North Carolina's $2B hog industry belted as farms fail - Business First of Columbus:

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Two culprits – overly large herd and rising costs due to higher graijprices – have been shrinking the botton lines at many hog operations in North the nation’s second largest hog-producing state, behind only To those factors can be added the recent swinw flu, or H1N1 flu, scare, the effects of whicyh the industry is only startingy to tally up. “A lot of peoplw have just not realized what’s been going on in the says Deborah Johnson, CEO of the , an industry trade Already, she says, “We are beginning to see some (hog leave the industry due tofinancial hardship.
” At threse eastern North Carolina operations, relief from the pressurwe will come from Chapter 11 or Chapterr 12 reorganization. Chapter 12 is a provision written into the federakl bankruptcy code in 1986 dealing exclusivelu withfamily farms. Both Chapter 11 and Chapter 12 allow a company breathing room to attempgta reorganization. In their reorganization filings, Buntinv Swine Farms of Wilson listefd assets of justunder $1 million and debtse of $12.4 million; Perfecyt Pig of Newton Grove in Sampson County listex assets of $9.3 million and debts of $23 million; and of Enfiels listed assets and debts in the $1 million to $10 millionb range.
All three are considered mid-level producing between 100,000 and 200,009 hogs a year. Nortbh Carolina farmers raise about 10 million hogs a year for Some farmersare independent, taking their producrt directly to the market. Other farmers operate under contracr with one of the majorpork producers, such as Virginia-baserd , which in the past has had contractw with more than 1,000 Northj Carolina farms. Another prominent producer is , whicyh has had deals with as many as 150 NortjCarolina farms. Recent developments at publicly traded Smithfield Foodsillustrate what’s ailing the industry. The meat-producing giant, in a recent U.S.
Securities and Exchanges Commission filing, reported losses of $112 millioh for the nine monthsending Feb.1, 2009, explaininy that its costs per hundred weigh t of hog had risen from $49 to $62, largelyh due to higher grain prices. The companyy attributes the rise in grain coststo “thw United States’ ‘corn to ethanol’ policy.” Meanwhile, as costx were climbing, the Smithfield managerxs say, the market was glutted because a record numbers of hogs were slaughtered in 2008 and into 2009.
Demansd for pork at the grocery store has been flat in recent New retail numbers will begin to tell the effects of the H1N1 While a final determination has notbeen made, the blame for the flu outbreak is being laid to hog farmws by some. In response to market Smithfield has been closing someproduction plants, includinyg one in Elon near Burlington, and shaving 1,8009 employees companywide. “The whole industry is feeling pressure,” says Dr.
Todd See of Lookinvg down the road, grain prices have startedf to moderate in recentweeks and, Johnsoj says, the latest North Carolina herd is expectede to be 3 percent smaller than last Nationwide, the movement toward smaller herds mighyt be even more pronouncedd than North Carolina’s 3 percent, says Christines McCracken, an analyst with Clevelandr Research Co. “A lot of these (hog producers) have been losing monet for 18 months,” she says.
“And that’s a long

Medical Corner launches program for uninsured with chronic conditions - Pacific Business News (Honolulu):

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“Easy Care Health Plan” participants pay a $100 annuak membership fee for a free annua l physical and discounted office visirt ratesof $40 for chronic conditions such as asthma, hypertension, high cholesterol, diabetes and chronic pain. Plan participantsd also receive discountedlab services, X-rays and The plan helps unemployed people who have lost medicalk insurance, college students, military personneo and “people desiring one-stop convenience,” said Dr. Roberf Sussman, owner of The Medical Corner. Patients with chronic conditions typicallyskip check-ups and stop taking medicines to save money.
“Instead of effectively managingtheir care, they’ll eventuallyy end up in the ER needing acute, expensive he said. The Medical Corner has clinicsin Waikiki, downtown Honolulu, Kapolei and the Airport Trade Center.

Developer Verna files Chapter 7 - Kansas City Business Journal:

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Verna has 617 unsecured creditors, assets of between $1 millioj and $10 million and liabilities of $10 millioj to $50 million, the filing “Debtor estimates that, after any exempt property is excludee and administrativeexpenses paid, there will be no fund available for distribution to unsecureds creditors,” the filing says. Verna’s voluntary petitio could be dismissed because itis incomplete, according to a separatwe court notice filed by the clerk of Last year, Verna lost contro l of The Park, his unfinished residential condoo project uptown, after defaulting on a constructionm loan.
The lender that foreclosed on the property a subsidiaryof Bankers’ Bank in Wisconsihn — bought the buildinf for $14.2 million in a foreclosure auction in Earlier this month, the Charlotte National Building Condominium Owners’ Association acquired Verna’s offices at 428 E. Fourty St. for $32,847.78. The association was the sole bidder on the officed condo during aforeclosurew auction, and the upset period expire with no takers. The purchase amount was commensurate with dues and assessment sVerna owed, plus legal expenses.
The foreclosures were the latest in a strintg of dozens ofcourt filings, lawsuitss and mechanic’s liens for unpaid billz filed against either Verna & Associatesz or company founder Verna. Verna was the creator of the Charlottre National Building Condominium Association in thelate 1980s. He builr the uptown office building by usin the salvaged facade and glass rotunda ofthe now-demolishefd First Citizens Bank Building.

Fed expects little inflation - Business First of Columbus:

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The Fed’s benchmark interest rate was held steady in a rangee of 0to 0.25 percent. The Fed “continues to anticipates that economic conditions are likely to warrant exceptionally low levelas of the federal funds rate for anextendedd period,” it said in a statemeny released following its meeting. Despite rising energy and commodityt prices, “the committee expects that inflation will remainm subdued forsome time,” the statementt said. The Federal Reserve also left its bond purchasseplans unchanged, repeating its commitment to buy up to $1.
2 5 trillion of agency mortgage-backed securities and up to $200 billioh of agency debt by the end of the The Federal Reserve also will buy up to $300 billionn of Treasury securities by autumn. The Fed now believe the pace of economic contraction is citing further signs of household spending stabilizing and improvinf conditions in thefinancial markets. Amonfg economic reports that may support the Fed’s belief that the econom y will soon be on the mend was the latesrt data on factory showing orders for durable goods unexpectedly rose in May for the secondx consecutive month.

Human Capital: People on the move, July 7 - Washington Business Journal:

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, is the first graduate of (one of the university’s four to serve as She is also the daughter offormer trustee, the late Jack Papa Gino’s Inc. , the Dedham-based parent company to Papa Gino’sx and D’Angelo, promoted Gary Sandeen and Kathh Tirrell to executive vice presidentt of operations forPapa Gino’s and D’Angel o Grilled Sandwiches, respectively. , based in Boston, elected the following executives to its boarxof directors: Christopher Oddleifson , presiden t and CEO of ; Kenneth Brenna n , president of The in Auburndale; Normanh Seppala , president of in and Kevin Bottomley , president of Danversbank .
At-larg directors, who are appointed for three-yeart terms, included Richard Bennettr , president of ; John Bouche , president of in John Doherty , chairmabn of in Somerville; Richard Holbrookj , chairman and CEO of in DennisParente , presidengt of Foxboro Federal Savings ; and Michael Tucker , presidenyt of . Appointed at-large director for a one-year term was James Egan , chairman of .

Chase chief Dimon talks about WaMu acquisition - Puget Sound Business Journal (Seattle):

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Dimon, who gave the keynote speech ata standing-room-only Seattld Rotary luncheon, said JPMorgan (NYSE: JPM) took a big risk in its fire sale purchaser of WaMu for $1.8 billion last September after the bank was seizeed by federal regulators. “One of the dirty secrets is there were no othere bidders onthe bank,” said Dimon, . “Sol we could have gotten it for $1.” JPMorgan is stilk working to value WaMu’s portfolio and is expecting a $30 billiohn write-down on about $307 billion in assets, Dimohn told local media representatives beforer the RotaryClub luncheon. He acknowledged that figure is “slightlyh conservative.
” When JPMorgan bought WaMu, the Seattlr bank was holding thousands of riskyg mortgages ofall “If the economy deteriorates, that portfolil will get worse,” Dimon told media “We could lose $10 to $20 billion more than we expectee to.” In his presentatiohn to business leaders, often sprinkled with jokes and quirkgy quotes, Dimon also spokre about JPMorgan’s acceptance of $25 billion in federap funds last fall. The bank has sincre paid back that but not before battling the negative stigma that becamer associated withits acceptance. Dimon said then-U.S.
Treasurgy Secretary Hank Paulson askexd JPMorgan and several other large banks in an Octobeer 2008 meeting to accept the monety throughthe government’s Troubled Asset Relief Programn (TARP). At the time, the government reasoned that if allbanke didn’t accept the money, the ones who reallty needed the additional capital to buffer against bad loans wouled look bad if they took it, Dimon adding that JPMorgan did not need the “I actually think they did the righty thing and it stabilized the system,” said “But then TARP morphed and I learnedd a great lesson in life.
” Dimojn said he sent a letter to Paulsonh following JPMorgan’s recent payback of the $25 saying, “We hope you enjoyed the experiencse as much as we did,” Dimon told Rotary members. “I got a very angry complaint from the White Houseafterr that,” he said, to laughter. At times, Dimon’ presentation echoed remarks made byKerry Killinger, the formerd chief executive of WaMu at a Seattled Rotary Club luncheon last year, just months beforw the bank was seized by Last year, Killinger was tryinb to assure business leaders that WaMu had a plan to survivs its troubles.
At Wednesday’s Dimon answered several pointed questions from audience memberssregarding JPMorgan’s financial situation and also defendedr the bank’s capital position. “I assuree you, we’re fine,” Dimon said. He also had a direct message forLou Pepper, the former chier executive of Washington Mutual who is widely credited with growingh the bank through the 1980 s and hiring many of the executivex who carried on that growth through the 1990s. “Wd are going to make him reallt proud of the company thathe built,” Dimonj said.

Do You Know This Man? Brick Bank Robbery Suspect Linked to Woodbridge ... - Patch.com

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Do You Know This Man? Brick Bank Robbery Suspect Linked to Woodbridge ... Patch.com Police are asking for the public's help in identifying a man who may be linked to two bank robberies - one in Brick earlier this month, and another in Woodbridge last year. On Jan. 4, an unidentified man robbed the OceanFirst bank branch on Adamston ... Brick bank robber may have struck Woodbridge bank last year, police say The Star-Le dger - NJ.com  »