SACRAMENTO, Calif. —
Gov. Jerry Brown’s appointee to head the department that oversees banking, financial and consumer regulations in California led a trade association that fought against tighter lending restrictions before the subprime mortgage crisis exploded and was an executive with Washington Mutual when the now-failed bank was among the most aggressive marketers of loans to high-risk borrowers.
Jan Owen, a Democrat, also is named in a congressional inquiry into whether lawmakers and certain executives received preferential treatment for home loans, although she was not accused of wrongdoing.
Consumer advocates said they are watching Owen’s decisions carefully to see how she performs in her role as commissioner of the California Department of Corporations. The Democratic governor appointed her in December to the $143,000-a-year position, and she started in January.
Owen, 59, of West Sacramento, has a long resume in California, including stints in both business and government, but it is her history with organizations that were at the heart of the mortgage meltdown that stands out in a state that has one of the highest home foreclosure rates in the nation.
Owen served as state director of government and industry affairs at Washington Mutual from 2002 until its collapse in 2008, one of the largest bank failures in American history. It was taken over by JP Morgan Chase, where Owen stayed on as vice president of government affairs until 2009.
“It is of concern if a person who takes a job there, at that pay level in particular, has such experience, particularly with the mortgage bankers association, JPMorgan and Washington Mutual,” said Rick Jacobs, president of the Courage Campaign, which advocates on behalf of policies for poor and working-class families.
“These are big institutions, some of which don’t even exist anymore because of what they did in the mortgage business, and what they did to California,” Jacobs said. “That should be watched very carefully.”
Owen declined to be interviewed by The Associated Press for this story, but a spokesman for the Department of Corporations, Mark Leyes, responded to questions by email and telephone. He said Owen’s professional background is an asset because she understands consumer issues.
“Understanding these industries and how they function- and fail – improves the ability to regulate effectively,” Leyes said in an email.
He said the department protects consumers by licensing and regulating the network of financial services and securities businesses, including brokers, dealers, investment advisers, financial planners and lenders. Because Owen “really understands how these complex industries operate, she knows what to look for and how to crack down,” Leyes said.
Officials with several consumer groups said they were hesitant to openly criticize Owen’s background because they will have to work with her in her new role. Lawmakers similarly were hesitant because Owen’s appointment still has to be approved in the Legislature. Although Owen’s appointment requires confirmation by the state Senate, she is allowed to work for up to one year before lawmakers decide.
Some consumer advocates who have worked with Owen in the past praised her, saying she was responsive to their concerns.
Orson Aguilar, executive director of the Greenlining Institute, a Berkeley-based national policy group that advocates for racial and economic justice, said he often found himself on the opposite side of the table from Owen on consumer protection and affordable housing issues when she was an executive at Washington Mutual.
“I think people would be surprised, but definitely she was somebody who was easy to work with and she got it. She just didn’t pay lip service, she tried her hardest” to help poor communities, he said.
Before joining Washington Mutual, Owen was executive director of the California Mortgage Bankers Association from 2000 to 2002, where she worked on behalf of lenders on regulatory issues that she now is in charge of enforcing.
Owen was among those who argued against a 2001 bill that attempted to control high-interest predatory lending several years before the collapse of the housing industry, which helped propel the state’s unemployment rate to more than 12 percent during the height of the recession.
SB60 by then-Sen. Joe Dunn, a Democrat, would have required lenders to assess whether potential recipients of high-interest, high-risk loans had the means to repay them and required the attorney general to document complaints against lenders.
The bill sought to end the “abusive practices imposed upon a captive market,” according to its text.
“These abusive tactics, known as `predatory lending’ practices, range from the charging of exorbitant fees and interest rates from those least likely to afford them, to aggressive sales of costly and unnecessary services, to outright fraud aimed at forcing foreclosures and allowing seizures of property,” the bill said.
That was 2001, long before most Americans had heard about the complex lending and financial instruments that contributed to the collapse of the housing market and billions of dollars in bank bailouts.
A report that year in American Banker, a trade magazine, notes that a hearing on the bill was canceled and said Owen’s office contacted the senator to try to “work with him” on it. A newsletter for bankers association members from 2001 quotes Owen as saying the legislation and other bills like it would turn lenders away from California, which would lead to complaints that low-income buyers and the elderly could not receive loans.
“There is a fine line between protecting consumers and making the process so cumbersome and risky that lenders will simply do business elsewhere,” she said in the newsletter.
Dunn’s bill died in committee that year.
The former senator, who is now executive director of the State Bar of California, did not return a call from The Associated Press seeking comment.
Leyes, of the Department of Corporations, said industry groups argued that the law duplicated existing federal regulations, although those did not cap interest rates or fees on loans. He noted that the association did not take an official public position on the bill.
“The industry wasn’t supportive of Dunn’s bill and similar efforts that year or in that time period. Jan was employed by the association, the CMBA, and she needed to represent their point of view,” he said.
Leyes said a similar bill by then-Sen. Carole Migden passed later. The Mortgage Bankers Association also lobbied against that bill.
The association also is listed as an opponent of the California Financial Privacy Act by then-Assemblyman Tim Leslie, which sought to prohibit financial companies from sharing customers’ data unless customers opted in. That legislation, AB21, died in a committee in 2002.
The California Reinvestment Coalition is one of many groups that lobbied in the early 2000s for tighter lending standards and more restrictions on high-interest loans. Its associate director, Kevin Stein, said he did not recall whether Owen spoke out publicly against the Dunn bill but said her resume raises some concerns about whether she will be an effective advocate for consumers.
Stein called Washington Mutual a “perfect example of what happens when regulators don’t regulate.”
“So she’s aware of that, and maybe there’s some appreciation that she might have for the role that regulations can and should play,” he said.
A spokesman for the governor, Gil Duran, said is uniquely qualified to lead the department.
“Jan Owen is a highly experienced and respected commissioner with a deep knowledge of California’s complex industries and regulations. Gov. Brown picks appointees based on their qualifications,” he said.
Owen’s name also is cited in two congressional investigations.
They include a 2009 inquiry into the collapse of Countrywide Financial Corp. as a potential “Friend of Angelo” – a reference to former Countrywide chief executive Angelo Mozilo, who helped high-profile clients get discounted mortgages.
Once the country’s largest lender, Countrywide played a major role in the collapse of the housing market because it aggressively pushed complicated home loans to people with a questionable ability to repay.
An April 2003 email exchange cited as part of the House Oversight and Government Reform Committee’s investigation begins with an email message from Owen to Pete Mills, then-senior vice president of legislative and government regulatory affairs for Countrywide Home Loans.
“Don’t forget name and telephone number of the guy for refi for us,” Owen wrote.
Mills then emailed another Countrywide executive, asking him or “one of your top people,” to help Owen. In addition to noting her government affairs position at Washington Mutual, Mills refers in his email to Owen as “a good friend of Countrywide from her days as executive director at Calif. MBA.” A follow-up email urges another staffer to offer Owen a discount of half a percentage point on her loan and “no junk fees.”
Leyes said Owen does not remember ever receiving a refinancing offer from Countrywide, and public records reviewed by The Associated Press do not show her or her husband having any loans from the company for the two Sacramento-area homes they have owned.
The report concluded that Countrywide loan officers waived fees and knocked off points for VIP borrowers at no cost, saving them thousands of dollars in deals that were not available to regular applicants. It does not say whether Owen received a loan with preferential terms.
“She didn’t seek any preferential treatment even though she may have kind of innocuously asked into the terms that Countrywide provided for a refinance,” Leyes said. “What’s unfortunate is that that got included in that report back then and it didn’t get challenged or corrected at the time.”
Owen’s name also surfaced in a July 2010 House Ethics Committee investigation that cleared Rep. Laura Richardson, D-Long Beach, of wrongdoing in the foreclosure of her Sacramento home, an action that Washington Mutual later rescinded. Owen was among the bank officials who dealt with Richardson’s case.
Before she worked for the trade association and the banks, Owen was chief consultant to the Senate Banking Committee in the Legislature from 1992 to 1995, a deputy commissioner at the Department of Financial Institutions under former Gov. Gray Davis from 1996 to 1999 and acting commissioner from 1999 to 2000, when she left to head the bankers association
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2012年2月7日星期二
2012年1月19日星期四
ROTH Capital Partners to Co-Sponsor Bank Director’s 2012 Acquire or Be Acquired Conference
NEWPORT BEACH, Calif.–(BUSINESS WIRE)– ROTH Capital Partners (ROTH), www.roth.com, a full service investment bank recognized for providing financing and advisory services to emerging growth companies worldwide, today announced that it will co-sponsor the 2012 Acquire or Be Acquired conference to be held by Bank Director magazine at the Arizona Biltmore Resort & Spa in Phoenix, Arizona from January 29-31, 2012.
John Hamel, managing director of ROTH Capital Partners’ Financial Institutions Group, will be a featured speaker at the 2012 conference. Mr. Hamel’s presentation will discuss current trends in banking and M&A, as well as provide an overview of the M&A process for financial institutions and give advice for achieving the best possible terms for shareholders.
For the past 17 years, the Acquire or Be Acquired conference has been regarded as the financial industry’s premier M&A and growth event that addresses the most critical and timely issues facing banks. The conference has provided bankers and financial executives the opportunity to learn from knowledgeable speakers through interactive sessions designed to help them explore a variety of growth options. The 2012 conference will be attended by more than 650 financial executives and feature panel discussions on M&A trends, as well as best practices on strategy, capital formation, deposit growth, dealing with criticized assets and alternatives for liquidity.
To learn more or to register to attend the conference, please contact Bank Director’s conference department at conferences@bankdirector.com.
About ROTH Capital Partners Financial Institutions Group
ROTH’s Financial Institutions (FIG) Investment Banking team brings to bear its extensive industry and transaction expertise on a wide range of growth companies within the financial services sector. With deep domain expertise in its areas of focus, the team has insight into the changing dynamics of the industry and is able to develop unique ideas and financing structures that best serve the needs of ROTH’s clients. The ROTH FIG Group focuses on the following sub-sectors: banks and thrifts; consumer finance; commercial finance; mortgage REITs; asset managers; insurance; and financial processing and outsourcing. It offers a full array of investment banking products and services, including public and private offerings of equity and debt, advisory services and recapitalizations.
About Bank Director Magazine
Bank Director Magazine is the leading information resource for senior officers and directors of financial institutions, credit unions, insurance companies and investment advisors. The quarterly publication provides readers with the tools necessary to successfully handle the governance challenges impacting boards including mergers and acquisitions, retail strategies, compensation and technology. Since its inception in 1991, Bank Director has become recognized as the essential resource for top decision makers in the financial services industry. For more information, visit http://www.bankdirector.com/.
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John Hamel, managing director of ROTH Capital Partners’ Financial Institutions Group, will be a featured speaker at the 2012 conference. Mr. Hamel’s presentation will discuss current trends in banking and M&A, as well as provide an overview of the M&A process for financial institutions and give advice for achieving the best possible terms for shareholders.
For the past 17 years, the Acquire or Be Acquired conference has been regarded as the financial industry’s premier M&A and growth event that addresses the most critical and timely issues facing banks. The conference has provided bankers and financial executives the opportunity to learn from knowledgeable speakers through interactive sessions designed to help them explore a variety of growth options. The 2012 conference will be attended by more than 650 financial executives and feature panel discussions on M&A trends, as well as best practices on strategy, capital formation, deposit growth, dealing with criticized assets and alternatives for liquidity.
To learn more or to register to attend the conference, please contact Bank Director’s conference department at conferences@bankdirector.com.
About ROTH Capital Partners Financial Institutions Group
ROTH’s Financial Institutions (FIG) Investment Banking team brings to bear its extensive industry and transaction expertise on a wide range of growth companies within the financial services sector. With deep domain expertise in its areas of focus, the team has insight into the changing dynamics of the industry and is able to develop unique ideas and financing structures that best serve the needs of ROTH’s clients. The ROTH FIG Group focuses on the following sub-sectors: banks and thrifts; consumer finance; commercial finance; mortgage REITs; asset managers; insurance; and financial processing and outsourcing. It offers a full array of investment banking products and services, including public and private offerings of equity and debt, advisory services and recapitalizations.
About Bank Director Magazine
Bank Director Magazine is the leading information resource for senior officers and directors of financial institutions, credit unions, insurance companies and investment advisors. The quarterly publication provides readers with the tools necessary to successfully handle the governance challenges impacting boards including mergers and acquisitions, retail strategies, compensation and technology. Since its inception in 1991, Bank Director has become recognized as the essential resource for top decision makers in the financial services industry. For more information, visit http://www.bankdirector.com/.
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2012年1月9日星期一
William P. Carey, Leader in Commercial Real Estate, Dies at 81
William P. Carey, who played a leading role in the early use of the commercial real estate transaction known as the sale-leaseback as he built a fortune in investment management, died on Jan. 2 in West Palm Beach, Fla. He was 81 and lived in Manhattan.
The cause was cardiac arrest, his brother and only immediate survivor, Francis, said.
Mr. Carey was the founder in 1973 of W. P. Carey & Company, an investment management firm in New York with about $12 billion in assets around the world, among them nearly 1,000 retail and industrial sites totaling about 120 million square feet.
In the early 1980s the company closed transactions that were considered innovative in their use of the sale-leaseback model. The sale-leaseback is a form of financing in which a company sells its property for cash while remaining as a tenant under a long-term lease it signs with the buyer. It is often used by companies that are having trouble obtaining traditional financing.
In 1982, to finance its leveraged buyout of Gibson Greeting Cards, the Wesray Corporation, the investment company headed by William E. Simon, a former Treasury secretary, sold three Gibson manufacturing and warehouse buildings to Carey & Company.
Of the many sale-leaseback deals the company has arranged in the last 38 years, a prominent one came in 2009 when it bought 21 floors of the 52-story headquarters of The New York Times on Eighth Avenue in Manhattan for $225 million. The Times, which entered into the transaction to pay down debt, has the option to buy back the space in the 10th year of a 15-year lease.
Mr. Carey, a leading philanthropist as well, donated more than $100 million of his wealth through the W. P. Carey Foundation, which he established in 1988. The gifts primarily went to promote business education.
The foundation gave $50 million to the Arizona State University School of Business in 2002. Five years later, it donated $50 million to Johns Hopkins University to create the James Carey Business School, named for Mr. Carey’s great-great-great-grandfather, a shipper in Baltimore in the early 1800s.
Last year, the foundation established a $30 million endowment for the Francis King Carey School of Law at the University of Maryland, named for Mr. Carey’s grandfather, a graduate of the school.
William Polk Carey was born in Baltimore on May 11, 1930, to Francis and Marjorie Armstrong Carey. Business acumen came early to him. As a boy, he sold soda on the streets near his home and ink he made in his basement.
Mr. Carey graduated from the Wharton School at the University of Pennsylvania in 1953 with a degree in economics. After serving in the Air Force for two years, he worked at a car dealership owned by a relative in New Jersey. At 28, he owned a company in Plainfield, N.J., that leased foreign cars. It was there he learned the basics of the sale-leaseback.
Mr. Carey’s middle name, Polk, is an acknowledgment that he was a descendant of the 11th president of the United States, James K. Polk.
“He was very proud of that,” Mr. Carey’s great-nephew, William Polk Carey II, said last week. “He liked to hand out those $1 gold coins with engravings of his Uncle Jim. That’s what he called him
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Mr. Carey was the founder in 1973 of W. P. Carey & Company, an investment management firm in New York with about $12 billion in assets around the world, among them nearly 1,000 retail and industrial sites totaling about 120 million square feet.
In the early 1980s the company closed transactions that were considered innovative in their use of the sale-leaseback model. The sale-leaseback is a form of financing in which a company sells its property for cash while remaining as a tenant under a long-term lease it signs with the buyer. It is often used by companies that are having trouble obtaining traditional financing.
In 1982, to finance its leveraged buyout of Gibson Greeting Cards, the Wesray Corporation, the investment company headed by William E. Simon, a former Treasury secretary, sold three Gibson manufacturing and warehouse buildings to Carey & Company.
Of the many sale-leaseback deals the company has arranged in the last 38 years, a prominent one came in 2009 when it bought 21 floors of the 52-story headquarters of The New York Times on Eighth Avenue in Manhattan for $225 million. The Times, which entered into the transaction to pay down debt, has the option to buy back the space in the 10th year of a 15-year lease.
Mr. Carey, a leading philanthropist as well, donated more than $100 million of his wealth through the W. P. Carey Foundation, which he established in 1988. The gifts primarily went to promote business education.
The foundation gave $50 million to the Arizona State University School of Business in 2002. Five years later, it donated $50 million to Johns Hopkins University to create the James Carey Business School, named for Mr. Carey’s great-great-great-grandfather, a shipper in Baltimore in the early 1800s.
Last year, the foundation established a $30 million endowment for the Francis King Carey School of Law at the University of Maryland, named for Mr. Carey’s grandfather, a graduate of the school.
William Polk Carey was born in Baltimore on May 11, 1930, to Francis and Marjorie Armstrong Carey. Business acumen came early to him. As a boy, he sold soda on the streets near his home and ink he made in his basement.
Mr. Carey graduated from the Wharton School at the University of Pennsylvania in 1953 with a degree in economics. After serving in the Air Force for two years, he worked at a car dealership owned by a relative in New Jersey. At 28, he owned a company in Plainfield, N.J., that leased foreign cars. It was there he learned the basics of the sale-leaseback.
Mr. Carey’s middle name, Polk, is an acknowledgment that he was a descendant of the 11th president of the United States, James K. Polk.
“He was very proud of that,” Mr. Carey’s great-nephew, William Polk Carey II, said last week. “He liked to hand out those $1 gold coins with engravings of his Uncle Jim. That’s what he called him
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2012年1月2日星期一
/ CORRECTION – W. P. Carey & Co. Announces the Passing of Its Founder and Chairman Wm. Polk Carey
NEW YORK, NY–(Marketwire -01/02/12)- In the news release, “W. P. Carey & Co. Announces the Passing of Its Founder and Chairman Wm. Polk Carey,” issued earlier today by W. P. Carey & Co. LLC (NYSE: WPC – News), we are advised by the company that the sixth paragraph should mention “Arizona State University” rather than “University of Arizona” as originally issued. Complete corrected text follows.
W. P. Carey & Co. Announces the Passing of Its Founder and Chairman Wm. Polk Carey
NEW YORK, NY — January 2, 2012 — W. P. Carey & Co.’s Board of Directors sadly announces that company founder and Chairman Wm. Polk Carey died earlier today.
Mr. Carey, who was 81 years old, died of natural causes at Good Samaritan Medical Center in West Palm Beach, Florida. He was surrounded by family and friends, who had traveled to be with him.
Company Chief Executive Officer Trevor P. Bond stated, “Bill Carey was more than our founder and Chairman — he was the cultural leader of our company. All of us at W. P. Carey & Co. are mourning his loss. At the same time, we know that the best way for us to honor Bill is to continue to deliver outstanding results to our investors. It is up to us, as members of the team he put into place, to continue his life’s work and to ensure that the standards of excellence he established at W. P. Carey & Co. remain intact.”
Mr. Bond continued, “Bill was unwavering in his devotion to our shareholders, and he was especially proud that we have been able to provide increasing income to them, while providing our tenant companies with the capital that allowed them to grow their business and prosper. He felt deep gratitude toward our employees for enabling the firm to deliver such consistently outstanding results in good times and bad.”
Bill Carey was a pioneer in the field of corporate finance for nearly 60 years. Under his leadership, W. P. Carey Co. LLC provided hundreds of companies the capital they required to thrive and prosper. He was largely responsible for development of the sale-leaseback investment strategy for commercial real estate, and his firm remains a global leader in the industry.
In 1988, Mr. Carey established the W. P. Carey Foundation, which supports educational opportunities for young people through significant endowments presented to Arizona State University, Johns Hopkins University and the University of Maryland, as well as contributions to many other fine educational institutions. His brother, Francis J. Carey, said, “Bill was not only an insightful businessman but a wonderful brother and a good citizen. He always felt grateful that he was raised in a family committed to public service — and he worked passionately to uphold that tradition.” Mr. Carey was a direct descendent of President James K. Polk.
Photos and further information are available at http://www.wpcarey.com.
W. P. Carey & Co. LLCW. P. Carey & Co. LLC (NYSE: WPC – News) is an investment management company that provides long-term sale leaseback and build to suit financing for companies worldwide and manages a global investment portfolio of approximately $11.8 billion. Publicly traded on the New York Stock Exchange (WPC), W. P. Carey and its CPA® series of non-traded REITs help companies and private equity firms unlock capital tied up in real estate assets. The W. P. Carey Group’s investments are highly diversified, with approximately 284 long-term corporate tenants spanning 28 industries and 18 countries. http://www.wpcarey.com/
http://tourism9.com/
W. P. Carey & Co. Announces the Passing of Its Founder and Chairman Wm. Polk Carey
NEW YORK, NY — January 2, 2012 — W. P. Carey & Co.’s Board of Directors sadly announces that company founder and Chairman Wm. Polk Carey died earlier today.
Mr. Carey, who was 81 years old, died of natural causes at Good Samaritan Medical Center in West Palm Beach, Florida. He was surrounded by family and friends, who had traveled to be with him.
Company Chief Executive Officer Trevor P. Bond stated, “Bill Carey was more than our founder and Chairman — he was the cultural leader of our company. All of us at W. P. Carey & Co. are mourning his loss. At the same time, we know that the best way for us to honor Bill is to continue to deliver outstanding results to our investors. It is up to us, as members of the team he put into place, to continue his life’s work and to ensure that the standards of excellence he established at W. P. Carey & Co. remain intact.”
Mr. Bond continued, “Bill was unwavering in his devotion to our shareholders, and he was especially proud that we have been able to provide increasing income to them, while providing our tenant companies with the capital that allowed them to grow their business and prosper. He felt deep gratitude toward our employees for enabling the firm to deliver such consistently outstanding results in good times and bad.”
Bill Carey was a pioneer in the field of corporate finance for nearly 60 years. Under his leadership, W. P. Carey Co. LLC provided hundreds of companies the capital they required to thrive and prosper. He was largely responsible for development of the sale-leaseback investment strategy for commercial real estate, and his firm remains a global leader in the industry.
In 1988, Mr. Carey established the W. P. Carey Foundation, which supports educational opportunities for young people through significant endowments presented to Arizona State University, Johns Hopkins University and the University of Maryland, as well as contributions to many other fine educational institutions. His brother, Francis J. Carey, said, “Bill was not only an insightful businessman but a wonderful brother and a good citizen. He always felt grateful that he was raised in a family committed to public service — and he worked passionately to uphold that tradition.” Mr. Carey was a direct descendent of President James K. Polk.
Photos and further information are available at http://www.wpcarey.com.
W. P. Carey & Co. LLCW. P. Carey & Co. LLC (NYSE: WPC – News) is an investment management company that provides long-term sale leaseback and build to suit financing for companies worldwide and manages a global investment portfolio of approximately $11.8 billion. Publicly traded on the New York Stock Exchange (WPC), W. P. Carey and its CPA® series of non-traded REITs help companies and private equity firms unlock capital tied up in real estate assets. The W. P. Carey Group’s investments are highly diversified, with approximately 284 long-term corporate tenants spanning 28 industries and 18 countries. http://www.wpcarey.com/
http://tourism9.com/
W. P. Carey & Co. Announces the Passing of Its Founder and Chairman Wm. Polk Carey
NEW YORK, NY–(Marketwire -01/02/12)- W. P. Carey & Co.’s Board of Directors sadly announces that company founder and Chairman Wm. Polk Carey died earlier today.
Mr. Carey, who was 81 years old, died of natural causes at Good Samaritan Medical Center in West Palm Beach, Florida. He was surrounded by family and friends, who had traveled to be with him.
Company Chief Executive Officer Trevor P. Bond stated, “Bill Carey was more than our founder and Chairman — he was the cultural leader of our company. All of us at W. P. Carey & Co. are mourning his loss. At the same time, we know that the best way for us to honor Bill is to continue to deliver outstanding results to our investors. It is up to us, as members of the team he put into place, to continue his life’s work and to ensure that the standards of excellence he established at W. P. Carey & Co. remain intact.”
Mr. Bond continued, “Bill was unwavering in his devotion to our shareholders, and he was especially proud that we have been able to provide increasing income to them, while providing our tenant companies with the capital that allowed them to grow their business and prosper. He felt deep gratitude toward our employees for enabling the firm to deliver such consistently outstanding results in good times and bad.”
Bill Carey was a pioneer in the field of corporate finance for nearly 60 years. Under his leadership, W. P. Carey Co. LLC provided hundreds of companies the capital they required to thrive and prosper. He was largely responsible for development of the sale-leaseback investment strategy for commercial real estate, and his firm remains a global leader in the industry.
In 1988, Mr. Carey established the W. P. Carey Foundation, which supports educational opportunities for young people through significant endowments presented to the University of Arizona, Johns Hopkins University and the University of Maryland, as well as contributions to many other fine educational institutions. His brother, Francis J. Carey, said, “Bill was not only an insightful businessman but a wonderful brother and a good citizen. He always felt grateful that he was raised in a family committed to public service — and he worked passionately to uphold that tradition.” Mr. Carey was a direct descendent of President James K. Polk.
Photos and further information are available at http://www.wpcarey.com.
W. P. Carey & Co. LLCW. P. Carey & Co. LLC (NYSE: WPC – News) is an investment management company that provides long-term sale leaseback and build to suit financing for companies worldwide and manages a global investment portfolio of approximately $11.8 billion. Publicly traded on the New York Stock Exchange (WPC), W. P. Carey and its CPA® series of non-traded REITs help companies and private equity firms unlock capital tied up in real estate assets. The W. P. Carey Group’s investments are highly diversified, with approximately 284 long-term corporate tenants spanning 28 industries and 18 countries. http://www.wpcarey.com
Image Available: http://www2.marketwire.com/mw/frame_mw?attachid=1843415
http://tourism9.com/
Mr. Carey, who was 81 years old, died of natural causes at Good Samaritan Medical Center in West Palm Beach, Florida. He was surrounded by family and friends, who had traveled to be with him.
Company Chief Executive Officer Trevor P. Bond stated, “Bill Carey was more than our founder and Chairman — he was the cultural leader of our company. All of us at W. P. Carey & Co. are mourning his loss. At the same time, we know that the best way for us to honor Bill is to continue to deliver outstanding results to our investors. It is up to us, as members of the team he put into place, to continue his life’s work and to ensure that the standards of excellence he established at W. P. Carey & Co. remain intact.”
Mr. Bond continued, “Bill was unwavering in his devotion to our shareholders, and he was especially proud that we have been able to provide increasing income to them, while providing our tenant companies with the capital that allowed them to grow their business and prosper. He felt deep gratitude toward our employees for enabling the firm to deliver such consistently outstanding results in good times and bad.”
Bill Carey was a pioneer in the field of corporate finance for nearly 60 years. Under his leadership, W. P. Carey Co. LLC provided hundreds of companies the capital they required to thrive and prosper. He was largely responsible for development of the sale-leaseback investment strategy for commercial real estate, and his firm remains a global leader in the industry.
In 1988, Mr. Carey established the W. P. Carey Foundation, which supports educational opportunities for young people through significant endowments presented to the University of Arizona, Johns Hopkins University and the University of Maryland, as well as contributions to many other fine educational institutions. His brother, Francis J. Carey, said, “Bill was not only an insightful businessman but a wonderful brother and a good citizen. He always felt grateful that he was raised in a family committed to public service — and he worked passionately to uphold that tradition.” Mr. Carey was a direct descendent of President James K. Polk.
Photos and further information are available at http://www.wpcarey.com.
W. P. Carey & Co. LLCW. P. Carey & Co. LLC (NYSE: WPC – News) is an investment management company that provides long-term sale leaseback and build to suit financing for companies worldwide and manages a global investment portfolio of approximately $11.8 billion. Publicly traded on the New York Stock Exchange (WPC), W. P. Carey and its CPA® series of non-traded REITs help companies and private equity firms unlock capital tied up in real estate assets. The W. P. Carey Group’s investments are highly diversified, with approximately 284 long-term corporate tenants spanning 28 industries and 18 countries. http://www.wpcarey.com
Image Available: http://www2.marketwire.com/mw/frame_mw?attachid=1843415
http://tourism9.com/
Private Equity Analyst Brad Kuskin Says Sears Investment is "Promising"
PALM BEACH, Fla., Dec. 30, 2011 (GLOBE NEWSWIRE) — One of 2011′s biggest economic stories was the record-breaking profit recorded during the holiday shopping season; according to Forbes, 2011′s online sales figures were the highest of all time. The downside to high digital retail sales has proven to be the continued decline of many brick-and-mortar establishments, including Sears, which, after reporting weaker-than-projected holiday sales figures, announced that it would be shutting down 100 or more locations in 2012. The company is in a bad place, but private equity expert and financial analyst Brad Kuskin says new investors could be Sears’ salvation–and that Sears could prove a smart opportunity for investors, as well.
Brad Kuskin, a long-time investment analyst and private equity industry leader, has most recently worked with real estate investment group National Property Trust. As a specialist focused on real property assets, he said in a statement that what happens to dying retailers like Sears could ultimately be the biggest private equity story of 2012. “Investing in a company like Sears presents clear problems, but, for savvy investors, it could also hold great promise.”
Brad Kuskin points to a couple of key assets that might make Sears a target for private investors. The first is its significant Canadian presence. “While American Sears locations have struggled, its Canadian holdings are significantly more valuable due to a stronger Canadian economy and higher barriers to competition — in fact, Sears’ Canadian assets are worth over $1.8 billion,” Kuskin notes. But the big thing is the real estate. “Sears has 850 locations, to say nothing of a dozen distribution centers, plus office space. That’s incredible real estate that will be even more valuable to private investors looking to capitalize on the current downturn in real estate investments.”
Of course, Brad Kuskin’s prediction that Sears will attract private investors is not a unanimous one. Fortune.com editor Dan Primack noted, “the company’s debt-load is larger than its market cap,” and predicted an overall “lack of interest” among private investors. However, Riverside Company executive Stewart Kohl, commenting on the future of private equity, noted that private investment was “part of the solution,” not “part of the problem,” something that affirms Brad Kuskin’s prediction that private equity may be the best path for Sears’ success.
The private equity expert cautions that his Sears prediction is not necessarily meant to be an endorsement, and says that something on the scale of Sears will not be right for every venture capitalist. However, Brad Kuskin observes that “all the signs of a risky but potentially very rewarding investment are there, and it could be a real benefit both for the company and for potential investment groups.”
ABOUT:
Brad Kuskin is a private equity expert and investment analyst who has previously spearheaded projects regarding real estate investment, start-up businesses in their incubation phase, firms ready to take the leap to an Initial Public Offering, asset acquirement, medical refuse industry, digital music cataloguing, photo imaging technologies, auto accessories, specialty publications, and more. He is currently involved with an investment group called National Property Trust, which has been organized to help highlight potential areas of investment while helping clients place funds in appropriate opportunities.
http://tourism9.com/
Brad Kuskin, a long-time investment analyst and private equity industry leader, has most recently worked with real estate investment group National Property Trust. As a specialist focused on real property assets, he said in a statement that what happens to dying retailers like Sears could ultimately be the biggest private equity story of 2012. “Investing in a company like Sears presents clear problems, but, for savvy investors, it could also hold great promise.”
Brad Kuskin points to a couple of key assets that might make Sears a target for private investors. The first is its significant Canadian presence. “While American Sears locations have struggled, its Canadian holdings are significantly more valuable due to a stronger Canadian economy and higher barriers to competition — in fact, Sears’ Canadian assets are worth over $1.8 billion,” Kuskin notes. But the big thing is the real estate. “Sears has 850 locations, to say nothing of a dozen distribution centers, plus office space. That’s incredible real estate that will be even more valuable to private investors looking to capitalize on the current downturn in real estate investments.”
Of course, Brad Kuskin’s prediction that Sears will attract private investors is not a unanimous one. Fortune.com editor Dan Primack noted, “the company’s debt-load is larger than its market cap,” and predicted an overall “lack of interest” among private investors. However, Riverside Company executive Stewart Kohl, commenting on the future of private equity, noted that private investment was “part of the solution,” not “part of the problem,” something that affirms Brad Kuskin’s prediction that private equity may be the best path for Sears’ success.
The private equity expert cautions that his Sears prediction is not necessarily meant to be an endorsement, and says that something on the scale of Sears will not be right for every venture capitalist. However, Brad Kuskin observes that “all the signs of a risky but potentially very rewarding investment are there, and it could be a real benefit both for the company and for potential investment groups.”
ABOUT:
Brad Kuskin is a private equity expert and investment analyst who has previously spearheaded projects regarding real estate investment, start-up businesses in their incubation phase, firms ready to take the leap to an Initial Public Offering, asset acquirement, medical refuse industry, digital music cataloguing, photo imaging technologies, auto accessories, specialty publications, and more. He is currently involved with an investment group called National Property Trust, which has been organized to help highlight potential areas of investment while helping clients place funds in appropriate opportunities.
http://tourism9.com/
NextEra Raises Funds for Wind Power
Redwood Trails Wind, LLC, a unit of NextEra Energy, Inc. (NYSE:NEE – News), has arranged $234 million for the financing of its wind projects in Oklahoma and California. Another NextEra business wing, Golden Winds, LLC, raised $131 million for its three wind farms in California. Both Redwood Trails Wind and Golden Winds are subsidiaries of NextEra Energy Resources, LLC, North America’s largest owner and operator of wind and solar electricity generating assets.
The limited recourse term loan of $234 million raised by Redwood Trails Wind for the projects with a generation capacity of 237 megawatts carries a variable interest rate and will mature in December 2029. The loan is mortgaged on the wind energy projects’ assets and the ownership interest in Redwood Trails Wind, LLC. The company expects to use the loan amount partly to pay back the capital contributions made by it for the development and building of the wind energy projects.
Golden Winds, LLC raised $131 million in a tax-equity financing for three wind farms in California that have an aggregate capacity of 205.9 megawatts. It issued Class B membership interests to a multinational bank and in exchange will receive approximately $131 million at closing, and a capital contribution of $78 million in early 2012.
NextEra Energy’s long-term debts at the end of the third quarter of 2011 were $20 billion versus $18 billion as of December 31, 2010. The debt-to-equity ratio was 47%, deteriorating from 44% at the end of 2010, mainly due to the issue of new debts.
NextEra Energy is a well-managed, high-quality, regulated electric utility that serves high-growth areas of Florida. Looking ahead, we expect the company’s earnings growth to likely come from its investments in Florida’s utility infrastructure, and growing wind and solar investments.
However, we remain concerned about the volatility in the company’s commodity-exposed generation portfolio and the recovery of Florida’s economy. The company presently retains a short-term Zacks #3 Rank (Hold) that corresponds with our long-term Neutral recommendation on the stock.
Juno Beach, Florida, based NextEra Energy Inc. is a public utility holding company engaged in the generation, transmission, distribution, and sale of electric energy. The company has both regulated and non-regulated energy-related products and services, with operations in 28 states and Canada. The company mainly competes with TECO Energy, Inc. (NYSE:TE – News) and Southern Company (NYSE:SO – News).
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The limited recourse term loan of $234 million raised by Redwood Trails Wind for the projects with a generation capacity of 237 megawatts carries a variable interest rate and will mature in December 2029. The loan is mortgaged on the wind energy projects’ assets and the ownership interest in Redwood Trails Wind, LLC. The company expects to use the loan amount partly to pay back the capital contributions made by it for the development and building of the wind energy projects.
Golden Winds, LLC raised $131 million in a tax-equity financing for three wind farms in California that have an aggregate capacity of 205.9 megawatts. It issued Class B membership interests to a multinational bank and in exchange will receive approximately $131 million at closing, and a capital contribution of $78 million in early 2012.
NextEra Energy’s long-term debts at the end of the third quarter of 2011 were $20 billion versus $18 billion as of December 31, 2010. The debt-to-equity ratio was 47%, deteriorating from 44% at the end of 2010, mainly due to the issue of new debts.
NextEra Energy is a well-managed, high-quality, regulated electric utility that serves high-growth areas of Florida. Looking ahead, we expect the company’s earnings growth to likely come from its investments in Florida’s utility infrastructure, and growing wind and solar investments.
However, we remain concerned about the volatility in the company’s commodity-exposed generation portfolio and the recovery of Florida’s economy. The company presently retains a short-term Zacks #3 Rank (Hold) that corresponds with our long-term Neutral recommendation on the stock.
Juno Beach, Florida, based NextEra Energy Inc. is a public utility holding company engaged in the generation, transmission, distribution, and sale of electric energy. The company has both regulated and non-regulated energy-related products and services, with operations in 28 states and Canada. The company mainly competes with TECO Energy, Inc. (NYSE:TE – News) and Southern Company (NYSE:SO – News).
Zacks Investment Research
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http://tourism9.com/
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