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entry.1 Feds Deem Pedestrians, Cyclists and Motorists Equals
At long last, the feds have said the needs of pedestrians and cyclists must be placed alongside, not behind, those of motorists. In what amounts to a sea change for the Department of Transportation, the automobile will no longer be the prime consideration in federal transportation planning. Transportation Secretary Ray LaHood says the needs of pedestrians and cyclists will be considered along with those of motorists, and he makes it clear that walking and riding are “an important component for livable communities.” “People across America who value bicycling should have a voice when it comes to transportation planning,” LaHood wrote on his blog. “This is the end of favoring motorized transportation at the expense of non-motorized.” He goes on: We are integrating the needs of bicyclists in federally-funded road projects. We are discouraging transportation investments that negatively affect cyclists and pedestrians. And we are encouraging investments that go beyond the minimum requirements and provide facilities for bicyclists and pedestrians of all ages and abilities. LaHood’s announcement came on the heels of his appearance at the National Bike Summit, where he was greeted like a rock star and told the crowd, “Our mission is the same as your mission,” and “I think we’re beginning to put our money where our mouth is on these issues.” And how. The new policy falls in line with changes the Obama Administration has enacted in the past year. In June, the!)Department of Transportation, the Department of Housing and Urban Development and the Environmental Protection Agency announced the!) Interagency Partnership for Sustainable Communities . The partnership will coordinate polices to “help improve access to affordable housing, more transportation options, and lower transportation costs while protecting the environment in communities nationwide.” LaHood’s announcement is a step toward that goal. What his policy statement effectively says is multimodal transportation (meaning pedestrians and cyclists) will be an “ equal” part of all new infrastructure projects getting funding from Washington. “Walking and bicycling foster safer, more livable, family-friendly communities; promote physical activity and health; and reduce vehicle emissions and fuel use,” reads the introduction to the policy statement. “Legislation and regulations exist that require inclusion of bicycle and pedestrian policies and projects into transportation plans and project development. Accordingly, transportation agencies should plan, fund, and implement improvements to their walking and bicycling networks, including linkages to transit.” Does this mean every new project will have to consider bicycles and pedestrians as equals to automobiles? Not exactly. States and local governments can, of course, create infrastructure outside the policy if they aren’t using federal funds. That said, when it comes to doling out federal transportation funds, projects that adhere to the new policy statement will be given a higher priority, so it is within the best interests of cities and states to adhere to it. With a new!) transportation bill looming that could reach a half trillion dollars, anyone wanting a piece of the pie will have to take pedestrians and cyclists into account. Call it a carrot-and-stick approach. This doesn’t mean you”ll see bike lanes on that new expressway through town. The feds are still going to bankroll conventional roads and highways and so forth. But you’ll see bicycle connection points to these roads, such as trails and shared use pathways to create multimodal transportation. Beyond making it easier for cyclists and pedestrians to get around, the move is intended to make it safer for them to get around. A report released late last year by Transportation for America and the Surface Transportation Policy Partnership found more than 43,000 pedestrians nationwide have died since 2000 on roads the authors complain don’t provide adequate crosswalks and other safety features. The authors say states aren’t spending enough to make roads safer for people who are on foot, on a bike or in a wheelchair. “This is an issue that has been ignored far too long, even as thousands have died or been injured unnecessarily just by doing something as simple as trying to cross the street,” James Corless, director of Transportation for America, said in the T4A blog. “We thank Secretary Lahood for his leadership at DOT and for elevating this urgent issue to the level of prominence that it deserves.” To that end, the Department of Transportation establishes general recommended actions local governments and transportation agencies should follow to create transportation parity for pedestrians and cyclists. What’s more, the projects must be accessible to all, and they must plan for future growth and demand. “It is more effective to plan for increased usage than to retrofit an older facility,” the policy states. Some of LaHood’s specific recommendations include integrating bicycle and pedestrian accommodation on new, rehabilitated and limited-access bridges. Secretary LaHood also wants more tracking of non-motorized transportation, long-term maintenance and snow removal on existing infrastructure and improved transportation arrangements for bicycles and pedestrians during the construction and rehabilitation of projects. Given that building highways costs 10 times more (.pdf) more than shared-use pathways, cities could see significant savings. LaHood summed up the outcome of the new policy best when he said it will promote “cleaner, healthier air; less congested roadways; and more livable, safe, cost-efficient communities.” Photo of a cyclist on New York’s Upper West Side: Ed Yourdon / Flickr Photo of a pedestrian in a crosswalk: Mad African!: (Broken Sword) / Flickr See Also: Fun Times Ahead As Transportation Bill Takes Shape At Long Last, Progress On a Transportation Bill City Streets a Mortal Threat to Pedestrians Complete Streets Are Great Streets With Room for All
Feds Deem Pedestrians, Cyclists and Motorists Equals
entry.2 Shopping From Sports car Assurance Organizations
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Shopping From Sports car Assurance Organizations
entry.3 Review by John Hetherington-Tom Harpur’s“The Pagan Christ”(Part 1)
I have nearly finished reading Tom Harpur’s“The Pagan Christ-Is blind faith Killing Christianity”. Its subtitle is“Recovering the Lost Light”. Its that I want to review tonight.However, at our Progressive Christianity Network Britain session tonight we were looking at the Jesus Seminar’s work in‘de-mythologising’the Gospels-basically how they concluded that very little of the New Testament is presenting the actual words of an historical‘Jesus’. To learn more about the Seminar’s approach check out,“The Five Gospels”-link here:http://www.westarinstitute.org/Polebridge/5gospels.html.I was a bit of a pain to my colleagues, because I had been excitedly reading“The Pagan Christ”and was trying to point out the differences and points of converegence of the two approaches.As I see it, the Jesus Seminar was primarily composed of scholars who bought in to the view that the gospels carry much that, to the modern mind, would be regarded as‘myth’. So, to make sense of them we need a thoroughgoing process of de-mythologising. Hence the search to draw out from the“myth”a core of sayings that reflect the words of a‘Jesus of history’. Unsurprisingly the scholars found very few sayings to be authentic and ranked as definite“red letter”words of Jesus.By contrast Tom Harpur is one of a growing number of scholars who would, rather, want Christians to be into a process of re-mythologising the Gospels. Tom Harpur argues that,“to take the Gospels literally as history or biography is to utterly miss their inner spiritual meaning.”He calls for a return to an“inclusive religion”capable of helping us,“regain a true understanding of who we are, and are intended to be.”The Jesus Seminar, in seeking to de-mythologise, and thus downplay the hope of finding clear evidence in the gospels of the words of Jesus as a historical figure, are potentially missing the point. The Gospels are not a history, but a carrier of“story”and“myth”-which needs to be set free to work on our souls.I love Tom’s quote from Dominic Crossan (one of the Jesus Seminar Scholars) in the introduction to Chapter 1,“My point .. is not that those ancient people told literal stories and we are smart enough to take them symbolically, but that they told them symbolically and we are now dumb enough to take them literally.”The book’s thesis is that,“The Christian Church made a fateful error ... in a competitive bid to win over the greatest number of the unlettered masses”, when it took a literalist, popularised, historical approach to sublime truth.”“The transcendent meaning of glorious myths and symbols was reduced to a farrago of miraculous or irrelevant, or quite‘unbelievable’events.”Tom Harpur relies heavily for his thesis on earlier books by Gerald Massey and Alvin Khun, which have unearthed amazing parallels between the New Testament and the foreshadowing of almost all the gospel stories in“pagan”sources, often pre-dating the gospel versions by millenia. He sets out how an allegorical, spiritual and mythical approach to the Bible and Christian faith solves the enigmas of scripture and the Christ story, which makes the,“Bible stories come alive”.The heart of his argument is that the ancient world had deep insight, recognising,“our own potential for Christhood, and for experiencing the indwelling spirit of God here and now.”The mythos has the power to frame a“cosmic”faith that resonates with the natural world and our humanity. What Harpur has uncovered is that deep similarities exist between Christian beliefs and the earlier Pagan religions. He argues that,“the Bible in general, and the New Testament in particular, actually copy or repeat motifs laid down centuries or millenia before.He points out that a“true myth”is,“more eternal than its meaning in history”. Moses was an Egyptian name and Jesus figures in Egyptian lore as Iusu / Iusa, meaning the“divine Son who heals and saves”. There was an Egyptian Christ named“Horus”, who had a mother called Isis-forerunners of the Madonna and Child. Other names and place names from Egyptian religion are used in the Bible. Beyond the names and their links is a common theology from across the“pagan”world-based on the Osyris myth-that,“the incarnation of spirit in human flesh”is,“in fact the oldest, most universal mythos known to religion.”We are encouraged to recognise that“myths aren’t fairy tales”and that,“myth was the favorite and universal method of teaching in archaic times.”Myth, like a Shakespear tragedy or comedy, is capable of carrying universal truth-acted out in ritual, made flesh in story-with no-one in the ancient world blind to the power of myth and story to change people.“The myth itself is fictional (or only loosly tied to history), but the timeless truth it expresses is not.”Continues.....
Review by John Hetherington-Tom Harpur’s“The Pagan Christ”(Part 1)
entry.4 Drug deal gone bad: Buyer badly beaten by dealer trying to buy dope with Monopoly money
Maybe he should have thrown in Park Place, too.!)!)!) We here at the BrokenCountry don’t get it.!) Politicians spend our money like its Monopoly money all day long.!) Perhaps this guy intended to run for office.A man discovered bleeding from the head at a routine traffic stop in Witchita, Kansas, told police he was the
Drug deal gone bad: Buyer badly beaten by dealer trying to buy dope with Monopoly money
entry.5 オーガニックカフェ in ロンドン
今日は、よく利用するオーガニックショップ"as Nature Intended”へ色々と買出し。まず、その数件先にあるオーガニックカフェでお茶しました。現在生後3ヶ月の次女はバギーでスヤスヤ。ほっとひと時の安らぎタイムでした〜。この長引く不況でお気に入りのオーガニックカフェはいくつか閉店してしまいましたが、ここは健在。がんばってほしいですー。このカフェ、kazmintお気に入りの"HAMBLEDEN"という会社のハーブティー
オーガニックカフェ in ロンドン
entry.6 Failure to tackle reoffending rates of short-sentence prisoners ‘costs £10bn’
National Audit Office says so little is done to tackle reoffending rates of p[risoners serving less than 12 months that most have no work or education courses A failure to tackle the criminality of 60,000 prisoners who serve sentences shorter than 12 months is costing the country between £7bn and £10bn annually in reoffending, according to a report from Whitehall's spending watchdog published today. The National Audit Office says so little is done to tackle their reoffending rates that more than half spend almost all day in their cells because they have no work or education courses. While £300m is spent keeping the 60,000 short-term inmates in England and Wales secure, safe and well, prisons are struggling to meet their needs, the report says. Most have a longer criminal history than any other single group of prisoners: the average is 16 previous convictions each. They also experience high levels of homelessness, joblessness and drug and alcohol problems once they are released into society. The auditors say most spend fewer than six weeks in prison. Overcrowding and constraints on physical space mean that there are not enough activity spaces for all, problems compounded by the long waiting lists for courses that tackle the offending behaviour of those in prison. "Only a small proportion of prison budgets is spent on activity intended to reduce reoffending by prisoners on short sentences, despite the fact that 60% of such prisoners are reconvicted within a year of release, at an estimated economic and social cost of £7bn to £10bn a year," says the NAO report. Edward Leigh, the chairman of the House of Commons public accounts committee, said it demonstrated that attempts by the Ministry of Justice to tackle the "merry-go-round" of incarceration and criminality were ineffective. "The uncomfortable truth is they are not working, studying or doing almost anything constructive with their time. Indeed, half of them spend all day, every day sitting in their cells," he said. A Prison Service spokesman said: "Prison is not always the right answer for less serious offenders. In some of these cases, a tough community sentence can be more effective than a short prison sentence — more effective in terms of rehabilitating offenders, turning them away from crime and therefore giving greater protection to the public." The report was welcomed by the Criminal Justice Alliance, a penal reform group. Jon Collins, a member, said: "Instead of spending more money in a futile attempt to make these short sentences work better, the government should instead focus on keeping more of these people out of custody, freeing up space and resources in the prison estate to better rehabilitate those people who do need to be there." Prisons and probation Crime Alan Travis guardian.co.uk
Failure to tackle reoffending rates of short-sentence prisoners ‘costs £10bn’
entry.7 SNES cartridge plays ROMs loaded from your computer
My oh my, what have we here? The “NEO SNES/SFC MYTH FLASH CART” is basically a cartridge that you pop into your Super Nintendo (you do still have your Super Nintendo, don’t you?) that’s got 256MB of onboard memory upon which you can load up ROMs. So take a tally of your legally-owned SNES cartridges, download them all in ROM form, and put all the originals in an airtight container for safekeeping. You’ll then be able to play those games as nature intended—with an actual SNES controller on an actual TV, just like the good old days. It’d be nice if the wizards behind this project would have thrown...
SNES cartridge plays ROMs loaded from your computer
entry.8 めめめめめも
優先順位１OPAカードポイント世界堂サンリオというか藤沢バス資料優先順位２引き継ぎレポート優先順位３ポッチャマラスカカードチャージ来週赤本で泊まりイベントがあるわけだがもっぴーの家に画材持ってくことになるかもｗｗｗてかきっとそう＼(^o^)／
めめめめめも
entry.9 幼稚園卒園・修了式
今年で数えて11回目の幼稚園卒園・修了式。4人目の子どもも年中を修了した。担任の先生は寿退職。小さくても出会いもあれば別れもある。そうやって成長していくんだなぁ。
幼稚園卒園・修了式
entry.10 今週の
今週の銀魂、銀さんかっこよすぎる！展開が気になって仕方ない！どうなるんだろ〜
今週の
entry.11 霧の旗 山口百恵
倍賞千恵子／霧の旗商品価格：3,990円レビュー平均：0.03月17日(水)のつぶやき - つぶやきダイアリー録画してあった松本清張の『霧の旗』今見終わりました。エビゾウさんとても良かった。 by akiko09 on Twitter · コメント (0) | トラックバック (0) | この記事についてブログを書く | | goo. コメント. コメントはありません。 コメントを投稿 ...(続きを読む)逃避行動 - たいよう と くろーばー - 楽天ブログ（Blog）逃避行動は止まらず、夜中に、録っておいた『霧の旗』、見ちゃいました。 まだ見ていない方のためにネタバレは（あまり）しませんが… 海老様、目力がすごいわぁ 目 いなずま 紗季ちゃんの復讐もすごかった 失敗 そして、意外 !? にも、芸人の方たちの演技 ...(続きを読む)真琴の毎日 : 霧の旗が気になる。 霧の旗霧の旗に関する話題って最近よく見かけますよね。 二日酔いでバイト入るのも 嵐さん主演だった『最後の約束』。 僕はいつものように和装もスーツも似あうなんて反則ですよ！おまけに身長が高いなん必死に10箱かき集めました. Tags:霧の旗 undefined ...(続きを読む)へび 年で、整形番組「ビューティコロシアム」に松本清張の「霧の旗」、…。 「埜瀬君は、 それで頭使うからけっこう根をつめると痩せてたり、オーストラリアでは一年に３００万頭の野生カンガルーが駆除…。 年月日 水. 放送倫理上の配慮が欠けてるわ. ...(続きを読む)光のボイス : 霧の旗みたい・・ 無駄に長い日記ヽ(≧≦)/相武紗季も悪女が 霧の旗を、もっと掘り下げて調べてみようかと思ってます。 二週間ぶりってゆー‥笑 全然泊められるんだけど… 夜は大人しく 朝から健太郎がうるさくて 全然成立すると思うんだけど 立ち上げたいです… 昔は子供好きぢゃなかったけど ...(続きを読む)Windy Lady | 僕は…とりかえしのつかないことをしてしまった…イメージ通りの優しい感じの方でしたよ〜。 わたしは松本清張が好きなのです。本は『軍師の境遇』しか持ってないけど、ドラマ＆映画化されたものはほとんどチェックしています。 ん？『霧の旗』は６月23日にDVDがリリースされるようです。 .....
霧の旗 山口百恵
entry.12 積極的にボランティア!!
午前中は来客があり、ボランティアや農政の話で盛り上がりました。午後は事務処理で時間を費やし、夕方からはランニングで汗を流しました。また最近飲む機会が多いので、ランニングで汗をかかないと、体調を崩しそうです。そして夜はボランティア活動に関する打ち合わせ。ボランティア活動を積極的に行うのも私の信条。機会があるごとに積極的に参加して、地域の活性化に貢献していきたいと思います。
積極的にボランティア!!
entry.13 Apple could force HTC to remotely cripple smartphones warns patent expert
So, Apple and HTC are fighting – and Google are being drawn into the fray – but what does that mean to device users now? !)While it would be easy to write-off Apple’s patent tantrum as a non-issue to those people toting a Nexus One or HTC Hero , or considering picking up an HTC Legend next month, according to one IP expert the repercussions could have surprising impact not only on future handsets but on existing smartphones. Harvard Law School professor Jonathan Zittrain reckons the HTC/Apple case could have parallels with the TiVo/EchoStar lawsuit that kicked off all the way back in 2004. !)There, after a protracted battle, EchoStar were forced to update their existing DVRs with software that removed the contentious functionality. !)In fact, Zittrain says that “if the court were to side with Apple and issue an injunction that insists HTC kill the phone, or at least some of its functionality, they easily could.” “The judge simply ordered EchoStar to connect to the DVR boxes via the Web and destroy the functionality. !)Patent law is a completely different universe online. That means if the court were to side with Apple and issue an injunction that insists HTC kill the phone, or at least some of its functionality, they easily could” Jonathan Zittrain, professor, Harvard Law School Of course, just because the legal – and technical – potential for such a move is there, that doesn’t make it especially likely. !)Not only would Apple face a countersuit from HTC (and Google), other legal experts reckon that courts have become increasingly reluctant to issue such blanket rulings. Still, even if user’s phones aren’t remotely-crippled, the end result is a potentially more cautious tech industry, frightened of the very systems intended to protect and foster innovation. !)Says MIT professor Eric Von Hippel: “It’s a bad scene right now. The social value of patents was supposed to be to encourage innovation — that’s what society gets out of it. !)The net effect is that they decrease innovation, and in the end, the public loses out” Eric Von Hippel, professor, Sloan School of Management, MIT [ via Valleywag] Relevant Entries on SlashGear Apple’s patent – A Peek On How iTV works HTC respond on Apple patent suit: are “committed to defending” their own innovations Apple’s iPhone gets a direct reference Apple patent shows alternative cooling for notebooks Apple gets exciting new patent granted!
Apple could force HTC to remotely cripple smartphones warns patent expert
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房地!)和土地的!)!)、!)款与投!) :: Side Effects Of Premarin Vaginal Cream
entry.15 Бруклин Декър ще става актриса
Съпругата на американския тенисист Анди Родик !) топмоделът Бруклин Декър, започва кариера на актриса. Блондинката, която скоро засне фотосесия за корицата на едно от най-популярните списания в света !) Sports Illustrated, получи роля във филма !)Just go with it”. Филмът е романтична комедия с Дженифър Анистън и Адам Сандлър и ще се появи на екран [...]
Бруклин Декър ще става актриса
entry.16 Lord of the Rings Online !) Volume III, Book 1 Now Live
The latest update for Turbine’s Lord of the Rings Online, entitled!)Volume III, Book 1: Oath of the Rangers, is now live. It introduces 4 new skirmishes, Duo Mode,!)new high-level skills, and the Spring Festival to the game. The new skirmishes include the!)Necromancer’s Tower and!)Depths of N!)rz Gh!)shu, and each one is intended for 12 players. [...]
Lord of the Rings Online !) Volume III, Book 1 Now Live
entry.17 Diversion!)High Speed Luxury Yacht Charter
Ready for Diversion?The Oxford English dictionary defines the word diversion as follows; “ !) noun 1 an instance of diverting. 2 Brit. an alternative route for use when the usual road is closed. 3 something intended to distract attention. 4 a recreation or pastime.”!)!) M/Y Diversion’s name was chosen carefully and is suitably fitting to [...]
Diversion!)High Speed Luxury Yacht Charter
entry.18 Subaru At 80th Geneva International Motor Show
Subaru’s presence at the 80th Geneva International Motor Show will feature a number of technological and environmentally friendly innovations, including a revolutionary ‘Boxer’-hybrid concept vehicle and a pure-electric city car.Hybrid Tourer ConceptFeaturing the world’s first ‘Boxer’-hybrid powerplant and Symmetrical All-Wheel Drive (AWD), the Hybrid Tourer Concept will make its European debut at the Swiss expo. [...]Copyright © 2007 World Auto News & ReviewsThis feed is intended only for the personal, not commercial use. Fingerprinted: 90d0c6d8260d58aaac9f48zz16bf68a5
Subaru At 80th Geneva International Motor Show
entry.19 The IPO Market: Busier, Yet Chilly
ByDavid BogoslawThe liquidity options for emerging or struggling companies aren't very encouraging these days. Experts expect sluggish activity on the mergers and acquisitions front. Investor jitters about equities as a whole have put nearly a dozen initial public offerings on hold. Resurgent volatility in the stock market since mid-January has made would-be IPO investors uncomfortable, says David Menlow, president of IPO Financial Network, a research firm in Millburn, N.J. He believes most investors are more concerned about the strength of their core portfolios than they are about companies that have yet to prove themselves in the marketplace. Others are more optimistic. "This is the first [year] in a while that the IPO market will pay higher [prices] than the M&A market," says Bill Gurley, general partner at Benchmark Capital, a venture capital firm in Menlo Park, Calif. Unlike two years ago, M&A is now a buyer's market, where buyers feel much more in control and refuse to pay more than they think they should for assets. Benchmark sponsored one IPO in 2009 and Gurley expects it to do two to four deals in 2010. To the extent that IPO valuations may be higher, it's because private equity firms are choosing to bring more mature companies to market these days, relative to the profile of traditional venture-backed IPOs, says Matthew Therian, an analyst at Renaissance Capital, an IPO research firm in Greenwich, Conn. IPO investors expect a 10% valuation discount relative to the stock's publicly traded peer companies, says Therian. "With mature companies, you have a better sense of what the growth will be over the next few years, [so] they might be sensitive to a premium valuation," he says. Higher-than-expected prices won't necessarily put off would-be investors because those who are interested in more mature companies may have different expectations, he adds. Many more IPOs, but problems persistStill, the track record so far this year suggests lower, not higher, valuations than issuers had hoped for. Based on gross proceeds, 9 of the 13 IPOs seen in 2010 were smaller than were originally proposed, with the average IPO raising 14% less than expected, says Therian. The IPO pipeline seems to be swelling in volume, if not strength. Eighty companies have filed for offerings worth a total of $13.65 billion in the last six months, according to data research firm Dealogic. Undeterred by tough market conditions, six new companies filed to go public on Feb. 18, the highest number filed in a single day since July 2007, say analysts at Renaissance Capital. A total of 28 companies have submitted IPO filings since the start of 2010, vs. four that filed in the entire first quarter of 2009. On the other hand, 5 of the 11 companies scheduled to go public earlier in February postponed their offerings and the remaining 6 all cut their deal sizes—by more than 30% on average—according to Renaissance, which said that only 3 logged positive returns on their first day of trading,. Graham Packaging (GRM), in its Feb. 10 offering of shares at $10 each, raised roughly $160.7 million, less than half of the $350 million target that its private equity majority owner, Blackstone Group (BX) had said it hoped to raise in a November 2009 filing with the U.S. Securities & Exchange Commission. Blackstone had intended to sell more than 11% of its interest in the company but didn't sell any shares. The fact that Blackstone's stock took a hit after the company cut both the number of shares and the price of the Graham offering "shows the market is not at a strength yet to handle either a mature volume of IPOs [or] potentially to support the valuation of the would-be issuers," says Ron Geffner, a senior partner at Sadis & Goldberg, a New York law firm that represents over 500 clients, including domestic and offshore hedge funds and private equity and venture capital funds. Hunger for Big-trend tech issuesHigh unemployment and persistent worries about the stock market among the broader population are likely to prevent most IPO issuers from being able to maximize their valuations and achieve their goals by going public in the next six months, adds Geffner. He believes that policy initiatives in Washington will probably play a big part in determining the kind of IPOs that long-term investors are willing to buy. He expects to see increased demand for health-care and diagnostic-equipment companies as well as companies able to benefit from the construction of the first new nuclear power plants in the U.S. in 34 years. Benchmark's Gurley agrees that the buy side is mostly interested in big trends such as smartphones, open-source software, and social networking. "If Facebook were to go public tomorrow, there would be a lot of interest," he says. While Graham's disappointing offering shows how weak the public appetite currently is for new companies, the company's debut counts as a success compared with another Blackstone-sponsored deal, Travelport, whose estimated $1.78 billion London IPO was postponed on Feb. 10. The recent postponement of multiple deals signals an inflection point in the market and will require issuers to carefully adjust valuations of pending deals downward by 25% to 40% in order to get them done, says Menlow at IPO Financial Network. That will pose a problem for most IPO candidates, whose business plans are contingent on their being able to raise a certain amount in net proceeds from the public listing. Paying down debt—often a linchpin in those plans—won't be feasible if subsequent offerings get priced at less than half the value initially projected. postponements are sketchily explained"There are restrictive covenants out there for these companies, set forth in loan agreements that say: 'You can't go public until your loans with us are paid off,'" says Menlow. Take an issuing company that planned to raise $100 million through an IPO and is now being told it will get only $70 million. If it "has $80 million in debt, and was going to use $20 million for capital expenditures and product development, now they don't have that money." Issuers aren't telling investors the real reason the deals are being postponed, says Menlow. Concerns about inability to repay debt may have prompted FriendFinder Networks to pull its IPO for an estimated $220 million on Feb. 5. The online adult social networking site, which operates the Penthouse Web site, had $199.7 million in first-lien senior secured debt and $80 million in second-lien subordinated debt as of Sept. 30, 2009, plus at least $80 million in further debt. In a Feb. 4 SEC filing, FriendFinder said it planned to use its IPO proceeds "in accordance with our amended note agreements" to repay $179.6 million of first-lien notes at premium redemption prices and an additional $2.7 million in waiver fees to holders of the first- and second-lien notes. No one at RenCap Securities or Ledgemont Capital Group, the lead managers of FriendFinder's IPO, immediately returned calls for comment on the decision to postpone the offering. For Paul Bard, director of research at Renaissance Capital, IPO cancellations are being driven more by private equity holders' unwillingness to discount their stock than by concerns about inability to pay down debt. debt-free, staged issues?"They can always raise enough to pay down debt, but they would have to cut the equity price," he says. "If the market is unwilling to attach a value that appeases private equity holders, they're electing not to move forward with these deals." Ideally, there's nothing to stop companies without significant debt from going forward with IPO plans, says Menlow. They could afford to sell a token number of shares at a lower price—and if the business is as good as they think it is, their stock price would appreciate over time, setting the stage for a more lucrative secondary offering, he says. Although there seems to be a lot of pent-up demand for IPOs among institutional investors seeking big growth plays for their portfolios, would-be investors may be catching a whiff of desperation among private equity sponsors eager to cash out and start delivering on promises to the investors in their funds. The economic climate makes it hard for private equity owners to use IPOs to execute exit strategies right now, says Menlow. The only way the market will embrace a private equity-sponsored offering that isn't a household name is if the firm retains its position at the IPO—"rather than becoming a majority seller, which has classically been the case," he says. Investors are right to ask "if it's such a wonderful offering that you're going to make it a public offering, then why are you getting out?" he adds.Bogoslaw is a reporter for Bloomberg BusinessWeek's Finance channel.
The IPO Market: Busier, Yet Chilly
entry.20 Yahoo Microsoft
Bad Ass Cop Chase!!SA-MP Stunts, Fun, and Fast Cars 2!!Yahoo, Microsoft Partnership ClearedWASHINGTON — Microsoft Corp. and Yahoo Inc. have received clearance from regulators in Washington and Europe to proceed with a search partnership intended to challenge Google Inc. The companies announced Thursday that the partnership ...Yahoo, Microsoft say they have clearance for their Web ad ...Yahoo, Microsoft to begin their Web ad partnership.Yahoo, Microsoft Get Clearance For Search Deal | Business NewsYahoo, Microsoft Get Clearance For Search Deal. Barrons.com | February 18th, 2010 at 9:12 am |. Microsoft (MSFT) and Yahoo (YHOO) this morning announced that they have received clearance to proceed with their search deal from both the ...Yahoo, Microsoft to begin their Web ad partnership (AP ...AP - Microsoft Corp. and Yahoo Inc. have received clearance from regulators in Washington and Europe to proceed with a search partnership intended to challenge.Yahoo, Microsoft to begin their Web ad partnership | ONN.tvThat rejection led Yahoo to turn to Microsoft, which had once offered to buy Yahoo in its entirety. A statement from the European Commission said the Yahoo-Microsoft partnership "would not significantly impede effective competition." ...Yahoo Search is now Bing Search Yahoo Microsoft Deal Completed ...Yahoo Inc(NASDAQ:YHOO) and Microsoft Corp (NASDAQ:MSFT) announced today morning that their search agreement has received clearance from both the US Department of Justice as well as the European Commission. This deal means Yahoo Search ...daisukebay says:ほぉー。RT @TechCrunch Yahoo-Microsoft Search Deal Finally Cleared By DOJ and European Commission http://ow.ly/1oSl53 ChuckCosson says:RT @TechCrunch: Yahoo-Microsoft Search Deal Finally Cleared By DOJ and European Commission - http://tcrn.ch/91AqT5 by @erickschonfeld SamPolanco says:TechCrunch: Yahoo-Microsoft Search Deal Finally Cleared By DOJ and European Commission - http://tcrn.ch/91AqT5 .. http://bit.ly/cU7SPE oialati says:TechCrunch: 'Yahoo-Microsoft Search Deal Finally Cleared By DOJ and European Commission' http://oia.la/CtO patnanews says:"Techno Buzz" Yahoo-Microsoft Search Deal Finally Cleared By DOJ and European Commission http://bit.ly/ap2njT tjtee says:Yahoo-Microsoft Search Deal Finally Cleared By DOJ and European Commission http://bit.ly/8ZEgF5 (via @techcrunch) rame26 says:RT @TechCrunch: Yahoo-Microsoft Search Deal Finally Cleared By DOJ and European Commission - http://tcrn.ch/91AqT5 by @erickschonfeld
Yahoo Microsoft
Yahoo!ニュース・トピックス - エンターテインメント
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