Debbie Harry's autobiography Face It is a fascinating read through the 1960s and 1970s New York City. This woman was at the right time in the right place to perform music with people at CBGB's the famous punk rock alternative rock hangout in New York. Blondie achieved fame in the late 1970s and early 1980s, selling millions of albums, with hits like Heart of Glass, Call Me, Rapture and The Tide Is High.
Wednesday, April 20, 2022
A Punk Rock Memoir: Face It by Debbie Harry
Wednesday, April 13, 2022
Heroin's Wrath: Sing Backwards and Weep by Mark Lanegan
By Michael Hooper
Mark Lanegan's memoir Sing Backwards and Weep is a gripping story of a heroin addict/musician struggling to find his way out of darkness.
Lanegan was the lead singer of Seattle grunge band Screaming Trees and a prolific solo artist and collaborator with other musicians including Isobel Campbell and Moby. He was involved with Queens of the Stone Age and Gutter Twins. His solo work could be described as a haunting Leonard Cohen. He is America's equivalent to the French poet Charles Baudelaire. He is influenced by Nick Cave and the Bad Seeds, The Velvet Underground, Gun Club, David Bowie, the Saints, Joy Division and Lou Reed.
So I’m not saying anything
You say you'll fall, I'll fall lower
A love letter was what I meant
A bullet to the heart was sent
The way my body lay here bent
In the freezing exposure and frozen to colder
I wouldn’t want to say
No, I wouldn't want to say
Get out while you can, get out while you can
I will bring bad luck and misery to you, man
I'll paint this shadow across your land
While putting something graveyard dark
Straight into your hand
I wouldn't want to say
I wouldn't want to say
Tuesday, February 1, 2022
Midway Wholesale Sold To Beacon Roofing
By Michael Hooper
Midway Wholesale, a Topeka-based supplier of building and roofing supplies, recently sold to Beacon Roofing Supplies, a Fortune 500 company.
“The Midway team looks forward to joining forces with Beacon. Our business has grown successfully since incorporation in 1974 by providing customers with superior service and taking care of our employees,” said John Ossello, Vice President, Midway. “We look forward to the investments Beacon will be able to make that further our partnership with customers and develop our team’s potential.”
The same press release includes a statement from Beacon's CEO, “We are pleased to welcome Midway’s employees and customers to the Beacon team as we help build the next chapter of the company’s story,” said Julian Francis, President & CEO of Beacon. “Expanding our depth of service in the Midwest will bring Midway customers the opportunity to benefit from Beacon’s digital solutions, TRI-BUILT product line and OTC® network. With this acquisition, our strategic initiative for growth takes on a new lever, adding a high-quality team and key locations to further drive our performance.”
I tried to reach Ken Daniel for this article but have not been successful yet.
Ken is a personable man who excelled at sales and management. He hired the right people and promoted them.
But in the beginning, it was just Ken Daniel in a tiny office at 218 SE Branner. He told me he started in 1970 as a manufacturer's representative in Topeka, a position that grew into forming his own company.
One time, Ken actually took me inside the tiny room, where he got started. It was a dusty old room with gray walls, more of a storage area when I saw it. He said as business got bigger, he took over more and more space inside the old building, eventually acquiring the entire building. Midway Wholesale's Topeka operation is next to the BNSF Railway tracks. To expand operations, Midway Wholesale purchased some land from BNSF.
In 2008, Kenneth Daniel, chairman, retired as chief executive officer at the company's annual stockholders meeting. Bruce H. Myers, president since 1999, was elected chief executive officer and president. John D. Ossello has been vice president since 1999.
Midway Wholesale originally started out as a roof coating business for the elevator industry. The business transitioned into a commercial roofing distributor. And later expanding into construction materials. Now the company sells products for both residential and commercial properties. "Buildings can now have Midway Wholesale materials all the way from their foundations to their rooftops," the company says.
Midway Wholesale's other locations are in Lawrence, Manhattan, Garden City, Overland Park, Salina, Wichita, St. Joseph, Mo., Joplin, Mo., and Grand Island, Neb.
Beacon Roofing Supplies is a gigantic company with more than $7 billion in annual sales. The company was founded in Charlestown, Mass., in 1928. Corporate headquarters is now in Herndon, Va.
Beacon said the deal to purchase Midway Wholesale valued the company at $28.7 million in goodwill, and $38.5 million in tangible assets, for a total of $67.2 million, according to a Beacon SEC filing dated May 6, 2022, said David Tangeman, Houston accountant.
Wednesday, January 19, 2022
Pay Down Debt at KPERs With Surplus
By Michael Hooper
Kansas has a surplus of $2.9 billion in tax revenue. The Kansas Legislature could go on a spending spree and buy all kinds of things and start new programs, offer tax breaks, maybe give money back to taxpayers.
Or the Legislature could do something that would be very wise; pay down the debt of the Kansas Public Employees Retirement System (KPERs).
The disturbing trend at KPERs in recent years has been its habit of borrowing money to invest in equities. More than $1 billion in borrowings has been used by KPERs money managers to invest in assets that they hope earn a higher rate of return than the interest expense on the debt. So far this strategy has seemed to benefit the KPERs system, but they've had the benefit of a long and prosperous bull market that began in 2009. What if there is a serious correction in stocks and a subsequent bear market for years? This happened in the 1970s when there was high inflation. Well guess what? We're having high inflation right now. And domestic stocks are overvalued.
What if KPERs’ investments start losing money in a bear market. The investments, purchased with borrowed money, may end up being worth less than the debt used to acquire them. This is called being under water, sort of like owing more money on a car than what it's worth. This bear-market-case scenario could be disastrous for KPERs.
And this is the public government employees retirement system for goodness sakes.
I've been an investor for many years, I don't borrow money to buy stocks. It's too risky. Margin calls are real.
Kansas Attorney General Derek Schmidt recommended using surplus funds to pay down at least $1 billion in debt at KPERs, WIBW reported.
Schmidt said aggressively prepaying $1 billion will save taxpayers hundreds of millions of dollars in debt service, more than $400 million over the next five years.
On September 30, 2021, KPERs had $25.4 billion under management. The portfolio was up 10.6% year-to-date through September 30 and has been up an average of 10.6% for the last 3 years and 10.5% the last five and 10 years. I would say those are pretty good returns for a portfolio of this size.
A picture of the portfolio shows that 26.2% of assets were in domestic equities 24.8% in international equities, 9.6% in fixed income, 5.7% in yield driven assets, 10.5% in real return assets, 9.5% in real estate and 10.2% in alternatives.
On Jan. 6, Gov. Laura Kelly announced plans to pay off over $500 million in debt at KPERs, using surplus funds.
The Kelly Plan to restore fiscal responsibility includes paying over $500 million in debt off early and avoiding future principal and interest costs. It will also include re-amortizing the legacy unfunded liability of the KPERS fund. Re-amortization has been previously proposed by Republican state lawmakers to help ensure long-term viability of the state employee pension system.
“We must act decisively to meaningfully reduce state debt, rebuild the state savings account, and protect Kansas’ ability to pay its bills in the long term,” the Governor said in a press release.
Thursday, December 30, 2021
Celebrating Gigantic Creativity
Kohan Retail Investment Group Buys West Ridge Mall in Topeka
By Michael Hooper
Kohan Retail Investment Group, of Great Neck, N.Y., has agreed to purchase West Ridge Mall in Topeka.
WIBW's Kimberly Donahue first reported yesterday that Kohan Retail Investment Group is the buyer of West Ridge Mall. Her source was Topeka city councilman Mike Lesser.
Wednesday, December 29, 2021
Future of West Ridge Mall Uncertain
By Michael Hooper
A Topeka commercial real estate professional says he did not bid on West Ridge Mall because he couldn't figure out an angle for the space.






