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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PALISADES FINANCIAL (ENGLEWOOD CLIFFS, NJ) The firm has tapped Louis Alaimo Jr. for its business development team. Alaimo will be responsible for sourcing new investment opportunities and strategic relationships. He was previously CEO and equity partner at Dynamic Trading Ltd.
SUTTON & EDWARDS INC./TCN WORLDWIDE (LAKE SUCCESS, NY) Dominic R. D’Angelo has joined the firm as executive managing director. He has left his prior post at Grubb & Ellis Co., where he served as executive managing director in the transactional services group. D’Angelo will focus on expanding the firm’s Suffolk County operations.
WESTERN NATIONAL REALTY ADVISORS (IRVINE, CA) New to the firm is Stuart Beck, who has come on board as director in the development group. Beck, who will lead the design and approval process for new apartment projects, was most recently architectural coordinator at Warmington Homes.
MCSHANE CONSTRUCTION (PHOENIX) John Johnson has joined the company’s western regional office here as project manager. He will work on office, healthcare, educational and industrial projects. Johnson comes from Layton Construction, where he was project manager and worked on a number of commercial projects.
GVA THOMPSON DOYLE HENNESSEY & STEVENS (BOSTON) John McDonough has been named vice president of the suburban brokerage group, specializing in tenant representation. McDonough has left his most recent post as vice president at Grubb & Ellis Co., where he served for more than six years.
SPAULDING & SLYE COLLIERS (BOSTON) Tyler Spring has joined the company as associate in the brokerage group. Spring was most recently with Grubb & Ellis Co. as an advisor, where he helped market and lease more than 500,000 sf of commercial office space.
MEREDITH & GREW (BOSTON) New to the company is Brian S. Meyer Jr., who has been tapped as project manager focusing on tenant improvement assignments. Meyer was most recently project manager at Finard & Co. LLC, where he ran general contracting and construction management.
COMMERCE BANCORP (CHERRY HILL, NJ) The company has tapped Jon Sandeen as senior vice president/director of development, a newly created position. Sandeen was previously vice president of new store construction and design at Wal-Mart. In his new role, he will oversee construction of up to 55 new branches in the Northeast.
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