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The Barrow Effect Could he possibly be Detroit’s next mayor?

News Briefs 06-19-2013 Hits:67 AJ Williams, Chronicle Web Editor - avatar AJ Williams, Chronicle Web Editor

The Barrow Effect Could he possibly be Detroit’s next mayor?

First I received an email advertising a campaign fundraising event to meet “Detroit’s future first family.” The flyer came from the Tom Barrow campaign, touting the boisterous and audacious mayoral candidate who some say is “crazy.” But he is on a political crusade against his opponents, starting with Mike Duggan. None of the other candidates have sent out a flyer that was so blatant in its intent, and strongly claiming the mayorship of Detroit even before the votes are cast. So is Barrow’s path an example of deranged political narcissism? I don’t think so. Barrow isn’t crazy. He is an intelligent man who knows and understands Detroit very well and has been through difficult times. In 1994, he was convicted by a federal grand jury for bank fraud, tax evasion and filing false tax returns. Barrow spent 18 months in prison despite trying to get the conviction overturned. The number of times I’ve interacted with Barrow on the campaign trail, I’ve found him to be an affable and pleasant political pontificator who seems to have all of the answers to Detroit’s problems. Spending a few minutes talking to Barrow at any political event leaves you wondering and thinking you had just engaged a political science lecturer specializing in Detroit and race politics. That is Tom Barrow. Because he was there during the Coleman A. Young era and challenged the legendary mayor, he brings a wealth of history and knowledge of the time that gave birth to this current political dispensation. But beyond having knowledge and history of the time that produced the current political landscape, lies the vexing question of competence and skills to become Detroit’s next mayor. After running so many times for mayor of Detroit, Barrow has yet to win, leaving doubts about whether he can be trusted with the city’s highest office. He is managing to turn...

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Has motorization in the US reached its peak?

News Briefs 06-19-2013 Hits:81 Princess Hayes - avatar Princess Hayes

Has motorization in the US reached its peak?

  ANN ARBOR—Fewer light vehicles are on America's roads today than five years ago, thanks possibly to increases in telecommuting and public transportation, says a University of Michigan researcher. Michael Sivak, a research professor at the U-M Transportation Research Institute, studied recent trends in the numbers of registered cars, pickup trucks, SUVs and vans in the U.S. from 1984 to 2011. He examined both the absolute numbers and rates per person, per licensed driver and per household. Sivak found that the absolute number of registered vehicles reached a maximum of 236.4 million in 2008, 2.6 million more than in 2011. "It is likely that this was only a temporary maximum and that the decline after 2008 was primarily driven by the current economic downturn that started that year," Sivak said. "Consequently, with the improving economy and the expected increase in the U.S. population, it is highly likely that from a long-term perspective, the absolute number of vehicles has not yet peaked." He found, however, that rates of vehicles per person, per licensed driver and per household reached their highest levels most recently in 2006—two years before the economy stalled. The rates that year were 0.79 vehicles per person, 1.16 per licensed driver and 2.05 per household. In 2011, the rates were 0.75, 1.10 and 1.95, respectively. "It is likely that the declines in these rates prior to the current economic downturn reflect other societal changes that influence the need for vehicles—such as increases in telecommuting and in the use of public transportation," Sivak said. Sivak said that changes in the rates from 2008 on, however, likely reflect both the economy and a variety of societal changes. "Whether the recent maxima in the rates will represent long-term peaks, as well, will be influenced by the extent to which the relevant societal changes turn out to be permanent," he said. 

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Juneteenth Books Reveal Former Slaves' Words

News Briefs 06-19-2013 Hits:87 Princess Hayes - avatar Princess Hayes

Juneteenth Books Reveal Former Slaves' Words

  Nationwide (BlackNews.com) -- In the 1930s, thousands of formerly enslaved African-American elders dictated their full life stories during interviews that were conducted by the US federal government. These transcripts are stored in six archives in the United States, and compiler Donna Wyant Howell is in the process of categorizing them by subject matter. Howell has begun compiling the interviews into a series of books, entitled the I WAS A SLAVE book collection. The books contain text that remains virtually in their unedited words, along with their photographs that were taken during the interviews and others that were taken during slavery. Six books that are available now are subtitled: Descriptions of Plantation Life, The Lives of Slave Men, The Lives of Slave Women, The Breeding of Slaves, The Lives of Slave Children, and Slave Auctions. WHAT IS JUNETEENTH? Juneteenth was the name given to the celebration that was founded in Texas where the last American slaves learned that they were freed on June 19, 1865. The annual festivities now have spread throughout this country and Juneteenth is an official holiday in many states. SAMPLES OF FREEDOM DAY QUOTATIONS FROM FORMER SLAVES William Mathews: All we talk about freedom git so bad on de plantation, de massa make me put de men in a big wagon and drive em [from Louisiana] to Winfield. He say in Texas dere never be no freedom. I drive em fast and it take bout two days. But dey come back home. Massa say if he catch any of em, he gwine shoot em. Dey hang around de woods and dodge round til de freedom man come by. We went right on workin after freedom [when first declared]. Old Buck Adams wouldn't let us go. It was way after freedom dat de freedom man [from the federal government on June 19] come and read...

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Duggan Calls It Quits!

News Briefs - Original 06-19-2013 Hits:399 AJ Williams, Chronicle Web Editor - avatar AJ Williams, Chronicle Web Editor

Duggan Calls It Quits!

Wednesday morning Mike Duggan addressed the press and the public from his campaign office to announce his future plans regarding running for Detroit Mayor. “We’ve had a lot of fun in this campaign and people in media will probably miss me. But the reality is my family moved to this city, I quit my job, I spend every day for the last year campaigning for the office of mayor with some very good people, we saw the city we loved in distress and we thought we could help” Duggan continued by giving his thoughts on the recent court of appeals ruling. “Two judges out of three from the court of appeals, ruled that I am not properly on the ballot…There is no one to blame but me, I read the charter language myself, and handled moving, establishing residency and filing. I read the charter the same way the city election director read it, but two of the three judges of the court of appeals disagreed” With the delays in his campaign to address these issues Duggan said, “Now we have to look at reality, we were in a very close and tough race, but the damage done by these rulings is too much to overcome. “I just don’t think there is a viable path forward to winning. I wish the decision could have been made by the voters of Detroit and not by judges” He closed by thanking the people of the city, for embracing the thought of a white mayor in Detroit, citing the countless times people, even supporting other candidate stated that they were glad to see him run. Prior to taking questions from the audience, Duggan closed by saying that he was not sure what his future holds, but he hopes it would be in another role to help rebuild Detroit. 

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House Passes Far Reaching Anti-Abortion Bill

News Briefs 06-19-2013 Hits:84 AJ Williams, Chronicle Web Editor - avatar AJ Williams, Chronicle Web Editor

House Passes Far Reaching Anti-Abortion Bill

WASHINGTON — The House of Representatives voted this evening to pass legislation to ban abortion after 20 weeks, except in what Democrats assailed as “narrow” cases of incest of a minor, rape, and health of the mother, prompting a partisan debate on the House floor as lawmakers grappled over the question of how soon a fetus is able to detect pain in the womb.The bill, H.R. 1797 – Pain-Capable Unborn Child Protection Act, passed by a vote of 228-196. Six Republicans opposed the measure, while six Democrats crossed the aisle to support it.Republicans contend that a fetus is capable of detecting pain well before the current cut-off for abortions, at 24 weeks. Continue To ABC News...

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Detroit Council Member Kwame Kenyatta Resigns

News Briefs 06-19-2013 Hits:108 AJ Williams, Chronicle Web Editor - avatar AJ Williams, Chronicle Web Editor

Detroit Council Member Kwame Kenyatta Resigns

As reported by My Fox Detroit.... Detroit City Council member Kwame Kenyatta says he's quitting Friday. Kenyatta didn't give a specific reason to radio station WWJ, but he says the council is virtually powerless now that Detroit is being run by an emergency manager. Read more: http://www.myfoxdetroit.com/story/22630393/detroit-council-member-kame-kenyatta-quitting-friday#ixzz2WfW1DY00

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NYC Hedge Fund Bids $2.4 Billion For Compuware

Compuware Corp. (Nasdaq: CPWR) said Monday that it had received an $11-a-share buyout proposal from a New York City-based hedge fund firm, Elliott Management Corp.

DETROIT — Compuware Corp. (Nasdaq: CPWR) said Monday that it had received an $11-a-share buyout proposal from a New York City-based hedge fund firm, Elliott Management Corp.

In a statement, the company said its board “will review all aspects of the proposal in consultation with its financial and legal advisors in due course.” The statement also said the board “emphasized that shareholders need not take any action at this time.”

Investors, of course, stampeded to buy shares of the suddenly in-play software and IT services provider. Compuware stock closed Monday at $10.76 a share, up $1.23 or 12.9 percent for the day. Compuware stock closed Friday at $9.53 a share. More than 19.7 million shares had changed hands Monday, vs. 2.9 million shares on an average day.

With its offer, Elliott Management sent a letter to Compuware’s board critical of company management.

“Compuware is a long-established company that we have followed closely for several years,” the letter said. “We believe in the quality of Compuware’s assets — however, its execution, profitability and growth have meaningfully underperformed.”

The letter noted that Compuware stock has underperformed the Nasdaq and S&P 500 by an average of 6 and 34 percent over the last one and two years, respectively.

Elliott already owned about 8 percent of Compuware before Monday’s offer.

Compuware management reportedly sent an email to its employees Monday essentially calling the offer inadequate. In the email, CEO Bob Paul said the offer is “another indicator of the underlying value of our business, a value clearly identified by the broader investment community.”

But, Paul said, “We believe the value of our company is far greater than that which has been offered, and we are convinced that we — all of us together — are more-than capable of unlocking that immense value.”

Compuware had already received a letter from another shareholder, Sandell Asset Management, accusing the company of having a “bloated workforce” and a “lack of aggressive cost management.” Sandell contended Compuware had less revenue per employee than its competitors and recommended spinning off parts of the company, outsourcing and layoffs.

Compuware provides application testing, management and application development software. It also owns Covisint, a provider of secure collaboration and communication services for highly regulated industries such as health care. Compuware is currently exploring a public stock offering for part of Covisint, which provides about 9 percent of Compuware’s revenue.

The hedge fund firm’s offer values Compuware at about $2.4 billion.

Compuware was established in 1973 by Peter Karmanos, Jr. — later the company’s longtime CEO — Thomas Thewes and Allen B. Cutting. They initially offer professional computer services to corporate clients.

Four years later, Compuware introduced Abend-Aid, its first software product. Designed to detect bugs and suggest corrective action in corporate mainframe systems, Abend-Aid is still a standard in a market with more than 8,000 copies currently in use. Its name, Abend, is computer shorthand for “abnormal end,” the unplanned termination of a program caused by a computer crash.

Karmanos announced in November that he would step down as the company’s non-executive chairman as of March 31.

Compuware went public in 1992. During the late 1990s Internet bubble and concern over the so-called Y2K bug, the company’s stock briefly hit $40 a share. Its employment also topped 15,000 at the time. Today’s Compuware employs about 4,500, including about 2,000 in Detroit.

The company moved from its original headquarters in Southfield to an office complex in Farmington Hills in 1987, adding amenities like a wellness center, sundry shop and day care center.

Compuware helped lead the resurgence of downtown Detroit by building a 15-story, 1.1-million-square-foot new headquarters in Campus Martius. Compuware announced the new headquarters in 1999 and moved into the building in late 2002 and early 2003.

Currently there are five stock analysts that rate Compuware Corporation a buy, no analysts rate it a sell, and none rate it a hold.

Later Monday, two law firms announced “investigations” of the Compuware board for “possible breaches of fiduciary duty” in connection with the offer. Both the New York City law firm of Levi & Korsinsky and the Wilmington, Del. firm Rigrodsky & Long P.C. pointed out that at least one stock analysts has a price target of $12 per share for Compuware stock.

http://detroit.cbslocal.com/2012/12/17/nyc-hedge-fund-bids-2-4-billion-for-compuware/

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