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PROFNET EXPERT ALERTS: Business & Technology
Friday, November 14, 2008
1. Advertising: 'Shockvertising' Can Have a Powerful Impact
2. Business: Nov. 7 Report to Show Increase in Unemployment
3. Business: Potential Lawsuits Can Stem from Holiday Parties
4. Finance: Tax Relief in Ailing Economy
5. Finance: Equity Lenders Gain Advantage in Frozen Credit Market
6. Personal Finance: Unemployed Should Conserve Cash, Budget Expenses
7. Personal Finance: Benefits for the Unemployed
8. Personal Finance: Explain Unemployment to Lenders
9. Personal Finance: Not a Good Time to Transfer Assets to Kids
10. Real Estate: Taking Advantage of Foreclosures Can Be a Risky Business
11. Real Estate: Sharing Risk Between Homeowners and Government
1. ADVERTISING: 'SHOCKVERTISING' CAN HAVE A POWERFUL IMPACT, CHANGE LIVES AND
OPEN EYES. JEREMY GUTSCHE, CEO of TRENDHUNTER.COM, a trend site that's just
gone viral with TRENDHUNTER.TV: "Many of the most extreme examples of
'shockvertising' are governments, charities and public service announcements.
Some examples of shock are fake lesbians, murder advertising, sexy sumo
wrestlers, naughty surrealism and punching employees. 'Shockvertising' is not
a new tool, but the viral nature of the blogosphere is making shock more
popular than ever before. Typically, marketers find themselves with boring
messages or products, but the medium can make a message viral. For example, it
isn't exciting to tell people not to eat beef, so PETA glams up their message
with naked celebrities and packages up fake dead bodies to look like meat.
That's a message you'll remember." News Contact: Susan Hartzler,
susan@alphadogpr.com Phone: +1-818-998-6299 (11/3/08)
2. BUSINESS: NOV. 7 REPORT TO SHOW INCREASE IN UNEMPLOYMENT, LAWSUIT RISKS
FOR BUSINESSES. DAN LEVINE, shareholder with SHAPIRO, BLASI, WASSERMAN & GORA
P.A., is a board-certified attorney in labor and employment law with 14 years
of experience in the field. In light of new unemployment numbers, to be
released on Friday, Nov. 7, Levine can discuss a wide range of related issues,
including unemployment claims, discrimination suits, preventative labor
relations, workplace practices, employment, downsizing, layoffs, civil rights,
etc.: "For those companies that must lay off employees, it's important to know
how to manage the termination process in a way that doesn't expose them to
legal and financial risks down the road. Companies are encouraged to reduce
their legal risks by getting an agreement by the employee to 'release and
waive all claims,' offering severance packages, avoiding indiscriminate
challenges to unemployment claims, understanding the legal definition of an
independent contractor, and generating goodwill on the way out." Levine is
also a past adjunct professor at Florida International University. News
Contact: Michael Sias, msias@reevespr.com Phone: +1-561-391-8717 (11/3/08)
3. BUSINESS: POTENTIAL LAWSUITS CAN STEM FROM HOLIDAY PARTIES. ZACK HUMMEL,
partner in BRYAN CAVE LLP's Labor Department: "With the holiday season at
hand, and as companies host parties for employees, employers need to carefully
look at their policies to protect themselves from possible lawsuits. While
such parties are time for celebrating, it is unfortunate that potential
lawsuits can stem from these situations." To help limit the potential for
lawsuits, Hummel can discuss preventive measures that should be taken
regarding alcohol consumption and conduct. News Contact: Luis Mocete,
Luis.Mocete@bryancave.com Phone: +1-212-541-1141 (11/3/08)
4. FINANCE: AMERICANS WILL NEED HELP SEEKING TAX RELIEF IN AILING ECONOMY AS
IRS CONTINUES PUSH FOR COMPLIANCE. MICHAEL ROZBRUCH, tax relief expert: "While
the national credit crisis will make it even more difficult for Americans to
pay their taxes, we can still expect renewed IRS compliance efforts to
continue. Americans who can't afford to pay their taxes should know that it is
still important to file to avoid a 25 percent failure-to-file penalty. And if
they end up in collections and the IRS garnishes their wages, the IRS can take
as much as 75 percent of their net pay and make them live on $168 a week.
Americans who anticipate having problems with their taxes should know that
there are ways to get help and work with the IRS." Editor's Note: Rozbruch has
a profile listed in the ProfNet Experts Database. To view the profile, go to
http://www.profnet.com and, after logging in, click on "Search Expert." News
Contact: Debbie Edwards, debbie@taxresolution.com Phone: +1-866-477-7762, ext.
326 (11/3/08)
5. FINANCE: EQUITY LENDERS GAIN ADVANTAGE IN FROZEN CREDIT MARKET. JEFFREY
SWEENEY, managing director at US CAPITAL PARTNERS, a private equity investment
banking firm: "Banks' tightening -- or, in some cases, disappearing -- credit
has made alternative debt structures more valuable and, therefore, more
expensive. While bad news for many borrowers, the upside for investors is that
good companies with excellent credit are willing to pay more for debt. In
addition, they are willing to consider alternatives to conventional funding.
Institutions that can offer alternatives, such as asset-based loans, are at a
distinct advantage now." Editor's Note: Sweeney has a profile listed in the
ProfNet Experts Database. To view the profile, go to http://www.profnet.com
and, after logging in, click on "Search Expert." News Contact: Lorrie Thomas,
lorrie@lorriethomas.com Phone: +1-805-452-2615 (11/3/08)
6. PERSONAL FINANCE: THE UNEMPLOYED SHOULD CONSERVE CASH, BUDGET EXPENSES AND
ASSESS FINANCES. JORDAN AMIN, CPA, is a member of the AICPA National CPA
Financial Literacy Commission. The United States lost more than 159,000 jobs
in September, a five-year high, according to the Department of Labor. The
total number to date for 2008 is 760,000. U.S. unemployment held steady at 6.1
percent in September, according to the Bureau of Labor Statistics. In the
event of unemployment, Amin recommends: "Conserve cash. If you're paying more
than the required payment on your mortgage, auto or student loans, pay only
the required amount and conserve your cash for your living expenses. Create a
new budget. Budget your expenses and figure out which items can be eliminated
or at least reduced. Assess your financial situation. Review your assets to
determine the best sources to tap for your cash needs. Set up a plan for which
assets you'll use and in what order if your unemployment is lengthy. Make sure
you understand the potential tax consequences of each." News Contact: Mitchell
Slepian, mslepian@aicpa.org Phone: +1-212-596-6177 (11/3/08)
7. PERSONAL FINANCE: MEDICAL INSURANCE, HOME EQUITY AND SEVERANCE BENEFITS
FOR THE UNEMPLOYED. ADELE BRADY BOLSON, CPA, is a member of the AICPA NATIONAL
CPA FINANCIAL LITERACY COMMISSION. The United States lost more than 159,000
jobs in September, a five-year high, according to the Department of Labor. The
total number to date for 2008 is 760,000. U.S. unemployment held steady at 6.1
percent in September, according to the Bureau of Labor Statistics. In the
event of unemployment, Bolson recommends: "Consider purchasing medical
insurance outside of COBRA; you may find a better deal. Obtain a home equity
line of credit. If you think you might lose your job, and you will absolutely
have to borrow money to see you through, it is easier to get this type of loan
while you're still employed. Discuss severance benefits with your employer.
Ask about severance pay, outplacement services and medical insurance
continuation options." News Contact: Mitchell Slepian, mslepian@aicpa.org
Phone: +1-212-596-6177 (11/3/08)
8. PERSONAL FINANCE: EXPLAIN UNEMPLOYMENT TO MORTGAGE LENDERS AND CREDIT CARD
COMPANIES. MICHAEL EISENBERG, CPA/PFS, is a member of the AICPA NATIONAL CPA
FINANCIAL LITERACY COMMISSION. The United States lost more than 159,000 jobs
in September, a five-year high, according to the Department of Labor. The
total number to date for 2008 is 760,000. U.S. unemployment held steady at 6.1
percent in September, according to the Bureau of Labor Statistics. In the
event of unemployment, Eisenberg recommends: "Make sure you have six to 12
months of living expenses. The rule of thumb used to be three to six, but it's
a different world now. Contact your mortgage lender, as well as your credit
card companies, to explain your current situation, and ask them to work with
you. If you continue to run up your credit, you could end up filing for
bankruptcy and that will stay on your records for a long time, making
obtaining future loans that much more expensive. Remember that cash is king.
It's going to be harder and more expensive to get credit." News Contact:
Mitchell Slepian, mslepian@aicpa.org Phone: +1-212-596-6177
9. PERSONAL FINANCE: NOT A GOOD TIME FOR PARENTS TO TRANSFER ASSETS TO KIDS.
MARY ANN MANCINI, head of BRYAN CAVE's private client group: "It is not a good
time for parents to transfer assets to their kids, because of the bad economy.
Parents are seeing their portfolios dropping, and the economy is not getting
any better anytime soon, so they don't want to give assets away that may
require them to rely on their children later on because they gave too many
gifts." News Contact: Luis Mocete, luis.mocete@bryancave.com Phone: +1-212-
541-1141 (11/3/08)
10. REAL ESTATE: TAKING ADVANTAGE OF FORECLOSURES CAN BE A RISKY BUSINESS.
RICHARD SWERDLOW, CEO of CONDO.COM, the world's largest condominium
marketplace, can discuss the pros and cons of buying into the foreclosure
market: "There is a lot to consider before buying a foreclosure. Many
foreclosures haven't been properly maintained for months (or even years) so
higher upfront costs will be experienced. On the positive side, there are some
great deals out there, and if you use the right resources, you can take
advantage of the recent barrage of foreclosures on the market. At the end of
the day, whether or not to invest in a foreclosure depends on your goals and
your financial situation. If you have the time and the capital, the
foreclosure market may be right for you. Otherwise, there are plenty of other
options available to you if you are looking for a home to rent or buy,
especially in this buyers' market." News Contact: Wendy Crocquet,
wendy@athena-marketing.com Phone: +1-954-294-6467 (11/3/08)
11. REAL ESTATE: PROPOSAL FOR SHARING RISK BETWEEN HOMEOWNERS AND GOVERNMENT.
RON D'VARI, CEO of NEWOAK CAPITAL, a NYC-based advisory, asset management and
capital markets firm specializing in distressed assets and mortgage credit:
"Equity participation is one of the most viable and timely answers to the
current mortgage credit crisis. Continued weakening in consumer confidence has
halted consumer spending, accelerating contraction in corporate spending and
downsizing. The credit squeeze has expanded to corporations, and commercial
real estate problems are still ahead. This could force further delivering and
cutoff financing for housing and, in turn, push down housing prices further.
Recapitalizing the more viable national banks is essential to shore up the
global financial system. TARP and related U.S. Treasury responses, along with
major central banks, are focused on this at present. However, that may not
flow through fast enough for homeowners to buttress the housing prices." News
Contact: Marisa D'Vari, mdvari@deg.com (11/3/08)
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SOURCE ProfNet
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