misconceptions that suggest HR's focus is must be narrowed when markets and the economy decline.

This timely free publication can show you how to use talent management principals to cut costs and still boost productivity while you:

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We were very surprised this publication was made available without cost. The content is significant, timely, and seems to be very up to date. Anyone in an HR department or senior management could benefit from this free white paper. To get a copy, click here.

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Increased Insurance Research Caused By Economic Instability

noreply@blogger.com ((hris) — Thu, 11 Dec 2008 20:56:00 +0000

US Insurance Online Hits 4.5 Million Customer Milestone

Sees Customers Increasing Insurance Research as a Result of Economic Instability.

Austin, TX, December 07, 2008 -- US Insurance Online, a premiere online portal that provides insurance customers with education and relevant introductions, today announced it had helped over 4.5 million customers get insurance quotes from multiple agents via the Internet. The company also noted that online searches for insurance products had accelerated in recent months. According to the company this provides evidence that recent economic uncertainties are driving customer cost-cutting efforts to include evaluating less expensive insurance policies.

"In uncertain economic times consumers look for opportunities to reduce spending. They find ways to eat out less, purchase fewer luxury items, drive less to reduce fuel purchases, and many are finding insurance to be a target for significant savings," said Jim Waltrip, CEO and co-founder of US Insurance Online. "We help make the search for less expensive insurance coverage more effective by eliminating the time spent finding multiple agents, calling and comparing their offerings. US Insurance Online makes it easy to get in touch with multiple insurance agents who can sell you the products you need."

About US Insurance Online
Since 2005, US Insurance Online has helped make shopping for insurance a painless experience for customers. The company offers a fast, free way for consumers to find the insurance quotes they're looking for at the most competitive rates. Our network of insurance carriers, agents and brokers can match almost any consumer with the insurance they need at a price they can afford. Based in Austin Texas, US Insurance Online was recently named one of the fastest growing companies in the Central Texas region. www.usinsuranceonline.com/

Contact Information
US Insurance Online
Adam Alter
888-522-7355
contact@usinsuranceonline.com
www.usinsuranceonline.com

Commercial Business Insurance
Cash For Structured Settlements
Mini Credit Report
Mortgages For People With Bad Credit

Sale Of Search Engine Network Generates Traffic

noreply@blogger.com ((hris) — Tue, 07 Oct 2008 02:59:00 +0000

We've been getting a lot of emails looking for more information about the European Search Engine Network that I posted about the other day. To eliminate some of the questions, I am posting some more information about this 12 year old network of sites that is built upon their search technology. The more I learn about what they have, the more potential I see for someone with additional skills, capital, and other resources to tie into what they already have and expand on or into the European market.

Here is some more information:

- Monthly traffic of 3,000,000+ per month across the network.

- 3,500 current /past advertisers

- Registered as a European distribution partner for Microsoft Adwords.

- A partner with Google Doubleclick and Adsense.

- Has the ability to deploy new local search engines quickly.

- Currently targeting markets in Europe, US, and several other countries as well as several topics, such as travel.

- Owns at least 4 trademarks

- Currently has 450+ Domains launched on their servers.

Domains:
· International
· US
· UK
· Ireland
· Europe
· Austria
· France
· Germany
· Italy
· Spain
· India
· China
· Japan
· South Africa
· Money
· Travel
· and several others

If you are interested or require more information please let me know and I will put you in touch with the company. I've been friends with the owner for some time now and agreed to help them find a buyer if I can.

I would have thought the current economic situation would have made it difficult to generate interest in a search network such as this, but I was clearly wrong. There are many that would like to expand their current holdings and sites like social networks, consumer shopping sites, auction sites, and sites that are based on UGC (User Generated Content) seem to be super interested in adding mature search to the current offerings. Building is always an option, but why build and re-invent the wheel when you can buy.

And I just learned today that one of my old favorite UK search engines, www.Burf.com was sold and now has a new owner.
If you need to reach me, just Google "NielsenTech" and you should be able to contact me.

Equipment Financing Still Strong For Financial Corporation

noreply@blogger.com ((hris) — Sat, 27 Sep 2008 03:40:00 +0000

Landmark Financial Corporation Boasts Equipment Financing Still Strong

Although traditional banks are shying away from industrial equipment financing, Landmark Financial Corporation is still able to provide equipment financing for new small and large companies. Because Landmark is not a bank, they are not limited by traditional lending practices.

Greenwood Village, CO, September 26, 2008 -- While the media is full of doom and gloom reports about the current economy, Landmark Financial Corporation announces that construction equipment leasing and financing remains stronger then would be expected given current economic news.

"Those expecting to see evidence of an overall slowdown in commercial equipment finance activity - or a significant decline in portfolio performance - as a result of the mortgage crisis, rising energy and food prices or a general economic slowdown may be surprised by a report by the Equipment Leasing and Finance Association. Economic activity for the $650 billion equipment finance sector, showed overall new business volume for May increased 6.5% when compared to the same period in 2007, proof that our industry is strong," said William Verhelle (ELFA Press Release 06/25/08)

Banks are becoming less willing to offer financing for small and newly established businesses. There are many government lending programs small businesses can turn to when looking for a loan if a traditional bank is unwilling to write the loan. However, these programs aren't always a good fit for small and new businesses that need the cash, because of the restrictions in place by the government. The criteria for such programs are also becoming more stringent in many cases requiring direct liens on the business owners' personal assets.

"We have many new or used equipment finance options for businesses of all sizes. Because we're a direct lender, we have the ability to be more flexible and creative when it comes to business equipment financing. We're in the unique position of having available capital that allows us to manage our portfolio with an eye towards identifying solid opportunities in an economic environment that has finance companies pulling back," said Peter Sutherland, President of Landmark Financial Corporation.

In addition to financing business owners, Landmark also has an appetite for supporting other lenders in purchasing portfolio and is also available to banks wishing to provide their own customers with financing options. This way if a bank is unable to offer a loan to a long-term customer, it can refer the customer to Landmark instead of sending them to a competitor.

"Loans that banks would have approved a year ago don't make the grade today. The credit window is not likely to open up further anytime soon. The Federal Reserve recently reported that the share of banks tightening loan availability to small businesses surged to a record high of 65.3% in the third quarter, up from 7.7% a year ago, according to its monthly survey of senior loan officers. We're striving to make our equipment financing programs available to credit worthy businesses while maintaining the flexibility and creativity often missing from other large institutional lenders in these difficult economic times," said Sutherland.

Landmark Financial Corporation offers all types of construction equipment financing and leasing. Financial help is available for restaurants, construction companies, transportation companies and many others. Because Landmark focuses solely on equipment financing, they are capable of financing almost any type of business equipment.

About Landmark Financial Corporation: Landmark Financial Corporation offers a full service approach to equipment financing. As a direct underwriter, Landmark Financial eliminates the middleman, to save clients money and provide a more seamless experience. The company offers financing for a wide variety of equipment from e-commerce systems to furniture, machine tools to fixtures. Landmark is still there to be your capital finance partner.

Contact Information

Landmark Financial Corporation
Tom Brems
720-214-6866
tom@lfcinc.com

Star's Stock Investing Techniques Shared With People

noreply@blogger.com ((hris) — Thu, 18 Sep 2008 00:47:00 +0000

Adam Mesh, "The Average Joe's" Stock Coach, Partners with Prosper Inc.

Prosper Inc., a distance education company based in Utah, has reached an agreement with Adam Mesh to share the former "Average Joe" star's stock investing techniques with people who are eager to get involved with the stock market.

Provo, UT, September 17, 2008 -- Adam Mesh, "The Average Joe's" Stock Coach, has reached an agreement with Utah-based Prosper Inc. to share his highly popular stock trading techniques and coaching in the company's one-to-one distance learning programs.

Even before appearing on NBC's "The Average Joe," Mesh was a successful stock trader. He has been a partner at two successful trading companies, selling the last one in 2006. His success has been landed him coverage in Fortune, "The Tonight Show" with Jay Leno, Trader Monthly, and CNBC's "Squawk Box."

"Prosper is the undisputed leader in one-to-one coaching programs, so it was an easy decision to partner with them," Mesh said. "Prosper has perfected the systems and resources that help students excel. I trust Prosper to give my students what they need to succeed."

"We are thrilled to partner with Adam and we look forward to helping his students gain the stock trading knowledge he is uniquely qualified to share," said Ethan Willis, CEO of Prosper. "We deliver the highest quality coaching programs for some of the most respected brands in the world, and adding someone of Adam's caliber only enhances our position as the most trusted name in one-to-one education."

Since selling his trading company in 2006, Mesh has focused on helping individuals succeed in the stock market, and has found great demand for his coaching. "There are thousands of people who want to get started in the stock market but don't know how," Mesh said. "Prosper will help me reach those who want to learn how."

Prosper works closely with highly recognized business experts, including David Bach, Ken Blanchard, and John Cummuta. Prosper develops curricula for students that, combined with one-to-one coaching, helps them achieve business goals, get out of debt, develop added sources of revenue, etc. Approximately 85 percent of Prosper's enrolling students complete the coursework for their chosen program.

About Prosper Inc.
Prosper Inc., based in Provo, Utah, is a global leader of coaching and distance training in real estate investing, stock market investing, entrepreneurship, e-commerce, and personal finance. Prosper has coached more than 40,000 students since its founding in 1999, and currently educates thousands of students enrolled in its programs in more than 70 countries. Visit Prosper at http://www.prospercorp.com.

Contact Information

Prosper Inc.
Jason Russell
801-371-0755
jrussell@prospercorp.com
www.prospercorp.com

If You Can Pay Off Mortgage, Should You?

noreply@blogger.com ((hris) — Sun, 14 Sep 2008 20:58:00 +0000

Paying Off Your Mortgage is a Mistake

If you are even thinking about paying off your mortgage, think again. Why is the Federal Reserve Bank of Chicago reporting that Americans are making the "wrong choice" when it comes to pre-paying their mortgage and saving for their retirement? Find out EXACTLY why and how you can empower your financial future. Live event and financial workshop April 22, 2008, 7 p.m., Oakbrook, IL.

Oakbrook, IL - April 21 -- MatthewSapaula, Inc. will host an event April 22nd, 2008 to help middle class homeowners and real estate investors better manage their money more wisely. They will review strategies on how to maximize a homeowner's greatest asset-their home, protect them from dropping property values and explore options on how to secure their financial future during uncertain economic times. This event is one of more than 350 free classes, seminars and activities promoting financial education that will take place during Chicago's Money Smart Week April 20-26th, 2008.

"Many people today are feeling more isolated, confused and powerless as they are bombarded with negative news about our country and economy," says Matthew Sapaula, President of MatthewSapaula, Inc. "Our workshops will help shed a different light to allow attendees to rethink and redefine how to maintain control of their financial future during these unique times."

Their workshop, titled House Rich, Cash PoorAmerican Dream to American Trap and How to Avoid It, is sponsored by Wachovia and will be held at 7 p.m. CST at the Oakbrook Marriot, 1401 W. 22nd St., Oakbrook, IL 60523, intersection of Cermak and Route 83. Special guest book signings will be held by financial authors James Kraiss, CFP and David Muti, JD who wrote Discovering Life's Hidden Financial Treasures and Mortgages: What You Need to Know, respectively. For seat reservations, free report and audio download, call 800.955.0589 or visit http://www.moneyinmotionseminars.com

Coordinated by the Federal Reserve Bank of Chicago and its Money Smart partners, Money Smart Week is designed to educate consumers about money management and create awareness of financial education programs on a wide range of topics such as budgeting, retirement savings and using credit wisely.

The educational activities will be carried out by more than 200 local community groups, businesses, schools, and non-profit organizations.

"Money Smart Week celebrates its seventh anniversary in Chicago and continues to provide many different opportunities for people to learn about managing their personal finances," said Chicago Fed President Charles Evans. "This year's calendar features diverse and numerous events for a broad range of consumers. During this week, attendees will have many chances to learn where good personal finance information is available."

Additional information and a calendar of events for this year's Money Smart Week are now available at http://www.moneysmartweek.org/chicago

Press Contact: Matthew Sapaula
Company Name: MatthewSapaula, Inc.
Phone: 708.236.1720
Website: www.matthewsapaula.com

Social Networking to Grow Deposits and Lending For Caribbean Banks

noreply@blogger.com ((hris) — Sun, 07 Sep 2008 19:43:00 +0000

Caribbean Banks to Leverage Social Networking to Grow Deposits and Lending; eDominate Software Opens New Doors for Online Customer Service

Port-of-Spain, Trinidad and Tobago, September 07, 2008 -- eDominate Inc., a global leader in providing buying cycle management solutions to financial institutions, today announced its introduction of eCommerce Manager Caribbean (or, "eCM Caribbean") and Caribbean Loan Origination Plus (or, "Caribbean LOS Plus") to the Caribbean banking markets.

As eDominate's flag-ship product, eCM Caribbean is a dynamic online lending portal designed to improve financial institutions' loan portfolios, deposits, customer service, and profitability. The software gives banks and credit unions around the world the ability to support borrowers during the research, shopping, and lending stages of their buying cycles. This expanded customer service - or "buying-cycle management" - not only increases customer value and loyalty, but improves the institution's chances of capturing their loan business when they are ready to seek financing.

Helping to define eDominate's focus, the Caribbean Bankers User Group held their 18th Annual Meeting the week of July 15, 2008, at the Ft. Young Hotel in Dominica. The focus of this year's meeting was on increasing fee income through secure remote distribution channels, and eDominate was invited to speak and offer a solutions' roadmap.

"eDominate is our only vendor who has automated loan origination, both online and in the back-office, specific to the Caribbean banking requirements," said Chantell Norville, Manager of Project User Information Management and Technology for the East Caribbean Financial Holding Company, Ltd. "Their phenomenal success with the Bank of Saint Lucia makes them a key provider for lending solutions in the Caribbean."

eDominate's experience in loan origination instructed their development of eCM Caribbean, harnessing the social networking capabilities of Internet communications to add the tangible benefits of buying-cycle management for lenders. And eDominate's success in mapping their loan origination and online lending solutions to the Caribbean market, initially with the Bank of Saint Lucia, make for an end-to-end loan generation and origination solution for Caribbean banks.

"There is a very strong desire across Caribbean bankers to leverage technology automation," said John Benjamin, Managing Director at TCI Bank. "We hope to use automation not only to increase income, but also to gain operational efficiency, decrease costs, and provide improved services to our customers. I'm intrigued by eDominate's unique approach to Internet lending and how they help banks to support potential borrowers much earlier in their buying cycles than the loan process. I can easily imagine how providing this elevated level of service wins customers for the lender."

eDominate will be showcasing eCM Caribbean and the business advantages of buying-cycle management to Caribbean financial institutions this fall in a series of teleconferences with ECIC Holdings Ltd. In demonstrating the diverse features of this online portal - and answering questions on how it can drive lending, deposits, cross-sales, and even commercial business - eDominate intends to acknowledge the Caribbean Bankers User Group's consolidated buying power by offering discounted pricing to institutions purchasing as a group.

ABOUT ECIC Holdings Ltd.
ECIC Holdings Ltd. (ECIC) is a private company headquartered in Basseterre, St Kitts, and held by 10 indigenous banks of the region: Grenada Co-operative Bank Ltd., 1st National Bank St Lucia Ltd., National Bank of Dominica, ABI Bank Ltd., Caribbean Union Bank Ltd., St Kitts Nevis Anguilla National Bank Ltd., Bank of Nevis Ltd., National Bank of Anguilla Ltd., Caribbean Commercial Bank (Anguilla) Ltd. and TCI Bank Ltd. ECIC's mission is to be the facilitator of the creation of a virtual, modern, competitive financial services operation comprising member indigenous financial institutions of the region, and to enhance the operations and the share value of its shareholders and promote their competitiveness and sustainability in the CSME. ECIC owns majority shares of Caribbean Financial Services Corporation (CFSC), a Barbados-based development finance institution that provides loan, quasi-equity, and equity financing to Caribbean SMEs, as well as facilitates participation in the region's capital markets by the public and private sectors of the region.

About eDominate
eDominate Inc. ("eDominate") is a global provider of software and services that help financial institutions to build and monetize social networks. Banks, credit unions, and finance companies use eDominate's patent-pending methodology and Internet technologies to open new markets for lending and deposits, win new commercial accounts, drive new lending opportunities, generate new revenue streams, improve customer service online, provide community advocacy, achieve "greener" business operations, and cross-sell more financial products and services. eDominate software can be delivered internationally and customized to accommodate almost any financial niche. For more information, please visit www.eDominate.com.

Contact Information

eDominate, Inc
Mike Einsel
602-222-8558
meinsel@edominate.com
www.edominate.com

Farmers Insurance Claims Mobile Claims Units Ready to Help Customers

noreply@blogger.com ((hris) — Mon, 01 Sep 2008 22:55:00 +0000

Farmers Insurance Claims Teams and Mobile Claims Units Ready to Help Customers Suffering Damage from Hurricane Gustav

LOS ANGELES-- September 01, 2008 --Farmers® Insurance Group of Companies claims teams are preparing today to move into areas stricken by Hurricane Gustav. Once the areas are identified, the teams will deploy along with 2 Catastrophe Claims buses and 5 Customer Care Claims Vehicles.

"Our claims personnel and fleet of claims vehicles are gearing up to assist our customers in Louisiana, Texas and any other areas suffering damage from Gustav," explains Paul Quinn, Assistant Vice President of Claims Communications for Farmers Insurance.

The Mobile Catastrophe buses are equipped with state-of-the art satellite communications equipment; claims stations; water, supplies; laptop, satellite telephone capability; and have a built in grill to serve meals to Farmers' customers and others in need.

The Customer Care Claims Vehicles are smaller versions of Farmers claims buses and are ready to assist with claims and supply needs of Farmers' customers and others in need.

Note to Media: A press release listing exact locations of the claims vehicles will be issued as soon as locations are selected. For questions or information at any time, please contact the Farmers Media Team listed above.

Farmers Insurance customers who have suffered damage should contact their agent or call Farmers' 24-hour-claims hotline, 800-HelpPoint (1-800-435-7764) for immediate assistance.

"Farmers' customers who have moved to evacuation centers in Texas, Louisiana or other states, should keep the HelpPoint number handy if needed, when they return to their homes.

Foremost Insurance customers should file their claims by calling: 1-800-527-3907.

Flood victims who have flood insurance should contact the National Flood Program at www.floodsmart.com

Farmers Group, Inc. is a wholly owned subsidiary of Zurich Financial Services, an insurance-based financial services provider with a global network of subsidiaries and offices in North America and Europe as well as in Asia Pacific, Latin America and other markets. Farmers® is the nation's third-largest Personal Lines Property & Casualty insurance group. Property and casualty products are underwritten and issued by the Farmers Exchanges and their subsidiaries, which Farmers Group, Inc. manages but does not own. Headquartered in Los Angeles, the Farmers insurers provide Homeowners, Auto, Business, Life insurance and financial services to more than 10 million households. For more information about Farmers, visit our Web site at www.farmers.com.

Contacts

Farmers Insurance Group
Jerry Davies, 213-400-4459
jerry.davies@farmersinsurance.com
or
Michelle Levy, 512-791-7445
michelle.levy@farmersinsurance.com
or
David Bishop, 850-228-8997
david.bishop@farmersinsurance.com

Trading Club Delivers Stock Picks, Trade Set-ups and Market Intelligence

noreply@blogger.com ((hris) — Sat, 16 Aug 2008 04:41:00 +0000

Swing Trading Club from Investing Systems Delivers Stock Picks, Trade Set-ups and Market Intelligence to Day Traders, Swing Traders and Long Term Investors

AMELIA ISLAND, Fla.-- July 26, 2008 --Investing Systems announced today the opening of their new Swing Trading Club for traders and investors.

"Buy and hold investing has seen better days," said William McKinley, President of Investing Systems. "Most people believe that you need to take a more active role in order to effectively manage a portfolio."

The swing trading club offers trade set-ups daily and shows investors the entry and exit strategy, the stop-loss points and target prices for each trade. The site features a chat room, market trend indicators and commentary from professional traders.

"Everyone knows that you need to invest for yourself," McKinley said. "But that does not mean that you have to trade by yourself."

The Swing Trading Club is open to all traders and investors and even includes training sessions and coaching on specific technical trading styles. The subscription price is just $49.95 per month and the members already love the interaction with other traders.

"People like to trade along with others in the club," McKinley said. "Beginners are learning the ropes and experienced traders like to share their expertise. We think everyone should take a serious look at the club if only to have some trading buddies to bounce ideas with."

Investing Systems Inc. manages a network of more than 100 websites focused on the benefits of disciplined systematic investing. Customers in more than 70 countries have used ISI products and services to become better, more disciplined, investors.

"I am not sure exactly how many members we will let into the club," McKinley said. "The most important thing to us is that people have fun, make money and become better traders and investors. If we have to limit the size, we will."

For additional information about the Swing Trading Club website visit:

http://www.SwingTradingClub.com

Contacts

Investing Systems Inc.
Douglas Newberry, 904-261-5289
DNewberry@investing-systems.com

Bonds Outlook Stable

noreply@blogger.com ((hris) — Tue, 12 Aug 2008 00:50:00 +0000

Fitch Upgrades Cape Regional Medical Center's (NJ) Bonds to 'A'; Outlook Stable

NEW YORK-- August 11, 2008 --Fitch Ratings has upgraded the $23.5 million outstanding New Jersey Health Care Facilities Financing Authority revenue bonds (Burdette Tomlin Memorial Hospital, Inc. Issue), series 1999 to 'A' from 'A-'. The Rating Outlook is Stable.

The rating upgrade to 'A' is based on Cape Regional Medical Center's (Cape Regional; formerly Burdette Tomlin Memorial Hospital, Inc.) excellent liquidity and light debt burden as well as improved operations over the last 3 1/2 fiscal years. At fiscal year end Dec. 31 2007, Cape Regional had days cash on hand (DCOH) of 273.1 days and cash to debt of 301.9%, both well above Fitch's 'A' category medians of 185.2 DCOH and 111.6% cash to debt. Additionally, Cape Regional defeased its 1991 series bonds in fiscal 2007.

Maximum annual debt service (MADS) on the remaining series 1999 bonds is $2.1 million, which is $1.2 million lower than previous MADS. Pro forma debt service coverage in fiscal 2007 was a strong 6.2 times (x), above Fitch's 'A' category median of 4x, and the cushion ratio was 33.3x, more than double Fitch's 'A' category median of 15.4x. Unaudited results for six months ended June 30, 2008 show MADS coverage of 5.5x and a cushion ratio of 31.4x.

In addition to Cape Regional's strong liquidity and light debt burden, operations over the last 3 1/2 fiscal years have continued to improve. Since fiscal 2005, Cape Regional has improved operations with positive operating margins two out of the last three years and positive excess margins in all three years. Cape Regional ended fiscal 2007 with a 0.6% positive operating margin and a 5% positive excess margin ($5.6 million in total excess income). Further indication of the operational turnaround has been the improvement to Cape Regional's operating EBITDA margin and EBITDA margins. Cape Regional's Operating EBITDA and EBITDA margins have averaged 7.5% and 11.2%, respectively, from 2005-2007 compared to 5.3% and 7.3% from 2002-2004.

The Stable Outlook is based on Cape Regional's continued market dominance, lighter debt burden, and Fitch's belief that Cape Regional will be able to sustain the current operating performance. Cape Regional enjoys a 72% market share in its primary service area as its nearest competitor is more than 20 miles away. This market dominance helps to offset concerns about Cape Regional's small revenue size for the rating category. Ongoing credit concerns include Cape Regional's rising bad debt expense and vulnerability of revenue stream given the seasonality of admissions.

Fitch does not anticipate Cape Regional issuing additional debt over the next few years. A prior credit concern of Fitch's had been the hospital's capital needs. Management has begun increasing capital spending, including a $2.2 million renovation of inpatient rooms. Capital expenditures as percentage of depreciation increased to 217.4% in fiscal 2007 from 66.2% in fiscal 2006; Fitch's 'A' category median is 155.8%. Given Cape Regional's operational turnaround, Fitch anticipates that over the medium term the hospital will be able to continue to fund capital projects from cash flow and philanthropy without the need to issue debt.

Fitch believes that Cape Regional will be able to sustain current levels of operations. Cape Regional has significantly lowered its length of stay over the past few years, from 4.9 days in fiscal 2004 to 4.3 days in fiscal 2007, started a hospitalists program, had strong physician recruitment, and established an affiliation with University of Penn Health System for oncology and cardiology, which has improved cardiology coverage at the hospital. These programs should help sustain operating margins over the medium term. While Cape Regional has a negative 0.8% margin for the first six months of fiscal 2008, it showed bottom line profitability with a 3% excess margin, and is ahead of budget heading into the busy tourist season. Management indicated that the volume numbers from the first two months of the season, June and July, have been strong.

Cape Regional is a 242-licensed (208 operated) bed facility located in Cape May County off exit 10 on the Garden State Parkway, approximately 45 miles south of Atlantic City. Cape Regional, with total revenue of $107.5 million in fiscal 2007, is part of the Cape Regional Health System, which includes a foundation, and Cape Regional Health Enterprises, which houses a small management services organization. Cape Regional covenants to provide annual and quarterly disclosure to bondholders. Disclosure to bondholders has been good, including quarterly income statement, balance sheet, cash flows, utilization, and management discussion and analysis.

Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures are also available from the 'Code of Conduct' section of this site.

Contacts

Fitch Ratings, New York
Eric Espino, 212-908-0574
Gary Sokolow, 212-908-9186
or
Media Relations:
Cindy Stoller, 212-908-0526

Bond Insurance in a Changing Market

noreply@blogger.com ((hris) — Fri, 08 Aug 2008 03:32:00 +0000

The Knowledge Congress Has Scheduled a Live Teleconference & Webinar on Bond Insurance in a Changing Market and Regulatory Environment: What to Expect

New York, NY, June 20, 2008 -- The Knowledge Congress, the leading producer of regulatory focused teleconferences and webinars, announced today that it has scheduled a live teleconference and webinar on Bond Insurance in a Changing Market and Regulatory Environment: What to Expect. This two-hour event is scheduled on Tuesday, July 1, 2008, at 1:00 PM to 3:00 PM (EDT - New York).

Bond insurance companies are being monitored by a number of investment firms to make sure they can sustain any loss brought about by collateralized debt obligations with high-risk mortgage-backed securities. Issuers and borrowers should examine bond transactions that are tax-exempt as a precautionary measure in case a downgrade occurs. It is also important in examining agreements entered into by issuers and in case there is a need in changing credit and liquidity support bonds secured by a letter of credit. Non-profit organizations that are classified as bond issuers or conduit borrowers should take note of this issue so that preventive measures may be taken if necessary. The Knowledge Congress has assembled a panel of distinguished experts to help make these policies clear to the organizations most impacted. The panel will present their findings, which include "best practice" panel, and a question-and-answer segment enabling the audience to interact directly with the faculty in a two-hour teleconference and webinar.

Speakers/Faculty Panel

Steven A. Chamberlin, Manager, Tax Exempt Bonds, Compliance & Program Management, Internal Revenue Service (IRS)

Michael Moriarty, Deputy Superintendent for Property and Capital Markets, New York State Insurance Department

Michael J. Schozer, President, Assured Guaranty Corp.

Margaret Purcell, Executive Director, National Tax Exempt Organization Group, Ernst & Young LLP

Valerie Pearsall Roberts, Partner, Jones Day

For updated list of the faculty panel, please visit: http://www.knowledgecongress.org/event_2008_BondInsurance.html

About The Knowledge Congress

The Knowledge Congress is an organization that produces teleconferences and webinars that examine regulatory changes across a variety of industries. "We bring together the world's leading authorities and industry participants through informative two-hour teleconferences and webinars that study the impact of changing regulations and help businesses succeed through proper regulatory compliance."

Contact Information
The Knowledge Congress
Thomas LaPointe, Jr., Executive Director
1.800.578.4370
info@knowledgecongress.org
www.knowledgecongress.org
Therese Lumbao, Director
Account Management & Member Services
tlumbao@knowledgecongress.org

No Cost Personal Finance Program

noreply@blogger.com ((hris) — Fri, 08 Aug 2008 00:41:00 +0000

Free Personal Finance Program

The Money Books.com is offering "Links To Your Financial Future" for a limited time.

Los Angeles, CA - March 14 -- dash Media Networks announced today its website The Money Books.com (www.themoneybooks.com) will offer a free downloadable personal finance program for a limited time. Users will need to join The Money Books mailing list to get access to the program. Links To Your Financial Future provides valuable internet links to a variety of important financial topics in the categories of Investment and Planning, Credit and Retirement.

According to a dash Media Networks spokesman, "This type of personal finance program is particularly important this time of year when everyone is concerned about the IRS and their taxes. The Money Books.com site is all about helping people increase their personal wealth and financial well being and this program provides an avenue for greater financial knowledge."

For dash Media Networks, the move is part of an effort to increase its interaction with the users of The Money Books.com. By encouraging users to sign up for its mailing list the site can service the needs of the community more efficiently as well as provide important information to the most motivated users. Mailing list subscribers will receive targeted content in a variety of areas such as mortgage finance, insurance, and entrepreneurial wealth building.

About dash Media Networks:
dash Media Networks is a collection of broad and niche oriented e-commerce and social networking outlets focused on products and communities in the range of technology, consumer electronics and other high growth potential sectors.

Press Contact: David Ashe
Company Name: dash Media Networks
Phone: 310-749-5055
Website: www.themoneybooks.com

Property.com Unable to Resist Foreclosure

noreply@blogger.com ((hris) — Thu, 24 Jul 2008 21:54:00 +0000

Property.com SOLD to Foreclosure.com

FORECLOSURE.COM OWNER TO ACQUIRE PROPERTY.COM

Brad Geisen continues to build online real estate empire to expand opportunities for future homebuyers and investors nationwide
Boca Raton, Fla. - July 22, 2008 Foreclosure.com Founder, President and CEO, Brad Geisen, announced today that he has reached an agreement with "Domain King" Rick Schwartz to acquire the domain name "Property.com," paving the way for his entry into a new market.

With Property.com Geisen intends to create a one-of-a-kind - and convenient - one-stop online real estate marketplace that is easy-to-use and navigate. The Web site will serve as an easy-accessible national real estate classified that is going to be free to all visitors, providing sellers, buyers and investors with a whole new concept of marketing and finding homes on the Web.

According to Geisen, the acquisition of Property.com will allow him to focus his efforts on a different and potentially much larger segment of the real estate market. In fact, in Geisen's opinion, the niche foreclosure market, which is Foreclosure.com's market, represents just 2 percent of all available real estate inventory.

"I'm going after the 98 percent of the real estate market outside of the foreclosure business." said Geisen. "For the past several years, I've built and run one of, if not 'the,' most successful Internet foreclosure businesses, but the business was always exclusively distressed real estate. I've achieved in Foreclosure.com what I set out to accomplish and I am ready for a new challenge in a different market. I intend to shift my focus on developing my new ideas that will revolutionize how homes should be listed, viewed and purchased. I've developed the critical skills which I intend to apply to this new market," said Geisen.

Property.com will include all listing types, including those indexed the Multiple Listing Service (MLS), creating a database that could surpass more than 15 million homes, but not including distressed properties, which will remain the business of Foreclosure.com. The best part is that it will be totally free to search for potential buyers and visitors, and sellers will be able to upload and edit their own personal listings at no charge. It's a wide-open model that Geisen knows will create an invaluable resource for just about anyone interested in real estate.

"I'm raising the stakes and pushing all my chips to the center of the table," said Geisen. "Foreclosure.com and my related companies have been leaders in their spaces for nearly a decade. I've seen what's been wrong with the way things were done and I've developed the methods to fix them. I have the knowledge and resources to take this to a whole new level . and that's what I plan to do."

Geisen revealed the new Property.com will be unveiled sometime in 2009. The specific terms of the deal to acquire Property.com were not disclosed. However, Geisen indicated that the value of the deal is one of the largest URL purchases to date.
That's a deal that has the seller Rick Schwartz - who is known as the "Domain King" -- smiling from ear-to-ear. He purchased Property.com for $750,000 in 2005 and was recently introduced to Geisen through Kevin Leto of BigTicketDomains.com about a possible re-sale.

"My job is to acquire prime, industry specific domain names with large volumes of natural type in traffic and eventually develop them to their fullest potential by partnering with leading companies in their respective fields which I have been doing for more than a decade," said Schwartz," "Early on I saw the value in Property.com; however, I never had the resources to develop it so it could reach its maximum potential. Brad Geisen has the vision to truly get the most of Property.com for the benefit of so many people in every corner of the United States. I'm thrilled to be a part of this exciting new project with Brad."

Stay tuned for frequent updates and milestones for the new Property.com. Feel free to visit the Web site in its current form. However, as mentioned earlier, the complete re-launch will not be official until sometime in 2009.

About Brad Geisen and Foreclosure.com
Ten years ago, Brad Geisen founded Foreclosure.com and built it over time to a company with more than 1.8 million foreclosure, preforeclosure, bankruptcy, FSBO and tax lien listings in one place, Foreclosure.com delivers America's largest and most accurate searchable database of foreclosed homes and distressed property information to its customers and business partners. Based in Boca Raton, Florida, Brad Geisen and Foreclosure.com work with hundreds of top lending institutions and government agencies to list diverse property types on its Web site, including Real Estate Owned (REO); Department of Housing and Urban Development (HUD); Department of Veterans Affairs (VA); Fannie Mae; and other government agency and financial institution properties; as well as listings from an extensive network of corporate sellers. On the Web: www.foreclosure.com.

About eRealEsate.com.
Rick Schwartz, aka "Domain King" and "Webfather," is the CEO, President and Cofounder of T.R.A.F.F.I.C. found at TargetedTraffic.com-- the premiere domain conference for the domain industry. It is both the oldest and largest and attracts over 500 of the top professionals in the industry in a by invitation only event. As one of the early domain pioneers dating back to 1995, Rick has a knack for predicting big trends and getting it right. He may have been the first to recognize the value of "type in" traffic which is now commonly referred to as "direct navigation" -- the most potent and targeted traffic on the net. Rick has a prime portfolio of one and two word domains, and is considered by many to be among the leading experts on domain names, traffic, Web site flow and valuation. www.eRealestate.com

Media Contact
Thomas Myers
Foreclosure.com
tmyers@foreclosure.com
Tel: (561) 981-5337 ext. 381

Auction Rate Credit Linked Certificates Downgraded

noreply@blogger.com ((hris) — Thu, 24 Jul 2008 02:49:00 +0000

Fitch Downgrades Capstan Master Trust Auction Rate Credit Linked Certificates Series 1-4

NEW YORK-- July 23, 2008 --Fitch Ratings has removed from Rating Watch Negative and downgraded the following series of Capstan Master Trust (collectively, Capstan). The following rating actions are effective immediately:

Capstan Master Trust Series 1

--$150,000,000 certificates due 2017 downgraded to 'A' from 'AAA'.

Capstan Master Trust Series 2

--$150,000,000 certificates due 2017 downgraded to 'A' from 'AAA'.

Capstan Master Trust Series 3

--$150,000,000 certificates due 2017 downgraded to 'A' from 'AAA'.

Capstan Master Trust Series 4

--$150,000,000 certificates due 2017 downgraded to 'A' from 'AAA'.

The actions reflect Fitch's view on the credit risk of the rated certificates following the release of Fitch's new Corporate CDO rating Criteria.

Capstan Series 1 through 4 are four series of auction rate credit-linked certificates, the proceeds from which were used to directly purchase $600,000,000 of credit linked certificates (the 'Underlying Collateral') referencing a static portfolio of primarily investment grade corporate assets, which was privately-rated by Fitch in July 2007. The Underlying Collateral is the sole asset of Capstan. Periodic interest payments on the auction rate credit-linked certificates are determined and paid according to an auction process, as described in the transactions' governing documents. In addition, Capstan has entered into a basis swap with Deutsche Bank AG (rated 'AA-/F1+'; Outlook Stable by Fitch), whereby income from the Underlying Collateral is transferred to Deutsche Bank AG in exchange for periodic interest payments due on the auction rate credit-linked certificates. The rating of Capstan is directly linked to the credit risk of the Underlying Collateral. Thus, the downgrades reflect Fitch's view on the credit risk of the Underlying Collateral for the deal, which was downgraded to 'A' from 'AAA' on July 23, 2008.

The key drivers of the downgrade on the Underlying Collateral include Fitch's updated corporate CDO rating criteria as well as the deterioration of the average portfolio quality from 'BBB/BBB+' on the closing date (July 2007) to 'BBB-' on July 16, 2008, representing an average downgrade of 2 notches across 51.2% of the portfolio. Currently, 18.4% of the portfolio carries a below investment grade rating, approximately 12.0% of the portfolio is on Rating Watch Negative and 17.6% is on Negative Outlook by Fitch. Moreover, 24.0% of the portfolio is concentrated in the banking & finance sector which is currently under stress.

Given Fitch's view of concentration and the current credit quality of the portfolio, the credit enhancement level of 9.8% is not sufficient to justify the current rating of the Underlying Collateral.

Fitch released updated criteria on April 30, 2008 for Corporate CDOs and, at that time, noted it would be reviewing its ratings accordingly to establish consistency for existing and new transactions. As part of this review, Fitch makes standard adjustments for any names on Rating Watch Negative or with a Negative Outlook, reducing such ratings for default analysis purposes by two and one notch, respectively. Fitch has previously noted that its review will be focused first on ratings most exposed to risks it has highlighted in its updated criteria. Consequently, the certificates were placed on Rating Watch Negative on May 15, 2008. As previously indicated, resolution of the Negative Watch status depends on any plans managers/arrangers may choose to modify either the structure or the portfolio. In this case, the arranger has confirmed that it does not intend to make any modifications.

Fitch's rating definitions and the terms of use of such ratings are available on the agency's site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures are also available from the 'Code of Conduct' section of this site.

Contacts

Fitch Ratings
Derek Miller, +1-312-368-2076 (Chicago)
Kevin Kendra, +1-212-908-0760 (New York)
Media Relations:
Julian Dennison, +44 020 7682 7480 (London)
Sandro Scenga, +1-212-908-0278 (New York)

Consolidate Outstanding Debts With Bad Credit Loans

noreply@blogger.com ((hris) — Mon, 21 Jul 2008 04:04:00 +0000

Take Advantage of Bad Credit Loans to Consolidate Outstanding Debts

Even if your credit is not great, you can still benefit from a Consolidation Loan explains Andy Hygate from www.loansbadcredit.org.uk.

Edinburgh, UK - March 11 -- Even if your credit is not great, you can still benefit from a Consolidation Loan explains Andy Hygate from www.loansbadcredit.org.uk, and get out from under an avalanche of rising interest payments.

Just when we had hoped for relief, the economic woes seem to accelerate with no end in sight. Combined with growing fears of a recession we now have the disturbing prospect that an imminent recession will be combined with simultaneous price inflation. Commodity prices, for example, are climbing - with some industry observers predicting that the price of petrol will rise as much as 30-40 percent by July. As these factors create a bleak economic outlook, the cost of high-interest debt becomes more burdensome.

According to recent reports from the Telegraph and BBC News:

- A record-breaking 107,000 people went insolvent in 2006, an annual rise of almost 60 percent, as UK personal debt totals hit £1.4 trillion

- Lenders wrote off about £6.8bn in individual debt last year, the biggest annual total on record.

- Banks classified a total of £2.1bn as bad debt in the final quarter of 2007, of which £1.6bn was consumer debt.

- Only a small fraction of this was mortgage debt, with the majority accounted for by credit card and other unsecured debts.

But all is not lost. While major interest rates are still relatively low there is time to get out from under high-interest debt, and mounting monthly payments by borrowing a single affordable loan and using it to pay off more expensive loans. The strategy, referred to as debt consolidation, is often recommended to consumers faced with seemingly impossible financial circumstances. A debt consolidation loan is one that offers a more competitive rate than the ones you currently hold.

Of course if you already have bad credit, it can be harder to find an attractive consolidation loan. But so-called bad credit loans offer a solution, even for those with low credit scores. Lenders who offer these loans tailor to a niche market, and specialise in serving those borrowers who are turned down by traditional banks and other lenders due to credit problems. Their sole purpose and business focus is on providing loans to people with poor credit, and the services they provide are a valuable asset for UK consumers unable to borrow from conventional lenders.

With a bad credit loan from one of these lenders, it is possible to consolidate debt and convert your bad credit into a good plan for saving money and getting back on track to financial security. Transferring outstanding balances to a single lower interest bad credit loan accomplishes two critical and financially helpful goals.

First of all, you save money on the difference in interest payments. For example, if you are paying on a credit card that charges 18 percent interest and can pay off that balance with a new loan that only charges 8 percent, you realise immediate savings of 10 percent. That's a better return than most stock market wizards can boast, and it can be done in a matter of minutes by simply applying for the new loan.

Secondly, consolidating debt by paying it off with a single loan makes monthly payments simpler to manage your budget. With only one payment to make - instead of numerous bills to pay at various times during the month - it is easy to write one check, once a month. You minimize the risk of late payments, penalties, fees, and punitive rate hikes, while also making your personal financial life less stressful.

Press Contact: Andy Hygate
Company Name: Loans for Bad Credit
Phone: 07780859312
Website: www.loansbadcredit.org.uk