Thursday, March 28, 2013

The Unruly of Law: Rusty GateHouse Media Headed Toward Pre-Packaged Bankruptcy Filing?

Posted by Sheldon Toplitt at 3:36

GateHouse, which is owned by Fortress Investment Group LLC, includes in its stable of more than 300 small daily and weekly papers the….The chain has enlisted Houlihan Lokey investment bank and a law firm specializing in restructuring to achieve its goal of eliminating the crushing debt, the Journal article noted.
GateHouse was delisted from the New York Stock Exchange in 2008 because of its shaky financial picture, which includes a $30 million drop in sales last year compared to 2011 figures. Fortress, a prominent creditor, bought GateHouse in 2005 for more than $500 million.

The Unruly of Law: Rusty GateHouse Media Headed Toward Pre-Packaged Bankruptcy Filing?

Daily’s parent company continues debt struggles | The Rock River Times

By Brandon Reid
Assistant Editor

The Wall Street Journal article added: “GateHouse has begun to informally ask creditors to forgive their debt for ownership stakes in a reworked company, or accept payments of 33 cents for every dollar they are owed, the people said. Should enough creditors go along with the plan, GateHouse could avoid bankruptcy court.

“If enough creditors balk, GateHouse is preparing to file a prepackaged bankruptcy, the people said. In a prepackaged Chapter 11 case, GateHouse would get approval from enough creditors ahead of time so that a judge could bless its debt restructuring plan and streamline the trip through bankruptcy court.

Click on the following for more details:  Daily’s parent company continues debt struggles | The Rock River Times

Who is paying for these mailings?

 

Mailer 3-27-2013

Here is the list of the heavy hitters who are paying the lion’s share of the mailing campaign. I wonder if any of these individuals are holding those 9%, non-callable bonds?

The following is taken from the Illinois Board of Election:  http://www.elections.state.il.us/campaigndisclosure/CommitteeDetail.aspx?id=25051

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Diann Helnore’s letter to the public

Dear Belvidere Township and Municipal Voters,

In April 2009, when I first decided to run for the Office of Assessor, with your help, I was elected to that office by only two votes. But these two votes were critical. I took the job on Jan 1, 2010 and since then here are some of the changes I have made.

In Belvidere Township I have reduced property assessment

In 2010 – 7.5%, In 2011 - 10.75%, In 2012 - 10.98 %.

This year 2013, I will again reduce property valuations 6- 8%

I have equalized and revalued all of the land in the township to be more representative of it’s worth and to make each residents property value more equitable to that of his neighbor.

I removed all subjective RDF factors (residential desirability factors) that had little or no basis in our assessments, that were used at will for raising or lowering your assessments,

I standardized grades for quality and condition of property, eliminating more room for errors,

· I opened up the office during lunch hours and some holidays to be more accessible to the township residents.

· I extended hours to help township residents with Board of Review hearings and appeals paper work for the past three years.

· I begin a website to communicate with residents and provide them with information.

· I replaced two senior people that retired with two qualified, degreed, IL State licensed Real estate appraisers to do a better job.

· I promoted two existing staff members and increased their salaries accordingly.

· I negotiated a two year union contract which is up again in May of 2014, with zero increases.

· I held classes and meeting with all commercial, Industrial, apartment owners and Realtors to ensure their property was being fairly assessed.

· I updated all of the photographs in our computer system with front back and side views of all building, and eliminated pictures that were 10 – 20 years old.

· I updated all property record files adding relevant information and storing obsolete information in other places.

· I sent out property information data sheets to all residents to verify internal property information and had a 40 % return rate allowing us to correctly update our records,

· I have had staff visit , photograph and measure every home, and have personally reviewed all paperwork and signed off on the property record cards, to make sure each property owner was being fairly assessed.

In Jan. 2010, I came into a very relaxed office, where people came and went as they pleased with very little reporting or accountability or oversight. This may account for the much of the work that has not completed and that had been completely missed.

Under my watch I am keeping my promises to the Belvidere Township residents that elected me. I along with my staff are doing the work in this office that we are being paid to do, and we are doing it fairly and equitably. We do not give out favored or unfavorable assessments to anyone. In our township each resident is being judged fairly and accurately on their own property. If property owners have questions regarding their assessments I will always be happy to review their information with them.

· As the current Assessor in Belvidere Township, I have reduced property valuations in our township between 25 and 32 % in the past three years.

· I have found and listed over 12 million dollars worth of omitted property, which equates into approximately $450,000 more direct Tax dollars for the community. Our Schools and taxing districts need this money to help them survive.

· I have never forgotten who I work for in this Township; it is the residents and the taxpayers not the local elite.

· I am doing a good job for the residents of Belvidere Township, and I want to keep on doing it to finish what I have started. Since the state works on three year averages, one election cycle is not enough time to correct all of the inaccuracies of the past.

· There has never been a more Independent Assessor before in this office who is beholden to no one and who treats everyone fairly and equally as I do.

· If I leave now everything will very quickly revert back to the old methods. My Opponent/employee is part of the old regime and all of her experience has been doing things the old way.

Addressing the Case For and Against Experience:

I hear a lot about experience, from my employee/ opponent (who I promoted) and how much it matters. I have not seen this to be the case. I do believe that some experience is good. It is always easier to do a task the second time around if you have already done it once before.

But 25 + years of the same repetitive experience - does not necessarily matter. What matters to me is the employee’s work ethics, cooperation, and the quality and quantity of work they do every day. It matters to me how appropriately assessed and fairly and accurately they are valuing property for everyone. Is everyone being treated the same, this is important. What else matters to me is how loyal and trustworthy and hardworking the employee is, and how much they have contributed to the team and making the department a success. How fair and honest have they been? To me the only relevant experience in this office has been obtained over the past three years.

Everything changes in the Assessment Field on a regular basis, housing markets change, market values and sales prices change, state laws change, and our computerized assessing software changes. The only thing that does not change is the primary task we charged with by the state, which is to fairly and equally assess all of the properties in our township for the purpose of taxation.

Addressing the Case for Superior Assessing Ability:

Since I have taken over this department in January 2010, and I have replaced two senior employees that retired with two degreed, IL licensed real estate appraisers.

I have promoted the remaining two employees in the department and they were given significant pay increases. I promoted my opponent to Chief Deputy Assessor, because she was the most senior employee, not because she was a superior Assessment officer. All of the employees of the Belvidere Township and other Assessment offices are regularly sent to assessment classes to keep up their State certifications. (I earned and paid for my own certification before I ran for office in 2009) The current senior employees hired in to the Belvidere Township Assessment office as high school graduates who obtained their certifications through the County and the Township. The employees did not pay for any of their own education expenses (tuition, lodging and travel while attending classes. All expenses were and are reimbursed by the township or the County. The minimum passing grades for these classes is 70%. And in a couple of cases in the past an employee did not pass. Clearly the more years you are employed, in this position the more classes you will be able to take.

The new employees came in with college degrees, with IL State Appraisal licenses and with ten years’ appraising experience. They too have attended the State classes to receive their ( CIAO) IL Certified IL Assessment Officer Certification. I have not noticed any exceptional assessing abilities from any one my employees new or old that is any better or worse than another. I have however noticed a difference in attitudes and in their willingness to do the job the way they are requested to do it. The level of knowledge once you obtain al Illinois assessment certification is very much the same for all of them.

In my opinion I have a skilled staff, that does a fairly good job, but there is still a long way to go to bring all the assessments to the levels where I believe they should be. We cannot go back to the same old hit and miss way of doing things that has been done in the past. We can only go forward.

I am very proud of all I have been able to accomplish since I have been elected. Now it is your turn to please consider how important it is for you the township residents to have me to continue working in this very important position for you. .

On April 9, 2013 or before Vote your pocket book, not your political party

Thank you. Sincerely,

Diann Helnore, Incumbent

Belvidere Township Assessor, Belvidere Township