SEOUL, Nov. 19_(Kyodo) _ South Korean President Lee Myung Bak said Thursday his country is ready to discuss U.S. concerns about the auto trade imbalance in the context of a bilateral free trade agreement signed nearly two years ago.

"If there is a problem in an auto trade in the United States, we are ready to discuss the issue again," Lee said in a joint news conference with U.S. President Barack Obama after their talks in Seoul.

But foreign ministry spokesman Moon Tae Young later ruled out a formal renegotiation of the free trade deal with the United States concluded in June 2007 but not yet ratified by the legislatures of the two countries.

"Our government’s position is there is no renegotiation," he told a press briefing, suggesting that Seoul is only willing to hear the concerns of the United States.

Ratification of the deal has yet to take place, partly because the Obama administration has yet to submit it to the U.S. Congress for approval amid criticism from the U.S. auto industry that it lacks provisions to ensure better access for U.S. auto exports to South Korea.

During his campaign for president, Obama had voiced concern over the trade deal with South Korea, calling it a "badly flawed" that would hurt U.S. workers and saying it should be reexamined, particularly in the field of automobiles.

South Korea has defended the FTA as a balanced agreement that reflects the interests of both sides.

At the news conference, Obama cited concerns in the United States about "the incredible trade imbalances that have grown over the last several decades" with Asian countries.

"We have to look at each agreement and each country on its own merits," he said.

<<Kyodo News International, Inc. — 11/20/2009>>

SUGAR LAND, TX — (MARKET WIRE) — 11/19/09 — Researched by Industrial Info Resources(Sugar Land, Texas) — When Ann Arbor, Michigan, suffered a 60% electricalbudget cut, the city turned to the NECA-IBEW team to keep citizens safewhile driving or walking on city sidewalks. Using workers from the International Brotherhood of ElectricalWorkers (IBEW), a contractor who is a member of the National Electrical ContractorsAssociation (NECA) retrofitted LED light panels inside the city’sexisting streetlights.

Energy used by each lamp was cut in half, from 120 to 56 watts. The LEDlights reportedly will last five times longer than normal bulbs, producingadded savings through reduced maintenance costs for Ann Arbor.

As cities across America struggle financially, municipal officials must domore with less. Street lighting waste is ripe for the plucking. Almost allof our country’s 68 million streetlights are outdated and inefficient.

Municipalities can save with new, efficient LED lights; return oninvestment for LED replacements can come in fewer than four years.Contractors and workers who are part of the NECA-IBEW team are uniquelysituated to help — which is why the Ann Arbor retrofit was featured in arecent video on ElectricTV.net.

See the ElectricTV webcast to learn how an LED overhaul madeeconomic and environmental sense in Ann Arbor — and may for your town,too.

Founded in 1901, NECA serves themanagement interests of U.S. electrical contractors. With 119 chapters inall 50 states, NECA is the electrical industry leader — in laborrelations, training, education, advocacy, and research.

Serving as the voice of electrical workers in the U.S. and Canada, the IBEW (founded in 1891) has 750,000 members.With the knowledge, skills, and professionalism that its membersdemonstrate every day, the IBEW represents the best electricians in theworld.

Industrial Info Resources (IIR) is the leading provider of global marketintelligence specializing in the industrial process, heavy manufacturingand energy related markets. For more than 26 years, Industrial Info hasprovided plant and project opportunity databases, market forecasts, highresolution maps, and daily industry news. For more information sendinquiries to industrialmanufacturing@industrialinfo.com or visit us onlineat www.industrialinfo.com.

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Contact:Joe Govreau713-783-5147

<< — 11/20/2009>>

NEW YORK, NY — (MARKET WIRE) — 11/19/09 — SBI Energy, a leading industrial marketresearch publisher, has added "Energy-Efficient Home Renovations Market,Full Report" to its growing sustainable power catalog.

The report combines the major themes of SBI Energy’s three-part homerenovation series published in correlation with the Obama administration’songoing support of renewable energy through the American Recovery &Reinvestment Act (ARRA) stimulus package, which expanded government taxcredits for green home remodeling products.

"Energy-Efficient Home Renovations Market, Full Report" provides a focusedlook at the world of home energy-efficient remodeling as it exists today,and shows where the market is headed in the next five years. The reporthighlights key players in the industry, and pinpoints ways current andprospective competitors can capitalize on recent trends and spearhead newones. Featured chapters are dedicated to the market for energy-efficientwindows and door products; caulking, weather stripping, and insulationproducts; dishwashers, refrigerators, freezers, clothes washers, and waterheaters; compact fluorescent lighting and lighting fixtures; heating andcooling equipment; and thermal roofing products.

SBI Energy forecasts the expanded tax credits — in addition to thesteadily improving economy — will boost the market for energy-efficienthome renovation products as increasingly confident consumers fortify theirdomestic eco-friendliness. From 2009 to 2013, the energy-efficient homeremodeling market is projected to experience a compound annual growth rate(CAGR) of 15%, growing 50% faster than the renovations market as a whole.According to the report, the energy-efficient market will reach $35 billionand will go from claiming 12% of the home renovations market to 15% by theend of the forecast period.

"The growth will come as a result of the tax credits, new incentives, andthe reality that more agencies and utilities are promoting the fact thatadding improved energy efficiency is the most cost effective way todecrease home utility bills," says Norman Deschamps, author and SBI Energyanalyst. "Consumers are willing to pay more for green and energy-efficientproducts, but they expect a return in the long term. Consider the taxcredits a step in the right direction."

For further information, visit:http://www.sbireports.com/redirect.asp?progid=76320&productid=2156994

About SBI Energy

SBI Energy, a division of MarketResearch.com, publishes research reports inthe industrial, energy, building/construction, andautomotive/transportation markets. SBI Energy also offers a full range ofcustom research services. To learn more, visit www.sbireports.com. Followus on LinkedIn and Twitter.

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Contact:Shelley Carr(240) 747-3047scarr@sbireports.com

<< — 11/20/2009>>

BENTON HARBOR, Mich., Nov. 19 /PRNewswire/ — Whirlpool Corporation has jumped on board of an exciting, new initiative for sustainable homebuilding, which aims to make eco-conscious, energy-efficient homes more affordable for the average homebuyer. The American Sustainability Initiative — or AmeriSus, for short — will launch in January with a goal of placing 12,000 affordable sustainable homes throughout 15 states over the next two years. And, each of these homes will feature energy-efficient Whirlpool brand appliances.

"We selected Whirlpool® brand appliances for our sustainable home designs because we know Whirlpool Corporation is very committed to producing high-quality, energy-efficient products," said Charlie Kamps, managing director of AmeriSus. "They have an excellent reputation and years of global experience — more reasons we are happy to have them as a part of our team in this venture."

Based in Philadelphia, AmeriSus is a consortium of design and development professionals focused on providing creative designs and materials for energy-efficient homes that are within the price range of the average American homebuyer. The idea is to reduce environmental impact, while offering homeowners more reasonable home prices and the lower utility bills of an energy-efficient home.

"We established AmeriSus two years ago to demonstrate that affordability, efficiency and sustainability are not mutually exclusive," Kamps said. "For many households, the cost of home ownership has become a financial burden."

AmeriSus has expanded on the "kit home" concept, popularized by Sears, Roebuck and Co. in the first half of the 20th Century, allowing such pre-construction activities as design, engineering, procurement and logistics to be optimized for builders. Everything from nuts and bolts to appliances and finishes are included as part of one complete building package available through AmeriSus’ proprietary Ready Build System(TM). An ever-growing line of architectural layouts is available to builders and homebuyers via the AmeriSus Web site, where selections and upgrades in such areas as appliances, flooring, fixtures and energy systems can be made. AmeriSus selected products, materials and services from more than 30 "Best-In-Class" companies across the globe, such as Whirlpool Corporation, IKEA, and FedEx, which epitomize sustainability in their products and daily operations.

"We are thrilled to partner with AmeriSus in this exciting new sustainable building venture. Whirlpool is a strong proponent of sustainable building, and this is a wonderful opportunity to make sustainably built homes available to a wider variety of people," said Mitchell Isert, North Atlantic contract division director at Whirlpool Corporation.

When the selection process is complete, AmeriSus ships all of the design plans, building materials and finishes to the home site, saving several steps for builders. For more information on AmeriSus, go to amerisus.com.

About Whirlpool Corporation

Whirlpool Corporation works to exceed expectations with appliances that help building professionals create homes of distinction. The company’s The Inside Advantage(TM) Program offers Powerful Brands, Innovative Products, Targeted Services and Market Insight to support building professionals.

Whirlpool Corporation is the world’s leading manufacturer and marketer of major home appliances, with annual sales of approximately $19 billion in 2008, 70,000 employees, and 67 manufacturing and technology research centers around the world. The company markets Whirlpool, Maytag, KitchenAid, Jenn-Air, Amana, Brastemp, Consul, Bauknecht and other major brand names to consumers in nearly every country around the world. For more information on Whirlpool Corporation and its offerings for building professionals, please visit insideadvantage.com or call 1-800-253-3977.

SOURCE Whirlpool Corporation

<< — 11/20/2009>>

Nov. 19–Sure, the Turbo Pro Project is a band based in North Wilkesboro, next door to Wilkesboro, home of Americana music Mecca MerleFest. And yes, it’s headed by a banjo-wielding front man, Adrian Trbovich.

But this is not another bluegrass group, conjuring old, hard times with fierce picking and close harmonies. No, your eyes aren’t deceiving you — that’s a real turntable in that picture.

"That’s what this band is all about — finding people who aren’t afraid to think outside the box," Trbovich (pronounced TUR-buh-vitch) said. "We’ve had other people sit in with us. We’re not closed to any possibility, really. It could be a kazoo player if that was their chosen instrument and they get down with the idea."

Raised in a family of musicians who favored Americana, blues and rock in western Pennsylvania, Trbovich picked up the banjo in his early 20s (he already played piano). His dad listened to NPR, Earl Scruggs and Doc Watson, but growing up in the ’80s, Trbovich was touched by such rap pioneers as Run DMC and Eric B & Rakim.

There was a time when all this started to make sense, to come together, a day that Trbovich can’t quite pinpoint now, a time when he took out his banjo and started fooling around with a drum machine. There was something about the combination, however unlikely, that appealed to him.

Once he moved to North Carolina seven years ago, Trbovich, 33, started to put together a band that would carry out his untraditional vision.

He’s had to convert some musicians, though, such as Milton Cockerham, aka DJ Deacon, a 33-year-old computer-engineering student at Wilkes Community College who will be part of Turbo Pro’s Friday-night appearance at the Garage, where they will open up for Martha Bassett. They’ll be joined by Kim France, an upright-bass player who lives in Bristol, Tenn., and Ryan Barber, who lives in Asheville and contributes vocals.

Bassett filled in on bass for Turbo Pro last summer. This kind of fusion isn’t such a radical idea, she points out — Steve Earle is doing it. "His last tour, he was traveling with a DJ," she said. "Adrian has a vision, and he kind of creates a family. Every time I played with them, it was so much fun to watch people’s faces. They just always look surprised and a little confused. And people often dance. It was always met with approval."

Ah, Cockerham had his doubts. Or to put it bluntly, when Trbovich called him seeking his DJ skills, "at first I thought it was a joke," he said.

"I think, being from this area, he had a limited scope about what the banjo could do," Trbovich said. "I think a lot of people forget when you’re holding a banjo in your hand, you’re holding a drum. It’s a very percussive instrument. Hip-hop is about a hundred beats a minute. If you play a bluegrass song to that tempo, it really swings."

But Cockerham wasn’t the only one. When Trbovich called the first DJ he worked with, the Burlington-based DJ Pro (the Pro in Turbo Pro), he was worried he would hang up.

Trbovich and DJ Pro started collaborating about three years ago. In 2008, the group self-released a debut CD, Daydream. They’re working on another album that they hope to put out next year.

Trbovich likes to challenge other notions of banjo, and it’s why the group’s repertoire includes original songs along with twangy classics as you may have never heard them — "Cluck Old Hen," the classic Appalachian fiddle and banjo tune, or "Dueling Banjos" (revamped as "Turntables v. Banjo"), a song that’s been beaten to death. Trbovich figured people would ask for it. So he thought if he was going to do it, he was going to do the way he wanted to. "It’s sort of like the ‘Free Bird’ of banjos. It’s been done over and over and abused and used, and we just did it a different way."

Bluegrass heroes and weekend pickers alike tend to favor a fast, rambling style. "They just want to play as many notes as possible," Trbovich said. "You can get banjo hangover."

Instead, he slows it down, coaxing the banjo’s jangle around beats put together by Cockerham, who composes them with keyboards and a drum machine. He plays them back with turntables hooked up to a laptop. Have groove and banjo ever been used in the same sentence together? Because that’s a good way to describe one of Turbo Pro’s original tunes, "Daydream." It mixes the squeal of Cockerham’s scratching laid on top of Trobvich’s smoothed out, slowed down plucking.

Los Angeles-based artist Kianga Ford tapped Turbo Pro to work with when she came to Winston-Salem this year. She wrote a series of fictional, historically based narratives about the city, part of the Southeastern Center for Contemporary Art’s Inside Out: Artists in the Community II series. Turbo Pro played most of the accompanying music, a backdrop to Ford’s spoken stories (listen at www.secca.org). One of her characters, Arthur Travis, even plays the banjo — Daisy, more companion than musical instrument. Trbovich’s gentle picking plays behind Ford’s dreamy, precise voice, painting Travis’ past. Trbovich thought about the characters, too: "I really felt (that) character would be playing old style, claw-hammer style. I tried to mix some of that in."

Travis was actually created as Ford and Trbovich began to work together. "That character could have never evolved for me without the conversations Adrian and I were having," Ford said. "You take that kind of traditional bluegrass and contemporary hip-hop, the space in between is where you get Turbo Pro."

To see more of the Winston-Salem Journal, or to subscribe to the newspaper, go to http://www.journalnow.com/.

Copyright (c) 2009, Winston-Salem Journal, N.C.

Distributed by McClatchy-Tribune Information Services.

For reprints, email tmsreprints@permissionsgroup.com, call 800-374-7985 or 847-635-6550, send a fax to 847-635-6968, or write to The Permissions Group Inc., 1247 Milwaukee Ave., Suite 303, Glenview, IL 60025, USA.

<< — 11/20/2009>>

Nov. 19–Geoff King downplays the music he composed for "Almost, Maine," a play that will be staged this weekend at Pine-Richland High School.

The instrumental music is "incidental" and little more than a mood setter, said King, a Pine-Richland senior who plays piano, saxophone and bassoon.

"It’s music that will be played between each of the play’s scenes. This music is meant to convey the mood of each scene that has just ended," he said.

Yet King’s music amounts to far more than some jingle. The half hour he wrote runs about the same length as Beethoven’s 5th Symphony or Mozart’s Jupiter Symphony.

King has never formally studied composition, yet wrote a string quartet. And, if he is reluctant to tout his abilities, his teachers are not.

"Geoff is a once-in-a-lifetime kind of student. He is very intelligent and talented and also grounded. He is by far the best student I have ever had," said Tom Glovier, King’s piano teacher since age five.

John Dolphin, an English teacher at the high school who is directing the play, said King’s music makes the play more interesting and lively.

"The music is unbelievable. He has a real emotional connection with the play’s text," said Dolphin, who has worked as an actor in New York City and Buffalo.

About three minutes of music is played between each of the play’s 11 scenes. King started writing the music in late summer and finished about three weeks ago.

"’Almost, Maine’ is a perfect play to score. There are cues for short pieces of music after every scene, and I think that it demands music to fill the short gaps," he said.

King’s music is performed by various combinations of two alto saxophones, a tenor saxophone, a baritone saxophone, a clarinet, a violin, a viola cello and a piano.

Set in winter in the remote fictional Maine town of Almost, the play chronicles some of the town’s eccentric residents falling in and out of love in bizarre circumstances. Four actors play 20 characters.

The play was written by John Cariani, who grew up in Presque Isle, Maine, and is best known for his role as Julian Beck on "Law and Order."

King read the play several times with an eye to connecting its stories to the music he wanted to write.

"I am not really sure how that works, the connection between play and music," he said. "I tried to express how I reacted to each scene. I read the play a few times and tried to find one or two major aspects of each scene and put it into music."

One scene, which King called "sad and glad," takes place in a bar. The music that follows sounds something like Glenn Miller jazz, King said.

Other music might bring to mind swing music or the music of Maurice Ravel, a French composer deeply influenced by American jazz.

King plays with the Pittsburgh Civic Orchestra and has been a finalist in the Pittsburgh Philharmonic’s concerto competition. He hopes to write music for films.

To see more of The Pittsburgh Tribune-Review or to subscribe to the newspaper, go to http://www.pittsburghlive.com/x/pittsburghtrib/.

Copyright (c) 2009, The Pittsburgh Tribune-Review

Distributed by McClatchy-Tribune Information Services.

For reprints, email tmsreprints@permissionsgroup.com, call 800-374-7985 or 847-635-6550, send a fax to 847-635-6968, or write to The Permissions Group Inc., 1247 Milwaukee Ave., Suite 303, Glenview, IL 60025, USA.

<< — 11/20/2009>>

DALLAS & MT. HOPE, Ohio–(BUSINESS WIRE)– Overhead Door Corporation and Wayne-Dalton Corp. jointly announced today that they have signed a binding, definitive agreement for Overhead Door Corporation to acquire Wayne-Dalton Corp.’s overhead door business in North America and Europe. Under the agreement, Overhead Door Corporation will acquire all of the assets of Wayne-Dalton Corp.’s commercial and residential overhead door business, as well as their Fabric-Shield^(R) storm panel business. More information will be available after the deal closes which is expected to occur by the end of 2009.

About Overhead Door Corporation

Overhead Door Corporation, based in Dallas, Texas, is a leading manufacturer of overhead doors and openers for residential, commercial and industrial applications. There are three divisions of the company, including the Access Systems Division (ASD), the largest, which features the Overhead Door and Genie^(R) brands; Horton Automatics, which includes automatic entrance systems; and TODCO, the largest producer of overhead doors for the transportation industry. Overhead Door Corporation developed the original overhead garage door in 1921 and the first electric garage door opener in 1926. It distributes its products through a network of over 4,000 distributors and dealers that service national builders, national accounts, architects, general contractors and homeowners as well as through major retailers in the U.S. and Canada. Overhead Door Corporation is a subsidiary of Sanwa Holdings Corporation of Tokyo, Japan. For additional information, visit www.overheaddoor.com.

About Wayne-Dalton Corp.

For over 50 years, Wayne-Dalton Corp. has designed, developed and manufactured a wide array of residential and commercial garage doors and openers to lead the industry in product innovation. This approach has propelled the company from its humble Amish roots in Mt. Hope, Ohio, to a world-class leader operating through diverse supply channels. With nine manufacturing facilities, 55 regional operation centers in the U.S. and Canada, and over 2,000 independent dealers, both domestic and international, Wayne-Dalton Corp. is well-positioned to serve the needs of its customers. For more information, visit www.wayne-dalton.com.

for Overhead Door Corporation

The Powell Group

Emily Buenzow, 214-522-6005 ext. 102

or

for Wayne-Dalton Corp.

David Osso, 330-763-8390

dnosso@wayne-dalton.com

eb@powellgroup.net

Source: Overhead Door Corporation

<<Business Wire — 11/20/2009>>

GLENDALE, Calif.–(BUSINESS WIRE)– Nestle Professional today announced it has agreed to acquire Vitality Foodservice Inc., one of North America’s leading beverage solution providers to the foodservice industry. The acquisition price was not disclosed. This move allows Nestle Professional, Nestle’s globally managed business dedicated to the out-of-home food and beverage market, to accelerate its drive in becoming the recognized leader in branded hot and cold non-carbonated beverage solutions to the out-of-home industry in North America. The transaction excludes the Vitality European manufacturing and distribution business.

Headquartered in Tampa, FL, Vitality Foodservice Inc. manufactures and markets a complete range of beverage products from juices, teas, coffees and smoothies to innovative specialty drinks. Vitality’s high-performance organization with 700 employees and its expertise in sales, service and dispensing innovative products, will be complementary to Nestle Professional’s North American beverage business and is well aligned to Nestle’s global commitment to the out-of-home business as one of its main growth drivers.

Marc Caira, CEO of Nestle Professional, said: “We are very excited to welcome Vitality Foodservice into the Nestle Professional family. Vitality not only compliments our business but strengthens our position in North America and will enable us to accelerate growth in this important out-of-home market. Additionally, Vitality’s product offerings align strongly with Nestle’s commitment to nutrition, health, and wellness.”

Nestle Professional North America employs over 900 employees and is solely focused and dedicated to the out-of-home market. Its beverages division provides the commercial and institutional restaurant industry with branded hot and cold non-carbonated beverage solutions under brands such as Nescafe, Coffee-mate, Nesquik, Nestea and Nestle.

The transaction is subject to regulatory approval and is expected to be completed within 30 days from the date of this announcement.

About Nestle Professional

Nestle Professional, the world’s leading global foodservice manufacturer with presence in over 97 countries is an inspiring growth partner that delivers creative, branded food and beverage solutions, enabling foodservice operators to innovate and to delight consumers. From innovative beverage systems under the NESCAFE^(R) and COFFEE-MATE^(R) brands, to on-trend culinary items from STOUFFER’S^(R), MINOR’S^(R), and HOT POCKETS^(R) brand sandwiches, Nestle Professional in North America meets the needs of foodservice operators while satisfying the tastes of the out-of-home consumer. Nestle Professional is part of Nestle S.A. in Vevey, Switzerland, the world’s leading nutrition, health and wellness company. Worldwide Nestle employs 276,000 employees, and achieved sales of $108 billion in 2008.

Nestle Professional

Kathy Lenkov

Office: 818-549-5540

Cellular: 818-540-5166

Kathy.lenkov@us.nestle.com

Source: Nestle Professional

<<Business Wire — 11/20/2009>>

ST. PAUL, Minn._Minnesota businessman Tom Petters stuck to his story Thursday that he didn’t know that his close associates were carrying out an enormous fraud at Petters Co. Inc., saying he "chose not to look" too closely at what was happening.

"I had no idea there was a massive crime committed at PCI. I was suspicious," Petters said. But he said federal agents raided his headquarters before he could bring in auditors to see if his fears were justified.

When prosecutor Joe Dixon asserted Petters had pulled $400 million out of PCI over the years to support himself and his other companies, Petters replied, "That’s debatable."

Asked if more than $80 million had flowed from PCI into his own personal accounts, Petters acknowledged that financial statements generated by investigators show the money did.

Defense attorney Jon Hopeman said he expects to rest his case after about 15 minutes’ worth of questions for Petters on Friday morning. Prosecutors said they may call some rebuttal witnesses, but both sides said they expect the case to reach closing arguments Friday. It’s unclear when the case will go to the jury.

The government alleges that PCI was mainly a Ponzi scheme that cost investors $3.65 billion when it collapsed last year. Investors were told their short-term, high-interest loans would be used to buy electronics from distressed retailers like Circuit City, or other suppliers, which would be resold to discount chains like Sam’s Club, Costco and BJ’s Wholesale Club. Prosecutors say the goods didn’t exist and that the money went mostly to pay off other investors _ or into the Petters empire.

In his second full day on the stand, Petters testified Thursday that he did many legitimate deals through PCI in the 1990s. He said didn’t know PCI’s deals in later years were mostly fraudulent.

He insisted he had very little to do with running PCI in recent years, even though he was its president and CEO, and even though PCI was one of the few profit generators in his umbrella company, Petters Group Worldwide, which also included Polaroid and Sun Country Airlines.

He continued to claim the fraud was carried out by two PCI vice presidents, Deanna Coleman and Bob White, aided by outside businessmen Larry Reynolds and Michael Catain.

Petters initially denied Dixon’s claim that Petters and Coleman had an "intimate relationship" for about a year and a half after Petter’s son, John Petters, was stabbed to death in Italy in 2004. Petters, Coleman and other close friends of his went to Italy to attend the killer’s trial.

"After my son’s murder trial, a situation occurred with Deanna. It was not an intimate relationship," Petters said. He then acknowledged reluctantly they had, in fact, had a sexual relationship for a time.

"You had the closest of closest relationships with Ms. Coleman," Dixon said.

"That is true," Petters replied.

"And you’re testifying she hid from you a $3 billion fraud within your own company?" Dixon asked.

"Yes, I’m testifying that," Petters said.

Coleman exposed the scheme to federal authorities in September 2008. She agreed to cooperate with the case and has a plea deal that ensures she’ll spend no more than five years in prison, and possibly much less. White, Reynolds, Catain and some other defendants who all pleaded guilty face longer potential sentences and testified against Petters in hopes of leniency.

Dixon went over numerous e-mail exchanges between Petters and Coleman _ as well as transcripts of phone calls and conversations she secretly recorded after she went to the feds _ that suggested he was much more involved in PCI than he was admitting. Petters insisted Dixon was taking those statements out of context.

Dixon got under Petters’ skin when he suggested that Petters wanted the high life of a "corporate tycoon" with expensive homes, private jets and luxury cars such as $200,000 Bentleys.

"No I didn’t want to live the life of a corporate tycoon. I tell you I take offense to that," Petters said, raising his voice.

While most of the investors who lost money were hedge funds, they also included some individuals who put their life savings into at least one investment vehicle that loaned money to PCI.

"You took their money and spent it," Dixon said.

"I guess we did," Petters replied.

"And now they have nothing," the prosecutor said.

"That’s absolutely correct," Petters conceded.

<<The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. — 11/20/2009>>

WASHINGTON, DC — (MARKET WIRE) — 11/19/09 — The recent deep economic downturn has had apronounced impact on commercial real estate sectors, but creditavailability is the big unknown that will determine how soon commercialmarkets recover, according to the National Association of Realtors(R).

Lawrence Yun, NAR chief economist, said some initial movements earlier thisweek in commercial mortgage-backed securities are encouraging. "The firstcommercial mortgage bond deal in over a year shows the Federal Reserve’sefforts to sell securities through the TALF program can be fruitful, butthe level of activity is well below what is required to resuscitate thecommercial market. Credit availability needs to significantly rebound forany hope of a meaningful commercial recovery in 2010."

The Commercial Leading Indicator for Brokerage Activity rose 0.9 percent toan index of 102.4 in the third quarter from 101.5 in the second quarter,but is 11.1 percent below a reading of 115.3 in the third quarter of 2008.The index in the second quarter was at the lowest level since the firstquarter of 1994; NAR’s track of the commercial leading indicator dates backto 1990.

Yun said the modest index recovery follows steep declines in the pastseveral quarters. "Gains in industrial production, durable goods shipmentsand retail sales; a rebound in the NAREIT price index; and improvingfigures on first-time unemployment claims were stabilizing factors," hesaid. "Negative impacts include falling private sector income and fewerjobs involving commercial real estate. The office and industrial marketsare the sectors most negatively impacted by the economic downturn."

The Society of Industrial and Office Realtors(R), in its SIOR CommercialReal Estate Index, a separate attitudinal survey of more than 710 localmarket experts, suggests a lower level of business activity in upcomingquarters with recessionary impacts on the industrial and office markets,although 47 percent of members are more hopeful about the near-termoutlook.

The SIOR index has declined for 11 consecutive quarters and stood at 35.3in the third quarter, compared with a level of 100 that represents abalanced marketplace. Even though it is a buyer’s market with lowerprices, investment activity continues to decline from the lack of credit,and 85 percent of respondents report development is virtually nonexistentin their markets.

Looking at the overall market, commercial vacancy rates are rising andrents are declining, according to NAR’s latest COMMERCIAL REAL ESTATEOUTLOOK. The NAR forecast for four major commercial sectors analyzesquarterly data in the office, industrial, retail and multifamily markets.Historic data were provided by CBRE Econometric Advisors.

Office Market

Vacancy rates in the office sector are expected to rise from 16.1 percentin the third quarter to 18.5 percent in the third quarter of 2010, with joblosses continuing to dampen the market.

Annual office rent should fall by 12.1 percent this year and declineanother 8.5 percent in 2010. In 57 markets tracked, net absorption ofoffice space, which includes the leasing of new space coming on the marketas well as space in existing properties, is seen at a negative 56.1 millionsquare feet in 2009 and a negative 43.3 million next year.

Industrial Market

Industrial vacancy rates are forecasted to rise from 13.5 percent in thethird quarter of this year to 15.4 percent in the third quarter of 2010.

Annual industrial rent is projected to fall 10.8 percent this year andanother 11.5 percent in 2010. Net absorption of industrial space in 58markets tracked is likely to be a negative 298.7 million square feet thisyear, and a negative 140.5 million in 2010.

With much of the construction in recent years customized for specificindustrial needs, there is an overhang of obsolete structures on themarket. "There is an opportunity for non-current owners to look atdistressed industrial properties in the current market," Yun said.

Retail Market

Retail vacancy rates will probably rise from 12.2 percent in the thirdquarter to 13.0 percent in the third quarter of 2010. "Near term, retailis the most hopeful commercial sector with an expected rise in consumerconfidence, resulting from a restoration of housing wealth as home pricesstabilize and begin to rise around the spring of next year," Yun said.

Average retail rent should decline 1.3 percent in 2009 and 3.0 percent nextyear. Net absorption of retail space in 53 tracked markets is forecast ata negative 21.9 million square feet this year and a negative 4.7 million in2010.

Multifamily Market

The apartment rental market — multifamily housing — is impacted by higherhome sales to first-time home buyers. "However, as the economy turnsaround and consumer confidence returns, constraints on household growthwill be released, which may help to unleash a pent-up rental demand," Yunsaid. Multifamily vacancy rates are projected to be fairly steady, edgingup from 7.3 percent in the third quarter of 2009 to 7.4 percent in thethird quarter of next year.

Average rent is likely to decline 4.1 percent this year, moderating to a3.3 percent loss in 2010. Multifamily net absorption is forecast at168,300 units in 59 tracked metro areas in 2009 and 59,700 next year.

The COMMERCIAL REAL ESTATE OUTLOOK is published by the NAR ResearchDivision for the commercial community. NAR’s Commercial Division, formedin 1990, provides targeted products and services to meet the needs of thecommercial market and constituency within NAR.

The NAR commercial components include commercial members; commercialcommittees, subcommittees and forums; commercial real estate boards andstructures; and the NAR commercial affiliate organizations — CCIMInstitute, Institute of Real Estate Management, Realtors(R) Land Institute,Society of Industrial and Office Realtors(R), and Counselors of RealEstate.

More than 81,000 NAR and institute affiliate members offer commercialbrokerage services.

The National Association of Realtors(R), "The Voice for Real Estate," isAmerica’s largest trade association, representing 1.2 million membersinvolved in all aspects of the residential and commercial real estateindustries.

The next commercial real estate forecast will be released on February 23.

Information about NAR is available at www.realtor.org. This and other newsreleases are posted in the News Media section. Statistical data, tablesand surveys also may be found by clicking on Research.

REALTOR(R) is a registered collective membership mark which may be usedonly by real estate professionals who are members of the NATIONALASSOCIATION OF REALTORS(R) and subscribe to its strict Code of Ethics. Notall real estate agents are REALTORS(R). All REALTORS(R) are members ofNAR.

For further information contact:Walter Molony202/383-1177Email Contact

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