Out of 26 million Texans, you may have an idea to change the world. You may have had several ideas to change the world. But only a tiny minority of you pushed through the U.S. Patent office from application to successful patent. We've seen Texans change the world many times over. Jack Kilby did it with Texas Instruments in 1958 with the integrated circuit, causing the start of the digital revolution, which, in part, is why you can read these words over your electronic device.
Over the last few years, Texas Business has brought its feature: Texas Business Patent of the Day. This list is of the ones that were either extremely clever, odd or strange. One thing becomes apparent from these patents and the patent that runs daily in Texas Business—Texans have a unique mind set.
Though the history of the Corn Dog is disputed, the State Fair of Texas claims to have introduced the Corny Dog sometime between 1938 and 1942. As a paean to that invention that now sits in the freezer section of every grocery store in the southwest, here are the fried foods the State Fair of Texas has introduced, or tried to introduce, in the last seven years.
Don't get caught up with John Wayne religion. For one thing, he's not Texan. He's in some fine movies involving Texas, most notably The Searchers, but none of his movies can make the best cut of Texas movies. Here's the short list.
Unsung Texas Business Journalists Mention that one is a reporter, and there's a spark of interest. Mention that one is a business news reporter, and watch the eyes glaze over. Except to the players, business and economic journalists are unappreciated. While many wish to become sports reporters when they grow up, most do not realize that business journalists cover the Real Game. Mention that reporter covers business, and watch the eyes glaze over. A toast to these below on the short list and the numerous unnamed ones slogging away. Full Story » TexasBusiness.com
Best Texas Mexican Food: The Short List No, we're not going to debate the difference between Tex-Mex, Mex-Tex, Mexican and Texican food. Just know these establishments are the pinnacle of Texas Mexican fare. No brag, just fact. Full Story » TexasBusiness.com
Best Texas Burgers Texas Burgers. . While a hamburger is merely sustenance and gratification for a meal, the memory a good Texas burger can give rise to Homeric odes. The short list. Full Story » TexasBusiness.com
Waco's FirstCity Financial Corporation today announced that it has successfully refinanced its existing senior credit facilities with Bank of Scotland and BoS(USA) (collectively, "Bank of Scotland"). In addition, FirstCity separately has entered into an Investment Agreement with Varde Investment Partners, L.P. ("Varde") to jointly pursue investment opportunities in distressed assets, and has also entered into a Securities Purchase Agreement with Varde.
James T. Sartain, President and CEO of FirstCity, said, "With our renewed senior credit facilities, coupled with the Investment Agreement with Varde, FirstCity has the funding and liquidity in place to be able to maximize the value of our primary talents - our investment identification and evaluation processes, and our servicing platform - while at the same time developing a strong 'fees for services and performance' strategy."
FirstCity and Bank of Scotland reached agreement and closed on a $268.6 million Reducing Note Facility Agreement ("Reducing Note Facility") that allows for repayment to Bank of Scotland over time as cash flows from the underlying assets securing the loan facility are realized. At closing, FirstCity has in excess of $45.0 million in unencumbered cash and portfolio assets, which combined with (1) the unencumbered cash leak-through of up to $25.0 million; (2) the overhead allowance of $38.9 million; and (3) management's estimation of residual cash flows of $70.0 million from the pledged investments after full repayment of the Bank of Scotland debt, will potentially provide the Company in excess of $178.0 million in unencumbered cash and assets to fund future investments and operations. Further details about the structure and terms of the Reducing Note Facility are outlined in the exhibit to this press release ("FirstCity Structure and Business Plan"), and will be included in a Current Report on Form 8-K that FirstCity will subsequently file with the SEC.
FirstCity and Varde entered into an Investment Agreement whereby Varde may invest up to $750 million, at its discretion, alongside FirstCity in distressed loan portfolios and similar investment opportunities, subject to the terms and conditions contained in the agreement. In addition, FirstCity and Varde have entered into a Securities Purchase Agreement wherein Varde has agreed to acquire 150,000 shares of newly-issued FirstCity common stock at a price of $5.93 per share. Upon consummation of this stock purchase, Varde will own approximately 1.5% of FirstCity's outstanding common stock.
The Texas News Scrawl is a handy reference to stories Texas Business recommends from other news sources. Some of the stories that Texas Business currently suggests include: ClubCorp buys Prestonwood Country Club in Dallas and Plano; Office Depot overcharged Dallas by up to $3.6 million, city auditor finds; Texas power market monitor resigns amid unresolved reform debate; U.S. Supreme Court denies review of Farmers Branch immigration ordinance; Aggie Vanishing Act: Sale of Texas Wesleyan’s law school to A&M leaves alumni out in the cold;ExxonMobil CEO Doesn't Want a Fracking Operation Near His Backyard bDrowned bridge worker’s employer had prior OSHA violations; Gates-led power-unit bankruptcy may revive Texas electric debate;Baylor will return 5,000 unsold Fiesta Bowl tickets; and more.