Almanac, June 2013

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Tweed Tower .pared Closing — for Now

NEW HAVEN — The federal Department of Transportation has determined that the Tweed Regional Airport air traffic control tower, along with 148 other contract control towers at small airports nationwide, will remain open through the end of September.

The determination was announced last month by U. Transportation Secretary Ray LaHood, who in a statement said that the Reducing Flight Delays Act of 2013 will provide the Federal Aviation Administration with enough funding to keep all 149 contract towers open through the end of the federal fiscal year, which is September 30.

Tweed, along with 148 contract air towers across the U. were originally slated for closure  a result of sequestration. The airport has approximately 40,000 enplanements and around  unique flyers each year and is one of the only small airports in New England to have commercial service.


SHU Students Win Corporate Cup

STAMFORD — The Connecticut chapter of the Association for Corporate Growth (ACG Connecticut) has awarded its fourth annual ACG Connecticut Cup to a team of MBA students from Sacred Heart University, edging out student teams from UConn and Yale.

“This is very close to a real-world exercise for these MBA students,” said ACG Connecticut Cup Chairman Justin Blum of M&T Bank. “The teams were allowed one week to develop a central thesis encompassing valuation, capital markets and M&A strategic recommendations that they then had to pitch to a panel of three judges, representing the board of directors of the client company.” The judges scored each team on a scale of one to five in the categories of organization/structure, content, transaction/valuation, financials/technical, verbal/board presentation.

The presentations were made on RBS’ trading floor in Stamford. The ACG Connecticut Cup and a $1,000 cash prize were to be awarded to the Sacred Heart team at a June 7 breakfast meeting at the Stamford Marriott.


BDL Adds Atlanta Flights

WINDSOR LOCKS — The Connecticut Airport Authority has announced new daily nonstop service from Bradley International Airport (BDL) to Atlanta (ATL). This new route, operated by Southwest Airlines’ subsidiary AirTran Airways, will begin November 3 and is available for sale now. Delta also flies from BDL to Atlanta.

“This is great news as the CAA continues to make significant contributions to the state and regional economy,” said Gov. Dannel P. Mallow in a statement. “I am pleased that Bradley continues to add important service offerings to its route menu; these new daily nonstop flights will enhance access to another key business and leisure center in Atlanta. Southwest Airlines continues to be a great partner at Bradley International Airport.”

Added Bob Montgomery, Southwest’s vice president of airport affairs, “The Hartford-Springfield area continues to be a great market for Southwest Airlines and we are pleased to be able to add this new Atlanta service.”


From Renting to Owning

ROCKY HILL — A new survey conducted for the Connecticut Housing Finance Authority (CHFA) by the Center for Research & Public Policy (CRPP), found that an estimated two-thirds of Connecticut renters say they are very or somewhat interested in owning their own home. CHFA offers below-market interest rate mortgages to help low- and moderate-income first-time buyers make the transition from renters to homeowners. The current interest rate is 2.75 percent for a 30-year fixed mortgage.

“The dream of homeownership remains alive and well,” said CHFA President and Executive Director Eric Chatman. “Homeownership is an important aspiration for Connecticut families, and as an authority we are committed to helping qualified families achieve their dreams.”

More info about CHFA programs is available at

Finance Professor Honored

FAIRFIELD — When he’s not teaching Fairfield University business students about high stakes investing, John McDermott is busy applying those lessons to his scholarship and advising financial firms managing billions in client assets.

McDermott, associate professor of finance at the Charles F. Dolan School of Business, was recently honored with the Excellence in Teaching Award, voted on annually by students. Students provide statements on why they think a particular faculty member deserves to be nominated, based on their alignment with the school’s mission, ability to engage students dynamically, and embodiment of Jesuit values.

“One of his best attributes is his ability to seamlessly relate the theory being discussed in the classroom to real life problems,” said Brian Devenney, who has taken two classes (financial modeling and corporate finance) with McDermott. “His charisma and passion for teaching are very evident by the lack of dull moments in his classroom. He is very supportive of students, always encouraging and offering great advice wherever he can.”

Before academia, McDermott was a member of the U.S. Coast Guard. He earned a B.S. from the U.S. Coast Guard Academy, an MBA from Columbia University, and a Ph.D. from the University of Connecticut.


Should Connecticut Give Special Incentives to Individual Companies?

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