Tribune to leave bankruptcy after 4 years

CHICAGO --
Tribune Co., which owns the South Florida Sun-Sentinel, announced it is emerging after more than four years of bankruptcy.

Tribune said late Sunday the reorganized media company begins Monday with new ownership – the senior creditors – and a new board of directors: Bruce Karsh, Ken Liang, Peter Murphy, Ross Levinsohn, Craig A. Jacobson, Peter Liguori, and Eddy Hartenstein.

“Tribune will emerge from the bankruptcy process as a multimedia company with a great mix of profitable assets, strong brands in major markets and a much-improved capital structure,” said Hartenstein, Tribune’s chief executive officer.

Senior creditors Oaktree Capital Management, Angelo, Gordon & Co. and JPMorgan Chase & Co. will control the new company. The Chicago Tribune reported late Sunday that Liguori, a former TV executive at Discovery and Fox, is expected to be named chief executive of the reorganized Tribune Co.

Tribune, which was founded in 1847, publishes some of the best-known newspapers in the U.S., including the Los Angeles Times, The Baltimore Sun and the Chicago Tribune. It also owns WGN in Chicago and 22 other television stations, as well as the WGN radio station. The Tribune’s report Sunday said that the new owners expect to sell all of the company’s assets.

Tribune Co. sought bankruptcy protection in 2008, less than a year after billionaire developer Sam Zell led an $8 billion leveraged buyout that left the company with $13 billion in debt.

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Week brings startup launches, social media advice for 2013

Jared Kleinert, a South Florida entrepreneur, plans to soon launch Synergist, a platform that allow social entrepreneurs to meet potential co-founders online, collaborate and crowdfund their new projects. He also just launched AliveNDead, a blog about risk-taking, and he interns for a Silicon Valley startup.

And when he’s not doing all that, he’s going to class — he’s a junior at Spanish River High School in Boca Raton.

Lester Mapp is CEO and founder of the new Miami-based startup called designed by m. His team has just designed a sleek, ultra-thin aluminum iPhone bumper and launched the project on Kickstarter. After just a few days, Mapp is already more than a third of the way to his $20,000 fund-raising goal.

Read about both these entrepreneurs on The Starting Gate blog, where there’s also a post on the most pressing issues facing small businesses in the coming year — taxes, healthcare, lending and a skilled worker shortage, for starters.

And as you are ringing in the New Year, you may be resolving to beef up your business’ social media strategy. Susan Linning's guest post offers five top tips for boosting your social media effectiveness. Among them: Go beyond retweets and make your posts original, fun and personal (but not too personal.) Use visuals, too. Find this and other news, views and tools for entrepreneurs on the blog, which is at the bottom of MiamiHerald.com /business.

Follow me on Twitter @ndahlberg and Happy New Year to all.

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5 issues small business owners will face in 2013

In 2013, small business owners will contend with many of the same issues that made it hard to run their companies during the past 12 months.

They’re also heading into the new year with a lot of uncertainty. It’s unlikely that negotiations in Congress will resolve all of lawmakers’ disagreements over tax and budget issues that affect small businesses. And there are still many questions about the implications of the healthcare law for small companies.

That points to continued caution — and perhaps slow hiring — among the nation’s small companies.

“Uncertainty is the bane of every small business,” says Scott Shane, a professor of entrepreneurship at Case Western Reserve University’s Weatherhead School of Management in Cleveland. “Their only rational response is to pull in their horns and slow down.”

Small businesses aren’t likely to get much encouragement from the economy. It’s expected to grow by no more than 3 percent in 2013, according to the Federal Reserve. That’s a moderate pace, better than the 1.7 percent that the economy grew during the first three quarters of 2012. But it’s also far from robust.

Here’s a look at some of the issues facing small businesses in the coming year:

TAXES

Lawmakers are still haggling over what’s called the fiscal cliff, the combination of billions of dollars in tax increases and budget cuts. Even if Congress reaches an agreement, small business owners won’t have the certainty they need, according to Todd McCracken, president of the National Small Business Association, a group that lobbies on behalf of small companies.

“It almost surely won’t be comprehensive enough that we won’t be revisiting it next year,” McCracken says. He’s concerned that there’ll be another fiscal cliff in six months — which would mean more negotiations and more uncertainty.

Many small business owners are worried about their personal tax rates. Sole proprietors, partners and owners of what are called S corporations, all report the income from their businesses on their individual Form 1040 returns. That means their companies are in effect taxed at personal rates, which can be higher than corporate rates.

One of the most important tax provisions for small businesses, what’s known as the Section 179 deduction, will shrink to $25,000 next year from $125,000 in 2012. The deduction, which applies to equipment purchases, was $500,000 in 2011. Congress can increase the deduction at any time, even after 2013 has begun. But for the time being, business owners can’t count on getting a big break.

“It’s a huge change for companies planning on making investments,” McCracken says.

It’s not known if Congress will extend the 2 percentage point payroll tax cut that workers have had for two years. If it doesn’t, consumers will have less money in their paychecks to spend, and that is likely to affect retailers and any other small businesses that sell directly to the public.

HEALTHCARE

Healthcare has been another source of uncertainty for small business owners. The new year will bring some, but probably not all, of the answers to questions about how the new healthcare law will affect them. Many will have to devote some time to understanding the law — or hire someone to help them do it.

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Deadline to apply for free foreclosure case reviews is Monday

Florida residents who believe they suffered from shoddy foreclosure practices have through Monday to apply for a free case review that could net them up to $125,000 if wrongdoing is found.

The program, which is overseen by the Office of the Comptroller of the Currency, began in November 2011 with an estimated 4 million eligibility letters mailed nationwide.

As of late September, just 3.8 percent of Floridians who were sent letters about their eligibility for the review have applied.

Cases are eligible for review if the foreclosure was on a primary residence in some stage of foreclosure during 2009 and 2010. The foreclosure had to have been handled by one of 24 banks or mortgage servicers named in consent orders crafted in response to findings of foreclosure deficiencies. The affected servicers can be found at independentforeclosurereview.com.

Problems contacting borrowers who may have been evicted from foreclosed homes, as well as borrower fatigue in applying for aid programs probably contributed to the limited response, some foreclosure defense attorneys said.

“A lot of these homeowners have been promised a lot of things in the past that were never fulfilled,” said attorney Ron Kaniuk, of Sachs Sax Caplan in Boca Raton. “It’s the law of diminishing returns. Once you are disappointed a few times, you stop filling stuff out.”

The Independent Foreclosure Review is separate from the $25 billion attorneys general settlement reached in February.

Nationwide, the return rate of borrowers responding to eligibility letters was about 5.3 percent through Sept. 27. Since then, an additional 121,677 borrowers have applied nationwide, said Bryan Hubbard, a spokesman for the Office of the Comptroller of the Currency.

The original deadline to apply for the review was April 30. It was pushed back to July 31 and then Dec. 31.

Reviewers are looking for several problems including failure to put a homeowner on a permanent loan modification after he or she successfully completed a trial period, foreclosing on a borrower while he or she was current on payments under a loan modification, and not providing a borrower with proper notification during a foreclosure.

Remediation to borrowers can include credit fixes, reimbursement of improperly charged fees, and lump-sum payments of between $500 and $125,000.

For more information about the Independent Foreclosure Review, call 1-888-952-9105.

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Miami: We’re still busiest cruise port

Florida’s ports are steaming bow-to-bow in the race to be the world’s businest cruise ship port.

Though some publications have reported Port Canaveral in the lead with 3,761,056 million for its fiscal year ending Sept. 30, PortMiami officials Monday said they had hosted 3,774,452 passengers during the same period, putting it slightly ahead. Fort Lauderdale’s PortEverglades reported 3,689,000 passengers for the period, putting it slightly behind the others in third place.

“We’re all very close,’’ said Paula Musto, PortMiami spokeswoman.

PortMiami has slipped below its previous high of 4 million plus passengers because of changing ship deployments, she said. That number is expected to again cruise past 4 million in 2013 as several new ships homeport in Miami.

Jane Wooldridge

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Miami: We’re still busiest cruise port

Florida’s ports are steaming bow-to-bow in the race to be the world’s businest cruise ship port.

Though some publications have reported Port Canaveral in the lead with 3,761,056 million for its fiscal year ending Sept. 30, PortMiami officials Monday said they had hosted 3,774,452 passengers during the same period, putting it slightly ahead. Fort Lauderdale’s PortEverglades reported 3,689,000 passengers for the period, putting it slightly behind the others in third place.

“We’re all very close,’’ said Paula Musto, PortMiami spokeswoman.

PortMiami has slipped below its previous high of 4 million plus passengers because of changing ship deployments, she said. That number is expected to again cruise past 4 million in 2013 as several new ships homeport in Miami.

Jane Wooldridge

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Lawyer takes child-support practice on the road

Her clients know her as “the child support lady with the cool truck.”

Chantale Suttle thinks that’s a pretty good description of her and her months-old business, DADvocacy.

For almost 20 years, she’s dealt with child support issues. In law school at the University of Miami, she interned in the child support office, and she went on to handle child support issues as a prosecutor, defense attorney and magistrate judge.

These days, she helps dads navigate the child support system from her mobile office: a bulletproof truck, wrapped with a photo of a man’s muscular, crossed arms, complete with a soundproof consultation room, sports magazines, sodas — and free diapers.

“We do not want to be fancy, golf-playing, mahogany-office kind of lawyers. I’m just a lady you come talk to about child support,” said 42-year old Suttle.

And for teen dads, she does it for free.

“I feel that’s when I can help them the most, and I feel that’s where being part of the child support system can be the most damaging to his future because of the credit bureau reporting,” Suttle said.

Older dads can get help for a flat fee.

Suttle drives the converted 22-passenger van herself. When it’s not parked outside of the child support courthouse at in Downtown Miami, Suttle motors throughout the county to speak at community events.

On a recent evening, the DADvocacy van was parked outside of the Girl Power community center, on Seventh Avenue just off I-95 in Miami. There, Fatherz in the Hood — an organization that provides training and resources for dads — organized an information session for parents frustrated with the child support system.

Suttle stood in front of a semi-circle of seated dads, both young and old, and schooled them about the child support system so that they, hopefully, would not have to see her for services.

Florida’s child support court is different from family court, where parents sort out divorce and domestic violence issues, she explained. Child support court deals only with issues related to collecting child support, which goes often goes directly to the state for social programs — not the mother.

Child support is based on “time-sharing” between parents, and fathers who spend more time with their kids may pay less child support.

“This system is supposed to reward good dads who spend time with their kids,” she told the Fatherz in the Hood group. “On this, we are light-years away from any other state.”

The dads at Fatherz in the Hood chuckled when, using an online calculator, Suttle showed them a huge drop in the amount of child support a dad would have to pay just by spending more overnight time with his kids. In one scenario, the mother actually ended up owing the father child support.

“Any of you know moms paying child support?” an amazed participant asked.

The dads shook their heads, “No.”

Another eye-opening bit of information that Suttle shares with all of her clients — whether they hire her or not — is how to use the Miami-Dade Clerk of Courts online filing system to check on their own cases’ status and any upcoming hearings. Her truck has a hotspot with internet access to check this information on the road, and she also checks to make sure she doesn’t have a conflict in the case — such as having ruled on any issues involving the mother while she served in her other legal roles.

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Time’s up for holiday shopping procrastinators

Last minute shoppers like Josette Tyne are in luck this year.

With a long weekend before Christmas, retailers want to make it easier for procrastinators to finish their gift buying. Macy’s for the first time is keeping all its stores open around the clock from Friday until Sunday at midnight. Toys “R” Us and Walmart Supercenters will be open non-stop until Christmas Eve.

Even those retailers skipping the all nighter still have added extended hours often as late as 11 pm or midnight. Coupled with a flurry of last minute promotions, they hope to lure shoppers, many of whom have been largely sitting on the sidelines since Black Friday.

Tyne, 33, just starting her shopping this week at Aventura Mall, armed with a list of about two dozen people and the presents they wanted. The list would have been longer if the Fort Lauderdale resident hadn’t limited it to the kids in her family.

“I’ll probably be shopping every day from now till Sunday,” said Tyne, as she wheeled the youngest of her three boys around H&M in a stroller before heading on to Game Stop, Urban Outfitters and BCBG. “Whatever catches my eye. Luckily the kids usually like everything I get. I’m the awesome Auntie.”

A Consumer Reports Poll released earlier this week found that with just five shopping days left until Christmas, a whopping 68 percent of shoppers — a projected 132 million Americans — have yet to finish their holiday shopping.

With an early Thanksgiving leaving an extra week until Christmas and a long weekend before Tuesday’s holiday, shoppers have felt little need to rush. They also haven’t found December deals to be quite as compelling as the November sales.

Based on disappointing sales trends earlier this month, ShopperTrak said Wednesday it was cutting its holiday sales forecast. The company, which counts foot traffic and its own proprietary sales numbers from 40,000 retail outlets across the country, now expects a 2.5 percent sales increase to $257.7 billion, down from the 3.3 percent growth it initially predicted. The National Retail Federation is sticking with its prediction of a 4.1 percent sales increase.

Online sales trends are more encouraging, up 13 percent to $35 billion from Nov. 1 through Dec. 16, according to comScore, an online research firm. But that pace is below the forecast of 17 percent for the season.

“It’s coming down to the wire,” said David Bassuk, managing director and co-head of the retail practice at AlixPartners, a global consulting firm. “It’s going to require retailers to be more aggressive with their promotions than they were hoping heading into the weekend.”

While the economy is certainly in a better position than it was during the recession, many consumers still feel uneasy this year about their financial future. Some are worried about the U.S. job market and others fear the stalemate between Congress and the White House over federal “fiscal cliff’’ that could lead to tax increases and less disposable income for shoppers.

That was the case for Latonya Jones, on the hunt for bargains at Aventura Mall, coupon-loaded iPad in hand.

“I wasn’t going to buy anything this year, because I wanted to save money,” said Jones, 39, of Miami Gardens, who was shopping with her daughter Richelle, 12, this week in Macy’s. “But then I changed my mind.”

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Investors shuffling assets ahead of fiscal cliff

Some citizens aren’t waiting to find out if the White House and Republicans in Congress will be able to reach a last-minute deal to pull the country away from the “fiscal cliff.”

They are selling securities while capital gains tax rates are still low or transferring millions into trusts for the benefit of children and grandchildren before estate tax laws become more stringent. Others are getting out of the markets and parking money in less risky accounts.

Miami financial planner Cathy Pareta has been counseling her upper middle class clients — “the Johnsons, not the Rockefellers” — on whether to adjust investment portfolios, accelerate income or realize capital gains sooner than planned.

“Some people are going to get hit hard,” said John Bacci, a financial planner in Linthicum, Md., who has gone down his client list and run projections on what higher taxes would look like for them. He’s looking at tax-friendly alternatives for some clients, such as annuities or rental property.

At year’s end, the country will leap off the “fiscal cliff” unless politicians reach a compromise on mandated spending cuts and the expiration of the Bush-era tax cuts.

For most investors, the expiring cuts will mean that the tax rate for long-term capital gains will rise from 15 percent to 20 percent. Dividends also will no longer be taxed at 15 percent but treated as ordinary income, which could mean a tax rate as high as 39.6 percent. And individuals with multimillion-dollar estates will find much more of their money subject to the federal estate tax.

Estate planning lawyers say the demand is so intense that they are putting in grueling hours to set up trusts.

“It’s very stressful. We are working day and night,” said Diana Zeydel, an estate planning lawyer with Greenberg Traurig in Miami. “Were doing three times what we normally do for end-of-the-year planning.”

Zeydel said many of her clients waited until after the elections in November to gauge how the political tide would affect their future finances. This gave them little more than a month to make major decisions about their wealth.

Most observing the political jousting in Washington expect taxes will go up even if the political leaders reach a deal — they’re just not sure how much. Many aren’t taking any chances.

Jim Ludwick, a financial planner in Odenton, Md., said one client in his late 50s cashed out stock and bond funds totaling $1.7 million not long after the election and stashed the proceeds in a money market fund.

The client, anticipating a market plunge due to the “fiscal cliff” and other issues, said he spent his entire working life building up a nest egg and wouldn’t have time to wait for his portfolio to recover, according to Ludwick. The client fears it won’t be safe to re-enter the stock market for another year.

“We have a number of clients who are taking capital gains this year, expecting that if they wait until next year, they will have to pay higher taxes on those same gains,” said Daniel McHugh, president of Lombard Securities in Baltimore. Some of those clients are realizing six-figure gains but are still willing to take the tax hit now, he said.

Of course, the downside is that the stock market could take off, and these investors will miss out on even higher gains, McHugh said. But, he added: “Given the state the economy is in, that’s a very small risk.”

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Cuba lashes out against U.S. fines on foreign banks

The Cuban government Thursday denounced what it called the “unjust and illegal” multi-million dollar fines the U.S. government slapped on two foreign banks for violating Washington’s sanctions on the island.

The U.S. actions show that its “ferocious persecution of financial and commercial transactions by Cuba and those with legitimate relations … has only changed but has hardened,” a Foreign Ministry official said in a statement.

The British-based HSBC bank agreed to pay $1.9 billion to the U.S. government last week to settle accusations that it laundered drug money through its Mexican and other branches, and violated U.S. economic sanctions on Cuba.

The next day Washington announced that Japan’s Tokyo-Mitsubishi UFJ bank had agreed to pay $8.6 million to settle what the Cuban statement called “a supposed violation of the unilateral sanctions of the United States against various countries, including Cuba.”

Under the trade embargo, banks cannot move Cuban funds through U.S. financial institutions or handle U.S. dollar deposits for Cuban entities or citizens. Cuba is subject to other sanctions as well because it is on the U.S. list of countries that support international terrorism.

The Foreign Ministry statement noted that the sanctions came one month after the U.N. General Assembly voted overwhelmingly for the 21st time to condemn the 50-year-old trade embargo against Cuba.

While the HSBC settlement was reported to be one of the largest ever, the U.S. Treasury Department has hit several other foreign banks in recent years for violating sanctions on Cuba and other countries, especially Iran.

The Netherlands’ ING bank agreed to a $619 million settlement earlier this year. Credit Suisse agreed to pay $539 million in 2009. And the Swiss UBS bank was hit with a $100 million settlement in 2004.

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Survey shows better lending climate

Most Miami-Dade businesses believe they have easier access to borrowed money amid a slowly improving economy.

That’s one result from a recent survey of executives by Miami’s Bilzin Sumberg law firm. The online survey of about 200 top executives was conducted during the second half of 2012.

Nearly 60 percent of respondents said they thought the financing environment had improved since 2011, with venture capital funds and community banks identified as the top sources of potential capital. Fifty-two percent called the economy “growing slowly,’’ compared to 7 percent describing it as “strong and growing.” Only 16 percent described the economy as weak.

DOUGLAS HANKS

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Stone-crab season suffers in the Keys

Despite rocketing prices for stone-crab claws, many Florida Keys commercial fishermen have nearly given up on the season only 2 months old.

"We may see record prices but also record pain," said Gary Graves, general manager of Keys Fisheries in Marathon. "Prices don't mean anything if you can't catch anything."

Harvests since shortly after the season opening Oct. 15 have been "as bad as I can remember during my 45 years in the business," Graves said. "It's just bleak."

Keys Fisheries, one of the state's leading wholesalers for stone crabs, has laid off half of its production staff, maybe 20 people, Graves said.

"We hate to do it to our people but we're probably not finished," he said. "Right now, a big day for us is 1,000 pounds [of claws]. It should be around 15,000 pounds. We're doing nothing."

Keys Fisheries has raised its dockside prices paid to fishermen several times to encourage fishermen to keep their traps in the water.

Graves said it costs a fisherman about $1,200 in fuel, labor and other expenses to make a day's trip. The fish house's current prices are $9 per pound for medium-size claws and $17 per pound for the coveted jumbos.

"Our wholesale sales prices are higher than that and retail is through the roof," Graves said. "But we can't fill the orders we have."

A Marathon community group recently canceled the organization's annual stone crab feast for members because no claws were to be found.

The season runs until May 15.

Last season, Monroe County produced about 1.1 million pounds of legal-size claws, accounting for a large portion of Florida's total 2.67 million-pound harvest worth an estimated $23.6 million to the commercial fleet.

About 1,000 people statewide are licensed to fish traps for stone crabs. Only the claws are kept. Historically, stone-crab harvests have topped three million pounds of claws.

"The last two years were good and the recruitment looked normal," Graves said. "The first round of trap pulling was fine but it went downhill from there — like falling off a cliff."

Fishermen and researchers are baffled.

"Blame it on global warming, blame it on BP [Deepwater Horizon oil spill], blame it on Mother Nature," Graves said. "Everybody's got an idea but nobody can say why. It's probably a combination of a bunch of things."

News reports from stone-crab fleets farther up the Florida Gulf Coast suggest an octopus population explosion. Crabs are a favorite food of octopus, which are smart enough to get into traps.

"We've seen more octopus in the 6- to 8-pound range, which is abnormal," Graves said. State experts have suggested warm winters may have triggered the octopus boom.

"Things could turn around," Graves said, "but realistically the chances of it happening this season are slim."

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Dick's stores suspend sales of certain rifles

PITTSBURGH (AP) – A sporting goods chain says it's suspending sales of modern rifles nationwide because of the school shooting in Connecticut.

Dick's Sporting Goods also says it's removing all guns from display at its store closest to Newtown, where the massacre took place.

Authorities say a gunman killed 26 people, mostly children, with a military-style rifle at Sandy Hook Elementary School on Friday after killing his mother. He then killed himself.

A statement posted on Dick's corporate website expresses sympathy for the victims' families. It says sales of modern sporting rifles will be suspended during “this time of national mourning.”

It's not clear how long the suspension will last. A spokesman for Dick's did not immediately return a call for comment on Tuesday.

Pittsburgh-based Dick's Sporting Goods Inc. has more than 500 stores in 44 states.

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Boat sales jump 10% this year

More evidence that the U.S. economy is climbing out of the recession: Sales of new recreational powerboats are estimated to be up by 10 percent in 2012, according to the National Marine Manufacturers Association.

“We are pleased to see the industry growing,” NMMA president Thom Dammrich said. “Our projection is the industry will grow in 2013 by another 5 to 10 percent.”

Dammrich said the level of growth depends on conditions like consumer confidence and the housing market — and sustained increases in Americans’ participation in outdoor recreation.

The 2012 projections represent the first signs of steady growth across the powerboat market since the economy hit bottom in 2008-09 and new boat production dropped 80 percent. Even now, Dammrich, said production and retail sales are only about half of what they were during the peak in 2007.

Fueling the growth in new boat sales are purchases in the 15- to 26-foot range, which make up 96 percent of the 12.4 million boats registered in the U.S., according to the NMMA. While the numbers are up in almost every segment of the industry, the toppers are pontoon boats.

“Twenty-five percent of all boats sold today are pontoon boats,” Dammrich said. “They’re a very versatile boat, very stable. They can be large and roomy. You can fish. You can swim. You can get the family out for the day.”

Dammrich said the only category that has not turned around is stern-drive inboards over 30 feet. Larger and more expensive than the typical family boat, these models are often purchased through home-equity loans, he said. Another factor is this year’s requirement that stern-drive inboard engines have catalytic converters, which increases the cost significantly.

In 2011, boating participation rose 10 percent to 83 million — the largest proportion of adults who went boating since 1997, according to the NMMA. Those boaters who liked the sport enough to buy their own watercraft found very few late-model, pre-owned boats for sale because of the drop in production during the recession.

“Those people are going to end up buying a new boat,” Dammrich said.

One of the key gauges of the industry’s recovery will be the Miami International Boat Show scheduled Feb. 14-18, where manufacturers traditionally unveil their latest innovations. More than 2,000 boats are expected to be displayed.

“I think there will be more new product than we’ve seen in a number of years,” Dammrich said.

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Miami in spotlight at AVCC, other entrepreneurship events

Entrepreneurs from around the world took the stage during this packed week of entrepreneurship events in Miami: Florida International University’s Americas Venture Capital Conference (known as AVCC), HackDay, Wayra’s Global DemoDay and Endeavor’s International Selection Panel.

The events, all part of the first Innovate MIA week, also put the spotlight on Miami as it continues to try to develop into a technology hub for the Americas.

“While I like art, I absolutely love what is happening today... The time has come to become a tech hub in Miami,” said Miami-Dade Mayor Carlos A. Gimenez, who kicked off the venture capital conference on Thursday. He told the audience of 450 investors and entrepreneurs about the county’s $1 million investment in the Launch Pad Tech Accelerator in downtown Miami.

“I have no doubt that this gathering today will produce new ideas and new business ventures that will put our community on a fast track to becoming a center for innovative, tech-driven entrepreneurship,” Gimenez said.

Brad Feld, an early-stage investor and a founder of TechStars, cautioned that won’t happen overnight. Building a startup community can take five, 10, even 15 years, and those leading the effort, who should be entrepreneurs themselves, need to take the long-term view, he told the audience via video. “You can create very powerful entrepreneurial ecosystems in any city... I’ve spent some time in Miami, I think you are off to a great start.”

Throughout the two-day AVCC at the JW Brickell Marriott, as well as the Endeavor and Wayra events, entrepreneurs from around the world pitched their companies, hoping to persuade investors to part with some of their green.

And in some cases, the entrepreneurs could win money, too. During the venture capital conference, 29 companies —including eight from South Florida such as itMD, which connects doctors, patients and imaging facilities to facilitate easy access of records — competed for more than $50,000 in cash and prizes through short “elevator’’ pitches. Each took questions from the judges, then demoed their products or services in the conference “Hot Zone,” a room adjoining the ballroom. Some companies like oLyfe, a platform to organize what people share online, are hoping to raise funds for expansion into Latin America. Others like Ideame, a trilingual crowdfunding platform, were laser focused on pan-Latin American opportunities.

Winning the grand prize of $15,000 in cash and art was Trapezoid Digital Security of Miami, which provides hardware-based security solutions for enterprise and cloud environments. Fotopigeon of Tampa, a photo-sharing and printing service targeting the military and prison niches, scored two prizes.

The conference offered opportunities to hear formal presentations on current trends — among them the surge of start-ups in Brazil; the importance of mobile apps and overheated company valuations — and informal opportunities to connect with fellow entrepreneurs.

Speakers included Gaston Legorburu of SapientNitro, Albert Santalo of CareCloud and Juan Diego Calle of .Co Internet, all South Florida entrepreneurs. Jerry Haar, executive director of FIU’s Pino Global Entrepreneurship Center, which produced the conference with a host of sponsors, said the organizers worked hard to make the conference relevant to both the local and Latin American audience, with panels on funding and recruiting for startups, for instance.

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Miami in spotlight at AVCC, other entrepreneurship events

Entrepreneurs from around the world took the stage during this packed week of entrepreneurship events in Miami: Florida International University’s Americas Venture Capital Conference (known as AVCC), HackDay, Wayra’s Global DemoDay and Endeavor’s International Selection Panel.

The events, all part of the first Innovate MIA week, also put the spotlight on Miami as it continues to try to develop into a technology hub for the Americas.

“While I like art, I absolutely love what is happening today... The time has come to become a tech hub in Miami,” said Miami-Dade Mayor Carlos A. Gimenez, who kicked off the venture capital conference on Thursday. He told the audience of 450 investors and entrepreneurs about the county’s $1 million investment in the Launch Pad Tech Accelerator in downtown Miami.

“I have no doubt that this gathering today will produce new ideas and new business ventures that will put our community on a fast track to becoming a center for innovative, tech-driven entrepreneurship,” Gimenez said.

Brad Feld, an early-stage investor and a founder of TechStars, cautioned that won’t happen overnight. Building a startup community can take five, 10, even 15 years, and those leading the effort, who should be entrepreneurs themselves, need to take the long-term view, he told the audience via video. “You can create very powerful entrepreneurial ecosystems in any city... I’ve spent some time in Miami, I think you are off to a great start.”

Throughout the two-day AVCC at the JW Brickell Marriott, as well as the Endeavor and Wayra events, entrepreneurs from around the world pitched their companies, hoping to persuade investors to part with some of their green.

And in some cases, the entrepreneurs could win money, too. During the venture capital conference, 29 companies —including eight from South Florida such as itMD, which connects doctors, patients and imaging facilities to facilitate easy access of records — competed for more than $50,000 in cash and prizes through short “elevator’’ pitches. Each took questions from the judges, then demoed their products or services in the conference “Hot Zone,” a room adjoining the ballroom. Some companies like oLyfe, a platform to organize what people share online, are hoping to raise funds for expansion into Latin America. Others like Ideame, a trilingual crowdfunding platform, were laser focused on pan-Latin American opportunities.

Winning the grand prize of $15,000 in cash and art was Trapezoid Digital Security of Miami, which provides hardware-based security solutions for enterprise and cloud environments. Fotopigeon of Tampa, a photo-sharing and printing service targeting the military and prison niches, scored two prizes.

The conference offered opportunities to hear formal presentations on current trends — among them the surge of start-ups in Brazil; the importance of mobile apps and overheated company valuations — and informal opportunities to connect with fellow entrepreneurs.

Speakers included Gaston Legorburu of SapientNitro, Albert Santalo of CareCloud and Juan Diego Calle of .Co Internet, all South Florida entrepreneurs. Jerry Haar, executive director of FIU’s Pino Global Entrepreneurship Center, which produced the conference with a host of sponsors, said the organizers worked hard to make the conference relevant to both the local and Latin American audience, with panels on funding and recruiting for startups, for instance.

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Wynwood co-working center funded by Knight Foundation, angel investors

The LAB Miami announced Thursday it will open a 10,000-square-foot co-working center in Miami’s Wynwood neighborhood and the John S. and James L. Knight Foundation and local angel investors are investing $650,000.

As Miami’s startup community continues to grow, The LAB Miami said its “work-learn campus” will offer an in-house mentor network that will include investors and serial entrepreneurs, said Wifredo Fernandez, co-founder of The LAB Miami with Danny Lafuente and Elisa Rodriguez-Vila.

The LAB Miami, now in a 720-square-foot space in the same neighborhood, turned a Goldman building at 400 NW 26th Street into an artsy, modern space that can support 300 members, including tech startups, programmers, designers, investors, nonprofits, artists and academics.

In addition to offering space to work, the new co-working space plans to offer courses and workshops in business and technology — including a startup school and code school — as well as art, design and education, Fernandez said. It will be a welcoming space for traveling Latin Americans, too. “We want this to be a community center for entrepreneurs,” said Fernandez, explaining that the mix of activities and workshops will be structured by the needs of the LAB’s members.

While the Knight Foundation’s Miami office has sponsored many entrepreneurship events in the past four months, this is the foundation’s largest investment announced so far in its efforts to help accelerate entrepreneurship in Miami, said the Knight Foundation’s Miami program director, Matt Haggman. The Knight Foundation’s Miami office, which made accelerating entrepreneurship one of its key areas of focus this year, is investing $250,000 with the rest of the funding coming from a group of investors lead by Marco Giberti, Faquiry Diaz-Cala, Boris Hirmas Said and Daniel Echavarria.

“This is an important part of our strategy,” said Haggman. “Entrepreneurs need places to gather, connect and learn.”

The LAB Miami has already hosted several events, including HackDay and Wayra DemoDay earlier this week, and the co-working space plans to open for membership in January.

Co-working space will start at $200 a month to use the communal tables, and private offices that will accommodate up to six are also available. The LAB will also offer “Connect” memberships for $40 a month, which allows members who do not need co-working space to participate in events. In addition, there will be phone booths, classrooms, flexible meeting spaces, a lounge area, a kitchen, a “pop-up shop” for local fashion, art or technology products, a shower for those who bike to work and an outside garden with native landscaping.

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Lennar to borrow $1.7 billion from Chinese bank

Miami-based Lennar Corp. has gotten approval on $1.7 billion in loans from China Development Bank to fund the development and construction of two major projects in San Francisco, according to a person familiar with the transaction.

The contract, set to close by Dec. 31 subject to various conditions, would mark the first U.S. loan by the big state-owned Chinese bank. One condition — tagged the “Chinese component”— is that China Railway Construction Corp. be included as a general contracting partner in the project, the person said.

Closing by year’s end is crucial because of new tax rules set to take effect, the person added.

The agreement, first reported in The Wall Street Journal, would provide funding for the first six years of what is envisioned to be a 20-year project.

The loan agreement, reached Dec. 7 after Lennar officials met in China with bank officials, provides for $1 billion in financing to a partnership led by Lennar to redevelop Hunters Point Shipyard-Candlestick Point, a site in southeast San Francisco spanning more than 700 acres, the person said. Plans for the mixed-use community call for nearly 12,000 residential units on the site. Construction is expected to begin in the first quarter of 2013.

Under the pact, the Chinese bank would provide another $700 million to a partnership of Lennar, Stockbridge Capital Group and Wilson Meany, a real estate investment and development firm, to redevelop Treasure Island and Yerba Buena Islands in San Francisco Bay. Some 8,000 units of housing are planned for the mixed-use project on 535 acres. The U.S. Navy is set to turn over the first parcel of land to the development company in late 2013.

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The first wave of Windows 8 PCs

We’ve been benchmarking and field-testing new Windows 8 systems, including all-in-one desktops, traditional clamshell laptops and convertible laptops with displays that flip or twist around to form tabletlike devices.

Dell XPS One 27

Rating: 4 stars out of 5 (Excellent)

The good: Boasts the highest-display resolution among Windows 8 all-in-ones, and at an aggressive price.

The bad: A new adjustable display support arm is welcome, but stops short of reclining a full 90 degrees.

The cost: $1,999.99 to $2,099

The bottom line: Updated with a touch screen, a new stand and up-to-date components, the Dell XPS One 27 leads the inaugural class of Windows 8 PCs.

HP Envy TouchSmart Ultrabook 4

Rating: 3.5 stars out of 5 (Very good)

The good: An attractive ultrabook with a respectable mix of components for its price, a responsive touch screen and a backlit keyboard.

The bad: It isn’t very configurable, so you can’t make it too much more powerful than it already is. It’s on the heavy side for an “ultrabook” (if you consider 4.5 pounds heavy). Its touch pad is jumpy at default settings.

The cost: $799.99 to $974.98

The bottom line: The HP Envy TouchSmart Ultrabook 4 is a good gateway to the Windows 8 experience with a responsive touch screen in a traditional laptop body.

Lenovo IdeaPad Yoga 13

Rating: 4 stars out of 5 (Excellent)

The good: Looks as good as any 13-inch ultrabook, with the added attraction of a 360-degree screen and a laptop body that can fold into a tent, stand or slate.

The bad: Tablet mode leaves the keyboard exposed, and the Yoga 13 costs more than standard ultrabooks with similar components.

The cost: $1,099

The bottom line: The Lenovo IdeaPad Yoga 13 is a convertible touch-screen laptop/tablet that most importantly doesn’t compromise the traditional laptop experience.

Microsoft Surface RT

Rating: 3.5 stars out of 5 (Very good)

The good: Interface is innovative, elegant, powerful, and versatile. The tablet feels strong and well-built, includes Office 2013 and offers rich video and music services. Its keyboard cover accessories are the best ways to type on a tablet, period.

The bad: The tablet has sluggish performance, its Windows Store is a ghost town, Metro requires some practice to get the hang of and the desktop interface feels clunky and useless.

The cost: $499 to $599

The bottom line: If you’re an early adopter willing to forget everything you know about navigating a computer, the Surface tablet could replace your laptop. Everyone else: wait for more apps.

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AutoNation: Back in the fast lane with expansion, higher sales

Despite an agonizingly slow economic recovery, the country’s largest auto retailer, Fort Lauderdale-based AutoNation, is thriving again as demand for vehicles expands.

The company, one of Florida’s largest, is posting increasingly strong profits and revenues. Just last week, in a sign of confidence, Autonation announced a major acquisition — buying six large auto stores in Texas — that will add about 700 employees to its national payroll of 19,400.

In announcing the deal Tuesday, which is expected to provide AutoNation with $575 million in additional revenues next year, the company’s CEO and chairman, Mike Jackson, expressed optimism about the prospects for continued growth in vehicle sales.

“You want to know what I’m thinking, look at what I do,” Jackson told viewers on CNBC’s Squawk Box program.

No information was released on the cost of the transactions, but in recent years auto dealerships sometimes sold for three to five times revenue, which would represent a significant investment for the company.

Tough times

To be sure, AutoNation has struggled through some tough times. It was battered by the Great Recession, which depressed sales and pushed the company into a $1.2 billion loss four years ago. As sales began to improve in 2010 and 2011, it was blindsided by a shortage of Japanese-made cars last year after the earthquake and tsunami in March 2011 shut down Japanese manufacturers of some essential components.

Since then, however, AutoNation has rebounded. Unit sales, revenues and profits all performed well in the first three quarters of this year, and the company expects new vehicle sales to continue their recovery nationwide, rising to the mid-14 million units this year, up from about 12.7 million in 2011. In the third quarter of 2012, AutoNation’s new car unit sales grew by 21 percent over the same period in 2011, doing better than an estimated 15 percent increase industry wide. November’s sales of new vehicles increased by 21 percent over November 2011 .

The big dealerships acquired sell Audi, Porsche, Volkswagen and Chrysler products in the Houston and Dallas-Fort Worth markets. They are expected to sell 14,000 new and used autos this year, and will add substantially to AutoNation’s future sales.

“We are in the right industry at the right time,” Jackson said during an interview. “The recovery in new vehicle sales is being driven by replacement demand,” added Jackson, who has 42 years of experience in the auto business. “The average age of the light vehicle fleet in the country has increased to 11 years, and even though cars and trucks last longer today, they can’t go on forever. About 12 to 13 million vehicles are scrapped every year and need to be replaced.”

Other factors are contributing to stronger demand for vehicles. “The population is growing, interest rates are low, there is ample credit available and manufacturers are producing a wide range of new models that offer attractive styling, power and greatly improved gas mileage,” said Jackson, who took over as AutoNation’s CEO in 1999. “Auto financing is more available than it has been in recent years. A little known fact is that people are more likely to default on a mortgage than on a vehicle loan.”

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