Penang projects to gain from conversion Jun 2, 2008
When the original developer was unable to continue with the project, the state government in a kind gesture granted the conversion of the freehold titles to the buyers as compensation in kind, as the developer (the state is also a partner) was unable to pay the liquidated damages. The CP group was invited by Bayan Bay Development Bhd to be the white knight to revive the project. (The Star Online, Malaysia -- Business)
Michigan Newsstand - May 20 May 21, 2008
John Heuser The Ann Arbor News Football coach Rich Rodriguez signed a deal with West Virginia University that included a $4 million liquidated damages clause, commonly known as a buyout. John Heuser The Ann Arbor News After three weeks on the road meeting with alumni, attended coaches meetings and more, first-year University of Michigan football coach Rich Rodriguez will stick to business around Ann Arbor for a while. (Michigan Sports -- Rivals.com)
Power to the owners May 21, 2008
Pressure from shareholder lobby groups, as well as criticism at annual meetings, has prompted many companies to put a stop to liquidated damages clauses, which allow massive termination packages to be paid in executives' contracts. The ASA says the incidence of these payments has almost ceased, with termination payments decreasing from an average of five years to just six months. (Sydney Morning Herald -- Business)
Visteon Corporation Announces Tender Offer and New Notes Offering May 20, 2008
All or a portion of the New Notes can be redeemed by Visteon (a) prior to Dec. 31, 2013, at par plus a make-whole premium and (b) on or after Dec. 31, 2013, at specified redemption prices, plus in each case accrued and unpaid interest, including, if applicable, liquidated damages on the principal amount of New Notes being redeemed. The New Notes have not been and will not be registered under the Securities Act or any state securities laws. (PR Newswire)
Audit claims Wackenhut overbilled Miami-Dade Transit May 10, 2008
The audit said the Palm Beach Gardens-based security services firm also owes the county $233,500 in liquidated damages and other miscellaneous chargebacks. Wackenhut has 90 days to respond to the findings. (South Florida Business Journal, FL)
New York Mortgage Trust Reports First Quarter 2008 Results and Provides Earnings Guidance for the Second Quarter May 9, 2008
This estimate is based upon the Company's current and assumed liquidity position, investment portfolio margins, principal reinvestment plans, its securitized loan portfolio delinquency and loss performance, and assumes the waiver of liquidated damages presently accruing under a registration rights agreement related to its February 2008 issuance of common stock. The risks to this earnings estimate include, among other things, increased haircut requirements and/or Agency MBS margin calls that... (PR Newswire)
Michigan's Beilein pays first installment to WVU May 2, 2008
"I urge the University to stop using the liquidated damages provision in its employment contracts because such provisions are illegal, onerous, and violate public policy," Beilein wrote. Alex Macia, WVU's vice president of legal affairs, didn't immediately return a telephone message Tuesday. (SportsIllustrated.CNN -- NCAA Basketball)
Customers say latest Boeing 787 delays disappointing Apr 10, 2008
Dixon said Qantas was entitled to "substantial liquidated damages" under its purchase agreement with Boeing _ he did not say how much _ and that the money would be used to offset leasing costs. Japan's All Nippon Airways, which ordered 50 of the 787s, also signaled frustration with Boeing. (Longview Daily News, WA)
Qantas wants damages over 787 delay Apr 10, 2008
Welcome to The Sydney Morning Herald. Skip directly to: Search Box, , , Text Version. (Sydney Morning Herald -- Business)
Qantas faces new Boeing delay for 787s Apr 9, 2008
Qantas was already talking to Boeing about liquidated damages from the original delays and will be lining up with other carriers for a slice of the millions of dollars Boeing will be forced to pay out for the new delay. The US manufacturer also runs the risk that the delay may help Airbus sell Qantas on its answer to the 787, the A350. (The Australian)
Bar Harbor woman wins round in foreclosure battle Apr 5, 2008
In its ruling released Tuesday, justice found, though, that there were questions as to whether the late charges were liquidated damages or in fact excessive; they vacated the superior court order and remanded it back to the lower court for a new hearing ... The parties will be able to argue, and the trial court should determine, whether and to what extent these late fees and escalated interest rates amounted to liquidated damages or excessive and usurious penalties. (Courier Publications, ME)
Judge warns WVU-Rodriguez case may not go to trial soon Apr 4, 2008
The university filed its lawsuit two days after Christmas and 11 days after Rodriguez departed for the University of Michigan, citing a clause in his contract that required him to pay $4 million in penalty or liquidated damages, with a one-third payment due in mid-January. Rodriguez's attorneys countered with claims of breach of contract. (Pittsburgh Post-Gazette, PA -- Sports)
Former boss defends Vic ticketing fiasco Apr 2, 2008
Dr Pryles refused to answer questions, inside and outside the hearing, on whether a provision in the tender for liquidated damages of $50,000 a day was being implemented. He referred journalists to Transport Minister Lynne Kosky. (Sydney Morning Herald -- Australia)
Housekeeper sues Atherton couple Mar 15, 2008
The suit asks for unpaid wages, liquidated damages and penalties, which Serralta's attorney Christina Chung of the Legal Aid Society-Employment Law Center estimated could approach $120,000. It does not claim punitive damages. (San Francisco Chronicle)
Manhattan Pharmaceuticals Announces Closing of Joint Venture With Nordic Biotech Feb 27, 2008
Among other things, there can be no assurances that our joint venture with Nordic will be able to meet the milestone which will obligate Nordic to make the next payment referred to in this press release (the failure to meet that milestone will give Nordic enhanced control over the joint venture's operations and other important decision-making), that liquidated damages will accrue if we are unable to register the shares of common stock underlying the warrants and the put/call rights referred to... (Primezone Releases)
Either ABC's kidding us or some punters have made a killing Feb 27, 2008
2 million coming from liquidated damages paid by developers for non-performance on contracts, and another $51 million of revenue booked as a surplus between the book value of a British child-care group and the price ABC paid for it. Operating cash flow went from plus $27. (Sydney Morning Herald -- Business)
Manhattan Pharmaceuticals to Voluntarily Withdraw Its American Stock Exchange Common Stock Listing Feb 23, 2008
Among other things, there can be no assurances that we will be able to complete the joint venture transaction with Nordic, that AMEX will not take additional action against the company for closing the transaction without stockholder approval, that one or more market makers will apply to have our common stock traded on the OTC Bulletin Board, that we will be able to register the common stock underlying the put, call and warrant in time to avoid the liquidated damages that will accrue if we are... (Primezone Releases)
City OKs grant appeal for N. Lake trail; readies for W. Lakeshore, W. 5th projects Feb 20, 2008
PENALTY ON LODGE CONSTRUCTION - The city council approved a change order for $50,000 in liquidated damages to McHan Construction for not meeting a scheduled completion date on the King's Pointe project. Some areas were completed by the July 19 deadline, but the last area, the shoreline guest rooms, was not done until mid-October. (Storm Lake Pilot Tribune, IA)
Bladenboro manindicted inwaterscam (55) Feb 18, 2008
The suit is seeking compensation of both current and former employees of the hog processing division who have worked for Smithfield since Jan. 31, 2008, in the form of unpaid back wages, liquidated damages, unpaid benefits, compensation and other relief the court deems appropriate. Article Rating. (Elizabethtown Bladen Journal, NC)
MP city council: Third upper-story project approved Feb 15, 2008
The council approved payment for the completed hangar project at the municipal airport as well, deducting $1,600 for liquidated damages and $500 for seeding. Both deductions were prompted by the late completion of the project, which was originally scheduled to finish by Oct. 31. (Mt. Pleasant News, IA)
D-PASS gives students a second chance Feb 8, 2008
Approved of release of contract request submitted by Kathy Ballard with no liquidated damages due to health issue. The district willhave no school on February 18, 2008 Presidents Day. (Douglas Daily Dispatch, AZ)
Rodriguez claims fraud, smear campaign by WVU Feb 2, 2008
"The No. 1 legal issue is, can liquidated damages set extremely high like this be enforceable, or is it against public policy? The No 2 legal question is, the university didn't authorize the lawsuit. The Board of Governors never met. I talked to a couple of tem, and they found it shocking" that a suit was filed in their name. And Rodriguez's attorneys, to prepare for a trial, asked to inspect the records of the WVU Foundation, whom they requested to be added to the case alongside the university. (Pittsburgh Post-Gazette, PA -- Sports)
Rodriguez offers to pay part of buyout Jan 30, 2008
In the latest court filing, Rodriguez's attorneys wrote: "The amount of the Letter of Credit is equal to the maximum liquidated damages provision [penalty] at the date of termination provided in the first amendment to the original Employment Agreement. In any event, the amount of the letter of credit exceeds the first payment that Plaintiff claims is due.". Former Mountaineers basketball coach John Beilein, who was hired as Michigan's coach last April, paid West Virginia $1. (ESPN -- College Football News)
Two Duke players face charges Jan 30, 2008
The amount was spelled out in a "maximum liquidated damages provision" in the contract that was in effect when Rodriguez resigned Dec. 18, the court filing claims. West Virginia is suing Rodriguez over a $4 million buyout clause in his contract. (News & Observer -- Sports)
Rodriguez says he'll pay WVU what court orders Jan 30, 2008
Rodriguez and his attorneys claim that's the maximum he could owe under his interpretation of the contract -- an amount spelled out in a "maximum liquidated damages provision" that Rodriguez says was in effect when he resigned Dec. 18. WVU attorney Jeff Wakefield, however, says the contract is clear: "The amount owed by Mr. Rodriguez under the terms of the contract in effect at the time of his resignation is $4 million.". (SportsIllustrated.CNN)
Famous Dave's Must Pay Workers Overtime, Ruling Says Jan 25, 2008
The U.S. District Court judgment against Barbeque Ventures, BBQ Ventures of Nebraska and Old Market Ventures LLC also require the employers to pay liquidated damages and interest to each worker. The Fair Labor Standards Act requires that workers be paid time and a half per hour beyond 40 hours in a workweek. (7 KETV Omaha)
SETTLEMENT AGREEMENT Jan 23, 2008
In return for Mr. Watkins resignation, the District agrees that it shall not continue to pursue disciplinary charges against Mr. Watkins nor will it pursue liquidated damages under District Policy GCQC.. 3. (Douglas Daily Dispatch, AZ)
Woman says she's owed $350,000 Jan 20, 2008
Mann is asking for an additional 175,018 as "liquidated damages.". Lisa Fair McEvers, North Dakota's labor commissioner, said state and federal provisions covering on-call pay are nearly identical. (Bismarck Tribune, ND)
Buyer snaps up 24 stalled 787s Jan 18, 2008
"We will be discussing the issue of liquidated damages with Boeing in the coming weeks," Qantas CEO Geoff Dixon said in a statement issued by the airline Thursday. Qantas has firm orders and commitments for 115 Dreamliners. (Seattle Post Intelligencer)
Hoyack elected president during four-hour meet Jan 18, 2008
Approved the resignations of DHS Auto Shop teacher Michael Andrews and CTE counselor Sandra Vaughn and each paying liquidated damages of 1,500; and the resignation of DHS math teacher Tim Elliott with no liquidated damages. Approved the hiring of DHS Security Monitor Bruce Postles. (Douglas Daily Dispatch, AZ)
Qantas may seek Boeing payout Jan 18, 2008
We will be discussing the issue of liquidated damages with Boeing in the coming weeks ... "We will be discussing the issue of liquidated damages with Boeing in the coming weeks," Mr Dixon added. (BBC News -- Asia-Pacific)
Jetstar's goal Jan 17, 2008
Qantas's chief executive, Geoff Dixon, said the airline would be "discussing the issue of liquidated damages with Boeing". send photos, videos & tip-offs to 0424 SMS SMH (+61 424 767 764), or us. (Sydney Morning Herald -- Business)
Boeing delays, Qantas prepares to claim Jan 17, 2008
He said Qantas contractual arrangements with Boeing provided for the ability to claim liquidated damages in certain circumstances. We will be discussing the issue of liquidated damages with Boeing in the coming weeks, Mr Dixon said. (Transport and Logistics News)
Casey's sued by cooks, cashiers claiming overtime pay violations Jan 15, 2008
The lawsuit seeks a jury trial and unpaid back wages, liquidated damages allowed under federal labor statutes, certification of class action and equitable relief as permitted under individual state laws. A telephone message left Monday for a Casey's spokesman was not immediately returned. (Sioux City Journal, IO)
Frazier leaves program in black Jan 11, 2008
Meanwhile, Jones will have to pay UH $400,008 -- half of his annual salary -- "in liquidated damages" for leaving the school six months before his term ended, according to his contract. "We are sure that June will owe up to his contractual obligations," said university spokeswoman Carolyn Tanaka. (Honolulu Star-Bulletin)
Iowa Hospitals CEO's contract was terminated, officials say Dec 30, 2007
Roby wrote that because his client's "termination is without cause ... she is entitled to two times the 'current' base salary as liquidated damages." His letter also advised the university that Katen-Bahensky "believes it appropriate that any announcement concerning her resignation should be jointly developed and approved.". The termination terms were specified in Katen-Bahensky's contract, which was signed in 2005. (Muscatine Journal, IO)
Letter indicates UI Hospitals fired CEO Dec 29, 2007
An Oct. 25 letter from Donna Katen-Bahensky's attorney, Patrick Roby of Cedar Rapids, states because his client's "termination is without cause ... she is entitled to two times the 'current' base salary as liquidated damages.". The University of Iowa decided this fall not to renew Katen-Bahensky's two-year contract because she did not support uniting the hospital and the Carver College of Medicine under one leader, said Jean Robillard, UI's vice president for medical affairs. (Muscatine Journal, IO)
Rich is gone, but legal battles will linger Dec 19, 2007
He explained liquidated damages to us. Explained that buyouts arent intended as penalties, etc. (Charleston Gazette, WV -- Sports)
Universal Energy Group Releases Fiscal 2007 Financial Results Dec 13, 2007
Universal continues to monitor all markets to minimize attrition and follows a strict policy of enforcing collection of liquidated damages from customers attempting to exit their contracts. At September 30, 2007 our total customer base amounted to 363,320 RCEs, net of attrition. (CCNMatthews Press Releases)
The Monday Inside Scoop Dec 11, 2007
However, his $835,000 contract includes a liquidated damages clause in the event he leaves for another bowl subdivision school or the NFL.. If he were to leave before Dec. 31, 2007, that buyout would be $2 million. (Oregon Sports -- Rivals.com)
Crowds down, but team staying Dec 9, 2007
They got that assurance in a contract that called for the Coyotes to pay Glendale a "liquidated damages fee" of as much as $795 million should the team relocate before the 30-year lease expires. City spokeswoman Julie Frisoni said that since the arena's debut in December 2003, that fee has decreased to about $750 million, based on sales-tax revenue from arena events as well as shops and restaurants at neighboring Westgate City Center. (AZCentral -- Sports)
Runway work complete; county airport reopens Friday night Dec 1, 2007
The city asked the company to have the work completed within 30 days or it would have to pay the city up to 14,000 per day in liquidated damages ... However, the airport staff is recommending that W.W. Webber not be charged the one day of liquidated damages, Wiegand said ... The staff is also asking McKinney City Council to amend its incentive payment deadline from 30 days to 31 days and to waive the one day of liquidated damages. (McKinney Courier-Gazette, TX)
SOUTH CAROLINA HUNTERS CHARGED Nov 16, 2007
Sillanpaa and Gordon face more than $30,000 in fines and liquidated damages if convicted and the equipment seized is valued at approximately $5,000. The DNR is continuing to investigate this case. (The Guthrian, IA)
De La Hoya target of lawsuit Nov 16, 2007
Violating the agreement would allow De La Hoya to recoup "liquidated damages," according to the lawsuit. Dravnel's "image has been tarnished, and [she] was portrayed as a liar to the press," Dravnel's attorney, Salvatore Strazzullo, wrote in the lawsuit, filed in New York County. (Los Angeles Times)
ULURU Inc. Reports Third Quarter 2007 Results Nov 14, 2007
Additionally, we did not incur any other expense items for the three months ended September 30, 2007 as compared to the same period last year where other expense items totalled $2,473,000, which were comprised of $1,885,000 for liquidated damages relating to the delay in the effectiveness of a registration statement, $558,000 from a loss on early extinguishment of debentures, and $30,000 from a loss on sale of equipment ... Contact: Company Kerry P. Gray President Terry K. Wallberg Vice... (PR Newswire)
School District to address areas that need to be corrected in audit Nov 8, 2007
In personnel issues, the district agreed to accept the resignations of teachers Scott Edelen, a culinary arts teacher at the high school, with a 900 payment from him for liquidated damages; and Rebecca Bonnell, a seventh grade science teacher at Huber Middle School, with 1,500 in liquidated damages. Advertisement. (Douglas Daily Dispatch, AZ)
XsunX, Inc. Secures $21 Million Financing Commitment Nov 5, 2007
I believe that taking the time to put all of the pieces in place was crucial to providing XsunX the best opportunity for success. One of the last aspects to our plan was to find a solid financing partner that was interested in our business. (Canada Newswire)
U.S. 321 project lagging behind Nov 3, 2007
If the contractor goes past the August 2008 deadline, the contract states that damages will be added for every day past the deadline date agreed upon by the parties, though Gioscio said some of those liquidated damages could be taken away once the NCDOT reviews the request for an extension and the reasons for the delays. e don't want to charge for those liquidated damages, he said. (Lenoir News Topic, NC)
Director 'confident' Collier road work will get done on time Nov 2, 2007
The contractor for the project, Quality Enterprises, will be forced to pay for liquidated damages if the roadwork is not finished by Dec. 23, according to Joel. At this time, road work continue on the west side of the street from the Smokehouse Bay Bridge to Elkcam Circle. (Marco Island Sun-Times, FL)
Let client decide whether you communicate through e-mail or print Nov 1, 2007
"The basic concept is that liquidated damages should always relate to actual damage done," said Janet Brayer, a San Francisco business attorney. "You can't have a clause in a contract saying that if someone doesn't return some unimportant piece of paper, they owe you $500,000.". (San Francisco Chronicle)
New home for Ellens pup Oct 18, 2007
which Access obtained a copy of, anyone accepting a dog agrees to NOT give or sell ADOPTEE to another person, company, organization, medical research, pound or animal shelter, or, If ADOPTER fails to abide by the terms of this clause, ADOPTER will pay all costs, including any legal fees incurred, required to secure the return of ADOPTEE to RESCUE and will, in addition, be required to pay liquidated damages in the amount of $500. . (MSNBC -- News)
Via de Luna widening delayed Oct 16, 2007
Based on past delays, the SRIA turned down the time extension and voted to give the company until the end of the Nov. 9 contract to have the project finished or Roads Inc. will begin paying liquidated damages of $500 a day, said W.A. "Buck" Lee, SRIA general manager. "In my opinion, the board has lost confidence in them," said SRIA board member John Peacock. (Pensacola News Journal)
Philadelphia Judge Awards Wal-Mart Workers $62M More Oct 4, 2007
Liquidated damages award adds to previous $78 ... A Philadelphia judge has awarded an additional $62 million in statutory liquidated damages to 124,506 current and former Pennsylvania employees of retail titan Wal-Mart who a Philadelphia jury found were not properly compensated for off-the-clock work and missed rest breaks ... Bernstein's decision said that Pennsylvania's wage payment and collection law (WPCL) can require employers who fail to pay wages -- and have no good faith reason to... (Law.com)
Industry eyes Red Springs location Oct 3, 2007
Windley said that the low bidder for the gas treatment system was Atlas Copco/Air Tech, but he recommended the commissioners reject the bid because the company refused to agree to a clause on liquidated damages. County Solid Waste Director Steve Edge said that bids came in a combined 150,000 under his estimates. (Lumberton The Robesonian, NC)
Ethanol plant bids on tap Oct 2, 2007
Windley said that the low bidder for the gas treatment system was Atlas Copco/Air Tech, but the company refused to agree to a clause on liquidated damages. ALSO INSIDE. (Lumberton The Robesonian, NC)
Yes, San Francisco is in the land of cotton subsidies Sep 24, 2007
"The money that we do get from the government I look at as a form of liquidated damages," Bowles said as he drove through his fields, certain that the quality of his cotton and the efficiency of his farm would, if put to the test, obliterate his competitors in the Mississippi Delta and Texas. And if not, he said, "I'll have to figure out how to grow it better or grow something else.". (San Francisco Chronicle -- Politics)
Court upholds ruling in O'Brien firing Sep 21, 2007
The NCAA didn't issue an official ruling regarding O'Brien's violations until early 2006, and "even if it would have been proper to terminate him at that time, much of the liquidated damages awarded to O'Brien in the judgment of the trial court would have been earned as salary," the court said. OSU is expected to issue a statement Thursday afternoon. (Columbus Business First, OH)
New Flyer seeks clarification of Federal Transit Administration changes to Buy America rules Sep 21, 2007
Such differences may be caused by factors which include, but are not limited to, competition in the heavy-duty transit bus industry, availability of funding to the Company's customers at current levels or at all, material losses and costs may be incurred as a result of product warranty costs, material losses and costs may be incurred as a result of product liability claims, the Company's success depends on a limited number of key executives who the Company may not be able to adequately replace... (Canada Newswire)
CGA Mining Limited - Announcement to the Australian Securities Exchange and Toronto Stock Exchange - Agreement for fixed price lump sum construction contract for the Masbate Gold Project with Leighton Contractors Sep 18, 2007
Detailed agreements are well advanced and are anticipated to be signed shortly, reflecting standard terms for a FPLS contract including process guarantees and liquidated damages. For further information: Australian Contact, President Michael Carrick, Tel: +610 8 9263 4000, Fax: +61 8 9263 4020, Email: mcarrick@cgamining. (Canada Newswire)
Reeseville board OKs final payment for pump Sep 15, 2007
There was some concern about liquidated damages for the main lift station rehabilitation project. Reeseville village Clerk Donald Gibson said, regarding discussion on the treatment plant and treatment of wastewater from Lowell, no word has been received yet from that municipality. (Watertown Daily Times, WI)
Jury awards former Polk County court clerk $165,000 Sep 14, 2007
Richardson may also consider liquidated damages, which could double the verdict. In the lawsuit, Lee named the clerk's office and the state of Iowa, which operates the court system in Iowa's 99 counties. (Muscatine Journal, IO)
Slow drain: Halls River Road project plods along Aug 31, 2007
Danella already has about 550,000 in what the county calls liquidated damages 1,000 a day for every day past the contract deadline. Of that, the county has withheld about 390,000 in payments to Danella that could be used to offset those damages. (Crystal River Citrus County Chronicle, FL)
Hustisford School Board reduces administrator contract Aug 22, 2007
Accepted the resignation of math teacher Tom Cassidy upon payment of 1,000 liquidated damages as called for in the teacher's contract. OK'd contracts for several co-/extracurricular positions including assistant volleyball coach Tiffany Knueppel, pep band director Jennifer Rodger, solo/ensemble instructor Jennifer Rodger, and fall and winter cheerleading/dance coach Lisa Swan. (Watertown Daily Times, WI)
New problems with PHS construction project Aug 17, 2007
On the plus side, as of Monday the contract calls for liquidated damages to begin ... Lab and classrooms by Sept. 30, 2007, so as of Monday, August 20, liquidated damages start. (The Piggott Times, AR)
Gran Tierra Energy Reports Second Quarter 2007 Results of Operations Aug 14, 2007
4 million in liquidated damages, recorded as $4 ... The liquidated damages were potentially payable in cash to stockholders who purchased 50 million units in a 2006 financing, as a result of a delay in the registration statement for the units becoming effective ... The registration of these shares became effective May 14, 2007 and stockholders holding a majority of the units approved a proposal whereby Gran Tierra amended the terms of the warrants associated with the financing in lieu of the... (Canada Newswire)
