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The Milwaukee-based mortgage insurer (NYSE: MTG) also announced Thursday morning its eighth consecutive quarterly net MGIC said its net loss for the quartef ending June 30was $339.8 million, or $2.74 per compared with a net loss of $99.9 million, or 81 centds in the same quarter a year ago. Chairmah and CEO Curt Culver saidthe company’ s financial results continue to be adversely impacteds by increased mortgage delinquencies and the “severe housing correction.” MGIC executiveds continue to believe that MGIC has more than adequate resources to pay all of its insured claim obligations on the existinf insurance in force.
The subsidiary, known as , will writse new business starting Jan. 1, 2010, the companyu said. to the U.S. Securities and Exchange Commission that they were formulating a plan for writing new business viathe subsidiary. The subsidiary previously wrotd mortgage guaranty insurance but has not written new businesssincwe 1985, when MGIC emerged from until recently, had been the most traumatic periodr in its 52-year The Wisconsin insurance commissioner placed MGIC in conservatorshio in 1985 after the company’s then-owner, Baldwin-United of Cincinnati, filed for Chapter 11 bankruptcy. MGIC emergeds from those troubles when management led a buyouf financedby Milwaukee-based .
MGIC has received approval from its primary regulator, the Wisconsin Office of Commissioner of Insurance, to proceesd with reactivating the subsidiary. The company needs to secure further regulatory approvals before it can writdenew business. The companyh is tapping the subsidiary to address concernd thatits risk-to-capital rati might eclipse regulatory requirements and prevent MGIC from writinh new business. “In ordedr to provide certainty that we would be able to continue writing new business on anuninterrupted basis, we needexd to write new business in a compan which has a lower risk-to-capital ratio,” Culver said.
MGIC will provided capital for the subsidiary intwo $500 milliomn installments, the first of which is to be made by July 31, and the seconsd within five business days aftefr Jan. 1, 2011. When the subsidiary becomese fully operational, MGIC will stop writinb new business. MGIC will continue to collectt premiums on its insurance business and will pay claims on that businesds but will no longer write new thecompany said. The subsidiary will be run by executived of Total revenuefor MGIC’s second quarted was $454.5 million, compared with $424.5 millionh in the second quarter of 2008. Net premiumxs written for the quarterwere $330.r4 million, compared with $371.
8 million for the year-ago Net premiums written for the firsft six months of 2009 were $677.9 million, comparedr with $740.3 million a year earlier. Included in otherf revenue for the second quartee was a gainof $8 million that resultexd from the company’s repurchase of $40.3 million of long-terkm debt due in September 2011. New insurance writtemn in the second quarterwas $5.9 compared with $14 billion in the second quarter of 2008. New insurancew written for the first six months of 2009was $12.3 billion compared with $33.1 billion in the firsft half of 2008.
MGIC stock opened lowerr Thursday, but rose by mid-morning before closinbg up 76 cents at or more than 19 percenrt forthe day.
Thursday, June 16, 2011
Monday, June 13, 2011
MobileMe-to-iCloud Transition Messaging Provokes Confusion - TidBITS
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MacDaddyNews.com | MobileMe-to-iCloud Transition Messaging Provokes Confusion TidBITS Its launch in mid-2008, as a transition from the previous .Mac service, was riddled with failures, data loss, and confusion (see รข€œMobileMe Fails to Launch Well, But Fin » |
Saturday, June 11, 2011
Duke Energy unit buys Pennsylvania wind farm - Pittsburgh Business Times:
ukatekexo.wordpress.com
DEGS is an unregulated subsidiaryof Charlotte, N.C.-based It will buy the 35-turbine facility from , a unit of a Spanisyh energy company. The deal is slated to closer in thethird quarter. The purchase price wasn’t disclosed. Construction is almost complete at the North Allegheny Windpower Woutervan Kempen, president of DEGS, says the purchases is an important step for the “This acquisition immediately expands our wind power portfoliko beyond the western U.S.
, where we have half a dozenn projects already in operation or under Akron, Ohio-based , which owns two Pennsylvania utilities, will buy all the outpu t from the farm for more than 20 The farm is a medium-sizer project for DEGS. It is part owner of a 283-megawattf farm in Texas. DEGS also owns a 42-megawattg farm and a 150-megawatt farm in Texas, as well as threre farms in Wyoming, a 29-megawattg project, a 42-megawatt projecr and a 99-megawatt project. Duke spokesman Dave Scanzonj says DEGS would be interested in additional projectz inthe east. The key for the company is finding projects that can be builyt quickly and have customerss ready to buythe power.
He declined to say whethert the company is considering any other specific projects in the EasternUnitef States. DEGS develops and operates renewable-energy projects to sell powedr to industrial andutility customers. It has 500 megawattx of wind power in productionand 5,000 megawatts of capacitgy in its pipeline. By the end of the year it expects to have 200 additional megawatts ofcapacity online. Duke entered the wind-energy business two years ago. The compant has committed morethan $1 billion to the wind-energu business.
DEGS is an unregulated subsidiaryof Charlotte, N.C.-based It will buy the 35-turbine facility from , a unit of a Spanisyh energy company. The deal is slated to closer in thethird quarter. The purchase price wasn’t disclosed. Construction is almost complete at the North Allegheny Windpower Woutervan Kempen, president of DEGS, says the purchases is an important step for the “This acquisition immediately expands our wind power portfoliko beyond the western U.S.
, where we have half a dozenn projects already in operation or under Akron, Ohio-based , which owns two Pennsylvania utilities, will buy all the outpu t from the farm for more than 20 The farm is a medium-sizer project for DEGS. It is part owner of a 283-megawattf farm in Texas. DEGS also owns a 42-megawattg farm and a 150-megawatt farm in Texas, as well as threre farms in Wyoming, a 29-megawattg project, a 42-megawatt projecr and a 99-megawatt project. Duke spokesman Dave Scanzonj says DEGS would be interested in additional projectz inthe east. The key for the company is finding projects that can be builyt quickly and have customerss ready to buythe power.
He declined to say whethert the company is considering any other specific projects in the EasternUnitef States. DEGS develops and operates renewable-energy projects to sell powedr to industrial andutility customers. It has 500 megawattx of wind power in productionand 5,000 megawatts of capacitgy in its pipeline. By the end of the year it expects to have 200 additional megawatts ofcapacity online. Duke entered the wind-energy business two years ago. The compant has committed morethan $1 billion to the wind-energu business.
Thursday, June 9, 2011
Regions Bank escalates foreclosure activity - Atlanta Business Chronicle:
oryzacody.wordpress.com
On May 27, the Ala.-based bank won a $21.4 million foreclosure judgment against QuailHunter Trail, the developef of the Enclave at Blacj Point Marina in southern Miami-Dade The development site, on the northern side of Homestead, spanz south of Old Cutlerr Road to Silver Palm Drive (Southwest 232ndc Street) along the east side of Florida’s Turnpike. The developere built a handful of the 240 homese it obtainedapproval for, but none have been sold, accordinvg to court records. The Enclavee at Black Point Marina is scheduled for publi c saleon Oct. 9 at 11 a.m. in the Miami-Dader County Courthouse.
Regions Bank targeted another project insouthern Miami-Dads on May 3 when it filed a foreclosure action againstt South Miami-based Coconut Palm Estates LLC and managing membefr Carlos DeLeon. That lawsuit involves a $6 million mortgage made in 2007 coverinyg the Coconut Palm Estates with plans for10 single-family homes in a cul de sac on 3 acre at the northwest corner of Southwest 96th Street and Southwestr 72nd Avenue in Pinecrest. There is no evidencde in county records of construction gettingunde way. Fort Lauderdale-based attorney Arthur H. Rice, who represents Regions Bank inthat lawsuit, did not immediately returnb a call seeking comment.
In Palm Beachn County, Regions Bank filed a foreclosure lawsuit on May 28againsyt Rockledge-based Gun Club LLC and managing membetr Nick N. Rahal based on a $4 millionm mortgage issued in 2006. The lawsuity targets a 6.9-acre site along Gun Club Road, just west of Soutbh Military Trail in an unincorporated part of the Court records show it holds entitlementsfor 40,112q square feet of commercial but there were no records of development taking Nicholas Rahal, the head of Rockledge-based , said Gun Club LLC is not ownecd by him, but by his son of the same He added that the site was planned as a but the dealer backed out. His son was not immediateluy availablefor comment.
West Palm Beach-based attorneh Michael J. Posner, who represents Regions Bank in the did not immediately return aphonw message.
On May 27, the Ala.-based bank won a $21.4 million foreclosure judgment against QuailHunter Trail, the developef of the Enclave at Blacj Point Marina in southern Miami-Dade The development site, on the northern side of Homestead, spanz south of Old Cutlerr Road to Silver Palm Drive (Southwest 232ndc Street) along the east side of Florida’s Turnpike. The developere built a handful of the 240 homese it obtainedapproval for, but none have been sold, accordinvg to court records. The Enclavee at Black Point Marina is scheduled for publi c saleon Oct. 9 at 11 a.m. in the Miami-Dader County Courthouse.
Regions Bank targeted another project insouthern Miami-Dads on May 3 when it filed a foreclosure action againstt South Miami-based Coconut Palm Estates LLC and managing membefr Carlos DeLeon. That lawsuit involves a $6 million mortgage made in 2007 coverinyg the Coconut Palm Estates with plans for10 single-family homes in a cul de sac on 3 acre at the northwest corner of Southwest 96th Street and Southwestr 72nd Avenue in Pinecrest. There is no evidencde in county records of construction gettingunde way. Fort Lauderdale-based attorney Arthur H. Rice, who represents Regions Bank inthat lawsuit, did not immediately returnb a call seeking comment.
In Palm Beachn County, Regions Bank filed a foreclosure lawsuit on May 28againsyt Rockledge-based Gun Club LLC and managing membetr Nick N. Rahal based on a $4 millionm mortgage issued in 2006. The lawsuity targets a 6.9-acre site along Gun Club Road, just west of Soutbh Military Trail in an unincorporated part of the Court records show it holds entitlementsfor 40,112q square feet of commercial but there were no records of development taking Nicholas Rahal, the head of Rockledge-based , said Gun Club LLC is not ownecd by him, but by his son of the same He added that the site was planned as a but the dealer backed out. His son was not immediateluy availablefor comment.
West Palm Beach-based attorneh Michael J. Posner, who represents Regions Bank in the did not immediately return aphonw message.
Tuesday, June 7, 2011
Honda sales plunge 41% in May - Phoenix Business Journal:
http://italianwinefacts.com/info/Beefitalianmarsalasausagewine/
’s American sales arm, , reportes on Tuesday that the automakersold 98,344 vehicles nationwided in May. A year ago, demand for fuel-efficieng vehicles had sent Honda to a record month of salesxat 167,997 vehicles. That represents a drop of 41 percentr from ayear ago, when prices at the pump were highet and the automobile industry hadn’t yet hit crisisd mode. Columbus Business First reports monthly sales unadjusteed for the differences in the number of sellinyg days yearto year. Honda’s sales in May, taking into accounyt one fewer selling daylast month, fell 39 percent.
Leadingf the decline in monthly sales for May wasthe company’s flagship which saw a 42 percent drop in sales at 88,875 Its luxury Acura divisio saw sales fall 36 percent to 9,46o9 vehicles. Honda sales in the first five monthx of the year fell 34 percentto 430,358 compared with 655,819 a year ago. That accountsx for a 34 percent drop in Honda salesat 387,556y vehicles and a 35 percent declinew in Acura sales at Marysville-based employs more than 12,000o workers at assembly and engine plants in and arouns Central Ohio, where they produce Honda Civics, CR-Vs, Elements and Acura TLs and
’s American sales arm, , reportes on Tuesday that the automakersold 98,344 vehicles nationwided in May. A year ago, demand for fuel-efficieng vehicles had sent Honda to a record month of salesxat 167,997 vehicles. That represents a drop of 41 percentr from ayear ago, when prices at the pump were highet and the automobile industry hadn’t yet hit crisisd mode. Columbus Business First reports monthly sales unadjusteed for the differences in the number of sellinyg days yearto year. Honda’s sales in May, taking into accounyt one fewer selling daylast month, fell 39 percent.
Leadingf the decline in monthly sales for May wasthe company’s flagship which saw a 42 percent drop in sales at 88,875 Its luxury Acura divisio saw sales fall 36 percent to 9,46o9 vehicles. Honda sales in the first five monthx of the year fell 34 percentto 430,358 compared with 655,819 a year ago. That accountsx for a 34 percent drop in Honda salesat 387,556y vehicles and a 35 percent declinew in Acura sales at Marysville-based employs more than 12,000o workers at assembly and engine plants in and arouns Central Ohio, where they produce Honda Civics, CR-Vs, Elements and Acura TLs and
Saturday, June 4, 2011
Al Qaeda Leader Reported Killed By US Missile Attack in Pakistan - ABC News
tiqosi.wordpress.com
ABC News | Al Qaeda Leader Reported Killed By US Missile Attack in Pakistan ABC News Several of Kashmiri's followers were also reported to be killed in the same attack. Most of the bodies were beyond recognition, sources said. "Body parts were scattered » |
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