• I’d like to thank a friend in Germany for
    bringing this news to my attention.
    In his e-mail this morning, he said…
    “The U.S.
    investor Mimeo Inc. took over the operation of the German Koebcke GmbH at three
    locations in Berlin and another seven offices nationwide.”
    You
    will find, below, Google Translate
    translations – of two articles – from German to English.  As always, keep in mind that translations are
    not perfect.
    1st
    article……
    April 14, 2014                      
    Saved Berlin Digital printing
    Koebcke: Tiefenbach insolvency administration
    Retained 100 jobs:
    self-administration successfully
    – Rehabilitation
    Director, Marcello Di Stefano, Tiefenbach insolvency administration
    – Trustee, Dr. Juergen
    Wallner, Wallner White insolvency expert GbR
    Berlin, April 11, 2014 – The long-established Berlin
    printshop Koebcke is saved.
    The company, one of
    the largest European producers of photo books had, in early November 2013 must
    sign insolvency after the Service Point Solutions SA of Barcelona was advised
    as affiliated company during the economic crisis in Spain itself in financial
    difficulties. Now, the U.S. investor has
    Mimeo, at three locations in Berlin and another seven offices nationwide, took
    over the operation of the Koebcke GmbH, a German subsidiary. All of the
    approximately 100 remaining jobs were obtained (retained).
    At the request of
    Koebcke (annual turnover of about EUR 11 million) had ordered the
    self-administration, the district court Charlot Altenburg. Rehabilitation
    manager Marcello Di Stefano as equity manager and administrator Dr. Juergen
    Wallner, both experienced in insolvency administration and restructuring of
    companies lawyers, it is then succeeded together, successfully handle the
    seasonal extremely turbulent and difficult Christmas trading and subsequently paved
    the way for the companies to provide new. Once it became clear that a
    bankruptcy plan would already no longer come to fruition due to time
    constraints, to Mimeo has prevailed
    against three other prospects and acquired the business operations of Koebcke
    GmbH by way of a so-called asset deal. As a strategic investor plans Mimeo, the
    acquired operations to expand under a new name to its production center in
    continental Europe.
    For legal reasons, was canceled at
    his own request and with the goal of a smooth transfer to an investor,
    self-administration just before signing the contract and lawyer Dr. Juergen
    Wallner been appointed to be the administrator, who ultimately then made the
    deal perfect. “The good cooperation between equity managers, trustees and
    creditors’ committee was ultimately crucial to the success of this
    mission.” Says Di Stefano. – Wallner explained: “It was open until
    the end, which investor would win. With the refurbishment solution now found
    the operation for the future is in good shape. “. Both lawyers consider it
    a particular success, that in a difficult position layoffs could be avoided.
    2nd
    article……
    Previous News Next News 14/04/2014 – Category ”
    Proceedings”
    Saved Berlin Digital printing Koebcke
    Large printing Koebcke is rescued from insolvency
    Retained 100 jobs : self-administration successfully
    The old Berliners large printing Koebcke is saved. The
    company , one of the largest European producers of photo books had , in early
    November 2013 must Sign insolvency after the Service Point Solutions SA was out
    of Barcelona as the affiliated company during the economic crisis in Spain
    itself in financial difficulties. Now, the U.S. investor has mimeo , at three
    locations in Berlin and another seven offices nationwide , took over the operation
    of the Koebcke GmbH , a German subsidiary . All of the approximately 100
    remaining jobs were obtained (retained).
    At the request of Koebcke (annual turnover of about EUR 11
    million ) had ordered the self-administration , the District Court of Charlottenburg.
    Rehabilitation manager Marcello Di Stefano as equity managers and administrator
    Dr. Juergen Wallner, both experienced in insolvency administration and
    restructuring of companies lawyers, it is then succeeded together ,
    successfully handle the seasonal extremely turbulent and difficult Christmas
    trading and subsequently paved the way for the company new to ask . Once it
    became clear that a bankruptcy plan would already no longer come to fruition
    due to time constraints , to mimeo has prevailed against three other prospects
    and acquired the business operations of Koebcke GmbH by way of a so-called
    asset deal . As a strategic investor plans mimeo , the acquired operations to
    expand under a new name to its production center in continental Europe.
    For legal reasons , was canceled at his own request and
    with the goal of a smooth transfer to an investor , self-administration just
    before signing the contract and lawyer Dr. Juergen Wallner been appointed to be
    the administrator , who ultimately then made ​​the deal perfect. “The good
    cooperation between equity managers , trustees and creditors’ committee was
    ultimately crucial to the success of this mission . ” Says Di Stefano . –
    Wallner explained : “It was open until the end, which investor would win .
    With the refurbishment solution now found the operation for the future is in
    good shape. ” . Both lawyers consider it a particular success , that in a
    difficult position layoffs could be avoided.
    Lawyer Marcello Di Stefano , lawyer specializing in
    bankruptcy law , is known as bankruptcy law expert and insolvency , and
    renovators nationwide. He is a partner of Tiefenbach Lawyers Partnership to the
    Tiefenbach insolvency administration part .
    Information about Tiefenbach insolvency administration
    Tiefenbach insolvency administration operates nationwide as
    a known renovators and Fort leader in bankruptcy proceedings for over 25 years
    . More than 2000 bankruptcy proceedings have been taken care of by now 9
    liquidators of 13 locations in Germany. In collaboration with Tiefenbach
    lawyers the entire portfolio of administration tasks are covered . The
    administrator understand has always been the bankruptcy as an opportunity to
    restructure and make a fresh start . More information at http://www.tiefenbacher
    insovenzverwaltung.de .
    Attorney Dr. Juergen Wallner, lawyer specializing in
    bankruptcy law, is a founding partner of Wallner White insolvency expert GbR
    and nationally active as a bankruptcy law expert and insolvency . Since the law
    was changed in March 2012, the lawyer Dr. Juergen Wallner already and many
    companies , especially in the printing industry , in the context of
    self-administration under the supervision of Mr. be rehabilitated.
    Information about Wallner White

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    The Wallner White insolvency expert GbR is part of the
    White Wallner group of companies , which for over 11 years with 6 admin- tern
    at 16 locations specializing in corporate restructuring and nationwide. Through
    an efficient and highly specialized staff business and legal expertise will be
    implemented in practical crisis management. Its particular strength lies in a
    multidisciplinary and holistic approach , flows into the next experience
    business management also derived from the control of more than 1,000 corporate
    insolvencies know- how.
  • On March 19th, a “stipulation
    for dismissal” was filed with the Court.
    “COME
    NOW the Plaintiff Marathon Reprographics, Inc. and Defendants Kevin Rowe and
    Beth Swanson, TRC Digital Services, LLC, TRC, Inc., iPlanTables, LLC, and James
    D. Costello, by and through their respective counsel, and hereby stipulate to
    the dismissal of the claims between them with prejudice. As between these
    parties, each party shall be responsible for and bear their own attorney’s fees
    and costs.”
    On March 24th, the court
    issued an “order” directing the case to be dismissed “in its entirety with
    prejudice, with each party to bear their own costs and fees.”
    Okay, now for Law101 from Repro101…..
    What does “dismissal
    with prejudice” mean?
    In
    general, it means that the lawsuit may not be refilled, and as such, it
    operates as an adjudication on the merits. 
    The dismissal may be voluntary (that is, the plaintiff dismisses with
    prejudice when a settlement has been consummated), or it may be involuntary
    (often as an extreme sanction imposed by the court for disobedience to court
    orders). 
    Question
    What does it
    mean to dismiss a court case because of prejudice? How about voluntary vs.
    involuntary?
    Answer
    I think what
    you mean to ask about is a case being dismissed “with prejudice” or
    “without prejudice.” Those are the formal legal terms for the
    different ways cases get dismissed. Dismissing a case “because of
    prejudice” sounds like it got dismissed because a judge’s racism or
    something like that – this is not true.
    In the formal
    legal world a court case that is dismissed with prejudice means that it is
    dismissed permanently. A case dismissed with prejudice is over and done
    with, once and for all, and can’t be brought back to court. 
    A case
    dismissed without prejudice means the opposite. It’s not dismissed
    forever. The person whose case it is can try again.
    Cases are also
    dismissed voluntarily, by the person who filed the case, or involuntarily, by a
    judge. For example, you could file a small claims case and voluntarily
    dismiss your case either with or without prejudice. You could dismiss with
    prejudice, if there’d probably be no need to come back to court, because, say,
    you’ve been paid.  However, if you decided they wanted to sue in regular
    court, because the amount is too much for small claims court, you could
    voluntarily dismiss your small claims case without prejudice. That would
    allow you to try your case in regular court. You could even change your mind
    again and return to Small Claims by reducing your claim.
    When cases are
    dismissed involuntarily, it’s by a judge, against the wishes of the person
    whose case is dismissed. Involuntary dismissals happen when the judge
    decides the case can’t go forward because of a legal reason. Usually, they’re
    the result of the other side filing a Motion to Dismiss, pointing out those
    reasons.
    When a case is
    involuntarily dismissed by a judge, it could be with or without
    prejudice. Often, judges dismiss cases without prejudice, so that the
    person whose case got dismissed can try again after fixing the problem the
    other side pointed out.

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    Sometimes,
    though, judges dismiss cases with prejudice. Maybe the loser has already
    had chances to fix their case, and the judge concludes there’s no simply way
    the case can go forward. But it could be lots of things. The result is
    that the case is closed. If your case was dismissed with prejudice it can
    be appealed to a higher judge, but you can’t start over from scratch and try
    again.
  • “Here Are The Jobs We’ve Gained Back Since The Recession”
    Matthew Boesler, provided by
 Business Insider
    Published 10:31 am, Friday, April 4, 2014
    This morning’s
    release of the March jobs report from the U.S. Bureau of Labor Statistics
    revealed that last month, private-sector employment rose to an all-time high,
    finally surpassing the pre-recession peak.
    Shobhana Chandra
    and Ilan Kolet at Bloomberg News
    charted the composition of post-crisis payroll growth by industry.
    The
    number of people employed in
    manufacturing
    and construction jobs are still 12% and 20% below the pre-recession highs, respectively.

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    However, the
    mining and logging industry now employs 21% more workers than it did before the
    recession, while the education and health industry employs 13% more people, and
    the business services industry employs 5% more people.
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    While I hate to single out a single stock to comment on, I
    will, nonetheless, do that once again …. on Textura Corp.
    In January, TheStreetInsider published two notes about
    Barrington Research’s opinions on Textura.
    In the first note (further below), Barrington Research
    added Textura to its “Best Ideas List”. 
    The day before that note was published, Textura closed at $30.98.
    In the second note (immediately below my commentary), Barrington
    Research said that they see “a buying opportunity in Textura” and reiterated is
    outperform rating and $55.00 price target. 
    The day before that note was published, Textura closed at $34.87.
    Here’s  quote on
    Textura from this afternoon, April 4th:
    Textura Corp
    (NYSE:TXTR)
    21.53
    -1.82
    (-7.79%)
    Real-time:   2:25PM EDT (per Google Finance)
    Based on activity in Textura shares, if you
    bought Textura shares when Barrington first put it on its “Best Ideas List” and
    were lucky enough to have sold it when Barrington published its second note,
    you came out a winner – between the two notes, Textura stock advanced by nearly
    $4.00 per share.
    BUT, if you bought when the first note was
    published and are still holding Textura, you’re a loser, big-time.  Since that second note, Textura’s shares have
    gone down, this afternoon trading at around $21.53. (You’d be down about $8.50
    per share.)
    I kind of wonder if Barrington Research continues
    to maintain its opinion of a $55.00 per share target-price for Textura.  Something miraculous is going to have to
    happen for Textura’s share price to climb to, or climb close to, that target.
    Barrington Sees Buying Opportunity in Textura (TXTR); Confusion
    Over Acquired Revenue Write-Off
    January 31, 2014 11:52 AM EST,
    http://www.streetinsider.com/

    Barrington Research maintained an Outperform rating on Textura Corp (NYSE

    : TXTR) with a price target of $55.00.
    Analyst Jeff Houston sees opportunity after shares declined post-earnings. He
    ties the decline to confusion over acquired revenue

    writeoff.

    “Textura
    reported fiscal Q1/14 (ended December) results yesterday after the close.
    Revenue and adjusted EPS were above expectations and management maintained full
    year revenue expectations. The
    company also introduced profitability guidance, which we expect investors to
    welcome with open arms because it indicates that Textura has a solid grasp on
    its business

    model and expenses—quite impressive for a company at this stage of
    corporate development, in our opinion,” said Houston.

    “While it
    appears that fiscal 2014 EPS guidance was below consensus, it is simply
    attributable to GAAP requirements to write
    off deferred revenue for the December 2nd Latista acquisition, which we
    and the rest of the Street did not model. Some SaaS companies choose to
    introduce non
    GAAP revenue in these
    situations,” he added.
    For an analyst
    ratings summary and ratings history on Textura Corp
    click here. For more ratings news on Textura
    Corp
    click here.
    Shares of Textura Corp closed at
    $34.87 yesterday.
    Textura Corp (TXTR) Added to Barrington Research’s Best
    Ideas List
    January 6, 2014 3:30 PM EST,
    http://www.streetinsider.com/
    Barrington
    Research maintained an Outperform rating on Textura Corp (NYSE

    : TXTR) with a price target of $55.00. The
    stock was also added the the firm’s Best Ideas List.

    “A rogue
    short report published the day after Christmas caused a 25% sell off in
    Textura’s stock. While the report created an attractive buying opportunity, we
    view all of the issues mentioned as baseless,” said analyst Jeff Houston.
    “The
    company’s disruptive technology

    is revolutionizing and modernizing the commercial construction industry,
    which is large and underpenetrated. Besides first mover advantage, patent
    protection, pricing power, and opportunities to cross
    sell and expand globally, we like
    that sub
    contractors generate most (75%) of
    CPM revenue and are required by Textura’s GC clients to use the solution. Also,
    the recovering construction industry presents a tailwind. Despite execution
    risk, our forecast for a significant profitability ramp and continued 50%
    organic growth in 2015 justifies a significant valuation premium,” he
    added.

    For an analyst
    ratings summary and ratings history on Textura Corp
    click here. For more ratings news on Textura
    Corp
    click here.
    Shares of Textura Corp closed at $30.98 yesterday.

  • When in my
    car, my car radio is fixed on Bloomberg Business.
       On one of the segments on Bloomberg this
    morning, there was a discussion about “commercial real estate”, in particular,
    activity in that market and funding available for projects.
    As most
    people are well aware, funding for commercial real estate projects – in
    particular, funding for speculative development projects – froze up when the
    Great Recession began.  When developers
    can’t get financing, or can’t get financing at reasonable interest rates, they
    don’t develop.  Plain and simple.
    On this
    morning’s Bloomberg show, the fellow being interviewed (who is, apparently, an
    expert in the commercial real estate financing marketplace) said several
    things:
     – the number
    of large lenders (dealing in commercial mortgage obligations) was at 37 at the
    peak, before the Great Recession started. 
    That number dropped off significantly during the Great Recession, but,
    now, is back up to 36.
     – terms
    available for commercial real estate development financing; today, around 4.5%
    – 4.75%, ten years, non-recourse (no personal guarantee required).  Interest rates have not (at least yet) been
    affected by the Fed’s tapering.
    When real estate developers can get
    financing, and can get financing at low rates
    (which, apparently, is the case today and has been the case for
    over a year by now), they will build.  Historically, that was what drove
    reprographer revenues onward and upward.

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    On a related
    note, on one of Bloomberg’s segments yesterday morning, I listened to a
    discussion about real estate development activity in the Miami, FL market.  The guy being interviewed said that, once
    again, you can see lots of cranes marking the skyline.  Miami has long had a history of severe peaks
    and pull-backs.  Evidently, the real
    estate development industry (planning, design, construction) is quite strong at
    the current time.  Just a few years back,
    that activity ground to a halt.

    What’s going on in your market area, real-estate development wise?
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    Please
    pardon my stupid sense of humor!  
    Infamous would be more apt than famous.
    The
    IRgA/ERA Convention begins on Thursday and ends on Saturday. 
    For those of you who will be attending,
    have a good time, safe travels, learn a lot. 
    And, after you leave the event, take the time to e-mail me your thoughts
    about the event.
    For those
    of you who are not going to be attending, if I receive comments from attendees,
    I will put up a post on the blog to share their comments with you.

  • From my favorite economics blog…..
    By Bill McBride of calculatedriskblog.com, TUESDAY, APRIL 01, 2014
    The Census Bureau reported
    that overall construction spending increased in February.
     – Private residential spending is 47% below
    the peak in early 2006, and up 58% from the post-bubble low.
     – Non-residential spending is 23% below the
    peak in January 2008, and up about 42% from the recent low.
     – Public construction spending is now 18%
    below the peak in March 2009 and up less than 1% from the recent low.
    Read the full
    article at this link:

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  • Or,
    like many, are you feeling like a fool ….. on
    April Fool’s Day?
    By
    now, it’s been nearly 10 months since Textura Corp went public.
    Current
    Quote on TXTR, April 1, 2012, 1:22 pm (per Google Finance)
    $24.78
    -$0.42 (-1.69%)
    Let’s
    briefly revisit TXTR’s IPO launch and the secondary offering TXTR managed to
    pull off only three months after its IPO.
    An article on streetinsider.com on
    June 7, 2013:
    “Textura
    Corporation (TXTR) IPO Rips Higher”
    The IPO for
    Textura Corporation (NYSE: TXTR) opened for trading on the NYSE at
    $24 per share, after pricing 5,000,000 shares of common stock

    at a price to the public of $15.00 per share.

    Credit Suisse and William Blair are acting
    as joint book-running managers for the IPO, and JMP Securities, Oppenheimer
    & Co. and Barrington Research are acting as co-managers.
    Textura is a
    provider of collaboration and productivity
    tools

    for the construction industry.

    Textura has
    achieved significant growth since introducing its solutions to the market. In
    the fiscal years ended September 30, 2010, 2011 and 2012, the company generated
    revenue of $6.0 million, $10.5 million and $21.7 million, respectively, which
    represented growth over the prior period of 90.0%, 74.7% and 106.2%,
    respectively. In those same periods,
    they had net losses of $15.9 million,
    $18.9 million and $18.8 million, respectively
    .
    From a note on flyonthewall.com on
    September 20, 2013:
    Textura 4.59 million share Secondary
    offering priced at $38.00

    Credit Suisse
    and William Blair acted as joint book running managers for the offering.
    Blog Publisher’s
    Comments:
    I feel sorry for those who purchased TXTR in the secondary
    offering.  By now, those who bought and
    held are behind by, well, a bunch.  Apparently, they got suckered in by all of
    the hype created around this stock.
    Personally, I think everyone at Textura, Mr. Allin (the CEO) included,
    should concentrate 100% of their efforts on
    sales
    , rather than wasting time (any time) on fluffy, inconsequential press
    releases about companies purchasing Textura products.
    If you bought on the first day of trading after the IPO, you’re still
    ahead, but don’t be surprised if your profit goes by the wayside.  This company is going to have to, at some
    point in the not too distant future, convince the investment community that it
    can earn a profit.

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    From an optimistic perspective, the analysts who report their recommendations
    on MarketWatch – all five analysts – continue their “strong buy”
    recommendations on TXTR.
  • Well, I say
    this because I recently had to reorder checks and the cost of my reorder – for
    300 pages (of 3 checks on a page) was around $90.00.
      A page of three checks, size-wise, is a bit
    less than an 8 ½ x 11 sheet of paper.
      If
    I subtract the cost of the box and UPS charges, the cost of the checks came to,
    say, around $80.00.
      Divide $80.00 by 300
    (sheets), and you arrive at the math that
    each
    printed sheet cost approximately $0.267.
    Compare that to what you get – per page – for
    printing a spec book. !!!%#$%&!!!
    Deluxe Corporation, I think, is the largest
    U.S. printer of checks.  Last year (2013)
    Deluxe (NYSE: DLX) reported sales of $1.584 billion and pre-tax income of
    $186.65 million, around 11.7% pre-tax. 
    Not bad, huh.

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    CEO Lee Schram pulled down a bit more than
    $3.1 million in compensation last year (per Reuters.com).
  • TUESDAY, MARCH
    25, 2014
    The first graph shows New Home Sales vs. recessions since 1963. The
    dashed line is the current sales rate.
    Read the full article at this link:
    Blog Publisher’s Comment:
    When I looked at the first chart/graph that
    appears in this article, I said to myself, “hmmm, the zig-zag red-line in this
    chart appears to mirror gross revenues achieved by the total of all firms in
    the reprographics business in the U.S.” 
    Well, not in dollars, maybe, but the trend-line. 
    I got into the reprographics business in
    1970.  We experienced a downturn in sales
    in 73-74.  We did not experience a
    downturn in sales in 79-82, but that’s because we were actively involved in
    acquisitions and mergers; those acquisitions and mergers boosted our
    sales.  We sold our business in 1988, so
    I missed out on the downturn in sales from 89-91 (but my former company did not
    miss out on that downturn; its sales plunged.) 
    I got back into the business in 1997, rock and roll times for the next
    10 years.  But, I missed out on the
    incredible downturn that started in 2007; we sold our company in December 2007.

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    For those of you who’ve been in the
    reprographics business since the 60’s or 70’s, reflect back on your annual
    sales and sales trends and compare your historical results to the red line in that
    chart.