Multifamily giant Irving Langer pays off defaulted loan after selling properties

first_img Full Name* E&M Management Founder Irving Langer. (E&M, Getty)Irving Langer is breathing easier these days.The multifamily giant, who has been selling off properties outside New York City, has paid off a defaulted loan he used to leverage his 3,000-unit multifamily portfolio.Langer’s E&M Management recently retired the last $16 million of a $42 million loan from Churchill Real Estate that the investor had used to finance his equity stake in the 42-building portfolio.E&M defaulted on the loan last year, which left Langer vulnerable to a UCC foreclosure on his ownership stake in the portfolio. But after negotiating with the lender for more time and restructuring the loan, Langer sold properties in upstate New York, Miami and Texas and retired the debt.“We were able to work with him to give him more time to repay us,” Churchill founding partner Sorabh Maheshwari said.Langer did not immediately respond to a request for comment. The multifamily owner was in the market last spring looking for a preferred equity investor to help refinance his position, but it appears that financing never materialized.Earlier this year E&M sold a portfolio of about 500 rental units in Kingston, New York, a modest city in the Hudson Valley where the company has a large presence.Langer also sold his Miami penthouse condo earlier this year at a loss.Contact Rich Bockmann Email Address*center_img Message*last_img read more

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Coach Tech Assist wins family biz award

first_imgMotherwell-based Coach Tech Assist has won the People’s Choice Award for Scottish Family Business of the Year, in the annual Family Business United Awards.The Awards took place in London’s Mayfair Hotel. Coach Tech Assist is a mobile coach repair service, founded in 2010 by Brian Wardrope, pictured (centre) with his wife Caroline.Mr Wardrope says: “We attended with high hopes, after having won the Icon accolade in October, and having raised the bar with professionalism in all that we do.”The finalists in the category included the likes of Walkers Shortbread and the Scottish Leather Group.last_img read more

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Putting Clint Bowyer’s last NASCAR win in perspective

first_imgClint Bowyer won the STP 500 on Monday at Martinsville Speedway — “Clint Bowyer won” being a phrase that hasn’t been uttered in the Monster Energy NASCAR Cup Series since Oct. 13, 2012.Bowyer’s last win was 190 races ago at Charlotte Motor Speedway when he was driving the No. 15 Toyota for Michael Waltrip Racing. Bowyer led 47 laps in what was his third win of the 2012 season en route to finishing second to Brad Keselowski in the final point standings that year.RELATED: Race results | Race recap: Bowyer reignsYou might recall Bowyer’s run-in with Jeff Gordon in the penultimate race of that season at Phoenix, when Bowyer was seen running through the garage area to confront Gordon after some late contact. It’s been that long. Five years, five months and 14 days to be precise.Bowyer’s streak of 190 races between wins is the third-longest recorded in NASCAR history, according to NASCAR’s statistical services team. Bill Elliott had the longest streak at 227 (1994-2001) with Martin Truex Jr. second with 219 races between wins (2007-2013).last_img read more

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Mickey Hart Launches Grateful Dead’s ‘Shakedown Stream’ With Message From Home [Watch]

first_imgThis past Friday, the Grateful Dead launched the new “Shakedown Stream” archive video series, which will air weekly on the band’s YouTube channel while the live music industry remains on indefinite hiatus. The first concert as part of the new couch tour series brought fans back to the Dead’s July 4th, 1989 performance at Buffalo, NY’s Rich Stadium.The start of the new series has since been accompanied by a personal message from Grateful Dead drummer Mickey Hart, who shared an update of positivity from inside music studio at his California home.Related: Grateful Dead ‘All The Years Live’ Video Series: “Foolish Heart” From Buckeye Lake 1993 [Watch]“One of the things we’ve all been missing most in these strange times, is the magic that happens when we gather to celebrate our shared love of music,” a bandana mask-wearing Hart says in the brief video. “We’re gonna try and bring our community together by sharing some of our favorite shows.”Hart goes on to briefly recap where the Dead’s 1989 Independence Day performance stood at that point in the band’s journey, which was preceded by two years of immense growth in popularity thanks to 1987’s In The Dark and its hit single, “Touch of Grey”.Watch Mickey’s uplifting message below, and tune in to the band’s YouTube channel every Friday night going forward for the latest “Shakedown Stream” webcast.Mickey Hart Kicks Off Grateful Dead’s “Shakedown Stream” Series[Video: Grateful Dead]last_img read more

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NDPD warns community about burglary

first_imgA burglary in Legacy Village at Notre Dame Apartments on Monday morning was reported to the Notre Dame Police Department (NDPD), NDPD announced in an email to the Notre Dame community Monday evening.The suspect entered the apartment — about four blocks east of Notre Dame’s campus — through a window or a service entrance while residents of the apartment slept, the email said. The suspect was described as “a man, approximately 5 feet 7 to 5 feet 10 inches tall, with a medium build, wearing dark clothing.”Anyone with information on the break-in should contact the Saint Joseph County Police Department, the email said. “The Notre Dame Police Department has been in contact with our partners at the Saint Joseph County Police Department about this incident, and we will continue to work together for the safety of our communities,” the email said.The email offered several tactics for community members to protect themselves from theft, including installing a security system, locking all doors and windows, stashing valuables in a safe location, closing the blinds and avoiding posting one’s location on social media, among others. Tags: burglary, NDPD, Notre Dame Apartments, residential entrylast_img read more

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Balancing Texas’ complicated budget gets harder with pandemic & recession

first_img Texas earns revenue from a wide range of taxes, licenses, fees, interest and investment income, net lottery proceeds, federal aid and other, minor sources. Together these can be classified into three different categories.The general revenue-related fund is where sales and most other state taxes and fees go. The fund represents a little more than half of all state spending and consists of both dedicated and non-dedicated funds. The non-dedicated portion of the General Revenue fund is the state’s primary operating fund.Another large source of revenue in Texas are federal funds. This money comes from the federal government in the form of grants, allocations, payments or reimbursements. Some grants have very few restrictions on how the state can spend them, while others impose restrictive guidelines or require matching funds from the state, as is the case with Medicaid.There are some other funds, both dedicated and not, that are not included in the General Revenue, such as the state highway fund, property tax relief fund and the economic stabilization, or “rainy day,” fund. Revenue shortfalls due to the recession that accompanied the coronavirus pandemic will only compound the difficulties of balancing the budget. In the second half of the 2020 fiscal year, sales tax revenues, by far the largest part of the state budget, fell by 4.8% as compared with the same time last year. Other revenue streams were down more than 40%.In July, Texas Comptroller Glenn Hegar announced that the state was on track to end the biennium with a nearly $4.6 billion deficit. In November, he told lawmakers during a Legislative Budget Board meeting there would be more money to work with in the upcoming legislative session than he previously expected, but he did not provide specifics.Where does money for the budget come from? One of the largest tasks Texas lawmakers will tackle during the 2021 legislative session that begins in January is writing the state budget, which outlines state spending for the next two years.While the tome-like General Appropriations Act can seem overwhelming and often abstract, the spending and cuts detailed within it can have immediate and highly consequential effects on Texans’ lives. For example, previous cuts have kept children with disabilities from accessing important therapy through the state’s Early Childhood Intervention program. Increasing the base wage for community attendants who care for the elderly and people with disabilities can have a dramatic impact on the daily lives of many Texans.What’s different about the next budget debate?center_img When will Texans know how much money the Legislature has to work with?Ahead of each legislative session, the comptroller’s office issues a biennial revenue estimate, which provides a careful estimate of the funds likely to be available from taxes and other revenue sources over the next two years. This becomes the budget cap for the next biennium, which lets lawmakers know how much they have to spend if they don’t raise taxes or fees. The comptroller is expected to release the latest estimates by Jan. 11 before the new legislative session begins.So how can Texas fill the budget deficit?Early projected revenue shortfalls prompted Gov. Greg Abbott, Lt. Gov. Dan Patrick and outgoing House Speaker Dennis Bonnen to instruct certain state agencies to prepare for 5% reductions in spending for the current budget cycle. The agencies and programs exempted from these budget cuts make up a majority of the state’s general revenue funding, according to the Legislative Budget Board.While the proposed cuts are not as drastic as ones adopted in 2011, some advocates are concerned. In their revised 5% reduction plan, the Texas Health and Human Services Commission proposed cutting over 700 full-time employees for “eligibility operations.” These workers determine an applicant’s eligibility for services like Medicaid, the Supplemental Nutrition Assistance Program and Children’s Health Insurance Program.“It’s important to emphasize that there are a lot of everyday Texans who do need Medicaid or CHIP,” said Anne Dunkelberg, associate director of Every Texan, a progressive public policy think tank. “We know that the take up of things like food stamps, SNAP, is way up because of the pandemic and all the job loss associated with it. So the concern is that while we’re not cutting the actual benefit on that line item, you could have a situation where we get into backlogs and people aren’t getting the food assistance they need right away.”Many school leaders and education advocates are worried lawmakers will take funding from schools to pay for other things during a tight budget year like they did in 2011. They are particularly concerned about legislation passed last session that raised per-student funding in public schools while reducing property taxes across the state. That legislation was House Bill 3 in the 2019 legislative session.The law provided funding for teacher pay raises, free full-day pre-K for eligible students and early learning programs aimed at helping students in grades K-3 who are economically disadvantaged or not yet proficient in English. Funding for many similar programs existed prior to the massive budget cuts in 2011 after the Great Recession, according to Bob Popinski, director of policy at Raise Your Hand Texas, an education advocacy group.“So all of these programs that were cut back in 2011 are now making a resurgence after the 2019 legislative session,” Popinski said. “So our biggest concern, and you hear this from most organizations, is to keep House Bill 3 whole, to fund every last dime of House Bill 3, so that districts will understand what their budgets are going to look like moving forward and so that you can continue the progress.”Lawmakers could also take from the Economic Stabilization Fund to help balance the budget, but they historically have been unwilling to use that option.So how do lawmakers actually decide the budget?Much of the budget is already decided by the time the Legislature convenes in January. State law and the Texas Constitution place many restrictions on how revenue has to be spent. So do matching requirements for some federal funds. Ultimately, less than a fifth of the state revenue is left each biennium for “discretionary” spending, according to the comptroller’s office, which oversees the state treasury.The state budget also cannot exceed the amount of revenue the comptroller estimates will be available in a given biennium. This means the Legislature cannot pass a budget with a deficit, except in “the case of emergency and imperative public necessity” and with a four-fifths vote from each chamber of the Texas Legislature.Work on the budget begins in the year before the Legislature meets, when the Legislative Budget Board and the Governor’s Office of Budget Planning and Preparation provide guidelines for the next budget. Each state agency uses those to prepare a detailed legislative appropriations request. These requests itemize the funding each agency believes it will need for the next biennium. The LBB and governor’s budget office hold public hearings throughout the fall to help analyze these requests and ultimately use them to prepare an initial draft of the General Appropriations Act.Once the Legislature convenes, both the Texas House Committee on Appropriations and the Senate Finance Committee hold hearings and make changes to the General Appropriations Act based on their priorities. Each committees’ version of the bill then goes to the full House and Senate, respectively, for approval. Once approved, these two bills are sent to a conference committee consisting of members of both the House and the Senate. The committee resolves the chambers’ differences and produces a single bill reflecting the wishes of both bodies. This new bill then returns to both the House and Senate for final approval.Once approved by both the House and the Senate, the new General Appropriations Act goes to the comptroller’s office for a final “certification,” which confirms that the bill does not spend more than the biennial revenue estimate allows. Finally, the bill goes to the governor.Texas allows the governor to veto individual spending items from the bill as they see fit. The veto can be overridden by a two-thirds majority in each chamber, but in practice few of the governor’s decisions are challenged. Once signed, the bill becomes law and decides the state’s finances for the next two years.— By Catherine Delaura of The Texas Tribune is a nonpartisan, nonprofit media organization that informs Texans — and engages with them – about public policy, politics, government and statewide issues.last_img read more

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Jamir Harris to transfer from Gophers

first_imgHarris’ departure marks the second time in a month that the Gophers have lost a player. The team announced forward Davonte Fitzgerald made the decision to transfer on March 26. There are now three scholarship spots open for next year.The Gophers have recruited a guard, Gabe Kalscheur, for the team’s roster next season. Minnesota also adds Jarvis Thomas Omersa and Daniel Oturu, two players who were forwards in their high school careers.Minnesota went 15-17 last year, missing both the NIT and the NCAA Tournament. The Gophers’ season ended when they lost 65-54 to Rutgers in the opening round of the Big Ten Tournament. Jamir Harris to transfer from GophersHarris averaged 14.1 minutes per game for the Gophers in his first year with the program.Courtney DeutzFreshman Jamir Harris keeps the ball away from Concordia on Thursday, Nov. 2, 2017 at Williams Arena. Jack WarrickApril 6, 2018Jump to CommentsShare on FacebookShare on TwitterShare via EmailPrintFreshman guard Jamir Harris will leave the Gophers after one year with Minnesota, the team announced in a press release Friday.Harris, who came to Minnesota from North Brunswick, New Jersey, averaged 3.9 points and .9 rebounds per game as a guard. He played in 28 out of 32 games last season, starting in two. His career-high came in the overtime victory against Penn State on Jan. 15 when he tallied 16 points, 10 of which came in overtime.last_img read more

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Study documents extent of unexpected sexual consequences for young women who drink alcohol

first_imgShare on Twitter Email Pinterest In-depth interviews conducted by researchers at the Johns Hopkins University School of Medicine of 20 young women attending an urban sexually transmitted disease clinic have documented a variety of unexpected, unintended sexual encounters linked to their alcohol use before sex occurs.Links between alcohol use and risky or deleterious sexual encounters are not necessarily new, say investigators, but this small study identifies very specifically the disconnect between what young women have in mind when they drink and have sex and what really happens.“The idea behind our study was to first unveil what women expect to happen, and then uncover what consequences really occur so that we can challenge unrealistic expectations and develop better interventions that lead to safer experiences,” says Geetanjali Chander, M.D., M.P.H, associate professor of medicine at the Johns Hopkins University School of Medicine. Sharecenter_img LinkedIn Share on Facebook The interviews and results, described online in the July 27 edition of Women’s Health Issues, are a follow-up to a previous study that reported the sexual expectations related to alcohol use held by the same group of women.In this study, Chander and her colleagues conducted in-depth interviews between December 2009 and August 2010 with 20 African-American women attending a Baltimore clinic that treats sexually transmitted diseases. All study participants reported binge drinking in the past six months or engaging in intercourse while under the influence of alcohol.According to the findings, five major unexpected sexual events happened with substantial frequency as revealed by the participants: sex with new partners; alternative sexual activities, including anal sex and “rough” sex; unprotected sex; blacked-out sex or sex occurring during alcohol-related amnesia; and rape.In addition, several themes emerged among the interview subjects when describing their encounters, primarily a sense of sexual victimization. The women’s discussions included words such as “predator,” “opportunist” and “vulture.”In contrast to such descriptions, literature to date has shown that women tend to think alcohol will improve their sex drive, minimize their sexual inhibition or make the sexual experience better. “Ensuring that women understand this disconnect may help them focus on the consequences more than the positive expectation,” says Dinah Lewis, a medical student at Johns Hopkins University School of Medicine.“Experiences like those documented in our study happen everywhere — on college campuses, in cities and small towns,” says clinical psychologist Heidi Hutton, Ph.D., associate professor of psychiatry and behavioral sciences at the Johns Hopkins University School of Medicine. “The more important task for us is to develop interventions that empower women and men to make decisions that keep them safe.”When asked how they might be safer when drinking in public, Hutton says, a common suggestion from the interview subjects was to watch out for each other. “Women feel safer when they travel in packs, and one way participants suggested staying safe is to never let anyone get separated from the pack,” she says.Chander says they hope to conduct further studies to better document and understand men’s expectations for drinking and sex and the outcomes they experience.“Even though this particular study is small in size, it has led us to further explore needed interventions that may help women stay safer and healthier,” says Chander.last_img read more

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A Walk Down Memory Lane With Ronald Christiansen

first_img Share “In 1961, when President Kennedy announced to the world that the United States was going to put a man on the moon, I had no idea that I was going to be part of making it happen,” said Ronald Christiansen of Hampton Bays.“I was working as a mechanic and plane captain in Grumman Corporation’s Flight Operations plant when Grumman won the contract to build the lunar module that would take the astronauts to the moon and back,” he said. “The LM was in the early days of production when Grumman moved me and my family to Las Cruces, New Mexico to work at the White Sands Test Facility. I bought a VW van, put two roof racks on the top, bought some tents, and we took a family vacation on our way to New Mexico.”According to Christiansen, he plotted their relocation vacation route across the Trans-Canada Highway, enabling them to see many of the Canadian Provinces as well as the Dakotas and both rims of the Grand Canyon before arriving in Las Cruces. “It was 100 degrees when we arrived and we stayed in the Mission Inn Motel for some time before we found a place to live,” he recalled.The father of three boys, William, James, and John, Christiansen and his wife Jo-Ann found a home across from the State University. “The boys were 12, 10, and eight years old at the time. They had a lot of freedom in New Mexico,” Christiansen said.“They would like to go over to the college a lot. It was an agricultural college and they had cattle. They were extra-long cattle,” he said with a chuckle. “They were strange looking. They bred them with extra ribs so they were longer than regular cows.”Although Christiansen had many years of working on naval jets and ensuring their precision in flight, he admits that when he arrived at the White Sands Testing Facility, “I was a babe in the woods. I didn’t know what I was testing. They handed me a safety manual and told me to read it carefully. I knew rocket fuels were very dangerous.”“I learned that we had to use special issue Dickson escape suits when we entered certain chambers. They looked like the same suits the astronauts used. They were self-contained with oxygen backpacks and full helmets. But I was too big for any of them to fit me so they had to give me a different suit. It was made out of one-quarter-inch rubber, an oxygen backpack, a helmet, and an escape zipper that went from shoulder to shoulder. The guys called it ‘the elephant hide’ because it was probably as thick as an elephant’s skin,” he explained.“I remember the first time I saw the LM,” Christiansen said. “I told them, ‘You guys are crazy!’ It looked like a plumber’s nightmare. But working on the LM was a lot of fun and every day was a challenge. The astronauts would come sometimes to see what we were doing at the test site. I would go with them on tour. They would look at it and shake their heads. I had a lot fun with them, especially Rusty Schweickart. He was so young. He looked like a kid.”As a plane captain, Christiansen was part of the team that tested both the Ascent and Descent rigs of the LM. “The first time we tested the protective blankets on the underside of the Ascent rig, it was Christmas Eve of 1966. The explosion from the Ascent rocket blew the protective blanket to smithereens and ripped everything. We were working 84-hour weeks to get mission ready. We had to deal with all types of issues — fuel leaks, cracks in the fuel tanks, valves that didn’t automatically open as needed — as well as insuring the safety insulation for the astronauts would work and stay intact. And testing didn’t come easy as we had to simulate the conditions of space in our tests to be sure that everything would work when the LM was actually in space and then on the moon. We had huge steam generators that burned liquid oxygen and isopropyl alcohol which created the space simulated vacuum to test in,” he said.“We weren’t mission-ready until April of 1969. Neil Armstrong and Buzz Aldrin were walking on the moon on July 20, 1969. Credit needs to go to the Long Islanders from Plant 5 who built the LM. It was their workmanship that got us to the moon and back,” he said.Once the LM testing was completed, Christiansen moved his family back to New York and settled into a home in Hampton Bays. While, Jo-Ann, who was his childhood sweetheart, opened a quilting store known as the Kalico Kitten on Main Street in their hometown, he continued his work with Grumman as a plane captain, even participating in several helicopter rescue missions. Christiansen retired from Grumman in 1990 and later volunteered time at the Cradle of Aviation Museum in Garden City, taking great pride at answering questions about the Lunar Module that is on display there.“Anytime I’m asked about the LM, I tell everyone about the people of Plant 5 who built it. They gave me nice toys to play with,” the 85-year-old said with a smile, “but they’re the ones that made it all possible.”last_img read more

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Air Liquide cryogenic sales “growing strongly”

first_imgSource: Air Liquide“This commercial success illustrates the group’s capacity to support its customers by developing efficient solutions that help them lower the environmental impact of their activities,” said Emilie Mouren-Renouard, Member of Air Liquide’s Executive Committee in charge of Innovation, Digital & IT, Intellectual Property and the Global Markets & Technologies WBU.“Air Liquide has long been innovating for a low-carbon society. Our climate objects are now the most ambitious in our sector and these new technologies, which are acclaimed by our customers, contribute to reducing CO2emissions.”The Air Liquide cryogenic technology was originally used in the space industry to cryogenically preserve biological sample on the International Space Station (ISS), before being adapted to serve the maritime transport industry.Read more like this – subscribe todayEnjoyed this story? Subscribe to gasworld today and take advantage of even more great insights and exclusives in industrial gases.Visit www.gasworld.com/subscribe to access all content and choose the right subscription for you. The technology developed by the French industrial gas giant and based on the Turbo-Brayton principle, reliquefies LNG boil-off vessels transporting that product, thereby significantly reducing greenhouse gas emissions during transport.Looking at the 50 Turbo-Brayton cryogenic units sold, customers have the potential to avoid more than 240,000 tonnes of CO2-equivalent emissions per year.last_img read more

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