Tag Archives: NJ

Do it yourself

Whats is my wall and ceiling made out of?

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By agielchinsky

Hello,

I’ve got a home built in the 1950s in northern NJ. The walls and ceilings have a few layers. It looks like paper, drywall, paper, cement (though not as strong), a thin layer of something, then primer/paint. The round piece in the pictures are from the ceiling (cut with a hole saw) and the straight piece is 1/2 inch drywall I bought from home depot. What is this stuff? I’ve had real difficulty using stud finders, and I’ve dulled a lot of standard drill bits on this stuff.

Thanks for your help!

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From: http://www.doityourself.com/forum/patching-plastering/493361-whats-my-wall-ceiling-made-out.html

News, Politics, Government

Sentencing underway for NJ man in terror case

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A sentencing hearing has begun for the first of two New Jersey men who pleaded guilty to trying to join an armed Islamic group in Somalia in order to wage holy war against non-Muslims.

An attorney for Mohamed Alessa, of North Bergen, is arguing his client was more a misguided teenager manipulated by an undercover New York Police Department officer than a hardened would-be terrorist.

Alessa and Carlos Almonte, of Elmwood Park, could face decades in prison.

The two pleaded guilty in March 2011 to conspiring to join a group with ties to al-Qaida.

They were arrested in June 2010 at New York’s Kennedy Airport as they prepared to board separate planes to Egypt.

The case is being heard in federal court in Newark.

From: http://feeds.foxnews.com/~r/foxnews/national/~3/Qtf5zdP7pd8/

News, Politics, Government

Funeral held for NJ boy, 6, shot dead by playmate

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A funeral has been held for a 6-year-old southern New Jersey boy who authorities say was accidentally shot dead by a 4-year-old playmate.

Dozens of mourners filled St. Joseph’s Church in Toms River on Saturday to remember Brandon Holt.

Neptune’s Asbury Park Press newspaper (http://on.app.com/16UAe2G) reports green ribbons were tied around nearby trees and many mourners wore green ribbons or green attire to honor Brandon, whose favorite color was green.

Authorities say the boys were playing Monday in their Toms River neighborhood when the 4-year-old got a loaded .22-caliber rifle from his family’s home and shot Brandon in the head. Brandon died at a hospital a day later.

No charges have been filed, but the shooting remains under investigation.

___

Information from: Asbury Park (N.J.) Press, http://www.app.com

From: http://feeds.foxnews.com/~r/foxnews/national/~3/iS4cLVzCv_0/

News, Politics, Government

NJ diner manager denies murder plot charges

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The manager of a popular New Jersey diner has pleaded not guilty to charges he tried to hire a hit man to kill his uncle.

Georgios Spyropoulos (speer-ROP‘-oh-lis) appeared in court in Paterson Friday in shackles. He has been held on $1 million bail since his arrest Wednesday.

Prosecutors allege Spyropoulos asked an undercover state trooper posing as a hit man to kill Alexandros Sgourdos (sah-GOR‘-dohs) and to get rid of the body. Sgourdos co-owns the Tick Tock diners in Clifton and Manhattan.

Spyropoulos is charged with conspiracy to commit murder, attempted murder and unlawful possession of a weapon.

Spyropoulos’ attorney tells The Associated Press his client’s family is “mortified and distraught” over the allegations.

From: http://feeds.foxnews.com/~r/foxnews/national/~3/Q-isMFozcjE/

News, Politics, Government

Captain of NJ college tennis team disappears; purse found at George Washington Bridge

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Authorities say the purse of a missing College of New Jersey student was found on the south walkway of the George Washington Bridge.

A Port Authority spokesman says the purse, with Paige Aiello’s ID, was found shortly before 8 p.m. Tuesday.

The college says it was informed Wednesday that the captain of the women’s tennis team, who is from Hillsborough, had been reported missing.

The Port Authority says New York harbor police scanned the waters of the Hudson and did not find anything.

The college senior’s mother told The Associated Press on Thursday that her daughter’s car had been recovered in New Brunswick.

Hillsborough police referred questions to the Somerset County prosecutor’s office. It has not commented on the investigation.

The college is located in Ewing.

From: http://feeds.foxnews.com/~r/foxnews/national/~3/rfx8Qg1utwg/

News, Politics, Government

NJ diner manager accused of plotting kin's murder

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The manager of a popular northern New Jersey diner has been charged in an alleged murder plot.

Authorities say 45-year-old Georgios Spyropoulos (speer-roh-POH‘-lis), who manages the Tick Tock diner in Clifton, tried to have his uncle killed. His uncle is co-owner of the Tick Tock in New Jersey and the Tick Tock in Manhattan.

Attorney General Jeffrey Chiesa (kee-AY‘-sah) says investigators believe Spyropoulos wanted to steal a large amount of cash that his uncle, Alexandros Sgourdos (sah-GOR‘-dohs), kept in a safe.

He says Spyropoulos told an undercover trooper posing as a hit man to make sure to get the combination to his uncle’s safe before killing him. He also allegedly provided a gun.

The Clifton diner manager is held in lieu of $1 million bail. It wasn’t known if he had a lawyer.

Source: FULL ARTICLE at Fox US News

Business, Finance, Occupation & Industry

Boomerang Systems Featured in Fortune Magazine

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By Business Wirevia The Motley Fool

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Boomerang Systems Featured in Fortune Magazine

FLORHAM PARK, N.J.–(BUSINESS WIRE)– Boomerang Systems, Inc., (OTCQB: BMER) a leading designer and manufacturer of automated robotic parking and self storage systems, is featured in the April 8, 2013 issue of Fortune Magazine in a story titled “The Robot Garage.”

The article focuses on Boomerang’s innovative RoboticValet™technology, the history of the company and its leadership, as well as the benefits that its systems can offer for customers.

According to Fortune, “The potential market for robot garages is huge. The product should appeal to customers wherever land is at a premium such as airport car rental locations, universities, downtown apartment and retail developments, and even at transit hubs.”

The story also captures key financial benefits for the developer community specifically, noting, “Real estate developers like the system because it frees up extra floors that now can be used for condos or retail space. That potentially adds up to tens of millions in extra revenues for the developer — way more than enough to pay for the system.”

Boomerang’s RoboticValet™ is a revolutionary parking solution powered by robots that drive on concrete slab floors to transport vehicles to and from parking spaces. The technology eliminates the need for building ramps and reduces the number of drive aisles allowing the cars to fit in roughly half the space required by a conventional garage. Because cars are shut off before being parked in the garage, carbon emissions are reduced and less electricity is used for ventilation and lighting.

Read more at: http://boomerangsystems.com/index.php?view=company&parkId=7

About Boomerang Systems, Inc.

Headquartered in Florham Park, NJ, with research, design, testing and production facilities in Logan, UT, Boomerang Systems, Inc. (www.boomerangsystems.com) is in the business of selling, designing, engineering, manufacturing, installing and supporting its own line of fully automated parking systems and fully automated self-storage systems. The Company is the developer and sole provider of the Boomerang RoboticValet™ automated parking system which differs from legacy automated parking systems in that it transports vehicles on a flat solid concrete slab without the use of a rail or track. Prior to starting Boomerang in 2006, the Company’s founding principals started S&S Worldwide, which has grown to become the largest manufacturer of thrill rides in the USA with installations in 31 countries worldwide.

Safe Harbor
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Source: FULL ARTICLE at DailyFinance

Business, Finance, Occupation & Industry

Dr. Reddy's Announces the Relocation of Their North America Headquarters and Establishment of a R&D

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By Business Wirevia The Motley Fool

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Dr. Reddy’s Announces the Relocation of Their North America Headquarters and Establishment of a R&D Center in Princeton, NJ, USA

HYDERABAD, India–(BUSINESS WIRE)– Dr. Reddy’s Laboratories (NYS: RDY) today announced plans to relocate their North America Headquarters and establish a R&D Center in Princeton, New Jersey. Dr. Reddy’s, represented by Jones Lang LaSalle, has entered into two lease agreements for a 75,500 square foot office facility and a 31,000 square foot office/lab at 107 College Road East and 303 College Road East respectively with National Business Parks.

Dr. Reddy’s anticipates relocation to the office facility at 107 College Road East by the end of the summer of 2013 after the renovations to the facility are completed. The new North America Headquarters will house the Generics, Biologics, PSAI and Proprietary Product businesses as well as the corporate support functions within North America. It is projected to employ 300+ people as the US businesses within Dr. Reddy’s continue to expand in the coming years.

The lab facility located at 303 College Road East will undergo a redesign to accommodate Dr. Reddy’s product development and analytical laboratory requirements. Approximately 20,000 square feet of space will be part of the initial phase of redesign. The lab facility is also expected to be completed by late summer to early fall of 2013 and will employ 35 scientists, chemists and support personal.

Commenting on the move, GV Prasad, Chairman and CEO, Dr. Reddy’s said, “The relocation will allow Dr. Reddy’s to tap into local talent which will be instrumental in our long term growth. This R&D center, along with centers in Cambridge (UK) and Leiden (Netherlands) establishes our presence within some of the leading innovation centers of the world.”

Disclaimer

This press release includes forward-looking statements, as defined in the U.S. Private Securities Litigation Reform Act of 1995. We have based these forward-looking statements on our current expectations and projections about future events. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results to differ materially. Such factors include, but are not limited to, changes in local and global economic conditions, our ability to successfully implement our strategy, the market acceptance of and demand for our products, our growth and expansion, technological change and our exposure to market risks. By their nature, these expectations and projections are only estimates and could be materially different from actual results in the future.

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Source: FULL ARTICLE at DailyFinance

Business, Finance, Occupation & Industry

Now Boarding on Frontier Airlines! Fly to Five New Cities from Trenton Mercer-Airport

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By Business Wirevia The Motley Fool

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Now Boarding on Frontier Airlines! Fly to Five New Cities from Trenton Mercer-Airport

Fares as low as $29* each way at FlyFrontier.com

DENVER–(BUSINESS WIRE)– Frontier Airlines today launches nonstop service from Trenton-Mercer Airport in Ewing, NJ, to Atlanta, Chicago-Midway, Columbus, Detroit, and Raleigh/Durham, bringing the total destinations to 10. Frontier is the only airline providing scheduled service out of Trenton-Mercer Airport, the gateway to New Jersey‘s state capital, all of central New Jersey, and southeast Pennsylvania, including metro Philadelphia. To celebrate the new service, Frontier is offering fares as low as $29* each way available for purchase at FlyFrontier.com.

“We are excited to be offering low-fare nonstop service from Princeton/Trenton to ten great destinations,” said Daniel Shurz, Frontier’s senior vice president, commercial. “Customers who fly from Trenton-Mercer Airport can enjoy using a small airport with easy access to I-95 as well as the great value offered at FlyFrontier.com.”

Following is the schedule for Frontier’s new Trenton service. For departure times, visit FlyFrontier.com.

 

Trenton-Atlanta (effective April 8, 2013)
Route …read more

Source: FULL ARTICLE at DailyFinance
Business, Finance, Occupation & Industry

Bard to Host Earnings Conference Call on April 23, 2013

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By Business Wirevia The Motley Fool

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Bard to Host Earnings Conference Call on April 23, 2013

MURRAY HILL, N.J.–(BUSINESS WIRE)– C. R. Bard, Inc. (NYS: BCR) today announced that it will host a conference call on Tuesday, April 23, 2013 at 5:00 PM EDT, to discuss the company’s first quarter 2013 operating results, and to provide financial guidance for the second quarter of 2013. Bard is scheduled to issue an earnings press release after the market closes on April 23, 2013.

A live audio webcast of Bard’s investor conference will be accessible to all investors through Bard’s website at http://investorrelations.crbard.com. The webcast will also be available on the website for future on-demand replay.

The recommended browser is Internet Explorer 7+. Users also should have the most recent version of Windows Media Player™, which can be downloaded at: http://microsoft.com/windows/windowsmedia/en/download/. Users may experience varying levels of performance based on their connection speed, system capabilities and the presence of a system firewall.


C. R. Bard, Inc. (
 www.crbard.com ), headquartered in Murray Hill, NJ, is a leading multinational developer, manufacturer and marketer of innovative, life-enhancing medical technologies in the fields of vascular, urology, oncology and surgical specialty products.

C. R. Bard, Inc.
Investor Relations:
Todd W. Garner, 908-277-8065
Vice President, Investor Relations
or
Media Relations:
Scott T. Lowry, 908-277-8365
Vice President and Treasurer

KEYWORDS:   United States  North America  New Jersey

INDUSTRY KEYWORDS:

The article Bard to Host Earnings Conference Call on April 23, 2013 originally appeared on Fool.com.

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Source: FULL ARTICLE at DailyFinance

News, Politics, Government

Pal: Nightmares drove NJ man to admit 1990 killing

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A southern New Jersey man who admitted killing a teenager 23 years ago was haunted by nighttime visions of the boy’s mother, according to the suspect’s best friend.

Steven Goff, 41, of Ventnor, turned himself in to police Monday and confessed to the 1990 stabbing of 15-year-old Frederick “Ricky” Hart in Galloway Township.

In a telephone call from jail Monday night to his friend Alan Rickel, Goff confided that he was tortured by what he had done, Rickel said.

“He couldn’t bear it anymore,” Rickel told The Associated Press on Wednesday. “He told me he had nightmares. He’d go to sleep and see the kid’s mother staring in his face.”

Goff had said goodbye to his friend at a lunch they shared on Friday.

“He said, ‘Al, you’re not going to see me anymore. I’m going to do something that will shock the world,'” Rickel said.

Rickel said he knew Goff had psychological problems, and figured he was going through one of his periodic dark spells. Then Sunday morning, Goff called Rickel from northern Michigan. He said he had been heading for the Canadian border but changed his mind and decided to return to New Jersey and take responsibility for having done something horrible, Rickel said.

“He said he was going to meet his maker and ‘fess up to what he had done,” Rickel said. “I said, ‘I don’t know what you’re talking about, but just come back and I’ll get you some medicine and some help.’ I thought he might be having a psychotic breakdown. He said, ‘No, it’s much worse than that.'”

Rickel said he wired his friend $500 to help him get back home. The next call he got was from Galloway Township police on Monday, saying Goff had confessed to a cold-case murder. Police and investigators from the Atlantic County Prosecutor’s Office said Goff had told him details about the case that only the real killer would have known, Rickel said.

Goff was charged with murder and a weapons offense for stabbing Hart in the woods behind a condominium complex on May 7, 1990. At a court appearance scheduled to present the charges to him, Goff surprised the judge by confessing and saying he was ready to enter a guilty plea, sobbing lightly as he said, “I did the …read more
Source: FULL ARTICLE at Fox US News

News, Politics, Government

New Jersey $338M Powerball winner reportedly pays back child support

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The New Jersey deli owner who won the $338 million Powerball jackpot last week sliced off a piece of his prize to pay nearly $30,000 in back child support yesterday.

Pedro Quezada, 44, appeared in Passaic County Family Court in Paterson, NJ, and cut a certified check for the payments, rounding the total up from the $29,490 he owed dating to 2009.

The jackpot’s sole winner has five children ages 5 to 23. Three are minors, his attorney said.
In court, the newly minted multimillionaire said he will be moving his kids into his new home.

“My children will be living with me from now on,” said Quezada, who spoke through a Spanish interpreter and wore earphones to hear translations of the proceedings.

Because he chose the lump-sum option, Quezada received about $152 million last week after taxes.
It is the third-largest lump-sum payment in Powerball history.

Quezada beat 175 million-to-1 odds when he bought the winning ticket at a liquor store in Passaic using the Quick Pick method.

Normally, the state Lottery Division satisfies judgments and liens before the winnings are released but failed to do so this time.

Even though he’s paid up, Quezada will continue to owe $141 in child support per week until he can petition the court and prove that his children are, in fact, living with him.

His lawyer, Paul Fernandez, said that the younger children had been living on and off with Quezada over the years and that their mother and Quezada were on good terms. He declined to elaborate.

“This is just a bump in a road. He always had a relationship with his kids,” Fernandez said.

“He purposely overpaid to show how much he wanted to keep his children,” the attorney added.

Click for more from NYPost.com

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Source: FULL ARTICLE at Fox US News

Business, Finance, Occupation & Industry

Cover-All Adds New Tier 1 Multinational Insurance Carrier to Growing List of Policy and Studio Produ

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By Business Wirevia The Motley Fool

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Cover-All Adds New Tier 1 Multinational Insurance Carrier to Growing List of Policy and Studio Products Customers

Cover-All’s Full Suite of Products, Pre-Configured Solutions and Proven Experience Primary to Strategic Commercial Lines Platform Selection

MORRISTOWN, N.J.–(BUSINESS WIRE)– Cover-All (NYSE MKT:COVR), announced today the selection of Cover-All Policy and Studio Products as an enterprise platform by a tier one multinational insurer to handle the company’s strategic commercial lines business for their US Operations. Cover-All’s suite of products will function as the company’s singular policy platform for products and operations, including rating, quoting, underwriting, policy administration, document generation/management and distribution, while improving marketplace responsiveness, productivity and independent agent collaboration.

This newest customer will leverage Cover-All’s pre-built bureau products, as well as custom products on the comprehensive Cover-All Policy product. In addition to implementing Cover-All Policy, the company will utilize Cover-All Test Studio for automated testing and Cover-All Dev Studio, Cover-All’s rules and tools offering for self-configurability of insurance products.

Prior to this selection and announcement, anevaluation process was undertaken by the company including a proof-of-concept (PoC). During this PoC, Cover-All provided the products in just under a week, which demonstrated the out-of-the-box capabilities inherent to Cover-All products.

“We are honored to have been selected by this large multinational company as their strategic commercial lines policy platform for their US operations,” said Manish Shah, president of Cover-All. “Our products will help to rapidly realize efficiencies and grow their business even further. Cover-All’s upcoming Dev Studio will give our newest customer the option for easy self-configuration by having rules and tools at their fingertips. We are looking forward to working with them on growing their commercial lines business.”

###


About Cover-All Technologies

Cover-All provides P&C insurance professionals a robust state-of-the-art, browser-based family of Policy, Business Intelligence, and Claims solutions designed to deliver products to market faster, enhance quality, ensure compliance, and reduce costs. With offices in Morristown, NJ, Manhattan and Honolulu, Cover-All continues its tradition of developing technology solutions designed to revolutionize the way P&C insurance business is conducted.

Additional information is available online at www.cover-all.com .

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Source: FULL ARTICLE at DailyFinance
Business, Finance, Occupation & Industry

WrestleMania® Takes over New York and New Jersey

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By Business Wirevia The Motley Fool

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WrestleMania
 ® Takes over New York and New Jersey

STAMFORD, Conn.–(BUSINESS WIRE)– Fans from all 50 states and more than 30 countries will converge on the New York/New Jersey region for a week-long lineup of festivities in celebration of WrestleMania 29, taking place this Sunday, April 7live on pay-per-view at 7 PM ET from MetLife Stadium in East Rutherford, NJ. WWE® will take over New York and New Jersey beginning tomorrow, Tuesday, April 2 with the following events:

WWE‘s Be a STAR anti-bullying initiative was co-founded by The Creative Coalition and WWE in April 2011. (Photo: Business Wire)

  • Empire State Building Lighting Photo Op – Tuesday, April 2, New York, NY

    WWE World Heavyweight Champion, Alberto del Rio, and his personal ring announcer, Ricardo Rodriguez, will pose for photos on the Empire State Building‘s world-famous 86th floor Observatory. On Sunday, April 7, the exterior lights of the Empire State Building, above the 72nd floor, will be lit in the WrestleMania logo colors of blue and yellow, starting at sunset through 2 AM ET the next day in honor of WrestleMania 29 which airs live on pay-per-view at 7 PM ET from MetLife Stadium in East Rutherford, NJ.
  • Military Meet & Greet – Wednesday, April 3, Lexington Avenue Armory

    WWE will hold a meet and greet reception for NY National Guard First Responders to 9/11 and Hurricane Sandy. WWE Superstars and Divas will participate in the event, sign autographs and take photos.
  • Children’s Hospital Visits – Wednesday, April 3

    WWE Superstars, along with Elvis Duran, from Z-100’s Elvis Duran show, will visit St. Mary’s Hospital in Bayside. Also on Wednesday April 3, WWE Superstars and Divas will visit with patients at New York Presbyterian, Morgan Stanley Children’s Hospital in New York City. On the other side of the Hudson River, WWE will visit children at Hackensack University Medical Center’s Don Imus Building and Goryeb Children’s Hospital at Morristown Medical Center.
News, Politics, Government

Autospy inconclusive on emaciated NJ boy's mother

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Autopsy results are inconclusive for a mother who was found dead in a northern New Jersey apartment where her emaciated 4-year-old son was living off sugar.

Union Township Police Director Daniel Zieser says an autopsy completed Thursday on 38-year-old Kiana Workman was not able to determine the cause or time of her death. Toxicology results are pending.

The Brooklyn, N.Y., woman’s decomposing body was discovered Tuesday in her mother’s apartment. Workman had moved there with her child after her mother was sent to a nursing home to recover from surgery.

Police discovered her body after maintenance workers reported a foul odor emanating from the chain-locked apartment.

They also found her son naked and malnourished. He told police he had been eating from a bag of sugar.

The boy is now in temporary foster care.

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Source: FULL ARTICLE at Fox US News

News, Politics, Government

3 accused of smoking pot in NJ police parking lot

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State troopers in northern New Jersey didn’t have to go far to make a pot bust. They didn’t even have to get in their cruisers.

Police say they caught three men lighting up in a car in the parking lot of the barracks in Totowa (TOH’-toh-wah).

What gave the men away? Police say a trooper setting out for night patrol caught a whiff of marijuana.

The three men were charged with drug possession. Police say they were waiting for another man who was inside the station picking up paperwork for an impounded car. He was also charged with drug possession.

Authorities say for some reason, the men didn’t expect to see a trooper in the parking lot of the state police barracks.

…read more
Source: FULL ARTICLE at Fox US News

Business, Finance, Occupation & Industry

Pinnacle Foods Inc. Celebrates First Day as Public Company on the New York Stock Exchange

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By Business Wirevia The Motley Fool

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Pinnacle Foods Inc. Celebrates First Day as Public Company on the New York Stock Exchange

NEW YORK–(BUSINESS WIRE)– Parsippany, N.J.-based Pinnacle Foods, Inc., manufacturer and distributor of popular food brands such as Birds Eye®, Duncan Hines®, Vlasic®, Mrs. Butterworth’s® and other well-recognized brands, opened for trading today on the New York Stock Exchange (NYSE) under the ticker symbol “PF” after its initial public offering. Barclays Capital is the Designated Market Maker for the company’s stock.

Pinnacle Foods Inc. CEO Bob Gamgort, joined by members of the company’s leadership team, rings the NYSE Opening Bell(R) to celebrate Pinnacle Foods‘ IPO and first day of trading on the NYSE. (Photo: Business Wire)

CEO Bob Gamgort, along with members of Pinnacle Foods‘ leadership team, celebrated the company’s first day of trading by ringing the NYSE Opening BellSM and visiting the trading floor to observe the stock opening.

“We’re excited to welcome Pinnacle Foods and its family of iconic brands to the New York Stock Exchange,” said Scott Cutler, Executive Vice President, Head of Global Listings, NYSE Euronext. “Through innovation and a focus on excellence, Pinnacle Foods‘ products continue to grace the nation’s households after more than 150 years. We congratulate Pinnacle Foods on its IPO and are proud to partner with the company as it embarks on its journey as a publicly-traded company.”

“I am honored to represent all employees of Pinnacle Foods who have worked tirelessly to make this day a reality,” said Pinnacle Foods CEO Bob Gamgort. “By reinvigorating our portfolio of iconic brands, we have built a company that can satisfy the needs of our consumers, partner with our retailers and create value for our investors. We look forward to continuing to build the value of this great company for years to come.”

For more information on NYSE Euronext’s listings business and to learn about trends in the IPO market, please visit the NYSE Euronext IPO Center.

About Pinnacle Foods (Source: Pinnacle Foods)

Every day, in more than 85% of American households, consumers reach for Pinnacle Foods brands. Pinnacle Foods is a Top 1000 Company ranked on Fortune Magazine‘s 2011 Top 1000 companies list. We are a leading producer, marketer and distributor of high-quality branded food products, which have been trusted household names for decades. Headquartered in Parsippany, NJ, our business employs an average of 3,700 employees. We are a …read more
Source: FULL ARTICLE at DailyFinance

Business, Finance, Occupation & Industry

A.M. Best Affirms Ratings of Fairfax Financial Holdings Limited and Its Subsidiaries

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By Business Wirevia The Motley Fool

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A.M. Best Affirms Ratings of Fairfax Financial Holdings Limited and Its Subsidiaries

OLDWICK, N.J.–(BUSINESS WIRE)– A.M. Best Co. has affirmed the issuer credit rating (ICR) of “bbb” and the unsecured debt and preferred equity ratings of Fairfax Financial Holdings Limited (Fairfax) [TSX: FFH and FFH.U] (Toronto, Canada).

Concurrently, A.M. Best has affirmed the financial strength rating (FSR) of A (Excellent) and ICRs of “a” of the members of the Northbridge Companies (Toronto, Ontario), which represent Fairfax’s Canadian operations.

A.M. Best also has upgraded the FSR to A (Excellent) from A- (Excellent) and ICR to “a” from “a-” of Northbridge Personal Insurance Corporation (Toronto, Ontario) due to its status as a member of the Northbridge Companies, which provides it with operating efficiencies, underwriting expertise and other implicit benefits such as marketing and common management.

In addition, A.M. Best has affirmed the FSR of A- (Excellent) and ICRs of “a-” of Commonwealth Insurance Company of America (CICA) (Seattle, WA), CRC Reinsurance Limited (CRC) and Wentworth Insurance Company Limited (Wentworth) (both domiciled in Barbados). CICA was a wholly owned subsidiary of Northbridge Indemnity Insurance Corporation before its January 2013 sale to an affiliate and its placement into run off. Concurrently, A.M. Best has withdrawn the ratings of CICA and CRC as Fairfax has requested that both companies no longer participate in A.M. Best’s interactive rating process.

Additionally, A.M. Best has affirmed the FSRs of A (Excellent) and ICRs of “a” of the members of the Crum & Forster Insurance Group (C&F) (Morristown, NJ) and the Zenith National Insurance Group (Zenith Group) (Woodland Hills, CA), as well as the FSR of A (Excellent) and ICRs of “a+” of the members of the Seneca Insurance Group (New York, NY).

At the same time, A.M. Best has affirmed the ICRs of “bbb” and the unsecured debt ratings of Zenith National Insurance Corp. (Woodland Hills, CA), an indirect wholly owned downstream holding company of Fairfax. The outlook for all ratings is stable. (See link below for a detailed listing of the companies and ratings.)

The ratings of Fairfax reflect its historically favorable, albeit variable, levels of pre-tax operating and net income and its financial leverage and cash coverage levels, which are within A.M. Best’s requirements for its rating level. At December 31, 2012, Fairfax’s adjusted debt-to-total-capital level was 27.2% (excluding accumulated other comprehensive income), which includes the debt of its subsidiaries that are capable of supporting their own debt. In addition, Fairfax maintained holding company cash and investments of approximately $1.2 billion at year-end …read more
Source: FULL ARTICLE at DailyFinance