Use access key #2 to skip to page content.

alstry (35.36)

1.01.10....IT HAPPENS...Concentric Contraction Begins...

Recs

12

December 07, 2009 – Comments (10)

WHEN YOU LIVE IN A NATION THAT PURSUES ZOMBULATION.......AND THE CITIZENS ONLY FOCUS ON PROCRASTINATION AND NOT ADVOCATION......PRETTY SOON FEW HAVE ANY ASSETS LEFT FOR CONFISCATION

Swing Zone Family Fun Park, the miniature golf course off U.S. 70 between New Bern and Havelock, has closed its doors and filed for bankruptcy.

The business is in debt in the “$500,000 range,” owner Randy Straight said in an interview Sunday. Swing Zone closed on Dec. 1, and bankruptcy papers were filed Friday, he said.

Straight, who moved to New Bern from New Hampshire, first started thinking about a family-oriented park concept six years ago. He opened Swing Zone in March 2006, and has been waiting for it to hold its own ever since.

“I’ve never done anything like this,” Straight said. “We opened almost four years ago, and two years ago, we said we’d give it a little more time and see where things went. But we couldn’t tell how long, if ever, it would be before it would make money. We poured money into it for as long as we could, but we are at the point that we have to cut our losses.”

Straight said he hopes to find a willing buyer for the property, which includes an 18-hole miniature golf course, batting cages, a paintball field and a playground for toddlers.

“There are three mortgages against the property, and we are hoping those will be satisfied,” he said. “The rest of the debt is unsecured, and that will probably go unpaid.”

Straight said Swing Zone had six employees, including his son, Chris, who was the full-time manager. The rest of the workers were “college or high school kids,” he said. He said the employees were told in November that they would not be working, at least for a while, in December, because the business would undergo remodeling.

Ultimately, however, Straight said the figures indicated he needed to close.

“We are just another victim of the economy,” he said. “Carolina Colours was supposed to have more houses by now. And who would have thought that SkySail and Bridgeton Harbor would be in financial trouble, too?” he asked.

SkySail and Bridgeton Harbor are two major Craven County developments whose financial troubles have led to a bankruptcy filing and a potential foreclosure, respectively, each unfolding just a few days ago.

“I spent 6½ years and a huge amount of money on this project, but just could not afford to go through another winter and further into debt,” Straight wrote in an e-mail sent to friends and business associates. “I appreciate your loyalty and support the last few years, but it is now time to move on.

SOON IT WILL  BE TIME FOR MANY TO MOVE ON AS SMALL BUSINESS, THE DRIVER OF JOBS AND OUR ECONOMY GET SMALLER AND SMALLER.........

WASHINGTON (Dec. 6, 2009) While the federal government’s relatively upbeat employment report for November is fueling optimism among restaurateurs and other businesses that the economy might be turning the corner, another study states that job loss continues to be a problem for small business owners.

Even more, small business owners have told the National Federation of Independent Business that job cuts will continue in the next three months, with the main culprit being reduced sales and profit margins that will not support job growth.

“The largest impediment to new hiring is weak sales,” said NFIB’s chief economist William C. Dunkelberg. “Since January 2008, more owners have reported lower sales — quarter over quarter — in every month, mostly by double-digit margins.

“The consumer is the key to job creation,” he said. “When businesses have more customers, they will hire more workers.”

According to the National Federation of Independent Business’ latest survey, released last week, small businesses reported a November decrease in average employment per firm of 0.58 workers during the prior three months. That result is about even with October’s average loss of 0.52 workers, and less than May’s average deficit of 1.26 workers per firm. All NFIB figures are seasonally adjusted.

In November, nine percent of small business owners said they hiked employment by an average of 2.3 workers per firm, and 21 percent said they reduced employment by an average of 4.2 workers, the NFIB reported.

“The job generating machine is still in reverse as November’s report represents the 22nd consecutive month with more small business owners reporting employment declines than employment increases,” Dunkelberg said. “Sales are not picking up, so survival requires continuous attention to costs — and labor costs loom large.”

 http://www.nrn.com/article.aspx?menu_id=1368&id=376680#ixzz0YzPASwTySOON YOU TOO WILL UNDERSTAND WHAT CONCENTRIC CONTRACTION REALLY FEELS LIKE....WITH THOUSANDS OF BLOGS AND COMMENTS, YOU HAVE TO ADMIT, ALSTRY HAS TRIED TO WARN YOU IT WAS COMING.....AND GIVEN YOU MORE THAN A FEW DIFFERENT ACTIONALBE IDEAS ALONG THE WAY

10 Comments – Post Your Own

#1) On December 07, 2009 at 3:57 AM, alstry (35.36) wrote:

IN CONCENTRIC CONTACTION....CUTS BEGIN TO AFFECT YOU IN WAYS YOU NEVER DREAMED....

SARATOGA SPRINGS — With cuts looming in the city’s fire department, officials are concerned that the city’s insurance rating could be adversely affected.

The 2010 city operating budget has slated seven fire department jobs to be eliminated, shrinking the department from 52 firefighters to 45.

Homeowner’s insurance rates and premiums are determined in part by the fire protection afforded by a municipality.

Saratoga Springs, which has a professional, career fire department, is currently rated as class IV by the Insurance Service Office, an organization that assesses various insurance risk information for insurers in this country.

Assistant Chief John Betor said he felt that once seven firefighters are eliminated by the 2010 city budget, the city’s ISO rating could be degraded to a class V of VI — a rating that could affect insurance premiums in the city.

“What they’re planning on doing will affect individuals, just like the city has been affected by the state,” Betor said, before the City Council failed to amend the proposed 2010 operating budget.

“The number of firefighters is one element (evaluated) to determine a community’s Public Protection Classification,” said Mike Waters, vice president for Risk Decision Services. “A reduction in firefighters could potentially result in less points being attributed to the department.”

AND FIRE DEPARTMENTS ARE BEING CUT ALL ACROSS THE NATION.....

But some of the trimming would entail cutting positions currently filled – 14 firefighter positions, which account for around $400,000 of the $3 million to be saved in FY 2010. The move to eliminate firefighter jobs had been part of the FY 2011 plan, but would be implemented six months earlier – now.

For FY 2011, the picture gets even worse, with the city facing a $5.4 million shortfall. And looking ahead one year after that, city council will be faced with constructing a budget for FY 2012 that is 30% smaller than the one they approved for FY 2009.

Background on the Budget Retreat

The Ann Arbor city council holds a budget retreat each year to provide some basic direction to the city administrator on the budget, which is presented to the council in the spring. The council then has an opportunity to amend and adopt that budget for a fiscal year that begins in July. If the council takes no action on the administrator’s budget, then – per the city charter – the administrator’s budget becomes the adopted budget.

INTERESTING.....LOWER FIREFIGHTERS....HIGHER INSURANCE

Report this comment
#2) On December 07, 2009 at 8:08 AM, dudemonkey (38.89) wrote:

Love the Jesse Jackson-style intro to this post!  I'm glad to see you keeping it fresh, alstry!

Report this comment
#3) On December 07, 2009 at 8:33 AM, alstry (35.36) wrote:

When you cut to improve.......and you cut too much......there ain't much left to groove.....so taxing all you got is the move.......

Area plastic surgeons say that a U.S. Senate proposal to apply a 5 percent tax on cosmetic procedures cuts too deeply into their bottom line — and will force many practices to lay off staff or close.

Senate Democratic leaders added a 5 percent tax on elective cosmetic procedures to generate $5 billion in the next 10 years to help pay for a $849 billion plan to overhaul the nation’s health care system.

And while the money collected from the tax (nicknamed by some as the “botax”) would cover only a tiny fraction of the overall cost of the health care reform bill, local cosmetic surgeons say it would have disastrous consequences for a sector that’s already been stung by the recession.

Many cosmetic surgery practices are already down 30-50%.

Report this comment
#4) On December 07, 2009 at 8:41 AM, alstry (35.36) wrote:

Fewer Jobs....Less Services......Higher Taxes......Lower Property Values......Concentric Contraction is the action 1.01.10....

Ready....9.09

Set....11.10.9

Go....1.01.10

COUPEVILLE — The Island County budget director calls the whole thing “challenging.”

In order to balance Island County’s proposed $67.4 million budget, county officials are prepared to lay off more employees, slash some programs by half, dip further into savings, raise property taxes, cut hours of operation and reduce nonunion employee medical coverage.

With sales tax revenue down at least 15 percent, construction starts down more than 50 percent and interest revenue on savings accounts sinking rapidly, the work of balancing the county’s general fund has been difficult, budget director Elaine Marlow said.

“In fact, it’s been truly brutal,” she said.

For example, Marlow said, in 2007, the county earned about $2.4 million in interest income on its reserve funds. That dipped to $800,000 this year and the forecast calls for interest income of only about $550,000 in 2010.

“Then, as the county uses more of its reserves, it has fewer dollars to invest,” Marlow said.

WHO COULDA SEE THIS COMING......

WHEN MONEY IS FREE.....SAVERS MAKE NOTHING

Report this comment
#5) On December 07, 2009 at 8:48 AM, alstry (35.36) wrote:

UNDER CONCENTRIC CONTRACTION.....EVERYWHERE BECOMES LIKE DETROIT

The number of people who say they are homeless for the first time is increasing in metro Detroit, spurred by unemployment and foreclosures, experts say.

But in recent months, staff members at homeless shelters said, demand for services has been skyrocketing. They attributed that to the number of people who -- after exhausting the goodwill of family and friends or running out of money to pay for motel rooms -- find themselves homeless for the first time.

Amanda Sternberg, program director for the Homeless Action Network of Detroit, said about 9,000 homeless people have sought help this year in Detroit. Of those, 28% are reporting that this is the first time they've been homeless.

"And we know there are more out there," she said.

In Macomb County, the first-time homeless population also is on the rise. Carrie Fortune, coordinator for Macomb County Continuum of Care, said 2009 data was not available but in 2008, 47% of people seeking help reported they were first-time homeless, citing unemployment, eviction or foreclosure and a lack of affordable housing as reasons. On any given day, Fortune said, there are about 1,100 homeless people in the county.

"These are situationally homeless. They are not career homeless. We have people with PhD's in the system," Fortune said.

JUST WAIT UNTIL THE 2009 DATA COMES OUT.......

Report this comment
#6) On December 07, 2009 at 9:01 AM, hhasia (66.32) wrote:

I do not know why people are surprised, or even disturbed by what is happening. As a people you voted for a man who said he would redistribute wealth. He said it clear as day. This is what it looks like, this is what the people voted for.

Report this comment
#7) On December 07, 2009 at 9:05 AM, alstry (35.36) wrote:

Zombulation doesn't redistribute "wealth".....it destroys it for most of the people......and it started a while back.

IMG has laid off more than 200 employees worldwide in the last few weeks, a reduction of more than 5 percent of its work force, in an effort to pare costs and position the company for growth. The job cuts have been made in virtually every division of the sports, media and entertainment …

Many professional teams are cutting....some are folding....others are playing with a smaller roster like the Sac Kings basketball team.

Report this comment
#8) On December 07, 2009 at 4:17 PM, IIcx (< 20) wrote:

Report this comment
#9) On December 07, 2009 at 4:37 PM, IIcx (< 20) wrote:

PG 13 may make more sense on Fool?

 

Report this comment
#10) On December 11, 2009 at 12:57 AM, jddubya (< 20) wrote:

"1.01.10....IT HAPPENS...Concentric Contraction Begins..."

But... but... this is what you spewed back in January 2009:

"Concentric Contraction has arrived and is hitting the shore with full force."

LOL - YOU WERE WARNED!!!!!! ALSTRY RE-RUNS!!!!!!!

Report this comment

Featured Broker Partners


Advertisement