News Feed Item
Former Pontiac Emergency Manager Louis H. Schimmel Returns To Municipal Financial Consultants Incorporated as Vice Chairman
|By PR Newswire
|August 18, 2014 12:17 PM EDT
GROSSE POINTE FARMS, Mich., Aug. 18, 2014 /PRNewswire/ -- Meredith A. Shanle, President of Municipal Financial Consultants Incorporated, announced today that Louis H. Schimmel, who served as Vice Chairman of MFCI from 2004 to 2010, returned to the company on August 1st to serve in a similar capacity.
Mr. Schimmel had resigned from MFCI in March 2010, to serve as Executive Administrator for the City of Warren and then on September 12, 2011, was appointed Emergency Manager of the City of Pontiac by Governor Rick Snyder.
In the nearly two years he was the Emergency Manager of the City of Pontiac he completely restructured the City by contracting out nearly all of the basic services the City provides including police, fire and the entire department of public works. Additionally, he sold the excess capacity in the City's sewage disposal system to Oakland County for $55 million, reduced the city's overall debt from $105 million to $28 million and cut the City's general fund expenses from a level of $57 million six years ago to $30 million for the current fiscal year.
These moves along with numerous other creative changes resulted in allowing Schimmel to balance the City's budget going forward and to not declare bankruptcy, which many thought not possible when he became the City's Emergency Manager. Mr. Schimmel resigned as Pontiac's Emergency Manager on August 19, 2013 and, on the same day, he was appointed by Governor Snyder to a four member Transition Advisory Board to oversee the City of Pontiac in the future years. He still serves in that capacity.
While Executive Administrator of Warren, Schimmel negotiated eight union labor contracts and was involved in management decisions that resulted in a more efficient city operation and significant savings in tax dollars.
In February 2001, Mr. Schimmel retired as the Executive Director of the Municipal Advisory Council of Michigan (MAC), a statistical clearing house for investment bankers located throughout the United States who underwrite and/or invest in Michigan municipal bond issues. Mr. Schimmel has a vast background in municipal finance, has served on numerous boards and commissions, has authored several articles and trade publications and continually advised state and local officials on fiscal matters. He is recognized in the municipal bond industry as an authority on the creditworthiness of Michigan municipal debt issues.
In December 1986, the Chief Judge of the Wayne County Michigan Circuit Court appointed Schimmel to be the Receiver for the debt-ridden City of Ecorse. He served as the City's Receiver for nearly 4 years during which period he completely eliminated the City's $6,000,000 deficit by negotiating unique labor union contracts and by privatizing nearly all services provided by the City.
In November 2000, Governor Engler appointed Schimmel to again bail out a financially troubled city, this time the City of Hamtramck. During his 5 years as the State appointed Emergency Financial Manager in Hamtramck he sold unused assets, out sourced services, resolved numerous long standing legal matters and streamlined city government operations.
In the past Mr. Schimmel served on the Waterford, Michigan School Board for eight years--two years as board president. He is a past president of the Bond Club of Detroit. He also served on the Board of Directors and Executive Committee of the Pontiac State Bank from 1972 to 1988. He is a graduate of Michigan State University.
Ms. Shanle, also announced today that the founder of Municipal Financial Consultants Incorporated, John R. Axe, has returned, effective August 1, 2014, to serve as Chairman of MFCI. Mr. Axe, who founded the firm in 1981, served as its President and then Chairman until January of 2010, has returned to the firm where he will serve on the Board of Directors and also as the Project Director for various projects where the firm is financial consultant for one of its many municipal clients.
Mr. Axe's experience as a Financial Advisor to municipalities extends back to the 1970's when municipalities first were required by the SEC to prepare offering circulars in order to market municipal bonds.
A graduate of the University of Michigan and the Harvard Law School, Axe currently serves as a member of the board of the Michigan Judges Retirement System and in the past served as a member of the Higher Education Assistance Authority of the State of Michigan.
MFCI serves as Financial Advisor to counties, cities, townships, and other municipal authorities in Michigan. In 2014, the firm has successfully marketed 17 municipal bonds and notes for the Counties of Oakland, Macomb, Washtenaw, Berrien, Crawford, Van Buren and Dickinson, the City of Warren, Waterford School District and Benton Charter Township. All of these securities, which totaled over $112,000,000, were marketed at competitive sales. In August, MFCI will be offering the largest competitive issue to be sold this year in Michigan for any municipality, which will be a $32,545,000 refunding bond issue for the City of Warren.
SOURCE Municipal Financial Consultants Incorporated
"MathFreeOn.com is a line coding platform for engineers and scientists. When they want to solve an engineering problem and they have to use software - they have to pay a lot of money for licenses - but with MathFreeOn you don't have to pay a lot of money. Just go to our site and write the code and you can check the result right away," explained Simon Lee, CMO of MathFreeOn, in this SYS-CON.tv interview at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Cla...
Dec. 11, 2016 08:45 AM EST Reads: 560
Enterprise IT has been in the era of Hybrid Cloud for some time now. But it seems most conversations about Hybrid are focused on integrating AWS, Microsoft Azure, or Google ECM into existing on-premises systems. Where is all the Private Cloud? What do technology providers need to do to make their offerings more compelling? How should enterprise IT executives and buyers define their focus, needs, and roadmap, and communicate that clearly to the providers?
Dec. 11, 2016 08:00 AM EST Reads: 796
The many IoT deployments around the world are busy integrating smart devices and sensors into their enterprise IT infrastructures. Yet all of this technology – and there are an amazing number of choices – is of no use without the software to gather, communicate, and analyze the new data flows. Without software, there is no IT.
In this power panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, Dave McCarthy, Director of Products at Bsquare Corporation; Alan Williamson, Principal...
Dec. 11, 2016 07:30 AM EST Reads: 776
Video experiences should be unique and exciting! But that doesn’t mean you need to patch all the pieces yourself.
Users demand rich and engaging experiences and new ways to connect with you. But creating robust video applications at scale can be complicated, time-consuming and expensive. In his session at @ThingsExpo, Zohar Babin, Vice President of Platform, Ecosystem and Community at Kaltura, discussed how VPaaS enables you to move fast, creating scalable video experiences that reach your aud...
Dec. 11, 2016 07:00 AM EST Reads: 494
Get deep visibility into the performance of your databases and expert advice for performance optimization and tuning. You can't get application performance without database performance. Give everyone on the team a comprehensive view of how every aspect of the system affects performance across SQL database operations, host server and OS, virtualization resources and storage I/O. Quickly find bottlenecks and troubleshoot complex problems.
Dec. 11, 2016 06:45 AM EST Reads: 2,323
President Obama recently announced the launch of a new national awareness campaign to "encourage more Americans to move beyond passwords – adding an extra layer of security like a fingerprint or codes sent to your cellphone." The shift from single passwords to multi-factor authentication couldn’t be timelier or more strategic. This session will focus on why passwords alone are no longer effective, and why the time to act is now.
In his session at 19th Cloud Expo, Chris Webber, security strateg...
Dec. 11, 2016 05:45 AM EST Reads: 743
Amazon has gradually rolled out parts of its IoT offerings in the last year, but these are just the tip of the iceberg. In addition to optimizing their back-end AWS offerings, Amazon is laying the ground work to be a major force in IoT – especially in the connected home and office.
Amazon is extending its reach by building on its dominant Cloud IoT platform, its Dash Button strategy, recently announced Replenishment Services, the Echo/Alexa voice recognition control platform, the 6-7 strategic...
Dec. 11, 2016 05:30 AM EST Reads: 748
"We are an all-flash array storage provider but our focus has been on VM-aware storage specifically for virtualized applications," stated Dhiraj Sehgal of Tintri in this SYS-CON.tv interview at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Dec. 11, 2016 05:00 AM EST Reads: 1,190
"We are a leader in the market space called network visibility solutions - it enables monitoring tools and Big Data analysis to access the data and be able to see the performance," explained Shay Morag, VP of Sales and Marketing at Niagara Networks, in this SYS-CON.tv interview at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Dec. 11, 2016 04:45 AM EST Reads: 682
Whether your IoT service is connecting cars, homes, appliances, wearable, cameras or other devices, one question hangs in the balance – how do you actually make money from this service? The ability to turn your IoT service into profit requires the ability to create a monetization strategy that is flexible, scalable and working for you in real-time. It must be a transparent, smoothly implemented strategy that all stakeholders – from customers to the board – will be able to understand and comprehe...
Dec. 11, 2016 04:30 AM EST Reads: 884
More and more brands have jumped on the IoT bandwagon. We have an excess of wearables – activity trackers, smartwatches, smart glasses and sneakers, and more that track seemingly endless datapoints. However, most consumers have no idea what “IoT” means. Creating more wearables that track data shouldn't be the aim of brands; delivering meaningful, tangible relevance to their users should be. We're in a period in which the IoT pendulum is still swinging. Initially, it swung toward "smart for smart...
Dec. 11, 2016 03:30 AM EST Reads: 1,176
Complete Internet of Things (IoT) embedded device security is not just about the device but involves the entire product’s identity, data and control integrity, and services traversing the cloud. A device can no longer be looked at as an island; it is a part of a system. In fact, given the cross-domain interactions enabled by IoT it could be a part of many systems. Also, depending on where the device is deployed, for example, in the office building versus a factory floor or oil field, security ha...
Dec. 11, 2016 03:00 AM EST Reads: 815
An IoT product’s log files speak volumes about what’s happening with your products in the field, pinpointing current and potential issues, and enabling you to predict failures and save millions of dollars in inventory. But until recently, no one knew how to listen. In his session at @ThingsExpo, Dan Gettens, Chief Research Officer at OnProcess, discussed recent research by Massachusetts Institute of Technology and OnProcess Technology, where MIT created a new, breakthrough analytics model for s...
Dec. 11, 2016 02:45 AM EST Reads: 926
In IT, we sometimes coin terms for things before we know exactly what they are and how they’ll be used. The resulting terms may capture a common set of aspirations and goals – as “cloud” did broadly for on-demand, self-service, and flexible computing. But such a term can also lump together diverse and even competing practices, technologies, and priorities to the point where important distinctions are glossed over and lost.
Dec. 11, 2016 02:45 AM EST Reads: 1,808
SYS-CON Events has announced today that Roger Strukhoff has been named conference chair of Cloud Expo and @ThingsExpo 2017 New York.
The 20th Cloud Expo and 7th @ThingsExpo will take place on June 6-8, 2017, at the Javits Center in New York City, NY.
"The Internet of Things brings trillions of dollars of opportunity to developers and enterprise IT, no matter how you measure it," stated Roger Strukhoff. "More importantly, it leverages the power of devices and the Internet to enable us all to im...
Dec. 11, 2016 02:30 AM EST Reads: 1,076