News and commentary from Buffalo to Brentwood

Madoff trustee now seeks $255 million from family

BobL — Mon, 07 May 2012 16:07:41 +0000

(Reuters) – Members of Bernard Madoff’s family were hit with an expanded $ 255.3 million lawsuit, saying they should have caught the patriarch’s Ponzi scheme and must return the benefits to victims.

The family defendants are Madoff’s brother Peter, who was the Madoff firm’s chief compliance officer; son Andrew, who was co-director of trading; the estate of son Mark, who was also co-director of trading and committed suicide in December 2010; and niece Shana, a compliance officer.

The spouse defendants are Deborah Madoff, who began divorce proceedings against Andrew Madoff in 2008; Stephanie Mack, Mark Madoff’s widow; and Susan Elkin, who divorced Mark Madoff in 2000.

Reuters: Top News

SEC starts probe of Chesapeake CEO’s well stakes

BobL — Thu, 26 Apr 2012 15:31:19 +0000

I have been an investor in Chesapeake Energy (CHK) for a number of years. Aubrey McClendon is the ultimate wildcat gambler. He gambles with his finances and with the company itself. However, the SEC may finally be saying “guys, come on.”. The shenanigans might just come to an end. This is the second major issue in the past few years with Aubrey. Could get interesting, but I doubt it. That is a well connected company with enough money and influence to cover things with a fine. Aubrey might just be asked to ride off into the sunset this time.

Many wonder why McClendon has been allowed to slide for so long. Here is a factoid that might allow you to put the pieces together:

• Katie Upton, Aubrey’s wife, is a (first?) cousin of US Congressman Fred Upton. Coincidentally, he is the chair of the House Energy and Commerce Committee.

Ahh, the connected. Makes you very sick if you dig too deep. Put your head down, work hard, and live your life.

NEW YORK (Reuters) – The Securities and Exchange Commission has opened an informal inquiry into Chesapeake Energy Corp’s controversial program that granted Chief Executive Aubrey McClendon a share in each of the natural gas producer’s wells, a source familiar with the matter said on Thursday.

Reuters: Top News

Exclusive: Disney film studio chief Ross steps down

BobL — Fri, 20 Apr 2012 16:20:22 +0000

Another studio boss derailed by a tent pole gone very, very, very wrong.

LOS ANGELES (Reuters) – Rich Ross, chairman of Walt Disney Co’s movie studio, stepped down after a two-year stint that included the release of “John Carter,” one of the biggest flops in recent Hollywood history.

Reuters: Top News

My Favorite Franchise Opportunites

Scooter — Thu, 19 Apr 2012 14:12:43 +0000

Recently, CNBC did a story on the “Most Promising Franchise Opportunities.” available. Here are the rankings:

1. Senior Care
2. Employment Services
3. Restoration Services
4. Business Coaching
5. Frozen Yogurt
6. Education Services
7. Fitness
8. Hair Salons
9. Maid & Personal Services
10. Fast Food
11. Pet Services

There are many opportunities within these industry segments. Some opportunities, however, are clearly better than others. With over 3,000 franchise opportunities available, I have developed a short list of favorites based on CNBC’s article. For my money, these are some of the best franchise opportunities available…base on a number of factors.

“My Favorite” Senior Care Franchise:

Franchise 500 member
Reasonable investment
Master franchise possibilities
Good margins and financials
Support and training
Industry growth is impressive
Semi-passive (if desired)

“My Favorite” Employment Services Franchise:

Franchise 500 member
Reasonable investment
Good margins and financials
Support and training
Growing industry

“My Favorite” Restoration Services Franchise:

Top 50 franchise satisfaction award
Reasonable investment
Good margins and financials
Franchise 500 member

“My Favorite” Frozen Yogurt Franchise:

Efficient business model
Master franchise possibilities
Good margins and financials
Great franchisor management team
Semi-passive (if desired)

“My Favorite” Pet Franchise:

Dog industry is growing
Good business model
Strong company history
Franchise 500 member
Strong and supportive franchisor

“My Favorite” Business Services Franchise:

Great business model
Mature industry with lots of customers
Master franchise possibilities
Low investment
Diverse products and services under 1 roof
Semi-passive (if desired)

Owning a franchise is about being in business for yourself, not by yourself. If this is the dream you are chasing, seriously consider what I believe to be some of the best franchise opportunities available. Remember that franchises offer protected territory. Your territory might be available today and gone tomorrow.

Go from having little control over your life to the kind of control that can really make a difference. What are you waiting for?

Scott Hill writes regularly for BobandScott.com. He is a franchise consultant and small business adviser. His franchise consultation is a free, no obligation service designed to help you find out if franchising is right for you. He can be reached at 615.669.0688. The website is http://www.williamandhill.com

Illinois Business Law

Scooter — Thu, 19 Apr 2012 13:43:54 +0000

Recently, I heard there is an Illinois business law that says you cannot have similar businesses within 4,000 feet of one another.

As with anything, there are always 2 sides this issue. One one hand, I see how the state of Illinois wants to provide business owners with some level of competitive protection. If a business owner can get a business license in the state of Illinois for, say a check cashing business, then no one within a mile can have a competing business. As a businessman, that sounds like a sweet deal. The business value must be great if the business owner wants to sell right? If no one else can get a business there, the value goes up. Location, Location, Location!

On the other hand, don’t we live in a capitalist society where free enterprise carries the day? How can customers in a one mile radius expect good service if the business has a monopoly? What incentive does the business owner have to provide good service and competitive prices if there is no other business holding them accountable?

While I’m not sure of the exact specifics of this law (for example, there must be an exception for food businesses), I know franchisors are frustrated with the state of Illinois law.

In talking to several franchisors, they won’t get registered in the state because it’s so hard to get a business license for a franchisee.

If anyone knows more information about this law, I’d love to hear about it.

Holographic 2Pac (Live At Coachella)

BobL — Mon, 16 Apr 2012 18:45:38 +0000

Tupac Resurrected

Source: www.thehighdefinite.com – Monday, April 16, 2012
A holographic version of the late great Lesane Parish Crooks showed up at Coachella last night to perform “Hail Mary” and “2 of Amerikaz Most Wanted.” Via everywhere. | Dre and Snoop’s full set

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Google stock split helps Page, Brin maintain grip

BobL — Fri, 13 Apr 2012 06:55:41 +0000

Sergey Brin and Larry Page have found a way to retain voting control at a $200+ billion company while keeping the shareholders happy. Funny how huge profits will do that for a leader.

Brin and Page have certainly earned the right to continue to lead this company. Not much good can come from a multi-layered organization where every layer has input into decisions of the company. The organization where there is clear leadership, who will listen to feedback, and make their own decisions is generally going to operate best.

Obviously the leader cannot be just anyone. There is a special type. Look at Bill Gates and then follow that up with Steve Ballmer. Gates was the clear leader with a vision and an grip on the company. The company flourished. Ballmer has had a bit of struggle in comparison. Perhaps it is not a fair comparison. It could be said that Gates rode off into the sunset due to the fact that his company was far behind in the future growth areas. However, you cannot argue with the track record of Bill Gates. He dominated like Michael Jordan.

Steve Jobs and Mark Zuckerberg are also examples of the strong leader who retains that grip on the company. It is amazing what Steve Jobs was able to do with Apple and Pixar. Zuckerberg deserves a lot of credit, but the company is still very young. He was brilliant enough to retain voting rights to shares that the company sold to investors such as Digital Sky Technologies (Yuri Millner). He controls the voting rights to those shares. By doing so, Mark has the final say and probably the initial say regarding product, design, and direction. In fact, many say that the Instagram deal was purely Mark Zuckerberg’s doing. 24 hours after receiving funding at a $500m valuation, Zuckerberg agreed to pay $1b. Investors must have been celebrating that night. Mark probably owed someone a favor. Done!

Larry and Sergey continue to innovate and bring new products to market. Google could be an entirely different company in 10 years. Search, as we know it, might not exist and the projects that Sergey is working on might just be the future of Google. Google’s self driving car, Google Green/Energy, Google Glass (glasses). Time will tell.

SAN FRANCISCO (Reuters) – Google Inc announced a stock split designed to preserve the control of co-founders Larry Page and Sergey Brin over the world’s No. 1 Web search engine, asking investors to trust their long-term vision.

Reuters: Top News

Bank Of America Sues Itself In Unusual Foreclosure Case

BobL — Thu, 12 Apr 2012 19:25:15 +0000

WASHINGTON — Bank of America is suing itself for foreclosure.

“It’s crazy,” housing data analyst Michael Olenick told HuffPost. “They shouldn’t be suing themselves.”

via Bank Of America Sues Itself In Unusual Foreclosure Case.

BioWare: ‘Sony won’t approve Mass Effect 3 multiplayer challenges for PS3′

BobL — Thu, 12 Apr 2012 13:35:40 +0000

Source: www.computerandvideogames.com – Thursday, April 12, 2012
Dev explains why PS3 players can’t join in on the fun. BioWare has called out Sony for failing to approve Multiplayer Challenge events for PlayStation 3 Mass Effect 3 players. Click here to read the full article Related Stories Minecraft creator’s new game gets early screenshots MGS HD Collection Vita shows off new interface EA accused of falsely advertising Mass Effect 3 Sony teases reveal next week – God of War 4 inbound? Miyamoto wishes he’d invented Angry Birds

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Apple and publishers sued by United States amid ebook price-fixing claims

BobL — Thu, 12 Apr 2012 08:58:40 +0000

Source: www.techradar.com – Wednesday, April 11, 2012
The United States Department of Justice has issued a lawsuit against Apple and five of the world’s leading publishers over allegations of collusion to fix ebook prices . The suit claims the companies have conspired to ensure other retailers such as Amazon and Barnes & Noble cannot lower prices. With Apple receiving 30 per cent commission per book sale, publishers are said to have given the iBooks store ‘favoured nation’ status, meaning no other outlet could sell at a lower price. New iPad 3 Apple new iPad 3 review Does the new iPad have an overheating problem? Best new iPad apps The publishing houses have often threatened the likes of Amazon’s Kindle store with the withdrawal of their titles, should the retailer seek to lower the notoriously high price of ebook titles. Apple is in on that, according to the lawsuit. Settlement The writ was issued against Apple, along with Macmillan, Penguin, HarperCollins, Simon & Schuster and Hachette, although the latter three have already agreed to a settlement with the US government. Apple, Macmillan and Penguin are all preparing to fight, whereas the others are most likely resigned to allowing Amazon to start trimming prices. US Attourney General Eric Holder says the alleged actions of Apple and the publishing houses have already cost consumers millions. In a statement to the media, he said: “Beginning in the summer of 2009, we allege that executives at the highest levels of the companies inc…

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