Word: groupings
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However, when Wells Fargo and Credit Suisse were contacted, they confirmed there had been "discussions" with Hertzberg's group, but said no formal agreements had been hammered...
Still, Herzberg's Sirius Value program is far from a slam-dunk fix for the housing slump. Under the program, which received a provisional patent from the U.S. Patent and Trademark Office last month, the developer or homebuilder must give 20% of the purchase price to Herzberg's group as a fee for the put option - a payment that many developers may be reluctant to cough up. "20% is astronomically high!," says one analyst, who did not wish to be named. "What builder would give away 20% when they're doing 5% or 10% [pretax] margins? If they gave away...
Herzberg also defended his group's experience in the field, noting that he and his brother Kenneth have spent decades in the investment banking arena, with Kenneth having worked at such firms as the Carlton Group and Madison Equities and Andrew having worked as a trader at Rosenthal & Co., and Societe Generale. "We have collectively been in the real estate business - the parties combined - for about 60 years." He adds that the program would not be financially viable in the current environment, though, without...
...long been lobbying, could pave the way toward the most wide-ranging protections ever put in place for a major commercial marine species. "This announcement could be a real turning point in the fight to protect the tuna," says Susan Lieberman, director of international policy at the Pew Environment Group and a veteran of the CITES process. "This will help ensure the future of this endangered fish." (See pictures of the tuna trade in Asia...
...best solution, says Samina Ahmed, Pakistan director for the International Crisis Group, a global policy-research center, is to ring in political and social reforms that will rid this territory of its antique system from British colonial rule and draw it into mainstream Pakistani life. For now, bringing back the music in the bazaars may not be enough, but it's a start...