Gibson Could Soon Face Bankruptcy After 100+ Years In Business

first_imgGibson has been one of the world’s leading manufacturers of electric guitars for years. Throughout their century of existence, countless musicians–from famous rock stars to local barroom heroes–have used Gibson guitars to create the soundtrack to our world. However, according to various recent reports, Gibson has fallen on particularly tough times financially and could face imminent bankruptcy. The company has faced declining sales for years, several large loan debts are about to come due.Explains The Nashville Post, “The situation facing the iconic Nashville-based music instrument maker, which has annual revenues of more than $1 billion, is far from normal. CFO Bill Lawrence recently left the company after less than a year on the job and just six months before $375 million of senior secured notes will mature…On top of that, another $145 million in bank loans will come due immediately if those notes, issued in 2013, are not refinanced by July 23rd…”As Debtwire reporter Reshmi Basu told the Nashville Post, “At the end of the day, someone will take control of this company — be it the debtors or the bondholders…This has been a long time coming.” Digital Music News notes, Gibson still pulls annual revenues north of $1 billion. But their revenue does not come close to covering their loan debts, and sales have been falling each successive year. Multiple investors, bondholders, and analysts are now talking bankruptcy.A senior credit officer from Moody’s Investors Service told the Digital Music News, “This year is critical and they are running out of time — rapidly–and if this ends in bankruptcy, [CEO/owner Henry Juszkiewicz] will give up the entire company.” They also note that Moody’s, who ranks companies’ viability for investors, has already downgraded Gibson’s status, just as they did with the similarly struggling Guitar Center last year.Various factors may be affecting the shrinking electric guitar market. Some feel it’s a result of a shift in the music zeitgeist away from guitar-driven music and toward more digitally-produced styles like EDM and hip-hop. Others speculate that the increased durability and decreased prices–while great for those looking to buy and sell used gear–have begun to cripple the company’s ability to sell new instruments.Here’s hoping that Gibson can figure out their financial issues and stay afloat. If you feel strongly about the company’s dire straits, you can go to their website and buy a new Gibson today. Otherwise, you can go check out their instruments in action wherever music is played and hope for the best.[H/T The Nashville Post]last_img read more

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‘Fast’ Food in Atlanta

first_img They still need quick, low-cost ways to remove field heat from crops. Growers struggle to stagger harvests so they can have full shipments for produce buyers every week. Quality control is a sensitive issue when inspecting the produce friends and relatives have grown. Learning to grow new crops such as carrots, radishes and salad greens takes time. Co-op members need time, too, to develop leadership and business management skills. When all of an area’s farmers hit the market at once with hundreds of bushels of snapbeans, the scales tip in favor of the wholesale buyers. That was the problem facing someAfrican-American family farmers in south Georgia.The farmers have been stewards of the land for generations. They know how to grow thefinest peas, beans, watermelons and greens. But selling such staples in a sparselypopulated rural market is another matter.To get more marketing clout, family farmers in Brooks, Thomas, Grady and Decaturcounties formed the South Georgia Vegetable Growers Cooperative.With the help of a grant from the SustainableAgriculture Research and Education program, their vegetables now skip the wholesalersand land directly on Atlanta grocery shelves within 24 hours of harvest.The SARE project isn’t just about marketing, said Freddie Payton of the University of Georgia Instituteof Community and Area Development.Payton, who heads the project, said it also shows farmers how to diversify crops andgrow them more sustainably over time.”The production and marketing system works,” he said, “because thevegetable growers form a circle of information exchange with project partners.”Here’s how it works. Produce buyers in Atlanta arrange to buy straight from thefarmers, bypassing wholesalers. The buyers also tell the farmers which crops Atlantashoppers want. And they keep the growers up-to-date on high-value trends such as bunchradishes and exotic eggplants.The farmers then sit down with experts from the University of Georgia and theFederation of Southern Cooperatives. Together, they plan low-input, sustainable ways togrow both new crops and their old staples. UGA economists work with the retail outlets andthe farmers to see how profitable each crop will be.The project is still being refined. But already, it moves produce from the fields toAtlanta markets in less than 24 hours.Sorting, cleaning and packing produce right in the field is a big part of the system.Farmers then take their graded, packed harvest to pickup points and load it on trucks fora night ride to Atlanta.By morning, participating Atlanta retail outlets can offer farm-fresh produce free ofthe postharvest chemicals often used on long hauls.With two SARE-funded seasons behind them, the project partners are confident the systemwill work. But with a year of the grant left, many challenges remain. The farmers had none of these problems when they just sold their produce in wholesalelots at the local auction.”This project is unique,” Payton said. “We’re challenging farmers,researchers and outreach personnel to rethink how we work together so small holders insouth Georgia can successfully adopt innovative fresh vegetable systems.”The growers are asked to take on new tasks, he said. They have to learn qualitycontrol, packaging and crop diversification. At the same time, UGA experts must helpfarmers address many aspects of production, postharvest handling and marketing.”I’m confident the public will keep supporting local farmers by buying producegrown in the region,” Payton said. “We urge farmers to visit supermarkets, too,to see how their produce is displayed and promoted. This is a chance to help farmers andurban residents reconnect.”last_img read more

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Letters to the Editor for Wednesday, Aug. 21

first_imgCategories: Letters to the Editor, OpinionTrump’s logic fails to address problemsTrump tags people he opposes with an adjective prefix added to their name. How about one for him?His rationalizations for gun violence are: ”Guns don’t kill people. People kill people.” And now: “Mental illness and hatred pulls the trigger, not the gun.” Logic is beyond him, since without the gun, there would be no killing using guns.This faulty reasoning, always put forth by officers of the NRA, causes him not to push to expand the use of background checks and ban assault rifles. Mental illness is a problem. Sixty percent of deaths by guns are suicides. But tracking the mental state of owners of 393 million guns is impossible. The only solution is to drastically reduce the number of guns.Guns are killing people every day. A young boy in New York City, an excellent student, while playing basketball was shot and killed by two other youngsters who were nearby playing with guns. Where are the laws and regulations that would have prevented this? Isn’t Trump’s lack of leadership partially at fault for this and other recent killings?Trump trumpets racial bias, which emboldens white supremacists to shoot and kill as many people of color as possible aided by the use of assault rifles.The destruction and loss of life caused by climate change isn’t admissible by him. He continues to reduce power plant and automobile emission requirements. This will result in thousands of more deaths caused by air pollution.How should we tag him?Dale M. BrownNiskayunaFor humanity’s sake, end detention campsWhile my private summertime is filled with pleasant activities, I have been plagued by the images of immigrant children detained in crowded cages and facilities with inadequate medical care, insufficient food, and squalid sanitary condition, with no towels and toothbrushes or clean clothes.This is not fake news but documented by the United States Government Office of Inspector General after inspecting several Department of Homeland Security detention centers.These reports have been collaborated by doctors, legislators and journalists, and pictures do not lie.Further, mental health officials, and doctors have documented that such experiences for children will result in “lifetime trauma, and disturbed development.”While former administrations have detained and deported immigrants, the Trump administration has added scapegoating, racism and hatred, whipping up irrational anger and hostility toward immigrants. As history has taught us, scapegoating a specific group, usually a minority, is dangerous with ugly and  disastrous results.Let us not forget the lynching of innocent black people and Jim Crow, the detention of Japanese Americans during World War II, the Holocaust slaughtering of 6 million Jews or the massacre of Tutsis in Rwanda, to name just a few horrors of history.To mistreat any minority group,  whether it be people of color, immigrants or Muslims, is dangerous and not compatible with a nation of diversity and democracy. The vilification of any group of people is a denial of their humanity and becomes a rationalization for mistreatment. To deny a human being’s humanity is to deny your own humanity.Close the detention encampments now.Mabel LeonSchenectadyMore from The Daily Gazette:EDITORIAL: Find a way to get family members into nursing homesEDITORIAL: Urgent: Today is the last day to complete the censusGov. Andrew Cuomo’s press conference for Sunday, Oct. 18EDITORIAL: Beware of voter intimidationEDITORIAL: Thruway tax unfair to working motoristslast_img read more

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New JLL offshoot to take stakes in retail concepts

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163 Pennsylvania K-12 Schools Receive PAsmart Grants to Advance Science and Technology Education

first_img January 17, 2020 SHARE Email Facebook Twitter Education,  PAsmart,  Press Release Building on his commitment to prepare students with the computer and technology skills for in-demand jobs, Governor Tom Wolf today announced $5.7 million in PAsmart Targeted grants to expand computer science (CS) classes and teacher training at 163 school districts, charter schools and intermediate units.The Targeted grants represent one component of the governor’s innovative PAsmart initiative, which will provide $20 million to bring high-quality computer science and STEM (science, technology, engineering and math) education in elementary, middle, and high schools, and professional development for teachers.“PAsmart is strategically investing in science and technology education so students develop the skills they need for high-demand jobs,” said Governor Wolf. “To be successful, we must also invest in our educators by providing them the training to teach these critical subjects.“Through PAsmart, we are developing the most prepared and talented workforce in the country, which will help students excel, grow the middle class, and strengthen the economy for everyone,” he said.Over the next 10 years, 71 percent of new jobs in Pennsylvania will require employees to use computers and new technologies.Secretary of Education Pedro A. Rivera made the grant announcement today during the Allegheny Intermediate Unit’s annual STEAM (science, technology, engineering, art and math) Showcase. The event has become the premier demonstration of STEAM learning in Pennsylvania, drawing nearly 600 teachers, parents, administrators and school board members from more than 40 school districts and 25 partner organizations.“Job growth in the STEM and computer science field is driving the Pennsylvania and national economies, and Governor Wolf recognizes that expanding access to these programs is absolutely critical to preparing students for an ever-changing workforce,” said Secretary Rivera. “PAsmart grants help train educators so they are providing high-quality STEM and computer science instruction and experiences in their classrooms to students of all ages, including those who have been historically underserved and underrepresented in these opportunities and fields.”Each Targeted grant recipient will receive $35,000. The grants help schools introduce and expand computer science programming and to provide educators from pre-kindergarten through grade 12 with training to teach CS. The 163 new Targeted grant awardees have prioritized expanding access to computer science for underrepresented students, such as students of color, girls, low-income students and students in rural communities.As a result of the 2018-19 Targeted grants, more than 1,100 teachers have received training to teach STEM and computer science.Additional funding through PAsmart Advancing grants will be announced in the coming weeks.The governor secured $30 million for PAsmart last year and $40 million this year. PDE will award $20 million between the Targeted and Advancing grants. The Department of Labor and Industry will soon announce $10 million for apprenticeship and job training grants. Funding for career and technical education also increased by $10 million.For more information about Pennsylvania’s education policies and programs, please visit the Department of Education’s website. Follow PDE on Facebook, Twitter, YouTube, Flickr, or Pinterest.center_img 163 Pennsylvania K-12 Schools Receive PAsmart Grants to Advance Science and Technology Educationlast_img read more

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An Post agrees €100m asset-backed funding deal for DB scheme

first_imgAccording to details of the initial proposal, released last year, the contingent assets will be used to meet the incoming 10% risk-reserve requirements, coming into force in 2016.The agreement is not the first use of contingent assets to shore up underfunded defined benefit schemes in Ireland, with Greencore entering an €11m property and mortgage-backed deal with its fund last year.More significantly, Allied Irish Banks put in place a €594m contribution deed backed by loans to ensure that active and deferred members did not suffer due to a redundancy programme encouraging workers to take early retirement.An Post’s annual report also revealed that the firm’s DB scheme had further lowered its discount rate in 2013, down 0.25 percentage points over the 4% in place in 2012 and significantly down from the 5.25% applied to the valuation of liabilities in 2011.The scheme in late February finalised a €400m deal that would see it, An Post and the Ontario Teachers’ Pension Plan acquire the licence to run the Irish National Lottery for 20 years. Ireland’s An Post has entered into a €100m contingent asset deal as part of a new funding proposal for its defined benefit scheme, one of the country’s largest.The An Post Superannuation Scheme saw its deficit decline by €56m over the course of 2013, standing at €229m at the end of the year due to continued good investment returns, as well as changes implemented as part of its funding proposal, according to the company’s annual report.The report praised the changes, which will see scheme retirement age increase in line with the Irish state pension age and impose a 2% cap on pensionable pay and benefits, as an “innovative proposal”.“As part of the solution, a mortgage and charge relating to certain property assets of the company with a maximum value of €100m by 2023 will be put in place in favour of the An Post Pension Schemes for use as a contingent asset of the schemes,” the annual report said.last_img read more

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Married 82 years and still going strong

first_imgNZ Herald 14 February 2017 In a world where divorce is common, one Auckland couple is being praised for their efforts to stay together.Jeram Ravji and his wife Ganga Jeram Ravji, originally from India, are this year celebrating 82 years of marriage – a year out from celebrating their 100th birthdays.The Ravjis have today been awarded the Longest Married Couple in New Zealand accolade, sponsored by Family First NZ.They’re being recognised on Valentine’s Day but the couple won’t celebrate their 82 years until April.The pair, born just a month apart, were betrothed in India at the tender age of 6 and were married at 19.They had six children and the family – all based in Auckland – has grown to four generations.It is thought the couple are one of the longest married couples in the world.Family First NZ national director, Bob McCoskrie, said the award helped to recognise those who had stuck it out in marriage.“This is an opportunity to promote marriage and honour couples who have done the hard yards.“Marriage is a great institution, but it requires love and commitment, hard work and community support,” he said.“We want to celebrate with couples who are setting the example for younger married couples just starting out.”The Ravjis have previously shared an insight into their bond.Ganga Ravji said their marriage had been filled with lots of sacrifices – something she was concerned “young ones” could not tolerate.She acknowledged that in every life, God gives the good and the bad. The challenge was to work through it.Another key ingredient in their long marriage had been their willingness to listen to their parents’ advice.“[The advice] we would give to our children if they had difficulties with their marriage would be you have to work hard, you have to have tolerance – that’s the most important part, tolerance,” she told the Herald last year.http://www.nzherald.co.nz/lifestyle/news/article.cfm?c_id=6&objectid=11799925last_img read more

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UCL: Anelka sure of Real Madrid’s win at Man City

first_img read also:Felix Brych to referee Man City vs Real Madrid cracker On Eden Hazard, he added: “I think the first year is never easy and less so at Madrid because I have lived it when you come from England. But he is going to stay. This year he has experienced a bit what LaLiga is like and next year he will want to show the talent he has.” FacebookTwitterWhatsAppEmail分享 Loading… Former Real Madrid striker Nicolas Anelka is backing them for victory at Champions League opponents Manchester City. The Frenchman believes that Real Madrid’s stature in the competition is a big factor, and has backed Zinedine Zidane’s team to overturn the 2-1 deficit in their round 16 tie. Anelka told Marca: “With Zidane yes, everything is possible. City are on good form. It will be tough, but Madrid are Madrid and in the Champions League they are very strong. I don’t know what will happen, but Zidane is capable of coming back and Guardiola is very good too, so it will be a great game. City, importantly, start with an advantage.”Advertisementcenter_img Promoted Content10 Risky Jobs Some Women DoCouples Who Celebrated Their Union In A Unique, Unforgettable WayTop 10 Iconic Personalities On TV Now7 Non-Obvious Things That Damage Your PhoneBirds Enjoy Living In A Gallery Space Created For ThemYou’ve Only Seen Such Colorful Hairdos In A Handful Of Anime2020 Tattoo Trends: Here’s What You’ll See This YearA Guy Turns Gray Walls And Simple Bricks Into Works Of ArtWhat Is A Black Hole And Is It Dangerous For Us All?Can Playing Too Many Video Games Hurt Your Body?Why Do Americans Consider Him To Be The Best President?Playing Games For Hours Can Do This To Your Bodylast_img read more

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Record Modified car count for Electric City, Spring Roundup

first_imgGREAT FALLS, Mont. (April 25) – A record number of Modifieds and the division’s first-ever ‘B’ feature at Electric City Speedway drew their share of headlines at Saturday’s Spring Roundup.North Dakota travelers Travis Peery and Jason Wolla ran 1-2 in the IMCA Xtreme Motor Sports Modified main event as long tows complemented a stellar contingent of home state drivers.Twenty-seven Modifieds, the most in the 26 years the division has run at Great Falls, were on hand for the season-opening special.“There have been a lot of Modifieds around us but we were on an island. We switched to IMCA (in 2014) and guys came from all over, Canada, North Dakota, Idaho and Montana,” promoter Dan Mann said. “It was a gathering of the regions.”“We got rained out Friday but we had a good night on Saturday,” he added. “There was a good crowd and lots of cars. It was the first time ever we’ve had a ‘B’ main for the ‘A’ Mods.”Peery earned $500 for his second IMCA feature win of the season. He’d started fourth and pulled away from the pack following the final restart, with seven laps left.“I stumbled onto a setup that was wicked fast,” said Peery, who raced twice before at Electric City in 2013. “We got into lapped traffic and Jason pulled up next to me and gave the thumbs up. Once I got clean air I pulled a straightaway ahead on them.”Wolla sped to second from 15th starting. Steve Arpin, Paul Leach and Merlin Sorenson completed the top five.Feature results – 1. Travis Peery; 2. Jason Wolla; 3. Steve Arpin; 4. Paul Leach; 5. Merlin Sorenson; 6. Maurice Myre; 7. Jason Donnelly; 8. John Price; 9. Kory Wermling; 10. Zach Olson; 11. Lonnell Timmons; 12. Garth Dushanek; 13. Beau Brown; 14. Travis Panko; 15. Patrick Wal­lace; 16. Tommy Bush; 17. Mark Wermling; 18. John Norris; 19. Gary Hill; 20. Joey Price; 21. Tim Sorenson; 22. Jody Kropp; 23. Paul Donnelly; 24. Travis Hagen.last_img read more

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571 new cases reported on Monday statewide

first_imgStatewide—The Indiana State Department of Health has reported that 561 additional Hoosiers have been diagnosed with COVID-19 as of Monday. A total of 62,907 Indiana residents have tested positive for the coronavirus. To date, 707,791 tests have been reported to ISDH at an 8.9% positive rate and 3 new deaths were reported for a total of 2,709 Hoosiers have died to date.Locally Dearborn County has a total of 404 cases and 27 deaths reported (up 6 new cases), Decatur County has a total of 278 positive cases and 32 deaths (up 1 new case), Franklin County has 173 positive cases and 8 deaths, and Ripley County has 177 positive cases and 7 deaths (down 2 cases). This is an increase of 5 new positive cases locally.last_img read more

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