09/20/05: What happened to capitalism?  Last week Delta Airlines and Northwest Airlines filed for Chapter 11, joining United and US Airways, which previously filed for the same bankruptcy protection. One half of the American airline industry is now bankrupt.  Of course, their creditors are being protected too and those carriers are still flying under court order.  But is this any way to run a market economy?  There are examples of successful start-up airlines, including Jet Blue and Southwest.  Savvy entrepreneurial spirit has brought forth these new carriers, and there is no reason that others won't follow.  What doesn't make sense is to continue a federal bailout of corporations that just don't work anymore.  As the newer airlines continue to grow and prosper, those workers who are being displaced should be able to find new employment.  In other words, let the market determine the fate of this industry.  What we don't need is another government-sponsored boondoggle.
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Promotions
 

MCSHEA & CO.
(MONTGOMERY COUNTY, VA) Jon Daigle was named senior vice president and portfolio manager of property management, while Mary McCarthy has been named vice president for property management. Daigle, formerly vice president for property management, joined the company in 2000. McCarthy, most recently vice president and director of lease administration, has been with McShea since September 2001.
  GRUBB & ELLIS CO.
(DALLAS) The firm has promoted Burson Holman and Steve Wolff to senior associate positions. Holman, who serves in the office services group, has been at Grubb & Ellis since 2004. Wolff, in the industrial services group, also joined the company in 2004.
New Hires
 

HSBC SECURITIES (USA)
(NEW YORK CITY) The firm has named Nicholas Letica as managing director and head of collateralized mortgage obligation trading. Letica comes from Deutsche Bank, where he was head of agency CMO trading. He will be responsible for expanding HSBC’s mortgage-backed securities business.
 

WELLS REAL ESTATE FUNDS
(ATLANTA) Robert Byrd has been tapped as vice president for corporate communications. Byrd will run all internal and external communications functions. He was previously president of Hayslett Group LLC, an independent communications firm that he joined in 2000.
 

MCSHEA & CO.
(MONTGOMERY COUNTY, MD) Riccio Del Bosque has joined the company as vice president and director of lease administration. Prior to joining McShea, he was at the Mills Corp. as director of lease administration and tenant accounting. He has also worked with KPMG as a manager in the accounting department.

DRA ADVISORS

Asset Manager

(NEW YORK)

Using asset management experience, ideal candidate will carry out strategic goals at the property level through leasing/implementation and completion of capital improvements as well as some development projects. He or she must be a self-starter with strong analytical and communication skills. This position requires 25% travel.

STOLTZ MANAGEMENT

Senior Property Accountant

(PENNSYLVANIA)

This position requires producing financial analysis for acquisitions, refinances and dispositions. Suitable candidate must work under pressure with direct involvement from senior executives while also interfacing with sellers, lenders, buyers and other transaction parties. He or she will also produce investment analysis for presentation to senior management.

TRIMONT REAL ESTATE ADVISORS

Asset Manager

(GEORGIA)

Most qualified applicant will manage debt and equity portfolio of properties from inception to resolution. His or her responsibilities include formulating and executing deal resolutions, assessing asset performance, reviewing and approving monthly reports and semi-annual property valuations, and interacting with third-party consultants.

BLACKROCK

Associate – Account Management

(NEW JERSEY)

Reporting to the director of the account management group, this professional will service client and consultant relationships, perform portfolio analysis, develop new products, and assist in business development. He or she may also be involved in preparation and participation in new business proposals, client portfolio reviews and special reports on industry topics.

SPERRY VAN NESS

Director of Organization Development

(ILLINOIS)

In this recruiting/sales position, ideal candidate will be responsible for identifying and recruiting experienced senior brokers and established commercial real estate firms by conducting presentations, representing the company at various trade functions, and traveling to select markets to meet with and interview targeted prospects.

METLIFE

Associate Director

(NEW JERSEY)

Suitable candidate will research, analyze, and report on return and risk attributes of real estate portfolio, while also analyzing capital market pricing of real estate risks and providing analytical support for risk and research unit assignments. He or she will also train associates in use of commercial mortgage metrics and a nalyze capital market pricing.

EQUINOX PARTNERS

Managing Director, Asset Management

(ILLINOIS)

Joining as a partner and key member of senior management, qualified applicant will be involved in all strategic management and investment decisions and will have primary responsibility for the operating performance and value enhancement of the firm’s real estate assets, directly and through the management of the firm’s joint venture relationships.

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