Debt Doesn’t Slow Hoop Hall Plans
SPRINGFIELD — As area residents start to make their summer travel plans, officials at the Naismith Memorial Basketball Hall of Fame hope that a visit to the hoop hall is among their stops. Hoop hall officials note that attendance is up 12% from last year and is expected to increase when NBA star Michael Jordan is enshrined in September. In recent weeks, trustees have noted a need to restructure the hall’s debt and bring in more revenue to address a seven-year, $3.5 million loan from PeoplesBank. The organization has to pay $500,000 in principal and $300,000 in interest on that loan every year. The debt was incurred when the hall moved into its current building in 2002. Trustees had planned to pay the debt with revenue it would have received from loaning items from its collection to the Sports Museum of America in New York City; however, the museum never materialized. Trustees stress that there is enough cash on hand to operate the hoop hall throughout the year. John L. Doleva, Hall of Fame president and CEO, has recently visited interested parties in California, Arizona and Nevada who may be willing to take artifacts and memorabilia from the hall on the road to raise funds.
NBA Development League Team Comes to Springfield
SPRINGFIELD — NBA Development League President Dan Reed recently announced that the city has been awarded a team to begin play in the 2009-10 season. Joining Maine as the league’s first two teams in New England, Springfield will play its home games at the MassMutual Center. The franchise’s ownership group is led by Mike Savit, who is the managing general partner of the HWS Group. Springfield’s roster will begin taking shape with the NBA D-League draft, which typically is conducted in early November. Founded in 2001, the NBA Development League is the NBA’s official minor league. For more information about season tickets, call (413) 746-3263.
Northwest Suspends Amsterdam Service; Runway Reconstruction Underway
WINDSOR LOCKS, Conn. — Connecticut Department of Transportation and Bradley International Airport (BDL) officials recently announced that the flight by Northwest Airlines to Amsterdam, set to resume June 3, has been suspended. Given the challenging economic climate and poor advance reservations, airline officials from Delta Airlines decided that the flight is not financially viable at this time, but will be reconsidered as economic conditions improve. A reduction in the flight schedule from daily to four times a week, and lower fuel costs, still couldn’t offset a drop in demand, according to airline officials. According to the Air Transport Association, Delta Airlines, parent of Northwest, cut transatlantic capacity by 11% to 13% this winter and plans to cut another 10% starting in September. Revenue for U.S. airlines fell 19% in February 2009 compared to February 2008 — the fourth consecutive month of decline. Worldwide, the International Air Transport Association estimates global loss for 2009 will be $4.7 billion. Meanwhile, passenger travel worldwide was down 10.1% year over year. In other news, a major project to reconstruct the main runway at Bradley is underway. The project, which the Federal Aviation Administration (FAA) recommends that airports perform every 20 years, was last done in 1989. The reconstruction will involve the milling, resurfacing, grooving, and painting of the 9,500-foot Runway 6/24, which serves as the primary arrival and departure runway at Bradley. Additional components of the $16 million federally and state-funded project include the upgrade of a major water main crossing and the installation of new electrical ductbanks and lighting cable. The Department of Transportation has coordinated closely with the airlines so there will be minimal disruption to flight schedules. The project will be funded through an FAA Airport Improvement Program grant and BDL Improvement Program and Passenger Facility Charge funds.
Redevelopment Plan Set for Chapman Site
SPRINGFIELD — The City Council recently approved the establishment of the Indian Orchard Business Park Urban Renewal Plan, a step toward redeveloping 54 acres in Indian Orchard that has been vacant for decades. City officials hope one day to create office space for businesses, as well as light industry, on the site that once housed Chapman Valve. Before the property can be developed, however, city officials must negotiate with the owners of the six parcels and complete testing of the soil for potential contamination. The city currently owns two adjoining parcels to the site. City officials also note that a series of underground tunnels and pits found on the site may compromise the strength of the foundation. Brian M. Connors, acting city chief development officer, added that the urban-renewal designation must be approved by the state Department of Housing and Community Development.
State Foreclosure Deeds Dip 4%
BOSTON — Fewer state properties were foreclosed on in February compared to the prior month and a year earlier, according to a new report from the Warren Group, publisher of Banker & Tradesman. The number of foreclosures initiated by lenders has climbed, however, for four consecutive months. There were 823 foreclosure deeds recorded in February, a 4.3% decline from 860 foreclosure deeds in February 2008. February foreclosure deeds were also 16% lower than January when there were 980 deeds recorded. Still, foreclosure deeds jumped 8.6% during the first two months of 2009 to 1,803 from 1,660 a year earlier. Lenders filed 2,295 petitions to foreclose in February, a 17% jump from 1,960 petitions in January; however, foreclosure petitions fell 19.1% from the same month in 2008, when 2,838 petitions were filed. Foreclosure petitions are the first step in the foreclosure process. So far this year, 4,255 foreclosure petitions have been filed, a 29.7% decline from 6,050 foreclosure petitions during the same months in 2008. The Warren Group tracked 917 auction announcements in February, down 27% from 1,256 in February 2008 and down 30.2% from 1,313 in January.
Consumer Confidence Relatively Unchanged in March
NEW YORK — The Conference Board Consumer Confidence Index, which had declined sharply in February, was flat in March. The Index now stands at 26.0 (1985=100), up from 25.3 in February. The Present Situation Index declined to 21.5 from 22.3 in February. The Expectations Index increased to 28.9 from 27.3 in February. The Consumer Confidence Survey is based on a representative sample of 5,000 U.S. households. The monthly survey is conducted for The Conference Board by TNS, a custom research company. The cutoff date for March’s preliminary results was March 24. Consumers’ assessment of overall present-day conditions remains unfavorable. Those claiming business conditions are “bad” rose to 51.1% from 50.5%, while those claiming business conditions are “good” edged down to 6.8% from 7.0% in February. Consumers’ appraisal of the labor market was somewhat more pessimistic in March. Consumers’ short-term outlook was moderately less negative in March. The percentage of consumers saying jobs are “hard to get” increased to 48.7% from 46.9% in February, while those claiming jobs are “plentiful” was unchanged at 4.6%.
Lenox Touts Benefits of WorkSharing
EAST LONGMEADOW — In an effort to avoid more layoffs, officials at Lenox Industrial Products & Services has put most of its production workers at the Lenox American Saw factory on a four-day work week. Workers will receive four days of pay and one-fifth of what their unemployment benefit would have been had they been laid off, according to Daniel P. McDonough, vice president of personnel at Lenox. In addition, workers receive a percentage of the $25-per-child dependency allowance under certain conditions, as well as keep their company benefits. The arrangement is coordinated through the state’s WorkSharing program. Company officials note that if the WorkSharing program was not available, they would have had to lay off 60 to 70 workers. Currently, the factory employs 600 employees, including 220 production workers. The WorkSharing program was established in the 1980s and has seen an increase in usage since the recession. As of mid-March, 252 companies and 3,873 workers were participating in the WorkSharing program, compared to 372 employees in the program a year ago. The government allows for the program, but not every state has one.
Tekoa Country Club Sold
WESTFIELD — An East Longmead-ow-based real estate developer has acquired Tekoa Club for $1.3 million. Dan Burack bought the 114-acre, 18-hole golf course and its buildings and property at an auction staged April 6. He also bid $100,000 for the club’s liquor license. The club was purchased several years ago by the Remillard family, which made significant investments to upgrade the course and its facilities. However, the family was unable to achieve projected revenues and recently fell behind in tax and utility payments, prompting the auction of the 110-year-old club. In remarks to the local media, Burack said, “I’m going to finish what the Remillards started. I think it will be a premier course.”
CEOs See Declining Economy
NEW YORK, N.Y. — The nation’s CEOs see their company’s sales, spending, and employment falling over the next six months, and project an overall decline for the economy this year, according to a survey released recently. The Business Roundtable, an association of CEOs, said 67% of its members expect sales to decline, 66% project a drop in capital spending, and 71% foresee a decrease in employment over the next half-year. Overall, the group said CEOs expect a 1.9% decline in 2009 gross domestic product (GDP), compared with a projection of no change in GDP three months earlier. The government said last month that GDP declined at a 6.3% annual rate in the fourth quarter of 2008. The Business Roundtable’s CEO Economic Outlook Index fell to negative 5 from a positive reading of 16 in the previous quarter. The index ranges from 150 to negative 50, with a reading below positive 50 signaling economic contraction. The group said the index’s decline was less dramatic than the plunge from 78 in the third quarter of last year. Business Roundtable chairman Harold McGraw III, the head of publisher McGraw-Hill Cos., saw some signs of promise in the stimulus being made by the U.S. and other governments. “Improving consumer confidence and demand, both in the United States and abroad, is the key to jump-starting the economy,” said McGraw. While “recently implemented administration policies will take time to have an impact, they already have begun to restore confidence in our markets.” The Business Roundtable consists of executives whose companies represent 10 million workers and more than $5 trillion in yearly revenue.



James E. Majka, CRPC, has joined Bancnorth Investment Group Inc. as a Financial Advisor based in the TD Banknorth branch in Westfield. Majka provides individualized retirement and financial planning, including individual retirement accounts, investment and managed-money programs, portfolio review, annuities, mutual funds, life insurance, long-term care insurance, wealth accumulation, and retirement plans for individuals, families, and small businesses.
Shatz, Schwartz and Fentin, P.C., with offices in Springfield and Northampton, announced the following:
David Stanley Anton recently achieved membership in the prestigious Million Dollar Round Table (MDRT), the premier association of financial professionals. Anton is a one-year MDRT member. Attaining membership requires professionals to adhere to a strict code of ethics, focusing on providing top-notch client service, and continuing to grow professionally through involvement in at least one other industry association. Attaining membership in MDRT is a career milestone achieved by fewer than 1% of the world’s life insurance and financial services professionals. 

Justin H. Dion is an associate at Bacon Wilson, P.C., where he concentrates on business and personal bankruptcy, real estate, and general business matters; (413) 781-0560;
PeoplesBank in Holyoke announced the following:
Attorney Richard T. O’Connor has joined Bacon Wilson P.C. in Springfield. O’Connor is a member of the Health Care Department and will focus on matters involving medical groups, regulatory compliance, and managed-care agreements. 





Greta LaMountain has joined the law firm of Bacon Wilson, P.C. of Springfield. LaMountain, a general practitioner with a focus on financial and real estate matters, will work out of the Amherst office. 

An App a Day
BlackBerry Cordial
However, this is not to say that design and lifestyle dont still play a part in which phone or accessories are purchased. High-end phones like the BlackBerry and iPhone are larger than some of the tiny devices of years past, and more complicated to replace or repair. Thats why many manufacturers are now striving to offer a multitude of options in terms of capabilities and space for added applications, while still taking into account the varied lifestyles of consumers.




Adam Raczkowski of W.F. Young Inc. in East Longmeadow has been elected to serve on the Board of Directors of the Consumer Healthcare Products Assoc. He also holds the positions of Executive Vice President, COO, CFO, and General Manager.
United Bank announced the following:
Michael D. Ravosa of the Burke Ravosa Group, a Morgan Stanley Financial Advisor, has obtained the Certified Financial Planner designation from the Certified Financial Planning Board of Standards Inc. 

