Shareholders approve sale of U.S. Century Bank

A majority of U.S. Century Bank’s shareholders approved the Doral bank’s proposed sale to C1 Bank of St. Petersburg late Tuesday during a meeting at Florida International University despite dissension from some stockholders, including those who have filed suit against the bank and some of its directors and officers.

According to the terms of the deal, the bank’s 441 shareholders will receive $2.5 million from the sale, or about 1.7 cents on the dollar, from $150.1 million U.S. Century raised from multiple offerings since it was founded 10 years ago.

The sale agreement, which required approval from holders of 51 percent of the shares, still requires approval from federal banking regulators. Seventy-four shareholders attended Tuesday evening’s meeting.

The deal to sell U.S. Century to C1, reached Aug. 30, includes a proposed, renegotiated $6.27 million repayment to the federal government of $50.2 million in TARP funds. The U.S. Treasury Department must approve the proposed TARP (Troubled Asset Relief Program) repayment. According to documents, the deal also includes up to $400,000 to be paid by C1 to regulators should U.S. Century be fined over Bank Secrecy Act violations found in its recent regulatory examination.

The bank has said the sale is expected to be completed by year-end.

A group of shareholders has filed a “derivative action” suit, which seeks to recover money from the bank that allegedly resulted from the wrongdoing of the bank’s directors and officers.

The suit was filed Nov. 13 in Miami-Dade Circuit Court by brothers Carlos R. Silva and Jorge E. Silva, both Coral Gables attorneys and founding shareholders, and last week was amended to include several additional shareholders — including Shoma Group head Masoud Shojaee — totaling more than $10 million in original investments, said Coral Gables attorney Gonzalo Dorta who represents the shareholders who filed the suit against the bank and some of its current and former officers and directors. Among the defendants are Telemundo executive Jose Cancela, homebuilder Sergio Pino — who formerly owned U.S. Century’s headquarters building, and public affairs businessman and lobbyist Rodney Barreto.

“I feel terrible,” Carlos Silva said after the meeting. He estimated the losses that he and his brother sustained at $400,000. “We all lost a lot of money.”

“This bank was basically run by a group of individuals like it was their personal bank to finance their speculative real estate construction activity at the expense of others,” Dorta said before Tuesday’s meeting.

U.S. Century said in a statement that the bank is in the process of reviewing the suit and is “not at liberty to discuss it further until we have completed the review process and consulted with our legal counsel.”

U.S. Century was founded by a group of prominent, largely Cuban-American investors, many of whom are local business leaders, real estate developers and attorneys.

Among the issues raised in the lawsuit, the bank acknowledges that it has made loans to current and former directors, and a third of its 24 branches are leased from current or former directors.

Current and former directors of the bank hold a significant portion of the bank’s shares, several sources said.

U.S. Century has been struggling since the real estate downturn and recession. Founded in 2002, U.S. Century is operating under a June 2011 regulatory consent order mandating it to boost capital, reduce its bad loans and return to profitability, among other requirements. Last year, it hired Japanese investment bank Nomura Securities to try to raise at least $150 million in private equity funds.

C1, privately owned by four investors, including two Brazilians, is proposing to inject $100 million of fresh capital into the combined bank.

The deal would give the growing C1 Bank 24 branches in Miami-Dade and Broward counties and nearly $1.2 billion in assets.

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Survivor of flea-market police shooting is charged

Two Miami men shot Sunday by Miami-Dade police outside a flea market were identified Monday, and the survivor was charged with battery.

Michael Nathaniel Parks, 21, faces charges of battery on a law-enforcement officer and resisting an officer with violence. The second man, who had been driving the van the pair had been in, and who died at the scene, was identified as LeBron Warren, 23.

The shooting took place shortly before 3 p.m. Sunday at Flea Market USA, near Northwest 79th Street and 30th Avenue. Police said the victim of a nearby home-invasion robbery followed the robbers’ vehicle to the flea market and told police about it.

Officers found a van matching the description there, with Parks and Warren inside.

When officers approached, Warren put the van in reverse and accelerated toward them, hitting a police vehicle. Officers fired, and the van tried to get away, hitting other parked cars before it came to a stop, police said.

No officers were hurt.

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132 online counterfeit sites seized in Cyber Monday blitz

WASHINGTON (Reuters) – U.S. and European authorities seized 132 domain names in a counterfeit goods crackdown linked to Cyber Monday, the online bargain day, the head of U.S. Immigration and Customs Enforcement said.

ICE agents seized 101 domain names in the United States and 31 were taken over by officers in Britain, Romania, Belgium, France and Denmark and by Europol, the European Police Office, ICE Director John Morton said.

The sites, many linked to organized crime, were selling fake goods that ranged from National Football League jerseys and Nike Inc shoes to Adobe Systems Inc software, he said.

“There is much money to be made out there duping consumers and that is what is going on,” Morton said on a conference call.

Investigations are ongoing and more sites will be seized in coming days.

In the United States, 41 rights owners’ merchandise was being sold on the seized sites, Morton said.

ICE said in a statement that one U.S. arrest had been made.

The crackdown marks the third year that ICE has targeted websites selling counterfeit goods on Cyber Monday, the online shopping spree. It is the first time the agency has carried out the operation with European police.

The Cyber Monday seizures raise the total number of U.S. sites taken over to 1,630 since ICE began its anti-counterfeit campaign in June 2010.

PayPal accounts identified with the sites and holding a total of more than $ 175,000 are being targeted for seizure, the ICE statement said.

Morton put the scale of online piracy in the billions of dollars. Much of the online counterfeiting is in China and other parts of Asia, and U.S. authorities are working with China on the problem, he said.

(Reporting by Ian Simpson; Editing by Dan Grebler)

Internet News Headlines – Yahoo! News

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Ryan Guzman 'Steps Up' to the Plate as Dancer

Ryan Guzman had some pretty hefty dance shoes to fill as the lead of Step Up Revolution. Without any formal dance training, the model and MMA fighter joined a cast of professional dancers, including many So You Think You Can Dance alums.

Producer Adam Shankman sure was fooled at the rookie actor's try-out. "We didn't know he was a non-dancer," he says blindsided. "He lied. He danced really well in the audition."

The rhythmic cast got the newbie up to speed in no time. "They're so open and inviting. They're willing to teach me and spread their art form," Ryan tells ETonline. "There was no lack of chemistry [with Kathryn McCormick]."

Newly minted People's Sexiest Man Alive Channing Tatum met his now-wife Jenna Dewan when they co-starred in the first Step Up film, but Ryan stuck to the scripted romance with Kathryn. In real-life, he's still single. Of his predecessor's honor, he acknowledges Channing is "a very sexy man. He's got good looks and I think People got it right."

VIDEO: Is Ryan Guzman The Next Big Actor?

Ryan would be open to bringing his own sexy back to the big screen if approached to star in 50 Shades of Grey. "I'd love to go after it," he admits. "I've seen the character description. I've read some of the book. It's definitely not really me, but that's what's fun about it. Get a little naughty, get a little dirty."

Step Up Revolution diverted off course from the battling featured in previous installments of the ever-growing franchise and instead focused on the flash mob dance craze that has gone viral as an internet sensation. The flash mobs in the film were used as protest art, showcasing the culture of a Miami community that might be torn down for a construction development project. "It was strange to coincide with the whole Occupy movement," Adam tells ETonline. "Made it relevant. Happy accident."

VIDEO: Inside Ryan Guzman's Birthday Bash

One thing that has stayed consistent throughout all Step Up films is they all promise and deliver elaborate dance numbers. "When you have dancers that are that talented and that precise, you don't need as [many takes]," Adam boasts. "They give it to you pretty much every time. The movie is extremely well rehearsed."

Both Ryan and Adam agree that the Step Up Revolution DVD and Blu-ray, out November 27, makes a great stocking stuffer and can be enjoyed with the entire family this holiday season. Watch an exclusive bonus clip above.

VIDEO: Ryan Guzman 'Steps Up' to Surprise Fans at Theater

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The ‘Demon’ guarding GOP principles

Rich Lowry

Listening to Democrats and the media, you could be forgiven for thinking the point of a deal over the looming “fiscal cliff” wouldn’t be to reduce the deficit so much as to reduce the influence of one man — Grover Norquist of Americans for Tax Reform.

Known to one and all simply as Grover, he is the keeper of the Taxpayer Protection Pledge signed by almost all Republicans committing themselves not to raise taxes. For this offense, Grover is deemed the enemy of all that is right and just.

The pollster and ABC News commentator Matthew Dowd said on “This Week,” “Norquist is an impediment to good governing. The only good thing about Grover Norquist is that he was named after a character from Sesame Street.” Not everyone has been as juvenile, but Dowd captured the gleeful spirit of the anti-Norquist pile-on.

The idea that we’d have “good governing” only if more tax increases were thrown on top of poorly designed, out-of-control entitlements, wasteful subsidies, rotten schools and an ever-growing mess of regulation is fanciful. ObamaCare increased taxes by more than $500 billion, and our governing did not noticeably become better as a result.

Grover has three insights that are absolutely correct: 1) Revenues from tax increases will almost invariably be spent. Does anyone believe that if George W. Bush had not cut taxes early in his first term that the Tom DeLay and Nancy Pelosi Congresses wouldn’t have, in their collective wisdom, found ways to spend the additional revenues? 2) The typical structure of the Washington budget deal is tax increases now in exchange for promised spending cuts over time that don’t materialize. 3) The Republican brand is dependent on its status as the anti-tax party.

These aren’t alien beliefs foisted on the Republican Party, but represent GOP orthodoxy. Nonetheless, everyone acts as if Grover is the instrument of the party’s Babylonian captivity. If only the dastardly Norquist didn’t make Republicans say they won’t raise taxes — and put it in writing — the party could fulfill its role in the “good governing” of Washington, namely joining Democrats to raise taxes.

The proof of the supposed perversity of Grover’s influence is the widely cited hypothetical example of a Democratic offer to cut $10 in spending for every $1 in new tax dollars. In one presidential-primary debate, every Republican candidate indicated that he or she would oppose such a deal. Of course, it’s all academic because such a deal will never, ever be on offer.

Hypotheticals work both ways, or they should. What would Democrats be willing to accept in exchange for signing off on a premium-support plan for Medicare? Nothing.

The press isn’t scandalized by this particular intransigence. It isn’t a favorite topic on the Sunday shows whether the influence of AFL-CIO President Richard Trumka, who opposes all meaningful spending cuts, will be broken in the Democratic Party. No one is outraged that the left is mustering a lobbying campaign to keep President Obama from giving anything on entitlements in the talks over the fiscal cliff.

But whenever a Republican says he won’t abide by Grover’s pledge, the media act like a choir of angels celebrating another saved soul. So far, it’s only the usual suspects in the party, although House Speaker John Boehner has signaled a willingness to raise more revenue if the president will cut entitlement spending.

What makes this time different than prior budget showdowns is that Republicans can remain technically compliant with the pledge by doing nothing, and taxes would still go up on everyone automatically at the end of the year. A deal, then, could make sense, depending on the parameters.

As the cliff approaches, all the pressure within Washington and within the media will be for Republicans simply to cave to the president. Grover will make it as painful as possible for them to do it, and should wear the resulting elite obloquy as a badge of honor.

comments.lowr@)nationalreview.com

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Shoppers welcome holiday sales by buying early, often — and online

Shoppers swooped into stores in droves on Thanksgiving weekend, topping last year’s sales, as more retailers opened their doors earlier than ever on Thursday, luring bargain hunters away from eating another plate of turkey.

And now Cyber Monday is expected to set a record for online shopping this year, for those who prefer the Internet to the mall.

Spending per shopper nationwide averaged $423 — $25 more than last year — from Thursday to Sunday, while total spending increased nearly 13 percent, to an estimated $59.1 billion, according to a survey by the National Retail Federation.

“I think the only way to describe the Thanksgiving openings is to call it a huge win,” said Matthew Shay, the trade group’s president and chief executive. Shopping, he said, “has really become an extension of the day’s festivities.”

South Florida was no exception, as a flurry of stores, as well as several malls, opened on Thanksgiving. Thursday has seemingly become the new Black Thursday, taking a bite out of the old-fashioned kickoff day of the holiday, Black Friday.

“We had an excellent weekend,” said Humberto Maldonado, director of marketing for Dadeland Mall, which opened at midnight on Thursday. Sales figures are not yet in, but the overall trend was up from last year, he said Monday.

“It was really busy from midnight to 5 a.m., then it slowed, and picked up again at 7 a.m. or 8 a.m., and stayed busy all day on Friday,” Maldonado said.

Nationwide, about 35 million people visited stores and shopping websites Thursday, up from 29 million last year. More than double that number — 89 million, up from 86 million — shopped on Black Friday.

“There were more people shopping every single day of the weekend,” Shay said.

Topping off the weekend, Cyber Monday’s early results, tabulated at 3 p.m. Monday, showed that online shopping was up a whopping 25.6 percent compared with the same time period a year ago, according to figures by IBM Benchmark.

Nationwide, most of the weekend’s shoppers — roughly 58 percent — bought clothing and accessories. Another 38 percent bought electronics and 35 percent shelled out for toys, National Retail Federation figures show.

Retailers made an effort to lure people in, with updated mobile shopping applications for smartphones and tablets, and expanded shipping and layaway options.

Still, it remains to be seen whether increased sales over the Thanksgiving weekend will translate to higher sales throughout the holiday shopping season. Analysts have been predicting mediocre sales this year, nationwide, as shoppers remain uncertain about the broader economy. Overall holiday sales are expected to increase 4.1 percent from 2011, compared with sales growth of 5.6 percent last year, the National Retail Federation said.

However, Florida is expected to beat those figures. Buoyed in large part by tourists and snowbirds, the Florida Retail Federation is forecasting a 5.3 percent gain this year over last, to $58 billion, marking the highest percentage growth predicted since the recession. Pre-recession, retail sales peaked at $54.3 billion in 2006.

Christian Cutillo, 26, of Weston, hit Walmart, then Sears, Target and Old Navy after eating Thanksgiving dinner.

She began at 7:30 p.m. Thursday and by 3 a.m. Friday she had finished shopping for all 15 people on her list, mostly buying clothing and toys.

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More toll express lanes coming to South Florida

Motorists will find it more expensive to drive around South Florida roadways in coming years, as a new network of toll lanes takes shape.

The network would extend from Florida City in southernmost Miami-Dade County to Interstate 595 in central Broward, and from Interstate 75 in western Broward to Interstate 95 in east Broward.

“One of the main projects we foresee are the managed lanes project,” said Harold Desdunes, the Florida Department of Transportation’s district director of transportation development in Miami, using the formal designation for toll express lanes.

Ananth Prasad, FDOT’s secretary, announced the outlines of the project in 2011.

The toll lanes project builds on existing express lanes on I-95 in Miami-Dade that operate between just south of State Road 112 and the Golden Glades Interchange. The system now is being extended from the Golden Glades to Broward Boulevard.

But according to maps and other information provided by FDOT and other transportation officials at a recent meeting, express lanes may be added to several area roadways – including the South Miami-Dade Busway, the Homestead Extension of Florida’s Turnpike, the entire Palmetto Expressway, parts of I-75 and I-595. And the I-95 toll system now under construction eventually could reach Palm Beach County.

The wider scope of the express lane network recently became clearer when FDOT officials detailed the agency’s five-year work plan.

A central component of the Miami-Dade portion of the network is express lanes on the Palmetto Expressway from 836 to I-75, where they would link up with planned express lanes on I-75 to I-595.

There, the lanes would intersect with reversible toll express lanes now being built in the median of I-595 from I-75 east to I-95.

The I-75 planned express lanes also would be built in the median, said Judy Solaun-Gonzalez, senior project manager in Miami-Dade.

“The [826] express lanes would connect to the median of I-75,” said Solaun-Gonzalez. “And we would have a new bridge connecting Palmetto express lanes to I-75 express lanes.”

An FDOT map shows express lanes eventually running along the entire length of 826 from Dadeland in the south to the Golden Glades in the north.

Express lanes on the network would charge variable toll rates, depending on congestion.

At a public meeting Nov. 14 at Pinecrest Gardens, Miami-Dade Expressway Authority (MDX) officials detailed their plan to add possible express lanes to the Busway, which runs parallel to U.S. 1.

MDX is conducting a study on possible alternatives to ease traffic congestion along the U.S. 1 corridor, one of which includes express lanes plus construction of overpasses or underpasses at intersections so Busway vehicles can bypass traffic lights.

The Busway plan has drawn criticism from some quarters in Pinecrest Gardens – though at the meeting, some people backed the idea of adding express lanes.

“This is a good idea,” said John Pell, who attended. “The east-west traffic will flow more quickly because currently it has to wait a long time for Busway and U.S. 1 traffic to clear the intersections.”

Pell said some residents oppose it because they don’t want commuters driving through.

Neighborhood leader Holly White said she is concerned that the new toll lanes would bring cut-through traffic into the surrounding neighborhoods.

“It could be very dangerous for our children and disruptive to our neighborhood,” she said.

More details on the I-75 express lanes project are expected to be discussed during three additional meetings in Broward:

Here is the schedule for the three meetings, which will be held in the board room of the Broward Metropolitan Planning Organization (MPO) at the Trade Centre South Building, 100 W. Cypress Creek Rd., Suite 850, Fort Lauderdale:

• 2:15 p.m. Monday, the technical coordinating committee meets.

• 6 p.m. Tuesday, community roundtable.

• 9:30 a.m. Dec. 13, open debate among members of the MPO.

Miami Herald staff writer Ashley Lopez contributed to this report

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Barbara Eden Mourns Death of I Dream of Jeannie Co Star Larry Hagman

"I still cannot completely express the shock and impact from the news that Larry Hagman has passed," grieved the TV veteran's I Dream of Jeannie co-star Barbara Eden.

Video: Larry Hagman Charms in Final ET Interview

Hagman's untimely death on Friday hit Eden especially hard, and in an open letter via Facebook the 78-year-old star mourned the loss of her dear friend and fellow icon.

As I received the news this evening and as you read this I still cannot completely express the shock and impact from the news that Larry Hagman has passed. I can still remember, that first day on Zuma Beach with him, in the frigid cold. From that day for five more years, Larry was the center of so many fun, wild, shocking… and in retrospect, memorable moments that will remain in my heart forever.

He was such a key element in my life for so long and even, years after I Dream of Jeannie; our paths crossed many times. Throughout various productions I had the pleasure of watching the Texas Tornado that was Larry Hagman. Amidst a whirlwind of big laughs, big smiles and unrestrained personality Larry was always, simply Larry. You couldn't fault him for it, it was just who he was. I am so thankful that this past year I was able to spend time with him and experience yet again ‘Larry’ in all his Big Texas bravado.

I, like many others believed he had beat Cancer and yet we are reminded that life is never guaranteed. My deepest condolences go out to his wife Maj, his son and daughter and his grandchildren, as well as his friends in this time of his passing. I can honestly say that we've lost not just a great actor, not just a television icon, but an element of pure Americana.

Goodbye Larry, there was no one like you before and there will never be anyone like you again.

-Barbara

Larry Hagman died Friday morning from complications stemming from his recent battle with cancer. He was 81.

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What tax hikes mean

It’s hard to imagine anything worse for America’s still-foundering economy than a hike in tax rates next year — whether for the “rich,” or anyone else.

Yet President Obama and his fellow Democrats seem determined to inflict just that kind of pain on the nation.

And never mind their supposedly promising talks with Republicans in Congress to avoid the fiscal cliff at year’s end.

Obama claims he won a “mandate” for “making sure that the wealthiest Americans pay a little bit more.”

“Higher-income people have to pay their fair share,” House Democratic Leader Nancy Pelosi harrumphs.

AP

Nancy Pelosi

Folks making $200,000 a year and above, they insist, simply must be zapped.

Alas, it’ll be the entire nation — and not just the “wealthy” — who pay for their punitive populism.

Start with their assertion that current tax rates are unfair.

Actually, they’re right about that: The top 20 percent of earners pays about 70 percent of all federal taxes, according to the Congressional Budget Office — with the top 1 percent alone carrying fully 22 percent of the federal tax load.

Meanwhile, the bottom 20 percent pays virtually nothing — a measly 0.3 percent.

So, yeah, tax rates are unfair — but to the higher-income groups, not the middle class.

Next, note how Obama pooh-poohs the amount folks will have to pay, should his higher rates become law.

He calls it just “a little bit more.”

Really?

The president wants a 10-year, $1.6 trillion hike. That’s “a little bit more”? Maybe to a big spender like Obama it is, but not to those who’ll be digging deep.

And don’t think Obama’s 11 percent hike in the top rate — from 35 percent to 39.6 percent — is the end of it: There’s also a new 0.9 percent Medicare tax under ObamaCare and new provisions to cap deductions that House analysts say will add about two percentage points more.

Plus, there’s the Medicare payroll tax — another 2.3 percent — bringing the top rate to a painful 44.8 percent.

(ObamaCare’s 3.8 percent capital-gains surcharge would boost that to 48.6 percent if treated as ordinary income.)

Watch out, New York: The state’s own top rate, thanks to Gov. Cuomo and state lawmakers, adds another 8.8 percentage points to that bill. And folks in the city pay yet another 3.9 points — placing their tab in the 60 percent ballpark.

Folks will feel that.

More important, it’ll clobber growth.

Socking everyone.

“The economic reactions to a tax increase distribute the economic losses . . .across the board,” says Tax Foundation analyst Stephen Entin. His group predicts GDP will run about 3 percent below baseline projections over the next half-decade or two, thanks to Obama’s tax hikes.

Job losses? Between 1 million and 4 million. Real wages? Down 2 percent-plus.

Nor is it just the Tax Foundation predicting disaster: Ernst & Young found Obama’s taxes would destroy 700,000 jobs.

Even Obama’s own Council of Economic Advisors’ first chairwoman, Christina Romer, and her husband found in 2010 that “tax increases are highly contractionary.”

Such hikes, they wrote, “appear to have a very large, sustained and highly significant negative impact on output.”

America’s got one hope: that Republicans stick to their pledge and not sign on to any upticks in levies. None.

Even so, they’ll have to get Dems to go along — or automatic hikes kick in.

Yes, the stakes are high.

Better fasten your seat belts.

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‘App economy’ is sizzling with potential

Raymond Gonzalez, a Florida International University senior, is developing an iPhone application called Pet Finder that will allow users to browse the dogs and cats at the local animal shelter or request an animal for adoption. He is also part of a team creating mobile apps that track bank failures, issue alerts about earthquakes and organize homework assignments.

It’s a well-calculated effort to learn as much as he can about mobile technology as quickly as possible. “My goal is to make all these apps free and open source while using the knowledge gained to build my startup company after graduation,” said Gonzalez, who is majoring in information technology.

Whether he starts his own company or works for someone else, Gonzalez is preparing to be a player in a high-paying, sizzling new industry, one that might provide the United States with a big opportunity to increase its exports in coming years.

While the overall economy still lags, the “app economy” has created nearly 500,000 jobs in the United States since 2007, when there were none.

Companies even worry that the nation isn’t moving fast enough to produce new talent for thousands of unfilled jobs as consumers demand more and more gizmos and gadgets for their smartphones.

As a result, salaries are rising quickly: Mobile apps developers can expect pay increases of 9 percent next year, among the highest of any jobs, putting them in the range of $92,750 to $133,500 a year, according to a survey that the staffing and consulting firm Robert Half International released last month.

If the United States can maintain its dominance in the industry, many say the app economy could make a big dent in the country’s federal trade deficit. Last year, for example, more than 20 percent of the apps downloaded in China were made by U.S. developers.

“There is unprecedented opportunity for America to capitalize on exploding international markets,” Peter Farago, the vice president of marketing for Flurry, a high-tech startup in San Francisco, testified in September before the House Subcommittee on Commerce, Manufacturing and Trade.

Farago said his company had more than 100 employees and 50 open positions and that “we literally cannot find the talent we need fast enough.” He told members of the subcommittee that the app economy would become increasingly international and that the United States should do more to improve education and retraining programs and to make it easier for companies to bring and keep more talent from foreign countries.

“We’re in a human capital crunch,” added Rey Ramsey, the president and chief executive officer of TechNet, a network of technology executives that promotes the industry.

According to a TechNet study released earlier this year, the 466,000 mobile-tech jobs created since the iPhone was introduced include programmers, designers, marketers, managers and support staff for Apple, Android, Facebook and other platforms. California is by far the most dominant player in the industry, accounting for nearly one of every four jobs. New York ranks second, followed by Washington state, Texas, New Jersey, Illinois, Massachusetts, Georgia, Virginia and Florida.

Among metropolitan regions, New York ranked first, followed by San Francisco-Oakland-Fremont, San Jose-Sunnyvale-Santa Clara and Seattle-Tacoma-Bellevue. Miami-Fort Lauderdale ranked 19th.

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