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13 People Shot In Detroit Within 24-Hour Period

News Briefs 05-18-2013 Hits:42 News One - avatar News One

13 People Shot In Detroit Within 24-Hour Period

  Detroit recently hired a new police chief. But if Chief James Craig[1] was expecting a honeymoon period, he was sadly mistaken. Fox 2 News Detroit reports[2] that 13 people were shot within a 24-hour period. Though, during a press conference this week, the department failed to mention it, according to Fox 2 News[3]. In fact, when a reporter asked about the high number of shootings during a press conferece, a police department spokesperson shut it down. For some reason, asking about crime numbers seemed to be a bit of an issue. It’s something that Detroit Police Commission Chairman Rev. Jerome Warfield says he wants to change. “Part of community policing is to arm the community with as much information as you can give them in order [that] they may look out for you,” Warfield said. “If these type of activities are going on, then the community can coalesce and come together and then be able to help the police in their job.” The most recent shooting involved the death of 54-year-old Almeter ...

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Fannie Mae Snubs Detroit

News Briefs - Original 05-17-2013 Hits:341 Amber Bogins - avatar Amber Bogins

Fannie Mae Snubs Detroit

UAW Vice President Cindy Estrada, disappointed and angered by the withdrawal of Fannie Mae and Freddie Mac from a Detroit hearing on foreclosures, will proceed with plans to co-host the May 20 event. “This was our chance for Fannie Mae and Freddie Mac to listen and learn about how destructive their policy of foreclosure and eviction is for metro Detroit,” says Estrada, who anticipates spirited testimony at the People’s Hearing. “They need to see and hear the evidence that their policies are hurting working families and undermining neighborhoods.” Following two months of discussion and planning, the federal agencies have withdrawn from the hearing at the direction of legal counsel, claiming-- at the 11th hour-- that it would be “awkward” for officials to hear testimony from homeowners who are in litigation fighting eviction by Fannie or Freddie. Throughout the planning process, organizers of the event provided full disclosure of the anticipated agenda and details of the public hearing. Officials from Fannie Mae and Freddie Mac, the failing mortgage investors taken over by the federal government in 2008, agreed in March to come to Detroit and hear testimony from homeowners, union members, and community leaders about the foreclosure crisis. Fannie and Freddie, which own or insure more than half of all residential mortgages in the country, have foreclosed on more than 15,000 families in Wayne County since the government takeover by the Federal Housing and Finance Agency (FHFA). Thousands more have lost their homes in Oakland and Macomb. Fannie and Freddie have declared a moratorium on foreclosures in areas stricken by Hurricane Sandy. Estrada and organizers from Detroit Eviction Defense argue that they should do the same for Metro Detroit, flattened by banking fraud, mass unemployment, and the resulting storm surge of foreclosures. They are also calling on Fannie and Freddie to reverse their current...

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64-Year-Old Stabbed At Gas Station As Customers Stood By And Watched

News Briefs 05-17-2013 Hits:101 News One - avatar News One

64-Year-Old Stabbed At Gas Station As Customers Stood By And Watched

A 64-year-old Detroit man is recovering at a local hospital after he was viciously stabbed at a gas station. The unidentified victim spoke to Fox 2 News Detroit[1] about the attack that took place around 5 a.m. He says he was approached by a would-be-thief who demanded money. Soon after the demand, the attack began. At first, the thief began punching him. Then the punches turned to stabbing and continued until he passed out.   “I didn’t realize that I was bleeding until I hit the floor,” he said. “All the blood started coming out and I got real weak and I couldn’t move.” The victim was left with stab wounds in his chest and abdomen. He is expected to recovery, but may have to undergo surgery Friday. Police said they’ve arrested a 27-year old Detroit man who lived near the gas station where the attack took place. He’s expected to be arraigned Friday. ...

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Governor Commends Roy Roberts for Continued Commitment to DPS

News Briefs 05-15-2013 Hits:103 Princess Hayes - avatar Princess Hayes

Governor Commends Roy Roberts for Continued Commitment to DPS

  LANSING, Mich. – Gov. Rick Snyder today issued the following statement regarding the decision of Detroit Public Schools Emergency Manager Roy Roberts to postpone his May 16 retirement and continue serving in his current capacity for up to six more months: “Roy’s devotion to the students, families and teachers of Detroit Public Schools has been apparent since his appointment in 2011. His willingness to delay his personal plans and continue providing critical vision and leadership to the district for the next six months underscores that commitment. “The school district is making strides and that’s due to the partnership between Roy and the community. Working as a team, they have delivered consecutive balanced budgets for the district and significantly reduced its legacy deficit, all of which builds a stronger educational foundation for DPS students. While much work remains, there’s no doubt that the district is moving in the right direction. “As the school year winds down, it is important that students stay on a steady course. Roy’s continued guidance will guarantee that essential continuity. I appreciate all that he has done for Detroit’s school children and welcome his decision to remain at the district’s helm for the next few weeks and months to ensure a smooth, effective leadership transition.”   

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MAYOR BING ANNOUNCES AAA MICHIGAN SUPPORT FOR ESSENTIAL DETROIT FIRE DEPART…

News Briefs - Original 05-15-2013 Hits:225 Princess Hayes - avatar Princess Hayes

MAYOR BING ANNOUNCES AAA MICHIGAN SUPPORT FOR ESSENTIAL DETROIT FIRE DEPARTMENT EQUIPMENT

  Funding Provided for Inspection of Aerial Ladders, Ground Ladders DETROIT – Detroit Mayor Dave Bing announced today that AAA Michigan will donate $23,500 to the Detroit Public Safety Foundation to pay for the inspection of 20 aerial ladders and 4,600 feet of ground ladders used by the Detroit Fire Department (DFD). The gift is the latest in a recent series of recent corporate donations in support of the City of Detroit’s public safety operations. “Once again, one of Detroit’s corporate citizens has come forward and generously shown its support for our public safety operations, our first responders and our citizens,” Mayor Bing said. “The proper inspection of our fire department’s aerial ladders and ground ladders was a critical need that AAA Michigan has graciously met. I appreciate the leadership and continued concern for public safety that AAA has demonstrated with this gift.” "Our history of supporting the community dates back nearly a century," said AAA Michigan President Steve Wagner. "We are very pleased to present the Detroit Fire Department with this grant, which we know will help save lives." The ladder inspections are required to keep DFD equipment in compliance with standards of the National Fire Protection Association (NFPA), an independent organization that establishes fire safety codes and regulations for various industries and the firefighting profession. Detroit Fire Commissioner Donald Austin ordered last February that until a full inspection of the entire ladder fleet is completed, DFD will not engage in manned aerial ladder operations -- unless there is an immediate threat to life. In cases where a manned ladder must be used, every effort will be made to properly support the ladder. DFD continues to use unmanned aerial ladders as “water towers” to fight large fires. “We are grateful for AAA’s generous donation,” Commissioner Austin said. “Aerial ladders can place firefighters 100 feet above...

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Chevrolet Detroit Belle Isle Grand Prix revs up for summer classic

News Briefs - Original 05-15-2013 Hits:581 AJ Williams, Chronicle Web Editor - avatar AJ Williams, Chronicle Web Editor

Chevrolet Detroit Belle Isle  Grand Prix revs up for summer classic

With a little less than two weeks to go before the Chevrolet Detroit Belle Isle Grand Prix takes over the Motor City’s famed island park for three days of fun, excitement and racing, preparations for the fast and furious event are on schedule, according to Grand Prix officials. The event, which will be held from May 31– June 2, is expected to draw more than 100,000-plus fans and will garner a national television audience of millions. Grand Prix officials are working long days to assure that the event is entertaining and memorable as some of the world’s greatest race drivers will compete in some of the world’s most powerful and fastest cars. “We are moving forward,” said Charles Burns, general manager for the Chevrolet Detroit Belle Isle Grand Prix. “We are getting geared up for a first-class event. Roger Penske and Bud Denker (event chairman) have set the standard for excellence, and we have a great team that really wants to perform well and showcase the Grand Prix, Belle Isle, and the city of Detroit. So we are staying on top of all the details and preparations necessary to make this event successful.” Staying on top of details has included a recent long drive from Detroit to Birmingham, Alabama for Burns. “Two of the three racing series that will be held on Detroit’s Belle Isle will be held at Barber Motorsports Park in Birmingham this weekend (April 5-7), said Burns, via cell phone, as he motored towards Birmingham. “So I’m going down to Birmingham to talk with officials from both series about some logistical things that we have to work through. In addition, I want to spread the good word down there about our great event on Belle Isle which is right around the corner.” This year’s Chevrolet Detroit Belle Isle Grand Prix...

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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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