Newmark’s acquisition of Knotel is approved

first_imgKnotel CEO Amol Sarva and Newmark CEO Barry Gosin (Sarva via Sasha Maslov; Gosin via Newmark)A bankruptcy court has approved the sale of flex-office provider Knotel to brokerage Newmark.Newmark officials said they expected the deal to close quickly, Commercial Observer reported. The brokerage provided $20 million in debtor-in-possession financing after Knotel filed for bankruptcy in January, and its stalking-horse bid of $70 million brought it closer to acquiring the coworking company.“Flexible workspace has been one of the fastest-growing areas of commercial real estate, and we expect this adaptive model will play an important role in the future of our industry,” Newmark CEO Barry Gosin told the publication.Read moreKnotel files for bankruptcy, set to be bought by NewmarkKnotel’s CEO cheered WeWork’s fall but he’s got challenges tooLawsuits mounting against Knotel Message* Share on FacebookShare on TwitterShare on LinkedinShare via Email Share via Shortlink Full Name* Share via Shortlink Email Address* While it is not clear how many Knotel locations will remain open, a filing with the New York Department of Labor indicated that Newmark plans to employ “many, if not most” of the 106 Knotel staffers in New York City.Newmark was an early investor in Knotel, and Gosin has defended the flex-office provider’s business model.But problems at the company emerged before the pandemic, as leasing fell and vacancies rose. Broader questions over whether the firm could achieve profitability — and comparisons of its business model to that of WeWork — persisted.While Sarva said he expected Knotel to turn a profit by the end of 2020, it instead lost about $49 million in the first half of that year and owed vendors $84 million, Business Insider reported.The onset of the pandemic brought more problems for Knotel, as offices emptied out and more companies announced shifts to hybrid work-from-home models. The firm drew a number of lawsuits from vendors who accused Knotel of halting rent payments in the wake of the pandemic.[CO] — Georgia KromreiContact the author Tags Co-workingCommercial Real EstateKnotelNewmarklast_img read more

Cabot Oil & Gas completes divestiture of interest in Meade Pipeline

first_img Image: Cabot Oil & Gas sells ownership interest in Meade Pipeline. Photo: courtesy of rawpixel from Pixabay. Cabot Oil & Gas Corporation has completed the previously announced divestiture of its 20 percent ownership interest in Meade Pipeline Co LLC (“Meade”) and provided an update on its share repurchase program.Completion of Meade DivestitureOn November 13, 2019, Cabot completed the divestiture of its 20 percent ownership interest in Meade for $256 million, excluding customary closing adjustments. “Proceeds from this divestiture will allow Cabot to continue to enhance shareholder value through an ongoing opportunistic share repurchase program, while also providing the Company with increased financial strength in a challenging natural gas price environment,” highlighted Dan O. Dinges, Chairman, President and Chief Executive Officer.Share Repurchase Program Update“Subsequent to our third quarter earnings release, we were active in our share repurchase program in anticipation of the proceeds from the Meade divestiture,” stated Dinges. Cabot has repurchased 5.0 million shares at a weighted-average share price of $17.84 during the fourth quarter of 2019. Since reactivating the share repurchase program in the second quarter of 2017, Cabot has reduced its shares outstanding by over 13 percent to 402.9 million shares. The Company currently has 16.0 million remaining shares authorized under its share repurchase program (or approximately four percent of its current shares outstanding). Dinges added, “Year-to-date, we have returned over $580 million of capital to shareholders through dividends and share repurchases, representing over 110 percent of the midpoint of our free cash flow guidance for the year and far exceeding our target of returning at least 50 percent of annual free cash flow to shareholders. We plan to remain active with our opportunistic share repurchases, which are supported by our expectation for continued free cash flow generation, even in the lows of the natural gas price cycle.” Source: Company Press Release Cabot completed the divestiture of its 20% ownership interest in Meade last_img read more

Welsh agents race to get licensed by mandatory RentSmart scheme

first_imgHome » News » Welsh agents race to get licensed by mandatory RentSmart scheme previous nextRegulation & LawWelsh agents race to get licensed by mandatory RentSmart schemeCommunities Secretary says agents who do their best to get licensed won’t be prosecutedNigel lewis23rd November 20160624 Views The deadline for registration with Rentsmart Wales has now passed and the hundreds of unlicensed agents who manage properties on behalf of landlords are now in breach of the Housing (Wales) Act 2014 but, we can reveal, won’t be prosecuted straight away.Rentsmart Wales, which is the Licensing Authority operating the scheme on behalf of the country’s 22 local authorities and run by Cardiff City Council, would appear to be creaking under the strain of late applications from landlords and agents. Its main contact number has been constantly engaged since the beginning of the week.As the deadline passed last night Rentsmart Wales says it had licensed 405 agents with 1,147 pending approval, and 3,945 landlords licensed with 9,133 pending approval. This is a significant improvement on the position at the end of October when 303 agents had been licensed and 576 were pending approval. Rentsmart also says 126,154 properties are now within the scheme or about 62% of the rental stock.But there is  still a long way to go and the vast majority of agents and landlords are waiting for to be licensed. In light of these figures, Welsh Assembly Communities Secretary Carl Sargeant said last night that agents and landlords would not be prosecuted “if they have done all they reasonably can to comply”.“But, this must not be seen as an excuse to ignore the law,” he said. “My message to private landlords is clear. You must take action to comply with the requirements of the law.“We know some private landlords will deliberately flout the law. They will be targeted and if they fail to comply, they will face the consequences, including fines, fixed penalties, restrictions on evicting tenants, and rent stopping and repayment orders.”Rentsmart wales November 23, 2016Nigel LewisWhat’s your opinion? Cancel replyYou must be logged in to post a comment.Please note: This is a site for professional discussion. Comments will carry your full name and company.This site uses Akismet to reduce spam. Learn how your comment data is processed.Related articles Letting agent fined £11,500 over unlicenced rent-to-rent HMO3rd May 2021 BREAKING: Evictions paperwork must now include ‘breathing space’ scheme details30th April 2021 City dwellers most satisfied with where they live30th April 2021last_img read more

Commentary: Lee Hamilton’s America

first_imgFebruary 12, 2018  By John KrullTheStatehouseFile.com BLOOMINGTON, Indiana – Lee Hamilton has some things to say about the state of the country.The former longtime Democratic congressman from Southern Indiana and I talk in a studio just a few doors down from his office here on Indiana University’s campus. He serves here as senior advisor to the Center for Representative Government.John Krull, publisher, TheStatehouseFile.comAs Hamilton, 86, and I chat, the members of the Congress in which he served for 34 years scramble to avoid the second federal government shutdown in two weeks. They fail, and the government closes, once again, for a few hours before the U.S. Senate and the U.S. House of Representative’s cobble together a compromise that will stabilize things for a year. The cost is that the deficit will explode by at least a trillion dollars.At the same time, the stock market – spooked, analysts say, by concerns about these deficits, interest rates and the government’s instability – takes another shrieking dive, dropping more than 1,000 points in a single day. This also is the second time in days this has happened.Hamilton doesn’t talk about these events.At least not directly.He starts by expressing sympathy for the people who serve as president of the United States.He says no one is qualified to be president. The job is too big, the responsibilities too immense, for any one human being to fill the role to perfection.He’s known, nine presidents. All of them, Hamilton says, talked about the restraints imposed on the office.“We talk about how the president is the most powerful person on earth, and perhaps he is,” Hamilton says.But that power exists within constraints.The effective presidents, Hamilton argues, learn to work within those constraints to get things done.Hamilton’s implied message is twofold and clear.The first part is that we Americans often have unrealistic expectations about what presidents, regardless of their party, can accomplish.Particularly on their own.That’s the second part.Good presidents don’t accomplish things by dictating to people or by issuing orders. The presidents who get things done understand that their greatest power is the power to persuade. To serve the country, they must bring people along with them.Great presidents know how to work with others, including those who don’t agree with them.Then Hamilton talks about how government itself should work.He notes the discontent that dominates the land. He says many Americans have lost their faith in our institutions, in our government, even in the country itself.The causes of this are many, Hamilton adds. Some Americans may be upset that they are not paid what they think they should be. Or that their children won’t be able to afford lives and homes as comfortable as the ones they’ve known. Or that other parts of their lives just are not secure.Donald Trump understood these concerns, Hamilton says. The president didn’t cause them, but he read those Americans’ fears better than anyone else and gave voice to them. That’s what put him in the White House.But anger and unhappiness are neither policies nor solutions.The remedy Hamilton proposes sounds surprising, but it shouldn’t be. He was, after all, one of Congress’ master negotiators, the guy who was sent into the room after room after room to bring warring sides together and close the deal.He says we need robust partisanship. This country works best, he argues, when the two-party system is strong.The two parties serve as checks on each other, mechanisms that test ideas and make sure that varied voices and concerns are heard as decisions are made.Hamilton says he watches the warring going on within the Republican Party with concern.The issues that historically have animated the GOP – fiscal restraint, respect for traditions and institutions, national defense – are vital to the country’s success and survival. Those voices need to be heard in the nation’s discussions and decision-making.“America needs a strong Republican Party,” Hamilton, a Democrat his entire career, says.This country, he adds, works best with strong leaders with firm principles who trust each other enough to work through differences.Hamilton’s message is clear.We need to start listening to and working with each other once more.That’s the way to make America great again.FOOTNOTE: John Krull is director of Franklin College’s Pulliam School of Journalism, host of “No Limits” WFYI 90.1 Indianapolis and publisher of TheStatehouseFile.com, a news website powered by Franklin College journalism students.Print Friendly, PDF & EmailFacebookTwitterCopy LinkEmailSharelast_img read more

COUNCILWOMAN MISSY MOSBY ASK CHIEF BOLIN TO HAVE CONVERSATION ABOUT EPD

first_img Dear Chief BolinGood Morning!I have lost a lot of sleep the last few nights for I have been struggling with what to do.   I’ve been told to stay out of this for it might hurt my re-election but that’s not what I was elected to do.I’m supposed to be the voice for my constituents and I’m very concerned.  I’ve spoken with several officers and residents of my 2nd Ward and they would like to see us have a conversation to see what we can do to help our men and women in blue.When you get to the office tomorrow, please let me know some dates and times, this week, so we can talk and try to do what is best for the residents and our EPD.Have a great Sunday.Missy Mosby2nd Ward City CouncilFacebookTwitterCopy LinkEmailSharelast_img read more

viewpoint

first_imgIn the second of the new-look, new-size British Baker we celebrate the industry’s premier annual awards night and the worthy winners (pgs 20-27). The night itself was fun and I’d like to say a big “well done” to all the winners and finalists and a huge “thank you” to all the sponsors that support the industry, as well as the independent judges who gave their time voluntarily.In the coming weeks and months, we shall be looking at what makes a winner and asking some of the independent judges just what makes some entries stand out. Why? Because excellence and innovation drive any business.About three years ago, I remember that some of us were quite staggered at the level of loan patissier and chocolatier John Slattery, aged over 50, had taken out on a completely derelict Victorian pub. But excellence and innovation have turned it into a fabulous, thriving, profitable business that is a “destination” for those in the Manchester area. And it is now turning out the next generation of award winners, as we saw last week with Slattery’s young Karen Bowden winning celebration Cake Maker of the Year, sponsored by Renshaw.It was also good to see a new award for the plant sector, sponsored by Zeelandia. Many bread and cake plants will be supplying Asda with a number of their new ranges (pg 4) and Asda’s level of innovation sounds phenomenal. Recently, I was speaking with two craft bakers, who agreed with each other that they made some slow-selling favourites “because we have always made them”. But it is worth keeping a close eye on the supermarkets. They positively drive innovation for one reason only: they know it creates sales.Excellence and innovation were also two things close to the heart of Chris Parr, Warburtons’ technical director, who died two weeks ago. I enjoyed debate with Chris over salt levels and saw him at many conferences. His enthusiasm rubbed off on everyone. He was passionate, dedicated and thoroughly professional. Chris’ wife sadly died about three years ago, but I hope his children, friends and colleagues will take comfort from the tributes on pages 14-15.Finally, if you are wondering what more you personally might give to the world of baking, do read Kevin Barke’s fine example of working in a war zone bakery (pgs 16-18). It sounds a trip to remember!last_img read more

Official Statistics: PPE deliveries (England): 26 October to 1 November 2020

first_imgThese experimental statistics about PPE items distributed for use by health and social care services in England include a breakdown of deliveries by PPE item.The ‘Weekly PPE data’ attachment gives a more detailed breakdown of daily PPE deliveries from 25 February to 1 November 2020.last_img

Club hosts prom for cancer patients

first_imgProm is a celebratory pinnacle of four years walking high school hallways, and Saint Mary’s Stands Up will bring the magic of that night to cancer patients and survivors in March. The College chapter, which is a branch of the national Stand Up To Cancer organization, will host a prom for those in the local area dealing with cancer March 2. Senior Devon Graham, Saint Mary’s Stands Up president and founder, said she wanted to create an event that would allow students to interact with cancer patients and survivors. “So many of us are healthy people and we underestimate things like prom, but prom is a big deal for people who aren’t healthy enough to go,” Graham said. “I think this prom gives students and patients the opportunity to interact and be a support system for each other. The event will be held at Haggar Parlor and is open to all students and cancer patients in the area. There is no cost for cancer patients and their guests. This is Stand Up’s second prom, and Graham said she hopes the event will eventually become an annual occurrence. “It’s amazing to hear a cancer patient’s story,” Graham said. “The prom is a great way for patients to share those stories with students.” Graham said she established a Saint Mary’s chapter during her sophomore year because of her belief in the value of Stand Up’s mission. “My dad passed away from cancer when I was in high school and ever since I’ve kept up with Stand Up To Cancer,” Graham said. “Everyone is so affected by cancer. We have a passion for it because we’ve all had someone we love either survive or lose the fight.” During the school year, Stand Up member s volunteer at Memorial Hospital and fundraise, Graham said. Supporting cancer research is a key aspect of the club’s goals. “I really like that 100 percent of any donation goes straight to research,” Graham said. “Researchers work together through out the country to come up with treatments or ways to detect different types of cancers.” Graham said she is happy to be a part of an organization that provides both financial and emotional support for students who have been impacted by cancer. “I like being a part of Stand Up because not only is it a great organization with a great mission, but it’s also such a great support system.”last_img read more

Monterrubio, on CUbroadcast, talks CFPB, reg landscape

first_img continue reading » 9SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr NAFCU’s Alexander Monterrubio, during a recent interview with CUbroadcast’s Mike Lawson, said the current regulatory outlook seems positive for credit unions as the CFPB and NCUA focus on reviewing and tailoring regulations.Monterrubio, NAFCU’s director of regulatory affairs, provided an update on efforts at the CFPB with Acting Director Mick Mulvaney now in charge. Monterrubio told Lawson he expects the bureau to offer more substantive guidance on regulations, and for it to “take into account credit unions’ and other financial institutions’ feedback on rulemakings.”He also noted the series of requests for information (RFI) the bureau is issuing in order to review its functions. Monterrubio encouraged credit unions to provide input on the RFIs to the CFPB and NAFCU to help the bureau improve and make sure credit unions’ concerns are heard.last_img read more

State preservation league makes its way to Binghamton Thursday

first_imgBINGHAMTON (WBNG) — The Southern Tier has the opportunity to receive money to preserve its historic buildings. “Binghamton is rich with historic resources. We have these beautiful buildings, gorgeous old houses and, these need to be preserved. Anytime that there’s economic development going on in a town, preservation should be not just a seat at the table, but the head of a table,” she said. The presentation discussed the preserved New York and Technical Assistance Grants, the requirements to receive them and how to apply. The Preservation League of New York State was in Binghamton Thursday giving local municipalities and non-profit organizations a road map to receiving preservation grants. center_img “Historic preservation is important in any town that has these historic resources,” said Southern Tier Field Consultant Janna Rudler. The presentation was held at the Bundy Museum of History and art.last_img read more