Oklahoma researcher discusses discovery
Dr. Paul DeAngelis discusses a new sugar-based drug delivery platform he created in his University of Oklahoma laboratory and the new company, Caisson Biotech, that has been created to commercialize the technology. The video was provided by Jim Stafford of i2E.
Don Mecoy
Business Writer
More Okies at BIO 2009
Steve Rhines, vice president and general counsel with the Noble Foundation in Ardmore, talks about the Foundation’s work with switchgrass as a biofuel and the interest that has created among visitors to the OKBio exhibition booth at BIO 2009 in Atlanta. showed in the work the Foundation is doing with switchgrass development as a biofuel alternative source.
Video shot by Jim Stafford from i2E.
Don Mecoy
Business Writer
McDonald’s meat, straight from the OKC
Ed Sanchez, president of Oklahoma City-based Lopez Foods.
Lopez Foods, a longtime provider of meat to McDonald’s, also has been a fixture in Oklahoma City for years. The company produced a video showing the inner workings of its plant. While watching chunks of meat become ground beef isn’t the most appetizing experiences, the place does appear to be very clean — tidier than most McDonald’s stores that I’ve been in.
Lopez Foods also supplies the Canadian bacon that McDonald’s uses in its Egg McMuffins. And here’s how an Egg McMuffin is created. I have to admit that I’ve never tasted one (are the yolks supposed to be broken or not?) The McDonald’s Web site also answers submitted questions about its offerings, including some sarcastic ones. My favorite question: “What is Chicken McNuggets?”
McDonald’s response:
Chicken McNuggets® are made with white meat chicken, lightly coated in a tempura batter to ensure that they are crispy on the outside, and juicy and tender in the inside.
They also address the eternal question of which came first, the Egg McMuffin or the Chicken McNugget? (It was the Egg McMuffin, by 10 years).
Don Mecoy
Business Writer
Oklahomans at BIO Conference in Atlanta
Jim Mason of The State Chamber and a member of the OKBIO group discusses the benefits to Oklahoma’s life sciences community of participation in the national BIO 2009 conference in Atlanta. Video provided by Jim Stafford of i2E.
Don Mecoy
Business Writer
Keith Geary interview
I introduce Keith Geary as a smart guy in this interview, and I stand behind that. Geary, CEO of Capital West Securities in Oklahoma City, discusses some investing ideas, including his belief that stock prices may have bottomed out.
By the way, this was the second interview of Geary. The first, taped just before this one, was plagued by technical difficulties. (In fact, some of the problems continued — you might want to turn down the volume before starting this presentation) In addition to being intelligent, Geary is a good sport. He walked right back in the studio for take two.
Don Mecoy
Business Writer
Devon Energy: No layoffs ever
We recently ran a story about several Oklahoma businesses that made Fortune’s list of the “Best 100 Companies to Work For.” As part of Fortune.com’s online coverage, the writer takes note of several large companies that have managed in good times and bad to avoid ever laying off an employee.
Devon Energy, which placed 13th overall in the list of top 100 companies, was featured:
The company has been able to avoid layoffs by making sure it keeps costs low during economic downturns and booms alike. Before the current crisis, Devon chopped its operating budget to match its cash flow from oil and gas production.
Devon also takes a prudent approach to hiring, maintaining an efficient workforce of highly trained employees. Voluntary turnover is a steady 4% a year. And instead of the traditional annual salary review, the company’s compensation process is flexible: In slow years, employees sometimes forego raises, and in good times, they may be rewarded with midyear pay increases.
That has got to make Devon employees feel pretty good, particularly when the company’s earnings reports turn sour.
Don Mecoy
Business Writer
Business Week on SemGroup
John A. Catsimatidis
Business Week magazine this week wrote about the attempts of New York billionaire John A. Catsimatidis to gain control of bankrupt Tulsa energy company SemGroup LP. The supermarket magnate has taken a hard-line approach to acquire SemGroup assets “on the cheap,” Business Week writes.
Catsimatidis, who has obtained several seats on the company’s board, has made broad assurances that he will save jobs, keep the company in Tulsa and restore the business’ strong philanthropic ways. However, SemGroup executives are working with other potential buyers, and Catsimatidis’ methods are making those efforts more difficult.
What’s more, (SemGroup CEO Terry) Ronan says, Catsimatidis’ grandstanding is scaring off bidders for its pipelines, storage tanks, asphalt-mixing operations, and other businesses, potentially lowering their values. According to Ronan, during the holidays one bidder almost backed out of a deal to buy a SemGroup property over worries about the increasingly public fight between Catsimatidis and management. “Fortunately, we were able to convince them that they should continue,” says Ronan. “But [the fight] certainly has delayed things.”
Catsimatidis is expected to unveil his plan in the coming days.
Don Mecoy
Business Writer
Mortgage money available
Steven Plaisance, president of the Oklahoma Mortgage Bankers Association, says Oklahoma’s mortgage market is in much better shape than the nation’s and particularly those areas where home values have plummeted. Plaisance, executive vice president of Arvest Mortgage Co., says his company has received a record number of mortgage applications in recent days.
For the sixth consecutive year, Arvest Bank in 2008 made more than $1 billion in mortgage loans, Plaisance said. Consumers need not have perfect credit to get favorable rates, he said.
Don Mecoy
Business Writer
Tech night out: market meltdown edition
I was on a mission Thursday night when I raced into the conference center at the Presbyterian Health Foundation Research Park. My editor wanted a “man-on-the-street” take on the ongoing market meltdown from the crowd of technology-based entrepreneurs.
What I found is that most of the start-ups working to commercialize a technology in Oklahoma haven’t been hit with a direct impact from the market crash.
That’s because they aren’t yet in a position to seek financing directly from lending institutions, which likely have made credit much more difficult to obtain.
“I think that’s evaporated,” said Tom Francis, vice president of investment funds at i2E, the not-for-profit corporation that mentors many of the state’s tech-based start-ups. “I think the start-up companies that were just sort of marginably bankable before, now are not. It just got tighter.”
But there’s an indirect impact, said David Thomison, i2E’s vice president for Enterprise Services.
”Many of our entrepreneurial companies rely on individual wealthy angels for start-up capital,” Thomison said. “The indirect end result of it, being the drop in the stock market, will potentially over the next 12 months have an impact on our clients’ ability to raise private capital.”
Despite the crushing financial news of the past week, the mood at the networking event was upbeat. There were knots of people gathered in small groups engaged in animated conversation throughout the conference center.
When I completed the man-on-the-street interviews, I got a few minutes to relax and meet some OCU students who are planning a major assault on the 2009 Donald W. Reynolds Governor’s Cup Collegiate Business Plan competition.
I’ll write in an upcoming edition of The Oklahoman about their ambitions and the wonderful fallout the past year’s Governor’s Cup brought them.
In the photo above, Scott Rollins, l
eft, and Richard Alvarez, right, both of Selexys Pharmaceuticals, share a conversation with Max Doleh of Productive Technologies.
Business Writer
Cheap Gas? Fuel at $2.99 suddenly looks like bargain
The weekend began with a pleasant surprise for me when I saw signs advertising gas prices at $2.99 at local 7-Eleven stores.
Turns out, the news was even better.
I stopped at the Sam’s Club at Memorial Road and Pennsylvania on Friday evening and was able to fill up my car for $2.93, with a 5 cent per gallon discount I got with my Sam’s card. Shades of, what, 2007?
Then I drove over to Fort Smith to visit my parents, and when I fueled up again to return back to Oklahoma City, the price there was $3.15. Downer.
Not sure what fuel prices will be to start the week. I’ll look on my way to work today and report what I see.
UPDATE: My editor, Clytie Bunyan, reported that she filled up for $2.89 a gallon this weekend at a southside station. Fellow reporter Debbie Blossom said that a 7-Eleven at NW 10 and May Ave. was advertising gas prices at $2.89. Fill up and enjoy it while it lasts!
Business Writer
