The Bad News Report

[Blue_Devil]

I do not think a NextEra buy out of Duke Energy would be a good thing. I have a feeling all those DT jobs would be moved out. 

[U_R_]

Would anyone familiar with Duke and NextEra know why NextEra went for Duke over Southern Company? If Duke rejects again would NextEra look toward southern? Southern’s market cap is around 5 billion lower than Duke’s, so I wonder why they chose Duke. 

[atlrvr]

I don't know much about this space, but NextEra has been a growth company giving it a high market cap.  This feels like them trying to buy stability when their valuation is high.

Not as extreme, but an apt comparison would be Tesla offering to buy Ford. 

[HopHead]

Without knowing all the details of what was proposed by NextEra, I have a hard time believing this deal would ever get regulatory approval. A deal this size would be a huge negative for customers imo -- for starters Duke has something like 7.5+ million customers in a half dozen or so states. The utility industry is also highly regulated.  I wonder if NextEra was just testing the waters knowing they were aiming too high to see if someone else out there was ripe for acquisition once they caught wind of this news. Kind of like when you are negotiating a salary. You throw out something high to see what comes back. 

[rancenc]

Ruby Tuesday has filed for Chapter 11 with about 185 closures.  Not sure if any NC stores are affected or not!

https://rebusinessonline.com/ruby-tuesday-files-for-chapter-11-bankruptcy-protection-closes-185-restaurants/?utm_source=rss&utm_medium=rss&utm_campaign=ruby-tuesday-files-for-chapter-11-bankruptcy-protection-closes-185-restaurants

[rancenc]

Ominous news in the world of retail.....could affect several properties in North Carolina!

https://www.bloomberg.com/news/articles/2020-11-02/mall-owner-cbl-properties-files-for-bankruptcy-in-bid-to-survive

[rancenc]

Well it appears that the last full service Sears store in the Charlotte metro area is closing.  The store at Carolina Mall in Concord is closing shop.  I believe that there is a Sears Outlet store in Matthews that is still open.

https://independenttribune.com/news/local/friday-five-no-smithfield-s-no-sears-but-other-good-stuff-coming/article_662b442e-2aad-11eb-b2fd-2f300321030a.html

[atlrvr]

Belk's corporate debt is trading at 35 cents on the dollar today, and there was news report they haven't been paying their vendors.... apparently some vendors threatening lawsuits, others refusing to send more merchandise until they are paid.... guessing they are trying to hold on through the holidays and then will file BK ( likely restructuring) to shed all the small town stores.

[rancenc]

Bad news for Wisconsin..at least for now.   I do believe that NC was being considered for this operations before going to Wisconsin.

https://www.ncadvertiser.com/news/article/Foxconn-not-expect-to-meet-hiring-goals-in-next-3-15772114.php

[DMann]

Didn’t the DonAld take credit for Foxconn?

[SouthEndCLT811]

3 hours ago, rancenc said:

Bad news for Wisconsin..at least for now.   I do believe that NC was being considered for this operations before going to Wisconsin.

https://www.ncadvertiser.com/news/article/Foxconn-not-expect-to-meet-hiring-goals-in-next-3-15772114.php

That's unfortunately been the rumor for a while there.  They  tore up a newly expanded part of I-94 (2009-2016 project!) because of the infrastructure Foxconn required 94 south of Milwaukee to be redone again.  My in laws are in the area and this whole thing has been a pretty big inconvenience getting around

https://madison.com/ct/opinion/column/dave_zweifel/plain-talk-wisconsin-will-pay-for-foxconn-mess-for-years/article_427a05ce-4ac0-52e9-99c5-46361d66de79.html

 

[JHart]

14 hours ago, rancenc said:

Bad news for Wisconsin..at least for now.   I do believe that NC was being considered for this operations before going to Wisconsin.

https://www.ncadvertiser.com/news/article/Foxconn-not-expect-to-meet-hiring-goals-in-next-3-15772114.php

It's one of the worst state incentive projects I've ever heard of, I'm from Wisconsin too which is why it hits home even more. That article says less than 300 employees and $300M of investment, falling just short of the claimed 16,000 employees and $10B of investment. The state gave them $4.5B in incentives!!

The worst part of it on top of the massive infrastructure the state is paying for is how much environmental damage this facility is causing. Everything from them receiving waivers to not meet emissions regulations, to not having any increased wastewater treatment facilities for the heavy metals used to produce LCD screens (let's just send it to the regular Racine facility, that'll be fine), to future stormwater damage because of the design due to how much water they need to take from Lake Michigan. 

12 hours ago, DMann said:

Didn’t the DonAld take credit for Foxconn?

Yep. This is a Scott Walker & Donald Trump special, arguably only outmatched by the Giuliani/Trump combo for sheer stupidity. Irreparable environmental damage to one of the largest freshwater lakes in the US and a few billion US dollars to a company in Taiwan. Sometimes it is tiring, all the winning in this country... 

[Blue_Devil]

 

6 hours ago, JHart said:

It's one of the worst state incentive projects I've ever heard of, I'm from Wisconsin too which is why it hits home even more. That article says less than 300 employees and $300M of investment, falling just short of the claimed 16,000 employees and $10B of investment. The state gave them $4.5B in incentives!!

The worst part of it on top of the massive infrastructure the state is paying for is how much environmental damage this facility is causing. Everything from them receiving waivers to not meet emissions regulations, to not having any increased wastewater treatment facilities for the heavy metals used to produce LCD screens (let's just send it to the regular Racine facility, that'll be fine), to future stormwater damage because of the design due to how much water they need to take from Lake Michigan. 

Yep. This is a Scott Walker & Donald Trump special, arguably only outmatched by the Giuliani/Trump combo for sheer stupidity. Irreparable environmental damage to one of the largest freshwater lakes in the US and a few billion US dollars to a company in Taiwan. Sometimes it is tiring, all the winning in this country... 

I am not sure it really is causing much environmental damage... yet.... because it isn't producing LCD screens yet? I probably never will... The factories are still empty. 

This is the interior of the Gen 6 Factory that they built. It won't actually produce Gen 6 glass. It will produce: robotic Coffee Kiosks and Alarm system parts.... 

Edited December 4, 2020 by Blue_Devil

[elrodvt]

"I am not sure it really is causing much environmental damage... yet.... because it isn't producing LCD screens yet? I probably never will... The factories are still empty. "

True, but they were happy to accept that. No surprise there.

All those dumb tarifs Trump put in place have not amounted to squat either. Good podcast on that:  https://www.npr.org/2020/11/11/933950483/worst-tariffs-ever-classic

[KJHburg]

Lets talk about the bad news around Charlotte and I will get us started rapidly growing tent cities of homeless  with no coordinated plan to deal with it on the city or county level.  Failing small businesses especially in uptown where there is a dearth of workers.  Hotel occupancies down 75% or so from last year.  We have enough bad news around this area to talk about than  to do worry about a Chinese owned factory in Wisconsin just saying.  Lets talk about affordable housing crisis in this market.  Troubles with airline industry and how that affects Charlotte and the CLT airport expansion in the future.  

 

[elrodvt]

Sure, just say'n we don't learn from others very well (good or bad). Need to watch out for that next time we see incentives being thrown around. 

Where are the tent cities? I've seen the mess by the RR downtown but it's pretty small. 

I wonder how much a program like the one you mentioned in Houston would cost here and how it could get funded? Is  it considered a city or state or both issue?

[KJHburg]

11 hours ago, elrodvt said:

Sure, just say'n we don't learn from others very well (good or bad). Need to watch out for that next time we see incentives being thrown around. 

Where are the tent cities? I've seen the mess by the RR downtown but it's pretty small. 

I wonder how much a program like the one you mentioned in Houston would cost here and how it could get funded? Is  it considered a city or state or both issue?

there is one right by 277 at N Brevard and college streets in that area.  We do a more coordinated effort in this city.  I have lived back in Charlotte for 30 years and it has never been this bad and it seems the city is ignoring it hoping it goes away.  I guess there is no much political will or it benefits any of the local pols to help solve it.  Houston's program has city, county, churches, non profits, and big and small corporations involved.  40% reduction of people living on the streets is great and as I said Charlotte is looking at increases.  However the announcement of the Clanton Rd hotel conversion is a good first step.    It really irks me that the city owns the entire Eastland mall site and there is NOT ONE proposal for affordable housing on that site.  Not one.  

[KJHburg]

Good news/ bad news for the homeless camp outside of uptown.

There IS enough room in shelters or other places for the 91 people there but most have addiction or mental illness issues.  Bad news many won't go.  From my working with the homeless in Concord there are some who will never go into shelters as they don't like the no alcohol policies or other rules.  

Leaders discuss how to handle growing number of homeless tents outside uptown (wsoctv.com)

""STATS: 91 people live at the North End encampment. 60 men and 31 women. No known children. 40 of those at the camp are chronically homeless. 84 tents are not occupied. They’re either used for storage or empty.""  from twitter and more from Joe Bruno 

Joe Bruno

 

ICYMI: News out of the #MeckBOCC discussion on the encampment near Uptown: - There is shelter/motel space for all 91 residents; county will tell them - The county cannot force the residents of it out unless there is a public health risk or the property owner complains

[elrodvt]

@KJHburg, thanks for these updates. Great stuff. 

[hinsp0]

There used to be a program to house portions of the homeless population in some of the old hotels on Wilkinson.  The idea was to put people making an effort or accepting assistance to return to the workforce in a stable location so they had a roof over their head, and a relatively private place to sleep and clean up.  That program ended years ago.  I won’t go into all the reasons why, but suffice to say there were many; some rational, but more irrational, speculatively fear-based or politically driven.

A rebirth of sorts is occurring with this long dormant program.  
 

However, at the end of the day, we will have to make a difficult choice in a free society to address the problem of homelessness.  As posters above point out, many folks in the tent camps and roaming the streets suffer with untreated mental health issues and untreated alcoholism and drug-abuse.  I don’t know how to best address those problems.  Do we just make it know that help is available or do we forcibly institutionalize those who are so far down the road of mental health disturbance and substance abuse that they’re incapable of making an independent decision to seek assistance?  And by institutionalize, I’m not referring to reappeared one night trips to Mecklenburg County jail and repeated appearances in district court. 
 

I’m not advocating a particular approach to chronic homelessness or suggesting that institutionalization is preferred.  Just observing that chronic homelessness is a complex problem that is typically rooted in the inability to deliver and unwillingness to accept the basic health care treatment necessary to even get some folks thinking rationally so they can make a conscious decision to try to leave the tent village.

[Blue_Devil]

The problem with addressing the problem of homelessness is many people living on the street or in camps do not want to abide by the rules of the places that exist to already help them. Drug use, alcohol, sex offenses. I am not saying these people do not need help, because they do, but if they refuse help the only alternative is forced help.... which is not acceptable either. Mental health programs and money toward those would go a very long way. 

 

I just realized hinsp0 said it better than I did. Well written. 

Edited December 9, 2020 by Blue_Devil

[davidclt]

8 hours ago, hinsp0 said:

However, at the end of the day, we will have to make a difficult choice in a free society to address the problem of homelessness.  As posters above point out, many folks in the tent camps and roaming the streets suffer with untreated mental health issues and untreated alcoholism and drug-abuse.  I don’t know how to best address those problems.  Do we just make it know that help is available or do we forcibly institutionalize those who are so far down the road of mental health disturbance and substance abuse that they’re incapable of making an independent decision to seek assistance?  And by institutionalize, I’m not referring to reappeared one night trips to Mecklenburg County jail and repeated appearances in district court. 

99% Invisible is doing a series about homelessness called According to Need.

Prologue
Chapter 1: Tulicia
Chapter 2: The Hotline
Chapter 3: Housing First

It's been interesting look at "the system" so far. Looking forward to Chapter 4 next week.

Edited December 9, 2020 by davidclt

[KJHburg]

Charlotte needs to use programs to get homeless people into places like the McNich house and other places.  That particular project on N Davidson should be duplicated around the city.

I sound like a broken record but one large city has really reduced its homeless and that is Houston.

54% drop in homelessness since 2011.  Perhaps our city leaders should find out what they are doing there and copy it or go one of those Chamber intercity trips to see how.

Houston Leads the Nation in Reducing Homelessness | SEARCH Homeless Services

The Way Home Houston | Changing the Path for Houston's Homeless

Houston Facts and Info (homelesshouston.org)    we need a Coalition for the Homeless like Houston that works with local govts, churches, places of worships, nonprofits, neighborhood associations and things like Charlotte Center City partners,   charitable foundations etc.  

Charlotte can and should do this and make it goal of getting people off the streets.  

This is very generous city and I know some of you know city leaders and this should be a priority.  There will always be some on the streets but our increasing numbers means we are not doing enough or doing the same things over and over again and thinking we will get a different result.  The hotel conversion on Clanton Rd is GREAT START and hopefully we can do more as I know there was talk of another motel conversion off Sugar Creek. 

Make  a donation to the homeless shelter of socks (preferably black crew socks) clothing, coats, volunteer at the shelter and help those in need.  You will see that you will be blessed even more than they are.   

 

[KJHburg]

This is actually good news but since this topic of homelessness has been discussed here I will put this here.  This is the CEO of Roof Above talking about the problem and solutions.  This is an organization to get behind to help in this problem. 

Liz Clasen-Kelly is Finding Creative Ways to End Homelessness - Charlotte is Creative

[rancenc]

JC Penney's long time presence in NC continues to fade away!

https://www.wraltechwire.com/2020/12/29/jcpenney-closing-in-home-custom-window-business-65-jobs-being-cut-in-nc/