Generous Hearts Produce Most Successful Gala in Live Oak Library’s History
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Have a Technology Idea? Georgia Tech’s ATDC Savannah is Ready to Help
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Generous Hearts Produce Most Successful Gala in Live Oak Library’s History
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SPECIAL REPORT: Details on Obama’s Blueprint to Support Georgia Manufacturing Jobs, Discourage Outsourcing
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Lawsuits Against Georgia Banking Officers Announced; FDIC Explains The Process
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Week of January 23, 2012 Edition of The Savannah Business Journal
- Jan 23 - CASA Appoints New Board Members; Karen Wilds Named Chair
- Jan 23 - CSX Names New COO and CFO; Reports Strong 4th Qtr. Performance
- Jan 23 - Palmetto Dunes Oceanfront Resort’s Parent Acquires Leading Hilton Head Real Estate Firms
- Jan 23 – Georgia House Reconvenes This Week; Dems Announce Efforts to Repeal Georgia’s Immigration Law
- Jan 23 - COLUMNIST: Dennis Hooper “Remembering Rube Goldberg”
- Jan 23 – People in the News
- Jan 23 – City of Savannah Offering Free Entrepreneurship Classes at Moses Jackson Center
- Jan 23 – Business Buzzzzzzzz. Including....Hodges Mgt. Co, Page Siplon, GSU....
- Jan 23 – Feds Select Georgia Tech for Transportation Research Center
- Jan 23 – Savannah’s John S. James Co. Enhances Freight Forwarding with New Technology Installation
- Jan 23 - U.S. Sen. Saxby Chambliss Weighs in on Protect I.P. Act
- Jan 23 - Georgia Ports Authority Posts SignificantYear-End Gains
- Jan 23 - Mighty Eighth Air Force Museum Celebrating 70th Anniversary of Eighth Air Force this Weekend
- Jan 23 - Georgia Southern University Receives $913,000 Grant from Goizueta Foundation
- Jan 23 – Savannah Distributing Will Add ‘Attitude Drinks’ to its Product Line
- Jan 23 –Savannah Cutting Business License Fees to Retain Businesses in Challenged Neighborhoods
- Jan 23 - Wet Willie’s Donates $10,000 to Susan G. Komen for the Cure® Coastal Georgia
- Jan 23 – Charleston Port Picks up Twice Weekly Visits from New World Alliance
Top Stories
- Sept 12 – Savannah Chamber Announces ‘Leadership Savannah’ 2011 Class
- Georgia Power Shutting Two Coal Plants Due to Environmental Costs
- CSX Corporation Stock Continues its Climb; Reports Record Earnings
- Understanding St. Joseph's/ Candler’s Settlement of $2.7 Million with AG
- In Dramatic Reversal, Jekyll Development Authority Will Pursue Two Projects
Health & Hospitals
- Jan 16 – Savannah’s Health Discover Corp. Negotiates Deal for Sales Arm for Company’s Products
- Jan 16 - Democrats Show Support to the Affordable Care Act
- Nov 29 - St. Joseph’s/Candler and GPA Use New Technology to Enhance Employee Wellness
- Sept 26 - Douglas Tardio Named Acting CEO of Bluffton's CareCore National
- CVS Ups the Ante in Battle of the Pharmacy Clinics
Banking & Finance
- Jan 9 - Most Banking Loan Categories Show Drop in Tardiness
- Jan 23 - FDIC Closes Another Georgia Bank, One of Georgia's Larger Community Bank Organizations
- Lawsuits Against Georgia Banking Officers Announced; FDIC Explains The Process
- Jan 4 – Former Bookkeeper Charged in Embezzlement at S&W Enterprises, West Bay St.
- Jan 3 – Janice Woods Moves from First Chatham Bank to First Citizens at Sr. VP and Retail Sales Mgr
Economic Development
- Jan 23 –Savannah Cutting Business License Fees to Retain Businesses in Challenged Neighborhoods
- Jan 16 - GA Department of Labor Hosts “Surviving a Layoff” Online Chat Jan. 25
- Jan 9 – Governor Deal Announces Opening of India Consulate in Georgia
- Jan 9 – Savannah Area Chamber of Commerce’s ‘Economic Outlook Luncheon’ This Weds, Jan 11
- Jan 9 - Census Reports Savannah Has One of Highest Percentage of African American Populations of Major U.S. Cities
Manufacturing
- Jan 9 - Georgia Manufacturing Ups and Downs Make 2012 Direction Hard to Predict
- SPECIAL REPORT: Details on Obama’s Blueprint to Support Georgia Manufacturing Jobs, Discourage Outsourcing
- Dec 19 - Lawsuit Filed Over Eastern Georgia Air Quality Due to Plant Washington
- Dec 12 – Morris Publishing Sells off its Athens, GA and Conway, AK Buildings for $14 Million
- Dec 12 - Georgia Power Announces Changes in its Leadership Team; Expects News from NRC on Reactors Soon
Commercial Real Estate
- CBRE Commercial Real Estate Enters Savannah; Names Savannahians in Leadership
- ThincSavannah Adds ‘ThincArt’ and Announces Expansion
- July 5 - Diamonds in the Rough: The Rebirth of Norwood Market
- Carver Commons Opens: Latest Re-development for Savannah’s MLK
- NOV. 22 -Two Resorts Await New Future: Daufuskie & Sea Island
CEO Profiles
- Oct 24 – Savannah Business PAC Announces Endorsements for Savannah Municipal Elections
- Telfair Museums Selects Lisa Grove as New Director/CEO
- CEO PROFILE: Mohsen Badran Prepared to Continue Goodwill's Growth in Savannah Area
- McDonalds Franchisee Nina Gombles Continues Savannah Investment While Protecting Employees
- Oct 31 – SCANA Names New Presidents for Company, as well as Power Generation and Retail Ops
Residential Real Estate
- Jan 23 - Palmetto Dunes Oceanfront Resort’s Parent Acquires Leading Hilton Head Real Estate Firms
- Dec 19 – November Month-End Data Shows Increase in Foreclosure Delinquencies
- Nov 21 - The Real Estate Big Picture: October Month-End Data Shows an Increase in Foreclosures
- Seabolt Brokers Adds 13 Agents, Gaining Bulk of Local Team from CBT Realty
- Nov 14 - Ford Plantation Names Nick Cassala CEO and General Manager
Savannah Area Breaking News
- Oct 25 - Obama Administration Announces Action to Lower Monthly Student Loan Payments, Hire Vets
- Oct 20 – Need to Go Back to School? College Fair in Savannah Weds. Oct. 26
- Oct 12 – Savannah Mall Launches New Website, Site and Campaign by Clark Creative
- Oct 11 - Savannah Ranked Among U.S. Best by Condé Nast Traveler Magazine
- Oct 11 – GSA to Offer OSHA Hazard Communication Training Offered in Savannah
Richmond Hill/Bryan County News
- Nov 21 - Garden City Receives ‘WaterFirst’ Designation from State of Georgia
- July 26 - Wells Fargo Brings Foreign Exchange Services to Savannah and the East
- July 22 - IDI's Tradeport East Business Park Designated as Opportunity Zone
- July 21 - Critz Now an Authorized Dealer for Mercedes-Benz Sprinter Vans
- May 23 - 'Can Do' Seminar Scheduled for Thursday
Statesboro/Effingham News
- Nov 21 - Garden City Receives ‘WaterFirst’ Designation from State of Georgia
- July 26 - Wells Fargo Brings Foreign Exchange Services to Savannah and the East
- July 22 - IDI's Tradeport East Business Park Designated as Opportunity Zone
- July 21 - Critz Now an Authorized Dealer for Mercedes-Benz Sprinter Vans
- May 23 - 'Can Do' Seminar Scheduled for Thursday
Liberty/Long/McIntosh County News
- Nov 21 - Garden City Receives ‘WaterFirst’ Designation from State of Georgia
- July 26 - Wells Fargo Brings Foreign Exchange Services to Savannah and the East
- July 22 - IDI's Tradeport East Business Park Designated as Opportunity Zone
- July 21 - Critz Now an Authorized Dealer for Mercedes-Benz Sprinter Vans
- May 23 - 'Can Do' Seminar Scheduled for Thursday
Brunswick Area Breaking News
- Nov 21 - Garden City Receives ‘WaterFirst’ Designation from State of Georgia
- July 26 - Wells Fargo Brings Foreign Exchange Services to Savannah and the East
- July 22 - IDI's Tradeport East Business Park Designated as Opportunity Zone
- July 21 - Critz Now an Authorized Dealer for Mercedes-Benz Sprinter Vans
- May 23 - 'Can Do' Seminar Scheduled for Thursday
Lowcountry Breaking News
- Oct 12 – Beaufort’s NanoandMore USA One of Three National Finalists in FedEx’s Small Business Competition
- Oct 3 - Guardian Angels Sitting Service Expands Business
- South Carolina Invests Again in Beaufort County Tourism
- July 26 - Beaufort Regional Chamber Celebrates Grand Opening With Marine Federal Credit Union
- July 25 - God's Goods Thrift Store Celebrates First Anniversary
State Biz Breaking News
- Jan 23 – Georgia House Reconvenes This Week; Dems Announce Efforts to Repeal Georgia’s Immigration Law
- Jan 16 – Georgia’s December Revenue Offers Mixed Results at Pivotal Moment
- Nov 7 - Georgia Water Coalition Names its ‘Dirty Dozen’ for 2011; Includes Harbor Deepening Concerns
- Oct 24 – Chamber Offers Immigration Requirements Seminar in HHI/Bluffton Area
- Oct 10 – Senator Isakson’s Proposal for Biennial Federal Budgeting Gains Support
National Biz Breaking News
- Nov 15 – Obama Admin’s ‘We Can’t Wait’ Approach Reports Agencies Cut Nearly $18 Bil So Far
- Oct 17 - Chambliss, Isakson Co-Sponsor Legislation Aimed at Creating Jobs
- Oct 17 - Kingston, Barrow Differ on Trade Agreements Passed Last Week to Boost Economy, Create Jobs
- Oct 12 – I-95 Coalition Expands and Extends Nation's Largest Public-Private Traffic Data Partnership
- Oct 12 - FDIC Predictions on Its Losses and Income Provides Signal on Future Bank Failures
SPECIAL REPORT: Details on Obama’s Blueprint to Support Georgia Manufacturing Jobs, Discourage Outsourcing
By Lou Phelps, SBJ Staff
Jan 25, 2012 - In his State of the Union address last week, President Barack Obama laid out what he termed a ‘Blueprint for an America Built to Last’, encouraging companies to create manufacturing jobs in the United States while removing deductions for shipping jobs overseas and encouraging insourcing.
During the past two years, we have begun to see positive signs in American manufacturing – with the manufacturing sector adding more than 300,000 jobs since December 2009, according to the President, with companies engaging in the emerging trend of “insourcing” by bringing jobs back and making additional investments in the United States.
The White House then released details on how the Obama administration seeks to build on this progress. They include six proposals he wants Congress to act on immediately to encourage job growth, and that he states are fully paid for by closing tax loopholes that encourage the shifting of jobs and shielding of profits overseas.
The measures the President announced will help support the manufacturing sector in Georgia, which employs 347,700 workers across the state, and will increase the incentives for the approximately 7,100 manufacturing firms located in Georgia to invest and create new jobs here rather than abroad. In addition, the Obama administration believes the measures, if passed by Congress, would encourage other manufacturers to start up, and also create additional jobs with companies that support manufacturers - up and down the supply chain, and in manufacturing communities.
Specifics on what the President terms his ‘revenue-neutral reform package’ include:
1. Removing tax deductions for shipping jobs overseas and providing new incentives for bringing them back home (revenue neutral): The tax code currently allows companies moving operations overseas to deduct their moving expenses – and reduce their taxes in the United States as a result. The President is proposing to change that. These deductions will be denied, and companies will no longer be provided deductions for moving their operations abroad. At the same time, the President is proposing to give a 20 percent income tax credit for the expenses of moving operations back into the United States to help companies bring jobs home.
For example: If a company was closing a plant to move that plant overseas and incurred $1 million in expenses – ranging from the cost of scrapping equipment to shipping physical capital to clean up costs – it could right now deduct those expenses, and get a tax reduction of $350,000 (assuming the firm faces the 35 percent statutory tax rate). The President proposes to eliminate this tax deduction. And, if a corporation moving jobs to the U.S. incurred similar expenses, the President proposes to provide that company with a tax credit of $200,000 to help offset these costs and encourage investment in the U.S.
2. Targeting the domestic production incentive on manufacturers who create jobs here at home and doubling the deduction for advanced manufacturing (revenue neutral): In conjunction with the President’s broader commitment to corporate tax reform, the Administration is proposing measures to provide incentives for manufacturing in the United States. The Administration is proposing to reform the current deduction for domestic production by more narrowly focusing it on manufacturing activities—for example, it would no longer cover oil production. These savings would be invested in expanding the deduction for manufacturers and doubling for advanced manufacturing technologies from its current level of 9 percent to 18 percent.
3. Introducing a new Manufacturing Communities Tax Credit to encourage investments in communities affected by job loss ($6 billion in credits): The President is proposing a new credit for qualified investments that help finance projects in communities that have suffered a major job loss event. This credit will provide $2 billion per year in incentives for three years. For this purpose, a major job loss event occurs when a military base closes or a major employer closes or substantially reduces a facility or operating unit, resulting in permanent layoffs. The tax credit would support qualified investments in this affected community – made in conjunction with State Economic Development Agencies and other local entities – that improve local economic growth.
4. Providing temporary tax credits to drive nearly $20 billion in domestic clean energy manufacturing ($5 billion in credits): The President is proposing to extend tax credits to drive nearly $20 billion of investment in domestic clean energy manufacturing, ensuring new windmills and solar panels will incorporate parts that are produced and assembled by American workers. This Advanced Energy Manufacturing Tax Credit – which was oversubscribed more than three times over – goes to investments in clean energy manufacturing in the United States. The additional $5 billion in tax credits the President is proposing will leverage nearly $20 billion in total investment in the United States.
5. Reauthorizing 100% expensing of investment in plants and equipment ($4 billion): The President is proposing to extend for all of 2012 a provision that allows businesses to expense the full cost of their investments in equipment, spurring investment in the United States. Over the next two years, this would provide businesses large and small with $50 billion in tax relief, with much of that recovered by the Treasury in subsequent years.
6. Closing a loophole that allows companies to shift profits overseas (raises $23 billion): Corporations right now can abuse the tax system by inappropriately shifting profits overseas from intangible property created in the United States. The President is proposing to close this loophole.
At the same time as the President is calling for immediate enactment of this plan, he is also pushing forward on a framework for corporate tax reform that would encourage even greater investment in the United States, while eliminating tax advantages for outsourcing. This framework will include:
- Making companies pay a minimum tax for profits and jobs overseas and investing the savings in cutting taxes here at home, especially for manufacturing: The President is proposing to eliminate tax incentives to ship jobs offshore by ensuring that all American companies pay a minimum tax on their overseas profits, preventing other countries from attracting American business through unusually low tax rates. The savings would be invested in cutting taxes here at home, especially for manufacturing.
- Making permanent an expanded Research and Experimentation Tax Credit: The President has proposed to make permanent the Research and Experimentation Tax Credit, while enhancing and simplifying the credit. About 70 percent of the benefit directly supports jobs in the United States, and every dollar spent encourages U.S.-based investment, as only research and experimentation performed in the United States is eligible.
- Simplify the tax code and close loopholes: Over the nearly three decades since the last comprehensive reform effort, the tax system has been loaded up with special deductions, credits, and other tax expenditures that help well-connected special interests, but do little for our Nation’s economic growth. The President’s framework will close these loopholes and simplify the tax code so businesses can focus on investing and creating jobs rather than filling out tax forms.
- Providing tax incentives to help businesses grow and invest: Building off earlier measures, the President signed into law a provision that allowed businesses, both large and small, to immediately write off 100% of the costs of new investment in equipment in the United States. This is among the 17 tax cuts the President has signed into law for small businesses, including measures that temporarily eliminated capital gains taxes on key small business investments and raised expensing limits for small firms.
- Providing tax incentives to support domestic investment in clean energy technology manufacturing: The Recovery Act’s Advanced Energy Manufacturing Tax Credit provided $2.3 billion in incentives that catalyzed an additional $5.4 billion in private sector investment in projects to manufacture the next generation of solar, wind, geothermal, vehicle, energy efficiency, and other clean energy technologies.
- Temporary tax cuts to increase investment and jobs: The President has signed into law $200 billion in tax relief and incentives for America’s businesses to encourage them to make new investments and create new jobs – relief that was paid out over the last three years. This includes provisions that directly benefit those businesses that did the most to boost investment and hiring.
- Cracking down on overseas tax avoidance and loopholes: The President has taken strong steps to crack down on overseas tax evasion and loopholes – measures that will save billions of dollars over the next decade and make sure that everyone plays by the same rules. This includes signing into law the Foreign Account Tax Compliance Act, which targets tax evasion by U.S. citizens holding investments in foreign accounts, as well as measures to crack down on abuse of foreign tax credits through games that allowed multinational companies to inappropriately reduce the amount of taxes they paid here at home.
Published by Savannah Business Journal.®All Copyrights Reserved ©2011. www.savannahbusinessjournal.com®
Generous Hearts Produce Most Successful Gala in Live Oak Library’s History

By Lou Phelps, SBJ Staff
Jan 23, 2012 – Chatham County’s Live Oak Library foundation, which helps to raise funds for the library system that serves Chatham, Effingham and Liberty counties, held the most successful fundraising gala in the 0foundation’s history with more than 320 donors attending a $100-a-ticket buffet and auction evening.
The Live Oak Library foundation’s board held the event at the library system’s newest branch, the Southwest branch at the Savannah Mall, with a heart theme for the Valentine’s Day season of “Roses are READ.”
The event’s co-chairs were Christopher H. “Smitty” Smith, attorney with Thomerson, Macchiaverna & Smith, PC and Brad Harmon of Hunter McLean, both members of the foundation’s Board of Directors. They have also helped found The Wyeth Society, a group of young professionals in support of the public library system.
Harmon congratulated the library’s staff and board members for their hard work, particularly Ed Fields who worked with Heather Harmon and the team that gathered the auction items. Jeff Jepson was chair of the Auction.
Chatham County Commissioner Helen Stone and her mother Helen Lynah were in attendance, along with Russ Abolt and his wife Diane.
The principal sponsors of the events were The Bellwether Foundation, Inc. and Hunter Maclean. , along with a number of generous local companies and individuals who made contributions to the auction.
Christian Kruse is the Library’s Director, and Christy Divine is the Foundation’s Manager.
The amount raised from the silent auction was not available at press deadline.
Tommy Chu of Bull River Beverage provided the cocktail hour, a long-time supporter of the Foundation.
Lawsuits Against Georgia Banking Officers Announced; FDIC Explains The Process
by Lou Phelps, SBJ Staff
Jan 23, 2012 - As receiver for a failed financial institution, the Federal Deposit Insurance Corporation (FDIC) may sue professionals who played a role in the failure of the institution in order to maximize recoveries. Potential suits are hanging over the heads of a number of Georgia banking execs, with current suits against four in Georgia announced to date.
But it can take the FDIC years to bring the suits against the bank executives who ran failed banks So last week, the FDIC issued a report to explain the process of bringing the suits to recover taxpayers money.
These individuals can include officers and directors, attorneys, accountants, appraisers, brokers, or others. Professional liability claims also include direct claims against insurance carriers such as fidelity bond carriers and title insurance companies.
The FDIC Board must approve before actions are brought against directors and officers.
Professional liability suits are only pursued if they are both meritorious and cost-effective. Before seeking recoveries from professionals, the FDIC conducts a thorough investigation into the causes of the failure. Most investigations are completed within 18 months from the time the institution is closed. Prior to filing the claim, staff will attempt to settle with the responsible parties. If a settlement cannot be reached, however, a complaint will be filed, typically in federal court.
In other words, if a ‘settlement’ is reached, the public is not aware that it has taken place.
As receiver, the FDIC has actually has three years to bring a tort claim, and six years for breach-of-contract claims - a lot of time to file suit from the time a bank is closed. If state law permits a longer time, the state statute of limitations is followed.
Professionals may be sued for either gross or simple negligence. The Supreme Court has ruled that the FDIC may pursue simple negligence claims against directors and officers if state law permits (Atherton v. FDIC). Federal law preempts state law that insulates directors and officers from gross negligence or worse conduct. Bank directors are allowed to exercise business judgment without incurring legal liability.
Not all bank failures result in Director and Officer (D&O) lawsuits. According to the FDIC, it brought claims against directors and officers in 24 percent of the bank failures between 1985 and 1992.
From 1986 through 2009, the FDIC and Resolution Trust Corporation collected $6.2 billion from professional liability claims. Over that same time, they spent $1.5 billion to fund all professional liability claims and investigations. Early in the process of professional liability claims, expenses will often exceed recoveries due to the costs incurred in handling new investigations. Professional liability program recoveries lag expenses by several years until settlements occur and judgments are awarded.
As of January 18, 2012, the FDIC has authorized suits in connection with 44 failed institutions against 391 individuals for D&O liability with damage claims of at least $7.7 billion. This includes 19 filed D&O lawsuits (2 of which have been dismissed after settlement with the named directors and officers) naming 161 former directors and officers. The FDIC also has authorized 28 other lawsuits for fidelity bond, insurance, attorney malpractice, appraiser malpractice, and RMBS claims. In addition, 189 residential mortgage malpractice and fraud lawsuits are pending, consisting of lawsuits filed and inherited.
Authorized D&O Defendants Damage Claims*
Authorized in 2009 11 $ 366,000,000
Authorized in 2010 98 $2,122,900,000
Authorized in 2011 264 $5,109,920,000
January 2012 18 $ 85,800,000
Total 391 $7,684,000,000
*Losses typically exceed these amounts and may result in higher damage claims in filed lawsuits. Recovery on these claims is dependent upon available recovery sources, such as insurance and personal assets, and competing claims.
Current D&O Suits Filed:
FDIC as Receiver of Integrity Bank of Alpharetta, GA v. Skow, et al., Case No. 1:11-cv-00111-JEC (U.S. District Court for the Northern District of Georgia Filed Jan. 14, 2011). BANK WAS CLOSED:
FDIC as Receiver of Haven Trust Bank v. Briscoe, Case No. 1:11-cv-02303-SCJ (U.S. District Court for the Northern District of Georgia Filed Jul. 14, 2011). BANK WAS CLOSED:
FDIC as Receiver for Silverton National Bank, N.A. v. Bryan, Case No. 1:11-cv-02790-JEC (U.S. District Court for the Northern District of Georgia Filed Aug. 22, 2011). BANK WAS CLOSED:
FDIC as Receiver for Alpha Bank v. Blackwell, Case No. 11-cv-03423 (U.S. District Court for the Northern District of Georgia Filed Oct. 7, 2011). BANK WAS CLOSED:
FDIC as Receiver of Corn Belt Bank and Trust Company v. Stark, et al., Case Number 3:11-cv-03060-SEM-BGC (U.S. District Court for the Central District of Illinois Filed Mar. 1, 2011).
FDIC as Receiver of IndyMac Bank, F.S.B. v. Van Dellen, et al., Case No. 2:10-cv-04915-DSF-CW (U.S. District Court for the Central District of California Filed Jul. 2, 2010).
FDIC as Receiver of Heritage Community Bank v. Saphir, et al., Case No. 1:10-cv-07009 (U.S. District Court for the Northern District of Illinois Filed Nov. 1, 2010).
FDIC as Receiver of 1st Centennial Bank v. Appleton, et al., Case No. 2:11-cv-00476-JAK-PLA (U.S. District Court for the Central District of California Filed Jan. 14, 2011).
FDIC as Receiver for Washington Mutual Bank v. Killinger, et al., Case No. 2:11-cv-00459-MJP (U.S. District Court for the Western District of Washington Filed Mar. 16, 2011).
FDIC as Receiver for Wheatland Bank v. Spangler, et al., Case No. 10-cv-04288 (U.S. District Court for the Northern District of Illinois Filed May 5, 2011).
FDIC as Receiver of IndyMac Bank, F.S.B. v. Perry, Case No. 11-cv-05561-ODW-MRW (U.S. District Court for the Central District of California Filed Jul. 6, 2011).
FDIC as Receiver of Michigan Heritage Bank v. Cuttle, Case No.2:11-cv-13422-BAF-MKM (U.S. District Court for the Eastern District of Michigan Filed Aug. 8, 2011).
FDIC as Receiver of The Columbian Bank and Trust Co. v. McCaffree, Case No. 2:11-cv-02447-JAR-KGS (U.S. District Court for the District of Kansas Filed Aug. 9, 2011).
FDIC as Receiver for Cooperative Bank v. Rippy, Case No. 7:11-cv-00165-BO (U.S. District Court for the Eastern District of North Carolina Filed Aug. 10, 2011).
FDIC as Receiver for First National Bank of Nevada v. Dorris, Case No. 11-cv-01652-GMS (U.S. District Court for the District of Arizona Filed Aug. 23, 2011).
FDIC as Receiver for Mutual Bank v. Mahajan, Case No: 1:11-cv-07590 (U.S. District Court for the Northern District of Illinois Filed Oct. 25, 2011).
FDIC as Receiver for Westsound Bank v. Johnson, Case No. 3:11-cv-05953-RBL (U.S. District Court for the Western District of Washington Filed Nov. 18, 2011).
FDIC as Receiver for Bank of Asheville v. Greenwood, Case No. 1:11-cv-00337-MR-DLH (U.S. District Court for the Western District of North Carolina Filed Dec. 29, 2011).
FDIC as Receiver for R-G Premier Bank of Puerto Rico v. Galán-Alvarez, Case No. 3:12-cv-01029-JAG (U.S. District Court for the District of Puerto Rico Filed Jan. 18, 2012).
The FDIC follows the policies adopted by the FDIC Board in 1992, ‘Statement Concerning the Responsibilities of Bank Directors and Officers,’ that can be found online at http://www.fdic.gov/regulations/laws/rules/5000-3300.html#fdic5000statementct.
Have a Technology Idea? Georgia Tech’s ATDC Savannah is Ready to Help
By Lou Phelps, SBJ Staff
Jan 16, 2012 – Perhaps it’s a little ‘out of sight, out of mind’… a bit hidden away up on Chatham County’s far Northwest corner…and an exit or two up Interstate 95.
But don’t let the location stop you from accessing the enormous resource Savannah has at the Georgia Tech Enterprise Innovation Institute, part of Georgia Tech’s Regional Engineering Program located on the Jimmy Deloach Parkway. In ten locations in Georgia, including in Atlanta and Savannah, Georgia Tech offers an Advanced Technology Development Center, known as ‘ATDC’ that offers low cost start-up acceleration services to technology companies.
The ATDC initiative in Savannah was launched during the Spring of 2002, now approaching its 10-year anniversary here, assisting both new ventures arising from Savannah’s diverse technology community that includes the Savannah College of Art and Design, a growing community of technology startup companies and existing companies retooling their technology strategies.
In Savannah, Orjan Isacson, is the ‘Startup Catalyst’ and manager of the Savannah program. He was previously Managing Director of CONNECT Sweden, assisting entrepreneurs to start and develop technology companies. Under Orjan’s leadership, CONNECT grew to eight networks with 20 offices closely linked to the major universities in Sweden. His educational background includes a Masters Degree in Mechanical Engineering from Chalmers University of Technology.
Thanks to his wife’s position with Delta Airlines, he found himself moving to Georgia and helping to build ATDC programs across the state.
Savannah is one of 10 ATDC regional hubs that are part of Georgia Tech’s Georgia Manufacturing Extension Partnership. That partnership program is led by Karen Fite, Manager, State Regional Network. Isacson explains that he spend 50% of his time assisting the region’s 400 plus manufacturing companies, and 50% of time on ATDC entrepreneurs.
In 2012, a few minor changes have been announced in the ATDC strategy, including that there is now a $50 per quarter charge to be a member. But that membership brings with it enormous support for entrepreneurs on building a business plan, and preparing to seek funding. And, there is the possibility this year that the core ATDC programs offered up in Atlanta will be available in Savannah through video conferencing or Skype events.
ATDC offers its popular ‘StartupLounge Savannah’ here, which is an informal meeting between selected startups and investors in order for them to get to know each other, in partnership with the Creative Coast.
ATDC also offers mentorship, a Venture Atlanta Early Stage Showcase, Cap Venture – a training program designed to educate and equip early stage executives for capitalization of their businesses; SBIR grant assistance and other startup resources.
They also rent office space at the Savannah campus at low rates that includes use of their conference room and kitchen facilities.
As of this month, the Savannah ATDC members include Attrasoft, Code Grail, Tourbuddy, Evoca, Kin Valley, Maddog Environmental, LLC. Pixelphish Interactive, RappidApp, Storm Shelter Electronics, Twitch Technologies and Urban Planet Mobile.
“If you’ve got a technology idea, the ATDC program stands ready to help entrepreneurs and existing companies in the Coastal Georgia region,” according to Isacson.
ATDC Savannah, and Orjan Isacson, can be reached at 912-963-2519, and by email at
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McDonalds Franchisee Nina Gombles Continues Savannah Investment While Protecting Employees
McDonalds Franchisee Nina Gombles Continues Savannah Investment While Protecting Employees
By Lou Phelps, SBJ Staff
Jan 16, 2012 - For Nina Gombels, owner of six of the Savannah area’s most successful McDonald’s franchises, the decision to tear down her restaurant at Waters Ave. and Eisenhower Dr. was significant.
She bought the store from her Dad back in 2004, who has now passed way – he had been a 37-year McDonald’s franchisee, from whom she learned the business.
”It’s really significant for us…and it’s a tremendous investment,” she explained, talking about the decision to level the Waters Avenue location. “It was really something to see it gone yesterday.” She also is losing three months-worth of sales, while increasing her payroll at other stores.
She has managed to retain all of her employees from the Waters Avenue location during the shutdown. “We transferred them to other locations; we maintained them and we found what would be the most convenient locations within our organization for them,” based on where they lived, Gombels explained. “We worked to insure that they could maintain their positions. No people were laid off.”
The new Waters Avenue store will seat 91 customers inside, feature an inside toddler’s play area – eliminating the outside playground – and maintain the same number of parking spaces. Both an updated design and the double service lanes will be the most significant changes. The old store actually had more parking spaces than were called for by local zoning, based on their prior seating capacity, so no additional parking needed to be included.
The success of her woman-owned company over the past decade has allowed her to pay off the Water’s Avenue investment, and tear it down to bring in the updated generation of McDonald’s design. It’s one of several major investments she has made.
Gombels converted her Derenne Ave. McDonalds to two lanes last May, and converted her store at Ogeechee Rd. and Berwick back in 2007. At Derenne, they have achieved significant improvements in customer service, speed of delivery of food, and an increase in customer volume. There has, however, been some conversion of in-store customers to drive-through, but overall sales are up. With the Waters Ave. store closed, they are also seeing increased sales at Derenne Ave, as well.
Besides running clean stores, with a high level of customer service, Nina emphasizes that the changes in the McDonald’s menu have also had a very positive impact on her company, including the McCafe coffee line, the smoothies, lemonades and healthier food choices such as oatmeal cereal for breakfast - a healthier morning alternative.
And the changes to the children’s Happy Meal by the McDonalds corporation has also been very positive for her local sales. “Every Happy Meal now provides French fries and apples. It used to be one or the other. The price for a Happy Meal went up, at the most by 10 cents. We reduced the size of the French fries just a little bit,” as well, she explains.
The Water’s Avenue location will be back up no later than March 29, though perhaps a week or so earlier, based on her contractor’s estimates.
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- Georgia General Assembly Begins 2012 Session Today; Deal Including $46.8 Mil More for Port Deepening
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