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Bid is up, way up from the last few weeks.
Close near HOD. I think we will see more gains for CPO ahead.
Industry news...
BEIJING, June 8 (Reuters) - China is offering a 5 percent tax rebate on exports of corn starch and ethanol in an effort to help corn processors and spur corn consumption amid huge stockpiles after a record harvest, the finance ministry said on Monday.
The refund on the 17 percent value-added tax, effective from June 1, is likely to help processors raise their production because it lowers the barrier to the export market. Previously, corn exports were not eligible for any rebate.
Many mills are running at about 60 percent of capacity due to weak demand from buyers such as the paper industry, which consumes starch.
"The policy will help starch makers to raise production capacity. Many small ones were already closed while big ones were running at 60 to 80 percent of their capacity," said Feng Lichen, manager with China Dalian Yigu Information Consulting Co. Ltd.
China's corn industries, which also make food products such as sweeteners and flavour enhancers like MSG, process about 50 million tonnes of corn a year, about 30 percent of the country's expected record harvest of more than 160 million tonnes.
China exports about 300,000 tonnes of corn starch a year, equivalent to half a million tonnes of corn. Ethanol exports totalled 108,125 tonnes last year, far below the level of previous years when oil prices drove up demand for biofuels.
Chinese starch makers were managing to make some exports this year but at below cost, said Feng, and the government's refund may offset the losses.
Beijing's stockpiling of corn, totalling about 35 million tonnes since late last year, has frequently pushed domestic prices above international prices and dried up supplies in the northeast of China.
Traders said Beijing was considering selling some of the state corn reserves to processors in the area and also offering subsidies to offset higher corn prices there.
The sale talk had pressured Dalian futures <0#DCC:> last week and prices were traded further down on Monday, with the most traded January 2010 contract at 1,655 yuan ($242.2) per tonne by 0300 GMT, a fall of 21 yuan from Friday.
($1=6.832 Yuan)
(Reporting by Niu Shuping and Tom Miles; Editing by Ken Wills)
http://www.guardian.co.uk/business/feedarticle/8546525
Sugary corn industry leader sets us straight about high fructose goodness
By Ernest Luning 6/26/09 11:05 AM
In swift response to half of a phrase buried in a sentence in the brief item that was part of this post, the president of the Corn Refiners Association begs to differ.
The other day, we noted Boulder Valley schools are considering adopting a new “wellness policy” that would discourage cupcakes on birthdays and replace chicken nuggets with roast chicken on lunch menus. We also quoted Beth Cooper, the nutrition services director for the school district, who told the school board, “We’re eliminating trans fats and high fructose corn syrup.”
Au contraire, writes Audrae Erickson, president of the nearly 100-year-old trade group representing agrigiants Archer Daniels Midland Co., Cargill Inc., Corn Products Intl., and National Starch, among others. Here’s the e-mail that arrived in our in-box this morning, minus only a phone number and the original article as presented by some clipping service:
Dear Mr. Luning:
We read the June 24 Early Bird Special brief on the proposed Boulder Valley School District wellness policy that would ban high fructose corn syrup with interest. There is a lot of confusion about high fructose corn syrup. We would like to provide you with science-based information on this safe sweetener and be a reference for you for future articles.
High fructose corn syrup is simply a kind of corn sugar. It has the same number of calories as sugar and is handled similarly by the body. There is no nutritional benefit gained by replacing high fructose corn syrup with another caloric sweetener.
Eliminating high fructose corn syrup from school nutrition programs would significantly increase school breakfast and lunch costs and seriously jeopardize and/or eliminate the supply of numerous offerings.
High fructose corn syrup helps maintain high quality, low cost, reliable food products used in breakfast and lunch offerings for America’s school children. It is a natural sweetener that keeps food fresh (canned fruits, ketchup, cheese spreads), enhances fruit and spice flavors (yogurts, flavored milks, jams, jellies, maple syrups, canned fruits, marinades, spaghetti sauce), improves flavor by reducing tartness (spaghetti sauce, ketchup, canned tomatoes), and keeps ingredients evenly dispersed (salad dressings, mayonnaise, mustard, other condiments).
The American Medical Association recently concluded that “high fructose syrup does not appear to contribute to obesity more than other caloric sweeteners.” (American Medical Association. June 17, 2008. Press Release: AMA finds high fructose syrup unlikely to be more harmful to health than other caloric sweeteners
http://www.sweetsurprise.com/sites/default/files/AMARelease6-17-08.pdf)
The American Dietetic Association concluded that “No persuasive evidence supports the claim that high fructose corn syrup is a unique contributor to obesity.” (Hot Topics, “High Fructose Corn Syrup.” December 2008. http://www.eatright.org/cps/rde/xchg/ada/hs.xsl/nutrition_19399_ENU_HTML.htm)
To read the latest research and learn more about high fructose corn syrup, please visit www.SweetSurprise.com. Please feel free to contact me if you would like additional information about the products made from corn.
Thank you for your consideration,
Audrae Erickson
President
Corn Refiners Association
Washington, DC
Erickson sent a whole other e-mail, filled with all sorts of different points and references, to the Boulder Daily Camera in response to a 2007 piece that claimed high fructose corn syrup metabolizes differently than other sugars and is a “unique contributor to obesity and diabetes.”
Lots of people are fat in “Australia, Mexico and Europe,” all places without America’s subsidized corn sweetener industry, Erickson pointed out. She also dismissed a recent Rutgers study the Camera cited that warned high fructose corn-sweetened beverages had “high levels of reactive compounds called carbonyls,” which are “not found in sugar [and] could trigger cell and tissue damage that could cause diabetes.” Those findings, Erickson wrote, “appear to diverge from a considerable body of published scientific research finding HFCS both safe and no different from other common sweeteners like sugar and honey.”
Erickson also went after Starbucks earlier this month when the coffee chain announced it was removing high fructose corn syrup from bakery items as part of a “Real Food. Simply Delicious” campaign.
“Consumers could be in for a jolt when they realize that there is no scientific basis to suggest that coffee cake made with sugar is ‘healthier’ than one made with high fructose corn syrup,” Erickson said in a statement. “There is no nutritional difference between high fructose corn syrup and sugar. It is the calories that count.”
Corn sweetener defenders might have to go into high gear as the acclaimed documentary “Food, Inc.”, basically an hour and a half indictment of industrial food production, goes into wide release this month.
So far, we haven’t heard a peep from the trans fat lobby.
http://coloradoindependent.com/32101/sugary-corn-industry-leader-sets-us-straight-about-high-fructose-goodness
Food safety paramount at Diamond (see article for full details).
http://www.foodengineeringmag.com/CDA/Articles/Cover_Story/BNP_GUID_9-5-2006_A_10000000000000060174
Welcome to the Corn Products board.
Petro Express - free gas for one year contest
The Charlotte Knights Skyshow tailgate party, 5 p.m. July 4. Food will be sold at the party and inside the stadium. Parking is $5 on the stadium grounds, or shuttles will run from Carolina Place beginning at 4:30 p.m. The Knights play the Durham Bulls at 7:15 p.m.; Jeep will give away free flags and Independence Day T-shirts while they last. Petro Express and Texaco will have a contest to win free gas for a year. Fireworks will follow the game, synchronized to a patriotic soundtrack played live in the stadium and broadcast on WBT Radio 1110 AM and 99.3 FM.
http://www.heraldonline.com/324/story/1435664.html
Thanks very much. You can reach me at inumber0ne@yahoo.com.
Payday for Petro Express?
June 22, 2009 - 2:40 PM
Kevin Ellis and Calli Turner
The employees were there. The store's region manager was there. The TV news vans were there. The North Carolina Education Lottery Commission was there.
But the winner of $88.1 million in Saturday's Powerball drawing was no where in sight Monday
That could change soon as lottery officials expect the mystery man to come forward Tuesday.
"He's supposed to be at the lottery headquarters at 12:30," said Pam Walker, spokeswoman for the North Carolina lottery.
Walker said lottery officials talked to the man, but declined to offer a clue about his identity. She said he plans to make a statement to the media.
"I can't release (his name) until he's ready for us to release it," Walker said Monday night.
But even without the guest of honor, the party played on Monday at the Kings Mountain store that sold the winning ticket.
Excited employees and rushed production crews crowded the Petro Express on Cleveland Avenue in Kings Mountain Monday afternoon. The Lottery commission arrived just short of 4 p.m. to announce that the store had sold the winning $88.1 million Powerball ticket. But the Kings Mountain residents were left wondering, "Who has the ticket?"
Jennifer Seay, the Petro Express employee who checked the winning ticket Sunday, said she thought the lucky gentleman was from the Kings Mountain area, because he purchased his soft drinks at the convenience store. She said the winner is in his 50s, and wasn't a regular customer at the store. Seay did not know his name and his identity remains a mystery.
Seay said the man with the winning ticket was understandably excited when he realized he had won."He went crazy. He jumped up a couple of times. Yelled and got on the phone with someone," Seay said. "I tried to calm him down before he left. I said, 'Sir, calm down before you leave.'"
That was the last time Seay saw the mystery man.
The North Carolina Education Lottery has additional validation procedures for winners of more than $100,000 and especially for jackpot winners, Walker said. The Powerball winner must go to the Commission's headquarters in Raleigh to claim the ticket. Walker said Monday the man may have been on his way to claim the ticket, while the Commission was making the announcement at the Petro Express.
Jack Swain, the region manager for The Pantry Inc. - the company that owns Petro Express - said the company received a call from the Commission at 10:30 a.m. Monday alerting them to the excitement to ensue. He said the company was glad the money would help the education system and would remain in the community.Between the aisles of snack cakes and rows and candy bars, locals crowded in to get a glimpse at the excitement. Linda Moss had the afternoon off from the convenience store, but stopped by the Petro Express with her granddaughter Chelse Hale to share in the excitement. "We heard somebody had won the lottery, and we came done here to see who had won it," Moss said.
Unfortunately, Moss, her granddaughter and the rest of Kings Mountain will have to wait until that person comes forward. Until then, Kings Mountain residents might want to consider being extra nice to their neighbors.
----
I think PE will get a cash payout from the lottery because they sold the winning ticket but I could be mistaken.
Counterfeiter targets Casey's
SIOUX FALLS – Federal grand jurors in Sioux Falls have filed a new indictment against two Luverne, Minn., men for passing counterfeit $100 bills in South Dakota and Minnesota.
Twenty-nine-year-old Dennis Prater and 33-year-old Terrance Schaffer pleaded not guilty to charges of conspiracy and passing counterfeit United States currency.
According to the indictment, Prater passed or tried to pass fake $100 bills at a Casey’s convenience store in Worthingon, Minn., and at a Taco Bell, Burger King, Kentucky Fried Chicken and Footlocker in Sioux Falls.
Schaffer is accused of using bogus bills at a Taco Bell and Burger King in Sioux Falls and a Kum & Go convenience store in Adrian, Minn.
The alleged transactions all happened in February.
http://www.argusleader.com/article/20090624/UPDATES/90624004/1003/business
that's good. any big movers i should know about say later this week and next?
yeah, me too. love the triples!
Not too much! What have you been trading lately?
Thanks pal! How's it going today?
Same county - neighboring townships. SHT is located right down Brush Creek if I'm not mistaken.
http://en.wikipedia.org/wiki/South_Huntingdon_Township,_Pennsylvania
http://en.wikipedia.org/wiki/Hempfield_Township,_Westmoreland_County,_Pennsylvania
South Huntingdon Township is in Westmoreland County but your point is well received.
What good things have you been reading? I do not see encouraging data.
Not too shabby. Primed for acquisition(s)? If the company is planning a $1 bil capex layout one would think there are considerable funds available.
Is Beacon planning a r/m with Tenaska?
4 Dividend Stocks Showing You the Money
(((SCROLL DOWN FOR CASY MENTION)))
By Rick Aristotle Munarriz
June 22, 2009 | Comments (1)
Stock Advisor
Not every company is slashing its dividend these days. Some of the market's better performers are easing up on their purse strings and sending more money out to their shareholders.
Readers of the Income Investor newsletter service can appreciate that kind of thinking. So let's take a closer look at four of the companies that inched their payouts higher over the past few days.
Let's start with Del Monte Foods (NYSE: DLM). The food giant is feeding its investors cash by bumping up its quarterly dividend by 25% to $0.05 a share. Faith in its cash-flow trends and the recent divestiture of its StarKist brand are giving Del Monte the confidence to come through with the upgrade.
Medtronic (Nasdaq: MDT) is also looking healthy. The medical-products company is improving its quarterly distributions by 9% to $0.205 a share. Medtronic shareholders are probably used to this by now. The company has delivered chunkier disbursements through 23 consecutive years of yield increases.
Then we have Casey's General Stores (Nasdaq: CASY). The retailer is holding up well, as shoppers turn to bargain havens, and the welcome trend is giving Casey's the leeway to boost its payouts by 13% to $0.085 a share.
Finally, we have John Wiley & Sons (NYSE: JW-A) printing fatter dividend checks. The "knowledge for generations" publisher is delivering an 8% increase. Investors will now be getting $0.14 a share every three months. John Wiley & Sons has now increased its rate in each of the past 16 years.
Some of these moves may not seem like much, but consider the less savory moves that took place in recent days:
* First Defiance Financial (Nasdaq: FDEF) and S&T Bancorp (Nasdaq: STBA) are the latest banking specialists to slash their yields. The two companies roughly halved their dividends.
* Biotech-leaning REIT BioMed Realty's (NYSE: BMR) new quarterly rate of $0.11 a share is just a third of its earlier disbursements.
http://www.fool.com/investing/dividends-income/2009/06/22/4-dividend-stocks-showing-you-the-money.aspx
Dominion Resources negotiates....
NORTH HUNTINGDON, Pa., Nov 17, 2008 /PRNewswire-FirstCall via COMTEX/ -- D | Quote | Chart | News | PowerRating -- Beacon Redevelopment Industrial Corporation (Pink Sheets: BCND | Quote | Chart | News | PowerRating) today announced that it entered into negotiations with Dominion Resources, Inc. pertaining to their use, since 1986, of the Westmoreland Glass Factory as a natural gas storage facility and gas well.
In 1954, the former owners of the glass factory in Grapeville, Pennsylvania, signed agreements allowing the predecessor of Dominion Resources to use the property as a gas storage facility and to operate a gas well.
The agreements expired upon sale of the property. Specifically, both agreements state, "In case of sale of part or whole of the premises, this permit shall become null and void." In 1986, Westmoreland Warehouse and Industrial Building, Inc., purchased the Westmoreland Glass Factory, rendering all permits expired.
Upon investigating the natural gas holdings on the facility, Beacon's experts determined that the storage facility and gas well continued to operate unbeknownst to the company. Beacon entered into negotiations with WWIB's successor and acquired an assignment of all prior rights to the use of the property and the gas beginning in 1986 and continuing through the present.
In mid-2008, Beacon contacted Dominion regarding the situation. In September 2008, Beacon sent Dominion a formal demand. In November 2008, Beacon's management began negotiations with Dominion for compensation regarding the apparent use of the property and resources for 22 years, and to determine whether to grant an easement. As the negotiations continue, Beacon's natural gas experts will conduct the research necessary to determine if the compensation is fair to the company's shareholders.
"This is a significant situation that could provide a large capital infusion to Beacon's companies. I look forward to continuing my discussions with Dominion to resolve 22 years of the use of the property and its resources, and to create an agreement that resolves the issues," Beacon's President, Adam Marek, said. The company could not comment further due to the nature of the ongoing negotiations.
----
Old news---anyone have an update?
PTRY mentioned in CASY analysis...
http://stocks.investopedia.com/stock-analysis/2009/Caseys-General-Stores-Stay-Hungry-CASY-PTRY-XOM0617.aspx
I like this part...
Archrival the Pantry (Nasdaq:PTRY) reported similar sales and earnings results during its most recent quarter, but its stock has struggled so far this year compared to the market and Casey's. Casey's is also way less leveraged than the Pantry, which will work in its favor as long as economic growth trends remain difficult.
It is starting to look like that but I think most of us will be long gone or riding freebies lol.
Yes, positive news from the meeting would have a tremendous impact on the pps. What time is the meeting? 6pm?
I think you are correct and agree emphatically.
Casey's General Stores (Nasdaq:CASY) operates a modest but growing amount of convenience stores, primarily throughout the Midwest. Recent sales trends have been difficult, but Casey's continues to demonstrate it can, primarily due to its food sales, grow profits in what is a challenging business even in the best of economic times.
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Falling Sales
Sales fell 27% as challenging economy took its toll on the top line, but trends in key categories held up. Gasoline, which makes up the bulk of sales yet sells for razor-thin margins, posted same-store gallons-sold growth of 1.2% on average margins of 12 cents. Moving up the profitability chain, grocery and related merchandise sales reported a same-store sales increase of 8% and average margin of 32.9%, while prepared food and fountain products saw positive comps of 7.2% and impressive margins of 62.7%. (Learn what determines the price you pay at the pump in our article, What Determines Gas Prices?)
Rising Costs
Operating expenses increased 7.1% during the quarter, which was primarily attributed to a one-time litigation charge. The end result was a slight improvement in earnings to 31 cents per diluted share that came in ahead of analyst projections. Full-year trends were similar, with decent sales results and modest expense growth allowing Casey's to eke out a one cent earnings growth to $1.69 per diluted share.
Still Growing and Relatively Strong
Management stopped short of offering specific earnings guidance, but analysts currently project $1.73 in coming full-year earnings, which would again represent modest growth from the just completed fiscal year. Guidance from the company pertained to its three sales categories, including 2% gasoline comps and high single-digit comps in the higher-margin grocery and prepared food products.
Archrival the Pantry (Nasdaq:PTRY) reported similar sales and earnings results during its most recent quarter, but its stock has struggled so far this year compared to the market and Casey's. Casey's is also way less leveraged than the Pantry, which will work in its favor as long as economic growth trends remain difficult.
Bottom Line
Despite the near-term top line turbulence, Casey's has proven adept at operating in a tough business. A number of major integrated oil firms have been throwing in the towel on operating convenience stores. Last June, Exxon Mobil (NYSE:XOM) announced it was selling more than 800 company-owned stores, with similar moves from BP plc (NYSE:BP) and Royal Dutch Shell plc (NYSE:RDS.B). That's good news for Casey's and leaves it room to build on its current store base of nearly 1,500 stores. (Read Analyzing Retail Stocks to learn about the most important metrics to look at when analyzing retail stocks.)
By Ryan C. Fuhrmann
http://stocks.investopedia.com/stock-analysis/2009/Caseys-General-Stores-Stay-Hungry-CASY-PTRY-XOM0617.aspx
sure, bcl. thanks for asking.
Here is an update published after the article previously cited:
June 16, 2009
by Carolyn Cui
'The Russian minister, Alexei Kudrin, said his country had "full confidence" in the U.S. dollar and it was "too early to speak of an alternative" reserve currency. Commodities, denominated in the currency, fell accordingly.'
http://online.wsj.com/article/SB124505435396314729.html
From Jennifer Rossa..
In the restaurant industry, exits via any path other than bankruptcy have been rare of late. But there were two this week - both via sales to other buyout firms, and both generating seemingly respectable returns.
Madison Dearborn Partners LLC and a unit of Bahrain International Bank agreed to sell their 6.6 million common shares in publicly traded Carrols Restaurant Group Inc., the largest Burger King franchisee in the U.S., to Jefferies Capital Partners. The price wasn’t disclosed, but at Carrol’s current stock price of around $6.80, that would generate proceeds of roughly $44.9 million for the two firms.
They’ve previously returned around $200 million in proceeds from dividend recapitalizations and the sale of stock in the company, according to calculations based on regulatory filings. It seems like a decent enough cash-on-cash return, overall: Madison Dearborn paid roughly $61 million to buy its stake from BIB in 1997.
Meanwhile, Arcapita Inc. sold fast food chain Church’s Chicken for between $300 million and $390 million to fellow buyout shop Friedman Fleischer & Lowe LLC. It netted a two times cash-on-cash return, in part thanks to a sale-leaseback transaction on the chain’s real estate.
While this could be evidence that the sky isn’t falling in on the restaurant industry, Arcapita says doing deals remains tough. “Right now the only people looking at the consumer sector are ones that have gotten really good consumer experience,” said Arcapita Executive Director Stockton Croft.
http://blogs.wsj.com/privateequity/2009/06/19/maybe-the-sky-isnt-falling-in-on-restaurants-chicken-little/
Wednesday, June 17 01:46 pm
SkyNews
Vending machines that dispense bars of gold have been unveiled by a German company keen to sell the precious metal at airports across Europe. Skip related content
Related photos / videos
Vending Machines That Dispense Bars Of Gold Enlarge photo
TG-Gold-Super-Markt, based near Stuttgart, developed the idea after interest in gold investment increased.
The company's director, Thomas Geissler, believes that as the credit crunch continues to bite, more and more people will buy gold rather than investing using traditional methods.
Mr Geissler told Sky News Online: "The time has now come for people to think about investing in gold.
"Gold is a good thing to have in your pocket in these uncertain economic times."
The Gold To Go vending machine, unveiled at Frankfurt Airport, will offer passengers the opportunity to purchase small gold bars for around £32 per gram.
More expensive 10 gram bars can also be purchased as well as cheaper gold coins.
Machines will charge 20% less than local banks, although the company warns that prices will change throughout the day according to market fluctuations.
TG-Gold-Super-Markt will also install cameras to check for money laundering.
The company plans to put machines in at least 500 locations across Germany, including train stations and airports.
Mr Geissler said that he hopes the machines will soon be available in the UK.
Figures, obtained by the World Gold Council, have revealed that gold demand in the first quarter of 2009 was up 38% compared to the same period last year.
http://uk.news.yahoo.com/5/20090617/tod-vending-machines-that-dispense-bars-870a197.html
There seems to be plenty of willing sellers. I entered a few very low bids and saw the price come way down toward my bids throughout the trading day on two occasions recently. If anyone is looking to buy shares I would encourage using a low-ball bid approach imho.
Bob's is in the news...
Tue Jun 16, 12:46 pm ET
SAO PAULO (Reuters) – Charging that toys sold with meals in fast-food outlets can lead children to develop bad eating habits, a Brazilian prosecutor on Monday asked a judge to ban such sales nationally at chains including McDonald's and Burger King.
The move comes amid global concern over the link between some fast food and illnesses such as diabetes, as the U.S. Congress considers requiring chain restaurants to disclose calories on their menus to help fight endemic obesity.
Prosecutor Marcio Schusterschitz, a federal prosecutor in Brazil's Sao Paulo state, said fast-food toy promotions encourage children to buy high-fat meals through "the abusive creation of emotional associations" that turn them into life-long eaters of high-fat foods.
A judge must first decide whether or not to hear the request, which targets combination meals offered by McDonald's, Burger King and Brazilian chain Bob's that typically include hamburgers or chicken nuggets, french fries and soft drinks.
"It is necessary to remove toys that are used to leverage the sale of food that has little nutritional value," said the statement. "The (meals) offered are promoted with the clear objective of increasing juvenile consumption of fast food."
A spokesman at his office said previous attempts to regulate fast-food toys, including having them sold separately from the meals, did reduce aggressive marketing by the chains.
Reuters was not immediately able to contact Brazilian representatives of the restaurant chains for comment.
A Brazilian non-profit group last year complained to prosecutors that the promotion of the toys violated the country's consumer protection legislation.
McDonald's Corp's Brazilian website currently features a promotion with pictures of a Spiderman action figure and plastic toys with the logo Littlest Pet Shop apparently linked to an animated television series of the same name.
The Bob's website shows kid's meals offered with bottles bearing the logo of cartoon character Scooby-Doo, while Burger King features Transformer toys.
(Reporting by Eduardo Simoes, Writing by Brian Ellsworth)
With higher gas prices I guess CASY will be recording higher revenues again.
bcl, are you adding? the current sp looks pretty attractive!
Thanks for the dd.
Can't argue with that. You make a lot of sense.
Old news...
Former Westmoreland Glass site may change hands
By Richard Gazarik
TRIBUNE-REVIEW
Friday, May 15, 2009
The company that planned to develop the former Westmoreland Glass plant site in Hempfield says it has received an offer to sell controlling interest in the company.
The announcement occurred three days after Hempfield supervisors held a public hearing to decide whether to declare the Grapeville property a public hazard, which would force owner Adam Marek of Beacon Pennsylvania Holdings to clean up the site.
The news caught township Solicitor Les Mlakar by surprise because he had continued a hearing for 30 days to give Marek a chance to testify. Marek had requested the hearing but then failed to appear.
"I think we'll have one more hearing," Mlakar said. "It will be a very short one."
Marek announced the buyout offer in a news release Thursday. Marek, who did not disclose the identity of the potential buyer, did not respond to requests for comment yesterday.
"The offer is subject to the buyer's terms and requirements including full review of its properties and contracts," Marek said in the news release. "It is also understood that all executives will resign and be replaced with the buyer's team upon closing of the transaction."
A sale of Beacon could put the township back to square one if it has to deal with another owner.
If the supervisors rule the site unsafe, Mlakar said he will seek an injunction forcing Beacon to clean up the former glass plant, which closed in the 1980s after a century of manufacturing. The township code carries criminal penalties and fines for each day the site is not remediated, Mlakar said.
The township has concerns about Marek.
No one in the township has met Marek. Even attorney Jay Kober, who represented Marek at the hearing, said he has never met his client. Rick Blackburn, a contractor hired to clean up the site, said he only has talked to Marek by telephone.
Beacon has issued a series of news releases since last year announcing various plan for the site. Initially, Marek said he wanted to salvage and sell between nine and 10 million bricks and 40,000 tons of scrap steel.
He announced that he had hired Renaissance Renovations and Development LLC, which is registered in Nevada, as the contractor. He claimed Renaissance offered $6.3 million for the work.
Blackburn told the supervisors Monday he hadn't started the application process with state and federal governments for the permits he needs to begin the work. The site is known to contain asbestos and the soil may contain heavy metals such as arsenic that would have to be removed.
Blackburn said the project's success hinges on the supervisors' giving him more time to obtain the permits.
"What assurances does the board have you're not going to leave here and let this set for six more months?" asked attorney Lee Domasky, who represented the township at the hearing.
"The people I represent are looking to create a business," Blackburn said. "We have a commitment into this for approximately $6.3 million. If that can't happen, we can't commit money to the project."
The township is concerned about public safety.
The plant overlooks Chambers Avenue Extension. Two tall brick stacks still stand, and the township is concerned that vibrations from passing Norfolk and Southern trains could cause them to topple onto nearby homes or children playing.
http://www.pittsburghlive.com/x/pittsburghtrib/news/westmoreland/s_625264.html?source=rss&feed=10
Following the market higher. More gains to come?
New hod, impressive!