Friday, June 22, 2007

Buffalo, New York —A three alarm fire at a house owned by John and Evelyn Bencinich, two of the initiators of a lawsuit filed against the Elmwood Village Hotel proposal in Buffalo, required firefighters to rescue eight cats and two dogs in Buffalo, New York today.

At about 8:30 (eastern time) firefighters were called to the home on 48 Granger Place to put out a fire that had started in the basement. It quickly spread to the first floor where the main bathroom was destroyed. The fire did not spread to the second floor or attic.

Initial calls said that many animals were inside the house and firefighters quickly worked to rescue all the cats and dogs. At least one cat and one dog had to receive CPR and oxygen, but both are reported to be in stable condition. At least 3 cats are unaccounted for, but after a search of the house, the cats were not believed to have been inside at the time the fire started.

One elderly woman, Anna Bencinich, the mother of Evelyn, was rescued by neighbors who helped her from the burning house.

“There was smoke all over the house. The fire started in the basement and spread to a small portion of the first floor. Two firefighters were injured while fighting the fire and were transported to Erie County Medical Center,” said Division Fire Chief Thomas Ashe who also said that sections of the kitchen wall at the back of the house had to be torn out to stop the fire from spreading through the walls.

One firefighter is being treated for bite injuries to his face that he received while attempting to rescue a dog. The other firefighter was treated for injuries he received to his hand, which was believed to have been caused by glass or a cat scratching him. The names of the injured firefighters are not known. The injuries are said to not be life threatening.

According to witness reports, the home owners had a new water heater installed just last week, but it is not known if the fire was caused by the heater.

“We believe the fire was caused by an electrical (malfunction). An investigation is being conducted,” said Battalion Chief Joe Fahey who also added that they did not believe arson was the cause.

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The Difference Between SDE and EBITDA

by

Michael Fekkes

The 3 most commonly used valuation methods are the Income, Market, & Asset approach. With the income approach, a business value is based upon the earnings the enterprise generates. Buyers are most concerned with the amount of earnings that the company produces should they acquire the business. The net ordinary income, utilized for tax reporting purposes, does not properly reflect the true earnings of the company based on the non-cash, discretionary & non-recurring items that are expensed by the business owner. Earnings are kept low to achieve the goal of reducing taxes. Therefore, to calculate the true earning capacity of the company, the P&L statements need to be adjusted during a valuation to determine SDE or EBITDA. Re-casting the financial statements will standardize (or normalize) the company earnings through the exclusion of discretionary, variable and non-recurring components, allowing an objective comparison to be made between two or more companies. By applying a multiple to the EBITDA or SDE amount, consistent with the industry sector and a weighting of the issues affecting the business, will derive the business value.

What is Sellers Discretionary Earnings (SDE)?

Sellers Discretionary Earnings is utilized for businesses with under $1mm in adjusted earnings. These businesses often have the owner managing the company and receiving a salary. With these small enterprises it is critical to determine what the owner benefit is as opposed to the earnings of the company. This is accomplished through a series of profit and loss statement adjustments termed add-backs that are made to the pre-tax company earnings. In some instances, there are negative add-backs as in the case with a business that owns real property (e.g. the building & land) where the owner is compensating himself a below market rent or a family employee working for the company who is receiving a below market salary. In both of these cases, an adjustment is made to normalize the expense to the current market value.

The most common adjustments used during the re-casting process are:

1. Add-back one owner’s total compensation

a. Salary

b. Payroll Taxes

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c. Retirement Contributions e.g. 401K

d. Insurance

e. Perks (Health Club, etc)

2. Add-back interest expense

3. Add-back discretionary expenses

a. Donations

b. Personal Cell Phones

c. Travel, Meals, & Entertainment

d. Owners Vehicles (not used in business)

4. Add-back non-cash expenses

a. Depreciation

b. Amortization

5. Add-back Non-recurring expenses

a. Fines / Bank Penalties

b. Attorney fees (e.g. sale of business consultation)

6. Adjust Lease to Fair Market Value

What is Earnings Before Interest Taxes Depreciation Amortization (EBITDA)?

EBITDA is used to define the earnings of the company for businesses with adjusted income greater than $1mm. Here, the owner/investor is typically not active in the direction or daily management of the business and will hire a general manager to perform that function. Therefore, the EBITDA calculation will differ from SDE as it incorporates the general managers salary in the earnings calculation as an expense. EBITDA is a non-GAAP measure that is used to determine profitability and to make comparisons between companies and industries as it eliminates the impact of the financing and accounting decisions made. An easy way to determine EBITDA is to subtract the owners compensation and benefits from SDE. The EBITDA dollar amount will be lower than SDE but the multiple used in the valuation formula will be higher, often 2-2.5 times the SDE multiple. Therefore, as one would anticipate the FMV of the same business calculated using either method should be very close to each other. If not, an assessment as to why and which (or what other method(s)) must be undertaken.

Michael Fekkes is a Senior Broker at ENLIGN Business Brokers. Michael is a Certified Business Intermediary (CBI), a member of the International Business Brokers Association (IBBA), as well as a former business owner. ENLIGN Business Brokers http://www.enlign.com/ is a Professional Services Firm that is headquartered in Raleigh, NC providing confidential business intermediary services to buyers and sellers throughout the Southeast region.

Article Source:

The Difference Between SDE and EBITDA}

Posted in Accountants

Tuesday, October 10, 2006

The upcoming 2006 Brampton municipal election, to be held November 13, features an array of candidates looking to represent their wards in city council or the council of the Peel Region.

Wikinews contributor Nick Moreau contacted many of the candidates, including Derek Begley, asking them to answer common questions sent in an email. This ward’s incumbent is John Sprovieri; also challenging Sprovieri is Sherdaljit Dhillon, Mahen Gupta, Satpaul Johal, Dalbir S. Kathuria, and Vahid Saadati-Khanshir.

Posted in Uncategorized

Submitted by: Johnathan Cunnings

If you are a movie buff and like to appreciate well made movies then apart from cinema halls and television, your destination should be one. Online Movie Portals. This is a platform which offers you with a wide range of movie collection including the latest blockbusters and golden collection. From TV shows to documentary, from animation to Sports, the online movie portals have it all. Certainly, the site allows you to watch movies online anytime and there is no hassle of making payments to the DVD library or buying tickets for cinema standing at the queue. Instead against a small payment, an internet user can catch up any latest release by downloading or by streaming the videos from the online movie portals.

When it is about movies, the fans can enjoy the movies which get released in their countries or even the titles which have not been released yet. Locating movies may not be an easy, sometimes the movies has to be searched by countries or categories and then you will be able to watch movies online. There is yet another method of searching the movie and this can be made possible by searching the actors or any other movie characters. However, apart from the film-watching experience, there are many online portals which offer to watch latest movie trailers online as well. The sites even contains an archive of films which can be termed as a storehouse which have a long list of collection starting from Hollywood golden age movies to recent blockbusters.

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The online movie sites also enable viewers to check the show timings of any nearby halls as well; however one of the best features of these online portals is the quality of the print they distribute to customers. Absolute HD quality, Dolby surround sound quality and special bonus features. Even when you watch latest movie trailers online you wouldn t find any compromises made with the print and sound quality of the same. Apart from the popular movie titles, you can even access a wide archive of foreign language movies which will come with subtitles as well. Be auteur filmmakers or great masters, you can find out any title by browsing the categories available on the site. Some online portals even exceeded their niche of services with adding 3000 TV stations and 1500 radio stations links into their domain which help the viewers accessing movie related news or events.

Online movie portals allow you to watch movies online, but why people should choose them over cinema halls or DVD players? Let s find out:

Viewers can download movies which are legal and safe Ability of users to watch online movies HD quality prints and sound output Access to other media like television shows, documentaries, sports etc All shows can be watched on Laptops, PC or on projectors Availability of wide range of movie genres from where viewers can choose Cost much less than Cinema halls Watch latest movie trailers online for free

About the Author: Ready to watch latest movie? Visit

watchmoviesonlinetoday.net

today for more information!

Source:

isnare.com

Permanent Link:

isnare.com/?aid=465928&ca=Internet

Posted in Camping

Friday, September 26, 2008

On October 14, 2008, Canadians will be heading to the polls for the federal election. New Democratic Party candidate Don Davies is standing for election in the riding of Vancouver Kingsway.

A lawyer, he has spent the last 25 years fighting for human rights. A two-time student government representative, Davies was involved in the anti-apartheid, third world and peace movements. Admitted to the Alberta Bar in 1989, Davies and family moved to Vancouver in 1991, where he became the Director of Legal Resources for Teamsters Canada (Local 31), the next year. He is a long-time volunteer for children’s charity Variety, is Chair of the Parent Advisory Council at Mount Pleasant school, and a Director of the Meridian Cultural Society, among other things.

Wikinews contacted Don Davies, to talk about the issues facing Canadians, and what they and their party would do to address them. Wikinews is in the process of contacting every candidate, in every riding across the country, no matter their political stripe. All interviews are conducted over e-mail, and interviews are published unedited, allowing candidates to impart their full message to our readers, uninterrupted.

The riding is vacant, after Conservative Minister of International Trade David Emerson’s resignation. Emerson was elected in 2004 as a Liberal, serving as the Minister of Industry. Two weeks after re-election in 2006, he crossed the floor to join then-new Prime Minister Stephen Harper, who had won a minority government. Emerson was the first MP in Canadian history to cross the floor before a new government was sworn in. He has stepped down, after pressure from other parties.

Besides Davies, major party candidates include Liberal Wendy Yuan, Conservative Salomon Rayek, and Green Doug Warkentin. Also putting their hat in the ring are Matt Kadioglu (Libertarian), Kimball Cariou (Communist), and Donna Peterson (Marxist-Leninist).

For more information, visit the campaign’s official website, listed below.

This Saturday at 11 am, Davies will host NDP leader Jack Layton in the Commodore Ballroom at “rally4change”.

Posted in Uncategorized

Saturday, March 19, 2011

The United Nations has completed its first ever assessment of the United States human rights record, which began last November. They made 228 recommendations for improvements. On Friday, the U.S. accepted about 174 of these, agreeing to such recommendations as the humane treatment of terror suspects and repudiation of torture, but rejected the recommendation to drop the death penalty.

The Legal Adviser of the Department of State, Harold Koh, listed nine core areas in which the U.S. agreed to make improvements, including civil rights, immigration, and the humane treatment of suspects held at Guantanamo Bay detention camp. Koh said President Obama agreed to push for ratification of conditions under the Geneva Conventions and to add protections for international armed conflict detainees. Koh refused to drop the death penalty as many European countries requested, arguing that it was legal under international law.

Some nations wanted the U.S. to reduce prison overcrowding, prevent racial profiling, and ratify international treaties protecting the rights of women and children. China and Russia wanted Guantanamo to be shut down. Cuba, Iran and Venezuela said the U.S. was ignoring too many recommendations.

The Obama administration joined the 47-nation UN Human Rights Council two years ago, allowing for increased international scrutiny. This is the first time the five-year-old council has reviewed the U.S. record of human rights. Nations are held accountable to make the improvements in the recommendations that they agree to.

In criticism of the U.S., the director of the American Civil Liberties Union’s human rights program, Jamil Dakwar, noted that the U.S., unlike 100 other countries, lacks an independent human rights monitoring commission.

Posted in Uncategorized

byadmin

Unless you’re the most easy-going person on the face of the planet, you probably can’t completely escape the stress of a kitchen remodel in Surprise. However, there are ways to manage your stress so that the whole experience is relatively pleasant and fun, rather than frustrating and stressful. Take a look at these tips…

Ask for a Schedule

Be sure you have a start date along with an estimate for various milestones for your kitchen remodel in Surprise. Keep in mind that you do need to be flexible, as things like taking delivery of custom kitchen cabinets and specialty work such as plumbing may incur delays. However, you should have a general idea of when major milestones will be completed.

Do Regular Job Walks

As mentioned, you should be somewhat flexible with the work schedule, as unexpected delays can and will occur. However, you can manage your stress by doing regular job walks with the onsite foreman to be sure your kitchen remodel in Surprise is on track. This also gives you the opportunity to spot any errors before additional work makes it difficult or impossible to fix the errors. Don’t be afraid to speak up if you notice anything that isn’t right.

Protect Your Belongings

When you’re doing kitchen remodeling in Surprise, you should remove as many of your belongings from the work area before the crew arrives. However, be sure to also ask your contracting team how they’ll protect your belongings. A good home remodeling contractor in Surprise will have a well thought out plan for protecting your home and containing the dust and dirt of a kitchen remodel.

Reschedule Other Appointments

Another way to manage your stress when you’re doing kitchen remodeling in Surprise is to postpone major appointments, such as a trip to the dentist or surgery, until after the remodel is complete. That way you can recover quietly.

Secondly, you’ll also want to reschedule other appointments that may interfere with your kitchen remodel. For example, if you have a landscaper coming into do work, you may want to reschedule for a time when you don’t have a work crew with their trucks, sawhorses, and other tools, supplies and materials spread around outside.

Be Courteous to the Crew

Finally, it’s common sense but worth mentioning: be polite and courteous to the crew who’s working on your Surprise kitchen remodel. At times you may feel stressed and prone to snapping, so take a deep breath before addressing any member of the crew.

Conclusion

Kitchen remodeling in Surprise can turn your life upside down for several weeks or even several months, which is why you’ll want to hire an experienced crew to complete the work. You can trust the team at Todd Whittaker Drywall, Inc, as they’ve been doing kitchen remodeling in Surprise for your friends and neighbors since 1996.

To learn more about what TWD can do for you, visit them online at www.twdaz.com. Be sure to ask for your free no-obligation estimate — you’ll find they offer great work at a fair price, so get in touch today.

Posted in Bodybuilding Products

Friday, March 20, 2009

Following the Pilkhana massacre which occurred February 25 and 26 leaving 74 dead and the inferno at the Bashundhara City shopping mall complex March 13 leaving seven dead, Prime Minister Sheikh Hasina said security measures are being tightened countrywide across Bangladesh.

Fire drills will be enacted at all key-point installations (KPI). Fire fighting systems will be examined by the fire brigade and the public works department (PWD) to ensure functionality. Security measures will be enhanced supplementing areas under private security such as at the Bashundhara City Complex.

The Fire Service and Civil Defence Department requires modernization and needs new equipment to fight fires past the sixth floor of buildings. The Fire Brigade says it needs turntable ladders, snorkels, foam-tenders, lighting units, emergency tenders, fireproof uniforms, and rescue ropes for fire fighting and rescue operations. Transportation to fires is also an issue due to narrow roads, low electrical wires and congestion.

The Bangladesh National Building Code requires fire fighting equipment installed in buildings over seven floors. This code is to be monitored by authorities to ensure compliance with the new guidelines and to make sure buildings are being maintained.

The Bashundhara City Complex opened Monday for shoppers two days after Friday’s blaze. A probe is underway to determine the cause of the fire and to assess structural damage.

Loss of life was minimized as the blaze broke out on a Friday, the beginning of the weekend in Bangladesh, so offices in the upper floors were empty. The lower eight floors are used for shopping and the upper floors are all Bashundhara Group offices.

The mall is valued at Tk 7.0 billion (US$100 million). It is not known if the complex is covered by fire insurance.

It is estimated that it will take over two years to rebuild the area damaged by flames which were burned down to a skeleton. Bashundhara City’s technical advisor, Latifur Rahman, estimated damages at Tk 2.0 billion (US$29m).

Only one television cameraman has been allowed in to film the burnt area. None of the 2,500 shops, cinemas or cafes were burnt by the inferno. The seventh and eighth floors still experience smoke damage, and there was water damage to merchandise.

A three member committee is currently investigating the cause of the fire which will consist of Iqbal Khan Chowdhury, joint secretary of the ministry, representatives of the police, IGP Noor Muhammad, and fire brigade, Director General Abu Nayeem Md Shahidullah. The committee is required to report within the week with their findings. The forensics department is also sifting through the burnt remains.

The Dhaka Chamber of Commerce and Industries has also formed a committee which has begun interviewing witnesses and recording their testimony alongside the government committee.

It has been discovered that 150 closed circuit cameras were not being used when the fire started. Another mystery is why the mall fire fighting system has been found unused.

Why the fire burnt so fiercely is a matter to think….These matters seem to be mysterious

“In the shopping mall there is an ultra-technology elevator which runs even without electricity but we have found that locked,” Iqbal Khan Chowdhury, joint secretary (Police) of the home ministry, said. “Why the fire burnt so fiercely is a matter to think. We have to see if there was any incendiary substance there. These matters seem to be mysterious.”

Mall management has been asked to submit substances and items which would have been in the upper floors when the fire started. The fire erupted on the 17th floor and spread quickly to the two floors above and engulfed the three floors below. The aerial ladders belonging to the Fire Service and Civil Defence reached as high as the 13th floor of the 21-storey building.

Videos have been sent to the United States (US) for examination to assist in determining the cause of the fire and to help in the damage assessment. Experts from the US are expected to arrive soon.

Firefighters were brought to the rooftop of the 20-storey tower by helicopter. The only fatality in this operation was Baki Billa, a firefighter of Bashundhara City firefighting department, who fell when climbing down a rope from a helicopter to the roof of the building. Three other firefighters made the transition safely. At this same time, the chief security officer was safely rescued by the Bangladesh Air Force helicopter, a Bell 212. Six security officers of the complex also lost their lives.

Posted in Uncategorized

Friday, April 29, 2005

The world’s most expensive hotel-casino ever has opened in Las Vegas, Nevada. The casino, which was designed and built over a period of five years, cost US$2.7 billion to construct. The hotel stands nearly fifty stories above the Las Vegas valley, with a 180-foot tall mountain in front of the main entrance.

Numerous lavish touches contributed to the high expense of the development. The sign in front of the Wynn property has an unusual mechanical design, with a large piece containing the Wynn logo, which can move vertically up or down as different announcements are presented.

“I think it’s going to start a shift of power. It’s been the south for a long time. Things will start moving to the north because of Wynn Las Vegas, Sheldon Adelson with the expansion of the Venetian, the New Frontier — that whole area will become the new hot area of Las Vegas for the next decade or so,” gaming expert Anthony Curtis told Las Vegas KLAS TV.

As the property opened to the public, developer Steve Wynn greeted visitors at the front entrance.

“It’s always fascinating to watch people enter the thing and get their first moment after we open the doors,” Wynn told the Las Vegas Review-Journal.

File:WynnSign.JPG

Analysts are not too concerned about the cost of the Wynn development. Wynn paid off the cost of The Mirage hotel-casino in 18 months, much earlier than the planned seven years for which the debt had been scheduled for repayment.

“If you remember the opening of The Mirage in 1989, Wynn needed to make a nut of $1 million a day. Everyone thought he was nuts; ‘couldn’t be done,’ they all said,” Las Vegas history department Chairman Hal Rothman told the Las Vegas Review-Journal.

Wynn sold his interest in Mirage Resorts to MGM Grand (which became MGM Mirage and is now run by Kirk Kerkorian) for US$6.4 billion back in 2000, then turned around and purchased the property for the Wynn hotel-casino for US$275 million. The property was previously the home of the Desert Inn.

The hotel has 2,359 rooms, and a few hundred deluxe suites and “parlors” for high rollers. The casino has 1,960 slot machines and 137 table games on a 111,000 square foot casino floor. A FerrariMaserati dealership and the Le Reve stage show, featuring a million gallon water tank, round out the expensive offerings.

A round of golf will go for US$500 on the elaborate golf course located behind the main building.

All of these specifications add up to a record construction cost of over one million US dollars per room. Other expensive Las Vegas properties cost a fraction of the price, such as the Bellagio, which cost half the price at US$533,000 per room. The most expensive hotel property in the world was previously the Grand Wailea Resort in Maui, Hawaii, which cost US$775,000 per room.

“Yes, (Wynn) may be in over his head, but then he has found ways to survive before,” Las Vegas professor Bill Thompson told the Las Vegas Review-Journal.

Several of Wynn’s largest competitors spoke with admiration of the property and looked forward to its impact on Las Vegas.

“I’ve never understood the hand-wringing about something new, especially in Las Vegas and Atlantic City,” Harrah’s Chairman and CEO Gary Loveman told the Las Vegas Review-Journal.

Other casino bosses from the Mandalay and the MGM Mirage had positive comments as well, hoping to pick up some new business from the development.

“It’s a positive in terms of bringing more visitors,” Mandalay Resort Group President and CEO Glenn Schaeffer told the Las Vegas Review-Journal.

“Steve will build a great property and bring new people to town. If we’re doing what we’re supposed to be doing, then we’ll pick up some of that business also,” MGM Mirage Chairman and CEO Terry Lanni told the Las Vegas Review-Journal.

Thousands of visitors gathered for hours in front of the property before it opened. Security guards had to monitor the number of visitors entering the building.

“I think it’s spectacular,” David Schwartz, coordinator of the Gaming Studies Research Center at the University of Nevada Las Vegas told Reuters.

“People were pushing and shoving,” Las Vegan Kathie Anderson told Associated Press.

“There is nobody in the world who creates such entertaining and beautiful casinos,” British billionaire Richard Branson told Associated Press from the casino floor. “I would say every other casino must be nervous. He’s lifted the bar dramatically,” Branson said.

“This would be hard to top,” Las Vegan Marlene DeMarco told Reuters.

Posted in Uncategorized

Monday, November 15, 2010

Three pirates were killed late Friday during a presumed attack in error, while other pirates successfully hijacked the Yuan Xiang, a Panamanian-flagged vessel with an all-Chinese crew, and a media embargo was lifted regarding the release of a British couple whose yacht was seized more than a year ago over the weekend.

At 11 p.m. on Friday a Kenyan patrol vessel was near Kilifi in Kenyan coastal waters “when four suspected Somali pirates on board a speed boat climbed the vessel, mistaking it for a merchant vessel,” according to Kenyan Defence Department spokesman Bogita Ongeri. He said three were shot dead but the fourth “dived into the sea with bullet wounds during the scuffle,” and is thought to have died. The speed boat with more pirates on board fled, the three bodies were taken to Coast General Hospital, Mombassa.

Ongeri promised more details after discussions with the vessel’s captain adding, “[t]he government will not relent in its fight against piracy.” Kenya, along with the Seychelles, performs international prosecutions of pirates, but convictions are rarely secured; 26 suspects were freed last week by Kenya owing to lack of evidence or jurisdiction.

Andrew Mwangura of the Seafarers’ Assistance Program said Saturday, “I can confirm the pirates hijacked Yuan Xiang on Friday at midnight Kenyan time in the Arabian Sea near India. The vessel has 29 Chinese crew.” The Yuan Xiang was sailing outside the zone covered by a multinational task force combating piracy. Reports suggest its captors are heading to Somalia.

Retired British couple Paul and Rachel Chandler were released after their yacht Lynn Rival was captured near the Seychelles en-route to Tanzania 388 days ago, in October 2009. An injunction prevented reporting the release until 56-year-old Rachel and 60-year-old Paul, from Kent, were out of Somalia.

“Men with guns came aboard,” Paul told ITV News over the phone a week after their capture. “Then we were forced to sail … toward Somalia.” The seizure was witnessed by UK refueling ship RFA Wave Knight but they were not helped for fear their lives would be endangered. “This is not piracy and must not be reported as such,” Paul said in custody. “It is kidnapping and extortion and even torture.” It is unclear if money changed hands; US$7 million was originally demanded but UK government policy forbids ransom payments. “We’re fine,” said Paul. “We’re rather skinny and bony but we’re fine.”

New figures show 790 people have been kidnapped by Somali pirates this year, on course to beat last year’s record of 867. Of these, 435 remain hostage. Dr Alex Coutroubis and George Kiourktsoglou of London’s University of Greenwich say crews are repelling more attacks, and attackers have responded with increased violence. “As it gets harder for pirates to capture ships, the Somali gangs are more likely to fire at sailors with automatic weapons in order to force vessels to stop”. Some tankers have had rocket propelled grenades fired at them.

Last year saw 217 hijack attempts. This year, to date, 140, and 40 ships seized – versus 47 for the whole of 2009.

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