Sunday, August 22, 2010

Amcore Financial files for Chapter 11 | Finance | Crain's Chicago Business

This is just a legal technicality—AMCORE’s holding company will be gone. 

In the Aug. 19 Chapter 11 filing in U.S. Bankruptcy Court in Chicago, Rockford-based Amcore Financial Inc., whose bank unit was acquired from the Federal Deposit Insurance Corp. by Chicago-based Harris N.A. in April, listed assets of $7.2 million and liabilities of $75.4 million.

The biggest creditors were holders of subordinated debt totaling $57 million and J. P. Morgan Chase & Co., Amcore's lender, which listed a claim of $11.9 million, according to the filing.

Amcore Financial files for Chapter 11 | Finance | Crain's Chicago Business

ShoreBank fails; will be reincarnated as Urban Partnership Bank

 

ShoreBank, the South Side lender that carved out a national reputation by successfully lending in low-income urban neighborhoods for three decades, was seized by regulators Friday after an extraordinary rescue effort featuring the nation’s largest financial firms fell short.

Federal Deposit Insurance Corp. For the FDIC, the estimated hit to its insurance fund from the failure will be $367.7 million.

Click on the following for more of the details:  ShoreBank fails; will be reincarnated as Urban Partnership Bank | Finance | Crain's Chicago Business

Before salmonella outbreak, egg firm had long record of violations

In the past 20 years, according to the public record, the DeCoster family operation, one of the 10 largest egg producers in the country, has withstood a string of reprimands, penalties and complaints about its performance in several states.

-- In 1996, DeCoster was fined $3.6 million for health and safety violations at the family's Turner egg farm, which then-Labor Secretary Robert Reich termed "as dangerous and oppressive as any sweatshop we have seen." Regulators found that workers had been forced to handle manure and dead chickens with their bare hands and to live in filthy trailers.

-- In 1999, the company paid $5 million to settle a class-action lawsuit involving unpaid overtime for 3,000 workers.

-- In 2001, the Iowa Supreme Court ruled that DeCoster was a "repeat violator" of state environmental laws, citing violations involving the family's hog-farming operations. The family was forbidden to expand its hog-farming interests in the state.

-- Also in 2001, DeCoster Farms of Iowa settled, for $1.5 million, a complaint brought by the Equal Employment Opportunity Commission that the company had subjected 11 undocumented female workers from Mexico to a "sexually hostile work environment," including sexual assault and rape by supervisors.

-- In 2002, the Occupational Safety and Health Administration fined the family's Maine Contract Farming branch $345,810 for an array of violations. The same year, DeCoster Egg Farms of Maine paid $3.2 million to settle a lawsuit filed in 1998 by Mexican workers alleging discrimination in housing and working conditions.

-- In 2003, Jack DeCoster paid the federal government $2.1 million as part of a plea agreement after federal agents found more than 100 undocumented workers at his Iowa egg farms. It was the largest penalty ever against an Iowa employer. Three years later, agents found 30 workers suspected of being illegal immigrants at a DeCoster farm in Iowa. And in 2007, raids at other DeCoster Iowa farms uncovered 51 more suspected undocumented workers.

-- In 2006, Ohio's Agriculture Department revoked the permits of Ohio Fresh Eggs because its new co-owners, including Hillandale founder Orland Bethel, had failed to disclose that DeCoster had put up $126 million for the purchase, far more than their $10,000, and was heavily involved in managing the company. By playing down DeCoster's role, the owners had avoided a background check into DeCoster's "habitual violator" status in Iowa. An appeals panel overturned the revocation, saying the disclosure was adequate.

-- In 2008, OSHA cited DeCoster's Maine Contract Farming for violations that included forcing workers to retrieve eggs the previous winter from inside a building that had collapsed under ice and snow.

Click on the following for more of this Washington Post story:  Before salmonella outbreak, egg firm had long record of violations

Friday, August 20, 2010

Cary Park District officials resign following 'obscene conduct' citation

 

McHenry County court records show former director Steve Cherveny and former superintendent of recreation Susan Mayer were cited in July on disorderly conduct charges alleging they engaged in "obscene/sexual conduct in public."

Click on the following for more details:  Daily Herald | Cary Park District officials resign following 'obscene conduct' citation

Daily Herald | Bill for Blago jury? $67,463.32

Estimates about the total cost of the just concluded trial of ex-Gov. Rod Blagojevich range wildly from several million to $30 million

jury cost for nearly two months of trial and 14 days of deliberation. The bill? $67,463.32.

. The jurors' bill includes costs for food and travel. And it includes pay. Jurors got $40 a day the first month, then $50 after that

Daily Herald | Bill for Blago jury? $67,463.32

Retired generals disappointed over Kirk's no-show at meeting

U.S. Rep. Mark Kirk, the Republican candidate for U.S. Senate, was instead at the Illinois State Fair in Springfield, campaign officials said

Kirk's opponent, Democrat Alexi Giannoulias, was among about a dozen candidates who took part in the closed-door meetings.

Working through Human Rights First, the group of 40 retired military leaders made a name for itself during the 2008 primary as members held private meetings with candidates to discuss prisoner treatment and interrogation policies. The group claims that as a direct result of their effort, President Obama signed executive orders ending torture and secret prisons and promising to close the detention facility at Guantánamo Bay, Cuba.

Daily Herald | Retired generals disappointed over Kirk's no-show at meeting

Belvidere faces $1.1 million deficit in new budget

The city has 119 employees, not including elected officials. Of that number, 95 are union employees.

What bailed us out was the utility tax, but that can’t bail us out again,” Racz, who voted for the tax’s use, said. “We can still reduce spending.”

Click on the following for more details:  Belvidere faces $1.1 million deficit in new budget - Rockford, IL - Rockford Register Star