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Tuesday headlines

May 03, 2011 2:41 am
Biz partner files lawsuit against Local Ocean
Jamie Larson in the Register-Star reports that industrial fish farm Local Ocean is being sued by G.F.A. Advanced Systems, the Israeli company which developed the proprietary waste and water recycling system technology used by the Greenport-based business. The suit, filed in Tel Aviv District Court, alleges that Local Ocean CEO Efraim Basson and The Sanit Group violated their joint venture agreement with G.F.A. since Local Ocean opened in 2009. G.F.A. sent a statement to the Register-Star Monday, but Larson writes that it lacks specific claims, and that otherwise officials from both sides kept mum. G.F.A.'s statement claims Local Ocean's agreement, "states that any subsequent development to the patented technology and related know-how by Local Ocean will be the property of G.F.A.” Read the entire story in the Register-Star.

32-unit senior housing project awaits word on funds
Emilia Teasdale in The Columbia Paper reports that a developer for a proposed $7-million, 32-unit senior living housing project on two acres along Route 203 in Valatie says the project has all necessary local approvals but his group is waiting for $1 million in funds from the New York State Housing Trust. Bruce Levine of 3D Development Group, LLC, of Amherst, NY, told The Columbia Paper reporter that they should hear about those funds this summer and, if approved, construction would begin at the end of year. The project, called Valatie Senior Housing, already has $357,000 from the state Department of Agriculture. Levine developed the Valatie Woods senior apartments on River Street in the village, as well as projects in Chatham and Hudson. Read the rest of the story in The Columbia Paper.

New Yorkers' consumer confidence drops in April
The Albany Business Review reports that New Yorker’s consumer confidence fell in April while the country’s consumer confidence rose. New York's confidence level -- which measures people’s willingness to spend, as opposed to their ability to spend -- fell 2.7 points to 64.9, according to a Siena Research Institute survey. The U.S. level rose 2.3 points to 69.8, according to the University of Michigan. A 75.0 level is the break-even point, where an equal percentage of people are optimistic and pessimistic. “As gas prices rose above $4 and grocery bills climbed, consumer confidence dipped among New Yorkers this month,” said Doug Lonnstrom, a professor of statistics at Siena College and the founding director of the institute. Read the full Albany Business Review story for complete details.
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