Saturday, March 5, 2011

“Allen Park officials set to cooperate with SEC probe into bond sale for failed movie deal - Detroit Free Press” plus 1 more

“Allen Park officials set to cooperate with SEC probe into bond sale for failed movie deal - Detroit Free Press” plus 1 more


Allen Park officials set to cooperate with SEC probe into bond sale for failed movie deal - Detroit Free Press

Posted:

Allen Park officials say they will fully and voluntarily cooperate with a Securities and Exchange Commission inquiry seeking information about the city's failed deal to open Unity Studios film production and training institute in 2009.

Allen Park received an informal, nonpublic inquiry regarding bond offerings for the purchase of the 104-acre Allen Park Studio Center.

"It is a request for documentation," said Todd Flood, the city's attorney. In October 2009, the city sold $25.3 million in long-term general obligation bonds to finance the land purchase.

Flood, who became the city's attorney nine weeks ago, described the inquiry as a way for federal authorities to review the documents associated with the studio deal.

"The SEC has indicated that the inquiry is confidential and should not be construed as an adverse reflection on any entity or individual involved, nor should it be interpreted as an indication by the commission or its staff that any violations of the federal securities laws have occurred," the statement said.

Peter Henning, a former federal prosecutor and now a law professor at Wayne State University, said that two years ago such an inquiry was unheard of. But the SEC is now focusing on government bonds.

"There have been disclosure problems in the past, and municipalities are not subject to the same disclosure," Henning said.

The inquiry comes almost two weeks after the City Council voted Feb. 22 to lay off all 26 members of its fire department if unions do not agree to concessions.

The city is also seeking a new city administrator. Current administrator Eric Waidelich resigned Sunday. His last day is Friday.

The city paid $24.8-million for the facility, Flood said, with a partial appraisal of the property. An appraisal done in December valued the building and property at $19.5 million.

"In my 40-plus years in government, I haven't seen anything like this," said former Mayor Richard Huebler, who was mayor for four years and administrator for 22.

This entry passed through the Full-Text RSS service — if this is your content and you're reading it on someone else's site, please read our FAQ page at fivefilters.org/content-only/faq.php
Five Filters featured article: Comment Is Free But Freedom Is Slavery - An Exchange With The Guardian's Economics Editor.



image

This posting includes an audio/video/photo media file: Download Now

Julianne Hough to join Tom Cruise in 'Rock of Ages' movie adaptation - New York Daily News

Posted:

Julianne Hough will reportedly play opposite Tom Cruise's rock star character in 'Rock of Ages.'

Origlia, Merritt/Getty

Julianne Hough will reportedly play opposite Tom Cruise's rock star character in 'Rock of Ages.'

Julianne Hough is in final negotiations to join Tom Cruise in the upcoming film adaptation of the hit Broadway musical, "Rock of Ages."

The "Dancing with the Stars" pro will play Sherrie, a small town girl who moves to Hollywood in hopes of becoming famous, according to The Hollywood Reporter.

At the helm of the movie-musical is director Adam Shankman, who worked on both "Hairspray and "The Last Song."

Shankman described Hough's audition as "nothing short of a miracle."

"It was a star-is-born moment," he told THR.

Hough made her big-screen debut last year in "Burlesque" and has been filming the remake of "Footloose."

Cruise won't be the only megastar appearing with Hough in "Rock of Ages." In February, Mary J. Blige signed on, and Alec Baldwin and Russell Brand are also reportedly interested in the film.

Production is slated to start in May.

This entry passed through the Full-Text RSS service — if this is your content and you're reading it on someone else's site, please read our FAQ page at fivefilters.org/content-only/faq.php
Five Filters featured article: Comment Is Free But Freedom Is Slavery - An Exchange With The Guardian's Economics Editor.



image

0 comments:

Post a Comment