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« Dorothy Janis Obituary
Peter Graves Obituary »
Stroll Down Hollywood Boulevard…
A stroll down Hollywood Boulevard reveals movie history
by Mark Dawidziak
Plain Dealer Television Critic
LOS ANGELES — You can find the history of Hollywood in the decades worth of film gems available on DVD. You can find it between the covers of countless books written by cinema scholars.
Or you can find it by simply taking a stroll down Hollywood Boulevard. (Click on ‘Continue Reading’ for more)
Here, you will catch glimpses of Hollywood’s glittering past, symbolized by such grand movie palaces as Grauman’s Chinese Theatre, the El Capitan and the Egyptian. Here, you will find the red-carpeted embodiment of Hollywood present at the Kodak Theatre, home of tonight’s 81st annual Academy Awards.
And somewhere along this boulevard of dreams, you may brush shoulders with the Dream Factory’s future — the next generation lured to Hollywood by visions of big-screen success and stardom.
But remember: It’s also here where ambition meets reality. So watch your step, or you might trip over those broken dreams, as well.
The lyric of an old song promises a broken heart for every light on Broadway. Multiply that by several thousand, and you’ve got Hollywood Boulevard.
Nathanael West brilliantly captured these extremes, the glamorous and the grotesque, in his 1939 Hollywood novel, “The Day of the Locust.” That mixture of desire and desperation he found in the era of “Gone With the Wind” and “The Wizard of Oz” still is the stuff Hollywood dreams are made of.
If you want the theme-park experience in Los Angeles, head to Universal Studios and Disneyland.
But if you’re looking for the film industry’s history, go to Hollywood Boulevard.
A mile-and-a-half walking tour will take you on a journey from 1917 to the present. You’ll pass four of the 10 sites that have played host to Oscar ceremonies. You’ll cover more than 90 years of Hollywood history, taking in stretches that are stately, outlandish, garish, dazzling, tawdry, ridiculous and tacky.
Count on 13 stops, each of them linking Tinseltown’s past and present. Almost all are open to the public, available to tour for the price of a movie ticket or a cocktail.
1. The Jim Henson Studios, 1416 N. La Brea Ave.
It’s not actually on Hollywood Boulevard, but it’s the ideal starting point. This block stands out for two reasons. First, the line of quaint buildings resembles a small English village. And second, perched over the front gate, there’s the statue of Kermit the Frog dressed as silent-screen genius Charlie Chaplin.
The Little Tramp built this lot as his home studio in 1917. Chaplin sold the studio in 1953, and it became Kling Studios, home to such TV series as “The Adventures of Superman” and “Perry Mason.” Red Skelton bought the studio in 1958. He sold it to CBS four years later. And in 1966, it became the headquarters for Herb Alpert’s A&M Records. The “We Are the World” video was filmed here in 1985. It became the Henson Studios in 2000.
This is the only stop on the tour that you can’t go inside, but the exterior view is definitely worth a look.
From here, standing in front of the Kermit statue and looking across La Brea, turn right and walk north four blocks to Hollywood Boulevard. Turn right and on your right, you’ll soon see:
2. The Roosevelt Hotel (also known as the Hollywood Roosevelt), 7000 Hollywood Blvd.
Opened in 1927, this was the site of the first Academy Awards ceremony. Financed by a group that included Douglas Fairbanks, Mary Pickford and MGM boss Louis B. Mayer, the grand hotel was a favorite with Cary Grant, Clark Gable, Carole Lombard, Frank Sinatra and Elizabeth Taylor. Celebrity ghosts who have not checked out include Marilyn Monroe and Montgomery Clift .¤.¤. or so they say.
Glance across the street and a little to the right (or east) and you’ll see:
3. Grauman’s Chinese Theatre, 6925 Hollywood Blvd.
You still can catch a movie here, but the real star attractions are those famous feet and signatures immortalized in concrete: Judy Garland, Jean Harlow, the Marx Brothers, Gary Cooper, Jimmy Stewart, Roy Rogers and Trigger, Cleveland boys Bob Hope and Paul Newman, Humphrey Bogart, Jack Nicholson, Tom Hanks, Bruce Willis, Will Smith, Johnny Depp and Daniel Radcliffe. Opened in 1927, the theater was home to three consecutive Oscar bashes (1944-46).
This is also the starting point for the annual Hollywood Christmas Parade, originally called the Santa Claus Lane Parade, which inspired Gene Autry to write “Here Comes Santa Claus” in 1946 after taking part in the fun.
Directly across the street you’ll see the imposing gray edifice of the structure built as the:
4. Hollywood Masonic Temple, 6840 Hollywood Blvd.
Built in 1921 and opened in 1923, the building now is the home of ABC’s “Jimmy Kimmel Live.” In its prime, the lodge boasted such members as W.C. Fields, Cecil B. DeMille, John Wayne, Roy Rogers, Oliver Hardy and Harold Lloyd. Hollywood legend has long held that there is a secret tunnel running under Hollywood Boulevard, linking the Temple with Grauman’s Chinese Theatre. For free Kimmel tickets, go to 1iota.com.
If spectacular architecture snares your interest, right next door is:
5. The El Capitan Theatre, 6838 Hollywood Blvd.
Opened in 1926, it is one of the most palatial of the old movie palaces. Orson Welles’ “Citizen Kane” had its world premiere here in 1941. It is now owned by Disney, which uses it as a main venue for the studio’s films.
Back across the street yet again for:
6. The Kodak Theatre, 6801 Hollywood Blvd.
Opened in November 2001, it has been the home of the Academy Awards since 2002.
Next door to the Kodak:
7. Hollywood and Highland Center, at the intersection of Hollywood Boulevard and Highland Avenue.
It’s a modern hotel, shopping and restaurant complex connected to the Kodak, but here, too, the past and present collide. Two massive pillars with elephant statues and a vast archway are replicas of the Babylon set from D.W. Griffith’s 1916 silent masterpiece “Intolerance.”
In the next block, on the same side of the street, you’ll find:
8. The Hollywood Wax Museum, 6767 Hollywood Blvd.
Kitschy, no doubt, with its wax likenesses of everyone from Chaplin to Halle Berry. But having opened in 1965, it qualifies as a Hollywood landmark. Admission is $15.95 for ages 13-64; $13.95 for 65 and older; $6.95 for ages 6-12; free for children 5 and younger.
Back across the street you’ll see:
9. The Egyptian Theatre, 6712 Hollywood Blvd.
Opened in 1922, this opulent theater claims a big slice of Hollywood history. It was the site of the very first Hollywood premiere: Douglas Fairbanks’ “Robin Hood.” The theater now is the home of the American Cinematheque.
A block up, on the other side of the street:
10. Musso & Frank Grill, 6667 Hollywood Blvd.
Another Hollywood legend has it that, in the Roaring ’20s, Chaplin, Fairbanks and Rudolph Valentino once raced down Hollywood Boulevard on horseback, the loser having to buy dinner at their favorite eatery, Musso & Frank. Opened in 1919, it’s Hollywood’s oldest restaurant. It’s a favorite dinner stop for the likes of Nicholas Cage, Martin Sheen, Tim Robbins and Johnny Depp. It was a favorite drinking stop for John Barrymore, Gary Cooper, F. Scott Fitzgerald and Ernest Hemingway.
Across the street:
11. Larry Edmunds Cinema and Theatre Bookshop, 6644 Hollywood Blvd.
In business for more than 60 years, this store is a jam-packed delight for the serious screen scholar, hard-core collector or casual fan of anything Hollywood.
A few more blocks east you come to the:
12. Intersection of Hollywood and Vine, aka “the heart of Hollywood.”
Ever wonder why this address came to symbolize Tinseltown? Well, a brick structure at that corner, the Taft Building (1680 N. Vine St.), was where most of the studios and many agents had offices. This made it a busy spot for actors looking for work. CBS broadcast programs from Hollywood and Vine during radio’s golden era, and, looking north on Vine, you’ll spot the famous Capitol Records Tower (hollywoodandvine.com).
Continue another block or so and you’ll reach the final stop on the walking tour:
13. The Pantages Theatre, 6233 Hollywood Blvd.
Opened in 1930, it was the home of the Academy Awards for an 11-year stretch (1950-60). Bob Hope, who grew up in Cleveland, was a host for seven of them, including the first to be televised (on March 19, 1953). It’s still an active theater, where major musicals are staged.
This isn’t the literal end of the road. Hollywood Boulevard continues for several more blocks. But this is where you run out (or walk out) of Hollywood history, leaving the boulevard of dreams and heading toward the realties of downtown Los Angeles.
This entry was posted on Saturday, March 13th, 2010 at 12:22 pm and is filed under Book/Film News, Hollywood Attractions. You can follow any responses to this entry through the RSS 2.0 feed. You can skip to the end and leave a response. Pinging is currently not allowed.
2 Responses to “Stroll Down Hollywood Boulevard…”
Steve Goldstein says:
You can see all the stars as you walk down Hollywood Blvd.~
Some that you recognize, some that you’ve hardly even heard of~
People who worked and struggled and suffered for fame~
Some who succeeded, some who suffered in vain~
But those who are successful, be always on your guard~
Success walks hand-in-hand with failure, along Hollywood Blvd.
(Celluloid Heroes, by Ray Davies)
Landman says:
What a great “Blog Tour” of the Blvd. I have walked down Hollywood Blvd many times, and every time is like the first, EXCITING! We look forward to our next visit to Hollywood to walk it again, and get that “First Time” feeling. Let’s hope it stays this way for ever!!!!!
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Rest In Peace, Michael Faith
We are sad to learn of the passing for the “Samoan Beast” Michael Faith. The former two time NWA Texas Champion was a driving for the NWA Southwest region. He will be missed.
Absolutely gutted to hear of the passing of Michael Faith. He is survived by his three daughters and son. His contributions to the NWA Southwest were long-standing. He was a former two time NWA Texas Heavyweight Champion. A former NWA Oklahoma Champion. He competed around the world including Japan (All Japan Pro Wrestling) and had a big influence in Texas.
Originally Recorded September 28th 2010
The Largeador was a bigger than life talent. He was 350 lbs, but did moves that seemed nearly impossible for a man of his stature to do. Trained by Tom Jones and Rocco Valentino, the 6’5 wrestler achieved international success in Japan, wrestling for the short-lived Big Van Vader promotion. Later he would join the All Japan Pro Wrestling roster (as a member of the Voodoo Murderers) in 2009, regularly teaming with Lance Hoyt.
In between tours, he would work with Ken Taylor’s NWA Southwest. He would become NWA Texas Champion by first defeating Kevin Northcutt for the title. He would be stripped of the title, only to win it back the following year by defeating his former tag team partner Chad Thomas. After 21 days he would lose the title to Charlie Haas.
Faith would get back into title contention by becoming the NWA Oklahoma Champion. when he would defeat Brad Michaels, Dane Griffin (who was champion) and the Modern Day Hero Kevin Douglas for the title on September 17th 2010. He would lose the title to a future NWA Worlds Heavyweight Champion Tim Storm on June 11th 2011.
Faith would still be active in the NWA in Texas even with new management, but he would also begin to work with River City Wrestling. He would become the RCW Heavyweight Champion defeating Hotstuff Hernandez and Steve McEnroe. He would go on to winning the title one more time. He was also a part of Booker T’s Reality of Wrestling, where he would compete as the “Samoan Beast” and would win their heavyweight title in 2014.
Faith would still continue to compete in the area, he was even a part of the Independent Wrestling Expo that took place back in August.
Tags: NWA Oklahoma Champion, NWA Texas Heavyweight Championship, Reality of Wrestling
Previous Marti Belle announces departure from the NWA
Next Former NWA World Jr. Heavyweight Champion forced to retire.
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Get Ready Singapore for Concert for PEACE AND HARMONY - Soul Strings
CONCERT FOR PEACE AND HARMONY - SOUL STRINGS
SHINE Auditorium1,
100 Beach Road, #03-01 Shaw Tower, Singapore
Ustad Amzad Ali Khan is India`s pride, a sarod maestro,a music legend who represents the best of the great Indian musical heritage. He is a recipient of the UNESCO Award, Padma Vibhushan (Highest Indian civilian award), Unicef`s National Ambassadorship, The Crystal Award by the World Economic Forum and Hon`ry Doctorates from the Universities of York in 1997, England, Delhi University in 1998, Rabindra Bharati University in 2007, Kolkata and the Vishva Bharti (Deshikottam) in Shantiniketan in 2001.
Amaan Ali Bangash, is the eldest son and disciple of the Sarod Maestro Amjad Ali Khan and grandson of Haafiz Ali Khan. He belongs to the seventh generation in an unbroken chain of the Senia Bangash School. He was initiated by his father into the fine art of Sarod playing and gave his first public performance at age eight.
Amaan�s musical style is marked by its precision in tunefulness, bold and resonant strokes, along with tradition and continuity of Indian Classical Music. Amaan�s performances have evoked creditable applause. Today, Amaan is considered one of the finest Sarod players in the world and has obtained a very special place for himself among music enthusiasts across continents.
Ayaan Ali Bangash is the younger son and disciple of the Sarod Maestro Amjad Ali Khan, Ayaan stepped into the world of music and the Sarod, at a very early age, with confidence, clarity, consistency and technical mastery all of which he learnt at his father`s knees. Ayaan gave his solo debut when he was eight years old and has been performing concerts in India and abroad, since then. He has also assisted his illustrious father at concerts all over the world. Over the years today, Ayaan has carved out a special niche for himself in the world of music. His approach, vision and versatility make him an icon for the youth in the music industry. His contribution in making the Sarod a cross-over instrument in a variety of genres has projected him as an artist of high repute.
Please call 82987213/93858034
Cat -1 (Including $2 Booking fee)
# Standard Ticket: $252.00 Cat -2 (Including $2 Booking fee)
# Standard Ticket: $77.00 Cat -6 (Including $2 Booking fee)
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Don Todd
Robert Romano
Branco Toons
Warren Toons
Catherine Mortensen
Megan Marzzacco
Omni-bust: Congress fails to secure border as President Trump risks heading into 2020 without any new concrete wall being built
Click here to tell Congress to build the wall now!
A year late, Congress has finally approved the President’s supplemental request to begin construction of the southern border wall at $1.6 billion.
The supplemental was requested in March 2017. It was supposed to be included in the May 2017 omnibus spending bill affecting spending levels for Oct. 1, 2016 through Sept. 30, 2017.
This would have paved the way for the full funding for the wall being included this year.
Unfortunately, it didn’t happen. Because Congress did not get started with the supplemental last year, the odds they were going to get to full funding for the wall for fiscal year 2018, that is, spending levels for Oct. 1, 2017 through Sept. 30, 2018, dropped markedly.
Now those who were warning of precisely this outcome have been vindicated.
This was a broken promise from the get-go. After the election, House Speaker Paul Ryan and Senate Majority Leader Mitch McConnell were promising $12 billion to $15 billion for the wall.
On Jan. 27, 2017, Ryan told the American people that, “This is something, [the wall], we want to get on right away. And so we do believe this is urgent. We believe this is one of the most important promises the President made running for office. It’s a promise he’s going to keep and it’s a promise we’re going to help him keep.”
Ryan added, “We anticipate a supplemental coming from the administration on defense and the border” and “I’m hoping in the first quarter we can get this done. But again, it’s getting [Mick Mulvaney confirmed as Office of Management and Budget Director and] up and running so they can send us the supplemental.”
Mulvaney was confirmed on Feb. 16 and the supplemental request was proposed on March 14 by Mulvaney and then formally put in on March 16 by President Trump to Speaker Ryan. So far, so good.
Unfortunately for the President and his supporters, by March 30, Ryan had kicked the can down the road, telling CBS News, “The big chunk of money for the wall really is… next fiscal year’s appropriations because they literally can’t start construction even this quickly.” So, the wall, which Ryan had described as “urgent” was now being put off at least a year.
But then that was wrong, too. Instead, the spending bill Congress approved this week only includes the supplemental that was supposed to pass last year. The down payment includes bollard fencing and some levees and some secondary fencing, plus replacing some existing fencing. No concrete walls like the prototypes the President was surveying earlier this month.
Meaning, not only is the wall part of the wall still not fully funded, it’s not even been begun. To be fair, the supplemental request last year was always going to be that fencing. It was thought that the wall portion would be passed this year. That was Congress’ failure.
It was not for a lack of opportunities. Both the supplemental and the fully funded wall could have been included in the September 2017 continuing resolution. Didn’t happen.
Or they have been included in the December 2017 continuing resolution. Didn’t happen.
See a pattern? Because Congress waited a year to approve the President’s initial down payment on the wall, the American people are still waiting for the “big chunk of money for the wall” Ryan promised a year ago.
Now, there are one, maybe two vehicles left to get the wall funded before the 2018 midterm Congressional elections. The fiscal year ends Sept. 30. So the full funding for the wall could be done there. But it doesn’t seem likely.
Where is the urgency Ryan spoke of? Are Republicans trying to lose the midterms?
Most likely, Congress will just pass a continuing resolution that would put funding into the lame duck period after the election but prior to the swearing in of the next Congress. Assuming Republicans lose the midterms, what will the Democrats’ incentive be to allow funding for the wall then?
Meaning it’s do or die in September, which literally could be President Trump’s last chance to get the wall done. Why? Because come Jan. 2019, he might not be dealing with a Speaker Ryan, but instead, a House Speaker Nancy Pelosi and perhaps even a Senate Majority Leader Chuck Schumer, both of whom are emphatically opposed to any southern border wall.
Optimists might say that Republicans could still get it all done in 2019, because they might not lose either house of Congress this year. Maybe. Unfortunately, the omnibus spending bill also failed to defund sanctuary cities. It did not expand funding for interior enforcement. It passed an expansion of the FBI’s criminal background database but did nothing to advance reciprocity and concealed carry. And it spends so much money it is possible we’ll see a $1 trillion budget deficit this year.
In addressing illegal immigration, protecting gun rights and the $20 trillion national debt, issues Republican voters deeply care about, the record in this Congress is less than stellar. This could make it difficult for Republicans to turn out their voters for the 2018 midterms, which are already tough enough for incumbent parties.
Now, Republicans are less likely to keep the House and Senate in November, making it far less likely that the wall will be ever fully funded. The GOP should be running scared right now. It’s their majorities that are at stake.
Trump could have avoided this by vetoing the bill. Earlier this morning, the President had issued a veto threat of the omnibus bill via Twitter, “I am considering a VETO of the Omnibus Spending Bill based on the fact that the 800,000 plus DACA recipients have been totally abandoned by the Democrats (not even mentioned in Bill) and the BORDER WALL, which is desperately needed for our National Defense, is not fully funded.” But in the end, Trump signed the bill, citing the need to fund the military first as overriding all other concerns.
What does all this mean? Headed into 2020, Trump could be coming back to voters empty-handed on his signature campaign promise of the southern border wall. There is still time to get it done by September, but in reality, the President has a rapidly diminishing window of opportunity to get the wall built. It may be now or never.
Updated to reflect President Trump signing the bill.
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PAMELA GIUSTINELLI
Dipartimento di Economia
pamela.giustinelli@unibocconi.it
20594 ECONOMETRICS FOR BIG DATA
30284 EMPIRICAL METHODS FOR ECONOMICS (INTRODUCTION TO ECONOMETRICS)
40271 ECONOMETRICS 2 (MICROECONOMETRICS)
Ph.D., Economics, Northwestern University, 2010
Affiliate, Multidisciplinary Program in Education Sciences (MPES), School of Education and Social Policy, Northwestern University, 2006-2007
M.A., Economics, Northwestern University, 2005
M.Sc., Economics, Bocconi University, 2004
B.A., summa cum laude, Economics and Business, University of Verona, 2003
Diploma, Liceo Scientifico A. Messedaglia (Verona), 1999
CURRENT POSITIONS AND AFFILIATIONS
Bocconi University, Department of Economics, IGIER, and LEAP, Assistant Professor, February 2017-present
University of Michigan, Survey Research Center (Institute for Social Research), Adjunct Research Assistant Professor, February 2017-present
University of Chicago, Milton Friedman Institute, Human Capital and Economic Opportunity Working Group (Family Inequality), Member, 2011-present
PAST POSITIONS AND AFFILIATIONS
University of Michigan, Institute for Social Research, Survey Research Center, Research Assistant Professor, September 2013-January 2017 and Faculty Research Fellow, September 2010-August 2013
University of Michigan, Institute for Social Research, Population Studies Center and Survey Research Center, Michigan Center on the Demography of Aging, Affiliate, 2012-2017
University of Michigan, Weiser Center for Europe and Eurasia, Center for European Studies, Affiliate, 2013-2017
University of Michigan, Michigan Institute for Data Science, Affiliate, 2014-2017
New York University, The HUMAN Project, Advisor on the Scientific Agenda, 2015-2017
Center for Research and Social Progress, Associate Research Fellow, 2015-2017
Applied Microeconometrics (identification for prediction and decision)
Economics of Human Capital and Development (education, labor supply, health, preference and belief formation)
Family Economics (family decision making and interactions)
Judgement and Decision (subjective risk and ambiguity perceptions, individual and group decision-making processes)
Survey Design (measurement of subjective phenomena, combination of objective and subjective data)
Survey Measures of Family Decision Processes for Econometric Analysis of Schooling Decisions, with C.F. Manski, Economic Inquiry, Vol. 56, Issue 1, 2018, pp. 81-99, doi: 10.1111/ecin.12322
The Evolution of Awareness and Belief Ambiguity in the Process of High School Track Choice, with N. Pavoni, Review of Economic Dynamics, Vol. 25, 2017, pp. 93-120, doi: 10.1016/j.red.2017.01.002
Group Decision Making with Uncertain Outcomes: Unpacking Child-Parent Choice of the High School Track, International Economic Review, Vol. 57, Issue 2, 2016, pp. 573-602, doi: 10.1111/iere.12168
Non-Parametric Bounds on Quantiles under Monotonicity Assumptions: With an Application to the Italian Education Returns, Journal of Applied Econometrics, Vol. 26, Issue 5, 2011, pp.783-824, doi: 10.1002/jae.1132.
Quantile Regression Evidence on Italian Education Returns, Rivista di Politica Economica Italiana, Vol. XI-XII, 2004, pp. 53-107
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Mr Bill Amos
Mr Harry Clarke
Welcome to the The Royal British Legion Minehead, Somerset
Opening Times: Monday - Thursday 3:00pm - 11:00pm
Friday & Saturday - 11:00am - 12:00am
Sunday 12:00 Noon - 11:00pm
The following facilities are available at the Minehead Branch:
Function Room, Skittle Ally, Pool Table & Darts Board. (Other events are also held during the year)
We meet on the first Wednesday of every month at the Royal British Legion Club in Bancks St, Minehead. For more information contact the Branch Secretary Sally King on 01643 821245 or contact the Club on 01643 702271 and leave a message or email: The Royal British Legion Minehead
Membership is open to everyone (Holiday Membership Available from £1 per person per week). If you have an interest in the objectives of the Legion and want to help and support for those who have served and their families, come and join us. We welcome men and women of all ages, whether they have served in the Armed Forces or not.
To report any inaccuracies or omissions on this site, please email Black Cat Computers.
Founded in 1921, the Legion is not just about those who fought in the two World Wars of the last century, but also about those involved in the many conflicts since 1945 and those still fighting for the freedom we enjoy today.
The Royal British Legion Minehead Branch (BR2515) - Registered Charity No 219279
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You are at:Home»Life Issues & Bioethics»Contraception & Abortion»Planned Parenthood and Tuskegee—No Difference
Planned Parenthood and Tuskegee—No Difference
By Judie Brown on May 21, 2015 Contraception & Abortion, Featured
In 1932 an experiment was begun using taxpayer funding. It involved a group of 600 impoverished black men, most of whom had the sexually transmitted disease syphilis, all of whom became human guinea pigs used at taxpayer expense for reasons that are both atrocious and inhumane. To this day, these experiments remain a black mark on the history of our government.
Fast forward to 2015.
Imagine reading a headline in your local newspaper today that stated that, if the Tuskegee experiments were being run by Planned Parenthood, Congress would increase their funding! Would you be outraged? Of course you would! But, given the history, this idea is not that far-fetched.
Let’s examine the facts. Planned Parenthood’s foundress, Margaret Sanger, actively supported the practice of eugenics. The record is well documented. In one exposé on this subject, Tanya Green wrote about Sanger’s “Negro Project,” telling the reader:
The aim of the program was to restrict—many believe exterminate—the black population. Under the pretense of “better health” and “family planning,” Sanger cleverly implemented her plan. What’s more shocking is Sanger’s beguilement of black America’s créme de la créme—those prominent, well-educated and well-to-do—into executing her scheme. Some within the black elite saw birth control as a means to attain economic empowerment, elevate the race, and garner the respect of whites.
This is a vital part of Planned Parenthood’s history. Though denied, the truth continues to be exposed and the underlying philosophy continues to be perpetrated on minorities. You can see the documentation for yourself on our video entitled Margaret Sanger: Planned Parenthood’s Racist Founder.
By the same token, when the Tuskegee experiment began in 1932, nobody understood what was happening and nobody knew that taxpayers were funding the grave injustices perpetrated during those experiments. It wasn’t until 40 years later that the whole story was finally exposed.
Of the 600 men involved in the Tuskegee experiments, 399 had syphilis. Not a single patient was properly informed or asked to consent. Nor were those with syphilis told that there was treatment available for their condition. They were told the study was about “bad blood,” which was a blatant falsehood.
Anyone with eyes to see can immediately understand that there are undeniable philosophical similarities between what the researchers in Tuskegee did and how Sanger and her successors view minorities—not to mention all those who compose their patient base. In each case, the equality of the human person is denied.
Today Planned Parenthood uses the same sort of tactic on our young people that was employed at Tuskegee. Yet Planned Parenthood’s tactics are far more devious. Even though these kids are not herded into a particular government facility to participate in a test, the results are similar.
Much like the Tuskegee research subjects, today’s young people who are unfortunate enough to visit a Planned Parenthood facility do not receive adequate information about the birth control pill prior to ingesting it. They are not informed that the pill can kill a preborn child. They are not warned that the pill can harm them physically, emotionally, and even—depending on their medical history—result in their death.
Just as the black men in the Tuskegee experiments were deceived and experimented upon, our teens are human guinea pigs who are being deceived by an organization that receives more than a third of its funding from the federal government.
Planned Parenthood does not provide informed consent to its patients. Nor does it deal in facts about sexually transmitted diseases, birth control, or abortion. And yet the American taxpayer pays.
There is no difference between the victims of the Tuskegee experiments and the victims of the Planned Parenthood’s business. In both cases innocent people die because proper, honest information is not provided.
The federal government took more than 60 years to apologize for the role it played in the unfortunate Tuskegee experiments. We demand that the federal government apologize now for funding Planned Parenthood and cease in its funding immediately. There is absolutely no reason why another Tuskegee—in the form of Planned Parenthood programs—should continue a single minute more.
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A deadlierTuskegee, 600 deaths, occurs about every two hours in America today. For another 600 black babies to be killed here, based on the focus on killing minority babies and gthe inordinate number of balck babies killed, it takes about six hours, daily, every day of the week, except Sunday, the Lord’s Day. Guy McClung, San Antonio
DrArtaud
Indeed, when I saw this article, the philosophical differences jumped out, but you laudably addressed them, very well written and persuasive logic.
Not only is birth control possibly fatal to a developing fetus; or baby in our dialect, when initiated at the wrong time, i.e. during a pregnancy; but it can be dangerous to the patient taking it. My wife and I saw this firsthand many years ago with medication she was on, with blood pressure skyrocketing, and concerns of clots.
Religious and philosophical differences aside (I’m Catholic, I’m mentioning this in the broader context of other readers), medications and procedures should be thoroughly explained, and the availability of these things, and possible side effects or outcomes, should be thoroughly explained to the patent.
Although not fully informing the patient of possible outcomes is not limited to planned parenthood; as my thyroid removal not long ago can attest, it was explained to me that bleeding and infection is possible from the surgery, but so is death possible from any surgery, though not likely in most, was nevertheless a fact that was not even mentioned; planned parenthood is not, in my estimation, being sufficiently forthcoming with warnings and cautions. In this regard, Tuskegee experiments, one of a variety of blots on the soul of America, was a worthwhile comparison.
P.S. My screen name is a character in a movie, I am not an M.D. or P.hD, though I wish with application of studious learning when younger, I was 😉
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ECC Core Values
Teachers’ Code of Conduct
Logo & Motto
Research code of Ethics
Clubs, Cells & Associations
Eastern Christian College was established in the year 1993. It is located at Padumpukhuri, Dimapur district, Nagaland. Situated near the national highway-29, it is easily accessible for the students from far and near places. The college has approximately 1,000 students. It is co-educational college affiliated to Nagaland University. The college received recognition from the University Grants Commission (UGC) under 2(f) and 12(b) on 28th November, 2006. In the early years, the college was set up on a leased land in four rooms of katcha bamboo wall with CGI roofing in Naga style in the bye lanes of Padumpukhuri. On 12th April, 1996 it was shifted to its own PRESENT CAMPUS by the side of the national highway-29 and many more buildings have been added since then. The most remarkable of them, being the college auditorium. In 1993, the college started functioning as a fully affiliated college under N.E.H.U and in 1995 under Nagaland University. Gradually, in 1997-98 the Nagaland University granted affiliation for B.A (general) and B.A (Honours) in Political Science and English for a period of three years (1997-2000). Subsequently, in the year 2009-2010, Nagaland University granted provisional affiliation in sociology (general and honour), introduction of Bachelor of Commerce course, and permission for opening B.A (General) evening session. The college has introduce Honours Course in Accountancy in the year 2017.
The following numbers indicate the yearly progression and fluctuation of students over the years. The college started initially with only 47 students and rose to 200+ during early 2000’s. Currently, the college boasts of more than 1000 figure. In the first 10 years the strength of the teaching faculty varied between 6 to 14, which gradually rose to 15 to 18 by early 2000’s. Presently, the college has the faculty strength of 30 nos.
© 2018 Eastern Christian College
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Program Mission
The educational mission of chemical engineering undergraduate program is to provide students with a premium education through a well-developed curriculum that is fundamental, yet broad and flexible. The program seeks to produce graduates who are well-rounded in mathematical, scientific, and technical knowledge; who are prepared for the successful practice of chemical engineering with sufficient depth to continue their education beyond the baccalaureate degree; who have the ability to analyze, evaluate, and design chemical engineering systems; who have the ability to communicate effectively; who have gained sufficient awareness of the current and emerging industrial practices through participation in industrial internship experiences; and who have acquired an understanding of and appreciation for global and societal issues and are thus prepared for a career path towards leadership in industry, government, and academia.
Required Credit Hours: minimum 136 hours
Graduate Chemical Engineers have plenty of job opportunities in the gas, petrochemicals and petroleum, water desalination, food and drink, composite materials and polymers, power generation, pharmaceutical and cosmetics industries.
Companies include Abu Dhabi Ports, ADCO, ADGAS, Al Masaood Oil & Gas, Arab Geotech Laboratories, Bureau Veritas, Gulf Laboratory, Masdar Institute, Schlumberger, Union Chemicals Factory and Worley Parsons.
Secondary School Certificate:
English Language Proficiency Requirements:
for programs taught in English, a minimum score range of 1100 - 1225 on the English language portion of the EmSAT examination, or its equivalent on other national or internationally-recognized tests that are approved by the CAA, such as TOEFL scores of 173 CBT (Computer-Based Test), 61 IBT (Internet-Based Test), 500 PBT (Paper-Based Test), or 5.0 IELTS (taken at Amideast), or their equivalent.
New User Register
2021 EDNET.ae All rights reserved.
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Plans for Internet blacklist in Russia may lead to censorship, warns OSCE media freedom representative
The OSCE Representative on Freedom of the Media, Dunja Mijatović, said today that Russia's plans to set up a new national registry of websites containing allegedly harmful Internet content could restrict Internet freedom.
The State Duma, the lower house of the Russian Parliament, on 6 July passed in a first reading amendments to the adopted Federal Law “On the Protection of Children from Information Detrimental to their Health and Development.” The changes envisage blacklisting websites that contain allegedly harmful content such as pornography or drugs ads or that pro-mote suicide or extremist ideas, and introducing additional restrictive measures without court orders or due judicial process.
“Any attempt to ban vaguely defined Internet content in a non-transparent manner will almost certainly lead to over-blocking and possibly censorship, thus hindering the free flow of information,” Mijatović wrote in a letter to Foreign Minister Sergey Lavrov and State Duma Chairman Sergey Naryshkin.
The draft amendments stipulate that if the owner of a website fails to remove banned content within 24 hours after its being included in the registry, the hosting provider will be obliged to block the entire website. As a result this might lead to the blocking of content outside the scope of the law.
The draft provisions hold Internet Service Providers liable by obliging them to remove content upon notification by a federal agency to be appointed by the government. In addition to courts, which already have the authority to ban extremist and other types of content that violate Russian legislation, the agency will have the right to add items to the blacklist. The Justice Ministry is already running a blacklist of extremist materials banned by courts, which comprises websites and offline publications, as well as musical recordings and leaflets. This list currently has 1,279 entries.
“It is worrying that the draft amendments ignore due process by excluding courts of law from defining harmful content and from issuing take-down or blocking orders. It is further not clear under which criteria content will be defined as harmful to children and thus blacklisted,” Mijatović said.
Noting that there were other ways of protecting children from certain online content, Mijatović said that she agreed with Russia’s Presidential Council for the Advancement of Civil Society and Human Rights that the proposed law would not be an effective tool for rooting out illegal content. In her letter, she also referred to President Vladimir Putin's 27 June address to the Federation Council (upper house of Parliament), in which he said that measures aiming at protecting minors from harmful content should not be conducive to restricting Internet freedom.
The Representative urged the authorities to suspend the bill and put it out for public discussion with the participation of experts on the issue. She offered her Office’s assistance in providing a legal review of the law.
Women who are Human Rights Defenders from Business Related abuses: Stories that Change the World
Women with disabilities - Human Rights Activists: Stories of Inclusivity
Joint NGO document on Belarus discussed during online session of OSCE Parallel Civil Society Conference
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Loyola Jazz Camp
This year's jazz camp is tentatively scheduled for june 7-10, 2021
June 7-10, 2021
4 Full Days of Combos • Improvisation • Theory • Ear Training • Appreciation • Faculty Performances• Individual Lessons• Master Classes
Non-beginners who have completed the 7th, 8th, 9th, 10th, 11th or 12th grades, and play brass, woodwind or string instruments, piano, bass, guitar, or drum set.
Tuition without Room & Board
Tuition with Room & Board
$570.00 (Double occupancy)
Must be a minimum of 13 years of age to stay in the dorm.
Bring your own linens
Food service will begin Monday morning (6/8), and end with supper Thursday (6/11).
Commuters with cash or credit may purchase lunches in the Danna Center.
FINANCIAL AID NOW AVAILABLE
CHECK IN, REGISTRATION & INFORMAL AUDITION
2:30-6:30 p.m. Sunday, June 6, 2021
Room 240, Music Building, corner of St. Charles Ave. & Calhoun St.
CHECK OUT: 6:30 p.m., Thursday, June 10, 2021
CLASSES: Monday - Thursday, June 7-10, 2021 9:00 a.m. - 5:00 p.m.
CLOSING CONCERT: 7:00 p.m. Thursday, June 10, 2021 in Nunemaker Auditorum
Sample Daily Schedule with Optional Evening Activities (chaperoned)
7:30 Breakfast
9:00 Theory/Improv. Sections
10:30 Faculty Performance
12:00 Lunch
1:00 Master Classes
2:30 Faculty Presentation
3:30 Combos
5:00 Dinner
6:30 Supervised jam sessions, viewing of video tape of artists, listening, practice, Rec Plex activities
11:00 DORM
In an effort to achieve a balanced instrumentation for the camp, we will limit the number of each instrument accepted. Applications with deposits will be taken in order of receipt until each limit is reached. Those we are unable to accommodate will be returned promptly. Pay your deposit early to insure placement! You can apply online OR through the mail.
Register Online Here
Mail to: Gordon Towell, Loyola University, Box 8, New Orleans, LA 70118
Deadline: May 24
Please share this information with students and friends.
(Subject to change due to other commitments)
Gordon Towell - Coordinator of Jazz Studies at Loyola.
Wess Anderson - Instructor of Saxophone at Loyola.
Tony Dagradi - Professor of Saxophone at Loyola, he co-leads the band Astral Project, which has made many CDs including VooDooBop and Elevado on Compass. Tony has a B.M. from Loyola and a M.F.A. from Tulane University. He has also worked with Bobby McFerrin and Dr. John.
Matt Lemmler - Piano instructor at Loyola, is an accomplished jazz pianist, composer and arranger. An in-demand freelance musician, he earned a BM from Loyola University and a Master’s from Manhattan School of Music in NYC. His latest CD is entitled Ubuntu.
John Mahoney - Emeritus Professor of Music at Loyola and trombonist.
Wayne Maureau - Instructor of Drums at Loyola, one of the most “in demand” drummers in town, covering a wide variety of gigs from Jazz and Blues, to Latin, R&B, and Rock. He graduated from Louisiana State University and studied further at Drummers Collective in New York City.
Don Vappie - Guitar instructor at Loyola - Born in New Orleans, Don leads and tours with the Creole Jazz Serenaders. He has appeared as a guest performer with Wynton Marsalis and Jazz at Lincoln Center, and is an accomplished guitarist, bassist, banjoist and vocalist.
Nick Volz - Professor of Classical and Jazz Trumpet, received his B.M. in Music Education from Loyola University, his M.M. from Southeastern LA University, and his PhD in Brass Pedagogy from Indiana University. Born in New Orleans, Dr. Volz performs with a wide variety of groups.
Ed Wise - Bass instructor at Loyola University
TBA - Jazz Voice
If you have any questions or need further information call 504-865-2164 or e-mail Gordon Towell at gltowell@loyno.edu
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Chekhov: Three Stories (Russian Texts)
In this article, Sunderland provides an analysis on government-issued reforms, forced migration patterns, and the impact these produced on peasant everyday-life, all this provided through analysis of archives of the time. In the Russian Empire, before 1861, landowners could buy, sell, or mortgage their serfs. During the summer season the top layer of soil may thaw to the depth of 0.4 - 3.5 meteres, while the ground below remains permanently frozen. A group of high party leaders from 11 of the 15 Soviet republics met in December 1991 in Alma-Ata, Kazakhstan, to pass an agreement that declared the "Union of Soviet Socialist Republics shall henceforth cease to exist."
Publisher: Bristol Classical Press; Bilingual edition (January 1, 1998)
First, Moscow is reacting to the fallout from the "decapitation of the BSF" (in June 2016), whereby Moscow sacked several dozen commanding officers for systemic corruption and widespread incompetence. Those revelations were not only embarrassing for the government but additionally exposed numerous weaknesses in the Kremlin's control over the region (see EDM, July 19) http://collegeplanningofamerica.org/library/modern-russian-poetry-an-anthology-1921. The Chinese traded high-valued silks for horses to use against the military skill of the Xiongnu people (Wood, 50). Silk production started as early as 5000 BC in China, so the craft had developed into an intricate art by the time they started trading with the west during the Han Dynasty (Wood, 28) download. You can add value to your card at the stores of the company you are using, at automated kiosks, terminals, and ATMs (particularly, Sberbank ATMs allow to pay to Russian cellular operators by cash without any bank commission, this is one of the best variants, considering that they are widespread even in small towns and have an English interface, but, of course, it's only about those ATMs which have a bill acceptor) online. According to one estimate using 1994 data and published by the Russian environment agency, water pollution imposed a cost of about one percent of official GDP, or about $13 billion. Communal infrastructure and services have been undermined by economic decentralization and dislocation download. Economic hardship and alcohol abuse are major contributing factors online. Classical Russian literature is an important part of Russian culture. Poetry recitals, going to plays, and discussing novels are all popular activities for Russians http://modongulf.com/?ebooks/my-soviet-union-poems-juniper-prize-for-poetry. Students live for one month to one year in a foreign country of their choosing and study courses from international business to geography to foreign language. Anna Yacovone, a 2011 MTSU graduate with degrees in global studies and organizational communication, received a Fulbright U. Student Program Scholarship to Laos in 2012. Yacovone is teaching English in Vientiane, mostly at the National University of Laos http://collegeplanningofamerica.org/library/collected-essays-in-honor-of-the-bicentennial-of-alexander-pushkins-birth-slavic-studies.
Politics ‘If politics decides your future, decide what your future politics should be,' goes the proverbial importance of politics. In India, Bharatiya Janata Party finally swept the entire India in its wave. The wave of ‘hope' had consumed everyone, and rightly so. States that were conventionally not the seat of power for BJP came under the umbrella with the hope of ‘acche din'. Modi assumed the mantle of power and right now, as things seem, we are seeing a rather unconventional mode of politics and governance http://artformo.pl/library/zapiski-ob-anne-akhmatovoi-vol-2-1952-62. Roads are in bad shape: the road from Moscow to St. Petersburg--which presumably should be the best road in Russia--is only two lanes, and there are hardly any places where one could stop for refreshments , source: http://collegeplanningofamerica.org/library/yevtushenko-selected-poems. People across the continent are remarkably diverse by just about any measure: They speak a vast number of different languages, practice hundreds of distinct religions, live in a variety of types of dwellings, and engage in a wide range of economic activities. Over the centuries, peoples from other parts of the world have migrated to Africa and settled there online.
Early in 1944 the red army entered the Baltic States http://beautyandabeat.net/freebooks/i-wrote-stone-the-selected-poetry-of-ryszard-kapuscinski-biblioasis-international-translation. Gazprom is the big player in Russian gas, and its control of the transmission system, rather than its high percentage of the total amount of gas produced in Russia, makes it the key organization. There is a large amount of gas produced outside of Gazprom, but the other producers have no market unless they can move the gas to somewhere else http://collegeplanningofamerica.org/library/collected-poems-penguin-modern-classics. A book is planned for each region described, based on historic records, texts, and photos. The first region, northern Queensland, is shown here. These images are from the book: 17 Years Wandering Among the Aboriginals, by James Morrill. The text was written in 1864 and the photographs were taken between the 1880s and 1913 by various photographers. Everyday body adornments were mainly limited to waist belts and arm bands, used to carry items such as a stone knife, hatchet, or other small items pdf. You can arrange with the driver to drop you off at a desired place on his route. At more frequent stops the driver waits until his minibus will fill up. There are no tickets, you pay directly to the driver online. Sources for Classical Mythology offers several stories about Herakles and the origins of the gods from Apollodorus, and the story of the Trojan War as related by Home. Welcome to Mount Olympus by Becca and Jenny offers information on ancient Greek gods, titans, mythical creatures, and original stories based upon Greek mythology http://mymalico.com/books/i-am-a-phenomenon-quite-out-of-the-ordinary-the-notebooks-diaries-and-letters-of-daniil-kharms. Diplomats must respond to conflicts between Russian nationals and local authorities, and to incidents and accidents in a prompt manner – before the media announces the news to the world. We are determined to ensure that Latvian and Estonian authorities follow the numerous recommendations of reputable international organizations on observing generally accepted rights of ethnic minorities pdf. It contains over 6,000 meters (19,685 feet) of passageways. The entire depth of the cavern, however, has not been completely explored. The cave features many large columns of stalagmites and huge icicle stalactites. The Central Siberian Plateau is an enormous stretch of rolling land between the Yenisey and the Lena Rivers download.
Trends in both international and internal migration and the impacts that these trends have had are explored below. (International migration is defined as migration between Russia and other countries, even though at the beginning of the 1990s this type of migration was technically internal.) For most of the Soviet period, the predominant migration pattern was outward from the core of the Russian state to the non-Russian states of the FSU and toward Siberia http://collegeplanningofamerica.org/library/collected-poems-penguin-modern-classics. The riches of nature, its capacity to support the development of society, and the possibilities of self-sustainment have proved to have limits http://mymalico.com/books/my-diary-and-dray-khmara-as-a-poet. The KB Radar (Agat) Vostok E is an entirely new 2D VHF radar design, using a unique wideband "Kharchenko" square ring radiating element design, in a diamond lattice pattern pdf. Add the drained cabbage to the skillet and continue cooking, stirring frequently with a wooden spoon, until the cabbage is soft (about 30 minutes). While the cabbage is cooking, remove the shells from the hard-boiled eggs and chop the eggs. Add dill or parsley and chopped eggs to the cooked cabbage and cook for 2 or 3 minutes longer http://collegeplanningofamerica.org/library/the-golden-age-of-soviet-theatre-the-bedbug-marya-the-dragon-penguin-classics. Meanwhile, international organizations responsible for compliance with generally accepted democratic norms remain silent , source: http://mymalico.com/books/so-forth-poems. Worse when Boris died in 1605 Russia entered a period of turmoil. In 1603 a man turned up in Poland claiming to be Ivan the Terrible's youngest son Dmitry. In reality Dmitry had his throat cut in 1591. However the pretender, known as False Dmitry raised an army of Poles and rebel Russians and advanced on Moscow in 1605 , cited: http://thespiralbooks.com/ebooks/eugene-onegin-a-novel-in-verse. It contains the place of celebration of the believers http://sas-usa.com/lib/alexander-pushkin. Across Ukraine, there are plenty of examples of local dynamism that contrast vividly with the country’s stalled reform efforts at the national level ref.: http://collegeplanningofamerica.org/library/hail-to-mail-passports. The Germans' demand for the restoration of their autonomous republic was interpreted as nationalism , source: http://safemosquitollc.com/library/in-the-beginning. The TDA has approved approximately $50 million in funding for feasibility studies on over 130 investment projects http://collegeplanningofamerica.org/library/volodya-selected-works. Medicines and services are not available at prices all people can afford because funding for public health services have declined. Social changes have been accompanied by the spread of communicable diseases epub. The second is an essay by Marcus Noland, Senior Fellow at the Institute of International Economics and project adviser, who explores these themes in greater detail http://collegeplanningofamerica.org/library/kobzar-gift-edition. The New French influence is manifest in Canada, where multiculturalism and negotiated consensus are treasured http://collegeplanningofamerica.org/library/my-sister-life. HIV and AIDS in Western Europe, Central Europe and North America Generally, HIV prevalence is low across Western and Central Europe and North America with many countries reaching more than 80% of those in need of treatment http://collegeplanningofamerica.org/library/the-selected-poems-of-osip-mandelstam-new-york-review-books-classics. Nizhniy Novgorod was the capital of its principality in the 14th century, before its annexation by Moscow in 1392, and later became famous for its large, successful trade fairs online. LAB also tries to enhance scholarly and public debate on important socio-political issues in Latvia. Members of the association include anthropologists currently involved in teaching and research at local and foreign universities as well as representatives of other academic disciplines with interest in anthropology http://etkagency.com/library/in-anyones-tongue-poems-in-dual-text-russian-english.
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The three types of societies serve three different groups of beneficiaries. Co-operatives are for member benefit, community benefit societies are for community benefit, and charitable community benefit societies are for public benefit. There are important yet subtle distinctions between member, community and public benefit. The concept of public benefit is central to charitable law, and focuses exclusively on charitable objects, whereas community benefit is neither necessarily, nor exclusively, charitable. Member benefit in a co-operative society is shaped by co-operative values and principles, which distinguishes it from the private benefit of company shareholders.
All three types of society have their pros and cons. Co-operatives have the scope to distribute profits to members in the form of a dividend based on the level of their transactions with the co-operative, which can incentivise member loyalty and strengthen the business model. Community benefit societies with a statutory asset lock may provide greater reassurance to public funders and grant-giving bodies, while still affording such societies the freedom to engage in a wide range of business activities and are not restricted to pursuing charitable objects. Charitable community benefit societies enjoy all the tax benefits that apply to charities, but are restricted to exclusively charitable purposes.
Co-operatives might have greater appeal to members who are attracted by the benefits of mutuality and community; community benefit societies might be more appealing to members who put wider community benefit before their mutual interests. Only co-operative societies have the scope to distribute surpluses to members in the form of a dividend on members’ transactions. The option to pay dividends is a prudent way of managing the finances of a society, and for encouraging member loyalty.
All three types of society can have an asset lock, a defining feature of community shares according to CSU policy. A charitable community benefit society must have a statutory asset lock, defined by charity law, whereas a community benefit society can choose between a statutory asset lock and a voluntary asset lock. A co-operative society can choose to adopt a voluntary asset lock, although there is no requirement to do so, and the FCA does register co-operative societies without this feature.
Choosing between a co-operative society or community benefit society structure is important because, while it is possible to convert a co-operative into a community benefit society, it is not possible to convert a community benefit society into a co-operative, or for a charitable community benefit society to simple cease being a charity.
In the UK, a co-operative can take any legal form, as long as its governing document enshrines the co-operative values and principles laid out in the ICA Statement of Identity, Values and Principles. Many community benefit societies embrace co-operative values and principles and are co-operative members of Co-operatives UK.
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Poliziotteschi
(Redirected from Poliziottesco)
"Euro crime" redirects here. For supranational criminal law of the EU, see European crimes.
Poliziotteschi (Italian pronunciation: [polittsjotˈteski]; plural of poliziottesco) constitute a subgenre of crime and action films that emerged in Italy in the late 1960s and reached the height of their popularity in the 1970s.[1] They are also known as polizieschi all'italiana, Euro-crime, Italo-crime, spaghetti crime films, or simply Italian crime films. Influenced by both 1970s French crime films and gritty 1960s and 1970s American cop films and vigilante films,[2] poliziotteschi films were made amidst an atmosphere of socio-political turmoil in Italy and increasing Italian crime rates. The films generally featured graphic and brutal violence, organized crime, car chases, vigilantism, heists, gunfights, and corruption up to the highest levels. The protagonists were generally tough working class loners, willing to act outside a corrupt or overly bureaucratic system.[3]
New Hollywood, film noir, exploitation film
1 Etymology of the noun
2.1 Directors include
2.2 Actors include
3 Selected films
Etymology of the nounEdit
In Italian, poliziesco is the grammatically correct Italian adjective (resulting from the fusion of the noun polizia "police" and the desinence -esco "related to", akin to the English "-esque") for police-related dramas, ranging from Ed McBain's police procedural novels to forensic science investigations. Poliziesco is used generally to indicate every detective fiction production where police forces (Italian or foreign) are the main protagonists.
Instead the term poliziottesco, a fusion of the words poliziotto ("policeman") and the same -esco desinence, has prevailed (over the more syntactically-correct Poliziesco all'Italiana) to indicate 1970s-era Italian-produced "tough cop" and crime movies. The prevalence of Poliziottesco over Poliziesco all'Italiana closely follows the success of the term Spaghetti Western over Western all'Italiana, being shorter and more vivid – though in both instances the term that has come to be used more frequently by English-speaking fans of the genre (poliziotteschi, Spaghetti Westerns) was originally used pejoratively by critics, to denigrate the films themselves and their makers.
Although the subgenre has its roots in Italian heist films of the late 1960s, such as Bandits in Milan (Banditi a Milano, 1968) by Carlo Lizzani, it was also strongly influenced by such rough-edged American police thrillers of the late 1960s and early 1970s as Bullitt, Dirty Harry, The French Connection, Magnum Force, and Serpico; the 1970s wave of American vigilante films, including 1974's Death Wish; the increase of cynicism and violence in French crime films; the resurgence of mob films in the wake of The Godfather; French and American noir and neo-noir films; and the rise of exploitation films in the late 1960s and 1970s. More generally, the genre was also heavily influenced by real-life crime and unrest in 1970s Italy during the period known as the anni di piombo (political violence, kidnappings, assassinations, bank robberies, political militant terrorism, impending oil crisis, political corruption, organized crime-related violence, and recession).[4]
Just as American police films, American crime thrillers, and American vigilante films of the time focused on the crime waves and urban decline in the United States of the 1960s and 1970s, poliziotteschi were set in the context of, or directly addressed, the sociopolitical tumult and violence of Italy's anni di piombo, or the "Years of Lead", a period of widespread social unrest, political upheaval, labor unrest, rising crime, political violence, and political terrorism from the 1960s to 1980s. During this period, paramilitary and militant political terrorist groups, both on the far left (e.g. the Red Brigades) and far right (e.g. the neo-fascist Nuclei Armati Rivoluzionari) engaged in kidnappings, assassinations, and bombings (such as the Piazza Fontana bombing and 1980 Bologna train station bombing). At the same time, there was a period of especially violent conflict and disorder within the Sicilian Mafia, kicked off with the "First Mafia War" of the 1960s and culminating in the "Second Mafia War" of the early 1980s. Italian organized crime groups such as the Sicilian Mafia, the Camorra, and especially the Roman Banda della Magliana were actively involved in both criminal and political activities during this time, carrying out bombings and kidnappings, making deals with corrupt politicians, and forming strong ties to extreme far right groups and neo-fascist terrorist organizations. Accordingly, poliziotteschi films such as Execution Squad (1972) often featured political extremists and paramilitary or terrorist groups alongside or in addition to the more commonly featured apolitical mafiosi and gangster criminal elements found in Italian crime films.[3][5][6][7][8]
Due in part to the genre's often ostensibly negative portrayal of political activists and militants, especially leftist militants, and its seeming endorsement of vigilantism and "tough-on-crime" or "law and order" stances, some poliziotteschi films (such as 1976's The Big Racket) were criticized by then-contemporaneous critics and accused of exploiting conservative fears of rising crime and political upheaval while containing reactionary, pro-violence, or even quasi-Fascist ideological elements in their overarching message. These critiques were similar to those leveled at the 1970s American "vigilante films" of the same period, such as 1974's Death Wish, films by which the poliziotteschi genre were considerably influenced.[3][5][7][9][10]
In retrospect, despite contemporaneous claims in the 1970s of overly conservative or reactionary themes within the genre, film historians such as Louis Bayman and Peter Bondarella contend that, in fact, poliziotteschi films generally presented a more multi-faceted, complex outlook on the political turmoil and crime waves of the time, as well as violence in general, with Bayman and author Roberto Curti in particular arguing that the genre generally used political conflicts and violence for largely apolitical tension-building and cathartic or emotional purposes rather than to promote any particular political agendas.[3][11] Curti notes that the genre's protagonists often simultaneously displayed both right-wing and left-wing views, and protagonists were often working class while villains were often wealthy right-wing conservatives.[3] The film Caliber 9 (1972), for instance, features protagonists of both right-wing and leftist ideologies and offers differing views on the causes of crime and the true antagonists of law-abiding Italian society, while Execution Squad reveals the actual antagonists of the film to be right-wing reactionary, "tough-on-crime" ex-police officers and vigilantes rather than the initially suspected leftist militants.[5][7] Rather than explicitly supporting violence or vigilantism, the genre just as often displayed a morally ambiguous or aloof position on these themes, or even presented vigilantism and violence as a no-win situation. Though poliziotteschi films have been viewed by some critics as condemning a "liberal" or "weak" judiciary system as ineffectual in its treatment of criminals, the genre also suggests a more general distrust of authority, whether left-wing or right-wing, by portraying right-wing law enforcement, politicians and businessmen as hopelessly corrupt and manipulative.[3][5] According to Bondarella, the "classic" poliziotteschi film reveals "almost universal suspicion of the very social institutions charged with protecting Italian society from criminal violence."[7]
With directors such as Fernando Di Leo and Umberto Lenzi and actors such as Maurizio Merli and Tomas Milian, poliziotteschi films became popular in the mid-1970s after the decline of Spaghetti Westerns and Eurospy genres. The subgenre lost its mainstream popularity in the late 1970s as Italian erotic comedy and horror films started topping the Italian box office.
Although based around crime and detective work, poliziotteschi should not be confused with the other popular Italian crime genre of the 1970s, the giallo, which, to English-speaking and non-Italian audiences, refers to a genre of violent Italian murder-mystery thriller-horror films. Directors and stars often moved between both forms, and some films could be considered under either banner, such as Massimo Dallamano's What Have They Done to Your Daughters? (1974).
The poliziottesco subgenre gradually declined in popularity during the late 1970s. Screenwriter Dardano Sacchetti, who was unhappy with what he deemed the genre's "fascistic" undertones, credits himself for "destroying it from the inside", by making it evolve into self-parody. By the end of the decade, the most successful films associated with the genre were crime-comedy pictures, which gradually evolved towards pure comedy.[12]
Directors includeEdit
Mario Bianchi
Alfonso Brescia
Bruno Corbucci
Damiano Damiani
Alberto De Martino
Mario Caiano
Romolo Girolami
Stelvio Massi
Giuliano Montaldo
Sergio Sollima
Actors includeEdit
Mario Adorf
Helmut Berger
Luciano Catenacci
Adolfo Celi
Giovanni Cianfriglia
George Eastman
Angelo Infanti
Leonard Mann
Luc Merenda
Maurizio Merli
Mario Merola
Gastone Moschin
Fernando Rey
Antonio Sabàto Sr.
Woody Strode
Fabio Testi
Massimo Vanni
Gian Maria Volonté
Fred Williamson
Selected filmsEdit
Banditi a Milano (1968)
Un detective (1969)
Città violenta (1970)
Indagine su un cittadino al di sopra di ogni sospetto (1970)
La polizia ringrazia (1972)
Milano calibro 9 (1972)
La mala ordina (1972)
Tony Arzenta (1973)
La polizia incrimina la legge assolve (1973)
The Violent Professionals (1973)
Revolver (1973)
La polizia sta a guardare (1973)
Il Boss (1973)
Piedone lo sbirro (1973)
Milano rovente (1973)
Squadra volante (1974)
Il cittadino si ribella (1974)
Milano odia: la polizia non può sparare (1974)
La polizia chiede aiuto (1974)
Fatevi vivi, la polizia non interverrà (1974)
Milano: il clan dei calabresi (1974)
Il poliziotto è marcio (1974)
L'uomo della strada fa giustizia (1975)
Mark il poliziotto (1975)
Mark il poliziotto spara per primo (1975)
La città gioca d'azzardo (1975)
La città sconvolta: caccia spietata ai rapitori (1975)
Il giustiziere sfida la città (1975)
Roma violenta (1975)
Napoli violenta (1976)
Italia a mano armata (1976)
l Padroni della città (1976)
Squadra antiscippo (1976)
Paura in città (1976)
The Big Racket (Il grande racket, 1976)
Uomini si nasce poliziotti si muore (1976)
Roma a mano armata (1976)
Il trucido e lo sbirro (1976)
Quelli della Calibro 38 (1976)
Il cinico, l'infame, il violento (1977)
Napoli spara! (1977)
La via della droga (1977)
La malavita attacca... la polizia risponde! (1977)
Napoli si ribella (1977)
Torino violenta (1977)
La belva col mitra (1977)
Un poliziotto scomodo (1978)
La banda del gobbo (1978)
Il commissario di ferro (1978)
Diamanti sporchi di sangue (1978)
Da Corleone a Brooklyn (1979)
Sbirro, la tua legge è lenta... la mia no! (1979)
Poliziotto, solitudine e rabbia (1980)
Luca il contrabbandiere (1980)
[14][15]
Italy portal
Film portal
Cinema of Italy
Mafia film
^ The Best Cop Movies You’ve Never Heard Of: ‘Poliziotteschi’ Films Get Their Due|IndieWire
^ Violent Italy: A Poliziotteschi Primer|Birth.Movies.Death.
^ a b c d e f Curti, Roberto (2013). Italian Crime Filmography, 1968-1980. McFarland. ISBN 9781476612089.
^ a b c d Bayman, Louis; Rigoletto, Sergio (Jan 17, 2013). Popular Italian Cinema. Palgrave Macmillan. ISBN 9781137305657. Retrieved 6 December 2015.
^ Aulenti, Lino (2011). Storia del cinema italiano. Libreria universitaria. ISBN 9788862921084.
^ a b c d Bondanella, Peter (2009). A History of Italian Cinema. A&C Black. pp. 454–479. ISBN 9781441160690.
^ Bayman, Louis (2001). Directory of World Cinema: Italy. Intellect Book. ISBN 9781841504001.
^ Canby, Vincent (1974-08-04). "Screen: 'Death Wish' Exploits Fear Irresponsibly; 'Death Wish' Exploits Our Fear". The New York Times. Retrieved 2011-11-06.
^ Canby, Vincent (1974-07-25). "Screen: 'Death Wish' Hunts Muggers:The Cast Story of Gunman Takes Dim View of City". The New York Times. Retrieved 2011-11-06.
^ Uva, Christian; Picchi, Michele (2006). Destra e sinistra nel cinema italiano: film e immaginario politico dagli anni '60 al nuovo millennio. Edizioni Interculturali S.r.l. ISBN 9788888375663.
^ Christian Uva, Michele Picchi, Destra e sinistra nel cinema italiano. film e immaginario politico dagli anni '60 al nuovo millennio, Edizioni interculturali, 2006, p. 90
^ The Best Poliziotteschi Movies of All Time - Flickchart
Further readingEdit
Roberto Curti, Italia odia: il cinema poliziesco italiano. Lindau, 2006, ISBN 978-8871805863.
Daniele Magni, Silvio Giobbio, Ancora più... Cinici infami e violenti – Guida ai film polizieschi italiani degli anni '70, Bloodbuster Edizioni, 2010, ISBN 978-8890208744.
Poliziotteschi – The Final Take at Allmovie
Pollanet Squad – Poliziotteschi data base (in Italian)
RDB Article (in Portuguese)
Retrieved from "https://en.wikipedia.org/w/index.php?title=Poliziotteschi&oldid=999768962"
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Comparative analysis of experimental data
Freckleton, R.P. orcid.org/0000-0002-8338-864X and Rees, M. orcid.org/0000-0001-8513-9906 (2019) Comparative analysis of experimental data. Methods in ecology and evolution. ISSN 2041-210X
1.We consider the problem of how to analyse data from experiments conducted on multiple species. This seems to have been largely overlooked in the literature, and we highlight that the use of species as experimental units creates issues for both the design and analysis of experiments.
2.We distinguish fully randomized experiments in which all treatments are applied to all species from those experiments in which the factor of interest varies at the species level, i.e. treatments are not randomly allocated to species. In this latter case, the distribution of the experimental factor across species may be random, phylogenetically structured, or species may be chosen in order to phylogenetically balance the sample (e.g. through sister‐species comparisons).
3.We show using simulations that the design of the experiment in terms of the phylogenetic distribution of the treatment can affect power and Type I error, and that commonly used approaches (Linear Mixed Models and ANOVAs) may have poor statistical properties (high Type I errors) when both the predictors and response data show strong phylogenetic signal.
4.We highlight that the true phylogenetic generalized least squares model yield has good statistical properties but show that in some cases the true variance structure may be difficult to identify empirically. Moreover many current comparative tools do not allow such analyses to be easily applied, and we highlight some of those that do.
Freckleton, R.P. https://orcid.org/0000-0002-8338-864X
Rees, M. https://orcid.org/0000-0001-8513-9906
© 2019 British Ecological Society. This is an author-produced version of a paper subsequently published in Methods in Ecology and Evolution. Uploaded in accordance with the publisher's self-archiving policy.
https://doi.org/10.1111/2041-210x.13164
Filename: compExpVers4Formatted.pdf
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Clinical Trial to Investigate Nitric Oxide Treatment of COVID-19
THURSDAY, April 9, 2020 (HealthDay News) -- Doctors at the University of Alabama at Birmingham (UAB) are enrolling patients in an international clinical trial to find out if inhaled nitric oxide benefits those with COVID-19 who have severely damaged lungs.
Right now, there are no approved treatments for the illness caused by the new coronavirus. A severe form of lung failure called acute respiratory distress syndrome is the leading cause of death in COVID-19.
When lungs are failing, air is received by some parts of them but not others. Nitric oxide is a gas that improves blood flow in areas of the lungs that are getting air, increasing the amount of oxygen in the blood stream.
Nitric oxide also reduces the workload of the right side of the heart, which is under extreme stress during lung failure.
Along with being used to treat failing lungs, nitric oxide has been found to have antiviral properties against coronaviruses. That was shown during the 2002-2003 SARS outbreak, which was caused by a coronavirus similar to the one that causes COVID-19.
Any COVID-19 patient in UAB's intensive care unit who is using a ventilator to breathe may qualify for the study.
"This trial will allow the sickest COVID-19 patients at UAB access to a rescue therapy that may have antiviral benefits in addition to improving the status of lungs," Dr. Vibhu Parcha said in a university news release. He's a research fellow in the Division of Cardiovascular Disease.
"In humans, nitric oxide is generated within the blood vessels and regulates blood pressure, and prevents the formation of clots and also destroys potential toxins," said Dr. Pankaj Arora, an assistant professor of cardiovascular disease. His team plans to study the cardiovascular effects of high-dose inhaled nitric oxide as part of the primary clinical trial.
SOURCE: University of Alabama at Birmingham, news release, April 7, 2020
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Clinical Trials: Should You Participate?
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ridhigrg
Why you should not become a Programmer or not learn Programming Language?
See the Salaries if you are willing to get a Job in Programming Languages without a degree?
Highest Paid Programming Languages With Highest Market Demand
Have a look of some Top Programming Languages used in PubG
Engineering Career Petroleum Engineering Electrical Engineering Computer Science IT Software
How to choose the in-demand and highest paid career after Engineering?
By ridhigrg |Email | May 9, 2019 | 4860 Views
Engineering and its career both are not so easy as it looks like. Choosing a course is also difficult given the number of programs and fields to explore in engineering. There are several branches of Engineering and finding the best out of one needs to be dependent on a couple of factors that are important before you take the plunge.
Most of us today live a very lavish lifestyle and want to have the best of everything. Is it that easy? It is if you're raking in the big bucks. This happens to be one of the factors in choosing an engineering specialization. Some fields in engineering pay heavy and that is one of the reasons students choose to enter that field.
So the two most important factors in determining the best career in engineering are,
Let's get started with the best careers in engineering that keep both these aspects in mind and are the most popular courses as of now. The best careers in engineering that we have listed below also happen to be a few of the highest paying engineering jobs in India. Engineering jobs usually pay well. Of course, the ones in demand will be the ones that provide a higher pay package. Petroleum Engineering, Computer Engineering, and Aerospace Engineering are the ones with the highest pay package in India as of now.
Hope we make your career choice easier with the in-demand engineering careers and jobs that we have listed here along with the salary offered according to the experience of the candidate.
Petroleum Engineering - Highest Paying Engineering Jobs in India
Petroleum Engineering: This is the branch of engineering that rakes in a lot of money for anyone who pursues this field. With a lot of demand for crude oil and natural gas, this field is expanding ten-fold. Petroleum engineers are one of the highest paid engineers not just in India but across the globe.
Electrical Engineering - Highest Paying Engineering Jobs in India
Electrical Engineering: This branch is one of the most demanding fields of engineering. As it deals with the use and application of electricity, electronics, electromagnetism, etc. its application is used worldwide and in daily life. A career in electrical engineering will always be fruitful for anyone who decides to pursue it.
Computer Engineering - One of the best careers in Engineering
Computer Engineering: This integrates two fields of electrical engineering and computer science for the development of hardware and software. IT industry is in the boom for over a decade now and the importance of computer engineering is still at its peak. A lot of students opt for computer engineering as it pays well and has a lot of scopes both in India and abroad.
Aerospace Engineering - Highest Paying Engineering Jobs in India
Aerospace Engineering: Indian Space Research Organization (ISRO) is the talk of the town in recent years. With a lot of research and development going into the exploration of other parts of the universe, a need for spacecraft and aircraft arises. This is taken care of by Aerospace Engineers. Aerospace Engineering is a discipline of engineering which deals with the development of spacecraft and aircraft. It is further divided into aeronautical and astronautical engineering which is interlinked. These engineers happen to be one of the highly paid people in the field of engineering.
Chemical Engineering - One of the best careers in Engineering
Chemical Engineering: There are a lot of elements in nature which intrigue and amuse a person. Chemistry, Physics, and Biology make up the field of Science. These are then used along with mathematics and economics to transform, produce, and use chemical elements, energy, and materials. It is a risky yet exciting field and the need to find new mixtures and elements that are sustainable in nature has raised the demand for chemical engineers. Again, this happens to be one of the highly paid branches of engineering.
Materials Engineering - Highest Paying Engineering Jobs in India
Materials Engineering: As can be gathered from the name itself, materials engineering deals with the discovery and designing of new materials. There is a lot of scope for materials engineering graduates in terms of pay as well as opportunities.
Nuclear Engineering - One of the best careers in Engineering
Nuclear Engineering: Someone who is fascinated by the physics of the universe, nuclear engineering is one field where the principles of nuclear physics are applied to the greatest extent. Fission and fusion of atomic and sub-atomic particles are studied in this branch of engineering. Another risky field, this branch provides a lot of scope in terms of pay and opportunity.
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Australian Minister of Tourism: International travel may open in 2021
International travel may resume as early as June and plans to resume overseas flights to Australia in mid-2021.
According to Australia.com.cn, as the epidemic in Australia improves, the federal and state governments have begun to consider opening up outbound travel and allowing more temporary visa holders to return to Australia.
Australian Tourism Minister: Outbound tourism may be opened in 2021, reiterating the priority policy for Australians
According to the "Daily Telegraph" report on the 22nd, Australia's Federal Minister of Tourism Birmingham said that Australia may open international travel in 2021. However, the Federal Government still stated that it will not consider allowing international students to enter Australia until Australian citizens stranded overseas return to Australia.
Birmingham said Australia will re-examine the issue of international border blockades before waiting for further information on the success of vaccines and how they will be produced and promoted. He said: "I hope we can see success in vaccines and their effectiveness." Birmingham said that he also expects international travel to resume in 2021, but he also warned that this is unlikely to be achieved in the beginning of 2021. . He said: "I think the first half of 2021 will still be challenging."
In addition, Ninth News reported on the 23rd that Qantas CEO Joyce also revealed that international travel may resume as early as June and plans to resume overseas flights to Australia in mid-2021. Joyce said that their plan is to start and operate a "large amount" of international business in the next fiscal year. However, these plans also need to depend on the availability of vaccines.
New Victoria has big moves in both states
"The Times" reported on the 22nd that Victoria Governor Andrew reiterated that Victoria will restart the hotel isolation plan on December 7 and will give priority to Australians returning from overseas. At the same time Andrew also said that his government will "do everything it can" to resume enrollment of international students in early 2021. He said: "I think the answer is yes. We will definitely pick up international students, but the specific number, when will we start picking up, whether we can catch up with the semester resumption time and other details, we need to discuss more."
"Sydney Morning Herald" reported on the 22nd that NSW Governor Barry Jacqueline recently stated that he hopes to use one-third of the state’s hotel quarantine population to pick up international students and skilled immigrants back to Australia, and plans to start implementation as early as six weeks. This move will reduce the number of overseas Australians returning home through NSW. She said: "New South Wales wants to see measures to boost our economy, not just returning Australians. We hope to start acting as soon as possible, but it obviously depends on whether the federal government allows us to do so."
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Millions Of U.S. Taxpayer Dollars Going Right Into The Pockets Of Corrupt Government Officials In Afghanistan
October 12, 2012 July 7, 2010 by Michael Snyder
Whatever you think of the war in Afghanistan, there is no denying that the recent reports of rampant financial corruption going on even at the highest levels of Afghanistan’s government are extremely troubling. The United States has spent billions upon billions of dollars to help Afghanistan set up a “democracy”, but now there is news that corrupt government officials have been shipping billions and billions of dollars out of the country and have been buying luxury villas in Dubai. Apparently many Afghan officials have decided to achieve “the American Dream” the same way that many U.S. politicians have achieved it – by lying, cheating and stealing. The Wall Street Journal recently reported that over three billion dollars in cash has been flown out of Kabul International Airport in recent years. Considering the fact that this is far more than the Afghan government collects in tax and customs revenue annually, it is obvious that there is a huge, huge, huge problem with corruption in Afghanistan. Much of the cash being shipped out of the country is from the drug trade, but the narcotics money does not account for all of it. Investigators allege that a significant portion of this money that is being shipped out of the country is actually aid money that comes directly from U.S. taxpayers.
One U.S. official who is investigating corruption and Taliban financing recently gave his bleak assessment of what is going on….
“A lot of this looks like our tax dollars being stolen. And opium, of course.”
The truth is that rampant, in-your-face corruption is going on in a country that we are currently occupying militarily and that we are spending hundreds of billions of dollars to supposedly try to bring democracy to.
Afghan officials aren’t even trying to hide it. As Der Spiegel described recently, this corruption is going on right out in the open….
Brigadier General Mohammed Asif Jabarkhel sits with folded arms in his office, just a few steps away from the security checkpoint at Kabul International Airport. “Of course I know what’s going on here,” the 59-year-old head of the airport’s customs police grumbles from beneath his thick moustache as a fan whirs in the background. “But, in this country, who’s allowed to speak the truth?”
Jabarkhel is referring to the huge amounts of money regularly being secreted out of Afghanistan by plane in boxes and suitcases. According to some estimates, since 2007, at least $3 billion (€2.4 billion) in cash has left the country in this way. The preferred destination for these funds is Dubai, the tax haven in the Persian Gulf.
You know, there is just one major airport in the capital of Afghanistan. How hard would it be for the U.S. military to get a handle on what is going on at that one airport?
What in the world are we accomplishing anyway? Are we there to keep corrupt Afghan officials safe enough so that they can smuggle billions of U.S. taxpayer dollars out of the country and buy luxury villas in Dubai?
While the corrupt Afghan government officials live the high life, U.S. soldiers are paying the price. In fact, the violence in that nation is rapidly getting worse. It was recently reported that a majority of all combat-related U.S. casualties in the nine-year-long war in Afghanistan have occurred since Barack Obama was inaugurated about a year and a half ago.
So now there have been more U.S. casualties in Afghanistan under Obama than there were under George W. Bush.
Isn’t that wonderful?
But now Obama even wants to send U.S. civilians to Afghanistan. During a recent speech in Racine, Wisconsin, Obama called for sending a “civilian expeditionary force” to Afghanistan and Iraq to help “overburdened” U.S. military forces build infrastructure.
And yet Obama denies that we are engaged in “nation building”.
Considering the fact that U.S. cities such as Detroit now look like bombed-out war zones, shouldn’t we be devoting our resources to building up our own infrastructure?
No, we have to send billions to Afghanistan instead so that corrupt government officials can steal it and ship it out of the country. The previously referenced article in Der Spiegel summed up the situation this way….
It is clear that much more money is making its way out of Afghanistan through Kabul’s airport than is being officially declared and logged. For example, important politicians and businesspeople can often board planes from the airport’s special VIP area without being searched. And if customs officials do conduct a search and find a suitcase stuffed with millions of dollars in cash, people with powerful connections often step in to make sure that the luggage makes it out of the country with its owner — no questions asked. “A couple phone calls are made,” General Jabarkhel says with frustration in his voice, “and the person can carry on.”
Meanwhile, the United States continues to spend mind-boggling amounts of money to keep Afghanistan safe and secure.
According to a report from the Pentagon to the U.S. House of Representatives, it costs the United States $1 million per year for each U.S. soldier in Afghanistan.
In addition, it has come out that the U.S. military spends about $400 per gallon of gasoline in Afghanistan.
Why is it so expensive?
Well, Afghanistan is a landlocked nation. In order to get gasoline to U.S. forces operating in remote regions, it often has to be sent by helicopter. But sending gasoline by helicopter is incredibly inefficient.
So needless to say, the U.S. military is burning up massive amounts of money in Afghanistan.
But that is nothing when compared to the sacrifices that the dead and wounded U.S. soldiers have made.
So how is the Afghanistan government repaying us?
They are taking our aid money and buying expensive villas in Dubai with it as Der Spiegel recently detailed….
A number of Afghan businesspeople have purchased expensive villas in Dubai, once only attractive as a golfer’s paradise. These include a brother and a cousin of Afghan President Hamid Karzai, one of Karzai’s former vice presidents and the brother of Mohammad Qasim Fahim, one of the country’s two current vice presidents. Asking prices for the stylish, Roman-style houses built along the beaches of the man-made island Palm Jumeirah, for example, start at $2 million. Until just a few years ago, many of their current inhabitants were far from wealthy.
As the Washington Post has discovered, these properties are often only registered under the names of the individuals issuing the loans, such as Sherkhan Farnood, the founder and chairman of Kabul Bank, Afghanistan’s largest private bank, who was also a key supporter of President Karzai during his 2009 re-election campaign. Like many of his clients, Farnood now spends the majority of his time in Dubai. And among the 16 shareholders in his bank are Mahmoud Karzai, the president’s business-minded older brother, and Haseen Fahim, the brother of Afghan Vice President Mohammad Qasim Fahim.
Are you angry yet?
Perhaps we should let these corrupt Afghan officials pick up arms and start defending their own country against the Taliban.
Perhaps then they would not have so much time to be running around buying luxury villas in Dubai.
Categories CorruptionTags Afghanistan, Taxpayer Dollars Post navigation
Illinois Bankrupt?
Mind Control? Scientists Have Discovered How To Use Nanoparticles To Remotely Control Behavior!
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CHINATop Stories
Rare US dual aircraft carrier drills in South China Sea 'a show' for allies
Chen Zhuo
The guided-missile frigate Hengyang (Hull 568) and the guided-missile destroyer Wuhan (Hull 169) attached to a destroyer flotilla with the navy under the PLA Southern Theater Command steam alongside with each other during a maritime maneuver operation in waters of the South China Sea on June 18, 2020. (eng.chinnmil.com.cn/Photo by Li Wei)
At a time when relations between China and the US are further deteriorating over a series of topics including trade, the COVID-19 pandemic, Taiwan and Hong Kong, the US has deployed two aircraft carriers and other warships to the South China Sea for its largest-scale exercises in the region in years, which also coincided with Chinese military drills taking place in the same area and time frame.
The two US aircraft carrier battle groups are nothing more than paper tigers on China's doorsteps, as the region is fully within the grasp of People's Liberation Army (PLA) with specially made weapons that can destroy aircraft carrier, and US drills are a mere show to make up for its loss of face regarding epidemic control, and indicated it knows it has lost its Hong Kong card following China's national security legislation, forcing it to shift focus to the South China Sea and Taiwan to contain China, analysts said on Sunday.
The PLA is conducting intensive drills and has recently tested a new naval missile in the Bohai Sea, and is ready to defend against aggression, reports said.
The USS Ronald Reagan and USS Nimitz aircraft carriers are holding large-scale exercises in the South China Sea together with four other warships starting Saturday, CNN reported on Saturday.
Since the South China Sea arbitration in 2016, the US has not conducted joint operations featuring two carriers near the South China Sea. According to Zhengzhijian, a WeChat public account run by Beijing Youth Daily, the last time two US carriers conducted exercises in the South China Sea was in 2014.
Song Zhongping, a Chinese military expert and TV commentator, told the Global Times on Sunday that the US move aimed at enhancing its military presence in the West Pacific, is designed to show off that its hegemony in the region is unshakable, and boost confidence for its regional allies.
Beijing-based naval expert Li Jie told the Global Times that the US is pushing its aircraft carriers onto the frontlines to show its military power remains the strongest in the world despite having been hit hard by the COVID-19 epidemic. It was once left with no aircraft carrier to use in the Asia Pacific region for more than two months.
The US is also attempting to deter PLA movements in the South China Sea and on the Taiwan question, Song said.
The US has been playing its Hong Kong card to contain China's development for the past years, but after the national security law for Hong Kong came into effect on Tuesday, it's well aware that it has lost this card, so the US has shifted its focus to the South China Sea and Taiwan, in which military might plays an important role, analysts said.
The guided-missile frigate Hengyang (Hull 568) attached to a destroyer flotilla with the navy under the PLA Southern Theater Command fires chaff rounds from the decoy launching system to deploy electromagnetic smoke during a maritime live-fire training exercise in waters of the South China Sea on June 18, 2020. (eng.chinnmil.com.cn/Photo by Li Wei)
Chinese drills and missile tests
Not only are US exercises with two aircraft carriers in the South China Sea rare, it's also rare that China is also holding drills in the South China Sea in the same time frame.
According to a notice released by China's Maritime Safety Administration, the Chinese drills, also in the South China Sea, near the Xisha Islands, run from Wednesday to Sunday.
In separate operations, the PLA has been conducting intensive drills in the South China Sea, East China Sea, and Yellow Sea recently, China Central Television (CCTV) reported on Saturday. Advanced warships including Type 052D guided missile destroyers and Type 054A guided missile frigates were involved.
In the Bohai Sea, the PLA Navy recently test launched an undisclosed new type of missile, CCTV reported on Saturday. The report did not elaborate on the missile's purpose, but footage suggests it can be launched from a warship.
Three US aircraft carriers have been conducting exercises in the Philippine Sea just outside the South China Sea since June, which has stirred up regional tensions, Chinese military observers said, noting that Chinese drills are regularly scheduled exercises aimed at safeguarding China's territorial integrity and sovereignty and do not target any other country.
The South China Sea is fully within the grasp of the PLA, and any US aircraft carrier movement in the region is closely watched and taken aim at by the PLA, which has a wide range of anti-aircraft carrier weapons like the DF-21D and DF-26, which are both regarded as "aircraft carrier killer" missiles, analysts noted.
Song said that it's unrealistic for the US to wage a war against China with just two aircraft carriers in the South China Sea, and it's very unlikely the two sides could accidentally spark a conflict due to the drills.
The US drills are just a show performed for its West Pacific allies and Taiwan secessionists, and the Chinese drills are meant to bolster the PLA's combat capabilities, Song said, noting that the PLA can conduct surveillance missions on US drills, and expel US surveillance attempts using proper measures.
In response to a Pentagon statement on Thursday that accused Chinese drills in the Xisha Islands of being "counter-productive to efforts at easing tensions and maintaining stability," Chinese Foreign Ministry spokesperson Zhao Lijian said at a regular press conference on Friday that the Xisha Islands are indisputably part of China's inherent territory.
China's military exercises in the seas off Xisha Islands are within our sovereignty and beyond reproach, Zhao said, noting that the fundamental cause of instability in the South China Sea is due to large-scale military activities and flexing of muscles by some non-regional country that lies tens of thousands of miles away.
China adopts revised armed police force law
Five professional militia units attend flag presentation ceremony in Xizang
Chinese military demands Indian border troops immediately stop infringing and provocative actions
Chinese Foreign Ministry made remarks on passage of law on safeguarding national security in HK
PLA medical experts honored with Lao army friendship crosses
Chinese military improves blood support capability in peacetime and wartime
Infantry fighting vehicle gets ready to spit fires
Fighter jets get ready for penetration flight
Rocket Force soldiers erect ballistic missiles at night
NPC & CPPCC Annual Sessions 2020
Win the fight against COVID-19
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The Archaeology of a Medieval Revolution?
Welcome to the webpage for a new research project on the archaeology of medieval warhorses that has been funded by the Arts and Humanities Research Council. While the website is still at an early stage of development — do watch out for new content as it builds — we hope that our page provides you with an initial snapshot of the work we have planned and that it gives some flavour of why we are so excited by it.
Over the next three years, our team of archaeologists and historians will be conducting the first ever integrated and systematic study of that most characteristic beast of the Middle Ages — the warhorse. As well as being a famed weapon of war, the medieval horse was an unmistakable symbol of elite social status closely bound up with the development of knighthood, chivalry and aristocratic culture. Crucially, in developing a new archaeological approach to the subject, our project hopes to add something different and distinctive to our understanding of horses but also, by extension, to speak to some of these other intriguing and much-debated topics.
Our work will be wide-ranging: team members will be re-examining the physical remains of horses in the form of bones as well as the material culture associated with them, including horse apparel and armour, and mapping the landscapes in which horses were bred and trained. As such, we hope that our work will be engaging and interesting for a really wide range of people: not just medieval and military historians, zooarchaeologists (specialists in animal bones) and those interested in the historic landscape, but also people with a passion for all things horsey! We will be working closely with our collaborating institutions, the Royal Armouries and the Portable Antiquities Scheme, to develop events and activities that seize on the depth of public interest in equine culture and showcase our work more broadly.
One of the fascinating things about starting on an ambitious research journey of this sort is knowing that as well as making new discoveries on these various different fronts, other new possibilities and will reveal themselves as the work progresses. A project of this scope is also bound to have unanticipated spin-offs that we look forward to seizing upon and sharing. We hope that you look forward to following our journey on this website, via our Twitter feed (@AHRC_Warhorse), or — a little further down the line — through the events, publications and displays that our project will create.
The Project Team
This entry was posted in Blog on 4th February 2019 by Oliver Creighton.
FEEDING ENGLAND’S ROYAL HORSES IN THE FOURTEENTH CENTURY
Courses on horses: Warhorse material culture training
The breaking-in and training of horses in medieval France
Locusts: the apocalyptic iconographical representation of the Warhorse.
MANAGING ENGLAND’S ROYAL WARHORSES IN THE FOURTEENTH CENTURY
Helene Benkert on Straight from the Horse’s Mouth: The Sources for Investigating Medieval and Tudor Horses
Ravinder Singh Chumber on Straight from the Horse’s Mouth: The Sources for Investigating Medieval and Tudor Horses
Jess on The Horse in Armour
Matthew Whitmore on The Price of Riding
Helene Benkert on What can equine armour tell us about the warhorse that wore it?
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Liberia and Friends journal
The rants and concerns of a proud Liberian.
Happy Independence day Mama Liberia.....
Happy birthday Liberia, and happy independence day to all my fellow Liberians and friends of Liberia all around the Globe, as we all gather to celebrate the anniversary of our homeland independence this July 26, let us not forget who we are or where we came from, let us remind ourselves that though we may be of many tribes, we are still one people with one common destiny. May God always continue to shower his many blessings on the peoples of Liberia.
Posted by Emmanuel at 12:43 PM 29 comments:
Labels: Africa, liberia, Liberian music, Monrovia, west Africa.
Location: Minneapolis, MN, USA
Liberia is now the nation reporting the highest number of new Ebola cases...........
It seems that the people of Liberia just cannot get a break, after almost two decades of devastating civil war, we all thought we have turn the darkest corner of our Country's history and that the country was once again on the path to reclaim its former glory and rejoin the community of nations, but out of nowhere we got thrown another curve ball, this time in the form of the deadly Ebola virus.
Of all the Countries battling the deadly outbreak, Liberia is now the nation reporting the highest number of new cases in the region, it has become the epicenter of the whole Ebola fight.
And because Liberia is the Country suffering the most it is important that our people understand how Important it is to take this deadly disease seriously.Its been reported that some communities believe the outbreak is a lie, and that health care workers have been sent to kill them. In multiple locations around the Country, health care workers spraying chlorine – a cheap and effective counter to the spread of the disease - were attacked.
I found a wonderful article on Australia's ABC.net.au news site that really explain what Ebola is.....
There are five strains of Ebola: Zaire, Sudan, Tai Forest, Bundibugyo and Reston. The Zaire strain, which is involved in the latest outbreak, is the most lethal with a fatality rate of up to 90 per cent. Humans can catch the virus from animals through close contact with infected animals' blood, secretions, organs or other bodily fluids. The virus is thought to reside within the region's fruit bat population. The bushmeat trade (the catching and eating of wild animals, including primates such as gorillas and chimpanzees), is thought to play a role in outbreaks of the disease. While cooking infected meat kills the virus, handling of the meat beforehand can cause infection.
Once in the human population, the virus continues spreading through direct contact with blood, secretions, organs or other bodily fluids. The World Health Organisation has specifically noted traditional healing and burial practices in rural regions as a factor in the spread of the disease.
Please my fellow Liberians,if you suspect someone you know is sick or is showing symptoms of the virus, it is very important that you not only take every precaution to protect yourself but you should also immediately notify the authorities. Remember your chances of survival is high if you are treated early.
Posted by Emmanuel at 11:05 PM 7 comments:
President Sirleaf ordered third county under Ebola quarantine ......
The Liberian army has put a third County under quarantine to check the spread of the deadly Ebola virus, President Ellen Johnson Sirleaf announced Monday.
"Lofa county in the north has been quarantined by the army," Sirleaf said after similar measures were taken in the counties of Bomie and Grand Cape Mount.
"So from now on, no one will be allowed to go to Lofa, no one will come out of there," Sirleaf said in a message to the nation broadcast over the radio.
"We want to protect areas that have not been yet affected," according to the president.
"We have given instructions to the army and we will try our best so that food will be provided to the county constantly, especially when we know that Lofa is one of (the) biggest counties."
In an effort to contain an epidemic that has cost nearly 1,000 lives throughout west Africa, the Liberian government earlier quarantined Bomie and Grand Cape Mount.
It cut off access with military roadblocks and restrictions on travel.
The quarantine has meant that traders have been unable to travel to buy food and farmers cannot harvest their crop, which has in turn caused shortages and sent prices soaring, raising fears people could go hungry.
Posted by Emmanuel at 9:35 AM 3 comments:
Government of Liberia Launches National Action Plan against Ebola.........
A picture taken on July 24, 2014 shows staff of the Christian charity Samaritan’s Purse putting on protective gear in the ELWA hospital in the Liberian capital Monrovia. (credit: ZOOM DOSSO/AFP/Getty Images)
President Ellen Johnson Sirleaf has launched the National Action Plan presented to the National Task Force on Ebola by the Ministry of Health and Social Welfare in partnership with the World Health Organization.
As an initial contribution to the National Action Plan, the Government of Liberia has provided US$5 million to begin the immediate implementation of the plan.
According to an Executive Mansion release, President Sirleaf made the statement when she addressed the Nation in the Foyer of the Ministry of Foreign Affairs with additional measures aimed at containing the spread and caring for the afflicted with the goal of “No New Cases.”
Among the stringent measures, the Liberian leader announced that though she was expected to have attended the ensuing U.S. - Africa Leaders Summit in Washington, D. C., U.S.A. next week, the Vice President instead will lead the delegation that will include a few cabinet ministers whose presence are absolutely necessary.
She also announced that henceforth, Government travels will be seriously restricted and limited to only those that are determined to be absolutely necessary and critical.
The Liberian leader also directed that all non-essential staff, to be determined by the Minister or Head of Agency are to be placed on a 30-day compulsory leave and that Friday, August 1, is declared a non-working day and is to be used for the disinfection and chlorination of all public facilities.
“All borders that are to remain opened are to be directly supervised and controlled by the Bureau of Immigration and Naturalization whose duties it shall be, working with the assigned health authorities, to ensure strict adherence to announced preventive measures including preliminary testing for fever,” President Sirleaf directed.
Other measures without exceptions are that “all schools are ordered closed pending further directive from the Ministry of Education.
“All markets at border areas including Foya, Bo Waterside, and Ganta are hereby ordered closed until further notice.
“As previously directed, video clubs and entertainment centers must have improved sanitation including facilities for the washing of hands prior to entering and exiting as well as to restrict opening hours, and the number of individuals permitted to enter those facilities,” she emphasized, adding that “all citizens are seriously advised to avoid public amusement and entertainment centers.”
The Liberian President warned that any increase in prices of sanitation commodities used in the fight against Ebola Viral Disease will be treated as an offense against the people of Liberia. As such, she has directed the Ministry of Commerce to enforce this order and that all such commodities including chlorine, soap, sanitizers, fliers and buckets are to be imported duty free.
She also indicated that several communities are being considered to be quarantined based upon recommendations from the Ministry of Health and Social Welfare and other relevant authorities. “When these measures are instituted, only health care workers will be permitted to move in and out of those areas. Food and other medical support will be provided to those communities and affected individuals,” the Liberian leader said.
“The Ministry of Health and relevant agencies are also to consider the cremation of all victims of the deadly Ebola virus. This measure is intended to avoid tampering with the dead and contaminating water sources,” she also directed.
She announced that the security forces, under the directive of the Ministers of Justice and National Defense, are again ordered to enforce all of these measures announced by the National Task Force on Ebola.
President Sirleaf reiterated that the Ebola Viral Disease has over-tasked the country’s public health facilities and capabilities as the nature of the virus and its rapid spread throughout Liberia, Guinea and Sierra Leone, attacking, as it has, the way of life of the people of the Mano River Union Basin have posed national, regional and international threats to public health and safety of the gravest proportions. “This is unprecedented,” she emphasized, referring to the World Health Organization which has upgraded the outbreak to Grade 3 Emergency, the highest in its response category.
President Sirleaf acknowledged that this is not only a Liberia problem, and cannot be seen as a problem of the Mano River sub-region; but an international problem with which all must engage in the fight.
She expressed Government’s gratitude to the Medecins Sans Frontiers, and their partner, the Samaritan Purse who, at great personal risks, has continued to assist in the difficult fight against the epidemic. She also thanked the Center for Disease Control and the National Institute of Health of the United States for the much needed technical support.
President Sirleaf again reminded Liberians that Ebola is real, it’s contagious and it kills. “All of us must all take extra measures announced by the Ministry of Health to keep ourselves safe. The government will do its part. But you must do yours,” she urged, adding, “Denying that the disease exists is not doing your part to keep yourself and your loved ones safe.
Hiding sick persons is not doing your part to keep yourself and your loved ones safe. Ignoring the signs and not reporting it to the health care authorities are not the ways by which we keep ourselves safe,” she said.
The President reminded all Liberians that the sooner all Liberians unite in fighting this disease, as I know
she knows they can, where each of us will play our part, the sooner we will overcome this disease and return ourselves to how we have always lived.
President Ellen Johnson Sirleaf has launched the National Action Plan presented to the National Task Force on Ebola by the Ministry of Health and Social Welfare in partnership with the World Health Organization, though by no means exhaustive.
President Sirleaf again reminded Liberians that Ebola is real, it’s contagious and it kills. “All of us must all take extra measures announced by the Ministry of Health to keep ourselves safe. The government will do its part. But you must do yours,” she urged, adding, “Denying that the disease exists is not doing your part to keep yourself and your loved ones safe. Hiding sick persons is not doing your part to keep yourself and your loved ones safe. Ignoring the signs and not reporting it to the health care authorities are not the ways by which we keep ourselves safe,” she said.
She reminded all Liberians that the sooner all Liberians unite in fighting this disease, as I know she knows they can, where each of us will play our part, the sooner we will overcome this disease and return ourselves to how we have always lived.
- See more at: http://www.emansion.gov.lr/2press.php?news_id=3045&related=7&pg=sp#sthash.em3ejAQa.dpuf
Posted by Emmanuel at 11:52 PM 1 comment:
Liberia to send Troops to Mali.................
Armed Forces of Liberia soldiers stand in formation at Edward Kesselly Military Barracks.
Liberian President Ellen Johnson-Sirleaf has disclosed that the Government of Liberia will contribute troops to the African-led International Support Mission in Mali (AFISMA).
Making the disclosure at the Roberts International Airport in Liberia, President Johnson-Sirleaf told reporters Saturday, January 19 2012 that Liberia has pledged a platoon that will be integrated into one of the AFISMA peacekeeping battalions in Mali. President Sirleaf said that Liberia's decision to pledge a well-trained and well equipped military platoon to Mali is based on the fact of African solidarity to the people of West African, and to also show appreciation to Mali and its people who helped Liberia during our country's conflict or years of civil war.
President Sirleaf said West African countries have pledged their support fully to France for launching operations in Mali, within the framework of respect for the sovereignty of Mali and that is the International legality to halt the advance of the terrorist and extremist groups. This will be the first time since the 60s that Liberian military personnel will be send for peace keeping duties.
Liberia has ‘turned the corner’ towards lasting peace says President Sirleaf....
President Sirleaf addressing the U.N General Assembly.
Ten years after the end of Liberia’s brutal civil war, the country has made tremendous progress on the path to lasting peace and stability, President, Ellen Johnson-Sirleaf, told the United Nations General Assembly today, while adding that serious challenges remain.
“As Liberia moves toward its tenth year of sustained peace, we can state with conviction that our country has turned the corner,” President Sirleaf said in her address to the Assembly’s high-level General Debate, which began at UN Headquarters in New York on Tuesday.
“Liberia is no longer a place of conflict, war and deprivation. We are no longer the country our citizens fled, our international partners pitied and our neighbors feared,” she added. President Sirleaf thanked the UN for being “a very committed and effective partner” with Liberia as it emerged from conflict and embarked on the path to peace, security and development. “We owe the Organization much gratitude for preserving an enabling environment for peacebuilding and state-building.”
The UN has maintained a peacekeeping force in Liberia since 2003 to bolster a ceasefire agreement ending a decade of war that killed nearly 150,000 people, mostly civilians. The mandate of the UN Mission in Liberia includes helping to restore the rule of law and democratic processes, as well as facilitating humanitarian assistance.
President Sirleaf must take the incident in the Ivory Coast seriously.......
Over the weekend we learned of the deadly attack that took the lives of several United Nations peacekeepers and Ivorian Military personal in the Ivory Coast. U.N. Secretary-General Ban Ki-moon condemned the attack "in the strongest possible terms," saying he was "saddened and outraged" about the deaths of the peacekeepers, all from Niger. He urged the government of Ivory Coast to identify the perpetrators and bring them to justice. Meanwhile hundreds of villagers were fleeing the area near the Liberian border, and U.N. officials said others may have been killed or injured. Authorities have been unable to confirm any additional casualties because of the remoteness of the area near the Liberian border.
This is a serious situation along the border of the two countries, and the governments of the two countries especially Liberia, must do everything to bring the situation under control. We the many concern Liberians at home and abroad urged President sirleaf to not take this lightly, as it has the potential to not only destabilize the entire region, but to drag Liberia back into instability.
Some Liberian government minsters were denying Liberia's involvement in the incident. But whether they came out of Liberia, or whether they are based in the Ivory Coast, doesn’t matter. What matters is that there was an incident in Ivory Coast close to our own border that concerns everybody. If our neighbor's house is on fire we should make it our duty to help put out the fire who knows ours could be next. Both countries need to concertedly work together to more effectively weed out this cancer from their common borders, and once and for all send out a message that the days of savages and barbarians using our country to attack another is over. Finally if any Liberians are found to be involved in the incident over the weekend, if caught they should be put to death immediately, we do not want these barbaric people in our Country, enough is enough.
Posted by Emmanuel at 9:15 PM 6 comments:
GOD, Country, Family, service before self.............
Liberian Music
Liberia in Pictures
Liberia In the 60s
The Lone Star forever
The national song
When freedom raised her glowing form on Montserrado's verdant height, She set within the doom of night, 'midst low ring stars and thunderstorms the star of liberty - and seizing from the waking morn, its burnished shield of golden flame she lifted in her proud name and raise a people long forlorn to noble destiny The Lone Star forever! The Lone Star forever! O long may it float over land and over sea. Desert it, no never! Uphold it, forever! O shout for the Lone Star banner, All hail.
Liberian Drama
signs of progress
The new army
Ellen Johnson Sirleaf, President of the Republic of Liberia.
Brooklyn center, Minnesota, United States
originally from Paynesville city, the republic of Liberia,a small country on the west coast of Africa,I now live in Minneapolis, Minnesota the United states of America. Ever Mindful of the many negative information about my country due largely in part to the almost two decades of civil war, i have created this blog as a means to share with all well meaning people and friends of Liberia, the many positive aspect of my country. GOD, Country and family first,is my motto, every other thing is secondary.
Emmanuel M Liu
Other Liberian Blogs and websites
North or nowhere
Arron's Blog
My African journey
Rob's blog
Move to Monrovia
Marit Woods's Blog
Liberian Perspectives
dave and babs' blog
I Rep LIB
Pointy toe
Shelby;s blog
karen's blog
scarlett lion
U.S Embassy in Monrovia
Liberian Embassy in the U.S
Johnetherton'blog
Executive Mansion
journey without maps
John mark's blog
saharanvibe blog
Liberia's history
Liberia sea breeze
Liberian observer
Liberia stories
TLC africa
Meet Liberia's own Gregory Artus Frank.......
Lovers of African Movies have seen him in a number of African blockbuster film like who loves me and Chelsea, but few know that this ...
Armed Forces of Liberia soldiers stand in formation at Edward Kesselly Military Barracks. Liberian President Ellen Johnson-Sirleaf h...
Liberia:A brief history, and the Declaration of Independence.
Liberia, which means "land of the free," was founded by free African-Americans and freed slaves from the United States in 1820. An...
President Sirleaf addressing the U.N General Assembly. Ten years after the end of Liberia’s brutal civil war, the country has made tre...
Actor Director Dermot Mulroney will direct a film based on George Weah....
Actor Director Dermot Mulroney will direct a film based on the life of Liberian football player George Weah. The actor - who recently compl...
Senator Taylor needs to shut up................................
The senior Senator from Bong County, and wife of former President Charles Taylor, Jewel Howard Taylor, said she is drawing , up an impeach...
Former NPFL fighter alleges Taylor ordered atrocities in both Sierra Leone and Liberia.....
A former rebel from Liberia described the atrocities that he and and other fighters carried out under the command of Charles Taylor, at the ...
April 12 1980 a day that will forever remain in infamy..........
In the early morning of April 12 1980, a group of junior officers from the Armed forces of Liberia, led my Master Sergeant Samuel K. Doe, en...
What i think about Frontpage Africa, and their boycott of the Liberian President.......
President Sirleaf Once a very big fan of the popular Liberian news website Frontpage Africa, i now find myself looking more and more to a...
Relaxed Focus
"We become what we think about." -
Moved 2 Monrovia
Building of the Month: The proposed Henry Hoff Commercial Plaza, Carey Street - Given the aviation kick I've been on this week I had been hoping to get a chance to photograph a new building out at the airport for July's Building of t...
Dave and Babs
Bad Dog - Really? How bad could a doggie be that wears a tiara?
- *Sunday, June 5**Important message to all readers* My blog *'Liberian Perspectives'* has been moved to: http://blog.liberiapastandpresent.org and the prese...
Journey With Maps - Since the dawn of time, man has looked on the world and wondered: When is the appropriate time to conclude a blog about Liberia? Today, I am proud to anno...
Above all else, the Liberian people!
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The top storylines to watch in the NBA's stretch run
2yTim Bontemps
NBA primed for stretch run (2:13)
Brian Windhorst breaks down what should be a very exciting playoff push following the All-Star break. (2:13)
Tim BontempsESPN
After a three-day hiatus, the NBA will return Thursday for a frenetic sprint to the finish of the league's regular season. Over the next seven weeks, there will be a variety of storylines to follow that will tell the story of not only how this season will play out but also what will happen this postseason and beyond.
Here is a list of the six biggest stories to follow when the ball goes up again:
The race to the top of the East
David Butler II/USA TODAY Sports
After the Golden State Warriors, arguably the four best teams all reside in the Eastern Conference: the Milwaukee Bucks, Toronto Raptors, Boston Celtics and Philadelphia 76ers.
That should make the final two rounds of the East playoffs as compelling as they've been in decades, assuming, of course, that the Indiana Pacers can't hang on to the third seed and force two of these teams to face off in the first round. The next several weeks will also be a fight among all four of those teams to secure home-court advantage in the playoffs.
Milwaukee holds the inside track for the top spot -- and with it, home-court advantage throughout the East playoffs -- as it leads Toronto by two games in the loss column. Because the Bucks won the season series and thus the head-to-head tiebreaker, it is functionally a three-loss lead. Given that the Bucks and Raptors have the fourth- and second-easiest remaining schedules, it's hard to see the Celtics or Sixers (tied for fourth place, 5.5 games behind Toronto) catching either of them.
The final stretch will begin with the Bucks hosting the Celtics on Thursday in what could be the preview of a second-round playoff series. Including that meeting, there are five games remaining to be played between some combination of these teams. The others: Celtics at Raptors on Feb. 26, Celtics at Sixers on March 20, and two between the Bucks and Sixers -- in Milwaukee on March 17 and in Philadelphia on April 4.
All of them will be on national television, and each will be scrutinized for clues to tell us about what lies ahead in what will assuredly be a vicious fight to escape the East this spring.
Will the Lakers make the playoffs?
When LeBron James chose to migrate to the Western Conference last summer by signing with the Los Angeles Lakers, it was universally understood that he would see his NBA Finals streak end at eight straight trips. Few people, though, considered the possibility that another streak -- 13 straight playoff appearances -- would come to an end, too.
Everyone is considering it now.
With 25 games remaining, the Lakers are 28-29, sit in 10th place in the Western Conference standings and are three games behind their Staples Center co-tenants, the Los Angeles Clippers, for the West's eighth and final playoff spot.
To say the Lakers have their work cut out for them is an understatement. They have the fourth-toughest remaining schedule in the NBA, according to ESPN Stats & Information projections (the Clippers' schedule, by comparison, ranks 19th), with 16 of those final 25 games coming against playoff teams.
If the Lakers want to make the playoffs, they will almost certainly have to make up those three games on the Clippers -- and then some -- before the calendar flips to April. Once it does, the Lakers have a brutal final five games: at Oklahoma City, home against Golden State and the Clippers (on the second half of a back-to-back) and home against Utah and Portland.
If the Lakers have to make up ground by then, their chances of doing so would seem remote.
It will be all but essential for the Lakers to sweep their eight remaining games against teams currently in the bottom eight in the NBA (including three against the potentially Anthony Davis-less Pelicans). Considering that the Lakers have already lost three games to the lowly Knicks, Cavaliers and Hawks -- and if they had won, they'd be tied for eighth in the West today -- they can't afford to lose any more.
Who will get to stay away from the Warriors?
Sean M. Haffey/Getty Images
Whether the Lakers can squeak into the playoffs won't be the only thing worth watching out West. So, too, will be the maneuvering to avoid Golden State for as long as possible.
Because the NBA doesn't re-seed its playoffs, being second, third, sixth or seventh -- on the opposite side of the bracket from the likely top-seeded Warriors -- is vastly more appealing than being on the same side as Golden State.
Executive produced by Kevin Durant, The Boardroom explores the most fascinating trends and innovative endeavors across the business of sports, featuring conversations with athletes, executives and business titans. Watch on ESPN+
Oklahoma City, which currently sits in third place in the West, has a three-game lead over the Portland Trail Blazers and leads the Houston Rockets by four but faces the toughest remaining schedule of any NBA team, according to ESPN Stats & Information. Meanwhile, the Jazz and Spurs are tied for sixth -- and sit one game behind the fifth-place Rockets and one ahead of the eighth-place Clippers.
All of this will make for appointment viewing on a nightly basis out West in the final 25 games of the season, as a six-game spread from the Trail Blazers in fourth to the Lakers in 10th means the standings will fluctuate virtually every day.
With an opportunity to be on a side of the bracket led by the team going for a three-peat or one led by a team (Denver) that hasn't made the playoffs in five years, those fluctuations will have massive implications.
The ridiculous MVP race
AP Photo/Eric Christian Smith
Last season, James Harden was seen as a virtual lock to win the league's MVP award by season's end after he led Houston to the NBA's best record. This season, though, there should be a robust debate over who will be crowned this time around.
Harden will once again be in the conversation. He's currently in the midst of a scoring streak -- 31 straight games with 30 or more points -- that only Wilt Chamberlain has matched (which, given how absurd Chamberlain's career numbers are, is about as good as no one having done it before). The fact that Harden has resurrected the Rockets after an awful start with Chris Paul spending much of that stretch injured will also help his case.
Then there's Giannis Antetokounmpo, who has been the face of a remarkable burst onto the scene by the Bucks. Milwaukee currently has the NBA's best record. Antetokounmpo is putting up absurd numbers (27.2 points, 12.7 rebounds, 6.0 assists, 1.4 steals and 1.4 blocks) and doesn't have another big-name star playing alongside him, though Khris Middleton did make his first All-Star Game this season. Houston travels to Milwaukee on March 26 for a nationally televised game that could play a role in determining the winner if either guy has a huge game on such a big stage.
Over the past few weeks, Paul George has forced himself into the conversation with an incredible stretch of play. George might be the favorite to win the NBA's Defensive Player of the Year Award, and the Thunder are a staggering 22 points per 100 possessions better when he's on the court than when he sits -- easily the best mark in the league.
This debate is destined to be the kind that is both endlessly entertaining and frustrating. All three players have compelling cases and, depending on one's perspective, can be reasonably argued to finish in any order.
That debate will rage for the next seven weeks -- and likely the two months afterward until the NBA's awards show in late June.
What will happen with Anthony Davis?
Chuck Cook-USA TODAY Sports
Ever since agent Rich Paul made Davis' trade request public on Jan. 28, the Pelicans have been in a frenzy.
They spent the following 10 days dealing with constant reporting about their franchise cornerstone potentially being dealt, only for him to not go anywhere. Then, after not trading him, the Pelicans agreed to allow Davis to return to the team, leading to an awkward dance that has seen his minutes vary and fluctuate and has created more awkwardness in New Orleans.
That culminated Thursday, when Davis left the arena before New Orleans had finished its win over Oklahoma City to get an MRI on his shoulder. The next day, the Pelicans parted ways with general manager Dell Demps, and Danny Ferry was named his interim replacement. Then Davis gave an extraordinary media conference at All-Star Weekend on Saturday in which he declared that his intention is to continue playing the remainder of the season (in addition to everything he said about potential future destinations).
Will Davis play for the Pelicans again this season? If so, how much will he play and for how much longer? Some around the league think he has played his last game now that the All-Star Game is in the rearview mirror. But whether he has or not, the only certainty in New Orleans moving forward is that this situation will stop being weird only when Davis is sent packing -- presumably sometime this summer.
The chase for picks
Dale Zanine-USA TODAY Sports
While there will be plenty of focus on the various playoff races in both conferences, there will be just as much jockeying for position at the other end of the standings. The combination of the NBA's new odds for its draft lottery and various pick protections will make for plenty of other things for people to pay attention to.
We'll start at the bottom of the lottery, where the Suns, Knicks, Cavaliers and Bulls are all jockeying to take advantage of the NBA's new lottery odds. The rule changes put in place for this season have the worst three teams in the league sharing even 14 percent chances of securing the No. 1 overall pick, the first of now four picks that are selected by the lottery process. The Knicks and Suns currently are tied with 11 wins, the Cavaliers have 12, and the Bulls have 14. There are several more meetings among them all, too, including the Cavaliers hosting the Suns on Thursday. Phoenix hosting New York on March 6 could also be a pivotal game.
Meanwhile, there are two teams in the middle of the lottery -- the Memphis Grizzlies and Dallas Mavericks -- that will be spending the next few weeks positioning themselves to either keep or give up their picks this season, depending where they wind up. Memphis will send its pick to Boston if it is outside the top eight, as part of a trade for Jeff Green five years ago, and Dallas will give its pick to Atlanta if it is outside the top five, as part of the Trae Young-Luka Doncic swap during last year's draft.
Giannis or Harden? The MVP question that's dividing the NBA
Contenders, playoff hopefuls and lottery dreamers to watch down the stretch
NBA mock draft: Top five picks for Knicks, Bulls, Hawks
The Grizzlies sit in sixth place in the lottery standings with 23 wins, are 5-20 in their past 25 games and sold off pieces at the trade deadline -- most notably franchise icon Marc Gasol. But Memphis is only one win behind the Washington Wizards in seventh and three behind the Mavericks and Pelicans, who are tied for eighth. If Memphis could surpass them all, the Grizzlies would be able to send their pick this year -- so long as they don't jump up in the lottery themselves.
Given that Memphis is starting a rebuild, it would be in the Grizzlies' interest to attempt to move a weaker pick this year, given that it becomes top-six protected next season and unprotected in 2021.
Dallas, on the other hand, would love to keep its first-round pick. Leaping into the top five and getting one more young talent to pair with Doncic and Kristaps Porzingis would be huge for the Mavericks, who traded away two more future first-rounders (and 2017 first-round pick Dennis Smith Jr.) to the Knicks earlier this month in the Porzingis deal.
Every team the Mavericks can let past them over the next few weeks will increase their odds of doing so and, rather than giving the Hawks a mid-lottery pick this season, could mean sending them one outside of it in 2020 if Dallas can make the playoffs behind Doncic and Porzingis.
Then there are the Clippers, who will send their pick to the Celtics if they make the playoffs. Although the Clippers weakened themselves by trading away Tobias Harris at the deadline, they went on to add two solid contributors in Garrett Temple and JaMychal Green and should be in the mix right down to the season's end.
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The Warneton sector
As with our previous E-news, we have been following in the footsteps of our boys during their campaign on the Western Front, 100 years ago.
Between July 18th and August 31st 1917 the NZ Division was stationed in the Warneton (Waasten) sector, on the southern border of Belgium. The sector stretched from Hyde Park Corner (Ploegsteert) over a wide expanse of torn fields sloping gradually down to the villages of La Basse-Ville and Warneton, on the banks of the River Lys. After bitter fighting on the 27th and 31st July the village of La Basse-Ville was finally captured by the 2nd Wellington Battalion. The new line was consolidated with great difficulty and for the next 3 weeks the men holding the line suffered severely from the enemy fire and the wet and the mud. There were 1,008 New Zealand lives lost.
John Gray writes in his book: ‘From the Uttermost ends of the Earth’: “The post-Messines period was costly to the NZ Division. Although they were only a series of minor operations rather than a full-scale battle, the Division had 3,843 total casualties in the month of August alone. Let us ponder on this figure. It represents about 25% of the strength of the Division – 1 casualty for every 4 men”.
All the NZ boys had been relieved from the frontline by August 31st and were then stationed behind the lines in the Lumbres area (west of St Omer) until the September 25th 1917, resting and preparing for the October battles around Passchendaele. The month’s rest had worked wonders and throughout there was a feeling of delight at the prospect of once more making an attempt to break the enemy lines.
Nga Pua Mahara – New Zealand Memorial & Garden
We are proud to announce that construction of our Memorial & Garden at the Passchendaele Museum in Zonnebeke is now complete. However due to the dry summer, the planting has been delayed until September. We are also proud to say that our M&G is the only non-Government installation from all the countries represented and all involved have done an outstanding job!
The official opening will take place at 3pm on October 12th, 2017….the setting is quite perfect in a Rhododendron grove amongst the trees. However that also means that space is ‘rather limited’, so our members are advised to arrive early as it has been estimated that there will be 300 – 500 New Zealanders at Passchendaele this year for the commemorations!
The New Zealand Memorial & Garden – Nga Pua Mahara (Petals of Remembrance) has been created in remembrance of the more than 5,000 New Zealanders who were killed or mortally wounded in Flanders, Belgium. Most still lie in the surrounding Flanders Fields, others made it over the border of France only to die in a Field Dressing Station or hospital and are thus buried in French soil.
The bucket of freshly dug soil taken from the site of the new Belgian Memorial site at the Pukeahu National War Memorial Park in Wellington has also been incorporated into the Garden as the 5,000 soldiers that still lie in Flanders Fields can never return to home soil, therefore the soil has been taken to Flanders. “Provide me with a handful of soil from my homeland so I may feel the warmth of my ancestors and weep”.
A last-minute added feature at the Memorial & Garden are birds made in metal. These are the New Zealand Tui, Piwakawaka (fantail) and Kereru plus the Belgian (European) Lark often heard singing high above the battlefield during a lull in fighting. Also a Morepork (Ruru) will be included as a guardian or kaitiaki.
As many New Zealanders are unable to make the journey themselves to Belgium we are also creating a documentary to tell the story of the Memorial & Garden, thus keeping very much alive the memory and history of what went on in Belgium for generations to come. As well as being broadcast nationally in libraries, museums and schools, the documentary will be available to the general public free of charge from the Society’s website, the WW100 website and other official sites.
Young People to Passchendaele tour
The Honourable Nikki Kaye MP(Minister of Education) and Hon Maggie Barry MP (Minister for Arts, Culture and Heritage) recently announced the winners of the Battle of Passchendaele competition.
The Passchendaele Society is proud to be the initiators of this project to send Young People to Passchendaele. The project involves sending ten youths on a 10-day tour to Europe. The winners will depart on 7th October 2017 to attend the various national commemorations in Belgium. These youngsters will have a starring role during the opening our M&G (see above story).
The competition was intended to help raise awareness of the Battle of Passchendaele, and the entrants were asked to develop a curriculum resource using digital technologies to be used for Year 7 to 10 students in the future. We are thrilled that this project has achieved the Passchendaele Society’s goals of raising awareness to our Younger Generations. See for yourselves the outstanding websites created by the winners:
St Margaret’s College, Christchurch http://www.discoverpasschendaele.com/ by Alexandra Lay
The judges were impressed with the digital map that navigated users through this website. It provided a coordinated story of the Battle of Passchendaele with provocative questions, a brilliant German photo album and some great quotes providing a New Zealand context. It had excellent interactive tasks for the students to complete.
St Paul’s Collegiate, Hamilton https://bloodandmud.org/ by Dylan Woodhouse, Tony Wu, Lucy Tustin and Conor Horrigan The students created a website which had interactive activities and strong links to the curriculum. The judges were impressed by the use of social media, community engagement and provocative questions. They applauded the website’s ability to address diversity, connect the past with present and encourage students in Years 7 to 10 to engage and do their own research. It had the standout “wow factor”.
Rotorua Girls’ High School, Rotorua http://themissed.000webhostapp.com/ by Alyssa Mae Pineda, Kayla Kautai, Mairaatea Mohi, Atawhai Ngatai and Keighley Jones The students created a scrolling menu of pages on their website that detailed different aspects of the battle, a quiz to test learning and material in Te Reo Maori. The website impressed the judges because it enables students to think critically about the Battle of Passchendaele.
Here in Auckland we are, of course, holding our own annual commemoration on 12th October at the Auckland War Memorial Museum. However as it is the 100th anniversary it will be a much larger event. The ceremony will be indoors in the Hall of Memories, starting at 11.00am, however attendees should be seated by 10.30am. Sir Don McKinnon and Major General Tim Gall have been confirmed as the guest speakers this year.
Prior to the commemoration there will be a short service at the Field of Remembrance in front of the Cenotaph. Time and details to be confirmed. The Fields of Remembrance Trust (FoRT) will install 2,412 named crosses in front of the museum on 5th October with a brief establishment ceremony and blessing and there will be a disestablishing ceremony on 20th October.
After our 11.00am commemoration, all attendees are invited for complimentary light refreshments served in the Events Centre upstairs at the Museum (12.15pm until 1.15pm). Special thanks are hereby conveyed to Auckland Council for providing this for all attendees to enjoy and for their wonderful support in recognising the importance to our citizens of the First World War and the importance of Passchendaele in that context.
Later that evening a Centenary Commemoration Formal Dinner at the Northern Club, Auckland will be hosted by the Auckland Officers’ Club and the Passchendaele Society. This dinner will be run along the lines of a Formal Mess Dinner. Passchendaele Society Members are most welcome to attend. Details such as timings & cost will be provided closer to the event, Major General Tim Gall is confirmed as the guest speaker.
Auckland’s 3/6 Battalion 1RNZIR will be holding a Charter Parade, marching from Auckland Domain to the Museum, on 16th September at 3.00pm. This is to commemorate the original march of the Auckland Regiment as part of the Main Body in 1914 departing for WW1.
The Passchendaele Symposium Remembering Passchendaele will take place on 3rd October 2017 at the Auckland War Memorial Museum 6-8.30pm. Dr David Littlewood from Massey University will be the MC for the event, with Steven Loveridge and Charlotte Deschamps as guest speakers. More information is available http://www.aucklandmuseum.com/whats-on/war-memorial/remembering-passchendaele-symposium
Mates on the Field is being jointly organised by the Auckland RSA, Eden Park Stadium, Fields of Remembrance Trust and supported by the Passchendaele Society and the NZ Defence Force on 4th October 2017. A commemorative day of activities is planned at Eden Park to coincide with the 100th anniversary death of Dave Gallaher in the Battle of Broodseinde and those that died alongside him on this day 100 years ago. The ‘World’s largest Poppy’ will be painted on Eden Park to commemorate the New Zealand lives lost in the Battle of Broodseinde. Each of the 492 soldiers will be remembered with a white cross on the field acknowledging their sacrifice in Flanders fields. In addition, their names will scroll through on Eden Park’s LED screens at the east and west end of the stadium as a mark of respect. The day will commence at 6am with a long blow of a First World War whistle, timed for the original pre-dawn Zero Hour when New Zealand soldiers went “over the bags”. The public will be invited to attend throughout the day and pay their respects. This day of remembrance will be brought to a conclusion with the playing of The Last Post ‘at the going down of the sun’ (Sunset is timed for 7:27 pm) to be played from the balcony of the Auckland RSA box at Eden Park. Also, 1,000 limited edition badges will be produced for the event and sold for $20 each with all funds raised being donated to the Fields of Remembrance Trust. Collectors will be present throughout the day and free tours of Eden Park will be conducted. Details are still being finalised and we will let you know about any developments. For your information there were 13 former All Blacks killed in WW1, with four deaths in Messines and one at Passchendaele, plus several more Maori All Blacks.
There will also be a national Sunset Ceremony at Pukeahu National War Memorial Park in Wellington on 12th October. Dunedin Council is organizing several official events on 12th October. Details from both cities will be advised when more information comes to hand.
It is also pleasing to learn that many smaller communities are also planning events to commemorate their local boys who died at Passchendaele. For example Kaiapoi RSA is intending to hold a service at Kaiapoi on 12th October at 9:00am.
Christchurch Memorial RSA is planning to hold a commemorative parade and service with wreath laying at the Bridge of Remembrance on 12th October. They will also be placing 3,200 Fields of Remembrance crosses in the Park of Remembrance on the bank of the Avon adjacent to the Bridge of Remembrance from 1st October until 30th November to cover the period of Passchendaele, the sinking of HMS Marquette and Armistice Day 2017.
The 7WnHB Regimental Association is organising commemorations in Lower Hutt on 13th & 14th October. Members have already received information about this on a previous email but in case you have missed it please contact Campbell Sutherland on acsutherland@xtra.co.nz
For those lucky enough to be going to Belgium, please visit this webpage for detailed information on what is planned in the Ypres area in October 2017: https://sway.com/37IEVSI6G7EX4yDz On 4th October at 2pm there will be a New Zealand Remembrance ceremony at Nine Elms British Cemetery in Poperinghe in tribute to All Black Captain Sergeant Dave Gallaher. Afterwards, everyone will make their way to the commemoration at the New Zealand Memorial at ‘s Gravenstafel at 4pm. ‘s Gravenstafel is a crossroad marking the successfully achieved objective for the New Zealanders on 4th October 1917 in our push for the Passchendaele Ridge.
On 6th October there will be a concert by at 7.00pm at the Memorial Museum Passchendaele in Zonnebeke. They will also play at Dave Gallaher’s graveside on the 4th, and at the Menin Gate the same evening.
All Kiwis will be welcome in Zonnebeke for the special Council meeting in the afternoon of 11th October. It will be a good place to meet other people coming from the different parts of New Zealand and elsewhere. Everyone will then go to the Menin Gate Ceremony, this will be a New Zealand focused ceremony. You are advised to be there by 7.30pm latest. For more information please contact the Passchendaele Memorial Museum in Zonnebeke: www.passchendaele.be/en
The New Zealand Embassy in Belgium is coordinating the 12th October 2017 events and this is what we know so far. The 11.00am ceremony at Tyne Cot Cemetary is intended primarily for New Zealanders and will not be ticketed. However, security will be tight so arriving early is advised. It will not be possible to self-drive to Tyne Cot. You will be required to park at “Parking C” of the Bellewaerde Amusement Park on Frezenbergstraat. Buses will run from Parking C to the entrance of Tyne Cot cemetery. Before getting on buses you will be required to go through security screening, so please arrive well in advance – they recommend you arrive at Parking C before 9.30am. For details including access, shuttle buses, etc. see: www.ww100.govt.nz/passchendaele
Following the service, the shuttle buses will return to Parking C via the Memorial Museum Passchendaele so that you can attend the opening of the New Zealand Memorial & Garden at 3pm. See above for more details. Afterwards, everyone will then be shuttled to Polygon Wood for the Wood of Peace project. The aim is to have a tree planted for every serviceman buried at Polygon Wood and Buttes New British Cemeteries. You need to register online by 31st August at http://passchendaele2017.org/en/evenementen/plantdag-vredesbos/
The day will conclude at 7.15pm with a sunset ceremony at the Buttes New British Cemetery in Polygon Wood to commemorate the New Zealand soldiers who were killed in the vicinity of Polygon Wood and Polderhoek Chateau between September 1917 and May 1918. There are 388 names mentioned on the New Zealand Memorial to the Missing who have no known grave. The cemetery also has 95 New Zealand graves of known soldiers, plus there are also many more scattered around nearby cemeteries in Belgium and France for those that made it as far as Casualty Clearing Stations or hospitals.
A Tri-Service NZ Defence Force Band, including Navy vocalist Rebecca Nelson will be in Flanders for the main centennial period.
On October 14th at 7pm you can be part of an event called Silent City meets Living City at the Tyne Cot Cemetery in Passchendaele. There will be a moment of silence and reflection to commemorate the many victims of the Battle of Passchendaele, participants will then illuminate the gravestones and the names on the Tyne Cot Memorial to bring a proper tribute during a serene sound and light show with music, evocation and personal stories. With nearly 12,000 graves and 35,000 names of soldiers with no known grave, CWGC Tyne Cot Cemetery is the largest Commonwealth cemetery in the world. Have a look at the promotional movie. If you want to be part of this unique and powerful ceremony you need to register on www.passchendaele2017.org
Wearing of medals by family members
Next-of-kin and other relatives of deceased servicemen and women wearing their relative’s medals has become common at commemoration services since the 1990s. The wearing of deceased relatives’ medals is appropriate on specific occasions and under certain circumstances. Conventions for wearing a relative’s medals include:
People should only wear one set of medals and they should be directly related to their family, for example, should have belonged to a brother or sister, father or mother, grandfather or grandmother; or those of a relative whose medals you have inherited. Note: It is very common for military personnel who died in the First World War to have no children. Thus family members who have inherited medals can wear these medals at Commemorations or give permission for another member of the deceased’s family to wear these medals.
In all cases these are worn on the right chest (former servicemen and women wear their own medals on the left chest)
Only service medals and decorations mounted on a medal bar (full-size or miniature) can be worn by a relative. It is perfectly acceptable for people to wear miniature medals mounted on a medal bar as the weight is far easier to handle.
Royal Honours insignia such as neck badges, sashes, sash badges, or breast stars cannot be worn by anyone other than the original recipient. The same rule applies to any Unit and Personal Commendations that the deceased wore on their right chest.
The occasions on which wearing of relatives medals is permitted are confined to Anzac Day (25 April) and Remembrance Day (11 November). In addition, it may be appropriate for next-of-kin and other relatives to wear relative’s medals on an occasion where either the relative’s service or the unit in which they served is being commemorated, e.g. the Battle of Passchendaele Commemoration.
The Passchendaele Society has joined with the New Zealand Branch of The International Military Music Society (IMMS) in staging a Grand Massed Bands Concert entitled Passchendaele Remembered, at the Bruce Mason Centre, Takapuna on Sunday 15th October 2017 at 2.30pm, featuring the RNZ Navy Band, the RNZ Artillery Band, the RNZ Air Force Base Auckland Band, the Auckland Police Pipe Band, and the NZ Police Auckland Choir. Tickets are $28 for adults or $24 for seniors and students. Tickets are available at: www.ticketmaster.co.nz; Tel: 0800 111999; or buy directly at their Box office.
The exhibition The Belgians Have Not Forgotten has now moved to the Air Force Museum,
45 Harvard Ave, Wigram, Christchurch (August/September). The following link has more information about the exhibition – there are also some other very good links to all manner of useful information about other events in Belgium throughout the whole of 2017 on this website: http://www.passchendaele.be/en/Configuratie/Calender/2017/The_Belgians_have_not_forgotten
Toitu Otago Settlers’ Museum is hosting the final leg of the Belgians Have Not Forgotten exhibition in October & November (timed to coincide with the centenary) and will have Freddy Declerck from Belgium come to speak at its opening. His lecture is part of a four-lecture series over October, with two Belgian experts (Freddy and Charlotte Descamps) and two New Zealand experts (Professor Tom Brooking and Sean Brosnahan) to discuss Passchendaele from different perspectives. Toitu is also staging a complementary exhibition The Women’s War: patriotism, service and dissent in their temporary exhibition gallery. You may also be interested to view their documentary Journey of the Otagos, which includes a specific episode on Passchendaele called The Darkest Days https://youtu.be/3X6xX6_AgNE
The Third Battle of Ypres officially started July 31st 1917, the battle later became known as the Battle of Passchendaele. The UK coordinated a large commemoration at Tyne Cot Cemetery and in Ypres on July 31st 2017, followed by a 3-hour live show. Both events were broadcast live on the BBC, this is the link to the Tyne Cot commemoration https://www.youtube.com/watch?v=RzI62I0fomQ and this is the link to the Menin Gate ceremony and the show that followed on the Market Square of Ypres: https://www.youtube.com/watch?v=voWrPJSM8Io
New Zealand’s relationship with Belgium was forged not only on the battlefield, but through efforts here at home. Here in New Zealand, socks were knitted, clothing donated and fundraisers held. By the end of the war, New Zealanders had raised around £805,000 for the Belgian Relief Fund – that’s around $100 million today! WW100 is remembering the compassion New Zealanders showed towards Belgium and its refugees during the First World War. You can learn more by clicking on the compassion video on this page: http://ww100.govt.nz/compassion
The New Zealand Herald recently featured the following blog in its Travel section: http://www.nzherald.co.nz/travel/news/article.cfm?c_id=7&objectid=11901797
The Passchendaele 2017 event is being held 4-5-6 November 2017 in Flanders. Please visit https://www.facebook.com/groups/1826648810957458/ or email passchendaele2017@gmail.com to know more if you happen to be in the area at the time.
The Passchendaele Society is facing huge financial pressures in trying to respond to and be represented at all the centennial commemorations of the Battle of Passchendaele. If you are one of the handful of members who have not yet paid your membership subscription of $20 this year, please forward as soon as possible……every little bit helps, thanks. Our Give-a-little page is where you can donate if you so wish, here is the link https://givealittle.co.nz/org/passchsoc1 Or another great way to donate is to become a Paid Life Member.
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PORTO AIRPORT .com
Francisco Sa Carneiro International Airport Portugal
Unofficial Porto Airport Guide
Porto-Airport.com
Porto International Airport
Airport Profile
Visa Regulations
Porto Airport
Porto, Portugal and the surrounding areas are serviced by the Porto Airport, traditionally called Francisco Sa Carneiro Airport. The airport code is OPO, which is how the airlines and various travel websites refer to the website when booking and scheduling flights. It is the third busiest airport in the country based on passengers and aircraft operations – the other two airports are in Lisbon and Faro.
The airport is located about 6 miles from the city center of Porto and is operated by ANA Aeroportos de Portugal. The airport is also accessible via public transportation, making it easy for tourists and locals to reach the airport and the surrounding areas very easily. The airport itself is very modern, featuring three levels in the terminal building. The ground level is Arrivals, baggage claim and all of the rental car counters. On the second level, there is a shopping area and the Boarding Lounge. Finally on the third level, there is Departures, some food and beverage locations, currency exchange, banks, a pharmacy as well as additional services.
The airport was originally built in the 1940s and was named for a Portuguese Prime Minister that passed away in 1980 after his plane crashed. Porto has been renovated and transformed over the years, partly because of Porto hosting many of the Euro 2004 football championship matches. The airport is extremely easy to get to and very comfortable to fly in and out of.
Some of the main airlines that travel to Porto include Iberia, Lufthansa, Luxair and Ryanair. The destinations can include Madrid, Frankfurt, Luxembourg, Barcelona, Brussels, Liverpool, Bologna, Pisa and many more. During the season, the number of destinations increases exponentially.
In 2010, the airport handled more than 5 million passengers and over 55,000 aircraft movements. The city is very popular because it is the home to port wine and its beautiful scenery located on the Douro river estuary. Travelers enjoy coming to the city because of the Mediterranean climate and the many different things to see and do in the city, where its history dates back to the 4th century.
The Porto metropolitan area is home to about 1.7 million people and has a booming economy that rivals Lisbon each and every year. There are many different forms of public transportation going through the city, so one a person lands in the Porto Airport, they are easily able to get to their hotel or any other location throughout the city quickly and easily.
The Porto Airport is centrally located in the city, making it one of the easier airports to fly in and out of. It sees a lot of passengers every year and there are a ton of airlines that will go into the airport, meaning that Porto can be a destination for anyone around the world.
Porto Airport Newsroom Flights Passengers Advertising Profile Disclaimer Links Contact
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Porto Airport Contact
Francisco Sa Carneiro International Airport
4470 Maiav
Airport codes:
IATA airport code: OPO
ICAO airport code: LPPR
Phone: +351(0)229 432 400
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Information to applicants
NORENSE home
Welcome to the NORENSE-website
At this website, you will find information about NORENSE, its aims and visions, guidelines for applying for funding, as well as reports and publications from supported research projects.
NORENSE stands for Nordic Research Network for Steiner Education. It was founded in 2007 by three Nordic higher educational institutions; Rudolf Steiner University College in Norway, Waldorf University College in Sweden, and Snellman College in Finland.
NORENSE is a Nordic collaboration with the aim of promoting and supporting research on Steiner Waldorf education, and contributing to the knowledge base and legitimacy of the Nordic Steiner Waldorf higher educational institutions. Today's schools and educational practices are more and more informed by research. Very little research has until now been directed towards Steiner Waldorf education, and there is a strong need for all kinds of educational research; investigating, evaluating, deepening and communicating the various aspects of Steiner Waldorf education.
NORENSE are supporting individual and group research projects, as well as PhD and master students. This includes writing of articles based on completed research projects. In addition, NORENSE hosts a yearly seminar open to the public where supported projects and other relevant research topics are presented. Research projects funded by NORENSE are expected to be published in peer-reviewed journals, and in a popularised form in the Nordic Waldorf education magazines. An important principle for NORENSE is to ensure that supported research is disseminated to educational practitioners as well as to the research community.
NORENSE receives its funding resources mainly from the Waldorf school and kindergarten federations in the Nordic countries. Representatives from the Nordic higher educational institutions and from the federations are members of the NORENSE Council, who decides on the yearly funding. In addition, three representatives from public universities are members of the Council. NORENSE is managed by Rudolf Steiner University College in Norway. Henrik Holm and Caroline Bratt share the NORENSE leadership.
RoSE: Research on Steiner Education is a peer-reviewed online research journal supported by NORENSE.
Vision and strategies
As a recognised alternative to the public educational systems in the Nordic countries, Steiner Waldorf education needs to be supported by research in manifold ways. Research can aid and initiate developments and provide new knowledge on all levels from kindergartens, schools and social therapeutic institutions to higher education. NORENSE aims at supporting qualified research that in its turn will provide insights and impulses for development to the different aspects of Steiner Waldorf education. The higher educational institutions are key factors here since they both disseminate relevant research to future and current practitioners, and also conduct research as part of their institutional policy and responsibility.
By hosting yearly open seminars on research within Steiner Waldorf education, NORENSE aims at sharing research insights to a broader public. Publishing supported research projects both in popular and scholarly media belongs to the NORENSE strategy of making research based insights more relevant and accessible.
NORENSE is founded on the idea that education has an important role to play in achieving individual, cultural and ecological sustainability. NORENSE wants to take its share of the responsibility for an education in need of change and to promote an education of tomorrow that takes active part in developing sustainable knowledge, skills and life conditions. Steiner Waldorf education represents such an ethical attitude towards what it means to educate today's children and youth for their future. By promoting research and the Nordic Steiner Waldorf higher educational institutions, NORENSE wants to take part in the further development of Steiner Waldorf education.
NORENSE Aims
Contribute to development of a research culture within Nordic Steiner Waldorf education
Support research, research collaboration and research publications relevant to Steiner Waldorf education in the Nordic countries
Contribute to developing connections between research and educational practice within Nordic Steiner Waldorf education
Contribute to development of the participating higher educational institutions (this can be through shared research programmes, collaboration in institutional development, furthering teaching and learning in higher educational Waldorf Steiner contexts, contributing to research based lecturing, literature for students, etc.)
Support PhD students connected to the three participating higher educational institutions
In Co-operation
Rudolf Steiner University College
Steinerskoleforbundet Sweden
Waldorf University College
Waldorfskolefederationen Finland
Snellman-college
Federation for Steiner Waldorf Education in Finland
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Treasurer extends instant asset write-off
Rebecca Gredley
Businesses will be able to access the $150,000 instant asset write-off scheme until the end of the year, in a bid to help them rebound after coronavirus.
Treasurer Josh Frydenberg says the extension will cost $300 million and is expected to help about 3.5 million businesses.
“(They) will be able to go and purchase equipment or machinery, tools, up to a value of $150,000 – as many times as they want – and then write it off,” he told reporters just outside of Canberra.
“We’ve been through some difficult times but the nation has made great progress.
“We’ve flattened the curve and people are getting back to work, and we want businesses to get back to doing what they do best – growing, innovating and hiring people across the economy.”
Labor supports the move but is waiting to see the underpinning legislation, which will be introduced to federal parliament this week.
“While measures to help reverse the collapse in business investment are desperately needed, the Morrison government has poorly timed and badly implemented this policy from day one,” shadow treasurer Jim Chalmers said.
“Scott Morrison and Josh Frydenberg failed to act when business investment was crashing in the months before the fires and the virus, and then announced this policy just before shutting down large parts of the economy.”
The expanded instant asset write-off took effect in March and applies to businesses with annual turnovers of up to $500 million, up from $50 million.
Assets can be new or second hand, and must be used or installed by December 31.
Businesses can benefit from the instant asset write-off multiple times.
Figures released by the Parliamentary Budget Office on Tuesday shows that in April the deficit was $40 billion compared to an expected $7.6 billion.
Net debt at the end of April was about $441 billion, which is $49 billion more than the most recent forecast for the end of the financial year.
Treasury secretary Steven Kennedy says the economic hit because of coronavirus will be smaller than initially expected because the health outlook has improved.
“However, this will still be the single biggest economic shock Australia has faced in living memory,” he told a Senate inquiry.
Mr Frydenberg last week confirmed Australia is in a recession, after the economy shrank 0.3 per cent in the March quarter ahead of a much larger fall expected in the current June quarter.
The pandemic could see government debt blow out by $620 billion by the end of the decade, the PBO has found.
Mr Frydenberg will provide a budget update on July 23.
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Keeping ‘rain from the drain’ helping to clean Niagara River
by Joseph KisselAugust 6, 2016
When rain overwhelms Buffalo’s 120-year-old sanitary sewer system, we all lose.
That’s because anything that’s flushed down the toilet ends up in the Niagara River by way of the Buffalo River and about 70 overflow points there, said Jill Jedlicka, executive director of the Buffalo Niagara Riverkeeper organization.
Pat Barczys leads a kayaking tour along the Buffalo River.
A 19-year plan is underway at the Buffalo Sewer Authority to replace the thousands of miles of pipe that combine human waste and and stormwater runoff. When there’s too much rain, it all goes back in the river the way it came in … raw.
Pharmaceuticals and other pieces of debris can enter the waterways as well, Jedlicka said.
Because of the complexity of replacing the pipes and the danger of introducing new problems, there’s an immediate focus on keeping “rain from the drain,” she said.
The goal is to keep as much storm water from entering the system.
“When the water percolates in the ground, it’s taking away a stressor,” she said.
“Urban runoff is probably the biggest source of pollution to our waterways,” said Joy Kuebler, a landscape architect who’s worked on many “green” projects throughout Western New York.
Part of Kuebler’s design mission is to find ways to slow that rain runoff from entering waterways and the sewer system.
That also helps filter out some pollutants.
Other approaches include “green roofs” that incorporate soil and plants that help collect and retain water instead of sending it straight to the drain.
Other more conventional approaches include rain barrels and planting “rain gardens” that emphasize water retention.
“It’s all site based,” said Jedlicka, who also reported that the Buffalo Niagara’s drinking water supply is still safe.
While algae blooms on the western side of Lake Erie have been increasing during the past decade, the eastern end has been spared due to the much greater depth of the lake here.
“They’ve already had algae blooms and they don’t usually see them until July or August,” Jedlicka said.
The western basin of the lake is only 8 to 10 feet deep, allowing sun to penetrate the surface and help create the cyanobacteria or what is also known as blue-green algae.
Not only is it disgusting but it’s a potentially toxic stew to humans and wildlife.
The western end of the basin, in comparison, ranges from 20 to 60 feet deep.
So luckily, we don’t experience as much E. coli and salmonella in our waters here.
Unfortunately, Jedlicka said there’s still heavy metals in fish tissue.
“The 1960s and 70s were rock bottom for the river after the heyday of industry here, leaving unmaintained sites that continue to leach into the waterways,” she said.
“It’s going to be a long road to recovery.”
The Buffalo Niagara Riverkeeper organization is a nonprofit formed in 1989 after the NYS Department of Conservation completed their first Buffalo River Remedial Action Plan. Later that year, citizens joined forces to form “Friends of the Buffalo River.”
In 2000, the scope was expanded to include the Niagara River, and in 2005 the name was changed to reflect its membership of the Waterkeeper Alliance, which endeavors to “strengthen and grow a global network of grassroots leaders protecting everyone’s right to clean water.”
That organization started in 1966, when commercial and recreational fishermen united to save the Hudson River from industrial pollution in eastern New York state.
Buffalo, city news, city news, Niagara Falls, Regional News
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Bluegreen Vacations Holding Corp - FORM 10-K - April 12, 2010
EX-21.1 - EX-21.1 - Bluegreen Vacations Holding Corp g22858exv21w1.htm
þ Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
o Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Commission File Number
BFC Financial Corporation
Florida 59-2022148
incorporation or organization) (I.R.S Employer Identification No.)
2100 West Cypress Creek Road
(Address of principal executive office) (Zip Code)
(Registrant’s telephone number, including area code)
Class A Common Stock, $.01 par Value
Class B Common Stock, $.01 par Value
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. YES o NO x
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. YES o NO x
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).
Yes o No o
Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (§ 229.405 of this chapter) is not contained herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. x
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer”, “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer o Accelerated filer o Non-accelerated filer o Smaller reporting company x
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). YES o NO x
On June 30, 2009, the aggregate market value of the registrant’s voting common equity held by non-affiliates was $10.8 million computed by reference to the closing price of the registrant’s Class A Common Stock on such date. The registrant does not have any non-voting common equity.
The number of outstanding shares of each of the registrant’s classes of common stock, as of March 26, 2010 was as follows:
Class A Common Stock, $.01 par value: 68,521,497 shares outstanding
Class B Common Stock, $.01 par value: 6,854,251shares outstanding
Portions of the registrant’s Definitive Proxy Statement on Schedule 14A relating to the registrant’s 2010 Annual Meeting of Shareholders are incorporated by reference into Part III of this Form 10-K.
The audited financial statements of Bluegreen Corporation for the three years ended December 31, 2009 are incorporated in Part II of this Form 10-K and are filed as Exhibit 99.1 to this Form 10-K.
Annual Report on Form 10-K for the Year Ended December 31, 2009
Item 1.
Item 1A.
Item 1B.
Unresolved Staff Comments
(Removed and Reserved)
Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
Selected Financial Data
Financial Statements and Supplementary Data
Changes in and Disagreements With Accountants on Accounting and Financial Disclosure
Item 10.
Directors, Executive Officers and Corporate Governance
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
Certain Relationships and Related Transactions, and Director Independence
Principal Accounting Fees and Services
Exhibits, Financial Statement Schedules
SIGNATURES 268
ITEM 1. BUSINESS
Except for historical information contained herein, the matters discussed in this document contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), that involve substantial risks and uncertainties. When used in this document and in any documents incorporated by reference herein, the words “anticipate,” “believe,” “estimate,” “may,” “intend,” “expect” and similar expressions identify certain of such forward-looking statements. Actual results, performance, or achievements could differ materially from those contemplated, expressed, or implied by the forward-looking statements contained herein. These forward-looking statements are based largely on the expectations of BFC Financial Corporation (“BFC” and, unless otherwise indicated or the context otherwise requires, “we”, “us”, “our” or the “Company”) and are subject to a number of risks and uncertainties that are subject to change based on factors which are, in many instances, beyond the Company’s control. When considering those forward-looking statements, the reader should keep in mind the risks, uncertainties and other cautionary statements made in this report. The reader should not place undue reliance on any forward-looking statement, which speaks only as of the date made. This document also contains information regarding the past performance of our investments and the reader should note that prior or current performance of investments and acquisitions is not a guarantee or indication of future performance.
Some factors which may affect the accuracy of the forward-looking statements apply generally to the financial services, real estate, resort development and vacation ownership, and restaurant industries, while other factors apply directly to us. Risks and uncertainties associated with BFC, including its wholly-owned Woodbridge Holdings, LLC subsidiary, include, but are not limited to:
• the impact of economic, competitive and other factors affecting the Company and its subsidiaries, and their operations, markets, products and services;
• adverse conditions in the stock market, the public debt market and other capital markets and the impact of such conditions on the activities of the Company and its subsidiaries;
• the impact of the current economic downturn on the price and liquidity of BFC’s common stock and on BFC’s ability to obtain additional capital, including that if BFC needs or otherwise believes it is advisable to issue debt or equity securities to fund its operations, it may not be possible to issue any such securities on favorable terms, if at all;
• BFC’s shareholders’ interests may be diluted if additional shares of BFC’s common stock are issued, and BFC’s public company investments may be diluted if BankAtlantic Bancorp, Bluegreen or Benihana issue additional shares of its stock;
• the performance of entities in which the Company has made investments may not be profitable or their results as anticipated;
• BFC is dependent upon dividends from its subsidiaries to fund its operations, and currently BankAtlantic Bancorp is prohibited from paying dividends and may not pay dividends in the future, whether as a result of such restriction continuing in the future or otherwise, and Bluegreen has historically not paid dividends on its common stock, and even if paid, BFC has historically experienced and may continue to experience negative cash flow;
• the risks associated with the merger of Woodbridge and BFC, including the uncertainty regarding the amount of cash that will be required to be paid to dissenting Woodbridge shareholders;
• the risks related to the indebtedness of Woodbridge’s subsidiaries, certain of which is in default, including that such subsidiaries may not be successful in restructuring any or all of the debt on acceptable terms, if at all, and the risks related to all such defaults and the rights of the lenders as a result thereof;
• the risks relating to Core’s liquidity, cash position and ability to continue operations, including the risk that Core will be obligated to make additional payments under its outstanding development bonds;
• the risk that Core’s restructuring activities could cause the lenders under the defaulted loans to foreclose on any property which serves as collateral for the defaulted loans, and Core could be forced to cease or significantly curtail its operations, which would likely result in additional impairment charges and losses beyond those already incurred;
• the risk that creditors of the Company’s subsidiaries (or subsidiaries of those companies) may seek to recover distributions previously made by those companies to their respective parent companies;
• risks associated with the securities we hold directly or indirectly, including the risk that we may record further impairment charges with respect to such securities in the event trading prices decline in the future;
• risks associated with the Company’s business strategy, including our ability to successfully make investments notwithstanding our current financial and cash position and adverse conditions in the economy and the credit markets;
• the preparation of financial statements in accordance with GAAP involves making estimates, judgments and assumptions, and our financial condition and operating results may be materially impacted in the future if our estimates, judgments or assumptions prove to be incorrect; and
• the Company’s success at managing the risks involved in the foregoing.
With respect to BFC’s subsidiary, BankAtlantic Bancorp, and its subsidiary, BankAtlantic, the risks and uncertainties include:
• the impact of economic, competitive and other factors affecting BankAtlantic Bancorp and its operations, markets, products and services, including the impact of the changing regulatory environment, a continued or deepening recession, continued decreases in real estate values, and increased unemployment on its business generally, BankAtlantic’s regulatory capital ratios, and the ability of its borrowers to service their obligations and its customers to maintain account balances;
• credit risks and loan losses, and the related sufficiency of the allowance for loan losses, including the impact on the credit quality of BankAtlantic loans (including those held in the asset workout subsidiary of BankAtlantic Bancorp) of a sustained downturn in the economy and in the real estate market and other changes in the real estate markets in BankAtlantic’s trade area and where BankAtlantic’s collateral is located;
• the quality of BankAtlantic’s real estate based loans including its residential land acquisition and development loans (including Builder land bank loans, Land acquisition and development and construction loans) as well as Commercial land loans, other Commercial real estate loans; and Commercial business loans; and conditions specifically in those market sectors;
• the risks of additional charge-offs, impairments and required increases in our allowance for loan losses; changes in interest rates and the effects of, and changes in, trade, monetary and fiscal policies and laws including their impact on the bank’s net interest margin;
• new consumer banking regulations and the effect on our service fee income;
• adverse conditions in the stock market, the public debt market and other financial and credit markets and the impact of such conditions on our activities, the value of our assets and on the ability of our borrowers to service their debt obligations and maintain account balances;
• BankAtlantic’s initiatives not resulting in continued growth of core deposits or increasing average balances of new deposit accounts or producing results which do not justify their costs;
• the success of BankAtlantic Bancorp expense reduction initiatives and the ability to achieve additional cost savings or to maintain the current lower expense structure;
• the impact of periodic valuation testing of goodwill, deferred tax assets and other assets;
• past performance, actual or estimated new account openings and growth may not be indicative of future results;
• BankAtlantic Bancorp’s cash offers to purchase the outstanding Trust Preferred Securities (“TRUPS”) are subject to the risk the requisite holders of the particular series of TruPS to which each offer do not consent and tender, and that if received we are not able to obtain financing upon acceptable terms, in amounts sufficient to complete the offers, if at all; and
• BankAtlantic Bancorp success at managing the risks involved in the foregoing.
With respect to Bluegreen Corporation, the risks and uncertainties include, but are not limited to:
• changes in economic conditions, generally, in areas where Bluegreen operates, or in the travel and tourism industry;
• the availability of financing;
• increases in interest rates;
• changes in regulations and other factors, all of which could cause Bluegreen’s actual results, performance or achievements, or industry trends, to differ materially from any future results, performance, or achievements or trends expressed or implied herein.
In addition to the risks and factors identified above and in PART I, Item 1A of this report, reference is also made to other risks and factors detailed in reports filed by the Company, BankAtlantic Bancorp and Bluegreen with the Securities and Exchange Commission (the “SEC”). The Company cautions that the foregoing factors are not exclusive.
We are a diversified holding company whose principal holdings include a controlling interest in BankAtlantic Bancorp, Inc. and its subsidiaries (“BankAtlantic Bancorp”), a controlling interest in Bluegreen Corporation and its subsidiaries (“Bluegreen”), a non-controlling interest in Benihana, Inc. (“Benihana”) and an indirect interest in Core Communities, LLC (“Core” or “Core Communities”). As a result of our position as the controlling shareholder of BankAtlantic Bancorp, we are a “unitary savings bank holding company” regulated by the Office of Thrift Supervision (“OTS”). As of December 31, 2009, we had total consolidated assets of approximately $6.0 billion and shareholders’ equity attributable to BFC of approximately $245.1 million.
Historically, BFC’s business strategy has been to invest in and acquire businesses in diverse industries either directly or through controlled subsidiaries. BFC believes that in the short term that the Company’s and shareholders’ interests are best served by providing strategic support for its existing investments. In furtherance of this strategy, the Company took several steps in 2009 which it believes will enhance the Company’s prospects. Key actions taken in 2009 included the merger of BFC with Woodbridge Holdings; the purchase of an additional 7% interest in BankAtlantic Bancorp, increasing our economic interest in BankAtlantic Bancorp to 37% and increasing our voting interest in BankAtlantic Bancorp to 66%; and the purchase of an additional 23% interest in Bluegreen increasing our ownership in Bluegreen to 52%. The acquisition of this control position in Bluegreen resulted in a bargain purchase gain of approximately $183.1 million in the fourth quarter and net income attributable to BFC of $25.7 million for the year. In addition, we took actions to restructure Core in recognition of the continued depressed real estate market and its inability to meet its obligations to its lenders. Over the longer term and as the economy improves, we may look to increase our ownership in our affiliates or seek to make other opportunistic investments, with no pre-determined parameters as to the industry or structure of the investment.
On September 21, 2009, we consummated our merger with Woodbridge Holdings Corporation pursuant to which Woodbridge Holdings Corporation merged with and into Woodbridge Holdings, LLC (“Woodbridge”), which continued as the surviving company of the merger and the successor entity to Woodbridge Holdings Corporation. Pursuant to the terms of the merger, which was approved by each company’s shareholders at their respective meetings held on September 21, 2009, each outstanding share of Woodbridge’s Class A Common Stock automatically converted into the right to receive 3.47 shares of our Class A Common Stock. Shares otherwise issuable to us attributable to the shares of Woodbridge’s Class A Common Stock and Class B Common Stock owned by us were canceled in connection with the merger. As a result of the merger, Woodbridge Holdings Corporation’s separate corporate existence ceased and its Class A Common Stock is no longer publicly traded. See Note 3 of the “Notes to Consolidated Financial Statements” for additional information about the merger.
On November 16, 2009, we purchased approximately 7.4 million additional shares of Bluegreen’s common stock, which increased our ownership in Bluegreen from 9.5 million shares, or 29%, to 16.9 million shares, or 52% of Bluegreen’s outstanding stock. As a result of the purchase, we now hold a controlling interest in Bluegreen and, accordingly, have consolidated Bluegreen’s results since November 16, 2009 into our financial statements. Any references to Bluegreen’s results of operations includes only 45 days of activity for Bluegreen relating to the period from November 16, 2009, the date of the share purchase, through December 31, 2009 (the “Bluegreen Interim Period”). Prior to November 16, 2009, our approximate 29% equity investment in Bluegreen was accounted for under the equity method. See Note 4 of the “Notes to Consolidated Financial Statements” of this report for additional information about the Bluegreen share acquisition on November 16, 2009.
As a holding company with controlling positions in BankAtlantic Bancorp and Bluegreen, generally accepted accounting principles (“GAAP”) requires the consolidation of the financial results of both entities. As a consequence, the assets and liabilities of both entities are presented on a consolidated basis in BFC’s financial statements. However, except as otherwise noted, the debts and obligations of the consolidated entities, including Woodbridge, are not direct obligations of BFC and are non-recourse to BFC. Similarly, the assets of those entities are not available to BFC absent a dividend or distribution. The recognition by BFC of income from controlled entities is determined based on the total percent of economic ownership in those entities. At December 31, 2009, BFC owned approximately 37% of BankAtlantic Bancorp’s Class A and Class B common stock, representing approximately 66% of BankAtlantic Bancorp’s total voting power.
Our corporate website is www.bfcfinancial.com. The Company’s annual report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and all amendments to those reports are available free of charge through our website, as soon as reasonably practicable after such material is electronically filed with, or furnished to, the SEC. The Company’s Internet website and the information contained on or connected to it are not incorporated into this Annual Report on Form 10-K.
As a result of the Woodbridge merger on September 21, 2009 and the Bluegreen share acquisition on November 16, 2009, the Company reorganized its reportable segments to better align its segments with the current operations of its businesses. The Company’s business activities currently consist of (i) Real Estate and Other Activities and (ii) Financial Services Activities. We currently report the results of operations through six reportable segments: BFC Activities, Real Estate Operations, Bluegreen Resorts, Bluegreen Communities, BankAtlantic and BankAtlantic Bancorp Parent Company. As a result of this reorganization, our BFC Activities segment now includes activities formerly reported in the Woodbridge Other Operations segment and our Real Estate Operations segment is comprised of what was previously identified as our Land Division.
The presentation and allocation of the assets, liabilities and results of operations of each segment may not reflect the actual economic costs of the segment as a stand-alone business. If a different basis of allocation were utilized, the relative contributions of the segment might differ but, in management’s view, the relative trends in segments would not likely be impacted. See also Item 7 of this report, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and Note 34 of the “Notes to Consolidated Financial Statements” contained in Item 8 of this report for a discussion of trends, results of operations, and other relevant information on each segment.
Real Estate and Other
Our Real Estate and Other business activities include four business segments: BFC Activities, Real Estate Operations, and Bluegreen’s two business segments; Bluegreen Resorts and Bluegreen Communities.
BFC Activities
The “BFC Activities” segment consists of BFC operations, our investment in Benihana, and the other operations described below.
BFC operations primarily consists of our corporate overhead and general and administrative expenses, including the expenses of Woodbridge, the financial results of a venture partnership that BFC controls and other equity investments, as well as income and expenses associated with BFC’s shared service operations which provides services in the areas of human resources, risk management, investor relations, executive office administration and other services that BFC provides to BankAtlantic Bancorp and Bluegreen. This segment also includes investments made by BFC/CCC, Inc., our wholly owned subsidiary (“BFC/CCC”).
Investment in Benihana
Benihana is a NASDAQ-listed company with two classes of common shares: Common Stock (BNHN) and Class A Common Stock (BNHNA). We own 800,000 shares of Benihana Series B Convertible Preferred Stock (“Convertible Preferred Stock”). The Convertible Preferred Stock is convertible into an aggregate of 1,578,943 shares of Benihana’s Common Stock at a conversion price of $12.67 per share of Convertible Preferred Stock, subject to adjustment from time to time upon certain defined events. Based on the number of currently outstanding shares of Benihana’s capital stock, the Convertible Preferred Stock, if converted, would represent an approximate 19% voting interest and an approximate 9% economic interest in Benihana. Holders of the Convertible Preferred Stock are entitled to receive cumulative quarterly dividends at an annual rate equal to $1.25 per share, payable on the last day of each calendar quarter. The Convertible Preferred Stock is subject to mandatory redemption of $20 million plus accumulated dividends on July 2, 2014 unless we elect to extend the mandatory redemption date to a date no later than July 2, 2024. At December 31, 2009, the closing price of Benihana’s Common Stock was $4.20 per share. The market value of the Convertible Preferred Stock if converted to Benihana’s Common Stock at December 31, 2009 would have been approximately $6.6 million.
In December 2008, the Company performed an impairment evaluation of its investment in the Convertible Preferred Stock and determined that there was an other-than-temporary decline of approximately $3.6 million and, accordingly, the investment was written down to its fair value at that time of approximately $16.4 million. Concurrent with management’s evaluation of the impairment of this investment at December 31, 2008, it made the determination to reclassify this investment from investment securities to investment securities available for sale. At December 31, 2009, the Company’s estimated fair value of its investment in Benihana’s Convertible Preferred Stock was approximately $17.8 million. BFC will continue to monitor this investment to determine whether any further other-than-temporary impairment charges may be required in future periods. The estimated fair value of the Company’s investment in Benihana’s Convertible Preferred Stock was assessed using the income approach with Level 3 inputs by discounting future cash flows at a market discount rate combined with the fair value of the underlying shares that BFC would receive upon conversion of its shares of Benihana’s Convertible Preferred Stock. See Note 7 of the “Notes to Consolidated Financial Statements” in Item 8 of this report for further information.
Other operations includes the consolidated operations of Pizza Fusion Holdings, LLC (“Pizza Fusion”) (which is a restaurant franchisor operating within the quick service and organic food industries), and the activities of Cypress Creek Capital Holdings, LLC (“Cypress Creek Capital”) and Snapper Creek Equity Management, LLC (“Snapper Creek”) and other investments and joint ventures. In addition, prior to obtaining a controlling interest in Bluegreen on November 16, 2009, we accounted for our investment in Bluegreen under the equity method of accounting and Bluegreen’s earnings or loss was included in the BFC Activities segment. Historically, the cost of the Bluegreen investment was adjusted to recognize our interest in Bluegreen’s earnings or losses. The difference between a) our ownership percentage in Bluegreen multiplied by its earnings and b) the amount of our equity in earnings of Bluegreen as reflected in our financial statements related to the amortization or accretion of purchase accounting adjustments made at the time of the initial acquisition of Bluegreen’s common stock in 2002 and a basis difference due to impairment charges recorded on the investment in Bluegreen, as described in Note 14 of the “Notes to Consolidated Financial Statements”.
As part of our overall strategy to diversify our business, during the third quarter of 2009, we exercised our option to purchase 521,740 shares of Series B Convertible Preferred Stock of Pizza Fusion at a price of $1.15 per share or an aggregate purchase price of $600,000, resulting in an ownership interest of approximately 45% in Pizza Fusion. On January 15, 2010 we participated in Pizza Fusion’s $3 million private placement by investing another $400,000. As of March 31, 2010, Pizza Fusion had 18 restaurants, including 2 restaurants owned by Pizza Fusion and 16 franchised restaurants, operating in nine states and had entered into franchise agreements for an additional 12 stores by September 2010. Pizza Fusion is in its early stages and it will likely require additional financial support. Pizza Fusion is facing several challenges, including the effect of the current economic downturn on consumer spending patterns. In addition, adding to the adverse impact of the economy on the restaurant industry, the tightening of the credit markets has made it difficult for new franchisees to obtain financing. During 2009, the Company performed its annual review of goodwill for impairment and determined that the discounted value of estimated cash flows was below the carrying value of Pizza Fusion, resulting in a write-off of the entire $2.0 million of goodwill relating to the investment.
Real Estate Operations
The Real Estate Operations segment is comprised of the subsidiaries through which Woodbridge historically conducted its real estate business activities. It includes the operations of Core, Carolina Oak ,which engaged in homebuilding activities in South Carolina prior to the suspension of those activities in the fourth quarter of 2008, and Cypress Creek Holdings, LLC (“Cypress Creek Holdings”), which engages in leasing activities. These activities are concentrated primarily in Florida and South Carolina and have included the development and sale of land, the construction and sale of single family homes and town homes and the leasing of commercial properties and office space.
Levitt and Sons was included in the Real Estate Operations segment until November 9, 2007 at which time it filed a voluntary bankruptcy petition and was deconsolidated from our audited consolidated financial statements. Levitt Commercial was also included in this segment until it ceased development activities after it sold all of its remaining units in 2007. Levitt Commercial which is also included in this segment disposed of its last asset in 2007.
Core Communities was founded in May 1996 to develop a master—planned community in Port St. Lucie, Florida now known as St. Lucie West. Historically, its activities focused on the development of a master-planned community in Port St. Lucie, Florida called Tradition, Florida and a community outside of Hardeeville, South Carolina called Tradition Hilton Head. Until 2009, Tradition, Florida was in active development as was Tradition Hilton Head, although in a much earlier stage. As a master-planned community developer, Core Communities historically was engaged in four primary activities: (i) the acquisition of large tracts of raw land; (ii) planning, entitlement and infrastructure development; (iii) the sale of entitled land and/or developed lots to homebuilders and commercial, industrial and institutional end-users; and (iv) the development and leasing of income producing commercial real estate to commercial, industrial and institutional end-users.
During 2009, the recession continued and the demand for residential and commercial inventory showed no signs of recovery, particularly in the geographic regions where Core’s properties are located. The decrease in land sales in 2009 and continued cash flow deficits contributed to, among other things, the deterioration of Core’s liquidity. As a result, Core has severely limited its development expenditures in Tradition, Florida and has completely discontinued development activity in Tradition Hilton Head. Its assets have been impaired significantly and in an effort to bring about an orderly liquidation without a bankruptcy filing, Core commenced negotiations with all of its lenders to restructure its outstanding debt in light of its cash position. Core is currently in default under the terms of all of its outstanding debt and Core continues to pursue all options with its lenders, including offering deeds in lieu and other similar transactions wherein Core would relinquish title to substantially all of its assets. As of February 5, 2010, with Core’s concurrence, a significant portion of the land in Tradition Hilton Head had been placed under the control of a court appointed receiver. There is no assurance that Core will be successful in restructuring its debts or achieving an orderly liquidation of its assets. In consideration of the foregoing, we evaluated Core’s real estate inventory for impairment on a project-by-project basis. As a result of the impairment analyses performed, we recorded impairment charges of $63.3 million related to Core’s real estate inventory to reduce the carrying amount of Core’s real estate inventory to its fair value at December 31, 2009.
In December 2009, Core reinitiated efforts to sell two of its commercial leasing projects (the “Projects”) and began soliciting bids from several potential buyers to purchase assets associated with the Projects. The assets are available for immediate sale in their present condition and Core determined that it is probable that it will sell the Projects in 2010. Due to this decision, the assets associated with the Projects that are for sale have been classified as discontinued operations for all periods presented in accordance with the accounting guidance for the disposal of long-lived assets. Core has accepted an offer to sell the Projects, which has been approved by the lender with substantially all of the proceeds going to satisfy its obligations to the lender. However, there can be no assurance that the transaction will close or that the lender will release Core from its obligations. See Note 22 of the “Notes to Consolidated Financial Statements” for further information.
Carolina Oak
In 2007, Woodbridge acquired from Levitt and Sons all of the outstanding membership interests in Carolina Oak, a South Carolina limited liability company (formerly known as Levitt and Sons of Jasper County, LLC). The development activities at Carolina Oak, which is within Tradition Hilton Head, were suspended in the fourth quarter of 2008 as a result of, among other things, a deterioration in consumer confidence, overall softening of demand for new homes, a decline in the overall economy, increasing unemployment, a deterioration in the credit markets, and the direct and indirect impact of the turmoil in the mortgage loan market. In 2009, the housing industry continued to face significant challenges and Woodbridge made the decision to cease all activities at Carolina Oak. Furthermore, the lender declared a default of the $37.2 million loan that is collateralized by the Carolina Oak property. Subsequently, the lender was taken over by the FDIC and accordingly, the FDIC now holds the loan. While there may be issues with respect to compliance with certain loan covenants, we do not believe that an event of default occurred. Woodbridge is negotiating with representatives of the FDIC in an effort to bring about a satisfactory resolution with regard to the debt; however, the outcome of the negotiations is currently uncertain.
At December 31, 2009 and 2008, we reviewed inventory of real estate at Carolina Oak for impairment in accordance with the accounting guidance for the impairment or disposal of long-lived assets. As a result of the analysis, we recorded impairment charges of $16.7 million and $3.5 million in cost of sales for the years ended December 31, 2009 and 2008, respectively, which are reflected in the Real Estate Operations segment. See Note 12 of the “Notes to the Consolidated Financial Statements” for further information.
Cypress Creek Holdings
Since 2005, Cypress Creek Holdings has owned an 80,000 square foot office building in Fort Lauderdale, Florida. The building was previously 50% occupied by an unaffiliated third party pursuant to a lease which expired in March 2010. The tenant opted not to renew the lease and vacated the space as of March 31, 2010. We intend to seek to sell the building or lease the vacant space in the building to third parties, including our affiliates, in 2010. As of December 31, 2009, we evaluated the value of the office building for impairment in accordance with the accounting guidance for the impairment or disposal of long-lived assets and determined that the carrying value exceeded the fair value. Accordingly, we recorded an impairment charge of $4.3 million in our statement of operations for the year ended December 31, 2009.
Levitt Commercial
During 2007, the Real Estate Operations segment also included Levitt Commercial, which was formed in 2001 to develop industrial, commercial, retail and residential properties. In 2007, Levitt Commercial ceased development activities after it sold all of its remaining units. Levitt Commercial’s revenues for the year ended December 31, 2007 amounted to $6.6 million which reflected the delivery of the 17 flex warehouse units at its remaining development project.
Levitt and Sons
Acquired in December 1999, Levitt and Sons was a developer of single family homes and town home communities for active adults and families in Florida, Georgia, Tennessee and South Carolina. Increased inventory levels combined with weakened consumer demand for housing and tightened credit requirements negatively affected sales, deliveries and margins throughout the homebuilding industry. Levitt and Sons experienced decreased orders, decreased margins and increased cancellation rates on homes in backlog. Excess supply, particularly in previously strong markets like Florida, in combination with a reduction in demand resulting from tightened credit requirements and reductions in credit availability, as well as buyers’ fears about the direction of the market, exerted a continuous cycle of downward cycle of pricing pressure for residential homes.
On November 9, 2007 (the “Petition Date”), Levitt and Sons and substantially all of its subsidiaries (collectively, the “Debtors”) filed voluntary petitions for relief under Chapter 11 of Title 11 of the United States Code (the “Chapter 11 Cases”) in the United States Bankruptcy Court for the Southern District of Florida (the “Bankruptcy Court”).
In connection with the filing of the Chapter 11 Cases, we deconsolidated Levitt and Sons as of November 9, 2007, eliminating all future operations from our financial results of operations. As a result of the deconsolidation of Levitt and Sons, we recorded our interest in Levitt and Sons under the cost method of accounting. Under cost method accounting, income is recognized only to the extent of cash received or upon the release of Levitt and Sons from its bankruptcy obligations through the approval of the Bankruptcy Court, at which time any recorded loss in excess of the investment in Levitt and Sons is recognized into income. As of November 9, 2007, Woodbridge had a negative investment in Levitt and Sons of $123.0 million and outstanding advances of $67.8 million due to Woodbridge resulting in a net negative investment of $55.2 million. Included in the negative investment was approximately $15.8 million associated with deferred revenue related to intra-segment sales between Levitt and Sons and Core Communities. During the fourth quarter of 2008, we identified approximately $2.3 million of deferred revenue on intercompany sales between Core and Carolina Oak that had been misclassified against the negative investment in Levitt and Sons. As a result, we recorded a $2.3 million reclassification between inventory of real estate and the loss in excess of investment in subsidiary in the consolidated statements of financial condition. Accordingly, as of December 31, 2008, our net negative investment was $52.9 million. During the pendency of the Chapter 11 Cases, we also incurred certain administrative costs in the amount of $1.6 million and $748,000 for the years ended December 31, 2008 and 2007, respectively, relating to certain services and benefits provided by us in favor of the Debtors. These costs included the cost of maintaining employee benefit plans, providing accounting services, human resources expenses, general liability and property insurance premiums, payroll processing expenses, licensing and third-party professional fees (collectively, the “Post Petition Services”). These costs were not significant in the year ended December 31, 2009.
As previously reported, on February 20, 2009, the Bankruptcy Court entered an order confirming a plan of liquidation jointly proposed by Levitt and Sons and the Official Committee of Unsecured Creditors. That order also approved the settlement pursuant to the settlement agreement that was entered into on June 27, 2008, as amended. No appeal or rehearing of the Bankruptcy Court’s order was filed by any party, and the settlement was consummated on March 3, 2009, at which time, payment was made in accordance with the terms and conditions of the settlement agreement. Under cost method accounting, the cost of settlement and the related $52.9 million liability (less $500,000 which was determined as the settlement holdback and remained as an accrual pursuant to the settlement agreement), was recognized into income in the first quarter of 2009, resulting in a $40.4 million gain on settlement of investment in subsidiary. In the fourth quarter of 2009, we accrued approximately $10.7 million in connection with a portion of a tax refund of which the Levitt and Sons estate is entitled to pursuant to the Settlement Agreement entered into with the Joint Committee of Unsecured Creditors in the Chapter 11 Cases and, as a result, the gain on settlement of investment in subsidiary for the year ended December 31, 2009 was $29.7 million. See Note 25 of the “Notes to Consolidated Financial Statements” for more information regarding the tax refund.
On November 16, 2009, we purchased approximately 7.4 million additional shares of Bluegreen’s common stock, which increased our ownership in Bluegreen from 9.5 million shares, or 29%, to 16.9 million shares or 52% of Bluegreen’s common stock. As a result of the purchase, we hold a controlling interest in Bluegreen and, accordingly, have consolidated Bluegreen’s results since November 16, 2009 into our financial statements.
Bluegreen is a leading provider of “Colorful Places to Live and Play™” through two divisions: Bluegreen Resorts and Bluegreen Communities. For the Bluegreen Interim Period, Bluegreen Resorts sales represented 83% of Bluegreen’s sales of real estate and Bluegreen Communities represented 17% of its sales of real estate. Bluegreen Resorts markets, sells and manages real estate-based vacation ownership interests (“VOIs”) in resorts generally located in popular, high-volume, “drive-to” vacation destinations, which were developed or acquired by Bluegreen or developed by others. Bluegreen also earns fees from third parties for providing sales, marketing, mortgage servicing, construction management, title, and resort management services to third party resort developers and owners. Bluegreen Communities acquires, develops and subdivides property and markets residential land home sites. The majority of these home sites are sold directly to retail customers who seek to build a home, in some cases on properties featuring a golf course and related amenities. Bluegreen Communities recently began offering real estate consulting and other services to third parties.
Bluegreen Resorts
Bluegreen Resorts has been involved in the vacation ownership industry since its inception in 1994. As of December 31, 2009, Bluegreen managed approximately 222,600 VOI owners, including approximately 168,500 members in the Bluegreen Vacation Club, and it sells VOIs in the Bluegreen Vacation Club at 21 sales offices located at resorts located in the United States and Aruba. A deeded real estate interest in a Bluegreen Vacation Club VOI in any of Bluegreen resorts entitles the buyer to an annual or biennial allotment of “points” in perpetuity. Club members may use their points to stay in one of 27 Bluegreen Vacation Club — Club Resorts and 27 other Club Associated resorts as well as for other vacation options, including cruises and stays at over 4,000 resorts offered through Resort Condominiums International, LLC (“RCI”), an external exchange network. Club members who acquired or upgraded their VOIs on or after November 1, 2007 also have access to 21 Shell Vacation Club (“Shell”) resorts, through Bluegreen’s Select Connections™ joint venture with Shell. Shell is an unaffiliated privately-held resort developer.
Since Bluegreen’s inception, it has generated approximately 328,000 VOI sales transactions, which include 2,593 VOI sales transactions on behalf of third party developers. Bluegreen Resorts’ estimated remaining life-of-project sales at December 31, 2009, were approximately $3.3 billion, which included $1.0 billion of completed inventory. For the Bluegreen Interim Period, Bluegreen Resorts recognized Sales and Segment Operating Profit of $15.3 million and $3.2 million, respectively.
Bluegreen Resorts uses a variety of methods to attract prospective purchasers of VOIs, including marketing of mini-vacations either through face-to-face contact at kiosks in retail and leisure locations or through telemarketing campaigns and marketing to current owners of VOIs.
Bluegreen’s Bluegreen Vacation Club system permits its VOI owners to purchase a real estate timeshare interest which provides owners with an annual or biennial allotment of points, which can be redeemed for occupancy rights at Bluegreen Vacation Club and Club Associate resorts. Bluegreen believes the Bluegreen Vacation Club allows its VOI owners to customize their vacation experience in a more flexible manner than traditional fixed-week vacation ownership programs. Bluegreen also offers a Sampler program. The Sampler program allows package purchasers to enjoy substantially the same amenities, activities and services offered to Bluegreen Vacation Club members during a one-year trial period. Bluegreen believes that it benefits from the Sampler program as it gives them an opportunity to market their VOIs to customers when they use their trial memberships at Bluegreen resorts and to recapture some of the costs incurred in connection with the initial marketing to prospective customers.
Bluegreen’s emphasis on cash resulted in Bluegreen providing financing to approximately 68% of its vacation ownership customers in 2009. Customers are required to make a down payment of at least 10% of the VOI sales price and typically finance the balance of the sales price over a period of ten years. In 2009, Bluegreen began incentivizing its sales associates to encourage higher cash down payments, and Bluegreen has increased both the percentage of its sales that are 100% cash and its average down payment on financed sales. As of December 31, 2009, Bluegreen serviced $795.9 million of VOI receivables and its on-balance sheet vacation ownership receivables portfolio totaled approximately $348.7 million in principal amount. See “Accounting Pronouncements Not Yet Adopted” for further discussion. Historically Bluegreen has maintained vacation ownership receivables warehouse facilities and separate vacation ownership receivables purchase facilities to maintain liquidity associated with its vacation ownership receivables; however, the term securitization market had experienced significantly reduced activity and transactions that were consummated were on significantly more adverse terms. As a result of this and other factors, financial institutions are reluctant to enter into new credit facilities for the purpose of providing financing on consumer receivables. Several lenders to the timeshare industry, including certain of Bluegreen’s lenders, have announced that they either have or will be exiting the resort finance business or will not be entering into new financing commitments for the foreseeable future. In addition, the availability of financing for real estate acquisition and development and the capital markets for corporate debt have likewise been adversely impacted. See “Liquidity and Capital Resources” for a further discussion of Bluegreen’s vacation ownership receivables facilities and certain risks relating to such facilities.
Bluegreen Communities
Bluegreen Communities focuses on developing and subdividing property and marketing residential home sites. The majority of sites are sold directly to retail customers who seek to build a home generally in the future (in some cases on properties featuring a golf course and other related amenities). Bluegreen Communities has historically sought to acquire and develop land near major metropolitan centers, but outside the perimeter of intense subdivision development, and in popular retirement areas. Starting in the fourth quarter of 2008 and in response to the challenging economic environment, Bluegreen began to sell home sites in only completed sections of its communities and significantly reduced its overall spending on development activities. As of December 31, 2009, Bluegreen Communities was actively engaged in marketing and selling home sites directly to retail consumers in communities primarily located in Texas, Georgia, and North Carolina. Bluegreen Communities had approximately $100.9 million of inventory at carrying value as of December 31, 2009. For the year ended December 31, 2009, Bluegreen Communities recognized sales of $3.1 million and Segment Operating Loss of $3.3 million.
Historically Bluegreen has marketed its communities through a combination of newspaper, direct mail, television, billboard, internet and radio advertising. Bluegreen Communities also historically utilized a customer relationship management computer software system to assist it in compiling, processing, and maintaining information concerning future sales prospects. During 2009, its marketing of communities shifted to focus on internet advertising, consumer and broker outreach programs and billboards.
Bluegreen Communities also currently owns and operates two daily fee golf courses which it believes will increase the marketability of adjacent home sites and communities.
(BankAtlantic Bancorp)
Our Financial Services business activities are comprised of the operations of BankAtlantic Bancorp. BankAtlantic Bancorp presents its results in two reportable segments and its results of operations are consolidated with BFC Financial Corporation. The only assets available to BFC Financial Corporation from BankAtlantic Bancorp are dividends when and if declared and paid by BankAtlantic Bancorp. BankAtlantic Bancorp is a separate public company and its management prepared the following Item 1. Business regarding BankAtlantic Bancorp which was included in BankAtlantic Bancorp’s Annual Report on Form 10-K for the year ended December 31, 2009 filed with the Securities and Exchange Commission. Accordingly, references to “the Company”, “we”, “us” or “our” in the following discussion under the caption “Financial Services” are references to BankAtlantic Bancorp and its subsidiaries, and are not references to BFC , Woodbridge or Bluegreen.
BankAtlantic Bancorp is a Florida-based bank holding company and owns BankAtlantic and its subsidiaries. BankAtlantic provides a full line of products and services encompassing retail and business banking. The Company reports BankAtlantic Bancorp operations through two business segments consisting of BankAtlantic and BankAtlantic Bancorp Parent Company. Detailed operating financial information by segment is included in Note 34 to the Company’s consolidated financial statements. On February 28, 2007, BankAtlantic Bancorp completed the sale to Stifel Financial Corp. (“Stifel”) of Ryan Beck Holdings, Inc. (“Ryan Beck”), a subsidiary engaged in retail and institutional brokerage and investment banking. As a consequence, BankAtlantic Bancorp exited this line of business and the results of operations of Ryan Beck are presented as “Discontinued Operations” in the Company’s consolidated financial statements for the year ended December 31, 2007.
BankAtlantic Bancorp internet website address is www.bankatlanticbancorp.com. BankAtlantic Bancorp’s annual report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and all amendments to those reports are available free of charge through our website, as soon as reasonably practicable after such material is electronically filed with, or furnished to, the SEC. Our Internet website and the information contained in or connected to our website are not incorporated into, and are not part of this Annual Report on Form 10-K.
As of December 31, 2009, BankAtlantic Bancorp had total consolidated assets of approximately $4.8 billion and stockholders’ equity of approximately $142 million.
BankAtlantic
BankAtlantic is a federally-chartered, federally-insured savings bank organized in 1952. It is one of the largest financial institutions headquartered in Florida and provides traditional retail banking services and a wide range of business banking products and related financial services through a network of 100 branches or “stores” in southeast Florida and the Tampa Bay area, primarily in the metropolitan areas surrounding the cities of Miami, Ft. Lauderdale, West Palm Beach and Tampa, which are located in the heavily-populated Florida counties of Miami-Dade, Broward, Palm Beach, Hillsborough and Pinellas.
BankAtlantic’s primary business activities have included:
• attracting checking and savings deposits from individuals and business customers,
• originating commercial real estate, middle market, consumer home equity and small business loans,
• purchasing wholesale residential loans, and
• investing in mortgage-backed securities and tax certificates.
BankAtlantic’s business strategy
BankAtlantic began its “Florida’s Most Convenient Bank” strategy in 2002, when it introduced seven-day banking in Florida. This banking initiative has contributed to a significant increase in core deposits (demand deposit accounts, NOW checking accounts and savings accounts). BankAtlantic’s core deposits increased from approximately $600 million as of December 31, 2001 to $2.6 billion as of December 31, 2009. Additionally, while the increase in core deposits during 2009 may reflect, in part, market conditions generally, we believe that the implementation of our local market management strategy in 2008 and our relationship marketing strategy in 2009 have enhanced our visibility in our market, increased customer loyalty and contributed significantly to the increase in core deposit balances.
BankAtlantic exceeded all applicable regulatory capital requirements and was considered a “well capitalized” financial institution at December 31, 2009. See “Regulation and Supervision — Capital Requirements” for an explanation of capital standards. Management has implemented initiatives with a view toward maintaining adequate capital in response to the current adverse economic environment. These initiatives primarily include the reduction of risk-based asset levels through loan and securities repayments in the ordinary course, eliminating cash dividends to BankAtlantic Bancorp Parent Company, and reducing expenses. These initiatives, while important to maintaining capital ratios, have also negatively impacted operations as the reduction in asset levels resulted in the reduction in earning assets adversely impacting our net interest income. Another source of regulatory capital for BankAtlantic was capital contributions from BankAtlantic Bancorp. During 2009 and 2008, BankAtlantic Bancorp contributed $105 million and $65 million, respectively, of capital to BankAtlantic. The $105 million capital contribution during 2009 was partially funded by the completion by BankAtlantic Bancorp of a $75 million rights offering.
BankAtlantic structures its underwriting policies and procedures with a goal of balancing its ability to offer competitive and profitable products and services to its customers while minimizing its exposure to credit risk. However, the economic recession and the substantial decline in real estate values throughout the United States, and particularly in Florida, have had an adverse impact on the credit quality of our loan portfolio. In response, we have taken steps to attempt to address credit risk which included:
• Focused efforts and enhanced staffing relating to loan work-outs, collection processes and valuations;
• Substantially reduced the origination of land and residential acquisition, development and construction loans;
• Substantially reduced home equity loan originations through new underwriting requirements based on lower market values of collateral;
• Transferred certain non-performing commercial real estate loans to the Parent Company in March 2008 in exchange for $94.8 million; and
• Froze certain home equity loan unused lines of credit based on declines in borrower credit scores or the value of loan collateral;
Notwithstanding the above, there is no assurance that the above initiatives will reduce the credit risk in our loan portfolio. During 2009, our allowance for loan losses increased from $137.3 million at December 31, 2008 to $187.2 million at December 31, 2009 reflecting the continued deterioration of economic conditions in our markets.
We also continued our initiatives to decrease operating expenses during 2009. These initiatives included lowering advertising and marketing expenditures, maintaining reduced store and call center hours and reducing back-office operations, and staffing levels, and renegotiating vendor contracts. During 2010, management intends to seek further efficiencies and to maintain its decreased expense organizational structure. BankAtlantic is also continuing to evaluate its products and services as well as its delivery systems and back-office support infrastructure with a view toward enhancing its operational efficiency.
As part of BankAtlantic’s efforts to diversify its loan portfolio, during 2009, BankAtlantic focused on originating small business and middle market commercial loans through its retail and lending networks. BankAtlantic anticipates a continued emphasis on small business and middle market lending and expects the percentage represented by its commercial real estate and residential mortgage loan portfolio balances to decline during 2010 through the scheduled repayment of existing loans and significant reductions in commercial real estate loan originations and residential loan purchases.
BankAtlantic offers a number of lending products to its customers. Historically, primary lending products have included residential loans, commercial real estate loans, consumer loans and small and middle market business loans.
Residential: Historically, BankAtlantic has purchased residential loans in the secondary markets that have been originated by other institutions. These loans, which are serviced by independent servicers, are secured by properties located throughout the United States. Residential loans are typically purchased in bulk and are generally non-conforming loans under agency guidelines due to the size of the individual loans (“jumbo loans”). BankAtlantic set general guidelines for loan purchases relating to loan amount, type of property, state of residence, loan-to-value ratios, the borrower’s sources of funds, appraised amounts and loan documentation, but actual purchases will generally reflect availability and market conditions, and may vary from BankAtlantic’s general guidelines. Included in these purchased residential loans are interest-only loans. These loans result in possible future increases in a borrower’s loan payments when the contractually required repayments increase due to interest rate adjustments and when required amortization of the principal amount commences. These payment increases could affect a borrower’s ability to repay the loan and lead to increased defaults and losses. At December 31, 2009, BankAtlantic’s residential loan portfolio included $776.2 million of interest-only loans, $65.2 million of which will become fully amortizing and have interest rates reset in 2010. The credit scores and loan-to-value ratios for interest-only loans are similar to those of amortizing loans. BankAtlantic has attempted to manage the credit risk associated with these loans by limiting purchases of interest-only loans to those originated to borrowers that it believes to be credit worthy, with loan-to-value and total debt to income ratios within agency guidelines. BankAtlantic does not purchase or originate sub-prime, option-arm, “pick-a-payment” or negative amortizing residential loans. Loans in the purchased residential loan portfolio generally do not have prepayment penalties. As part of its initiative to reduce assets with a view toward improving liquidity and regulatory capital ratios, BankAtlantic did not purchase any bulk residential loans during the year ended December 31, 2009.
BankAtlantic also originates residential loans to customers that are then sold on a servicing released basis to a correspondent. It also originates and holds certain residential loans, which are made primarily to “low to moderate income” borrowers in accordance with requirements of the Community Reinvestment Act. The underwriting of these loans generally follows government agency guidelines and independent appraisers typically perform on-site inspections and valuations of the collateral.
Commercial Real Estate: BankAtlantic provides commercial real estate loans for acquisition, development and construction of various types of properties including office buildings, retail shopping centers, residential construction and other non-residential properties. BankAtlantic also provides loans to acquire or refinance existing income-producing properties. These loans are primarily secured by property located in Florida. Commercial real estate loans are generally originated in amounts based upon the appraised value of the collateral or estimated cost to construct, generally have a loan to value ratio at the time of origination of less than 80%, and generally require that one or more of the principals of the borrowing entity guarantee these loans. Most of these loans have variable interest rates and are indexed to either prime or LIBOR rates.
Historically, we made three categories of commercial real estate loans that we believe have resulted in significant exposure to BankAtlantic based on declines in the Florida residential real estate market. These categories are Builder land bank loans, Land acquisition and development loans, and Land acquisition, development and construction loans. The Builder land bank loan category consists of land loans to borrowers who have or had land purchase option agreements with regional and/or national builders. These loans were originally underwritten based on projected sales of the developed lots to the builders/option holders, and timely repayment of the loans is primarily dependent upon the sale of the property pursuant to the options. If the lots are not sold as originally anticipated, BankAtlantic anticipates that the borrower may not be in a position to service the loan, with the likely result being an increase in nonperforming loans and loan losses in this category. The Land acquisition and development loan category consists of loans secured by residential land which was intended to be developed by the borrower and sold to homebuilders. We believe that the underwriting on these loans was generally more stringent than Builder land bank loans, as an option agreement with a regional or national builder did not exist at the origination date. The Land acquisition, development and construction loans are secured by residential land which was intended to be fully developed by the borrower who also might have plans to construct homes on the property. These loans generally involved property with a longer investment and development horizon, and are guaranteed by the borrower or individuals such that it is expected that the borrower will have the ability to service the debt for a longer period of time. However, based on the declines in value in the Florida real estate market, all loans collateralized by Florida real estate expose the Bank to significant risk.
BankAtlantic has also originated commercial non-residential land loans and commercial non-residential construction loans. These loans generally have higher credit exposure than commercial income producing commercial loans. BankAtlantic has significantly decreased the origination of these commercial land and commercial non-residential construction loans beginning in 2008.
BankAtlantic has historically sold participations in certain commercial real estate loans that it originated, and administers the loan and provides participants periodic reports on the progress of the project for which the loan was made. Major decisions regarding the loans are made by the participants on either a majority or unanimous basis. As a result, BankAtlantic generally cannot significantly modify the loans without either majority or unanimous consent of the participants. BankAtlantic’s sale of loan participations has the effect of reducing its exposure on individual projects and was required in some cases, in order to comply with the regulatory “loans to one borrower” limitations. BankAtlantic has also purchased commercial real estate loan participations from other financial institutions and in such cases, BankAtlantic may not be in a position to control decisions made with respect to the loans.
Standby Letters of Credit and Commitments: Standby letters of credit are conditional commitments issued by BankAtlantic to guarantee the performance of a customer to a third party. The credit risk involved in issuing letters of credit is the same as extending loans to customers. BankAtlantic may hold certificates of deposit, liens on corporate assets and liens on residential and commercial property as collateral for letters of credit. BankAtlantic issues commitments for commercial real estate and commercial business loans.
Consumer: Consumer loans primarily consist of loans to individuals originated through BankAtlantic’s retail network. Approximately 97% of consumer loans are home equity lines of credit secured by a first or second mortgage on the primary residence of the borrower. Approximately 24% of home equity lines of credit balances are secured by a first mortgage on the property. Home equity lines of credit have pime-based interest rates and generally mature in 15 years. Other consumer loans generally have fixed interest rates with terms ranging from one to five years. The credit quality of consumer loans is adversely impacted by increases in the unemployment rate and declining real estate values. During 2008 and 2009, BankAtlantic experienced higher than historical losses in this portfolio as a result of deteriorating economic conditions. In an attempt to address this issue, BankAtlantic has adopted more stringent underwriting criteria for consumer loans which have had the effect of significantly reducing consumer loan originations.
Middle Market commercial business: BankAtlantic lends on both a secured and unsecured basis, although the majority of its loans are secured. Middle market business loans are typically secured by the receivables, inventory, equipment, real estate, and/or general corporate assets of the borrowers. These loans generally have variable interest rates that are Prime or LIBOR based and are typically originated for terms ranging from one to five years.
Small Business: BankAtlantic originates small business loans to companies located primarily in markets within BankAtlantic’s store network. Small business loans are primarily originated on a secured basis and generally do not exceed $1.0 million for non-real estate secured loans and $2.0 million for real estate secured loans. These loans are generally originated with maturities ranging from one to three years or upon demand; however, loans collateralized by real estate could have terms of up to fifteen years. Lines of credit extended to small businesses are due upon demand. Small business loans have either fixed or variable prime-based interest rates.
The composition of the loan portfolio was (in millions):
As of December 31,
Amount Pct Amount Pct Amount Pct Amount Pct Amount Pct
Loans receivable:
Real estate loans:
$ 1,550 42.35 1,930 45.34 2,156 47.66 2,151 46.81 2,030 43.92
Consumer — home equity
670 18.31 719 16.89 676 14.94 562 12.23 514 11.12
Construction and development
223 6.09 301 7.07 416 9.20 475 10.34 785 16.99
213 5.82 219 5.14 212 4.69 187 4.07 152 3.29
Other loans:
154 4.21 143 3.36 131 2.90 157 3.42 88 1.90
Small business — non-mortgage
99 2.70 108 2.54 106 2.34 98 2.13 83 1.80
21 0.57 26 0.61 31 0.68 26 0.57 27 0.59
Residential loans held for sale
4 0.11 3 0.07 4 0.09 9 0.20 3 0.06
3,831 104.67 4,379 102.87 4,614 101.99 4,638 100.94 4,661 100.85
Unearned discounts (premiums)
(3 ) -0.08 (3 ) -0.07 (4 ) -0.09 (1 ) -0.02 (2 ) -0.04
174 4.75 125 2.94 94 2.08 44 0.96 41 0.89
Total loans receivable, net
$ 3,660 100.00 4,257 100.00 4,524 100.00 4,595 100.00 4,622 100.00
At March 31, 2008, BankAtlantic transferred $101.5 million of non-performing commercial loans to a subsidiary of BankAtlantic Bancorp Parent Company.
Included in BankAtlantic’s commercial and construction and development loan portfolios were the following commercial residential loans (in millions):
Builder land bank loans
$ 44 62 150
Land acquisition and development loans
Land acquisition, development and construction loans
Total commercial residential loans (1)
(1) At March 31, 2008, $101.5 million of non-performing loans were transferred to a subsidiary of the BankAtlantic Bancorp Parent Company.
Securities Available for Sale: BankAtlantic invests in obligations of, or securities guaranteed by the U.S. government or its agencies, such as mortgage-backed securities and real estate mortgage investment conduits (REMICs), which are accounted for as securities available for sale. BankAtlantic’s securities available for sale portfolio at December 31, 2009 reflects a decision to seek high credit quality and securities guaranteed by government sponsored enterprises in an attempt to minimize credit risk in its investment portfolio to the extent possible. The available for sale securities portfolio serves as a source of liquidity as well as a means to moderate the effects of interest rate changes. The decision to purchase and sell securities from time to time is based upon a current assessment of the economy, the interest rate environment, and capital and liquidity strategies and requirements. BankAtlantic’s investment portfolio does not include credit default swaps, commercial paper, collateralized debt obligations, structured investment vehicles, auction rate securities, trust preferred securities or equity securities in Fannie Mae or Freddie Mac.
Tax Certificates: Tax certificates are evidences of tax obligations that are sold through auctions or bulk sales by various state and local taxing authorities. A tax obligation arises when the property owner fails to timely pay the real estate taxes on the property. Certain municipalities bulk sale their entire tax certificates for the prior year by auctioning the portfolio to the highest bidder instead of auctioning each certificate separately. Tax certificates represent a priority lien against the real property for the delinquent real estate taxes. The minimum repayment to satisfy the lien is the certificate amount plus the interest accrued through the redemption date, plus applicable penalties, fees and costs. Tax certificates have no payment schedule or stated maturity. If the certificate holder does not file for the deed within established time frames, the certificate may become null and void and lose its value. BankAtlantic’s experience with this type of investment has generally been favorable because the rates earned are generally higher than many alternative investments and substantial repayments typically occur over a one-year period. During 2008, BankAtlantic discontinued acquiring tax certificates through bulk acquisitions as it experienced higher than historical losses from these types of acquisitions. During 2009 BankAtlantic purchased tax certificates primarily in Florida and expects that the majority of tax certificates it acquires in 2010 will be in Florida.
The composition, yields and maturities of BankAtlantic’s securities available for sale, investment securities and tax certificates were as follows (dollars in thousands):
Mortgage- Bond Weighted
Tax Backed and Average
Certificates Securities Other Total Yield
Maturity: (1)
One year or less
$ 79,099 2 250 79,351 5.66 %
After one through five years
33,373 123 — 33,496 5.65
After five through ten years
— 31,121 — 31,121 4.60
— 288,046 — 288,046 3.28
Fair values (2)
$ 112,472 319,292 250 432,014 4.00 %
Amortized cost (2)
Weighted average yield based on fair values
Weighted average maturity (yrs)
1.30 20.65 0.67 15.69
(1) Except for tax certificates, maturities are based upon contractual maturities. Tax certificates do not have stated maturities, and estimates in the above table are based upon historical repayment experience (generally 2 years).
(2) Equity and tax exempt securities held by BankAtlantic Bancorp Parent Company with a cost of $1.5 million, $3.6 million, and $162.6 million and a fair value of $1.5 million, $4.1 million, and $179.5 million, at December 31, 2009, 2008 and 2007, respectively, were excluded from the above table. At December 31, 2009, equities held by BankAtlantic with a cost of $0.8 million and a fair value of $0.8 million were excluded from the above table.
A summary of the amortized cost and gross unrealized appreciation or depreciation of estimated fair value of tax certificates and investment securities and available for sale securities follows (in thousands):
December 31, 2009 (1)
Amortized Unrealized Unrealized Estimated
Cost Appreciation Depreciation Fair Value
Tax certificates and investment securities:
Tax certificates:
Cost equals market
$ 110,991 1,481 — 112,472
Securities available for sale:
Investment securities:
250 — — 250
Market over cost
Cost over market
Mortgage-backed securities:
285,200 11,998 — 297,198
22,114 — 20 22,094
$ 418,555 13,479 20 432,014
1) The above table excludes BankAtlantic Bancorp Parent Company equity securities with a cost and fair value of $1.5 million at December 31, 2009. At December 31, 2009, equities held by BankAtlantic with a cost and fair value of $0.8 million were excluded from the above table.
Deposit products and borrowed funds:
Deposits: BankAtlantic offers checking and savings accounts to individuals and business customers. These include commercial demand deposit accounts, retail demand deposit accounts, savings accounts, money market accounts, certificates of deposit, various NOW accounts and IRA and Keogh retirement accounts. BankAtlantic also obtains deposits from brokers and municipalities. BankAtlantic solicits deposits from customers in its geographic market through marketing and relationship banking activities primarily conducted through its sales force and store network. BankAtlantic has primarily solicited deposits at its branches (or stores) through its “Florida’s Most Convenient Bank” initiative. During 2008, BankAtlantic began participating in the Certificate of Deposit Account Registry Services (“CDARS”) program. This program allows BankAtlantic to offer to its customers federally insured deposits up to $50 million. BankAtlantic has elected to participate in the FDIC’s “Transaction Account Guarantee Program” whereby the FDIC through June 30, 2010 fully insures BankAtlantic’s entire portfolio of non-interest bearing deposits, and interest-bearing deposits with rates at or below fifty basis points and, subject to applicable terms, insures up to $250,000 of other deposit accounts. See Note 17 of the “Notes to Consolidated Financial Statements” for more information regarding BankAtlantic’s deposit accounts.
Federal Home Loan Bank (“FHLB”) Advances: BankAtlantic is a member of the FHLB of Atlanta and can obtain secured advances from the FHLB of Atlanta. These advances can be collateralized by a security lien against its residential loans, certain commercial loans and its securities. In addition, BankAtlantic must maintain certain levels of FHLB stock based upon outstanding advances. See Note 18 of the “Notes to Consolidated Financial Statements” for more information regarding BankAtlantic’s FHLB Advances.
Other Short-Term Borrowings: BankAtlantic’s short-term borrowings generally consist of securities sold under agreements to repurchase treasury tax and loan borrowings.
• Securities sold under agreements to repurchase include a sale of a portion of its current investment portfolio (usually mortgage-backed securities and REMICs) at a negotiated rate and an agreement to repurchase the same assets on a specified future date. BankAtlantic issues repurchase agreements to institutions and to its customers. These transactions are collateralized by securities in its investment portfolio but are not insured by the FDIC. See Note 19 of the “Notes to Consolidated Financial Statements” for more information regarding BankAtlantic’s Securities sold under agreements to repurchase borrowings.
• Treasury tax and loan borrowings represent BankAtlantic’s participation in the Federal Reserve Treasury Investment Program. Under this program the Federal Reserve places funds with BankAtlantic obtained from treasury tax and loan payments received by financial institutions. See Note 20 of the “Notes to Consolidated Financial Statements” for more information regarding BankAtlantic’s treasury tax and loan borrowings.
BankAtlantic’s other borrowings have floating interest rates and consist of a mortgage-backed bond and subordinated debentures. See Notes 22 and 23 of the “Notes to Consolidated Financial Statements” for more information regarding BankAtlantic’s other borrowings.
BankAtlantic Bancorp Parent Company
BankAtlantic Bancorp Parent Company operations primarily consist of financing the capital needs of BankAtlantic and its subsidiaries and management of the asset work-out subsidiary. In March 2008, BankAtlantic Bancorp Parent Company used a portion of the proceeds obtained from the sale of Ryan Beck to Stifel to purchase from BankAtlantic $101.5 million of non-performing loans at BankAtlantic’s carrying value. These loans are held in an asset workout subsidiary wholly-owned by the BankAtlantic Bancorp Parent Company, which has entered into an agreement with BankAtlantic to service the transferred non-performing loans. BankAtlantic Bancorp Parent Company also has arrangements with BFC for BFC to provide certain human resources, insurance management, investor relations, and other administrative services to BankAtlantic Bancorp Parent Company and its subsidiaries. The largest expense of BankAtlantic Bancorp Parent Company is interest expense on junior subordinated debentures issued in connection with trust preferred securities. BankAtlantic Bancorp has the right to defer quarterly payments of interest on the junior subordinated debentures for a period not to exceed 20 consecutive quarters without default or penalty. During all four quarters during 2009 and during the first quarter of 2010, BankAtlantic Bancorp notified the trustees under its junior subordinated debentures that it has elected to defer its quarterly interest payments. During the deferral period, the respective trusts will likewise suspend the declaration and payment of dividends on the trust preferred securities. Additionally, during the deferral period, BankAtlantic Bancorp may not pay dividends on or repurchase its common stock. BankAtlantic Bancorp Parent Company deferred the interest and dividend payments in order to preserve its liquidity in response to current economic conditions. In January 2010, BankAtlantic Bancorp commenced cash offers to purchase the outstanding trust preferred securities. See Note 23 of the “Notes to Consolidated Financial Statements” for more information regarding BankAtlantic Bancorp’s cash tender offer for its trust preferred securities.
BankAtlantic Bancorp Parent Company had the following cash and investments as of December 31, 2009 (in thousands). There is no assurance that we would receive proceeds equal to the estimated fair value upon the liquidation of the equity securities.
Carrying Unrealized Unrealized Estimated
Value Appreciation Depreciation Fair Value
$ 14,002 — — 14,002
1,510 — 6 1,504
$ 15,512 — 6 15,506
BankAtlantic Bancorp Parent Company’s work-out subsidiary had the following loans and real estate owned as of December 31, 2009:
(in millions) Amount
Total commercial loans
Total loans and real estate owned
Regulation and Supervision
We are a unitary savings and loan holding company within the meaning of the Home Owners’ Loan Act, as amended, or HOLA. As such, we are registered with the Office of Thrift Supervision, or OTS, and are subject to OTS regulations, examinations, supervision and reporting requirements. In addition, the OTS has enforcement authority over us. Among other things, this authority permits the OTS to restrict or prohibit activities that are determined to be a serious risk to the financial safety, soundness or stability of a subsidiary savings bank.
HOLA prohibits a savings bank holding company, directly or indirectly, or through one or more subsidiaries, from:
• acquiring another savings institution or its holding company without prior written approval of the OTS;
• acquiring or retaining, with certain exceptions, more than 5% of a non-subsidiary savings institution, a non-subsidiary holding company, or a non-subsidiary company engaged in activities other than those permitted by HOLA; or
• acquiring or retaining control of a depository institution that is not insured by the FDIC.
In evaluating an application by a holding company to acquire a savings institution, the OTS must consider the financial and managerial resources and future prospects of the company and savings institution involved, the effect of the acquisition on the risk to the insurance funds, the convenience and needs of the community and competitive factors.
As a unitary savings and loan holding company, we generally are not restricted under existing laws as to the types of business activities in which we may engage, provided that BankAtlantic continues to satisfy the Qualified Thrift Lender, or QTL, test. See “Regulation of Federal Savings Banks — QTL Test” for a discussion of the QTL requirements. If we were to make a non-supervisory acquisition of another savings institution or of a savings institution that meets the QTL test and is deemed to be a savings institution by the OTS and that will be held as a separate subsidiary, then we would become a multiple savings and loan holding company within the meaning of HOLA and would be subject to limitations on the types of business activities in which we can engage. HOLA limits the activities of a multiple savings institution holding company and its non-insured institution subsidiaries primarily to activities permissible for bank holding companies under Section 4(c) of the Bank Holding Company Act, subject to the prior approval of the OTS, and to other activities authorized by OTS regulation.
Transactions between BankAtlantic, including any of BankAtlantic’s subsidiaries, and us or any of BankAtlantic’s affiliates, are subject to various conditions and limitations. See “Regulation of Federal Savings Banks — Transactions with Related Parties.” BankAtlantic must seek approval from the OTS prior to any declaration of the payment of any dividends or other capital distributions to us. See “Regulation of Federal Savings Banks — Limitation on Capital Distributions.”
BankAtlantic is a federal savings association and is subject to extensive regulation, examination, and supervision by the OTS, as its chartering agency and primary regulator, and the FDIC, as its deposit insurer. BankAtlantic’s deposit accounts are insured up to applicable limits by the Deposit Insurance Fund, which is administered by the FDIC. BankAtlantic must file reports with the OTS and the FDIC concerning its activities and financial condition. Additionally, BankAtlantic must obtain regulatory approvals prior to entering into certain transactions, such as mergers with, or acquisitions of, other depository institutions, and must submit applications or notices prior to forming certain types of subsidiaries or engaging in certain activities through its subsidiaries. The OTS and the FDIC conduct periodic examinations to assess BankAtlantic’s safety and soundness and compliance with various regulatory requirements. This regulation and supervision establishes a comprehensive framework of activities in which a savings bank can engage and is intended primarily for the protection of the insurance fund and depositors. The OTS and the FDIC have significant discretion in connection with their supervisory and enforcement activities and examination policies. Any change in such applicable activities or policies, whether by the OTS, the FDIC or the Congress, could have a material adverse impact on us, BankAtlantic, and our operations.
The following discussion is intended to be a summary of the material banking statutes and regulations applicable to BankAtlantic, and it does not purport to be a comprehensive description of such statutes and regulations, nor does it include every federal and state statute and regulation applicable to BankAtlantic.
Regulation of Federal Savings Banks
Business Activities. BankAtlantic derives its lending and investment powers from HOLA and the regulations of the OTS thereunder. Under these laws and regulations, BankAtlantic may invest in:
• mortgage loans secured by residential and commercial real estate;
• commercial and consumer loans;
• certain types of debt securities; and
• certain other assets.
BankAtlantic may also establish service corporations to engage in activities not otherwise permissible for BankAtlantic, including certain real estate equity investments and securities and insurance brokerage. These investment powers are subject to limitations, including, among others, limitations that require debt securities acquired by BankAtlantic to meet certain rating criteria and that limit BankAtlantic’s aggregate investment in various types of loans to certain percentages of capital and/or assets.
Loans to One Borrower. Under HOLA, savings banks are generally subject to the same limits on loans to one borrower as are imposed on national banks. Generally, under these limits, the total amount of loans and extensions of credit made by a savings bank to one borrower or related group of borrowers outstanding at one time and not fully secured by collateral may not exceed 15% of the savings bank’s unimpaired capital and unimpaired surplus. In addition to, and separate from, the 15% limitation, the total amount of loans and extensions of credit made by a savings bank to one borrower or related group of borrowers outstanding at one time and fully secured by readily-marketable collateral may not exceed 10% of the savings bank’s unimpaired capital and unimpaired surplus. Readily-marketable collateral includes certain debt and equity securities and bullion, but generally does not include real estate. At December 31, 2009, BankAtlantic’s limit on loans to one borrower was approximately $76.6 million. At December 31, 2009, BankAtlantic’s largest aggregate amount of loans to one borrower was approximately $37.8 million and the second largest borrower had an aggregate balance of approximately $36.9 million.
QTL Test. HOLA requires a savings bank to meet a QTL test by maintaining at least 65% of its “portfolio assets” in certain “qualified thrift investments” on a monthly average basis in at least nine months out of every twelve months. A savings bank that fails the QTL test must either operate under certain restrictions on its activities or convert to a bank charter. At December 31, 2009, BankAtlantic maintained approximately 74% of its portfolio assets in qualified thrift investments. BankAtlantic had also satisfied the QTL test in each of the nine months prior to December 2009 and, therefore, was a QTL.
Capital Requirements. The OTS regulations require savings banks to meet three minimum capital standards:
• a tangible capital requirement for savings banks to have tangible capital in an amount equal to at least 1.5% of adjusted total assets;
• a leverage ratio requirement:
• for savings banks assigned the highest composite rating of 1, to have core capital in an amount equal to at least 3% of adjusted total assets; or
• for savings banks assigned any other composite rating, to have core capital in an amount equal to at least 4% of adjusted total assets, or a higher percentage if warranted by the particular circumstances or risk profile of the savings bank; and
• a risk-based capital requirement for savings banks to have capital in an amount equal to at least 8% of risk-weighted assets.
In determining the amount of risk-weighted assets for purposes of the risk-based capital requirement, a savings bank must compute its risk-based assets by multiplying its assets and certain off-balance sheet items by risk-weights assigned by the OTS capital regulations. The OTS monitors the risk management of individual institutions. The OTS may impose an individual minimum capital requirement on institutions that it believes exhibit a higher degree of risk.
At December 31, 2009, BankAtlantic exceeded all applicable regulatory capital requirements. See Note 35 of the “Notes to Consolidated Financial Statements” for actual capital amounts and ratios.
There currently are no regulatory capital requirements directly applicable to us as a unitary savings and loan holding company apart from the regulatory capital requirements for savings banks that are applicable to BankAtlantic; however, changes in regulations could result in additional requirements being imposed on us.
Limitation on Capital Distributions. The OTS regulations impose limitations upon certain capital distributions by savings banks, such as certain cash dividends, payments to repurchase or otherwise acquire its shares, payments to shareholders of another institution in a cash-out merger and other distributions charged against capital.
The OTS regulates all capital distributions by BankAtlantic directly or indirectly to us, including dividend payments. BankAtlantic currently must file an application to receive the approval of the OTS for a proposed capital distribution, as the total amount of all of BankAtlantic’s capital distributions (including any proposed capital distribution) for the applicable calendar year exceeds BankAtlantic’s net income for that year-to-date period plus BankAtlantic’s retained net income for the preceding two years.
BankAtlantic may not pay dividends to BankAtlantic Bancorp if, after paying those dividends, it would fail to meet the required minimum levels under risk-based capital guidelines and the minimum leverage and tangible capital ratio requirements, or in the event the OTS notified BankAtlantic that it was in need of more than normal supervision. Under the Federal Deposit Insurance Act, or FDIA, an insured depository institution such as BankAtlantic is prohibited from making capital distributions, including the payment of dividends, if, after making such distribution, the institution would become “undercapitalized.” Payment of dividends by BankAtlantic also may be restricted at any time at the discretion of the appropriate regulator if it deems the payment to constitute an unsafe and unsound banking practice.
Liquidity. BankAtlantic is required to maintain sufficient liquidity to ensure its safe and sound operation, in accordance with OTS regulations.
Assessments. The OTS charges assessments to recover the costs of examining savings banks and their affiliates, processing applications and other filings, and covering direct and indirect expenses in regulating savings banks and their affiliates. These assessments are based on three components:
• the size of the savings bank, on which the basic assessment is based;
• the savings bank’s supervisory condition, which results in an additional assessment based on a percentage of the basic assessment for any savings bank with a composite rating of 3, 4 or 5 in its most recent safety and soundness examination; and
• the complexity of the savings bank’s operations, which results in an additional assessment based on a percentage of the basic assessment for any savings bank that has more than $1 billion in trust assets that it administers, loans that it services for others or assets covered by its recourse obligations or direct credit substitutes.
These assessments are paid semi-annually. BankAtlantic’s assessment expense during the year ended December 31, 2009 was approximately $1.2 million.
Branching. Subject to certain limitations, HOLA and the OTS regulations permit federally chartered savings banks to establish branches in any state or territory of the United States.
Community Reinvestment. Under the Community Reinvestment Act, or CRA, a savings institution has a continuing and affirmative obligation consistent with its safe and sound operation to help meet the credit needs of its entire community, including low and moderate income neighborhoods. The CRA requires the OTS to assess the institution’s record of meeting the credit needs of its community and to take such record into account in its evaluation of certain applications by the institution. This assessment focuses on three tests:
• a lending test, to evaluate the institution’s record of making loans in its designated assessment areas;
• an investment test, to evaluate the institution’s record of investing in community development projects, affordable housing, and programs benefiting low or moderate income individuals and businesses; and
• a service test, to evaluate the institution’s delivery of banking services throughout its designated assessment area.
The OTS assigns institutions a rating of “outstanding,” “satisfactory,” “needs to improve,” or “substantial non-compliance.” The CRA requires all institutions to disclose their CRA ratings to the public. BankAtlantic received a “satisfactory” rating in its most recent CRA evaluation. Regulations also require all institutions to disclose certain agreements that are in fulfillment of the CRA. BankAtlantic has no such agreements in place at this time.
Transactions with Related Parties. BankAtlantic’s authority to engage in transactions with its “affiliates” is limited by Sections 23A and 23B of the Federal Reserve Act, or FRA, by Regulation W of the Federal Reserve Board, or FRB, implementing Sections 23A and 23B of the FRA, and by OTS regulations. The applicable OTS regulations for savings banks regarding transactions with affiliates generally conform to the requirements of Regulation W, which is applicable to national banks. In general, an affiliate of a savings bank is any company that controls, is controlled by, or is under common control with, the savings bank, other than the savings bank’s subsidiaries. For instance, we are deemed an affiliate of BankAtlantic under these regulations.
Generally, Section 23A limits the extent to which a savings bank may engage in “covered transactions” with any one affiliate to an amount equal to 10% of the savings bank’s capital stock and surplus, and contains an aggregate limit on all such transactions with all affiliates to an amount equal to 20% of the savings bank’s capital stock and surplus. A covered transaction generally includes:
• making or renewing a loan or other extension of credit to an affiliate;
• purchasing, or investing in, a security issued by an affiliate;
• purchasing an asset from an affiliate;
• accepting a security issued by an affiliate as collateral for a loan or other extension of credit to any person or entity; and
• issuing a guarantee, acceptance or letter of credit on behalf of an affiliate.
Section 23A also establishes specific collateral requirements for loans or extensions of credit to, or guarantees, or acceptances of letters of credit issued on behalf of, an affiliate. Section 23B requires covered transactions and certain other transactions to be on terms and under circumstances, including credit standards, that are substantially the same, or at least as favorable to the savings bank, as those prevailing at the time for transactions with or involving non-affiliates. Additionally, under the OTS regulations, a savings bank is prohibited from:
• making a loan or other extension of credit to an affiliate that is engaged in any non-bank holding company activity; and
• purchasing, or investing in, securities issued by an affiliate that is not a subsidiary.
Sections 22(g) and 22(h) of the FRA, Regulation O of the FRB, Section 402 of the Sarbanes-Oxley Act of 2002, and OTS regulations impose limitations on loans and extensions of credit from BankAtlantic and us to its and our executive officers, directors, controlling shareholders and their related interests. The applicable OTS regulations for savings banks regarding loans by a savings bank to its executive officers, directors and principal shareholders generally conform to the requirements of Regulation O, which is applicable to national banks.
Enforcement. Under the FDIA, the OTS has primary enforcement responsibility over savings banks and has the authority to bring enforcement action against all “institution-affiliated parties,” including any controlling stockholder or any shareholder, attorney, appraiser and accountant who knowingly or recklessly participates in any violation of applicable law or regulation, breach of fiduciary duty, or certain other wrongful actions that have, or are likely to have, a significant adverse effect on an insured savings bank or cause it more than minimal loss. In addition, the FDIC has back-up authority to take enforcement action for unsafe and unsound practices. Formal enforcement action can include the issuance of a capital directive, cease and desist order, removal of officers and/or directors, institution of proceedings for receivership or conservatorship and termination of deposit insurance.
Examination. A savings institution must demonstrate to the OTS its ability to manage its compliance responsibilities by establishing an effective and comprehensive oversight and monitoring program. The degree of compliance oversight and monitoring by the institution’s management impacts the scope and intensity of the OTS’ examinations of the institution. Institutions with significant management oversight and monitoring of compliance will generally receive less extensive OTS examinations than institutions with less oversight.
Standards for Safety and Soundness. Pursuant to the requirements of the FDIA, the OTS, together with the other federal bank regulatory agencies, has adopted the Interagency Guidelines Establishing Standards for Safety and Soundness, or the Guidelines. The Guidelines establish general safety and soundness standards relating to internal controls, information and internal audit systems, loan documentation, credit underwriting, interest rate exposure, asset growth, asset quality, earnings and compensation, fees and benefits. In general, the Guidelines require, among other things, appropriate systems and practices to identify and manage the risks and exposures specified in the Guidelines. If the OTS determines that a savings bank fails to meet any standard established by the Guidelines, then the OTS may require the savings bank to submit to the OTS an acceptable plan to achieve compliance. If a savings bank fails to comply, the OTS may seek an enforcement order in judicial proceedings and impose civil monetary penalties.
Shared National Credit Program. The Shared National Credit Program is an interagency program, established in 1977, to provide a periodic credit risk assessment of the largest and most complex syndicated loans held or agented by financial institutions subject to supervision by a federal bank regulatory agency. The Shared National Credit Program is administered by the FRB, FDIC, OTS and the Office of the Comptroller of the Currency. The Shared National Credit Program covers any loan or loan commitment of at least $20 million (i) which is shared under a formal lending agreement by three or more unaffiliated financial institutions or (ii) a portion of which is sold to two or more unaffiliated financial institutions with the purchasing financial institutions assuming their pro rata share of the credit risk. The Shared National Credit Program is designed to provide uniformity and efficiency in the federal banking agencies’ analysis and rating of the largest and most complex credit facilities in the country by avoiding duplicate credit reviews and ensuring consistency in rating determinations. The federal banking agencies use a combination of statistical and judgmental sampling techniques to select borrowers for review each year. The selected borrowers are reviewed and the credit quality rating assigned by the applicable federal banking agency’s examination team will be reported to each financial institution that participates in the loan as of the examination date. The assigned ratings are used during examinations of the other financial institutions to avoid duplicate reviews and ensure consistent treatment of these loans. BankAtlantic has entered into participations with respect to certain of its loans and has acquired participations in the loans of other financial institutions which are subject to this program and accordingly these loans may be subject to this additional review.
Real Estate Lending Standards. The OTS and the other federal banking agencies adopted regulations to prescribe standards for extensions of credit that are secured by liens on or interests in real estate or are made for the purpose of financing the construction of improvements on real estate. The OTS regulations require each savings bank to establish and maintain written internal real estate lending standards that are consistent with OTS guidelines and with safe and sound banking practices and which are appropriate to the size of the savings bank and the nature and scope of its real estate lending activities.
Prompt Corrective Regulatory Action. Under the OTS Prompt Corrective Action Regulations, the OTS is required to take certain, and is authorized to take other, supervisory actions against undercapitalized savings banks, such as requiring compliance with a capital restoration plan, restricting asset growth, acquisitions, branching and new lines of business and, in extreme cases, appointment of a receiver or conservator. The severity of the action required or authorized to be taken increases as a savings bank’s capital deteriorates. Savings banks are classified into five categories of capitalization as “well capitalized,” “adequately capitalized,” “undercapitalized,” “significantly undercapitalized,” and “critically undercapitalized.” Generally, a savings bank is categorized as “well capitalized” if:
• its total capital is at least 10% of its risk-weighted assets;
• its core capital is at least 6% of its risk-weighted assets;
• its core capital is at least 5% of its adjusted total assets; and
• it is not subject to any written agreement, order, capital directive or prompt corrective action directive issued by the OTS, or certain regulations, to meet or maintain a specific capital level for any capital measure.
The OTS categorized BankAtlantic as “well capitalized” following its last examination and BankAtlantic remained categorized “well capitalized” as of December 31, 2009. However, there is no assurance that it will continue to be deemed “well capitalized” even if current capital ratios are maintained where asset quality continues to deteriorate.
Insurance of Deposit Accounts. Savings banks are subject to a risk-based assessment system for determining the deposit insurance assessments to be paid by them.
Until December 31, 2006, the FDIC had assigned each savings institution to one of three capital categories based on the savings institution’s financial information as of its most recent quarterly financial report filed with the applicable bank regulatory agency prior to the assessment period. The FDIC had also assigned each savings institution to one of three supervisory subcategories within each capital category based upon a supervisory evaluation provided to the FDIC by the savings institution’s primary federal regulator and information that the FDIC determined to be relevant to the savings institution’s financial condition and the risk posed to the previously existing deposit insurance funds. A savings institution’s deposit insurance assessment rate depended on the capital category and supervisory subcategory to which it was assigned. Insurance assessment rates ranged from 0.00% of deposits for a savings institution in the highest category (i.e., well capitalized and financially sound, with no more than a few minor weaknesses) to 0.27% of deposits for a savings institution in the lowest category (i.e., undercapitalized and substantial supervisory concern).
On January 1, 2007, the Federal Deposit Insurance Reform Act of 2005, or the Reform Act, became effective. The Reform Act, among other things, merged the Bank Insurance Fund and the Savings Association Insurance Fund, both of which were administered by the FDIC, into a new fund administered by the FDIC known as the Deposit Insurance Fund, or DIF, and increased the coverage limit for certain retirement plan deposits to $250,000, but maintained the basic insurance coverage limit of $100,000 for other depositors. On October 3, 2008, the Emergency Economic Stabilization Act of 2008, or the Stabilization Act, temporarily raised the basic insurance coverage limit to $250,000. This temporary increase in the basic insurance coverage limit will expire on December 31, 2013 and the basic insurance coverage limit will return to $100,000 on January 1, 2014.
As a result of the Reform Act, the FDIC now assigns each savings institution to one of four risk categories based upon the savings institution’s capital evaluation and supervisory evaluation. The capital evaluation is based upon financial information as of the savings institution’s most recent quarterly financial report filed with the applicable bank regulatory agency at the end of each quarterly assessment period. The supervisory evaluation is based upon the results of examination findings by the savings institution’s primary federal regulator and information that the FDIC has determined to be relevant to the savings institution’s financial condition and the risk posed to the DIF. A savings institution’s deposit insurance base assessment rate depends on the risk category to which it is assigned. In April 2009, the FDIC implemented regulations to improve the way its insurance base assessment rates differentiate risk among insured institutions and make the risk-based system fairer by limiting the subsidization of riskier institutions by safer institutions. For the quarter which began January 1, 2010, insurance base assessment rates range from 12 cents per $100 (but could be as low as 7 cents per $100, after computing applicable adjustments) in assessable deposits for a savings institution in the least risk category (i.e., well capitalized and financially sound with only a few minor weaknesses) to 45 cents per $100 (but could be as high as 77.5 cents per $100, after computing applicable adjustments) in assessable deposits for a savings institution in the most risk category (i.e., undercapitalized and poses a substantial probability of loss to the DIF unless effective corrective action is taken) BankAtlantic’s FICE deposit insurance premium increased from $2.8 million for the year ended December 31, 2008 to $8.6 million for the same 2009 period.
The FDIC is authorized to raise the assessment rates in certain circumstances, which would affect savings institutions in all risk categories. The FDIC is also authorized to impose special assessments. The FDIC has exercised its authority to raise assessment rates and impose special assessments several times in the past, including during 2009, and could raise rates and impose special assessments in the future. Increases in deposit insurance premiums and the imposition of special assessments would have an adverse effect on our earnings. BankAtlantic paid a $2.4 million FDIC special assessment for the year ended December 31, 2009.
Privacy and Security Protection. BankAtlantic is subject to the OTS regulations implementing the privacy and security protection provisions of the Gramm-Leach-Bliley Act, or GLBA. These regulations require a savings bank to disclose to its customers and consumers its policy and practices with respect to the privacy, and sharing with nonaffiliated third parties, of its customers and consumers’ “nonpublic personal information.” Additionally, in certain instances, BankAtlantic is required to provide its customers and consumers with the ability to “opt-out” of having BankAtlantic share their nonpublic personal information with nonaffiliated third parties. These regulations also require savings banks to maintain policies and procedures to safeguard their customers and consumers’ nonpublic personal information. BankAtlantic has policies and procedures designed to comply with GLBA and applicable privacy and security regulations.
Insurance Activities. BankAtlantic is generally permitted to engage in certain insurance activities through its subsidiaries. The OTS regulations implemented pursuant to GLBA prohibit, among other things, depository institutions from conditioning the extension of credit to individuals upon either the purchase of an insurance product or annuity or an agreement by the consumer not to purchase an insurance product or annuity from an entity that is not affiliated with the depository institution. The regulations also require prior disclosure of this prohibition to potential insurance product or annuity customers.
Federal Home Loan Bank System. BankAtlantic is a member of the Federal Home Loan Bank, or FHLB, of Atlanta, which is one of the twelve regional FHLB’s composing the FHLB system. Each FHLB provides a central credit facility primarily for its member institutions as well as other entities involved in home mortgage lending. Any advances from a FHLB must be secured by specified types of collateral, and all long-term advances may be obtained only for the purpose of providing funds for residential housing finance. As a member of the FHLB of Atlanta, BankAtlantic is required to acquire and hold shares of capital stock in the FHLB of Atlanta. BankAtlantic was in compliance with this requirement with an investment in FHLB of Atlanta stock at December 31, 2009 of approximately $48.8 million. During the year ended December 31, 2009, the FHLB of Atlanta paid dividends of approximately $0.2 million on the capital stock held by BankAtlantic. The FHLB did not pay a dividend during the first six months of 2009 and in February 2009 suspended excess stock redemptions.
Federal Reserve System. BankAtlantic is subject to provisions of the FRA and the FRB’s regulations, pursuant to which depository institutions may be required to maintain non-interest-earning reserves against their deposit accounts and certain other liabilities. Currently, federal savings banks must maintain reserves against transaction accounts (primarily NOW and regular interest and non-interest bearing checking accounts). The FRB regulations establish the specific rates of reserves that must be maintained, which are subject to adjustment by the FRB. BankAtlantic is currently in compliance with those reserve requirements. The required reserves must be maintained in the form of vault cash, a non-interest-bearing account at a Federal Reserve Bank, or a pass-through account as defined by the FRB. The FRB pays targeted federal funds rates on the required reserves which are lower than the yield on our traditional investments.
Anti-Terrorism and Anti-Money Laundering Regulations. The Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, or the USA PATRIOT Act, provides the federal government with additional powers to address terrorist threats through enhanced domestic security measures, expanded surveillance powers, increased information sharing and broadened anti-money laundering requirements. By way of amendments to the Bank Secrecy Act, or BSA, the USA PATRIOT Act puts in place measures intended to encourage information sharing among bank regulatory and law enforcement agencies. In addition, certain provisions of the USA PATRIOT Act impose affirmative obligations on a broad range of financial institutions, including savings banks.
Among other requirements, the USA PATRIOT Act and the related OTS regulations require savings banks to establish anti-money laundering programs that include, at a minimum:
• internal policies, procedures and controls designed to implement and maintain the savings bank’s compliance with all of the requirements of the USA PATRIOT Act, the BSA and related laws and regulations;
• systems and procedures for monitoring and reporting of suspicious transactions and activities;
• a designated compliance officer;
• employee training;
• an independent audit function to test the anti-money laundering program;
• procedures to verify the identity of each customer upon the opening of accounts; and
• heightened due diligence policies, procedures and controls applicable to certain foreign accounts and relationships.
Additionally, the USA PATRIOT Act requires each financial institution to develop a customer identification program, or CIP, as part of its anti-money laundering program. The key components of the CIP are identification, verification, government list comparison, notice and record retention. The purpose of the CIP is to enable the financial institution to determine the true identity and anticipated account activity of each customer. To make this determination, among other things, the financial institution must collect certain information from customers at the time they enter into the customer relationship with the financial institution. This information must be verified within a reasonable time through documentary and non-documentary methods. Furthermore, all customers must be screened against any CIP-related government lists of known or suspected terrorists.
The USA Patriot Act established the Office of Foreign Assets Control (“OFAC”), which is a division of the Treasury Department, and is responsible for helping to ensure that United States entities do not engage in transactions with “enemies” of the United States, as defined by various Executive Orders and Acts of Congress. OFAC has sent banking regulatory agencies lists of names of persons and organizations suspected of aiding, harboring or engaging in terrorist acts. If BankAtlantic identifies a name on any transaction, account or wire transfer that is on an OFAC list, it must freeze or reject such account or transaction, evaluate the need to file a suspicious activity report and notify the Financial Crimes Enforcement Network (“FinCEN”).
Consumer Protection. BankAtlantic is subject to federal and state consumer protection statutes and regulations, including the Fair Credit Reporting Act, the Fair and Accurate Credit Transactions Act, the Equal Credit Opportunity Act, the Fair Housing Act, the Truth in Lending Act, the Truth in Savings Act, the Real Estate Settlement Procedures Act and the Home Mortgage Disclosure Act. Among other things, these acts:
• require lenders to disclose credit terms in meaningful and consistent ways;
• require financial institutions to establish policies and procedures regarding identity theft and notify customers of certain information concerning their credit reporting;
• prohibit discrimination against an applicant in any consumer or business credit transaction;
• prohibit discrimination in housing-related lending activities;
• require certain lender banks to collect and report applicant and borrower data regarding loans for home purchase or improvement projects;
• require lenders to provide borrowers with information regarding the nature and cost of real estate settlements;
• prohibit certain lending practices and limit escrow account amounts with respect to real estate transactions; and
• prescribe penalties for violations of the requirements of consumer protection statutes and regulations.
Management believes that its relations with its employees are satisfactory. The Company currently maintains employee benefit programs that are considered by management to be generally competitive with programs provided by other major employers in its markets.
As of December 31, 2009, the Company and its subsidiaries had approximately 5,368 employees, including 37 employees at BFC Parent and BFC Shared Service operations, 36 employees supporting Woodbridge, 6 employees supporting BankAtlantic Bancorp Parent Company, 1,638 employees supporting BankAtlantic (including 212 part time employees) and 3,651 employees supporting Bluegreen, of which 386 were located in Bluegreen’s headquarters in Boca Raton, Florida and 3,265 were located in regional field offices throughout the United States and Aruba. The field personnel at Bluegreen include 85 field employees supporting Bluegreen Communities and 3,180 field employees supporting Bluegreen Resorts. Several Bluegreen employees in New Jersey are represented by a collective bargaining unit.
Regulatory Matters — Real Estate
The vacation ownership and real estate industries are subject to extensive and complex federal, state, and local governmental regulation. Federal, state, local and foreign environmental, zoning, consumer protection and other statutes regulate the acquisition, subdivision, marketing and sale of real estate and VOIs. On a federal level, the Federal Trade Commission has taken an active regulatory role through the Federal Trade Commission Act, prohibiting unfair or deceptive acts and unfair competition in interstate commerce. Vacation ownership interests are subject to various regulatory requirements including state and local approvals. The laws of most states require the filing of a detailed offering statement which provides disclosure of all material aspects of the project and sale of VOIs. Laws in each state where VOIs are sold generally grant the purchaser of a VOI the right to cancel a purchase contract at any time within a specified rescission period. There is also no assurance that in the future, VOIs will not be deemed to be securities subject to securities regulation. Most states also have other laws that regulate: real estate licensure; sellers of travel licensure; anti-fraud laws; telemarketing laws; prize, gift and sweepstakes laws; and, labor laws. In addition, we may be subject to the Fair Housing Act and various other federal statutes and regulations. The sales and marketing of homesites are subject to various consumer protection laws and to the Federal Interstate Land Sales Full Disclosure Act, which establishes strict guidelines with respect to the marketing and sale of land in interstate commerce.
There is no assurance that the cost of complying with applicable laws and regulations will not be significant. Any failure to comply with current or future laws or regulations applicable to the sale of VOIs or real estate could have a material adverse effect on us.
There has been significant dislocation in the real estate markets. Land values have deteriorated significantly, and lenders who have foreclosed on properties throughout the United States and particularly in those areas where the Company and its subsidiaries operate are selling properties at significant discounts. The purchasers of such properties may have a significantly lower basis than we have and accordingly such purchasers have a competitive advantage with respect to the development or resale of those properties.
Bluegreen Resorts competes with various high profile and well-established operators, many of which have greater liquidity and financial resources than Bluegreen. Many of the world’s most recognized lodging, hospitality and entertainment companies develop and sell VOIs in resort properties. Major companies that now operate or are developing or planning to develop vacation ownership resorts directly or through subsidiaries include Marriott International, Inc., the Walt Disney Company, Hilton Hotels Corporation, Hyatt Corporation, Four Seasons Hotels and Resorts, Starwood Hotels and Resorts Worldwide, Inc. and Wyndham Worldwide Corporation. Bluegreen Resorts also competes with numerous other smaller owners and operators of vacation ownership resorts. In addition to competing for sales leads, prospects and service contracts, Bluegreen Resorts competes with other VOI developers for marketing, sales, and resort management personnel.
The banking and financial services industry is very competitive and is in transition. The financial services industry is experiencing a severe downturn and there is increased competition in the marketplace. We expect continued consolidation in the financial service industry creating larger financial institutions. BankAtlantic’s primary method of competition is emphasis on relationship banking, customer service and convenience, including its Florida’s Most Convenient Bank initiative.
BankAtlantic faces substantial competition for both loans and deposits. Competition for loans comes principally from other banks, savings institutions and other lenders. This competition could decrease the number and size of loans that BankAtlantic makes and the interest rates and fees that BankAtlantic receives on these loans. .BankAtlantic competes for deposits with banks, savings institutions and credit unions, as well as institutions offering uninsured investment alternatives, including money market funds and mutual funds, many of which are uninsured. These competitors may offer higher interest rates than BankAtlantic, which could decrease the deposits that Bank Atlantic attracts or require BankAtlantic to increase its rates to attract new deposits. Increased competition for deposits could increase BankAtlantic’s cost of funds, reduce its net interest margin and adversely affect its results of operations.
ITEM 1A. RISK FACTORS
RISKS RELATED TO BFC, GENERALLY
We have in the past incurred cash flow deficits at the BFC parent company level which we expect will continue in the future.
BFC is engaged in making investments in operating businesses and, in the past, BFC Parent has not had revenue generating operating activities. We have in the past incurred cash flow deficits at BFC Parent and expect to continue to incur cash flow deficits in the foreseeable future. We have financed these operating cash flow deficits with available working capital, issuances of equity or debt securities, and with dividends from our subsidiaries. BFC Parent is dependent upon dividends from its subsidiaries to fund its operations. Currently, BankAtlantic Bancorp is restricted from paying dividends and these restrictions may continue in the future. In addition, Bluegreen has historically not paid dividends on its common stock. As a result, if cash flow is not sufficient to fund our operating expenses in the future, we may be forced to reduce operating expenses, to liquidate some of our investments or to seek to fund our operations from the proceeds of additional equity or debt financing. There is no assurance that any such financing would be available on commercially reasonable terms, if at all, or that we would not be forced to liquidate our investments at depressed prices.
Adverse conditions and events where our investments are currently concentrated or in the industries in which our subsidiaries operate could continue to adversely impact our results and future growth.
BankAtlantic Bancorp’s business, the location of BankAtlantic’s branches and the real estate collateralizing its commercial real estate loans and home equity loans are concentrated in Florida. Further, our operations are concentrated in Florida and South Carolina. Economic conditions generally, and the economies of both Florida and South Carolina in particular have adversely impacted our results and operations. Further, each of these states is subject to the risks of natural disasters, such as tropical storms and hurricanes. The continued impact of the economic downturn, natural disasters or adverse changes in laws or regulations applicable to the companies could impact the credit quality of BankAtlantic’s assets, the desirability of our properties, the financial condition and performance of our customers and our overall success. In addition, Bluegreen’s operations, which are primarily conducted within the vacation ownership and real estate industry, have also been adversely impacted by the current economic downturn. The persistence or further deterioration of the current adverse economic conditions could have a material adverse effect on our business and results of operations.
We are subject to the risks faced by the companies in which we currently hold investments.
Our primary holdings consist of our direct and indirect investments in BankAtlantic Bancorp, Bluegreen, Core, Pizza Fusion and Benihana. As a result, we are subject to the risks faced by these companies in their respective industries. Each has been adversely affected by a downturn in the economy, loss of consumer confidence and disruptions in the credit markets. Our current business plan includes a focus on providing strategic support to the companies within our consolidated group, and in which we hold investments. Such support may include further investments in those companies. Any such additional investments will further expose us to the risks faced by those companies.
We will be required to make a cash payment to shareholders of Woodbridge who exercised appraisal rights in connection with the Merger.
Under Florida law, holders of Woodbridge’s Class A Common Stock who did not vote to approve the Woodbridge Merger and who properly asserted and exercised their appraisal rights with respect to their shares (“Dissenting Holders”) are entitled to receive a cash payment in an amount equal to the fair value of their shares (as determined in accordance with the provisions of Florida law) in lieu of the shares of BFC’s Class A Common Stock which they would otherwise have been entitled to receive. Dissenting Holders, who owned in the aggregate approximately 4.6 million shares of Woodbridge’s Class A Common Stock, provided written notice to Woodbridge regarding their intent to exercise their appraisal rights. In accordance with Florida law, Woodbridge provided written notices and required forms to the Dissenting Holders setting forth, among other things, its determination that the fair value of Woodbridge’s Class A Common Stock immediately prior to the effectiveness of the Merger was $1.10 per share. Dissenting Holders were required to return their appraisal forms by November 10, 2009 and indicate on their appraisal forms whether the Dissenting Holder chose to (i) accept Woodbridge’s offer of $1.10 per share in cash, or (ii) demand payment of the fair value estimate determined by the Dissenting Holder plus interest. As of the date of this filing, one Dissenting Holder which held approximately 400,000 shares of Woodbridge’s Class A Common Stock had withdrawn its shares from the appraisal rights process, while the remaining Dissenting Holders, who collectively held approximately 4.2 million shares of Woodbridge’s Class A Common Stock, have rejected Woodbridge’s offer of $1.10 per share and requested payment for their shares based on their respective views of the fair value of Woodbridge’s Class A Common Stock prior to the merger. In December 2009, the Company recorded a $4.6 million liability with a corresponding reduction to additional paid-in capital representing, in the aggregate, Woodbridge’s offer to the Dissenting Holders. However, the appraisal rights litigation is currently ongoing and its outcome is uncertain. As a result, there is no assurance as to the amount of cash that Woodbridge will be required to pay to the Dissenting Holders and such amount may be greater than the $4.6 million that we have accrued. Any significant increase in Woodbridge’s obligation to Dissenting Holders who exercise their appraisal rights could have a material adverse effect on BFC’s and Woodbridge’s businesses.
Regulatory restrictions, BankAtlantic’ performance and the terms of indebtedness limit or restrict BankAtlantic Bancorp’s ability to pay dividends which may impact our cash flow.
At December 31, 2009, we held approximately 37% of the outstanding common stock of BankAtlantic Bancorp. Dividends by BankAtlantic Bancorp are subject to a number of conditions, including the cash flow and profitability of BankAtlantic Bancorp, declaration of dividends by BankAtlantic Bancorp’s Board of Directors, compliance with the terms of outstanding indebtedness, and regulatory restrictions applicable to BankAtlantic.
BankAtlantic Bancorp is a separate publicly traded company whose Board of Directors includes a majority of independent directors as required by the listing standards of the New York Stock Exchange. Decisions made by BankAtlantic Bancorp’s Board are not within our control and may not be made in our best interests.
The declaration and payment of dividends and the ability of BankAtlantic Bancorp to meet its debt service obligations will depend upon adequate cash holdings, which are driven by the results of operations, financial condition and cash requirements of BankAtlantic Bancorp, and the ability of BankAtlantic to pay dividends to BankAtlantic Bancorp. The ability of BankAtlantic to pay dividends or make other distributions to BankAtlantic Bancorp is subject to regulations and prior approval of the Office of Thrift Supervision (“OTS”). The OTS would not approve any distribution that would cause BankAtlantic to fail to meet its capital requirements or if the OTS believes that a capital distribution by BankAtlantic would constitute an unsafe or unsound action or practice, and there is no assurance that the OTS would approve future applications for capital distributions from BankAtlantic. During the first quarter of 2009, BankAtlantic suspended the payment of dividends to BankAtlantic Bancorp and BankAtlantic has indicated that it does not intend to seek to make any capital distributions for the foreseeable future. In February 2009, BankAtlantic Bancorp elected to exercise its right to defer payments of interest on its trust preferred junior subordinated debt. BankAtlantic Bancorp is permitted to defer quarterly interest payments for up to 20 consecutive quarters. During the deferral period, BankAtlantic Bancorp is prohibited from paying dividends to its shareholders, including BFC. While BankAtlantic Bancorp can end the deferral period at any time, BankAtlantic Bancorp has indicated that it anticipates that is may continue to defer such interest payments for the foreseeable future. Accordingly, BFC does not expect to receive dividends from BankAtlantic Bancorp for the foreseeable future.
The payment of dividends by Bluegreen is not within our control.
Bluegreen is a separate publicly traded company whose Board of Directors includes a majority of independent directors as required by the listing standards of the New York Stock Exchange. Decisions made by Bluegreen’s Board are not within our control and may not be made in our best interests.
Bluegreen has not paid cash dividends during the three years ending December 31, 2009. Future dividends from Bluegreen are subject to approval by Bluegreen’s Board of Directors (a majority of whom are independent directors) and will depend upon, among other factors, Bluegreen’s results of operations, financial condition and operating and capital needs. Bluegreen may also be limited contractually from paying dividends by the terms of its credit facilities. Accordingly, there is no assurance that Bluegreen will pay dividends for the foreseeable future.
Dividends and distributions from our subsidiaries to their respective parent companies may be subject to claims in the future from creditors of the subsidiary.
Subsidiaries have in the past and may in the future make dividends or distributions to their parent companies. Dividend payments and other distributions by a subsidiary to its parent company, including payments or distributions from Core to Woodbridge, from BankAtlantic to BankAtlantic Bancorp, or from Woodbridge or BankAtlantic Bancorp to BFC may, in certain circumstances, be subject to claims made by creditors of the subsidiary which made the payment or distribution. Any such claim, if successful, may have a material and adverse impact on the financial condition of the parent company against which the claim was brought.
There are inherent uncertainties involved in estimates, judgments and assumptions used in the preparation of financial statements in accordance with GAAP. Any changes in estimates, judgments and assumptions used could have a material adverse effect on our financial position and operating results.
The consolidated financial statements included in the periodic reports we file with the SEC, including those included as part of this Annual Report on Form 10-K, are prepared in accordance with GAAP. The preparation of financial statements in accordance with GAAP involves making estimates, judgments and assumptions that affect reported amounts of assets (including purchase accounting fair value measurements, goodwill and other intangible assets), liabilities and related reserves, revenues, expenses and income. This includes estimates, judgments and assumptions for assessing the amortization /accretion of purchase accounting fair value differences and the future value of goodwill and other intangible assets pursuant to applicable accounting guidance. We base our estimates on historical experience and on various other assumptions that we believe to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. However, estimates, judgments and assumptions are inherently subject to change in the future. As a result, our estimates, judgments and assumptions may prove to be incorrect and our actual results may differ from these estimates under different assumptions or conditions. If any estimates, judgments or assumptions change in the future, or our actual results differ from our estimates or assumptions, we may be required to record additional expenses or impairment charges, which would be recorded as a charge against our earnings and could have a material adverse impact on our financial condition and operating results.
Our activities and our subsidiaries’ activities are subject to a wide range of regulatory requirements applicable to financial institutions and holding companies, and noncompliance with such regulations could have a material adverse effect on our business.
The Company and BankAtlantic Bancorp are each grandfathered unitary savings and loan holding companies and have broad authority to engage in various types of business activities. However, the OTS can stop either of us from engaging in activities or limit those activities if it determines that there is reasonable cause to believe that the continuation of any particular activity constitutes a serious risk to the financial safety, soundness or stability of BankAtlantic. The OTS may also:
• limit the payment of dividends by BankAtlantic to BankAtlantic Bancorp;
• limit transactions between us, BankAtlantic, BankAtlantic Bancorp and the subsidiaries or affiliates of either;
• limit the activities of BankAtlantic, BankAtlantic Bancorp or us; or
• impose capital requirements on us or BankAtlantic Bancorp.
In addition, unlike bank holding companies, as unitary savings and loan holding companies, BFC and BankAtlantic Bancorp are not currently subject to capital requirements. However, the OTS has indicated that it may, in the future, impose capital requirements on savings and loan holding companies. In addition, the current administration has proposed legislation which would, among other things, eliminate the status of “savings and loan holding company” and require us and BankAtlantic Bancorp to register as a bank holding company, which would subject us and BankAtlantic Bancorp to regulatory capital requirements. Further, the OTS or other regulatory bodies having authority over the Company in the future may adopt regulations in the future that would affect the Company’s operations, including BankAtlantic Bancorp’s ability to pay dividends or to engage in certain transactions or activities. See “Financial Services Regulation and Supervision — Holding Company.”
Certain members of our Board of Directors and certain of our executive officers are also directors and executive officers of our affiliates.
Alan B. Levan, our Chairman and Chief Executive Officer, and John E. Abdo, our Vice Chairman, are also members of the Boards of Directors and/or executive officers of BankAtlantic Bancorp, BankAtlantic, Woodbridge, Bluegreen and Benihana. Neither Mr. Levan nor Mr. Abdo is obligated to allocate a specific amount of time to the management of the Company, and they may devote more time and attention to the operations of our affiliates than they devote directly to our operations. Jarett S. Levan, a member of our Board of Directors, is the President of BankAtlantic Bancorp and the Chief Executive Officer of BankAtlantic and a member of the Board of each of them, and D. Keith Cobb, a member of our Board of Directors, is a member of the Boards of Directors of BankAtlantic Bancorp and BankAtlantic.
Risks Associated with Our Investments in the Restaurant Industry
We have an investment in preferred shares of Benihana which are convertible to shares of Benihana’s Common Stock. Benihana operates 98 restaurants in the United States, including 64 Benihana teppanyaki restaurants, nine Haru sushi restaurants and 25 RA Sushi Bar restaurants. In addition, 23 franchised Benihana teppanyaki restaurants operate in the United States, Latin America and the Caribbean. We have an investment in Pizza Fusion which has 18 restaurants, including 2 Company owned restaurants and 16 franchised restaurants, operating in 9 states and had entered into franchise agreements for an additional 12 stores by September 2010. As such, we are subject to the risks faced by these companies and the value of our investment will be influenced by the market performance and financial performance of these companies. Some of the risk factors common to the restaurant industry which might affect the performance of these companies include:
• the current economic downturn has adversely impacted consumer spending patterns and has had negative effects on consumer discretionary spending;
• the limited availability and high cost of credit may continue or deteriorate further;
• higher than normal food costs may adversely impact our results of operations;
• the failure of existing or new restaurants to perform as expected;
• the inability to construct new restaurants and remodel existing restaurants within projected budgets and time periods;
• increases in the minimum wage;
• increases in unemployment;
• intense competition in the restaurant industry;
• the food service industry is affected by litigation and publicity concerning food quality, health and other issues, which could cause customers to avoid a particular restaurant, result in significant liabilities or litigation costs or damage reputation or brand recognition; and
• implementing growth and renovation strategies may strain available resources.
Our portfolio of equity securities and our investments in BankAtlantic Bancorp, Benihana and Bluegreen subjects us to equity pricing risks.
Because BankAtlantic Bancorp and Bluegreen are consolidated in the Company’s financial statements, the decline in the market price of their stock would not impact the Company’s consolidated financial statements. However, a decline in the market price of the securities of either of these companies would likely have an adverse effect on the market price of our common stock. The market price of our common stock and our equity securities are important to our valuation and ability to obtain equity or debt financing.
We also have an investment in Benihana Series B Convertible Preferred Stock (“Benihana Preferred Stock”) for which no current market exists (unless converted into common stock). The 800,000 shares of Benihana Preferred Stock owned by the Company are convertible into 1,578,943 shares of Benihana Common Stock. At December 31, 2009, if converted, the aggregate market value of such shares would have been $6.6 million. The ability to realize or liquidate this investment will depend on future market and economic conditions and the ability to register our sale of shares of Benihana’s common stock in the event of the conversion of our shares of Benihana Convertible Preferred stock, all of which are subject to significant risk.
Our net operating loss carryforwards will be substantially limited as a result of the Merger with Woodbridge because the Merger resulted in an “ownership change” as defined in the Internal Revenue Code.
We have experienced and continue to experience net operating losses. Under the Internal Revenue Code, we may utilize our net operating loss carryforwards in certain circumstances to offset future taxable income and to reduce federal income tax liability, subject to certain requirements and restrictions. The Woodbridge merger, which was consummated on September 21, 2009, resulted in an “ownership change”, as defined in Section 382 of the Internal Revenue Code. As a result, our ability in the future to use our historic net operating loss carryforwards will be substantially limited, which could have a negative impact on our financial position and results of operations. However, we believe that BFC may utilize Woodbridge’s net operating loss carryforwards. Accordingly, in September 2009, our Board of Directors adopted a shareholder rights plan designed to preserve shareholder value and protect our ability to use Woodbridge’s net operating loss carryforwards by providing a deterrent to holders of less than 5% of our common stock from acquiring a 5% or greater ownership interest in our common stock. However, there is no assurance that the shareholder rights plan will successfully prevent against an “ownership change” or otherwise preserve our ability to utilize our net operating loss carryforwards to offset any future taxable income, nor is there any assurance that we will be in a position to utilize our net operating loss carryforwards in the future even if we do not experience an “ownership change.”
Issuance of Additional Securities In The Future.
There is generally no restriction on our ability to issue debt or equity securities which are pari passu or have a preference over our common stock. Authorized but unissued shares of our capital stock are available for issuance from time to time at the discretion of our Board of Directors, including issuances in connection with acquisitions, and any such issuance may be dilutive to our shareholders. There is also no restriction on the ability of BankAtlantic Bancorp or Bluegreen to issue additional capital stock or incur additional indebtedness. Any future securities issuances by BankAtlantic Bancorp or Bluegreen may dilute our economic investment or voting interest in those companies.
Our control position may adversely affect the market price of BankAtlantic Bancorp’s Class A Common Stock and Bluegreen’s common stock.
As of December 31, 2009, we owned all of BankAtlantic Bancorp’s issued and outstanding Class B Common Stock and approximately 17.3 million shares, or approximately 36%, of BankAtlantic Bancorp’s issued and outstanding Class A Common Stock, representing approximately 66% of BankAtlantic Bancorp’s total voting power. Additionally, we own approximately 16.9 million shares, or approximately 52%, of Bluegreen’s issued and outstanding common stock. Accordingly, we hold a controlling position with respect to BankAtlantic Bancorp and Bluegreen and have the voting power to significantly influence the outcome of any shareholder vote of the companies, except with respect to BankAtlantic Bancorp in those limited circumstances where Florida law mandates separate class votes. Our control position may have an adverse effect on the market prices of BankAtlantic Bancorp’s Class A Common Stock and Bluegreen’s common stock.
Alan B. Levan And John E. Abdo’s Control Position May Adversely Affect The Market Price Of Our Common Stock.
Alan B. Levan, our Chairman of the Board of Directors and Chief Executive Officer, and John E. Abdo, our Vice Chairman of the Board of Directors, may be deemed to beneficially own shares of our common stock representing approximately 72% of our total voting power. These shares consist of 10,694,685 shares or 15.6% of our Class A Common Stock and 6,521,228 shares, or 87.4%, of our Class B Common Stock. Additionally, Alan B. Levan and John E. Abdo have agreed to vote their shares of our Class B common stock in favor of the election of the other to our Board of Directors for so long as they are willing and able to serve as directors of the Company. Further, John E. Abdo has agreed, subject to certain exceptions, not to transfer certain of his shares of our Class B common stock and to obtain the consent of Alan B. Levan prior to the conversion of certain of his shares of our Class B common stock into shares of our Class A common stock. Since our Class A common stock and Class B common stock vote as a single class on most matters, Alan B. Levan and John E. Abdo effectively have the voting power to control the outcome of any shareholder vote (except in those limited circumstances where Florida law mandates that the holders of our Class A common stock vote as a separate class) and to elect the members of our Board of Directors. Alan B. Levan and John E. Abdo’s control position may have an adverse effect on the market price of our common stock. Alan B. Levan’s and John E. Abdo’s interests may conflict with the interests of our other shareholders.
The terms of our articles of incorporation, which establish fixed relative voting percentages between our Class A Common Stock and Class B Common Stock, may not be well accepted by the market.
Our Class A Common Stock and Class B Common Stock generally vote together as a single class. The Class A Common Stock possesses in the aggregate 22% of the total voting power of all our common stock and the Class B Common Stock possesses in the aggregate the remaining 78% of the total voting power. These relative voting percentages will remain fixed unless the number of shares of Class B Common Stock outstanding decreases to 1,800,000 shares, at which time the Class A Common Stock’s aggregate voting power will increase to 40% and the Class B Common Stock will have the remaining 60%. If the number of shares of Class B Common Stock outstanding decreases to 1,400,000 shares, the Class A Common Stock’s aggregate voting power will increase to 53% and the Class B Common Stock will have the remaining 47%. These relative voting percentages will remain fixed unless the number of shares of Class B Common Stock outstanding decreases to 500,000 shares, at which time the fixed voting percentages will be eliminated. These changes in the relative voting power represented by each class of our common stock are based only on the number of shares of Class B Common Stock outstanding. Thus issuances of Class A Common Stock will have no effect on these provisions. If additional shares of Class A Common Stock are issued, it is likely that the disparity between the equity interest represented by the Class B Common Stock and its voting power will widen. While the amendment creating this capital structure was approved by our shareholders, the fixed voting percentage provisions are somewhat unique. If the market does not view this structure favorably, the trading price and market for our Class A Common Stock would be adversely affected.
The loss of the services of our key management and personnel could adversely affect our business.
Our ability to successfully implement our business strategy will depend on our ability to attract and retain experienced and knowledgeable management and other professional staff. There is no assurance that we will be successful in attracting and retaining key management personnel.
RISKS RELATED TO WOODBRIDGE
The defaults by Woodbridge and its subsidiaries under the terms of their outstanding indebtedness have resulted in acceleration of the debt and may result in judgments against the obligors.
Lenders with respect to approximately $37.2 million of debt owed by Woodbridge and all of the approximately $209.9 million of debt owed by Core have declared the debt to be in default. While Woodbridge is disputing the fact that an event of default occurred under the terms of its indebtedness and is currently in negotiations with respect to the purported default with the FDIC (which holds the debt as a result of the failure of the lender), Core is currently pursuing all options with its lenders, including offering deeds in lieu of foreclosure with respect to the property collateralizing its loans. If these negotiations and efforts are not successful, the lenders may exercise remedies available to them as a result of the defaults, which may result in judgments against the obligors, the loss of the collateral and related losses beyond those previously incurred. This would be expected to materially and adversely impact our financial condition and operating results.
Core has ceased substantially all development operations and may not be successful in achieving an orderly liquidation of its assets.
As discussed throughout this report, Core is experiencing cash flow deficits. The significant decrease in land sales in 2009 and continued cash flow deficits contributed to, among other things, the deterioration of Core’s liquidity. As a result, Core has severely limited its development expenditures in Tradition, Florida and has completely discontinued development activity in Tradition Hilton Head. The value of Core’s assets has decreased, resulting in $78.0 million of impairment charges, including $13.6 million of impairment charges related to assets held for sale during 2009. Further, as described above, Core is currently in default under the terms of all of its loans. Core has commenced negotiations with its lenders in an effort to achieve an orderly liquidation of its operations without a bankruptcy filing, but there is no assurance that Core will be successful in its negotiations. If Core is not successful in its efforts to liquidate its assets or otherwise renegotiate its debt with its lenders, Core may need to pursue a bankruptcy filing and may be required to record additional impairment charges and losses beyond those previously incurred, which would likely have a material and adverse impact on our financial condition and operating results.
Core utilized community development district and special assessment district bonds to fund development costs, and Core will be responsible for assessments until the underlying property is sold or otherwise transferred.
Core established community development district and special assessment district bonds to access tax-exempt bond financing to fund infrastructure development at Core’s master-planned communities. Core is responsible for any assessed amounts until the underlying property is sold. Accordingly, if Core continues to hold certain of its properties longer than originally projected (as a result of a continued downturn in the real estate markets or otherwise), Core may be required to pay a higher portion of annual assessments on such properties. In addition, Core could be required to pay down a portion of the bonds in the event its entitlements were to decrease as to the number of residential units and/or commercial space that can be built on the properties encumbered by the bonds. Moreover, Core has guaranteed payments for assessments under the district bonds in Tradition, Florida which would require funding if future assessments to be allocated to property owners are insufficient to repay the bonds.
It may be difficult and costly to rent vacant space and space which may become vacant in future periods.
We may not be able to maintain our overall occupancy levels in the commercial property we own. Our ability to continue to lease or re-lease vacant space in our commercial properties will be affected by many factors, including our properties’ locations, current market conditions and the provisions of the leases we enter into with the tenants at our properties. In fact, many of the factors which could cause our current tenants to vacate their space could also make it more difficult for us to re-lease that space. If we are able to re-lease vacated space, there is no assurance that rental rates will be equal to or in excess of current rental rates. In addition, we may incur substantial costs in obtaining new tenants, including brokerage commission fees paid by us in connection with new leases or lease renewals, and the cost of leasehold improvements. The failure to lease or to re-lease vacant space on satisfactory terms will have an adverse effect on our operating results.
If prospective purchasers of assets and tenants are not able to obtain suitable financing, our results of operations may further decline.
Our results of operations are dependent in part on the ability of prospective purchasers of our real estate inventory and prospective commercial tenants to secure financing. The deterioration of the credit markets and the related tightening of credit standards may impact the ability of prospective purchasers and tenants to secure financing on acceptable terms, if at all. This may, in turn, negatively impact long-term rental and occupancy rates as well as the value of our commercial properties.
Product liability litigation and claims that arise in the ordinary course of business may be costly.
Our real estate operations are subject to construction defect and product liability claims arising in the ordinary course of business. These claims are particularly common in the commercial real estate industry and can be costly. We have, and many of our subcontractors have, general liability, property, errors and omissions, workers compensation and other business insurance. However, these insurance policies only protect us against a portion of our risk of loss from claims. In addition, because of the uncertainties inherent in these matters, we cannot provide reasonable assurance that our insurance coverage or our subcontractor arrangements will be adequate to address all warranty, construction defect and liability claims in the future. In addition, the costs of insuring against construction defect and product liability claims, if applicable, are substantial and the amount of coverage offered by insurance companies is also currently limited. There can be no assurance that this coverage will not be further restricted and become more costly. If we are not able to obtain adequate insurance against these claims, we may experience losses that could negatively impact our operating results.
We are subject to governmental regulations that may limit our operations, increase our expenses or subject us to liability.
We are subject to laws, ordinances and regulations of various federal, state and local governmental entities and agencies concerning, among other things:
• environmental matters, including the presence of hazardous or toxic substances;
• wetland preservation;
• health and safety;
• zoning, land use and other entitlements;
• building design; and
• density levels.
We may also at times not be in compliance with all regulatory requirements. If we are not in compliance with regulatory requirements, we may be subject to penalties, lose our entitlement or be forced to incur significant expenses to cure any noncompliance.
We are subject to environmental laws and the cost of compliance could adversely affect our business.
As a current or previous owner or operator of real property, we may be liable under federal, state, and local environmental laws, ordinances and regulations for the costs of removal or remediation of hazardous or toxic substances on, under or in the property. These laws often impose liability whether or not we knew of, or were responsible for, the presence of such hazardous or toxic substances. The cost of investigating, remediation or removing such hazardous or toxic substances may be substantial. The presence of any such substance, or the failure to promptly remediate any such substance, may adversely affect our ability to sell or lease the property or to use the property for its intended purpose.
Levitt and Sons had surety bonds on most of their projects, some of which were subject to indemnity by Woodbridge.
Levitt and Sons had $33.3 million in surety bonds relating to its ongoing projects at the time of the filing of the Chapter 11 Cases. In the event that these obligations are drawn and paid by the surety, Woodbridge could be responsible for up to $8.0 million plus costs and expenses in accordance with the surety indemnity agreements it executed. At December 31, 2009, we had a $0.5 million in surety bonds accrual related to certain Levitt and Sons bonds where management believes it to be probable that Woodbridge will be required to reimburse the surety under applicable indemnity agreements. It is unclear whether and to what extent the remaining outstanding surety bonds of Levitt and Sons will be drawn and the extent to which Woodbridge may be responsible for additional amounts beyond this accrual. Woodbridge will not receive any repayment, assets or other consideration as recovery of any amount it may be required to pay. If losses on additional surety bonds are identified, we will need to take additional charges associated with our exposure under our indemnities, and this may have a material adverse effect on our results of operations and financial condition.
RISKS RELATED TO BLUEGREEN
Bluegreen presents its results in two reportable segments. Bluegreen’s results of operations for the Bluegreen Interim Period are consolidated in BFC Financial Corporation’s financial statements. Bluegreen is a separate public company and its management prepared the following discussion regarding Bluegreen which was included in Bluegreen’s Annual Report on Form 10-K for the year ended December 31, 2009 which was filed with the Securities and Exchange Commission on March 31, 2010. Accordingly, references to “we”, “us” or “our” in this section are references to Bluegreen and its subsidiaries, and are not references to BFC, Woodbridge, or BankAtlantic Bancorp.
We are subject to various risks and uncertainties relating to or arising out of the nature of our business and general business, economic, financing, legal and other factors or conditions that may affect us. Moreover, we operate in a very competitive, highly regulated and rapidly changing environment. New risk factors emerge from time to time and it is not possible for management to either predict all risk factors, or assess the impact of all risk factors on our business or the extent to which any factor, or combination of factors, may affect our business. These risks and uncertainties include, but are not limited, to the risk factors set forth below and those identified elsewhere in this Annual Report on Form 10-K, including in the section entitled “Management’s Discussion and Analysis of Financial Condition and Results of Operations”. Investors should also refer to our Quarterly Reports on Form 10-Q and Current Reports on Form 8-K (available on our website and the SEC’s website) in future periods for information relating to risks and uncertainties with respect to us and our business.
The state of the economy, generally, interest rates and the availability of financing affect our ability to market VOIs and residential homesites.
Our business has been adversely affected by unfavorable general economic and industry conditions, including effects of weak domestic and world economies, rising unemployment and job insecurity, a decrease in discretionary spending, a decline in housing values, limited availability of financing, and geopolitical conflicts. If such conditions continue, or deteriorate further, our business and results may continue to be adversely impacted, particularly if the availability of financing for us or for our customers continues to be limited or if changes in general economic conditions adversely affect our customers ability to pay amounts owed under our notes receivable. Further, because our operations are conducted mainly within the vacation ownership industry, any adverse changes affecting the industry, such as an oversupply of vacation ownership units, a reduction in demand for such units, changes in travel and vacation patterns, changes in governmental regulation of the industry, continued disruptions in the credit markets and unavailability of financing, imposition of increased taxes by governmental authorities, the declaration of bankruptcy and/or credit defaults by other vacation ownership companies and negative publicity for the industry, could also have a material adverse effect on our business.
We would incur substantial losses if the customers we finance default on their obligations, and new credit underwriting standards may not have the anticipated favorable impact on performance.
Historically, we did not perform credit checks of the purchasers of our VOIs at the time of sale in connection with our financing of their purchases. From time to time, however, we obtained FICO® scores on the overall VOI portfolio originated by us. Based on a review conducted in October 2008, approximately 30.4% of VOI borrowers in our serviced loan portfolio had a FICO® score below 620. Effective December 15, 2008, we implemented a formal FICO® score based credit underwriting program. However, there is no assurance that any of these FICO® score-based underwriting standards will result in decreased default rates or otherwise improve the performance of our receivables. Conditions in the mortgage industry, including both credit sources as well as borrowers’ financial profiles, have deteriorated in recent years. As of December 31, 2009, approximately 5.4% of our vacation ownership receivables and approximately 22.5% of residential land receivables which we held or which third parties held under sales transactions were more than 30 days past due. Although in many cases we may have recourse against a buyer for the unpaid purchase price, certain states have laws that limit our ability to recover personal judgments against customers who have defaulted on their loans or the cost of doing so may not be justified. Historically, we have generally not pursued such recourse against our customers. In the case of our VOI receivables, if we are unable to collect the defaulted amount due, we traditionally have terminated the customer’s interest in the Bluegreen Vacation Club and then remarketed the recovered VOI. Irrespective of our remedy in the event of a default, we cannot recover the marketing, selling and administrative costs associated with the original sale, and we would have to incur such costs again to resell the VOI or home site. If default rates for our borrowers increase further, it may require an increase in the provision for loan losses and an impairment of the value of our retained interests in notes receivable sold. In addition, it may cause buyers of, or lenders whose loans are secured by, our VOI notes receivable to reduce the amount of availability under receivables purchase and credit facilities, or to increase the interest costs associated with such facilities. In such an event, the cost of financing may increase and we may not be able to secure financing on terms acceptable to us, if at all, which would adversely affect our earnings, financial position and liquidity.
Under the terms of our pledged and receivable sale facilities, we may be required, under certain circumstances, to replace receivables or to pay down the loan to within permitted loan-to-value ratios. Additionally, the terms of our securitization-type transactions i.) require us to repurchase or replace loans if we breach any of the representations and warranties we made at the time we sold the receivables and ii.) include provisions that in the event of defaults by customers in excess of stated thresholds would require substantially all of our cash flow from our retained interest in the receivable portfolios sold to be paid to the parties who purchased the receivables from us.
Further, if defaults and other performance criteria adversely differ from estimates used to value our retained interests in notes receivable sold in the securitization transactions, we may be required to write down these assets, which could have a material adverse effect on our results of operations. Accordingly, we bear some risks of delinquencies and defaults by buyers who finance the purchase of their VOIs or residential land through us, regardless of whether or not we sell or pledge the buyer’s loan to a third party.
Our business plan historically has depended on our ability to sell or borrow against our notes receivable to support our liquidity and profitability.
We offer financing of up to 90% of the purchase price to purchasers of our VOIs and homesites. Approximately 68% of our VOI customers and approximately 6% of our home site customers utilized our in-house financing during the year ended December 31, 2009. However, we incur selling, marketing and administrative cash expenditures prior to and concurrent with the sale. These costs generally exceed the down payment we receive at the time of the sale. Accordingly, our ability to borrow against or sell the notes receivable we receive from our customers has been a critical factor in our continued liquidity.
We have also been a party to a number of customary securitization-type transactions under which we sell receivables to a wholly-owned special purpose entity which, in turn, sells the receivables to a trust established for the transaction. We typically recognized gains on the sale of receivables and such gains have historically comprised a significant portion of our income. In recent years, the markets for notes receivable facilities and receivable securitization transactions were negatively impacted by problems in the residential mortgage markets and credit markets in general and an associated reduction in liquidity which resulted in reduced availability of financing and less favorable pricing. If our pledged receivables facilities terminate or expire and we are unable to replace them with comparable facilities, or if we are unable to continue to participate in securitization-type transactions on acceptable terms, our liquidity, cash flow, and profitability would be materially and adversely affected. If any of our current facilities terminate or expire, there is no assurance that we will be able to negotiate the pledge or sale of our notes receivable at favorable rates, or at all.
While we have attempted to restructure our business to reduce our need for and reliance on financing for liquidity in the short term, there is no assurance that such restructuring will be successful or that our business and profitability will not otherwise continue to depend on our ability to obtain financing, which may not be available on favorable terms, or at all.
We have historically depended on funds from our credit facilities and securitization transactions to finance our operations. In recent years, there have been unprecedented disruptions in the credit markets, which has made obtaining additional and replacement external sources of liquidity more difficult and more costly. The term securitization market has experienced significantly reduced volumes in recent years and, as a result, financial institutions are reluctant to enter into new credit facilities for the purpose of providing financing on consumer receivables. Several lenders to the timeshare industry, including certain of our lenders, have announced that they will be either be exiting the finance business or will not be entering into new financing commitments for the foreseeable future, although such lenders continue to honor existing commitments. In addition, financing for real estate acquisition and development and the capital markets for corporate debt have been generally unavailable. In response to these conditions, we adopted strategic initiatives in an attempt to conserve cash. Further, because we had debt facilities maturing or requiring partial repayment in 2009 and 2010, as well as facilities for which the advance period has or will expire, the implementation of our strategic initiatives was needed to address these matters with our lenders. However, there is no assurance that our implementation of these strategic initiatives will enhance our financial position or otherwise be successful. If these initiatives do not have their intended results, our financial condition may be materially and adversely impacted.
In addition, notwithstanding our implementation of the strategic initiatives described above, we anticipate that we will continue to finance our future business activities, in part, with funds that we obtain pursuant to additional borrowings under our existing credit facilities, under credit facilities that we may obtain in the future, under securitizations in which we may participate in the future or pursuant to other borrowing arrangements. Moreover, we are, and will be, required to seek continued external sources of liquidity to:
• support our operations;
• finance the acquisition and development of VOI inventory and residential land;
• finance a substantial percentage of our sales; and
• satisfy our debt and other obligations.
Our ability to service or to refinance our indebtedness or to obtain additional financing (including our ability to consummate future notes receivable securitizations) depends on the credit markets and on our future performance, which is subject to a number of factors, including the success of our business, results of operations, leverage, financial condition and business prospects, prevailing interest rates, general economic conditions and perceptions about the residential land and vacation ownership industries. We have approximately $87.5 million of indebtedness which becomes due during 2010. While we have received a non-binding term sheet to refinance $40.2 million of this amount which would reduce our contractual obligations less than one year by $26.6 million, there can be no assurances that this transaction will close on favorable terms, if at all. Historically, much of Bluegreen’s debt has been renewed or refinanced in the ordinary course of business. But there is no assurance that we will be able to obtain sufficient external sources of liquidity on attractive terms, or at all, or otherwise renew, extend or refinance a significant portion of our outstanding debt. Any of these occurrences may have a material and adverse impact on our liquidity and financial condition.
Our results of operations and financial condition could be adversely impacted if our estimates concerning our notes receivable are incorrect.
A portion of our revenue historically has been comprised of gains on sales of notes receivable in off-balance sheet arrangements. The amount of any gains recognized and the fair value of the retained interests recorded were based in part on management’s best estimates of future prepayment, default and loss severity rates, discount rates and other considerations in light of then-current conditions. Our results of operations and financial condition could be adversely affected if, among other things:
• actual prepayments with respect to loans sold occur more quickly than was projected;
• actual defaults and/or loss severity rates with respect to loans sold are greater than estimated;
• the portfolio of receivables sold fails to satisfy specified performance criteria; or
• conditions in the securitization market continue to result in a widening of interest spreads, causing the discount rates used to value our retained interest in notes receivable sold to increase.
If any of these situations were to occur, it could cause a decline in the fair value of the retained interests and a charge to earnings currently. Further, in certain events the cash flow on the retained interests in notes receivable sold could be reduced, in some cases, until the outside investors are paid or the regular payment formula was resumed.
Our future success depends on our ability to market our products successfully and efficiently.
We compete for customers with other hotel and resort properties and vacation ownership resorts. While in the short term we have made a decision to limit sales and reduce cash requirements, in the long run, the identification of sales prospects and leads, and the marketing of our products to them are essential to our success. We have incurred and will continue to incur the expenses associated with marketing programs in advance of closing sales to the leads that we identify. If our lead identification and marketing efforts do not yield enough leads or we are unable to successfully convert sales leads to a sufficient number of sales, we may be unable to recover the expense of our marketing programs and systems and our business would be adversely affected.
We are subject to the risks of the real estate market and the risks associated with real estate development, including the declines in real estate values and the deterioration of real estate sales.
Real estate markets are cyclical in nature and highly sensitive to changes in national and regional economic conditions, including:
• levels of unemployment;
• levels of discretionary disposable income;
• levels of consumer confidence;
• overbuilding or decreases in demand;
• interest rates; and,
• federal, state and local taxation methods.
The real estate market is currently experiencing a significant correction, the depth and duration of which are as yet unknown and many economists and financial analysts, as well as the media in general, believe that we are in the midst of a general economic recession. These circumstances have exerted pressure upon our Bluegreen Communities and Bluegreen Resorts divisions. Further, a continued deterioration of the economy in general or the market for residential land or VOIs would have a material adverse effect on our business.
The availability of land at favorable prices for the development of our Bluegreen Resorts and Bluegreen Communities real estate projects by the time we will need more real estate inventory to sell is critical to our profitability and the ability to cover our significant selling, general and administrative expenses, cost of capital and other expenses. While we believe that the property we have purchased at our adjusted carrying amounts will generate appropriate margins, land prices have fallen significantly and the projects we bought in the last several years may have been bought at higher price levels than available in the current market. If we are unable to acquire such land or, in the case of Bluegreen Resorts, resort properties, at a favorable cost, it could have an adverse impact on our results of operations.
The profitability of our real estate development activities is also impacted by the cost of construction materials and services. Should the cost of construction materials and services rise, the ultimate cost of our Bluegreen Resorts’ and Bluegreen Communities’ inventories when developed could increase and have a material, adverse impact on our results of operations.
Our adoption on January 1, 2010, of recently issued accounting guidance will have a material adverse impact on our net worth, leverage, and book value per share.
The initial adoption of FASB ASC 860-10 and FASB ASC 810-10 in our 2010 first quarter will require us to consolidate our existing qualifying special purpose entities associated with past securitization transactions. As such, we will record a one-time non-cash after-tax charge directly to shareholders’ equity of approximately $35.0 million to $55.0 million, representing the cumulative effect of a change in accounting principle, in the first quarter of 2010. The cumulative effect will consist primarily of the reestablishment of notes receivable (net of reserves) associated with those securitization transactions, the elimination of residual interests that we initially recorded in connection with those transactions, the impact of recording debt obligations associated with third party interests held in the special purpose entities and related adjustments to deferred financing costs and inventory balances. We anticipate that our adoption of these standards will have the following impacts on our balance sheet: (1) assets will increase by approximately $335.0 million to $345.0 million primarily related to the consolidation of notes receivable; (2) liabilities will increase by approximately $380.0 million to $390.0 million, primarily representing the consolidation of debt obligations associated with third party interests; and (3) shareholders’ equity will decrease by approximately $35.0 million to $55.0 million. There can be no assurances that this change in accounting principle will not adversely affect the market value of our common stock or the assessment of our financial position by investors and lenders.
Claims for development-related defects could adversely affect our financial condition and operating results.
We engage third-party contractors to construct our resorts and to develop our communities. However, our customers may assert claims against us for construction defects or other perceived development defects, including, without limitation, structural integrity, the presence of mold as a result of leaks or other defects, water intrusion, asbestos, electrical issues, plumbing issues, road construction, water and sewer defects and defects in the engineering of amenities. In addition, certain state and local laws may impose liability on property developers with respect to development defects discovered in the future. We could have to accrue a significant portion of the cost to repair such defects in the quarter when such defects arise or when the repair costs are reasonably estimable. A significant number of claims for development-related defects could adversely affect our liquidity, financial condition and operating results.
The resale market for VOIs could adversely affect our business.
Based on our experience at our resorts and at destination resorts owned by third parties, we believe that resales of VOIs generally are made at net sales prices below their original customer purchase prices. The relatively lower sales prices are partly attributable to the high marketing and sales costs associated with the initial sales of such VOIs. Accordingly, the initial purchase of a VOI may be less attractive to prospective buyers. Also, buyers who seek to resell their VOIs compete with our efforts to sell our VOIs. While VOI resale clearing houses or brokers currently do not have a material impact on our business, if a secondary market for VOIs were to become more organized and liquid, the resulting availability of resale VOIs at lower prices could adversely affect our sales prices and the number of sales we can close, which in turn would adversely affect our business and results of operations.
We may be adversely affected by extensive federal, state and local laws and regulations and changes in applicable laws and regulations, including with respect to the imposition of additional taxes on operations.
The federal government and the states and local jurisdictions in which we conduct business have enacted extensive regulations that affect the manner in which we market and sell VOIs and homesites and conduct our other business operations. In addition, many states have adopted specific laws and regulations regarding the sale of VOIs and homesites. Many states, including Florida and South Carolina, where some of our resorts are located, extensively regulate the creation and management of timeshare resorts, the marketing and sale of timeshare properties, the escrow of purchaser funds prior to the completion of construction and closing, the content and use of advertising materials and promotional offers, the delivery of an offering memorandum and the creation and operation of exchange programs and multi-site timeshare plan reservation systems. Moreover, with regard to sales conducted in South Carolina, the closing of real estate and mortgage loan transactions must be conducted under the supervision of an attorney licensed in South Carolina. In June 2006, South Carolina enacted the “Time Sharing Transaction Procedures Act” which, among other things, further clarified the process that must be followed in the sale and purchase of timeshare interests. Most states also have other laws that regulate our activities, such as:
• timeshare project registration laws;
• real estate licensure laws;
• mortgage licensure laws;
• sellers of travel licensure laws;
• anti-fraud laws;
• consumer protection laws;
• telemarketing laws;
• prize, gift and sweepstakes laws; and
• consumer credit laws.
We currently are authorized to market and sell VOIs and homesites in all states in which our operations are currently conducted. If our agents or employees violate applicable regulations or licensing requirements, their acts or omissions could cause the states where the violations occurred to revoke or refuse to renew our licenses, render our sales contracts void or voidable, or impose fines on us based on past activities. See “Item 3 — Legal Proceedings”.
In addition, the federal government and the states and local jurisdictions in which we conduct business have enacted extensive regulations relating to direct marketing and telemarketing generally, including the federal government’s national “Do Not Call” list. The regulations have impacted our marketing of VOIs, and we have taken steps in an attempt to decrease our dependence on restricted calls. However, these steps have increased and are expected to continue to increase our marketing costs. We cannot predict the impact that these legislative initiatives or any other legislative measures that may be proposed or enacted now or in the future may have on our marketing strategies and results. Further, from time to time, complaints are filed against the Company by individuals claiming that they received calls in violation of the regulation.
Currently, most states have taxed VOIs as real estate, imposing property taxes that are billed to the respective property owners’ associations that maintain the related resorts and have not sought to impose sales tax upon the sale of the VOI or accommodations tax upon the use of the VOI. From time to time, however, various states have attempted to promulgate new laws or apply existing laws impacting the taxation of vacation ownership interests to require that sales or accommodations taxes be collected. Should new state or local laws be implemented or interpreted to impose sales or accommodations taxes on VOIs, our resorts business could be materially adversely affected.
We believe we are in material compliance with applicable federal, state, and local laws and regulations relating to the sale and marketing of VOIs and homesites. From time to time, however, consumers file complaints against us in the ordinary course of our business. We could be required to incur significant costs to resolve these complaints. There is no assurance that we will remain in material compliance with all applicable federal, state and local laws and regulations, or that violations of applicable laws will not have adverse implications for us, including negative public relations, potential litigation and regulatory sanctions. The expense, negative publicity and potential sanctions associated with any failure to comply with applicable laws or regulations could have a material adverse effect on our results of operations, liquidity or financial position.
Environmental liabilities, including claims with respect to mold or hazardous or toxic substances, could have a material adverse impact on our business.
Under various federal, state and local laws, ordinances and regulations, as well as common law, we may be liable for the costs of removal or remediation of certain hazardous or toxic substances, including mold, located on, in or emanating from property that we own, lease or operate, as well as related costs of investigation and property damage at such property. These laws often impose liability without regard to whether we knew of, or were responsible for, the presence of the hazardous or toxic substances. The presence of such substances, or the failure to properly remediate such substances, may adversely affect our ability to sell or lease our property or to borrow money using such real property or receivables generated from the sale of such real property as collateral. Noncompliance with environmental, health or safety requirements may require us to cease or alter operations at one or more of our properties. Further, we may be subject to common law claims by third parties based on damages and costs resulting from violations of environmental regulations or from contamination associated with one or more of our properties.
The ratings of third-party rating agencies could adversely impact our ability to obtain, renew, or extend credit facilities, debt, or otherwise raise capital.
Rating agencies from time to time review prior corporate and specific transaction ratings in light of tightened ratings criteria. During the third quarter of 2009, we were informed that one of the rating agencies downgraded its original ratings on certain bond classes in our prior securitizations. As a result of this or any future downgrades, holders of such bonds may be required to sell bonds in the market place and such sales could occur at a discount, which could impact the perceived value of such bonds and our ability to sell future securitization bonds at favorable terms, if at all.
In addition, if rating agencies were to downgrade our corporate credit ratings, our ability to raise capital and/or issue debt at favorable terms or at all could be adversely impacted. Such a downgrade could materially adversely affect our liquidity, financial condition and results of operations.
Financial Services Risk Factors
Our Financial Services activities consist of BankAtlantic Bancorp (and its federal savings bank subsidiary, BankAtlantic), whose results of operations are consolidated with BFC. The only assets available to BFC from BankAtlantic Bancorp are dividends when and if declared and paid by BankAtlantic Bancorp. BankAtlantic Bancorp is a separate public company and its management prepared the following discussion which was included in BankAtlantic Bancorp’s Annual Report on Form 10-K for the year ended December 31, 200,9 which was filed with the Securities and Exchange Commission on March 19, 2010. Accordingly, references to “we”, “us” or “our” in this section under the caption “Financial Services” are references to BankAtlantic Bancorp and its subsidiaries, and are not references to BFC Financial Corporation, Bluegreen Corporation or Woodbridge.
BankAtlantic Bancorp has incurred significant losses during the last three years and if BankAtlantic Bancorp continues to incur significant losses BankAtlantic Bancorp will need to raise additional capital, which may not be available on attractive terms, if at all.
BankAtlantic Bancorp has incurred losses of $22.2 million, $202.6 million and $185.8 million during the years ended December 31, 2007, December 31, 2008 and December 31, 2009, respectively. As part of its efforts to maintain regulatory capital ratios, BankAtlantic has reduced its assets and repaid borrowings. However, the reduction of earning asset balances has resulted in reduced income while at the same time BankAtlantic has experienced significant credit losses.
BankAtlantic Bancorp contributed $65 million and $105 million to the capital of BankAtlantic during the years ended December 31, 2008 and December 31, 2009, respectively. At December 31, 2009, BankAtlantic Bancorp had $14 million of liquid assets. While a wholly-owned work-out subsidiary of BankAtlantic Bancorp also holds a portfolio of approximately $31.3 million of nonperforming loans, net of reserves, $3.1 million of performing loans and $10.5 million of real estate owned which it could seek to liquidate, BankAtlantic Bancorp’s sources of funds to continue to support BankAtlantic are limited.
If BankAtlantic Bancorp and BankAtlantic continue to experience losses and BankAtlantic’s capital ratios decline, we may become subject to regulatory actions with respect to BankAtlantic, including the requirement to raise capital, and there is no assurance that at that time BankAtlantic Bancorp would have sufficient funds in order to provide BankAtlantic capital, or that BankAtlantic Bancorp or BankAtlantic would have access to capital or that capital would be available without significant cost or without resulting in significant dilution to BankAtlantic Bancorp’s shareholders.
Continued capital and credit market volatility may adversely affect our ability to access capital and may have a material adverse effect on our business, financial condition and results of operations.
In light of the current challenging economic environment and the desire for BankAtlantic Bancorp to be in a position to provide capital to BankAtlantic, BankAtlantic Bancorp has and will continue to evaluate the advisability of raising additional funds through the issuance of securities. Any such financing could be obtained through additional public offerings, private offerings, in privately negotiated transactions or otherwise. We could also pursue these financings at the BankAtlantic Bancorp level or directly at BankAtlantic or both. Issuances of equity directly at BankAtlantic would dilute BankAtlantic Bancorp’s interest in BankAtlantic. During February 2010, we filed a shelf registration statement with the SEC pursuant to which we may issue up to $75 million of our Class A common stock and/or other securities in the future. Because our decision to issue securities in any future offering will depend on market conditions and other factors beyond our control, we cannot predict or estimate the amount, timing or nature of our future offerings. As a result, our shareholders bear the risk of future offerings at the BankAtlantic Bancorp level reducing the price of our Class A common stock and future offerings directly at BankAtlantic diluting BankAtlantic Bancorp’s interest in BankAtlantic.
BankAtlantic’s capital levels at December 31, 2009 exceeded “well capitalized” regulatory capital levels. BankAtlantic Bancorp during the years ended December 31, 2009 and 2008 contributed $105 million and $65 million, respectively, of capital to BankAtlantic and at December 31, 2009 BankAtlantic Bancorp had $14 million of liquid assets. BankAtlantic Bancorp’s ability to contribute additional capital to BankAtlantic will depend on its ability to raise capital in the secondary markets and on its ability to liquidate its portfolio of non-performing loans. The OTS has the right to impose additional capital requirements on banks at its discretion and could impose additional capital requirements on BankAtlantic. Our ability to raise additional capital will depend on, among other things, conditions in the financial markets at the time, which are outside of our control, and our financial condition, results of operations and prospects. The ongoing liquidity crisis and the loss of confidence in financial institutions may make it more difficult or more costly to obtain financing. There is no assurance that such capital will be available to us on acceptable terms or at all. The terms and pricing of any future transaction by BankAtlantic Bancorp or BankAtlantic could result in additional substantial dilution to our existing shareholders and could adversely impact the price of our Class A common stock. If BankAtlantic sustains additional operating losses or if the OTS imposes more stringent capital requirements, there is no assurance that BankAtlantic Bancorp will be able to provide additional capital, if needed, in order for BankAtlantic to meet its capital requirements in future periods.
BankAtlantic Bancorp has deferred interest on its outstanding junior subordinated debentures and anticipates that it will continue to defer this interest for the foreseeable future which could adversely affect its financial condition and liquidity.
BankAtlantic Bancorp began deferring interest on all of its $294 million of junior subordinated debentures as of March 2009 which resulted in the deferral and accrual of $14.1 million of regularly scheduled quarterly interest payments that would otherwise have been paid during the year ended December 31, 2009. The terms of the junior subordinated debentures allow BankAtlantic Bancorp to defer interest payments for up to 20 consecutive quarterly periods, and BankAtlantic Bancorp anticipates that it will continue to defer such interest for the foreseeable future. During the deferral period, interest continues to accrue on the junior subordinated debentures, as well as on the deferred interest, at the relevant stated coupon rate, and at the end of the deferral period BankAtlantic Bancorp will be required to pay all interest accrued during the deferral period. In the event that BankAtlantic Bancorp elects to defer interest on its junior subordinated debentures for the full 20 consecutive quarterly periods permitted under the terms of the junior subordinated debentures, BankAtlantic Bancorp would owe approximately $72 million of accrued interest as of December 31, 2013 (based on average interest rates applicable at December 31, 2009, which were at historically low interest rate levels). As most of the outstanding junior subordinated debentures bear interest at rates that are indexed to LIBOR, if LIBOR rates increase the interest that would accrue during the deferral period would be significantly higher and likewise increase the amount BankAtlantic Bancorp would owe at the conclusion of the deferral period.
BankAtlantic Bancorp’s cash offers to purchase $230 million of trust preferred securities issued by statutory business trusts formed by BankAtlantic Bancorp may not be consummated.
During January 2010, BankAtlantic Bancorp commenced cash offers to purchase all outstanding trust preferred securities having an aggregate principal amount of approximately $285 million at a purchase price of $200 per $1,000 liquidation amount, or an aggregate of $57 million. During February 2010, the cash offer with respect to the approximate $55 million of publicly traded trust preferred securities expired without any such trust preferred securities being repurchased, while the expiration date for the offers relating to the remaining $230 million of trust preferred securities was extended until March 22, 2010. BankAtlantic Bancorp’s ability to complete the offers to purchase $230 million of BankAtlantic Bancorp’s trust preferred securities is contingent upon the completion of a financing transaction sufficient to pay the purchase price, and the receipt of tenders and consents from Holders of the requisite amount of the relevant series of trusts preferred securities. The structure of the ownership of the trust preferred securities (the majority of which are held in pools with the securities of other issuers as collateral for collateralized debt obligations) has made it very difficult to communicate with the beneficial owners or negotiate the repurchase or modification of the terms of the outstanding securities. Accordingly, there is no assurance that BankAtlantic Bancorp will be able to repurchase or redeem any or a significant portion of the trust preferred securities. Further, as noted above, BankAtlantic Bancorp has deferred making interest payments on the trust preferred securities and BankAtlantic Bancorp financial condition would be adversely affected if interest payments on the trust preferred securities were deferred for a prolonged period of time. While BankAtlantic Bancorp anticipates that it will continue to defer interest payments for the foreseeable future, in the event that BankAtlantic Bancorp completes offers to purchase for less than all of its series of trust preferred securities, BankAtlantic Bancorp expects that it may cease the deferral of interest on the series of trust preferred securities which will not be repurchased prior to completing the repurchase of the other series and immediately thereafter once again commence the deferral of interest with respect to all remaining series of trust preferred securities not repurchased. Any issuance of our Class A common stock to raise funds to finance the purchase of any or all of the trust preferred securities subject to these offers could be extremely dilutive to existing shareholders.
Historically BankAtlantic Bancorp has relied on dividends from BankAtlantic to service its debt and pay dividends, but no dividends from BankAtlantic are anticipated or contemplated for the foreseeable future.
Generally, a financial institution is permitted to make capital distributions without prior OTS approval in an amount equal to its net income for the current calendar year to date, plus retained net income for the previous two years, provided that the financial institution would not become under-capitalized as a result of the distribution. At December 31, 2009, BankAtlantic had a retained net deficit and therefore is required to obtain approval from the OTS in order to make capital distributions to BankAtlantic Bancorp. BankAtlantic does not intend to seek to make any capital distribution for the foreseeable future.
For a further discussion refer to “Management’s Discussion and Analysis of Results of Operations and Financial Condition — Liquidity and Capital Resources”.
The decline in the Florida real estate market has adversely affected, and may continue to adversely affect, our earnings and financial condition.
The continued deterioration of economic conditions in the Florida residential real estate market, including the continued decline in median home prices year-over-year in all major metropolitan areas in Florida, and the downturn in the Florida commercial real estate market, resulted in a substantial increase in BankAtlantic’s non-performing assets and provision for loan losses over the past three years. The housing industry is in the midst of a substantial and prolonged downturn reflecting, in part, decreased availability of mortgage financing for residential home buyers, reduced demand for new construction resulting in a significant over-supply of housing inventory and increased foreclosure rates. Additionally, the deteriorating condition of the Florida economy and these adverse market conditions have negatively impacted the commercial non-residential real estate market. BankAtlantic’s earnings and financial condition were adversely impacted over the past three years as the majority of its loans are secured by real estate in Florida. We expect that our earnings and financial condition will continue to be unfavorably impacted if market conditions do not improve or deteriorate further in Florida. At December 31, 2009, BankAtlantic’s loan portfolio included $263 million of non-accrual loans concentrated in Florida.
BankAtlantic’s loan portfolio is concentrated in loans secured by real estate, a majority of which are located in Florida, which makes us very susceptible to credit losses given the current depressed real estate market.
Conditions in the United States real estate market have deteriorated significantly beginning in 2007, particularly in Florida, BankAtlantic’s primary lending area. BankAtlantic’s loan portfolio is concentrated in commercial real estate loans (most of which are located in Florida and many of which involve residential land development), residential mortgages (nationwide), and consumer home-equity loans (throughout BankAtlantic’s markets in Florida). BankAtlantic has a heightened exposure to credit losses that may arise from this concentration as a result of the significant downturn in the Florida real estate markets. At December 31, 2009, BankAtlantic’s loan portfolio included $2.5 billion of loans concentrated in Florida, which represented approximately 62% of its loan portfolio.
We believe that BankAtlantic’s commercial residential loan portfolio has significant exposure to further declines in the Florida residential real estate market. The “Builder land bank loan” category held by BankAtlantic consists of 7 loans and aggregates $43.7 million of which six loans totaling $42.6 million were on non-accrual as of December 31, 2009. The “Land acquisition and development loan” category held by BankAtlantic consists of 27 loans and aggregates $171.9 million of which ten loans totaling $60.2 million were on non-accrual as of December 31, 2009. The “Land acquisition, development and construction loan” category held by BankAtlantic consists of 6 loans and aggregates $11.3 million of which one loan totaling $3.8 million was on non-accrual as of December 31, 2009.
In addition to the loans described above, during 2008, the Company formed an asset workout subsidiary which acquired non-performing commercial residential real estate loans from BankAtlantic. The balance of these non-performing loans as of December 31, 2009 was $39.4 million with $14.1 million, $10.4 million and $14.9 million of “builder land bank loans”, “land acquisition and development loans”, and “land acquisition, development and construction loans”, respectively.
Market conditions have and may in the future result in our commercial real estate borrowers having difficulty selling lots or homes in their developments for an extended period, which in turn could result in an increase in residential construction loan delinquencies and non-accrual balances. Additionally, if the current depressed economic environment continues or deteriorates further, collateral values may decline further which likely would result in increased credit losses in these loans.
Included in the commercial and construction and development real estate loans are approximately $638.4 million of commercial non-residential and commercial land loans. A borrower’s ability to repay these loans is dependent upon additional leasing through the life of the loan or the borrower’s successful operation of a business. Weak economic conditions may impair a borrower’s business operations and typically slow the execution of new leases. Such economic conditions may also lead to existing lease turnover. As a result of these factors, vacancy rates for retail, office and industrial space are expected to continue to rise in 2010. Increased vacancies could result in rents falling further over the next several quarters. The combination of these factors could result in further deterioration in real estate market conditions and BankAtlantic may recognize higher credit losses on these loans, which would adversely affect our results of operations and financial condition.
BankAtlantic’s commercial real estate loan portfolio includes 16 large lending relationships totaling $429.0 million, including relationships with unaffiliated borrowers involving lending commitments in each case in excess of $20 million. Defaults by any of these borrowers could have a material adverse effect on BankAtlantic’s results.
BankAtlantic’s consumer loan portfolio is concentrated in home equity loans collateralized by Florida properties primarily located in the markets where BankAtlantic operates its store network.
The decline in residential real estate prices and higher unemployment throughout Florida has resulted in an increase in mortgage delinquencies and higher foreclosure rates. Additionally, in response to the turmoil in the credit markets, financial institutions have tightened underwriting standards which has limited borrowers’ ability to refinance. These conditions have adversely impacted delinquencies and credit loss trends in BankAtlantic’s home equity loan portfolio and it does not currently appear that these conditions will improve in the near term. Approximately 76% of the loans in BankAtlantic’s home equity portfolio are residential second mortgages and BankAtlantic experienced higher delinquencies and credit losses in this portfolio during 2009. If current economic conditions do not improve and home prices continue to fall, BankAtlantic may continue to experience higher credit losses from this loan portfolio. Since the collateral for this portfolio consists primarily of second mortgages, it is unlikely that BankAtlantic will be successful in recovering all or any portion of its loan proceeds in the event of a default unless BankAtlantic is prepared to repay the first mortgage and such repayment and the costs associated with a foreclosure are justified by the value of the property.
An increase in BankAtlantic’s allowance for loan losses will result in reduced earnings.
As a lender, BankAtlantic is exposed to the risk that its customers will be unable to repay their loans according to their terms and that any collateral securing the payment of their loans will not be sufficient to assure full repayment. BankAtlantic’s management evaluates the collectability of BankAtlantic’s loan portfolio and provides an allowance for loan losses that it believes is adequate based upon such factors as:
• the risk characteristics of various classifications of loans;
• previous loan loss experience;
• specific loans that have probable loss potential;
• delinquency trends;
• estimated fair value of the collateral;
• current economic conditions;
• the views of its regulators; and
• geographic and industry loan concentrations.
Many of these factors are difficult to predict or estimate accurately, particularly in a changing economic environment. The process of determining the estimated losses inherent in BankAtlantic’s loan portfolio requires subjective and complex judgments and the level of uncertainty concerning economic conditions may adversely affect BankAtlantic’s ability to estimate the losses which may be incurred in its loan portfolio. If BankAtlantic’s evaluation is incorrect and borrower defaults cause losses exceeding the portion of the allowance for loan losses allocated to those loans or if BankAtlantic perceives adverse trends that require it to significantly increase its allowance for loan losses in the future, our earnings could be significantly and adversely affected.
Increases in the allowance for loan losses with respect to the loans held by our asset workout subsidiary, or losses in that portfolio which exceed the current allowance assigned to that portfolio, would similarly adversely affect us.
Adverse events in Florida, where BankAtlantic Bancorp business is currently concentrated, could adversely impact our results and future growth.
BankAtlantic’s business, the location of its stores, the primary source of repayment for its small business loans and the real estate collateralizing its commercial real estate loans (and the loans held by BankAtlantic Bancorp asset workout subsidiary) and its home equity loans are primarily concentrated in Florida. As a result, BankAtlantic Bancorp is exposed to geographic risks as increasing unemployment, declines in the housing industry and declines in the real estate market are more severe in Florida than in the rest of the country. Adverse changes in laws and regulations in Florida would have a greater negative impact on our revenues, financial condition and business than on similar institutions in markets outside of Florida. Further, the State of Florida is subject to the risks of natural disasters such as tropical storms and hurricanes, which may disrupt our operations, adversely impact the ability of our borrowers to timely repay their loans and the value of any collateral held by us or otherwise have an adverse effect on our results of operations. The severity and impact of tropical storms, hurricanes and other weather related events are difficult to predict and may be exacerbated by global climate change.
BankAtlantic’s interest-only residential loans expose it to greater credit risks.
Approximately $776 million of BankAtlantic’s purchased residential loan portfolio consists of interest-only loans which represent approximately 50% of the total purchased residential loan portfolio. While these loans are not considered sub-prime or negative amortizing loans, they are loans with reduced initial loan payments with the potential for significant increases in monthly loan payments in subsequent periods, even if interest rates do not rise, as required amortization of the principal commences. Monthly loan payments will also increase as interest rates increase. This presents a potential repayment risk if the borrower is unable to meet the higher debt service obligations or refinance the loan. As previously noted, current economic conditions in the residential real estate markets and the mortgage finance markets have made it more difficult for borrowers to refinance their mortgages which also increase our exposure to loss.
Nonperforming assets take significant time to resolve and adversely affect our results of operations and financial condition, and could result in further losses in the future.
At December 31, 2009 and 2008, BankAtlantic Bancorp’s consolidated nonperforming loans totaled $331 million and $287.4 million, or 8.96% and 6.65% of its loan portfolio, respectively. At December 31, 2009 and 2008, BankAtlantic Bancorp’s consolidated nonperforming assets (which include nonperforming loans and foreclosed real estate) were $379.7 million and $307.9 million, or 7.88% and 5.30% of our total assets, respectively. In addition, the Company had, on a consolidated basis, approximately $72.9 million and $95.3 million in accruing loans that were 30-89 days delinquent at December 31, 2009 and 2008, respectively. BankAtlantic Bancorp’s consolidated nonperforming assets adversely affect our net income in various ways. Until economic and real estate market conditions improve, particularly in Florida but also nationally, we expect to continue to incur additional losses relating to an increase in nonperforming loans and nonperforming assets. BankAtlantic Bancorp does not record interest income on nonperforming loans or real estate owned. When BankAtlantic Bancorp receives the collateral in foreclosures or similar proceedings, BankAtlantic Bancorp is required to mark the related collateral to the then fair market value, generally based on appraisals of the property obtained by us which often results in an additional loss. These loans and real estate owned also increase our risk profile, and increases in the level of nonperforming loans and nonperforming assets could impact our regulators’ view of appropriate capital levels in light of such risks. While BankAtlantic Bancorp seeks to manage its problem assets through loan sales, workouts, restructurings and other alternatives, decreases in the value of these assets, or the underlying collateral, or in these borrowers’ performance or financial conditions, which is often impacted by economic and market conditions beyond our control, could adversely affect our business, results of operations and financial condition. In addition, the resolution of nonperforming assets requires significant commitments of time from management, which can be detrimental to the performance of their other responsibilities.
Changes in interest rates could adversely affect our net interest income and profitability.
The majority of BankAtlantic’s assets and liabilities are monetary in nature. As a result, the earnings and growth of BankAtlantic are significantly affected by interest rates, which are subject to the influence of economic conditions generally, both domestic and foreign, events in the capital markets and also to the monetary and fiscal policies of the United States and its agencies, particularly the Federal Reserve Board. The nature and timing of any changes in such policies or general economic conditions and their effect on BankAtlantic cannot be controlled and are extremely difficult to predict. Changes in interest rates can impact BankAtlantic’s net interest income as well as the valuation of its assets and liabilities.
Banking is an industry that depends to a large extent on its net interest income. Net interest income is the difference between:
• interest income on interest-earning assets, such as loans; and
• interest expense on interest-bearing liabilities, such as deposits.
Changes in interest rates can have differing effects on BankAtlantic’s net interest income. In particular, changes in market interest rates, changes in the relationships between short-term and long-term market interest rates, or the yield curve, or changes in the relationships between different interest rate indices can affect the interest rates charged on interest-earning assets differently than the interest rates paid on interest-bearing liabilities. This difference could result in an increase in interest expense relative to interest income and therefore reduce BankAtlantic’s net interest income. While BankAtlantic has attempted to structure its asset and liability management strategies to mitigate the impact on net interest income of changes in market interest rates, there is no assurance that BankAtlantic will be successful in doing so.
Loan and mortgage-backed securities prepayment decisions are also affected by interest rates. Loan and securities prepayments generally accelerate as interest rates fall. Prepayments in a declining interest rate environment reduce BankAtlantic’s net interest income and adversely affect its earnings because:
• it amortizes premiums on acquired loans and securities, and if loans or securities are prepaid, the unamortized premium will be charged off; and
• the yields it earns on the investment of funds that it receives from prepaid loans and securities are generally less than the yields that it earned on the prepaid loans.
Significant loan prepayments in BankAtlantic’s mortgage and investment portfolios in the future could have an adverse effect on BankAtlantic’s earnings as proceeds from the repayment of loans may be reinvested in loans with lower interest rates. Additionally, increased prepayments associated with purchased residential loans may result in increased amortization of premiums on acquired loans, which would reduce BankAtlantic’s interest income.
In a rising interest rate environment, loan and securities prepayments generally decline, resulting in yields that are less than the current market yields. In addition, the credit risks of loans with adjustable rate mortgages may worsen as interest rates rise and debt service obligations increase.
BankAtlantic uses a computer model using standard industry software to assist it in its efforts to quantify BankAtlantic’s interest rate risk. The model measures the potential impact of gradual and abrupt changes in interest rates on BankAtlantic’s net interest income. While management would attempt to respond to the projected impact on net interest income, there is no assurance that management’s efforts will be successful.
BankAtlantic obtains a significant portion of its non-interest income through service charges on core deposit accounts, and recent legislation designed to limit service charges could reduce our fee income.
BankAtlantic’s deposit account growth has generated a substantial amount of service charge income. The largest component of this service charge income is overdraft fees. Changes in banking regulations, in particular the Federal Reserve’s new rules prohibiting banks from automatically enrolling customers in overdraft protection programs which will become effective July 1, 2010, may have a significant adverse impact on BankAtlantic’s service charge income and overall results. Additionally, changes in customer behavior as well as increased competition from other financial institutions could result in declines in deposit accounts or in overdraft frequency resulting in a decline in service charge income. Further, the downturn in the Florida economy could result in the inability to collect overdraft fees. A reduction in deposit account fee income could have an adverse impact on our earnings.
The cost and outcome of pending legal proceedings may impact our results of operations.
BankAtlantic Bancorp, BankAtlantic and their subsidiaries are currently parties in ongoing litigation and legal proceedings which have resulted in a significant increase in non-interest expense relating to legal and other professional fees. Pending proceedings include class action securities litigation and an SEC investigation as well as litigation arising out of our banking operations, including workouts and foreclosures, potential class actions by customers relating to their accounts and service and overdraft fees and legal proceedings associated with our tax certificate business and relationships with third party tax certificate ventures. While we believe that we have meritorious defenses in these proceedings and that the outcomes should not materially impact us, we anticipate continued elevated legal and related costs as parties to the actions and the ultimate outcomes of the matters are uncertain.
BankAtlantic has significantly reduced operating expenses over the past three years and BankAtlantic may not be able to continue to reduce expenses without adversely impacting its operations.
BankAtlantic’s operating expenses have declined from $313.9 million for the year ended December 31, 2007 to $258.8 million for the year ended December 31, 2009. BankAtlantic reorganized its operations during this period and significantly reduced operating expenses while focusing on its core businesses and seeking to maintain quality customer service. While management is focused on reducing overall expenses, there is no assurance that BankAtlantic will be successful in efforts to further reduce expenses or that the current expense reductions can be maintained in the current environment. BankAtlantic’s inability to reduce or maintain its current expense structure may have an adverse impact on our results.
Deposit insurance premium assessments may increase substantially, which would adversely affect expenses.
BankAtlantic’s FDIC deposit insurance expense for the year ended December 31, 2009 was $11.0 million, including a $2.4 million special assessment. In September 2009, the FDIC issued a rule requiring institutions to prepay their insurance premiums for all of 2010, 2011 and 2012, and increased annual insurance rates uniformly by three basis points in 2011. BankAtlantic’s prepaid insurance assessment was $31.3 million at December 31, 2009. If the economy worsens and the number of bank failures significantly increase or if the FDIC otherwise determines that action is necessary, BankAtlantic may be required to pay additional FDIC specific assessments or incur increased annual insurance rates which would increase our expenses and adversely impact our results.
Further reductions in BankAtlantic’s assets may adversely affect our earnings and/or operations.
BankAtlantic has reduced its assets and repaid borrowings in order to improve its liquidity and regulatory capital ratios. The reduction of earning asset balances has reduced our net interest income. BankAtlantic Bancorp consolidated net interest income was $193.6 million for the year ended December 31, 2008 and $163.3 million for the year ended December 31, 2009. The reduction in net interest income from earning asset reductions has previously been offset by lower operating expenses in prior periods. BankAtlantic Bancorp abilities to further reduce expenses without adversely affecting our operations may be limited and as a result further reductions in BankAtlantic Bancorp consolidated earning asset balances in future periods, may adversely affect earnings and/or operations.
Adverse market conditions have affected and may continue to affect the financial services industry as well as our business and results of operations.
Our financial condition and results of operations have been, and may continue to be, adversely impacted as a result of the downturn in the U.S. housing market and general economic conditions. Dramatic declines in the national and, in particular, Florida housing markets over the past three years, with falling home prices and increasing foreclosures and unemployment, have negatively impacted the credit performance of our loans and resulted in significant asset impairments at all financial institutions, including government-sponsored entities, major commercial and investment banks, and regional and community financial institutions including BankAtlantic. Reflecting concern about the stability of the financial markets generally and the strength of counterparties, many lenders and institutional investors have reduced or ceased providing funding to borrowers, including to other financial institutions. This market turmoil and tightening of credit have led to an increased level of commercial and consumer delinquencies, lack of consumer confidence, increased market volatility and widespread reduction of business activity generally. The continuing economic pressure on consumers and lack of confidence in the financial markets has adversely affected and may continue to adversely affect our business, financial condition and results of operations. Further negative market and economic developments may cause adverse changes in payment patterns, causing increases in delinquencies and default rates, which may impact our charge-offs and provisions for loan losses. Continuing economic deterioration that affects household and/or corporate incomes could also result in reduced demand for credit or fee-based products and services. A worsening of these conditions would likely exacerbate the adverse effects of these difficult market conditions on BankAtlantic and others in the financial services industry. In particular, we may face the following risks in connection with these events:
• BankAtlantic’s borrowers may be unable to make timely repayments of their loans, or the value of real estate collateral securing the payment of such loans may continue to decrease which could result in increased delinquencies, foreclosures and customer bankruptcies, any of which would increase levels of non-performing loans resulting in significant credit losses, and increased expenses and could have a material adverse effect on our operating results.
• Further disruptions in the capital markets or other events, including actions by rating agencies and deteriorating investor expectations, may result in an inability to borrow on favorable terms or at all from other financial institutions or government entities.
• Increased regulation of the industry may increase costs, decrease fee income and limit BankAtlantic’s activities and operations.
• Increased competition among financial services companies based on the recent consolidation of competing financial institutions and the conversion of investment banks into bank holding companies, may adversely affect BankAtlantic’s ability to competitively market its products and services.
• BankAtlantic may be required to pay significantly higher FDIC deposit premiums and assessments.
• Continued asset valuation declines could adversely impact our credit losses and result in additional impairments of goodwill and other assets.
Legislative and regulatory actions taken now or in the future may have a significant adverse effect on our financial statements.
During 2009, the U.S. Treasury implemented various initiatives in response to the financial crises affecting the banking system and financial markets. These initiatives include the U.S. Treasury’s Capital Purchase Program (the “CPP”), the guarantee of certain financial institution indebtedness, purchasing certain legacy loans and assets from financial institutions, the purchase of mortgage securitizations, homeowner relief that encourages loan restructuring and modification, the establishment of significant liquidity and credit facilities for financial institutions and investment banks, the lowering of the federal funds rate, emergency action against short selling practices, a temporary guaranty program for money market funds, the establishment of a commercial paper funding facility to provide back-stop liquidity to commercial paper issuers, coordinated international efforts to address illiquidity and other weaknesses in the banking sector and other programs being developed. There can be no assurance as to the actual impact that the initiatives that have been adopted or may be adopted in the future will have on the financial markets. The initiatives could have a material and adverse affect on BankAtlantic’s business, financial condition, results of operations and access to credit.
Further, recent events in the financial services industry and, more generally, in the financial markets and the economy, have led to various proposals for changes in the regulation of the financial services industry. Earlier in 2009, legislation proposing significant structural reforms to the financial services industry was introduced in the U.S. Congress. Among other things, the legislation proposes the establishment of a Consumer Financial Protection Agency, which would have broad authority to regulate providers of credit, savings, payment and other consumer financial products and services. Additional legislative proposals call for heightened scrutiny and regulation of any financial firm whose combination of size, leverage, and interconnectedness could, if it failed, pose a threat to the country’s financial stability, including the power to restrict the activities of such firms and even require the break-up of such firms at the behest of the relevant regulator. New rules have also been proposed for the securitization market, including requiring sponsors of securitizations to retain a material economic interest in the credit risk associated with the underlying securitization.
Other recent initiatives also include:
• The Federal Reserve’s proposed guidance on incentive compensation policies at banking organizations and the FDIC’s proposed rules tying employee compensation to assessments for deposit insurance;
• Proposals to limit a lender’s ability to foreclose on mortgages or make such foreclosures less economically viable, including by allowing Chapter 13 bankruptcy plans to “cram down” the value of certain mortgages on a consumer’s principal residence to its market value and/or reset interest rates and monthly payments to permit defaulting debtors to remain in their home;
• Proposed legislation concerning the comprehensive regulation of the “over-the-counter” derivatives market, including robust and comprehensive prudential supervision (including strict capital and margin requirements) for all “over-the-counter” derivative dealers and major market participants and central clearing of standardized “over-the-counter” derivatives; and
• Proposal which would prohibit banks and bank holding companies from engaging in proprietary trading or owning, investing or sponsoring a hedge fund or private equity fund.
The proposed legislation contains several provisions that would have a direct impact on us. Under the proposed legislation, the federal savings association charter would be eliminated and the Office of Thrift Supervision would be consolidated with the Comptroller of the Currency into a new regulator, the National Bank Supervisor. The proposed legislation would also require BankAtlantic to convert to a national bank.
While there can be no assurance that any or all of the proposed regulatory or legislative changes will ultimately be adopted, these changes or any future changes, if enacted or adopted, may impact our business activities, require us to change certain of our business practices, materially affect our business model or affect retention of key personnel, and could expose us to additional costs (including increased compliance costs). These changes may also require us to invest significant management attention and resources to make any necessary changes, and could therefore also adversely affect our business and operations.
There can be no assurance as to the actual impact that the initiatives that have been adopted or may be adopted in the future will have on banks or the financial markets. These government initiatives could potentially have a material and adverse affect on BankAtlantic’s business, financial condition, results of operations and access to credit.
BankAtlantic Bancorp and BankAtlantic are each subject to significant regulation and BankAtlantic Bancorp’s activities and the activities of BankAtlantic Bancorp’s subsidiaries, including BankAtlantic, are subject to regulatory requirements that could have a material adverse effect on BankAtlantic Bancorp’s business.
The banking industry is an industry subject to multiple layers of regulation. Failure to comply with any of these regulations can result in substantial penalties, significant restrictions on business activities and growth plans and/or limitations on dividend payments. As a holding company, BankAtlantic Bancorp is also subject to significant regulation. For a description of the primary regulations applicable to BankAtlantic and BankAtlantic Bancorp, see “Regulations and Supervision”. Changes in the regulation or capital requirements associated with holding companies generally or BankAtlantic Bancorp in particular could also have an adverse impact on our business and operating results.
BankAtlantic Bancorp is a “grandfathered” unitary savings and loan holding company and has broad authority to engage in various types of business activities. The OTS can prevent BankAtlantic Bancorp from engaging in activities or limit those activities if it determines that there is reasonable cause to believe that the continuation of any particular activity constitutes a serious risk to the financial safety, soundness, or stability of BankAtlantic. The OTS can also:
• prohibit the payment of dividends by BankAtlantic to BankAtlantic Bancorp;
• limit transactions between BankAtlantic Bancorp, BankAtlantic and the subsidiaries or affiliates of either;
• limit BankAtlantic Bancorp’s activities and the activities of BankAtlantic; or
• Impose capital requirements on BankAtlantic Bancorp or additional capital requirements on BankAtlantic.
Unlike bank holding companies, as a unitary savings and loan holding company BankAtlantic Bancorp has not historically been subject to capital requirements. However, the OTS has indicated that it may, in the future, impose capital requirements on savings and loan holding companies. In addition, as noted above, the current administration has proposed legislation which would, among other things, eliminate the status of “savings and loan holding company” and require BankAtlantic Bancorp to register as a bank holding company, which would subject BankAtlantic Bancorp to regulatory capital requirements. Further, the OTS or other regulatory bodies having authority over BankAtlantic Bancorp in the future may adopt regulations in the future that would affect the Company’s operations, including BankAtlantic Bancorp’s ability to pay dividends or to engage in certain transactions or activities. See “Regulation and Supervision — Holding Company.”
BankAtlantic is subject to liquidity risk as its loans are funded by its deposits.
Like all financial institutions, BankAtlantic’s assets are primarily funded through its customer deposits and changes in interest rates, availability of alternative investment opportunities, a loss of confidence in financial institutions in general or BankAtlantic in particular, and other factors may make deposit gathering more difficult. If BankAtlantic experiences decreases in deposit levels, it may need to increase its borrowings or liquidate a portion of its assets which may not be readily saleable. Additionally, interest rate changes or further disruptions in the capital markets may make the terms of borrowings and deposits less favorable. For a further discussion on liquidity, refer to “Management’s Discussion and Analysis of Results of Operations and Financial Condition — Liquidity and Capital Resources.”
Our loan portfolio subjects BankAtlantic Bancorp to high levels of credit and counterparty risk.
BankAtlantic is exposed to the risk that its borrowers or counter-parties may default on their obligations. Credit risk arises through the extension of loans, certain securities, letters of credit, and financial guarantees and through counter-party exposure on trading and wholesale loan transactions. In an attempt to manage this risk, we seek to establish policies and procedures to manage both on and off-balance sheet (primarily loan commitments) credit risk.
BankAtlantic reviews the creditworthiness of individual borrowers or counter-parties, and limits are established for the total credit exposure to any one borrower or counter-party, however, such limits may not have the effect of adequately limiting credit exposure. In addition, when deciding whether to extend credit or enter into other transactions with customers and counterparties, we often rely on information furnished to us by such customers and counterparties, including financial statements and other financial information, and representations of the customers and counterparties that relates to the accuracy and completeness of the information. While we take all actions we deem necessary to ensure the accuracy of the information provided to us, there is no assurance that all information provided to us will be accurate or that we will successfully identify all information needed to fully assess the risk which may expose us to increased credit risk and counterparty risk.
BankAtlantic also enters into participation agreements with or acquires participation interests from other lenders to limit its credit risk, but will continue to be subject to risks with respect to its interest in the loan, as well as not being in a position to make independent determinations with respect to its interest. Further, the majority of BankAtlantic’s residential loans are serviced by others. The servicing agreements may restrict BankAtlantic’s ability to initiate work-out and modification arrangements with borrowers which could adversely impact BankAtlantic’s ability to minimize losses on non-performing loans.
BankAtlantic Bancorp is also exposed to credit and counterparty risks with respect to loans held in its asset workout subsidiary.
BankAtlantic Bancorp is controlled by BFC Financial Corporation and its controlling shareholders and this control position may adversely affect the market price of BankAtlantic Bancorp’s Class A common stock.
As of December 31, 2009, BFC owned all of BankAtlantic Bancorp’s issued and outstanding Class B common stock and 17,333,428 shares, or approximately 35.9%, of BankAtlantic Bancorp’s issued and outstanding Class A common stock. BFC’s holdings represent approximately 66% of BankAtlantic Bancorp’s total voting power. Additionally, Alan B. Levan, our Chairman and Chief Executive Officer, and John E. Abdo, our Vice Chairman, beneficially own shares of BFC’s Class A and Class B common stock representing approximately 71.6% of BFC’s total voting power. BankAtlantic Bancorp’s Class A common stock and Class B common stock vote as a single group on most matters. Accordingly, BFC, directly, and Messrs. Levan and Abdo, indirectly through BFC, are in a position to control BankAtlantic Bancorp, elect BankAtlantic Bancorp’s Board of Directors and significantly influence the outcome of any shareholder vote, except in those limited circumstances where Florida law mandates that the holders of BankAtlantic Bancorp’s Class A common stock vote as a separate class. This control position may have an adverse effect on the market price of BankAtlantic Bancorp’s Class A common stock.
BFC can reduce its economic interest in us and still maintain voting control.
BankAtlantic Bancorp’s Class A common stock and Class B common stock generally vote together as a single class, with BankAtlantic Bancorp Class A common stock possessing a fixed 53% of the aggregate voting power of all of BankAtlantic Bancorp common stock and BankAtlantic Bancorp Class B common stock possessing a fixed 47% of such aggregate voting power. BankAtlantic Bancorp Class B common stock currently represents approximately 2% of our common equity and 47% of the total voting power. As a result, the voting power of BankAtlantic Bancorp Class B common stock does not bear a direct relationship to the economic interest represented by the shares. Any issuance of shares of BankAtlantic Bancorp Class A common stock will further dilute the relative economic interest of BankAtlantic Bancorp Class B common stock, but will not decrease the voting power represented by its Class B common stock. Further, BankAtlantic Bancorp’s Restated Articles of Incorporation provide that these relative voting percentages will remain fixed until such time as BFC and its affiliates own less than 487,613 shares of BankAtlantic Bancorp Class B common stock, which is approximately 50% of the number of shares of BankAtlantic Bancorp Class B common stock that BFC now owns, even if additional shares of BankAtlantic Bancorp Class A common stock are issued. Therefore, BFC may sell up to approximately 50% of its shares of BankAtlantic Bancorp Class B common stock (after converting those shares to Class A common stock), and significantly reduce its economic interest in BankAtlantic Bancorp, while still maintaining its voting power. If BFC were to take this action, it would widen the disparity between the equity interest represented by BankAtlantic Bancorp Class B common stock and its voting power. Any conversion of shares of BankAtlantic Bancorp Class B common stock into shares of BankAtlantic Bancorp Class A common stock would further dilute the voting interests of the holders of BankAtlantic Bancorp Class A common stock.
Provisions in BankAtlantic Bancorp charter documents may make it difficult for a third party to acquire BankAtlantic Bancorp and could depress the price of its Class A Common Stock.
BankAtlantic Bancorp Restated Articles of Incorporation and Amended and Restated Bylaws contain provisions that could delay, defer or prevent a change of control of the Company or our management. These provisions could make it more difficult for shareholders to elect directors and take other corporate actions. As a result, these provisions could limit the price that investors are willing to pay in the future for shares of BankAtlantic Bancorp Class A common stock. These provisions include:
• the provisions in BankAtlantic Bancorp Restated Articles of Incorporation regarding the voting rights of BankAtlantic Bancorp Class B common stock;
• the authority of BankAtlantic Bancorp board of directors to issue additional shares of common or preferred stock and to fix the relative rights and preferences of the preferred stock without additional shareholder approval;
• the division of BankAtlantic Bancorp board of directors into three classes of directors with three-year staggered terms; and
• advance notice procedures to be complied with by shareholders in order to make shareholder proposals or nominate directors.
A sustained decline in BankAtlantic Bancorp’s Class A common stock price may result in the delisting of its Class A common stock from the New York Stock Exchange.
BankAtlantic Bancorp’s Class A common stock currently trades on the New York Stock Exchange. Like many other companies involved in the financial services industry, the trading price of BankAtlantic Bancorp’s Class A common stock has experienced a substantial decline. A listed company would be deemed to be below compliance with the continued listing standards of the New York Stock Exchange if, among other things, the listed company’s average closing price was less than $1.00 over a consecutive 30 trading day period or the listed company’s average market capitalization was less than $15 million over a consecutive 30 trading day period. As of February 25, 2010, the average market price of BankAtlantic Bancorp’s Class A common stock over the prior 30 trading day period was $1.41, and BankAtlantic Bancorp’s average market capitalization over that period was $69.3 million. However, the market price of BankAtlantic Bancorp’s Class A common stock is subject to significant volatility and there is no assurance that it will not decrease in the future so as to cause BankAtlantic Bancorp not to comply with the New York Stock Exchange’s requirement for continued listing.
If BankAtlantic Bancorp does not meet the requirements for continued listing, then BankAtlantic Bancorp’s Class A common stock will be delisted from the New York Stock Exchange. In such case, BankAtlantic Bancorp would attempt to cause its Class A common stock to be eligible for quotation on the OTC Bulletin Board. However, in such event, the trading price of BankAtlantic Bancorp’s Class A common stock would likely be adversely impacted, it may become more difficult for the holders of BankAtlantic Bancorp’s Class A common stock to sell or purchase shares of BankAtlantic Bancorp’s Class A common stock, and it may become more difficult for BankAtlantic Bancorp to raise capital, which could materially and adversely impact our business, prospects, financial condition and results of operations.
ITEM 1B. UNRESOLVED STAFF COMMENTS
The principal and executive offices of BFC, Woodbridge and BankAtlantic are located at 2100 West Cypress Creek Road, Fort Lauderdale, Florida, 33309. In May 2008, BFC and BFC Shared Service Corporation (“BFC Shared Service”), a wholly-owned subsidiary of BFC, entered into office lease agreements with BankAtlantic for office space in BankAtlantic’s corporate headquarters which is owned by BankAtlantic. Also, in May 2008, BFC entered into an office sub-lease agreement with Woodbridge pursuant to which Woodbridge leases from BFC office space in BankAtlantic’s corporate headquarters.
We own an office building located at 2200 West Cypress Creek Road, Fort Lauderdale, Florida 33309. Two floors of this office building were previously leased to a third party pursuant to a lease which expired in March 2010. The tenant has opted not to renew the lease and has vacated the space. We will continue to seek to sell the building or lease the vacant space available at this office building to third parties, including to affiliates. In addition to Woodbridge’s properties used for offices, we additionally own commercial space in Florida that is leased to third parties. Because of the nature of Woodbridge’s real estate operations, significant amounts of property are held as inventory and property and equipment in the ordinary course of business.
Bluegreen’s principal executive office is located in Boca Raton, Florida in approximately 158,838 square feet of leased space. At December 31, 2009, Bluegreen also maintained sales offices at 21 of its resorts. In addition, Bluegreen maintains four regional sales/administrative offices for its Communities division.
The following table sets forth BankAtlantic owned and leased stores by region at December 31, 2009:
Miami - Palm Tampa
Dade Broward Beach Bay
Owned full-service stores
Leased full-service stores
Ground leased full-service stores (1)
Total full-service stores
Lease expiration dates
Ground lease expiration dates
2026-2027 2017-2072 2026 2026-2032
(1) Stores in which BankAtlantic owns the building and leases the land.
The following table sets forth BankAtlantic leased drive-through facilities and leased back-office facilities by region at December 31, 2009:
Miami - Palm Tampa Orlando /
Dade Broward Beach Bay Jacksonville
Leased drive-through facilities
1 2 — — —
Leased drive through expiration dates
2010 2011-2014 — — —
Leased back-office facilities
— — — 2 1
Leased back-office expiration dates
— — — 2014 2013
As of December 31, 2009, BankAtlantic was seeking to sublease or terminate eight operating leases and was a party under two ground leases for the construction of new stores. BankAtlantic also has six parcels of land held for sale with an estimated market value of $6.0 million.
Executed leases for new stores
— 1 1 — —
Executed lease expiration dates
— 2030 2028 — —
Executed leases held for sublease
— 2013 — 2010-2048 2028-2029
Land held for sale
— — 1 1 4
ITEM 3. LEGAL PROCEEDINGS
BFC and its Wholly Owned Subsidiaries
Under Florida law, holders of Woodbridge’s Class A Common Stock who did not vote to approve the merger and properly asserted and exercised their appraisal rights with respect to their shares (“Dissenting Holders”) are entitled to receive a cash payment in an amount equal to the fair value of their shares (as determined in accordance with the provisions of Florida law) in lieu of the shares of BFC’s Class A Common Stock which they would otherwise have been entitled to receive. Dissenting Holders, who owned in the aggregate approximately 4.6 million shares of Woodbridge’s Class A Common Stock, provided written notice to Woodbridge regarding their intent to exercise their appraisal rights. In accordance with Florida law, Woodbridge provided written notices to the Dissenting Holders setting forth, among other things, its determination that the fair value of Woodbridge’s Class A Common Stock immediately prior to the effectiveness of the merger was $1.10 per share. As of the date of this filing, one Dissenting Holder which held approximately 400,000 shares of Woodbridge’s Class A Common Stock had withdrawn its shares from the appraisal rights process, while the remaining Dissenting Holders, who collectively held approximately 4.2 million shares of Woodbridge’s Class A Common Stock, have rejected Woodbridge’s offer of $1.10 per share and requested payment for their shares based on their respective fair value estimates of Woodbridge’s Class A Common Stock. Woodbridge is currently in litigation in connection with the Dissenting Holders appraisal process. In December 2009, a $4.6 million liability was recorded with a corresponding reduction to additional paid-in capital which is reflected in our consolidated financial statements representing in the aggregate Woodbridge’s offer to the Dissenting Holders. There is no assurance as to the amount of the cash payment that will be required to be made to the Dissenting Holders, which amount may exceed the $4.6 million that we have accrued related to this matter.
National Bank of South Carolina v. Core Communities of South Carolina, LLC, et al., South Carolina Court of Common Pleas, Fourteenth Judicial Circuit
On January 13, 2010, National Bank of South Carolina filed a complaint with the South Carolina Court of Common Pleas, Fourteenth Judicial Circuit, to commence foreclosure proceedings related to property at Tradition Hilton Head which served as collateral under a note and mortgage executed and delivered by Core Communities of South Carolina in favor of the lender. With Core’s concurrence, the property was subsequently placed under the control of a receiver appointed by the court. Core is secondarily liable to the lender as a guarantor but is not currently a party to the action.
In re: Levitt and Sons, LLC, et al., No. 07-19845-BKC-RBR, U.S. Bankruptcy Court Southern District of Florida
On November 9, 2007, Levitt and Sons and the Debtors (“the Debtors”) filed voluntary petitions for relief under the Chapter 11 Cases in the Bankruptcy Court. The Debtors commenced the Chapter 11 Cases in order to preserve the value of their assets and to facilitate an orderly wind-down of their businesses and disposition of their assets in a manner intended to maximize the recoveries of all constituents. On November 27, 2007, the Office of the United States Trustee (the “U.S. Trustee), appointed an official committee of unsecured creditors in the Chapter 11 Cases (the “Creditors’ Committee”). On January 22, 2008, the U.S. Trustee appointed a Joint Home Purchase Deposit Creditors Committee of Creditors Holding Unsecured Claims (the “Deposit Holders Committee”, and together with the Creditors Committee, the “Committees”) The Committees have a right to appear and be heard in the Chapter 11 Cases.
In 2008, the Debtors asserted certain claims against Woodbridge, including an entitlement to a portion of the $29.7 million federal tax refund which Woodbridge received as a consequence of losses incurred at Levitt and Sons in prior periods. However, on June 27, 2008, Woodbridge entered into a settlement agreement (the “Settlement Agreement”) with the Debtors and the Joint Committee of Unsecured Creditors (the “Joint Committee”) appointed in the Chapter 11 Cases. Pursuant to the Settlement Agreement, among other things, (i) Woodbridge agreed to pay to the Debtors’ bankruptcy estates the sum of $12.5 million plus accrued interest from May 22, 2008 through the date of payment, (ii) Woodbridge agreed to waive and release substantially all of the claims it had against the Debtors, including its administrative expense claims through July 2008, and (iii) the Debtors (joined by the Joint Committee) agreed to waive and release any claims they had against Woodbridge and its affiliates. After certain of Levitt and Sons’ creditors indicated that they objected to the terms of the Settlement Agreement and stated a desire to pursue claims against Woodbridge, Woodbridge, the Debtors and the Joint Committee entered into an amendment to the Settlement Agreement, pursuant to which Woodbridge would, in lieu of the $12.5 million payment previously agreed to, pay $8 million to the Debtors’ bankruptcy estates and place $4.5 million in a release fund to be disbursed to third party creditors in exchange for a third party release and injunction. The amendment also provided for an additional $300,000 payment by Woodbridge to a deposit holders fund. The Settlement Agreement, as amended, was subject to a number of conditions, including the approval of the Bankruptcy Court.
As previously reported, on February 20, 2009, the Bankruptcy Court presiding over Levitt and Sons’ Chapter 11 bankruptcy case entered an order confirming a plan of liquidation jointly proposed by Levitt and Sons and the Official Committee of Unsecured Creditors. That order also approved the settlement pursuant to the Settlement Agreement, as amended. No appeal or rehearing of the court’s order was filed by any party, and the settlement was consummated on March 3, 2009, at which time, payment was made in accordance with the terms and conditions of the Settlement Agreement.
Robert D. Dance, individually and on behalf of all others similarly situated v. Woodbridge Holdings Corp. (formerly known as Levitt Corp.), Alan B. Levan, and George P. Scanlon, Case No. 08-60111-Civ-Graham/O’Sullivan, Southern District of Florida
On January 25, 2008, plaintiff Robert D. Dance filed a purported class action complaint as a putative purchaser of our securities against us and certain of our officers and directors, asserting claims under the federal securities law and seeking damages. This action was filed in the United States District Court for the Southern District of Florida and is captioned Dance v. Levitt Corp. et al., No. 08-CV-60111-DLG. The securities litigation purports to be brought on behalf of all purchasers of our securities beginning on January 31, 2007 and ending on August 14, 2007. The complaint alleges that the defendants violated Sections 10(b) and 20(a) of the Exchange Act, and Rule 10b-5 promulgated thereunder by issuing a series of false and/or misleading statements concerning our financial results, prospects and condition.
Westchester Fire Insurance Company vs. City of Brooksville, United States District Court, Middle District of Florida, Tampa Division, Case No. 8:09 CV 00062-T23 TBM
This litigation arises from a dispute regarding liability under two performance bonds issued in connection with a plat issued by the City of Brooksville for a single family housing project that was not commenced and was abandoned prior to the bankruptcy of Levitt and Sons. Although the property was deeded over to the lender as part of the bankruptcy, Levitt’s parent company was a guarantor on the bonds. The City of Brooksville contends that, notwithstanding that the single family project was never commenced for which utilities were to be provided, it has a right to collect the cash sum of the bonds in the amount of approximately $5.4 million. Following Levitt and Son’s failure, Key Bank acquired the property and conveyed it to a buyer who negotiated a new agreement eliminating any requirement for completing the planned utilities. Nonetheless, the City continued to assert rights against the bonds. Woodbridge has fully secured the obligations of the surety under the bonds and will be liable if the City’s position is found to be correct.
Bluegreen Corporation
Kelly Fair Labor Standards Act Lawsuit
In Cause No. 08-cv-401-bbc, styled Steven Craig Kelly and Jack Clark, individually and on behalf of others similarly situated v. Bluegreen Corporation, in the United States District Court for the Western District of Wisconsin, two former sales representatives brought a lawsuit on July 28, 2008 in the Western District of Wisconsin on behalf of themselves and putative class members who are or were employed by Bluegreen as sales associates and compensated on a commission-only basis. Plaintiffs alleged that Bluegreen violated the Fair Labor Standards Act (“FLSA”) and that they and the collective class are or were covered, non-exempt employees under federal wage and hour laws, and were entitled to minimum wage and overtime pay consistent with the FLSA. On July 10, 2009, the parties settled the case and Bluegreen agreed to pay approximately $1.5 million (including attorney’s fees and costs) without admitting any wrongdoing. As of December 31, 2009, the settlement was paid and the case dismissed.
Pennsylvania Attorney General Lawsuit
On October 28, 2008, in Cause No. 479 M.D. 2008, styled Commonwealth of Pennsylvania Acting by Attorney General Thomas W. Corbett, Jr. v. Bluegreen Corporation, Bluegreen Resorts, Bluegreen Vacations Unlimited, Inc. and Great Vacation Destinations, Inc., in the Commonwealth Court of Pennsylvania, the Commonwealth of Pennsylvania acting through its Attorney General filed a lawsuit against Bluegreen Corporation, Bluegreen Resorts, Bluegreen Vacations Unlimited, Inc. and Great Vacation Destinations, Inc. (a wholly owned subsidiary of Bluegreen Corporation) alleging violations of Pennsylvania’s Unfair Trade Practices and Consumer Protection Laws. The lawsuit seeks civil penalties against Bluegreen and restitution on behalf of Pennsylvania consumers who may have suffered losses as a result of the alleged unlawful sales and marketing methods and practices. The lawsuit does not seek to permanently restrain Bluegreen or any of its affiliates from doing business in the Commonwealth of Pennsylvania. The parties have reached settlement on this matter and on March 15, 2010 Bluegreen signed a consent petition and forwarded it to the Attorney General’s office for counter-signature and filing with the appropriate court offices. As of December 31, 2009, Bluegreen had accrued $225,000 in connection with anticipated payments to resolve this matter.
Destin, Florida Deposit Dispute Lawsuit
In Cause No. 2006-Ca-3374, styled Joseph M. Scheyd, Jr., P.A. vs. Bluegreen Vacations Unlimited, Inc.,; Hubert A. Laird; and MSB of Destin, Inc., in the Circuit Court of the First Judicial Circuit in and for Okaloosa County, Florida, the Plaintiff as escrow agent brought an interpleader action seeking a determination as to whether Bluegreen, as purchaser, or Hubert A. Laird and MSB of Destin, Inc. as seller, were entitled to the $1.4 million escrow deposit being maintained with the escrow agent pursuant to a purchase and sale contract for real property located in Destin, Florida. Both Bluegreen and the seller have brought cross-claims for breach of the underlying purchase and sale contract. The seller alleges Bluegreen failed to perform under the terms of the purchase and sale contract and alleges fraud. Bluegreen maintains that its decision not to close on the purchase of the subject real property was in accordance with the terms of the purchase and sale contract and therefore Bluegreen is entitled to a return of the full escrow deposit.
Mountain Lakes Mineral Rights
Bluegreen Southwest One, L.P., (“Southwest”), a subsidiary of Bluegreen Corporation, is the developer of the Mountain Lakes subdivision in Texas. In Cause No. 28006, styled Betty Yvon Lesley et a1 v. Bluff Dale Development Corporation, Bluegreen Southwest One. L.P. et al., in the 266th Judicial District Court, Erath County, Texas, the plaintiffs filed a declaratory judgment action against Southwest seeking to develop their reserved mineral interests in, on and under the Mountain Lakes subdivision. The plaintiffs’ claims are based on property law, oil and gas law, contract and tort theories. The property owners association and some of the individual landowners have filed cross actions against Bluegreen, Southwest and individual directors of the property owners association related to the mineral rights and certain amenities in the subdivision as described below. On January 17, 2007, the court ruled that the restrictions placed on the development that prohibited oil and gas production and development were invalid and not enforceable as a matter of law, that such restrictions did not prohibit the development of the plaintiffs’ prior reserved mineral interests and that Southwest breached its duty to lease the minerals to third parties for development. The court further ruled that Southwest was the sole holder of the right to lease the minerals to third parties. The order granting the plaintiffs’ motion was severed into a new cause styled Cause No. 28769 Betty Yvon Lesley et a1 v. Bluff Dale Development Corporation, Bluegreen Southwest One. L.P. et al. in the 266th Judicial District Court, Erath County, Texas. Southwest appealed the trial court’s ruling. On January 22, 2009, in Bluegreen Southwest One, L.P. et al. v. Betty Yvon Lesley et al., in the 11th Court of Appeals, Eastland, Texas, the Appellate Court reversed the trial court’s decision and ruled in Southwest’s favor and determined that all executive rights were owned by Southwest and then transferred to the individual property owners in connection with the sales of land. All property owner claims were decided in favor of Southwest. It was also decided that Southwest did not breach a fiduciary duty to the plaintiffs as an executive rights holder. As a result of this decision, no damages or attorneys’ fees are owed to the plaintiffs. On May 14, 2009, the plaintiffs filed an appeal with the Texas Supreme Court asking the Court to reverse the Appellate Court’s decision in favor of Bluegreen. No information is available as to when the Texas Supreme Court will render a decision as to whether or not it will take the appeal.
Separately, one of the amenity lakes in the Mountain Lakes development did not reach the expected water level after construction was completed. Owners of home sites within the Mountain Lakes subdivision and the property owners Association of Mountain Lakes have asserted cross claims against Southwest and Bluegreen regarding such failure as part of the Lesley litigation described above as well as in Cause No. 067-223662-07, Property Owners Association of Mountain Lakes Ranch, Inc. v. Bluegreen Southwest One, L.P. et al., in the 67th Judicial District Court of Tarrant County, Texas. This case has been settled and the $3.4 million that was accrued related to this matter as of December 31, 2009 was paid in March of 2010. Additional claims may be pursued in the future in connection with these matters, but it is not possible at this time to estimate the likelihood of loss.
Marshall, et al. Lawsuit regarding Community Amenities
On September 14, 2009, in Cause No. 09-09-08763-CV, styled William Marshall and Patricia Marshall, et al. v. Bluegreen Southwest One, L.P., Bluegreen Southwest Land, Inc., Bluegreen Corporation, Stephen Davis, and Bluegreen Communities of Texas, L.P., Plaintiffs brought suit against Bluegreen alleging fraud, negligent misrepresentation, breach of contract, and negligence with regards to the Ridgelake Shores subdivision Bluegreen developed in Montgomery County, Texas. More specifically, the Plaintiffs allege misrepresentation concerning the usability of the lakes within the community for fishing and sporting and the general level of quality at which the community would be developed and thereafter maintained. The lawsuit seeks material damages and the estimated cost to remediate the lake is $500,000. Bluegreen intends to vigorously defend the lawsuit.
Schwarz, et al. Lawsuit regarding Community Amenities
On September 18, 2008, in Cause No. 2008-5U-CV-1358-WI, styled Paul A. Schwarz and Barbara S. Schwarz v. Bluegreen Communities of Georgia, LLC and Bluegreen Corporation, Plaintiffs brought suit against Bluegreen alleging fraud and misrepresentation with regards to the construction of a marina at the Sanctuary Cove subdivision located in Camden County, Georgia. Plaintiff subsequently withdrew the fraud and misrepresentation counts and replaced them with a count alleging violation of racketeering laws, including mail fraud and wire fraud. On January 25, 2010, Plaintiffs filed a second complaint seeking approval to proceed with the lawsuit as a class action representing more than 100 persons who were harmed by the alleged racketeering activities in a similar manner as Plaintiffs. No decision has yet been made by the Court as to whether a class will be certified. Bluegreen denies the allegations and intends to vigorously defend the lawsuit.
In the ordinary course of Bluegreen’s business, Bluegreen becomes subject to claims or proceedings from time to time relating to the purchase, sale or financing of VOIs and real estate. Additionally, from time to time, Bluegreen becomes involved in disputes with existing and former employees, vendors, taxing jurisdictions and various other parties.
BankAtlantic Bancorp
In re BankAtlantic Bancorp, Inc. Securities Litigation, No. 0:07-cv-61542-UU, United States District Court, Southern District of Florida
On October 29, 2007, Joseph C. Hubbard filed a purported class action in the United States District Court for the Southern District of Florida against BankAtlantic Bancorp and four of its current or former officers. The Defendants in this action are BankAtlantic Bancorp, Inc., James A. White, Valerie C. Toalson, Jarett S. Levan, and Alan B. Levan. The Complaint, which was later amended, alleges that during the purported class period of November 9, 2005 through October 25, 2007, BankAtlantic Bancorp and the named officers knowingly and/or recklessly made misrepresentations of material fact regarding BankAtlantic and specifically BankAtlantic’s loan portfolio and allowance for loan losses. The Complaint seeks to assert claims for violations of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder and seeks unspecified damages. On December 12, 2007, the Court consolidated into Hubbard a separately filed action captioned Alarm Specialties, Inc. v. BankAtlantic Bancorp, Inc., No. 0:07—cv-61623-WPD. On February 5, 2008, the Court appointed State-Boston Retirement System lead plaintiff and Lubaton Sucharow LLP to serve as lead counsel pursuant to the provisions of the Private Securities Litigation Reform Act. BankAtlantic Bancorp believes the claims to be without merit and intends to vigorously defend the actions.
D.W. Hugo, individually and on behalf of Nominal Defendant BankAtlantic Bancorp, Inc. vs. BankAtlantic Bancorp, Inc., Alan B. Levan, Jarett S. Levan, Jay C. McClung, Marcia K. Snyder, Valerie Toalson, James A. White, John E. Abdo, D. Keith Cobb, Steven M. Coldren, and David A. Lieberman, Case No. 0:08-cv-61018-UU, United States District Court, Southern District of Florida
On July 2, 2008, D.W. Hugo filed a purported class action which was brought as a derivative action on behalf of BankAtlantic Bancorp pursuant to Florida laws in the United States District Court, Southern District of Florida against BankAtlantic Bancorp and the above listed officers and directors. The Complaint alleges that the individual defendants breached their fiduciary duties by engaging in certain lending practices with respect to BankAtlantic Bancorp’s Commercial Real Estate Loan Portfolio. The Complaint further alleges that BankAtlantic Bancorp’s public filings and statements did not fully disclose the risks associated with the Commercial Real Estate Loan Portfolio and seeks damages on behalf of BankAtlantic Bancorp.
On December 2, 2008, the Circuit Court for Broward County stayed a separately filed action captioned Albert R. Feldman, Derivatively on behalf of Nominal Defendant BankAtlantic Bancorp, Inc. vs. Alan B. Levan, et al., Case No. 0846795 07. The court granted the motion to stay the action pending further order of the court and allowing any party to move for relief from the stay, provided the moving party gives at least thirty days’ written notice to all of the non-moving parties. BankAtlantic Bancorp believes the claims to be without merit and intends to vigorously defend the actions.
Wilmine Almonor, individually and on behalf of all others similarly situated, vs. BankAtlantic Bancorp, Inc., Steven M. Coldren, Mary E. Ginestra, Willis N. Holcombe, Jarett S. Levan, John E. Abdo, David A. Lieberman, Charlie C. Winningham II, D. Keith Cobb, Bruno L. DiGiulian, Alan B. Levan, James A. White, the Security Plus Plan Committee, and Unknown Fiduciary Defendants 1-50, No. 0:07-cv-61862- DMM, United States District Court, Southern District of Florida.
On December 20, 2007, Wilmine Almonor filed a purported class action in the United States District Court for the Southern District of Florida against BankAtlantic Bancorp and the above-listed officers, directors, employees, and organizations. The Complaint alleges that during the purported class period of November 9, 2005 to present, BankAtlantic Bancorp and the individual defendants violated the Employment Retirement Income Security Act (“ERISA”) by permitting company employees to choose to invest in BankAtlantic Bancorp’s Class A common stock in light of the facts alleged in the Hubbard securities lawsuit. The Complaint seeks to assert claims for breach of fiduciary duties, the duty to provide accurate information, the duty to avoid conflicts of interest under ERISA and seeks unspecified damages. On February 18, 2009, the Plaintiff filed a Second Amended Complaint, which, for the first time, identified by name the following additional Defendants that Plaintiff had previously attempted to identify by position: Anne B. Chervony, Lewis F. Sarrica, Susan D. McGregor, Jeff Callan, Patricia Lefebvre, Jeffrey Mindling, Tim Watson, Gino Martone, Jose Valle, Juan Carlos Ortigosa, Gerry Lachnicht, Victoria Bloomenfeld, Rita McManus, and Kathleen Youlden.
On July 14, 2009, the Court granted in part Defendants’ motion to dismiss the Second Amended Complaint, dismissing the following individual Defendants from Count II: Lewis Sarrica, Susan McGregor, Patricia Lefebvre, Jeffrey Mindling and Gerry Lachnicht. On July 28, 2009, the Court denied Plaintiff’s motion for class certification. On January 13, 2010, the Court ruled that the Plaintiff’s status as a Plan representative threatens the interests of the Plan, and in turn other Plan participants, and threatens the integrity of the judicial process. The court denied the Plaintiff’s request to proceed as a Plan representative and accordingly, the case is currently proceeding solely on the basis of the Plaintiff’s individual claim. BankAtlantic Bancorp believes the claim to be without merit and intends to vigorously defend the action.
SEC Investigation
BankAtlantic Bancorp has received a notice of investigation from the Securities and Exchange Commission, Miami Regional Office and subpoenas for information. The subpoenas request a broad range of documents relating to, among other matters, recent and pending litigation to which BankAtlantic Bancorp is or was a party, certain of BankAtlantic’s non-performing, non-accrual and charged-off loans, BankAtlantic Bancorp’s cost saving measures, BankAtlantic Bancorp’s recently formed asset workout subsidiary and any purchases or sales of BankAtlantic Bancorp’s common stock by officers or directors of BankAtlantic Bancorp. Various current and former employees have also received subpoenas for documents and testimony. BankAtlantic Bancorp is fully cooperating with the SEC.
Lashelle Farrington, individually and on behalf of all others similarly situated, v. BankAtlantic, a Federal Savings Bank, Case No. 09-006210 (11), in the Circuit Court of the Seventeenth Judicial Circuit in and for Broward County, Florida.
The original Farrington complaint was filed on February 2, 2009 against BankAtlantic and several of BankAtlantic’s affiliates (namely, BA Financial Services, LLC, BankAtlantic Bancorp, Inc., BFC Financial Corporation, and Joe Does 1-10), and the Plaintiff subsequently amended the complaint to drop the non-BankAtlantic defendants. The Amended Complaint alleges that BankAtlantic breached its Personal Account Depositor’s Agreement by charging overdraft fees for certain debit card purchases when the customer allegedly had sufficient funds in her account at the time that the items were paid even though the account was overdrawn at the close of business. The Plaintiff seeks to establish a class comprised of all persons or entities with accounts that incurred these allegedly improper overdraft fees on debit card transactions in the previous 5 years. The Plaintiff has not yet moved to certify a class. BankAtlantic Bancorp believes the claims to be without merit and intends to vigorously defend the action
Joel and Elizabeth Rothman, on behalf of themselves and all persons similarly situated vs. BankAtlantic, Case No. 09-059341 (07), Circuit Court of the 17th Judicial Circuit for Broward County, Florida.
On November 2, 2009, Joel and Elizabeth Rothman filed a purported class action against BankAtlantic in Florida state court. The Complaint asserts claims for breach of contract, breach of duty of good faith and fair dealing, unjust enrichment, conversion, and usury. Each of these counts is related to BankAtlantic’s collection of overdraft fees. The Complaint alleges that BankAtlantic failed to adequately warn its customers about overdrafts, failed to give its customers the ability to opt out of an automatic overdraft protection program and improperly manipulated debit card transactions. The Plaintiffs seek to represent three classes of BankAtlantic customers in the State of Florida who were assessed overdraft fees. BankAtlantic Bancorp believes the claims to be without merit and intends to vigorously defend the action.
In the ordinary course of business, the Company and its subsidiaries are also parties to lawsuits as plaintiff or defendant involving its bank operations, lending, tax certificates activities and real estate activities. Additionally, from time to time, Bluegreen becomes involved in disputes with existing and former employees, vendors, taxing jurisdictions and various other parties. Although the Company believes it has meritorious defenses in the pending legal actions and that the outcomes of these pending legal matters should not materially impact us, the ultimate outcomes of these matters are uncertain.
ITEM 4. REMOVED AND RESERVED
ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER
MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES
Our Class A Common Stock and Class B Common Stock have substantially identical terms, except as follows:
• Each share of Class A Common Stock is entitled to one vote for each share held, with all holders of Class A Common Stock possessing in the aggregate 22% of the total voting power. Holders of Class B Common Stock have the remaining 78% of the total voting power. If the number of shares of Class B Common Stock outstanding decreases to 1,800,000 shares, the Class A Common Stock’s aggregate voting power will increase to 40% and the Class B Common Stock will have the remaining 60%. If the number of shares of Class B Common Stock outstanding decreases to 1,400,000 shares, the Class A Common Stock’s aggregate voting power will increase to 53% and the Class B Common Stock will have the remaining 47%. If the number of shares of Class B Common Stock outstanding decreases to 500,000, the fixed voting percentages will be eliminated.
• Each share of Class B Common Stock is convertible at the option of the holder thereof into one share of Class A Common Stock.
In addition to any other approval required by Florida law, the foregoing voting structure may not be amended without the approval of holders of a majority of the outstanding shares of the Company’s Class B Common Stock, voting as a separate class.
Since, December 9, 2008, our Class A Common Stock has been quoted on the Pink Sheets Electronic Quotation Service (“Pink Sheets”) under the ticker symbol “BFCF.PK.” Prior to that time, our Class A Common Stock traded on NYSE Arca (after the previously trading on the NASDAQ National Market). Our Class B Common Stock is quoted on the OTC Bulletin Board under the symbol “BFCFB.OB.”
The following table sets forth, for the indicated periods, (i) the high and low trading prices for our Class A Common Stock as reported by NYSE Arca from January 1, 2008 through December 8, 2008 and as quoted on the Pink Sheets from December 9, 2008 through December 31, 2009 and (ii) the high and low trading prices for our Class B Common Stock as reported by the National Association of Securities Dealers Automated Quotation System. The over-the-counter stock prices do not include retail mark-ups, mark-downs or commissions.
Class A Common Stock: High Low
Class B Common Stock: High Low
On March 26, 2010, there were approximately 684 record holders of our Class A Common Stock and approximately 452 record holders of our Class B Common Stock.
While there are no restrictions on our payment of cash dividends we have never paid cash dividends on our common stock.
There are restrictions on the payment of dividends by BankAtlantic to BankAtlantic Bancorp and in certain circumstances on the payment of dividends by BankAtlantic Bancorp to holders of its common stock, including BFC. BankAtlantic Bancorp does not expect to receive dividend payments from BankAtlantic, and BankAtlantic Bancorp is currently prohibited from paying dividends on its common stock due to its decision to defer interest payments on its junior subordinated debentures. See Financial Services Risk Factors and Financial Services — Regulation and Supervision — “Limitation on Capital Distributions” and Note 23 of the “Notes to Consolidated Financial Statements” for additional information.
Issuer Purchases of Equity Securities
On September 21, 2009, our Board of Directors approved a share repurchase program which authorizes the repurchase of up to 20,000,000 shares of Class A and Class B Common Stock at an aggregate cost of no more than $10 million. The share repurchase program replaced our $10 million repurchase program that our Board of Directors approved in October 2006 which placed a limitation on the number of shares which could be repurchased under the program at 1,750,000 shares of Class A Common Stock. In 2008, we repurchased 100,000 shares of Class A Common Stock at an aggregate cost of $54,000 under the prior program. The current program, like the prior program, authorizes management, at its discretion, to repurchase shares from time to time subject to market conditions and other factors. No shares were repurchased during the year ended December 31, 2009.
ITEM 6. SELECTED FINANCIAL DATA
The following table sets forth selected consolidated financial data as of and for the years ended December 31, 2005 through 2009. Certain selected financial data presented below is derived from our consolidated financial statements. This table is a summary and should be read in conjunction with the consolidated financial statements and related notes thereto which are included elsewhere in this report.
(Dollars in thousands, except for per share data)
For the Years Ended December 31,
Statement of Operations Data (e):
$ 39,726 16,870 415,881 573,574 564,697
393,813 466,441 936,674 1,081,320 1,010,234
206,892 76,470 711,073 617,211 507,948
780,359 711,440 1,290,531 1,091,522 889,864
Gain on bargain purchase of Bluegreen
183,138 — — — —
Gain on settlement of investment in Woodbridge’s subsidiary
29,679 — — — —
Equity in earnings from unconsolidated affiliates
Impairment of unconsolidated affiliates
(31,181 ) (96,579 ) — — —
Investments gains (losses), interest and other income
19,549 (5,722 ) 17,183 11,479 13,033
(Loss) income from continuing operations before income taxes
(151,980 ) (332,236 ) (323,950 ) 12,212 146,807
(Benefit) provision for income taxes
(67,218 ) 15,763 (70,246 ) (516 ) 59,672
(Loss) income from continuing operations
(84,762 ) (347,999 ) (253,704 ) 12,728 87,135
Discontinued operations, net of income tax
(11,931 ) 19,388 8,799 (10,554 ) 17,926
Extraordinary gain, net of income tax
— 9,145 2,403 — —
Net (loss) income
(96,693 ) (319,466 ) (242,502 ) 2,174 105,061
Less: Net (loss) income attributable to noncontrolling interests
(122,414 ) (260,567 ) (212,043 ) 4,395 92,287
Net income (loss) attributable to BFC
25,721 (58,899 ) (30,459 ) (2,221 ) 12,774
Preferred Stock dividends
(750 ) (750 ) (750 ) (750 ) (750 )
Net income (loss) allocable to common stock
$ 24,971 (59,649 ) (31,209 ) (2,971 ) 12,024
Common Share Data (a), (b), (c)
Basic earnings (loss) per share of common stock from:
continuing operations
$ 0.68 (1.63 ) (0.90 ) (0.04 ) 0.24
(0.24 ) 0.11 0.03 (0.05 ) 0.18
extraordinary items
— 0.20 0.06 — —
Basic earnings (loss) per share of common stock
Diluted earnings (loss) per share of common stock from:
Diluted earnings (loss) per share of common stock
Basic weighted average number of common shares outstanding
Diluted weighted average number of common shares outstanding
Item 6. Selected Financial Data — continued
(Dollars in thousands)
Balance Sheet (at period end)
Loans, loans held for sale and notes receivable, net
$ 3,960,715 4,317,645 4,528,538 4,603,505 4,628,744
Real estate inventory
$ 494,291 268,763 270,229 847,492 632,597
$ 467,520 979,417 1,191,173 1,081,980 1,064,857
Securities sold under agreements to repurchase and federal funds purchased
$ 27,271 279,726 159,905 128,411 249,263
Other borrowings (d)
BFC shareholders’ equity
(a) Since its inception, BFC has not paid any cash dividends on its common stock.
(b) While the Company has two classes of common stock outstanding, the two-class method is not presented because the company’s capital structure does not provide for different dividend rates or other preferences, other than voting rights, between the two classes.
(c) Prior to the merger of I.R.E. Realty Advisory Group, Inc. (“I.R.E. RAG”) in November 2007, the 4,764,285 shares of the Company’s Class A Common Stock and 500,000 shares of the Company’s Class B Common Stock that were owned by I.R.E. RAG were considered outstanding,. However, because the Company owned 45.5% of the outstanding common stock of I.R.E. RAG, 2,165,367 shares of Class A Common Stock and 227,250 shares of Class B Common Stock were eliminated from the number of shares outstanding for purposes of computing earnings per share.
(d) Other borrowings include advances from FHLB, notes and mortgage notes payable, receivable-backed notes payable and junior subordinated debentures.
(e) Reclassified to reflect the reporting of discontinued operations, and to conform to the 2009 presentation.
ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
BFC Financial Corporation (“BFC” or, unless otherwise indicated or the context otherwise requires, “we” “us” “our” or the “Company”) is a diversified holding company whose principal holdings include a controlling interest in BankAtlantic Bancorp, Inc. and its subsidiaries (“BankAtlantic Bancorp”), a controlling interest in Bluegreen Corporation and its subsidiaries (“Bluegreen”), a non-controlling interest in Benihana, Inc. (“Benihana”) and a controlling interest in Core Communities, LLC (“Core” or “Core Communities”). As a result of our position as the controlling shareholder of BankAtlantic Bancorp, we are a “unitary savings bank holding company” regulated by the Office of Thrift Supervision (“OTS”). As of December 31, 2009, BFC and its subsidiaries had total consolidated assets and liabilities of approximately $6.0 billion and $5.6 billion, respectively (including the assets and liabilities of its consolidated subsidiaries, noncontrolling interests of $158.9 million) and BFC’s shareholders’ equity of approximately $245.1 million.
As a holding company with controlling positions in BankAtlantic Bancorp and Bluegreen, generally accepted accounting principles (“GAAP”) requires the consolidation of the financial results of both entities. As a consequence, the assets and liabilities of both entities are presented on a consolidated basis in BFC’s financial statements. However, except as otherwise noted, the debts and obligations of the consolidated entities, including Woodbridge, are not direct obligations of BFC and are non-recourse to BFC. Similarly, the assets of those entities are not available to BFC absent a dividend or distribution. The recognition by BFC of income from controlled entities is determined based on the total percent of economic ownership in those entities. At December 31, 2009, BFC owned approximately 37% of BankAtlantic Bancorp’s Class A and Class B common stock representing approximately 66% of BankAtlantic Bancorp total voting power. At December 31, 2009, we owned approximately 52% of Bluegreen’s common stock.
The following had significant financial impact on us during 2009:
BFC and Woodbridge Merger - On September 21, 2009, we consummated our merger with Woodbridge Holdings Corporation pursuant to which Woodbridge Holdings Corporation merged with and into Woodbridge Holdings, LLC, our wholly-owned subsidiary which continued as the surviving company of the merger and the successor entity to Woodbridge Holdings Corporation. Pursuant to the terms of the merger, which was approved by each company’s shareholders at their respective meetings held on September 21, 2009, each outstanding share of Woodbridge’s Class A Common Stock (other than Dissenting Holders, as defined below) automatically converted into the right to receive 3.47 shares of our Class A Common Stock. Shares otherwise issuable to us attributable to the shares of Woodbridge’s Class A Common Stock and Class B Common Stock owned by us were canceled in connection with the merger. As a result of the merger, Woodbridge Holdings Corporation’s separate corporate existence ceased and its Class A Common Stock is no longer publicly traded. The merger resulted in a net increase in BFC’s shareholders’ equity of approximately $95.0 million, an increase in common stock and additional paid-in capital of approximately $303,000 and $94.7 million, respectively, and a corresponding decrease to noncontrolling interest of approximately $99.6 million.
Under Florida law, holders of Woodbridge’s Class A Common Stock who did not vote to approve the merger and properly asserted and exercised their appraisal rights with respect to their shares (“Dissenting Holders”) are entitled to receive a cash payment in an amount equal to the fair value of their shares (as determined in accordance with the provisions of Florida law) in lieu of the shares of BFC’s Class A Common Stock which they would otherwise have been entitled to receive. Dissenting Holders, who collectively held approximately 4.2 million shares of Woodbridge’s Class A Common Stock, have rejected Woodbridge’s offer of $1.10 per share and requested payment for their shares based on their respective fair value estimates of Woodbridge’s Class A Common Stock. In connection with Woodbridge’s offer to the Dissenting Holders, the Company accrued a $4.6 million liability with a corresponding decrease to additional paid-in capital, representing in the aggregate Woodbridge’s offer to the Dissenting Holders. Woodbridge is currently in litigation with the Dissenting Holders, and the outcome of such litigation is uncertain. There is no assurance that the actual payment required to be made to the Dissenting Holders will not exceed the amount accrued. See Note 3 of the “Notes to Consolidated Financial Statements” for additional information about the merger.
Acquisition of Bluegreen shares - On November 16, 2009, we purchased approximately 7.4 million additional shares of the common stock of Bluegreen for an aggregate purchase price of approximately $23 million. As a result of such share purchase, we increased our ownership interest in Bluegreen from 29% of Bluegreen’s outstanding common stock to approximately 52%. Accordingly, we now have a controlling interest in Bluegreen and, under GAAP, Bluegreen’s results are consolidated in our financial statements since November 16, 2009. Prior to November 16, 2009, the approximate 29% equity investment in Bluegreen was accounted under the equity method. See Note 4 of the “Notes to Consolidated Financial Statements” of this report for additional information about the Bluegreen share acquisition on November 16, 2009.
Acquisition of BankAtlantic Bancorp shares - During the third quarter of 2009, BankAtlantic Bancorp distributed to its shareholders 4.441 subscription rights for each share of its Class A Common Stock and Class B Common Stock held on August 24, 2009. Each whole subscription right entitled the holder to purchase one share of BankAtlantic Bancorp’s Class A Common Stock at a purchase price of $2.00 per share. BFC exercised its subscription rights in the rights offering to purchase an aggregate of 14.9 million shares of BankAtlantic Bancorp’s Class A Common Stock for an aggregate purchase price of $29.9 million. This purchase increased BFC’s ownership interest in BankAtlantic Bancorp by approximately 7.3% to approximately 37.2% and increased BFC’s voting interest by approximately 6.7% to 66.0%. BFC’s purchase of the 14.9 million shares of BankAtlantic Bancorp’s Class A Common Stock was accounted for as an equity transaction in accordance with recently adopted FASB authoritative guidance effective on January 1, 2009, which provides that changes in a parent’s ownership interest which do not result in the parent losing its controlling financial interest in its subsidiary are reported as equity transactions. Accordingly, BFC’s increase in BankAtlantic Bancorp’s ownership interest resulted in an increase to additional paid-in capital of approximately $7.0 million, which represents the excess carrying value of the noncontrolling interest acquired over the consideration paid.
Levitt and Sons Bankruptcy Settlement - On February 20, 2009, the Bankruptcy Court entered an order confirming a plan of liquidation jointly proposed by Levitt and Sons and the Official Committee of Unsecured Creditors. That order also approved the settlement pursuant to the settlement agreement that was entered into with the Joint Committee of Unsecured Creditors. No appeal or rehearing of the Bankruptcy Court’s order was filed by any party, and the settlement was consummated on March 3, 2009, at which time payment was made in accordance with the terms and conditions of the settlement agreement. Under cost method accounting, the cost of settlement and the related $52.9 million liability (less $500,000 which was determined as the settlement holdback and remained as an accrual pursuant to the settlement agreement) was recognized into income in the first quarter of 2009, resulting in a $40.4 million gain on settlement of investment in subsidiary. Pursuant to the settlement agreement, we agreed to share a percentage of any tax refund attributable to periods prior to the bankruptcy with the Debtors Estate. In the fourth quarter of 2009, we accrued approximately $10.7 million in connection with the portion of the tax refund that we will be required to pay to the Debtors Estate pursuant to the settlement agreement. As a result, the gain on settlement of investment in subsidiary for the year ended December 31, 2009 was $29.7 million. See Note 25 of the “Notes to Consolidated Financial Statements” for more information regarding the tax refund.
Reclassification of Discontinued Operations - In December 2009, Core Communities reinitiated efforts to sell two of its commercial leasing projects (“the Projects”) and began soliciting bids from several potential buyers to purchase assets associated with the Projects. The assets are available for immediate sale in their present condition and Core determined that it is probable that it will sell the Projects in 2010. Due to this decision, the assets associated with the Projects that are for sale have been classified as discontinued operations for all periods presented in accordance with the accounting guidance for the disposal of long-lived assets.
The assets were reclassified as assets held for sale and the liabilities related to these assets were reclassified as liabilities related to assets held for sale in the audited consolidated statements of financial condition. Additionally, the results of operations for the projects were reclassified to income from discontinued operations. Depreciation related to these assets held for sale ceased in December 2009. The Company has elected not to separate these assets in the audited consolidated statements of cash flows for the periods presented. Management has reviewed the net asset value and estimated the fair market value of the assets based on the bids received related to these assets and determined that an impairment charge was necessary to write down the carrying value of the Projects to their fair value less the costs to sell and, accordingly, recorded an impairment charge of approximately $13.6 million for the year ended December 31, 2009. For a discussion of negotiations with respect to the Projects, see “Core’s Liquidity and Capital Resources”.
Additional recent developments and related financial matters are discussed below.
BFC Financial Corporation Summary of Consolidated Results of Operations
The table below sets forth the Company’s summarized results of operations (in thousands):
$ 104,758 (128,755 ) (223,692 )
(189,520 ) (219,244 ) (30,012 )
Loss from continuing operations
(84,762 ) (347,999 ) (253,704 )
(11,931 ) 19,388 8,799
— 9,145 2,403
(122,414 ) (260,567 ) (212,043 )
25,721 (58,899 ) (30,459 )
5% Preferred stock dividends
(750 ) (750 ) (750 )
$ 24,971 (59,649 ) (31,209 )
The Company reported net income attributable to BFC of $25.7 million in 2009 as compared to a net loss attributable to BFC of $58.9 million in 2008 and a net loss of $30.5 million in 2007. Results for the years ended December 31, 2009, 2008 and 2007 included an $11.9 million loss, $19.4 million of income and $8.8 million of income from discontinued operations, net of income tax, respectively. The results from discontinued operations related to financial results associated with Ryan Beck and Core Communities commercial leasing projects, as discussed further in Note 5 of the “Notes to Consolidated Financial Statements”. Real Estate and Other includes an approximately $183.1 million bargain purchase gain associated with Bluegreen’s share acquisition on November 16, 2009. See Note 4 of the “Notes to Consolidated Financial Statements”.
In 2009, the Company acquired additional shares of BankAtlantic Bancorp Class A Common Stock. Effective on January 1, 2009, the FASB adopted authoritative guidance which provides that changes in a parent’s ownership interest which do not result in the parent losing its controlling financial interest in its subsidiary are reported as equity transactions. Accordingly, BFC’s increase in its ownership interest in BankAtlantic Bancorp resulted in an increase to additional paid-in capital of approximately $7.0 million, which represents the excess carrying value of the noncontrolling interest acquired over the consideration paid.
In 2008, the Company acquired additional shares of BankAtlantic Bancorp’s Class A Common Stock in the open market, and in 2007 the Company acquired shares of Woodbridge’s Class A Common Stock in Woodbridge’s rights offerings to its shareholders, including the Company. The acquisition of these shares resulted in negative goodwill (based on the excess of fair value of acquired net assets over the purchase price of the shares) of approximately $19.6 million in connection with the 2008 acquisition of shares of BankAtlantic Bancorp and $11 million in connection with the 2007 acquisition of shares of Woodbridge. After ratably allocating this negative goodwill to non-current and non-financial assets, the Company recognized in 2008 and 2007 an extraordinary gain, net of tax, of $9.1 million and $2.4 million, respectively.
As a result of the Woodbridge merger on September 21, 2009 and the Bluegreen share acquisition on November 16, 2009, in each case as described above, the Company reorganized its reportable segments to better align its segment reporting with the current operations of its businesses. The Company’s business activities currently consist of (i) Real Estate and Other activities and (ii) Financial Services activities, which are reported through six segments: BFC Activities, Real Estate Operations, Bluegreen Resorts, Bluegreen Communities, BankAtlantic and BankAtlantic Bancorp Parent Company. As a result of this reorganization, our BFC Activities segment now includes, in addition to other activities historically included in the segment, Woodbridge Other Operations (which was previously a segment). Our Real Estate Operations segment is now comprised of what was previously identified as our Land Division, including the real estate business activities of Woodbridge and its subsidiaries, Core Communities and Carolina Oak Homes, LLC (“Carolina Oak”). In 2007, the Real Estate Operations segment also included the operations of Levitt and Sons, which was deconsolidated as of November 9, 2007 in connection with the filing of its Chapter 11 Cases, and Levitt Commercial.
The Company’s Real Estate and Other business activities are reported in four segments which are i) BFC Activities ii) Real Estate Operations, iii) Bluegreen Communities and iv) Bluegreen Resorts. BFC’s consolidated financial statements include the results of operations of Bluegreen from November 16, 2009 (when we acquired a controlling interest in Bluegreen) through December 31, 2009. Accordingly, Bluegreen’s results of operations since November 16, 2009 are reported through the Bluegreen Resorts and Bluegreen Communities segments. Prior to November 16, 2009, when we owned approximately 9.5 million shares of Bluegreen common stock representing approximately 29% of such stock, the investment in Bluegreen was accounted for under the equity method of accounting. In prior years, the investment in Bluegreen was included in Woodbridge other operations, and our interest in Bluegreen’s earnings and losses prior to November 16, 2009 are included in our BFC Activities segment. The Company’s Financial Services business activities include BankAtlantic Bancorp’s results of operations and are reported in two segments: BankAtlantic and BankAtlantic Bancorp Parent Company.
The presentation and allocation of the assets, liabilities and results of operations of each segment may not reflect the actual economic costs of the segment as a stand-alone business. If a different basis of allocation were utilized, the relative contributions of the segments might differ but, in management’s view, the relative trends in segments would not likely be impacted.
The results of our business segments and other information on each segment are discussed below in BFC Activities, Real Estate Operations, Bluegreen Resorts, Bluegreen Communities, BankAtlantic and BankAtlantic Bancorp Parent Company. See also Note 34 of the “Notes to Consolidated Financial Statements” contained in Item 8 of this report.
Consolidated Financial Condition
Consolidated Assets and Liabilities
Total assets at December 31, 2009 and December 31, 2008 were $6.0 billion and $6.4 billion, respectively. The changes in components of total assets between December 31, 2008 and December 31, 2009 are summarized below. The acquisition of a controlling interest in Bluegreen in November 2009 resulted in increases in cash and cash equivalents, notes receivable, inventory of real estate, retained interest in notes receivable sold and intangible assets of $70.5 million, $277.3 million, $322.9 million $26.3 million and $63.0 million respectively. Other than such increases, the change in total assets primarily resulted from:
• an increase in cash and cash equivalents primarily reflecting BankAtlantic Bancorp $116.7 million of higher cash balances at the Federal Reserve Bank associated with daily cash management activities. This contributed to the net increase in cash and cash equivalents of approximately $37.1 million and cash provided by operations of approximately $6.0 million. Cash provided by investing activities was approximately $919.4 million and cash used in financing activities was $888.3 million;
• a decrease in securities available for sale reflecting BankAtlantic’s sale of $284.0 million of residential mortgage-backed securities as well as prepayments by borrowers associated with residential mortgage refinancing of $59 million in response to low historical residential mortgage interest rates during 2009;
• an increase in current income tax receivable reflecting BankAtlantic Bancorp’s and Woodbridge’s receivable of approximately $31.8 million and $34.6 million, respectively, from the Department of the Treasury associated with a change in the income tax net operating loss carry-back laws;
• a decrease in BankAtlantic’s tax certificate balances primarily due to redemptions and decreased tax certificate acquisitions during 2009;
• a decrease in BankAtlantic’s loan receivable balances associated with $185.9 million of loan charge-offs, $50.0 million increase in the allowance for loan losses, as well as refinancing of residential loans in the normal course of business combined with a significant decline in loan purchases and originations;
• an increase in real estate inventory mainly due to the consolidation of Bluegreen and partially offset by an impairment charge of approximately $101.9 million recorded in connection with Core Communities and Carolina Oak’s inventory of real estate, including purchase accounting adjustment of $8.9 million;
• an increase in real estate owned associated with BankAtlantic’s commercial real estate and residential loan foreclosures;
• a decrease in BankAtlantic’s goodwill associated with an $8.5 million impairment charge to goodwill, net of purchase accounting adjustment in the amount of $0.8 million, and a $2.0 million impairment charge related to goodwill associated with Woodbridge’s investment in Pizza Fusion;
• a decrease in assets held for sale resulting from the decrease in value of Core Communities’ assets from discontinued operations; and
• an increase in other assets due in part to $31.3 million prepaid FDIC insurance assessments for the three years ended December 31, 2012.
The Company’s total liabilities at December 31, 2009 were $5.6 billion compared to $6.0 billion at December 31, 2008. The changes in components of total liabilities from December 31, 2008 to December 31, 2009 are summarized below. The acquisition of a controlling interest in Bluegreen in November 2009 resulted in increases in long term debt and deferred income taxes of $479.6 million and $30.3 million, respectively. Other than such increases, the change in total liabilities primarily resulted from:
• a decrease in BankAtlantic’s interest bearing deposit account balances of $36 million associated with $445.2 million of lower time deposits and insured money market savings accounts partially offset by $416.4 million of higher interest bearing checking account balances reflecting higher NOW account balances combined with intercompany eliminations of $8.7 million;
• a $85.9 million increase in non-interest-bearing deposit balances at BankAtlantic primarily due to increased customer balances combined with intercompany eliminations of $12.2 million;
• lower FHLB advances and short term borrowings at BankAtlantic due to repayments using proceeds from the sales of securities, loan repayments and increases in deposit account balances;
• an increase in BankAtlantic Bancorp’s junior subordinated debentures liability due to interest deferrals;
• the reversal of the loss in excess of investment in Levitt and Sons as a result of the Bankruptcy Court’s approval of the Levitt and Sons’ bankruptcy plan; and
• a decrease in other liabilities primarily reflecting a significant decline in accrued interest payable due to lower FHLB advance and short term borrowing balances as well as a substantial decline in the cost of funds for 2009 compared to 2008. The decrease in other liabilities was partially offset with an accrual recorded in the fourth quarter of 2009 of approximately $10.7 million in connection with a portion of the tax refund, that will be payable to the Levitt and Sons estate upon receipt.
Redeemable 5% Cumulative Preferred Stock
On June 7, 2004, the Board of Directors of the Company designated 15,000 shares of the Company’s preferred stock as 5% Cumulative Convertible Preferred Stock (“5% Preferred Stock”). On June 21, 2004, the Company sold all 15,000 shares of the Preferred Stock to an investor group in a private offering.
The 5% Preferred Stock has a stated value of $1,000 per share. The shares of 5% Preferred Stock may be redeemed at the option of the Company, from time to time, at redemption prices (the “Redemption Price”) ranging from $1,025 per share for the year 2010 to $1,000 per share for the year 2015 and thereafter. The 5% Preferred Stock liquidation preference is equal to its stated value of $1,000 per share plus any accumulated and unpaid dividends or an amount equal to the Redemption Price in a voluntary liquidation or winding up of the Company. Holders of the 5% Preferred Stock are entitled to receive, when and as declared by the Company’s Board of Directors, cumulative quarterly cash dividends on each such share at a rate per annum of 5% of the stated value from the date of issuance, payable quarterly. Since June 2004, the Company has paid quarterly dividends on the 5% Preferred Stock of $187,500. The 5% Preferred Stock has no voting rights except as required by Florida law.
On December 17, 2008, the Company amended its Articles of Incorporation (the “Amendment”) to change certain of the previously designated relative rights, preferences and limitations of the Company’s 5% Preferred Stock. The Amendment eliminated the right of the holders of the 5% Preferred Stock to convert their shares of 5% Preferred Stock into shares of the Company’s Class A Common Stock. The Amendment also requires the Company to redeem shares of the 5% Preferred Stock with the net proceeds it receives in the event (i) the Company sells any of its shares of Benihana Series B Convertible Preferred Stock (the “Convertible Preferred Stock”), (ii) the Company sells any shares of Benihana’s common stock received upon conversion of Benihana’s Convertible Preferred Stock or (iii) Benihana redeems any shares of Benihana’s Convertible Preferred Stock owned by the Company. Additionally, in the event the Company defaults on its obligation to make dividend payments on the 5% Preferred Stock, the Amendment entitles the holders of BFC’s 5% Preferred Stock, to receive directly from Benihana certain payments on the shares of Benihana’s Convertible Preferred Stock owned by the Company or on the shares of Benihana’s common stock received by the Company upon conversion of Benihana’s Convertible Preferred Stock.
In December 2008, based on an analysis of the 5% Preferred Stock after giving effect to the Amendment, the Company determined that the 5% Preferred Stock met the requirements to be re-classified outside of permanent equity at its fair value at the Amendment date of approximately $11.0 million into the mezzanine category as Redeemable 5% Cumulative Preferred Stock. The remaining amount of approximately $4.0 million continues to be classified in Additional Paid in Capital in the Company’s Consolidated Statements of Financial Condition. The fair value of the 5% Preferred Stock was calculated by using an income approach by discounting estimated cash flows at a market discount rate.
Noncontrolling Interest
The following table summarizes the noncontrolling interests held by others in our subsidiaries (in thousands):
$ 88,910 170,888
— 91,389
$ 158,852 262,554
Critical Accounting Policies
Management views critical accounting policies as accounting policies that are important to the understanding of our financial statements and also involve estimates and judgments about inherently uncertain matters. In preparing the financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the consolidated statements of financial condition and assumptions that affect the recognition of income and expenses on the consolidated statement of operations for the periods presented. Actual results could differ significantly from those estimates. Material estimates that are particularly susceptible to significant change in subsequent periods relate to the determination of the allowance for loan losses, evaluation of goodwill and other intangible assets for impairment, the valuation of real estate acquired in connection with foreclosure or in satisfaction of loans, the valuation of real estate held for development and sale and its impairment reserves, revenue and cost recognition on percent complete projects, estimated costs to complete construction, the valuation of investments in unconsolidated subsidiaries, the valuation of the fair value of assets and liabilities in the application of the acquisition method of accounting, accounting for deferred tax asset valuation allowance, accounting for uncertain tax positions, accounting for contingencies, and assumptions used in the valuation of stock based compensation. The accounting policies that we have identified as critical accounting policies are: (i) allowance for loan losses and notes receivables; (ii) the valuation of retained interests in notes receivable sold; (iii) impairment of goodwill and long-lived assets; (iv) valuation of securities as well as the determination of other-than-temporary declines in value; (v) accounting for business combinations; (vi) the valuation of real estate; (vii) revenue and cost recognition on percent complete projects; (viii) estimated cost to complete construction; (ix) the valuation of equity method investments; (x) accounting for deferred tax asset valuation allowance; and (xi) accounting for contingencies. See also Note 1, Summary of Significant Accounting Policies, of the “Notes to Consolidated Financial Statements” included in Item 8 of this report for a detailed discussion of our significant accounting policies.
The Company accounts for its acquisitions in accordance with the accounting guidance for business combinations. If the Company makes a “bargain purchase”, the Company recognizes a gain in the income statement on the acquisition date. A bargain purchase is a business combination in which the acquisition date amounts of the identifiable net assets acquired and the liabilities assumed, as measured in accordance with the accounting guidance for business combinations exceeds the aggregate of (i) the consideration transferred, as measured in accordance with the accounting guidance, which generally require acquisition date fair value; (ii) the fair value of any non-controlling interest in the acquiree, and (iii) in a business combination achieved in stages, the acquisition date fair value of the Company’s previously held equity interest in the acquiree. This allocation process requires extensive use of estimates and assumptions, including estimates of future cash flows to be generated by the acquired assets. The Company may utilize independent third parties to assist the Company in assessing market conditions. The Company is also required to periodically review these judgments and estimates and adjust them accordingly. If conditions change from those expected, it is possible that the results could change in future periods. Certain identifiable intangible assets, such as management contracts, are not amortized, but instead are reviewed for impairment on at least an annual basis, or if events or changes in circumstances indicate that the related carrying amounts may not be recoverable. Accordingly, the acquisition cost allocation of Bluegreen has had, and will continue to have, a significant impact on the Company’s operating results.
Fair Value Measurements
We are required to disclose the fair value of our investments under accounting guidance for fair value measurements. Based on this accounting guidance, fair value is the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, this accounting guidance establishes a three-tier fair value hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. The three-tier fair value hierarchy prioritizes the inputs used in measuring fair value as follows:
• Level 1. Observable inputs such as quoted prices in active markets for identical assets or liabilities;
• Level 2. Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and
• Level 3. Unobservable inputs, when there is little or no market data, which require the reporting entity to develop its own assumptions.
In determining fair value, we are sometimes required to use various valuation techniques. When valuation techniques other than those described as Level 1 are utilized, management must make estimates and judgments in determining the fair value for its investments. The degree to which management’s estimates and judgments is required is generally dependent upon the market pricing available for the investments, the availability of observable inputs, the frequency of trading in the investments and the investment’s complexity. If we make different judgments regarding unobservable inputs, we could potentially reach different conclusions regarding the fair value of our investments.
We evaluate our intangible assets when events and circumstances indicate that assets may be impaired and when the undiscounted cash flows estimated to be generated by those assets are less than their carrying amounts. The carrying value of these assets is dependent upon estimates of future earnings that they are expected to generate. If cash flows decrease significantly, intangible assets may be impaired and would be written down to their fair value. The estimates of useful lives and expected cash flows require us to make significant judgments regarding future periods that are subject to outside factors.
Intangible assets which consisted of management contracts in the amount of $63 million originated from the November 16, 2009 acquisition of a controlling interest in Bluegreen. Such management contracts, are not amortized, but instead are reviewed for impairment on at least an annual basis, or if events or changes in circumstances indicate that the related carrying amounts may not be recoverable.
At December 31, 2009 and 2008, we also held intangible assets of approximately $18.7 million and $24.2 million, respectively, which are being amortized over the average life of the respective assets, ranging from 7 years to 10 years.
Revenue Recognition and Inventory Cost Allocation
Revenue and all related costs and expenses from house and land sales are recognized at the time that closing has occurred, when title and possession of the property and the risks and rewards of ownership transfer to the buyer, and when we do not have a substantial continuing involvement in accordance with accounting guidance for sales of real estate. In order to properly match revenues with expenses, we estimate construction and land development costs incurred and to be incurred, but not paid at the time of closing. Estimated costs to complete are determined for each closed home and land sale based upon historical data with respect to similar product types and geographical areas and allocated to closings along with actual costs incurred based on a relative sales value approach. To the extent the estimated costs to complete have significantly changed, we will adjust cost of sales in the current period for the impact on cost of sales of previously sold homes and land to ensure a consistent margin of sales is maintained.
Revenue is recognized for certain land sales on the percentage-of-completion method when the land sale takes place prior to all contracted work being completed. Pursuant to the requirements of accounting guidance for sales of real estate, if the seller has a continuing involvement with the property and does not transfer substantially all of the risks and rewards of ownership, profit is recognized based on the nature and extent of the seller’s continuing involvement. In the case of our land sales, this involvement typically consists of final development activities. We recognize revenue and related costs as work progresses using the percentage-of-completion method, which relies on estimates of total expected costs to complete required work. Revenue is recognized in proportion to the percentage of total costs incurred in relation to estimated total costs at the time of sale. Actual revenues and costs to complete construction in the future could differ from our current estimates. If our estimates of development costs remaining to be completed are significantly different from actual amounts, then our revenues, related cumulative profits and costs of sales may be revised in the period that estimates change.
In accordance with the requirements of the accounting guidance for real estate time-sharing activities regarding vacation ownership interests (“VOI”) sales, Bluegreen recognizes revenue on VOI and homesite sales when a minimum of 10% of the sales price has been received in cash (buyer’s commitment), the legal rescission period has expired, collectibility of the receivable representing the remainder of the sales price is reasonably assured and Bluegreen has completed substantially all of its obligations with respect to any development related to the real estate sold. Bluegreen believes that it uses a reasonably reliable methodology to estimate the collectibility of the receivables representing the remainder of the sales price of real estate sold. See the further discussion of policies regarding the estimation of credit losses on Bluegreen’s notes receivable below. Should Bluegreen become unable to reasonably estimate the collectibility of its receivables, the recognition of sales may have to be deferred and our results of operations could be negatively impacted. Under timeshare accounting rules, the buyer’s minimum cash down payment towards the purchase of Bluegreen VOIs is met only if the cash down payment received, reduced by the value of certain incentives provided to the buyer at the time of sale, is at least 10% of the sales price. If, after consideration of the value of the incentive, the total down payment received from the buyer is less than 10% of the sales price, the VOI sale, and the related cost of sales and direct selling expenses, are deferred until such time that sufficient cash is received from the customer, generally through receipt of mortgage payments. Changes to the quantity, type, or value of sales incentives that Bluegreen provides to buyers of its VOIs may result in additional VOI sales being deferred, which could materially adversely impact our results of operations.
In cases where all development has not been completed, Bluegreen recognizes revenue in accordance with the percentage-of-completion method of accounting. Should Bluegreen’s estimates of the total anticipated cost of completing Bluegreen Resorts’ or Bluegreen Communities’ projects increase, Bluegreen may be required to defer a greater amount of revenue or may be required to defer revenue for a longer period of time, which could materially adversely impact our results of operations.
The timeshare accounting rules define a specific method of the relative sales value method for relieving VOI inventory and recording cost of sales. Under the relative sales value method, cost of sales is calculated as a percentage of net sales using a cost-of-sales percentage—the ratio of total estimated development cost to total estimated VOI revenue, including the estimated incremental revenue from the resale of repossessed VOI inventory, generally as a result of the default of the related receivable. For Communities real estate projects, costs are allocated to individual homesites in the Communities’ projects based on the relative estimated sales value of each homesite without regards to defaults or repossessed inventory. Under this method, the allocated cost of a homesite is relieved from inventory and recognized as cost of sales upon recognition of the related sale. Should Bluegreen’s estimates of the sales values of its VOI and homesite inventories differ materially from their ultimate selling prices, our gross profit could be adversely impacted. Bluegreen’s completed timeshare and homesite inventory is carried at the lower of cost or market.
Allowance for Loan Losses on VOI Notes Receivables
Bluegreen estimates uncollectible VOI notes receivable based on historical uncollectibles for similar VOI notes receivable over the applicable historical period. Bluegreen uses a static pool analysis, which tracks uncollectibles for each year’s sales over the entire life of those notes. Bluegreen also considers whether the historical economic conditions are comparable to current economic conditions. Additionally, under timeshare accounting requirements, no consideration is given for future recoveries of defaulted inventory in the estimate of uncollectible VOI notes receivable. If defaults increase, our results of operations could be materially adversely impacted.
Transfers of Financial Assets and Valuation of Retained Interests
When Bluegreen transfers financial assets to third parties, such as when it sells VOI notes receivable pursuant to its vacation ownership receivables purchase facilities, Bluegreen evaluates whether or not such transfer should be accounted for as a sale pursuant to accounting rules in place at the time of the transaction. The evaluation of sale treatment involves legal assessments of the transactions, which includes determining whether the transferred assets have been isolated from Bluegreen (i.e., put presumptively beyond Bluegreen’s reach or the reach of Bluegreen’s creditors, even in bankruptcy or other receivership), determining whether each transferee has the right to pledge or exchange the assets it received, and ensuring that Bluegreen does not maintain effective control over the transferred assets through either (1) an agreement that both entitles and obligates Bluegreen to repurchase or redeem them before their maturity or (2) the ability to unilaterally cause the holder to return specific assets (other than through a cleanup call). Bluegreen believes that it has obtained appropriate legal opinions and other guidance deemed necessary to properly account for its transfers of financial assets as sales. As indicated below in “Recent Accounting Pronouncements Not Yet Adopted”, should Bluegreen be successful in selling additional notes receivable in the future, such transactions will be evaluated under new rules which become effective on January 1, 2010. Accordingly, Bluegreen does not expect to recognize any future gains on the sale of notes receivable.
In connection with the sales of notes receivable referred to above, Bluegreen retains subordinated tranches and rights to excess interest spread, which are retained interests in the notes receivable sold. Gain or loss on the sale of the notes receivable has depended in part on the allocation of the previous carrying amount of the financial assets involved in the transfer between the assets sold and the retained interests based on their relative fair value at the date of transfer. Bluegreen initially and periodically estimates the fair value of its retained interest in notes receivable sold based on the present value of future expected cash flows using management’s best estimates of the key assumptions — prepayment rates, loss severity rates, default rates and discount rates commensurate with the risks involved. Should Bluegreen’s estimates of these key assumptions change or should the portfolios sold fail to satisfy specified performance criteria and therefore trigger provisions whereby outside investors in the portfolios are paid on an accelerated basis, there could be a reduction in the fair value of the retained interests and Bluegreen results of operations and financial condition could be materially and adversely impacted.
The allowance for loan losses is maintained at an amount that BankAtlantic Bancorp believes to be a reasonable estimate of probable losses inherent in its loan portfolio. BankAtlantic Bancorp has developed policies and procedures for evaluating its allowance for loan losses which considers all information available to BankAtlantic Bancorp. However, BankAtlantic Bancorp relies on estimates and judgments regarding issues where the outcome is unknown. As a consequence, if circumstances differ from its estimates and judgments, the allowance for loan losses may decrease or increase significantly.
The calculation of BankAtlantic Bancorp’s allowance for loan losses consists of two components. The first component requires identifying impaired loans based on BankAtlantic Bancorp’s management classification and, if necessary, assigning a valuation allowance to the impaired loans. Valuation allowances are established using BankAtlantic Bancorp’s management estimates of the fair value of collateral or based on valuation models that present value estimated expected future cash flows discounted at the loans effective interest rate. These valuations are based on available information and require estimates and subjective judgments about fair values of the collateral or expected future cash flows. Most of BankAtlantic Bancorp’s loans do not have an observable market price, and an estimate of the collection of contractual cash flows is based on the judgment of management. It is likely that materially different results would be obtained if different assumptions or conditions were to prevail. As a consequence of the estimates and assumptions required to calculate the first component of the allowance for loan losses, a change in these highly uncertain estimates could have a materially favorable or unfavorable impact on our financial condition and results of operations.
The second component of the allowance for loan losses requires BankAtlantic Bancorp to group loans that have similar credit risk characteristics so as to form a basis for estimating probable losses inherent in the group of loans based on historical loss percentages and delinquency trends as it relates to the group. BankAtlantic Bancorp’s management assigns a quantitative allowance to these groups of loans by utilizing historical loss experiences. BankAtlantic Bancorp’s management uses its judgment to determine the length of the time used in the historical loss experience. During each of the years in the two year period ended December 31, 2008, management used a 2 year loss experience to calculate the loss experience. However, due to the rapid decline in economic conditions and real estate values, during 2009, management shortened its historical loss experience by portfolio to between six months and one year, in order to reflect the current heighted loss experience in the quantitative allowance. The historical loss period is selected based on management’s judgment and a change in this loss period may result in material changes to the quantitative loss allowance. BankAtlantic Bancorp’s management also assigns a qualitative allowance to these groups of loans in order to adjust the historical data, if necessary, for qualitative factors that exist currently that were not present in the historical data. These qualitative factors include delinquency trends, actual loan classification migration trends, economic and business conditions, concentration of credit risk, loan-to-value ratios, problem loan trends and external factors. In deriving the qualitative allowance BankAtlantic Bancorp’s management uses significant judgment to qualitatively adjust the historical loss experiences for current trends that existed at period end that were not reflected in the calculated historical loss ratios and to adjust the allowance for the changes in the current economic climate compared to the economic environment that existed historically. A subsequent change in data trends or the external environment may result in material changes in this component of the allowance from period to period.
Management believes that the allowance for loan losses reflects a reasonable estimate of incurred credit losses as of the statement of financial condition date. As of December 31, 2009, BankAtlantic Bancorp’s allowance for loan losses was $187.2 million. See “Provision for Loan Losses” for a discussion of the amounts of BankAtlantic Bancorp’s allowance assigned to each loan product. The estimated allowance, which was derived from the above methodology, may be significantly different from actual realized losses. Actual losses incurred in the future are highly dependent upon future events, including the economies of geographic areas in which BankAtlantic Bancorp holds loans, especially in Florida. These factors are beyond management’s control. Accordingly, there is no assurance that BankAtlantic Bancorp will not incur credit losses in excess of the amounts estimated by its allowance for loan losses. In addition, various regulatory agencies, as an integral part of their examination process, periodically review its allowance for loan losses. Such agencies may require BankAtlantic Bancorp to recognize additions to the allowance based on its judgments and information available to them at the time of their examination and such judgments may differ from management’s judgment.
BankAtlantic Bancorp analyzes its loan portfolio quarterly by monitoring the loan mix, credit quality, loan-to-value ratios, concentration by geographical area, vintage, historical trends and economic conditions. As a consequence, the allowance for loan losses estimates will change from period to period. During the three year period ended December 31, 2006, real estate markets experienced significant price increases accompanied by an abundance of available mortgage financing. Additionally, based on historical loss experience during that time, BankAtlantic Bancorp’s credit policies focused its loan production on collateral based loans and the discontinuation of certain loan products. These factors, other internal metrics and external market factors favorably impacted their provision for loan losses and allowance for loan losses during the years ended December 31, 2006. Conversely, during the three years ended December 31, 2009, the residential real estate market and general economic conditions, both nationally and in Florida, rapidly deteriorated with significant reductions in the sales prices and volume of residential real estate sold, plummeting collateral values, dramatic increases in unemployment and severe tightening of credit availability to borrowers. The impact of these rapidly deteriorating real estate market conditions and adverse economic conditions on our loan portfolios resulted in a significant increase in the ratio of allowance for loan losses to total loans from 0.94% at December 31, 2006 to 4.83% at December 31, 2009. We believe that our earnings in subsequent periods will be highly sensitive to changes in the Florida real estate market as well as the length of the current downturn in real estate valuation, availability of mortgage financing and the severity of unemployment in Florida and nationally. If the current negative real estate and economic conditions continue or deteriorate further BankAtlantic Bancorp is likely to experience significantly increased credit losses.
Valuation of investment securities
We record our securities available for sale and derivative instruments in our statement of financial condition at fair value. We also disclose fair value estimates in our statement of financial condition for investment securities at cost. We generally use market and income approach valuation techniques and a fair value hierarchy to prioritize the inputs used in valuation techniques. Our policy is to use quoted market prices (Level 1 inputs) when available. However quoted market prices are not available for BankAtlantic Bancorp’s mortgage-backed securities, REMIC’s, other securities and certain equity securities requiring BankAtlantic Bancorp to use Level 2 and Level 3 inputs. The classification of assumptions as Level 2 or Level 3 inputs is based on judgment and the classification of the inputs could change based on the availability of observable market data.
BankAtlantic Bancorp subscribes to a third-party service to assist it in determining the fair value of their mortgage-backed securities and real estate mortgage conduits. The estimated fair value of these securities at December 31, 2009 was $319.3 million. Matrix pricing are used to value these securities as identical securities that they own are not traded on active markets. Matrix pricing computes the fair value of mortgage-backed securities and real estate mortgage conduits based on the coupon rate, maturity date and estimates of future prepayment rates obtained from trades of securities with similar characteristic and from market data obtained from brokers. BankAtlantic Bancorp considers the above inputs Level 2. Upon the sale of securities, BankAtlantic Bancorp back-tests the values obtained from matrix pricing for reasonableness. The valuations obtained from matrix pricing are not actual transactions and may not reflect the actual amount that would be realized upon sale. While the interest rate and prepayment assumptions used in matrix pricing are representative of assumptions that BankAtlantic Bancorp believes market participants would use in valuing these securities, different assumptions may result in significantly different results. Additionally, current observable data may not be available in subsequent periods which would cause BankAtlantic Bancorp to utilize Level 3 inputs to value these securities. The mortgage-backed and REMIC securities that BankAtlantic owns are government agency guaranteed with minimal credit risk. These securities are of high credit quality and BankAtlantic believes could be liquidated in the near future; however, the price obtained upon sale could be higher or lower than the fair value obtained through matrix pricing. In light of the current volatility and uncertainty in credit markets, it is difficult to estimate with accuracy the price that could be obtained for these securities and the time that it could take to sell them in an orderly transaction.
Other-than-Temporary Impairment of Securities
We perform an evaluation on a quarterly basis to determine if any of our equity investments and debt securities are other-than-temporarily impaired. In making this determination, we consider the extent and duration of the impairment, the nature and financial condition of the issuer and our ability and intent to hold securities for a period sufficient to allow for any anticipated recovery in market value. If an equity security is determined to be other-than-temporarily impaired, we record an impairment loss as a charge to income for the period in which the impairment loss is determined to exist, resulting in a reduction to our earnings for that period. If a debt security is determined to be other-than-temporarily impaired, we record an impairment loss as a charge to income if we intend to sell the securities before they recover or if we do not expect to recover the securities historical cost due to credit loss. Management exercises significant judgment in determining the amount of credit loss in an impairment which is generally based on the present value of expected cash flows. As of December 31, 2009, BankAtlantic Bancorp had $22.1 million of impaired securities with an unrealized loss of $26,000 and $298.2 million of securities that were determined not to be impaired. However, in light of the current market uncertainties, and the challenging economic and credit market conditions, there is no assurance that future events will not cause us to have additional impaired securities in the foreseeable future.
Impairment of Goodwill and Long Lived Assets
Goodwill Impairment
We test goodwill for impairment annually or when events or circumstances occur that may result in goodwill impairment during interim periods. On the BankAtlantic Bancorp level, the test requires BankAtlantic Bancorp to determine the fair value of its reporting units and compare the reporting units’ fair value to its carrying value. BankAtlantic Bancorp’s reporting units are comprised of Community Banking, Commercial Lending, Tax Certificate Operations, Capital Services and Investment Operations. The fair values of the reporting units are estimated using discounted cash flow present value valuation models and market multiple techniques.
While management of BankAtlantic Bancorp believes the sources utilized to arrive at the fair value estimates are reliable, different sources or methods could have yielded different fair value estimates. These fair value estimates require a significant amount of judgment. If the fair value of a reporting unit is below the carrying amount, a second step of the goodwill impairment test is performed. This second step requires BankAtlantic Bancorp to determine the fair value of all assets (recognized and unrecognized) and liabilities in a manner similar to a business combination purchase price allocation. Since there is no active market for many of BankAtlantic Bancorp’s assets, management derives the fair value of the majority of these assets using net present value models. As a consequence, BankAtlantic Bancorp’s management estimates rely on assumptions and judgments regarding issues where the outcome is unknown and, as a result, actual results or values may differ significantly from these estimates. Additionally, declines in the market capitalization of BankAtlantic Bancorp’s common stock affect the aggregate fair value of the reporting units. Changes in management’s valuation of BankAtlantic Bancorp reporting units and the underlying assets as well as declines in BankAtlantic Bancorp’s market capitalization may affect future earnings through the recognition of additional goodwill impairment charges.
During the year ended December 31, 2009, BankAtlantic Bancorp recognized goodwill impairment charges of $10.5 million. As of December 31, 2009 our remaining goodwill was $12.2 million.
In determining the fair value of the reporting units, BankAtlantic Bancorp used a combination of discounted cash flow techniques and market multiple methodologies. These methods utilize assumptions for expected cash flows, discount rates, and comparable financial institutions to determine market multiples. The aggregate fair value of all reporting units derived from the above valuation techniques was compared to BankAtlantic Bancorp’s market capitalization adjusted for a control premium in order to determine the reasonableness of the financial model output. A control premium represents the value an investor would pay above minority interest transaction prices in order to obtain a controlling interest in the subject company. The values separately derived from each valuation technique (i.e., discounted cash flow and market multiples) were used to develop an overall estimate of a reporting unit’s fair value. Different weighting of the various fair value techniques could result in a higher or lower fair value. Judgment is applied in determining the weightings that are most representative of fair value. BankAtlantic Bancorp used financial projections over a period of time, considered necessary to achieve a steady state of cash flows for each reporting unit. The primary assumptions in the projections were anticipated loan and deposit growth, interest rates and revenue growth. The discount rates were estimated based on the Capital Asset Pricing Model, which considers the risk-free interest rate, market risk premium, beta, and unsystematic risk and size premium adjustments specific to a particular reporting unit. The estimated fair value of a reporting unit is highly sensitive to changes in the discount rate and terminal value assumptions. Minor changes in these assumptions could impact significantly the fair value assigned to a reporting unit. Future potential changes in these assumptions may impact the estimated fair value of a reporting unit and cause the fair value of the reporting unit to be below its carrying value.
When the estimated fair value of a reporting unit is below the carrying value, goodwill may be impaired, and the second step of the goodwill impairment evaluation is performed. The second step involves calculating the implied fair value of the reporting unit’s goodwill. The implied fair value of goodwill is determined in the same manner as it is determined in a business combination. The fair value of the reporting unit’s assets and liabilities, including previously unrecognized intangible assets, is individually determined. The excess fair value of the reporting unit over the fair value of the reporting unit’s net assets is the implied goodwill. Significant judgment and estimates are involved in estimating the fair value of the assets and liabilities of the reporting unit.
The value of the implied goodwill is highly sensitive to the estimated fair value of the reporting unit’s net assets. The fair value of the reporting unit’s net assets is estimated using a variety of valuation techniques including the following:
• recent data observed in the market, including for similar assets,
• cash flow modeling based on projected cash flows and market discount rates, and
• estimated fair value of the underlying loan collateral.
The estimated fair values reflect assumptions regarding how a market participant would value the net assets and includes appropriate credit, liquidity, and market risk premiums that are indicative of the current environment. If the implied fair value of the goodwill for the reporting unit exceeds the carrying value of the goodwill for the respective reporting unit, no goodwill impairment is recorded. Changes in the estimated fair value of the individual assets and liabilities may result in a different amount of implied goodwill, and the amount of goodwill impairment, if any. Future changes in the fair value of the reporting unit’s net assets may result in future goodwill impairment.
Impairment of Long-lived Assets
Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. When testing a long-lived asset for recoverability, it may be necessary to review estimated lives and adjust the depreciation period. Changes in circumstances and the estimates of future cash flows, as well as evaluating estimated lives of long-lived assets, are subjective and involve a significant amount of judgment. A change in the estimated life of a long-lived asset may substantially change depreciation and amortization expense in subsequent periods. For purposes of recognition and measurement of an impairment loss, BankAtlantic Bancorp is required to group long-lived assets at the lowest level for which identifiable cash flows are independent of other assets. These cash flows are based on projections from management reports which are based on subjective interdepartmental allocations. Real estate inventory and other long-lived real estate assets are evaluated for impairment on a project-by-project basis. Fair values are not available for many of our long-lived assets, and estimates must be based on available information, including prices of similar assets and present value valuation techniques using Level 3 unobservable inputs. Long-lived assets subject to the above impairment analysis included property and equipment, internal-use software, real estate inventory and real estate owned.
We generally utilize broker price opinions, third party offers to purchase, discounted cash flows or third party appraisals to assist us in determining the fair value of real estate inventory, operating lease contracts and real estate owned. The appraiser or brokers use professional judgment in determining the fair value of the properties and we may also adjust these values for changes in market conditions subsequent to the valuation date when current appraisals are not available. The assumptions used to calculate the fair values are generally Level 3 inputs and are highly subjective and extremely sensitive to changes in market conditions. The amount ultimately realized upon the sale of these properties or the termination of operating leases may be significantly different than the recorded amounts. The assumptions used are representative of assumptions that we believe market participants would use in fair valuing these assets or lease contracts, but different assumptions may result in significantly different results. BankAtlantic Bancorp also validates its assumptions by comparing completed transactions with its prior period fair value estimates and may check its assumptions against multiple valuation sources. The outstanding balance of real estate owned and real estate inventory was $46.5 million and $494.6 million, respectively, as of December 31, 2009. The minimum lease payments of operating lease contracts executed for BankAtlantic’s branch expansion were $23.4 million at December 31, 2009. There is no assurance that future events including declines in real estate values will not cause us to have additional impairments of long-lived assets or operating leases in the foreseeable future.
Accounting for Deferred Tax Asset Valuation Allowance
The Company reviews the carrying amount of its deferred tax assets quarterly to determine if the establishment of a valuation allowance is necessary. If, based on the available evidence, it is more-likely-than-not that all or a portion of the Company’s deferred tax assets will not be realized, a deferred tax valuation allowance would be established. Consideration is given to all positive and negative evidence related to the realization of the deferred tax assets.
In evaluating the available evidence, management considers historical financial performance, expectation of future earnings, length of statutory carry forward periods, experience with operating loss and tax credit carry forwards not expiring unused, tax planning strategies and timing of reversals of temporary differences. Significant judgment is required in assessing future earnings trends and the timing of reversals of temporary differences. The Company’s evaluation is based on current tax laws as well as management’s expectations of future performance based on its strategic initiatives. Changes in existing tax laws and future results differing from expectations may result in significant changes in the deferred tax assets valuation allowance.
Based on our evaluation as of December 31, 2009 and 2008, a net deferred tax asset valuation allowance was established for the entire amount of the Company’s net deferred tax assets as the realization of these assets did not meet the more-likely-than-not criteria of the Accounting Standards Codification (“ASC”). During the fourth quarter of 2008, market conditions in the financial services industry significantly deteriorated with the bankruptcies and government bail-outs of large financial services entities. This market turmoil led to a tightening of credit, lack of consumer confidence, increased market volatility and widespread reduction in business activity. These economic conditions as well as the continued deterioration in local real estate markets adversely effected BankAtlantic’s profitable lines of business. As a consequence of the worsening economic conditions during the fourth quarter of 2008, it appeared more-likely-than-not that the Company would not realize its deferred tax assets resulting in a deferred tax asset valuation allowance for the entire amount of the Company’s net deferred tax assets. During the year ended December 31, 2009, the Company recognized significant losses and the economic conditions did not improve, resulting in the Company maintaining its deferred tax valuation allowance for the entire amount of its deferred tax asset. However, significant judgment is required in evaluating the positive and negative evidence for the establishment of the deferred tax asset valuation allowance, and if future events differ from expectations or if there are changes in the tax laws, a substantial portion or the entire deferred tax asset benefit may be realized in the future. The Company’s net deferred tax assets can be carried forward for 20 years and applied to offset future taxable income. In November 2009, net operating loss tax laws changed enabling the Company’s subsidiaries to recognize a benefit in the aggregate of approximately $66.3 million associated with the Company’s 2009 taxable loss.
Recent Accounting Pronouncements Not Yet Adopted
In June 2009, the FASB issued an amendment to the accounting guidance for transfers of financial assets, which became effective for us on January 1, 2010. This amendment eliminates the concept of a qualifying special-purpose entity (“QSPE”) and changes the requirements for derecognizing financial assets. It also requires the disclosure of more information about transfers of financial assets, including securitization transactions and transactions where companies have continuing exposure to the risks related to the transferred financial assets. See discussion of the amended guidance related to variable interest entities (“VIEs”) below, for the anticipated impact of the adoption of this accounting guidance for transfers of financial assets.
In June 2009, the FASB issued an amendment to the accounting guidance for consolidation of VIEs, which became effective for Bluegreen on January 1, 2010. The initial adoption of this amendment in the first quarter of 2010 will require Bluegreen to consolidate its existing qualifying special purpose entities associated with past securitization transactions. As such, it is expected that Bluegreen will record a one-time non-cash after-tax adjustment to shareholders’ equity of approximately $35.0 million to $55.0 million, representing the cumulative effect of a change in accounting principle, in the first quarter of 2010. The cumulative effect will consist primarily of the reestablishment of notes receivable (net of reserves) associated with those securitization transactions, the elimination of residual interests that were initially recorded in connection with those transactions, the impact of recording debt obligations associated with third party interests held in the special purpose entities and related adjustments to deferred financing costs and inventory balances. The Company anticipates that its adoption of these standards will have the following impacts on its balance sheet: (1) assets will increase by approximately $380 million to $400 million primarily related to the consolidation of notes receivable; (2) liabilities will increase by approximately $390 million to $410 million, primarily representing the consolidation of debt obligations associated with third party interests; (3) equity will decrease by approximately $5 million to $12 million.
The financial statements and related financial data and notes presented herein have been prepared in accordance with generally accepted accounting principles, which require the measurement of financial position and operating results in terms of historical dollars without considering changes in the relative purchasing power of money over time due to inflation.
Unlike most industrial companies, virtually all of the Company’s and its subsidiaries’ assets and liabilities are monetary in nature. As a result, interest rates have a more significant impact on our performance than the effects of general price levels. Although interest rates generally move in the same direction as inflation, the magnitude of such changes varies. Inflation could also have a long-term impact on us because any increase in the cost of land, materials and labor would result in a need to increase the sales prices of land which may not be possible. Furthermore, as it relates to Bluegreen, increases in Bluegreen’s construction and development costs would result in increases in the sales price of its VOIs. There is no assurance that Bluegreen will be able to increase or maintain the current level of its sales prices or that increased construction costs will not have a material adverse impact on Bluegreen’s gross margin. In addition, inflation is often accompanied by higher interest rates which could have a negative impact on consumer demand and the costs of financing activities. Rising interest rates as well as increased materials and labor costs may reduce margins.
“BFC Activities” consists primarily of (i) BFC operations, (ii) our investment in Benihana and (iii) Woodbridge other operations.
BFC operations primarily consists of our and Woodbridge’s corporate overhead and general and administrative expenses, the financial results of a venture partnership that BFC controls and other equity investments, as well as income and expenses associated with shared service operations in the areas of human resources, risk management, investor relations, executive office administration and other services that BFC provides to BankAtlantic Bancorp, Woodbridge and Bluegreen. BFC operations also includes investments made by BFC/CCC, Inc. Woodbridge other operations consist of the operations of Pizza Fusion Holdings, LLC (“Pizza Fusion”) (which is a restaurant franchisor operating within the quick service and organic food industries), and the activities of Cypress Creek Capital Holdings, LLC (“Cypress Creek Capital”) and Snapper Creek Equity Management, LLC (“Snapper Creek”). Prior to November 16, 2009, when we acquired additional shares of Bluegreen’s common stock giving us a controlling interest in Bluegreen, Woodbridge other operations included an equity investment in Bluegreen. Woodbridge other operations also includes investments in other securities.
The discussion that follows reflects the operations and related matters of BFC Activities (in thousands).
For the Years Ended December 31, 2009 vs. 2008 vs.
Sale of real estate
$ — — — — —
1,296 — — 1,296 —
Cost and Expenses
Cost of sales of real estate
7,749 59 11,047 7,690 (10,988 )
Interest expense, net
6,511 7,641 903 (1,130 ) 6,738
Selling, general and administrative expenses
30,388 36,886 45,840 (6,498 ) (8,954 )
Impairment of goodwill
— — 2,363 — (2,363 )
46,649 44,586 60,153 2,063 (15,567 )
183,138 — — 183,138 —
16,296 — — 16,296 —
32,276 8,844 10,224 23,432 (1,380 )
(31,181 ) (94,426 ) — 63,245 (94,426 )
Impairment of investments
(2,396 ) (17,694 ) — 15,298 (17,694 )
Investment gains
6,654 2,076 1,295 4,578 781
Interest, dividend and other income
5,775 8,963 14,688 (3,188 ) (5,725 )
Income (loss) from continuing operations before income taxes
165,209 (136,823 ) (33,946 ) 302,032 (102,877 )
Less: Benefit for income taxes
(34,986 ) (14,887 ) (53,965 ) (20,099 ) 39,078
200,195 (121,936 ) 20,019 322,131 (141,955 )
Extraordinary gain, net of income tax of $0 in 2008 and $1,509 in 2007
— 9,145 2,403 (9,145 ) 6,742
$ 200,195 (112,791 ) 22,422 312,986 (135,213 )
Other revenues for the year ended December 31, 2009 related to franchise revenues generated by Pizza Fusion totaling $1.3 million.
Cost of sales of real estate for the year ended December 31, 2009 increased to $7.7 million as a result of a capitalized interest write-off in the amount of $7.7 million recorded in connection with the impairment charges of inventory of real estate recorded in Core and Carolina Oak. Cost of sales of real estate for the year ended December 31, 2008 was $59,000 and related to the expensing of interest previously capitalized as a result of sales at Core and Carolina Oak.
General and administrative expenses decreased $6.5 million to $30.4 million for the year ended December 31, 2009 compared to $36.9 million for 2008. The decrease was attributable to lower professional services as we incurred costs associated with certain of our securities investments in the year ended December 31, 2008 while these costs were not incurred in the year ended December 31, 2009, and lower severance charges related to the reductions in workforce associated with the bankruptcy filing of Levitt and Sons. In addition, we also had lower insurance costs, as Levitt and Sons’ related insurance costs were not incurred after June 30, 2008, and lower incentive expenses. These decreases were offset in part by incurred franchise expenses related to Pizza Fusion in the year ended December 31, 2009, compared to no franchise expenses in 2008 period as we acquired Pizza Fusion in September 2008.
Interest expense consists of interest incurred less interest capitalized. Interest incurred totaled $7.4 million and $8.6 million for the years ended December 31, 2009 and 2008, respectively, while interest capitalized totaled $931,000 for the year ended December 31, 2009 and $927,000 for 2008. This resulted in interest expense of $6.5 million in the year ended December 31, 2009, compared to $7.6 million in 2008. The decrease in interest expense was mainly due to the repayment of an intersegment loan in June 2008, which resulted in lower interest expense in 2009, and lower interest rates in 2009 compared to 2008.
During the year ended December 31, 2009, we experienced a write-off in goodwill related to our investment in Pizza Fusion in the amount of $2.0 million.
Prior to the consolidation of Bluegreen into our consolidated financial statements on November 16, 2009, we accounted for our investment in Bluegreen under the equity method of accounting. Our interest in Bluegreen’s earnings during the period from January 1 through November 16, 2009 was $32.7 million (after the amortization of approximately $28.4 million related to the change in the basis as a result of the impairment charges on this investment during the quarters ended September 30, 2008, December 31, 2008 and March 31, 2009. For the year ended December 31, 2008, our interest in Bluegreen’s earnings was $9.0 million (after the amortization of approximately $9.2 million related to the change in the basis as a result of the impairment charge on this investment at September 30, 2008). We reviewed our investment in Bluegreen for impairment on a quarterly basis or as events or circumstances warranted for other-than-temporary declines in value. Based on the results of the evaluations of the investment in Bluegreen, other-than-temporary impairment charges of approximately $31.2 million and $94.4 million were recorded during the years ended December 31, 2009 and 2008, respectively. In the year ended December 31, 2007, no other-than-temporary charges related to the investment in Bluegreen were recorded.
Investment gains were approximately $6.7 million for the year ended December 31, 2009 compared to $2.1 million in 2008. This increase was primarily due to a gain related to the sale of our shares in Office Depot during 2009. This was offset by a realized gain on the sale of publicly traded equity securities in 2008 of approximately $796,000 by venture partnership that BFC controls.
Interest income was approximately $1.6 million for the year ended December 31, 2009 compared to $3.8 million in 2008. This decrease was primarily due to lower cash balances and lower interest rates in 2009 compared to 2008.
Income tax benefit includes the amount of the expected refund from the Department of the Treasury of approximately $34.6 million. In November 2009, the Workers, Homeownership, and Business Assistance Act of 2009 (the “Act”) was enacted. The Act includes a provision that allows most businesses to elect to increase the net operating loss (“NOLs”) carryback period from two years under current law to as much as five years for NOLs generated in either 2008 or 2009 (but not both). BFC anticipates that this election will benefit the Company by allowing it to carryback Woodbridge’s NOLs that were generated in 2008 and obtain refunds of taxes paid in the carryback years.
For the Year Ended December 31, 2008 Compared to the Year Ended December 31, 2007
Cost of sales of real estate decreased to $59,000 for the year ended December 31, 2008 from $11.0 million in the same 2007 period. Cost of sales of real estate was comprised of the expensing of interest previously capitalized in 2008 and 2007 and also included in 2007 capitalized interest impairment charges related to the cessation of development on certain Levitt and Sons’ projects in the third quarter of 2007.
General and administrative expenses decreased $8.9 million to $36.9 million for the year ended December 31, 2008 compared to $45.8 million for the same 2007 period. The decrease was attributable to decreased compensation and benefits expenses, decreased office related expenses and decreased severance charges related to the reductions in workforce associated with the bankruptcy filing of Levitt and Sons in 2007. The decrease in compensation, benefits and office related expenses was attributable to lower headcount. These decreases were offset in part by increases in professional fees associated with our securities investments and the bankruptcy filing of Levitt and Sons, and increased insurance costs due to the absorption of certain of Levitt and Sons’ insurance costs.
Interest incurred totaled $8.6 million and $10.2 million for the years ended December 31, 2008 and 2007, respectively, while interest capitalized totaled $927,000 for the year ended December 31, 2008 and $9.3 million for the same 2007 period. This resulted in interest expense of $7.6 million in the year ended December 31, 2008, compared to $903,000 in the same 2007 period. The increase in interest expense was due to the completion of certain phases of development associated with our real estate inventory late in 2007, which resulted in a decreased amount of assets which qualified for interest capitalization and, therefore, the expensing of the related interest was only recorded in the fourth quarter of 2007 compared to the full year of 2008. The increase in interest incurred was attributable to higher average debt balances for the year ended December 31, 2008 compared to 2007, offset in part by lower average interest rates.
We did not incur other expenses in the year ended December 31, 2008. Other expenses for the year ended December 31, 2007 were $2.4 million and consisted of a surety bonds accrual and a write-off of leasehold improvements. In 2007, we recorded $1.8 million in surety bonds accrual related to certain bonds where management considered it probable that reimbursement of the surety under the applicable indemnity agreement would be required. In addition to the surety bond accrual, we also recorded a write-off of leasehold improvements as we vacated certain leased space as part of our workforce reductions and the Levitt and Sons bankruptcy. Leasehold improvements in the amount of $564,000 related to this vacated space will not be recovered and were written off in the year ended December 31, 2007.
Bluegreen reported a net loss for the year ended December 31, 2008 of $516,000, compared to net income of $31.9 million in 2007. For the year ended December 31, 2008, our interest in Bluegreen’s earnings was $9.0 million (after the amortization of approximately $9.2 million related to the change in the basis as a result of the impairment charge on this investment at September 30, 2008), compared to $10.3 million in 2007. We reviewed our investment in Bluegreen for impairment on a quarterly basis or as events or circumstances warranted for other-than-temporary declines in value. Based on the evaluations performed, we recorded an other-than-temporary impairment charge of $53.6 million at September 30, 2008 and an additional other-than-temporary impairment charge of $40.8 million at December 31, 2008. See Note 14 of the “Notes to Consolidated Financial Statements” included in Item 8 for further details of the impairment analysis of our investment in Bluegreen.
2008 and 2007 Step acquisitions — Purchase Accounting
The acquisitions in 2008 and 2007 of additional shares of BankAtlantic Bancorp’s and Woodbridge’s Class A Common Stock, respectively, were accounted for as step acquisitions under the purchase method of accounting. Accordingly, the assets and liabilities acquired have been revalued to reflect market values at the respective dates of acquisition. For further information see Note 4 of the “Notes to Consolidated Financial Statements”. The discounts and premiums arising as a result of such revaluations are generally being accreted or amortized, net of tax, over the remaining life of the assets and liabilities. The net impact of such accretion, amortization and other effects of purchase accounting increased our consolidated net loss during 2009 by approximately $5.9 million, comprised primarily of an approximately $8.9 million purchase accounting associated with Core’s real estate impairment, partially offset by the effect of purchase accounting associated with property and equipment of approximately $1.2 million, loans receivable of approximately $2.2 million and goodwill of approximately $583,000. In 2008, the net impact of purchase accounting decreased our consolidated net loss by approximately $8.4 million, of which approximately $4.7 million and $1.7 million was due to effects of purchase accounting associated with the investment in Bluegreen and goodwill, respectively. There were no purchase accounting adjustments in 2007.
BFC Activities- Liquidity and Capital Resources
As of December 31, 2009 and 2008, we had cash, cash equivalents and a short term investment in certificates of deposit totaling approximately $45.1 million and $117.2 million, respectively. During the third quarter of 2009, funds were used to purchase 14.9 million shares of BankAtlantic Bancorp’s Class A Common Stock through participation in BankAtlantic Bancorp’s rights offering for an aggregate purchase price of $29.9 million. The remaining decrease in cash and equivalents during the year ended December 31, 2009 primarily related to the purchase of 7.4 million shares of the common stock of Bluegreen for an aggregate purchase price of approximately $23 million on November 16, 2009 and general and administrative expenses.
BFC’s acquisition of 14.9 million additional shares of BankAtlantic Bancorp’s Class A Common Stock increased BFC’s ownership interest in BankAtlantic Bancorp by approximately 7% to 37% and increased BFC’s voting interest in BankAtlantic Bancorp by approximately 7% to 66%. BankAtlantic Bancorp is currently prohibited from paying dividends on its common stock, and BFC does not expect to receive cash dividends from BankAtlantic Bancorp for the foreseeable future.
On November 16, 2009, we purchased approximately 7.4 million additional shares of Bluegreen’s common stock, which increased our ownership in Bluegreen’s common stock from 9.5 million shares, or 29% of Bluegreen outstanding common stock, to 16.9 million shares, or 52%. As a result of the purchase, we have a controlling interest in Bluegreen and, accordingly, since November 16, 2009 have consolidated Bluegreen’s results into our financial statements.
BFC’s principal source of liquidity is our available cash, short-term investments, dividends or distributions from Woodbridge, dividends from Benihana and other investments, as well as amounts paid by affiliates relating to our shared service operations from our affiliated companies. We may use these funds to make additional investments in the companies within our consolidated group, invest in equity securities and other investments or to otherwise fund operations.
We believe that our current financial condition and credit relationships, together with anticipated cash flows from operations and other sources of funds, which may include proceeds from the disposition of certain properties or investments, will provide for anticipated near-term liquidity needs. We expect to meet our long-term liquidity requirements through the foregoing, as well as, if necessary, long-term secured and unsecured indebtedness, future issuances of equity and/or debt securities or the sale of assets, as determined to be appropriate by the Company’s board of directors and management.
Woodbridge has been declared in default of its loan in the amount of $37.2 million that is collateralized by the Carolina Oak property. Subsequently, the lender was taken over by the FDIC and accordingly, the FDIC now holds the loan. While there may have been an issue with respect to compliance with certain covenants in the loan agreements, we do not believe that an event of default had occurred as was alleged. Woodbridge is negotiating with representatives of the FDIC in an effort to bring about a satisfactory conclusion with regard to that debt. However, the outcome of the negotiation is uncertain.
During 2008, Woodbridge entered into a settlement agreement, as amended (the “Settlement Agreement”), with the Debtors and the Joint Committee of Unsecured Creditors (the “Joint Committee”) appointed in the Chapter 11 Cases. Pursuant to the Settlement Agreement, among other things, (i) Woodbridge agreed to pay $8 million to the Debtors’ bankruptcy estates, establish a $4.5 million release fund to be disbursed to third party creditors in exchange for a third party release and injunction, pay an additional $300,000 to a deposit holders fund and waive and release substantially all of the claims it had against the Debtors, including its administrative expense claims through July 2008, and (ii) the Debtors (joined by the Joint Committee) agreed to waive and release any claims they had against Woodbridge and its affiliates. The Settlement Agreement also provided that if, within one year after the Bankruptcy Court’s confirmation of the Settlement Agreement, Section 172 of the Internal Revenue Code was amended to permit a carry back of tax losses from calendar years 2007 or 2008 to one or more years preceding calendar year 2005, then Woodbridge would share a portion of any resulting tax refund with the Debtors and the Joint Committee based on an agreed upon formula. The Settlement Agreement was subject to a number of conditions, including the approval of the Bankruptcy Court. On February 20, 2009, the Bankruptcy Court entered an order confirming a plan of liquidation jointly proposed by Levitt and Sons and the Joint Committee. That order also approved the settlement pursuant to the Settlement Agreement. No appeal or rehearing of the Bankruptcy Court’s order was timely filed by any party, and the settlement was consummated on March 3, 2009, at which time payment was made in accordance with the terms and conditions of the Settlement Agreement. Under cost method accounting, the cost of settlement and the related $52.9 million liability (less $500,000 which was determined as the settlement holdback and remained as an accrual pursuant to the Settlement Agreement) was recognized into income in year ended December 31, 2009, resulting in a $40.4 million gain on settlement of investment in subsidiary. As discussed above we will be allowed to increase our NOL carryback period to as much as five years for NOLs generated in 2008 or 2009 and obtain refunds of taxes paid in the newly included carryback years of approximately $34.6 million. As described above, under the terms of the Settlement Agreement, a portion of the refund, upon receipt, will be payable to the Levitt and Sons estate. Accordingly, in the fourth quarter of 2009, we accrued approximately $10.7 million in connection with the portion of the tax refund pursuant to the Settlement Agreement. As a result, the gain on settlement of investment in subsidiary for the year ended December 31, 2009 was $29.7 million.
As discussed above, on September 21, 2009, BFC and Woodbridge consummated their previously announced merger pursuant to which Woodbridge merged with and into a wholly-owned subsidiary of BFC. In connection with the merger, Dissenting Holders who collectively held approximately 4.2 million shares of Woodbridge’s Class A Common Stock exercised their appraisal rights and are entitled to receive an amount equal to the fair value of their shares calculated in accordance with Florida law. Since these Dissenting Holders have not withdrawn their demands, the Company canceled and retired the 14,524,557 shares of the Company’s Class A Common which the Dissenting Holders would have been entitled to receive in exchange for their shares of Woodbridge’s Class A Common Stock. During the fourth quarter of 2009, the Company recorded a liability of approximately $4.6 million, which represented, in the aggregate, Woodbridge’s offer of $1.10 per share to the Dissenting Holders with a corresponding reduction to the Company’s additional paid-in capital. Each Dissenting Holder rejected Woodbridge’s offer of $1.10 per share. The appraisal rights litigation is ongoing and the results are uncertain, and there is no assurance that the actual payment that we may be required to make will not exceed the amount accrued.
On June 21, 2004, the Company sold 15,000 of its 5% Preferred Stock to an investor group in a private offering. The Company’s 5% Preferred Stock has a stated value of $1,000 per share. The shares of 5% Preferred Stock may be redeemed at the option of the Company, from time to time, at redemption prices ranging from $1,025 per share for the year 2010 to $1,000 per share for the year 2015 and thereafter. The 5% Preferred Stock liquidation preference is equal to its stated value of $1,000 per share plus any accumulated and unpaid dividends or an amount equal to the applicable redemption price in a voluntary liquidation or winding up of the Company. Holders of the 5% Preferred Stock have no voting rights, except as provided by Florida law, and are entitled to receive, when and as declared by the Company’s Board of Directors, cumulative quarterly cash dividends on each such share at a rate per annum of 5% of the stated value from the date of issuance. Since June 2004, the Company has paid quarterly dividends on the 5% Preferred Stock of $187,500. On December 17, 2008, the Company amended (the “Amendment”) certain of the previously designated relative rights, preferences and limitations of the Company’s 5% Preferred Stock. The Amendment eliminated the right of the holders of the 5% Preferred Stock to convert their shares of Preferred Stock into shares of the Company’s Class A Common Stock. The Amendment also requires the Company to redeem shares of the 5% Preferred Stock with the net proceeds it receives in the event (i) the Company sells any of its shares of Benihana’s Convertible Preferred Stock, (ii) the Company sells any shares of Benihana’s Common Stock received upon conversion of Benihana’s Convertible Preferred Stock or (iii) Benihana redeems any shares of its Convertible Preferred Stock owned by the Company. Additionally, in the event the Company defaults on its obligation to make dividend payments on its 5% Preferred Stock, the Amendment entitles the holders of the 5% Preferred Stock, in place of the Company, to receive directly from Benihana certain payments on the shares of Benihana’s Convertible Preferred Stock owned by the Company or on the shares of Benihana’s Common Stock received by the Company upon conversion of Benihana’s Convertible Preferred Stock.
The Company owns 800,000 shares of Benihana’s Convertible Preferred Stock, which it purchased for $25.00 per share. The Convertible Preferred Stock is convertible into Benihana’s common stock. Based on the number of currently outstanding shares of Benihana’s capital stock, the Convertible Preferred Stock, if converted, would represent an approximate 19% voting interest and an approximate 9% economic interest in Benihana’s capital stock. The Company has the right to receive cumulative quarterly dividends at an annual rate equal to 5% or $1.25 per share, payable on the last day of each calendar quarter. It is anticipated that the Company will continue to receive approximately $250,000 per quarter in dividends on Benihana’s Convertible Preferred Stock. The Convertible Preferred Stock is subject to mandatory redemption of $20 million plus accumulated dividends on July 2, 2014 unless we elect to extend the mandatory redemption date to a date no later than July 2, 2024.
On March 31, 2008, the membership interests of two of the Company’s indirect subsidiaries which owned two South Florida shopping centers were sold to an unaffiliated third party. The Company received proceeds of approximately $1.3 million in connection with the sale and BFC was relieved of its guarantee related to the loans collateralized by the shopping centers. BFC believes that any possible remaining obligations are both remote and immaterial.
At June 30, 2009, a wholly-owned subsidiary of BFC/CCC, Inc. (“BFC/CCC”) had a 10% interest in a limited partnership as a non-managing general partner. The partnership owns an office building located in Boca Raton, Florida. In connection with the purchase of the office building in March 2006, BFC/CCC guaranteed repayment of a portion of the non-recourse loan on the property on a joint and several basis with the managing general partner. BFC/CCC’s maximum exposure under this guarantee agreement is $2.0 million (which is shared on a joint and several basis with the managing general partner), representing approximately 8.5% of the current indebtedness of the property. In July 2009, BFC/CCC’s wholly-owned subsidiary withdrew as partner of the limited partnership and transferred its 10% interest to another unaffiliated partner. In return, the partner to whom this interest was assigned agreed to use its reasonable best efforts to obtain the release of BFC/CCC from the guarantee. If the partner is unable to secure such a release, that partner has agreed to indemnify BFC/CCC’s wholly-owned subsidiary for any losses that may arise under the guarantee after the date of the assignment. There are no carrying amounts on our financial statements at December 31, 2009 for this joint venture.
A wholly-owned subsidiary of BFC/CCC has a 10% interest in a limited liability company that owns two commercial properties in Hillsborough County, Florida. At December 31, 2009 and 2008, the carrying amount of this investment was approximately $690,000 and $743,000, respectively, which is included in investments in unconsolidated affiliates in the Company’s consolidated statements of financial condition. In connection with the purchase of the commercial properties in November 2006, BFC and the unaffiliated member each guaranteed the payment of up to a maximum of $5.0 million for certain environmental indemnities and specific obligations that are not related to the financial performance of the assets. BFC and the unaffiliated member also entered into a cross indemnification agreement which limits BFC’s obligations under the guarantee to acts of BFC and its affiliates.
A wholly-owned subsidiary of BFC/CCC has a 50% limited partner interest in a limited partnership that has a 10% interest in a limited liability company that owns an office building in Tampa, Florida. At December 31, 2009 and 2008, the carrying amount of this investment was approximately $319,000 and $485,000, respectively, which is included in investments in unconsolidated affiliates in the Company’s consolidated statements of financial condition. In connection with the purchase of the office building by the limited liability company in June 2007, BFC guaranteed the payment of certain environmental indemnities and specific obligations that are not related to the financial performance of the asset up to a maximum of $15.0 million, or $25.0 million in the event of any petition or involuntary proceedings under the U.S. Bankruptcy Code or similar state insolvency laws or in the event of any transfers of interests not in accordance with the loan documents. BFC and the unaffiliated members also entered into a cross indemnification agreement which limits BFC’s obligations under the guarantee to acts of BFC and its affiliates.
No amounts are recorded in the Company’s financial statements for the obligations associated with the above guarantees (including the transaction associated with the transfer of BFC/CCC’s wholly-owned subsidiary’s 10% ownership interest) based on the potential indemnification by unaffiliated members and the limit of the specific obligations to non-financial matters.
Real Estate Operations Segment
The Real Estate Operations segment includes the subsidiaries through which Woodbridge historically conducted its real estate business activities. These activities are concentrated in Florida and South Carolina and have included the development and sale of land, the construction and sale of single family homes and townhomes and the leasing of commercial properties and office space, and include the operations of Core, the operations of Carolina Oak, which engaged in homebuilding activities in South Carolina prior to the suspension of those activities in the fourth quarter of 2008, and Cypress Creek Holdings, which engages in leasing activities.
Levitt and Sons was also included in the Real Estate Operations segment prior to November 9, 2007 at which time it filed a voluntary bankruptcy petition and was deconsolidated from our audited consolidated financial statements. Levitt Commercial was also included in this segment until it ceased development activities after it sold all of its remaining units in 2007.
Executive Overview
Woodbridge’s operations historically were concentrated in the real estate industry which is cyclical in nature. In 2009, the real estate markets continued to experience a significant downturn. Demand for residential and commercial inventory in Florida and South Carolina remained weak and land sales continued to decline. Sales of real estate at Core for the years ended December 31, 2009, 2008 and 2007were $6.3 million, $11.3 million and $16.6 million, respectively. The decrease in land sales in 2009 and continued cash flow deficits contributed to, among other things, the deterioration of Core’s liquidity. As a result, Core severely limited its development expenditures in Tradition, Florida and completely discontinued development activity in Tradition Hilton Head. The value of Core’s assets were significantly impaired, resulting in impairment charges relating to those assets of $78.0 million, which includes $13.6 million of impairment charges related to assets held for sale during 2009. Core is currently in default under the terms of all of its loans which have an aggregate outstanding principal amount of $209.9 million, including $71.6 million of loans attributable to assets held for sale. Core continues to pursue all options with its lenders, including offering deeds in lieu and other similar transactions wherein Core would relinquish title to substantially all of its assets in return for a release. As of February 5, 2010, a significant portion of the land in Tradition Hilton Head had been placed under the control of a court appointed receiver. Further, Core has accepted an offer to sell its commercial leasing projects, which has been approved by the lender with substantially all of the proceeds going to satisfy its obligations to the lender. Negotiations continue on all of Core’s obligations, however, there is no assurance that Core will be successful in restructuring any or all of its outstanding debt.
The development activities at Carolina Oak, which is within Tradition Hilton Head, were suspended in the fourth quarter of 2008 as a result of, among other things, a further deterioration in consumer confidence, an overall softening of demand for new homes, a decline in the overall economy, increasing unemployment, a deterioration in the credit markets, and the direct and indirect impact of the turmoil in the mortgage loan market. In 2009, the housing industry continued to face significant challenges and Woodbridge made the decision to cease all activities at Carolina Oak. As previously described in this document, the $37.2 million loan that is collateralized by the Carolina Oak property was declared to be in default by the lender. Subsequently, the lender was taken over by the FDIC and accordingly, the FDIC now holds the loan.. Woodbridge is negotiating with representatives of the FDIC in an effort to bring about a satisfactory resolution with regard to that debt; however, the outcome of the negotiation is uncertain.
See Note 22 of the “Notes to Consolidated Financial Statements” included in Item 8 of this report for a detailed description of Core’s and Woodbridge’s indebtedness.
In conjunction with the reduced activity at Core and in light of current market conditions, management made the decision to further reduce Core’s headcount by 41 employees in 2009 and recorded severance charges of approximately $1.3 million in the fourth quarter of 2009.
On November 16, 2009, we purchased approximately 7.4 million additional shares of Bluegreen’s common stock for an aggregate purchase price of approximately $23 million, which increased our ownership in Bluegreen from 9.5 million shares, or 29%, to 16.9 million shares or 52%. As a result of the purchase, we have a controlling interest in Bluegreen and, accordingly, have consolidated Bluegreen’s results since November 16, 2009 into our financial statements.
Financial and Non-Financial Metrics
Performance and prospects are evaluated using a variety of financial and non-financial metrics. The key financial metrics utilized to evaluate historical operating performance include revenues from sales of real estate, margin (which we measure as revenues from sales of real estate minus cost of sales of real estate), margin percentage (which we measure as margin divided by revenues from sales of real estate), net (loss) income and return on equity. We also continue to evaluate and monitor selling, general and administrative expenses as a percentage of revenue, our ratios of debt to total capitalization and our cash requirements. Non-financial metrics used to evaluate historical performance include saleable acres in Core and the number of acres in our backlog. In evaluating future prospects, management considers financial results as well as non-financial information such as acres in backlog (measured as land subject to an executed sales contract). Cash requirements are also considered when evaluating future prospects, as are general economic factors and interest rate trends. These metrics are not an exhaustive list, and management may from time to time utilize different financial and non-financial information or may not use all of the metrics mentioned above.
Year Ended December 31, 2009 2008
vs. 2008 vs. 2007
2009 2008 2007 Change Change
Sales of real estate
$ 6,605 13,752 410,849 (7,147 ) (397,097 )
2,312 3,033 6,088 (721 ) (3,055 )
8,917 16,785 416,937 (7,868 ) (400,152 )
82,105 22,724 565,759 59,381 (543,035 )
16,343 20,648 85,758 (4,305 ) (65,110 )
5,822 2,075 10,208 3,747 (8,133 )
5,433 — 1,566 5,433 (1,566 )
Total costs and expenses
109,703 45,447 663,291 64,256 (617,844 )
141 1,938 4,520 (1,797 ) (2,582 )
Loss from continuing operations before income taxes
(100,260 ) (25,321 ) (234,863 ) (74,939 ) 209,542
Provision for income taxes
— — (5,377 ) — 5,377
Loss income from continuing operations
Discontinued operations:
(Loss) income from discontinued operations, net of tax
(15,632 ) 2,783 1,765 (18,415 ) 1,018
$ (115,892 ) (22,538 ) (238,475 ) (93,354 ) 215,937
As of November 9, 2007, the accounts of Levitt and Sons were deconsolidated from our consolidated statements of financial condition and statements of operations. Therefore, the financial data in the preceding table related to Levitt and Sons reflected operations through November 9, 2007, and no results of operations or financial metrics related to Levitt and Sons were included for the years ended December 31, 2009 or 2008.
Revenues from sales of real estate decreased to $6.6 million for the year ended December 31, 2009 from $13.8 million for 2008. Revenues from sales of real estate for the years ended December 31, 2009 and 2008 were comprised of land and home sales, recognition of deferred revenue and look back revenue. During the year ended December 31, 2009, Core sold approximately 13 acres, generating revenues of approximately $1.1 million, compared to the sale of approximately 35 acres, which generated revenues of approximately $9.1 million, net of deferred revenue, in 2008. Core recognized deferred revenue on previously sold land of approximately $5.3 million for the year ended December 31, 2009, compared to approximately $1.9 million in 2008. Look back revenues for the years ended December 31, 2009 and 2008 were approximately $32,000 and $145,000, respectively. We also earned $320,000 in revenues in 2009 from sales of real estate as a result of 1 unit sold in Carolina Oak, compared to revenues from sales of real estate of $2.5 million in 2008 as a result of 8 units sold in Carolina Oak.
Other revenues decreased to $2.3 million for the year ended December 31, 2009 compared to $3.0 million for 2008. The decrease in other revenues was primarily due to a decrease in marketing fees collected at Core Communities and fewer impact fees earned in 2009 compared to 2008.
Cost of sales of real estate increased to $82.1 million for the year ended December 31, 2009 from $22.7 million for 2008 due to impairment charges of $80.3 million associated with inventory of real estate recorded in 2009 compared to $13.7 million in impairment charges of inventory of real estate in 2008. Costs of sales of real estate before impairment charges for the years ended December 31, 2009 and 2008 were $1.8 million and $9.0 million, respectively. The decrease in cost of sales of real estate excluding impairment charges was due to a decrease in sales of real estate at Core and Carolina Oak in 2009 compared to 2008.
Selling, general and administrative expenses decreased to $16.3 million for the year ended December 31, 2009 from $20.6 million for 2008. The decrease was a result of, among other things, lower sales and marketing expenses as a result of a reduced marketing budget, lower developer expenses related to property owner associations in Tradition, Florida, lower compensation and benefits expense, and lower office related expenses. These decreases were partially offset by an increase in severance charges as a result of reductions in force at Core in 2009 and an increase in property tax expense.
Interest incurred totaled $7.8 million for the year ended December 31, 2009 and $11.0 million for 2008. Interest capitalized totaled $2.0 million for the year ended December 31, 2009 and $8.9 million for 2008. Net interest expense increased in the year ended December 31, 2009 compared to the year ended December 31, 2008 primarily as a result of the Company’s decision to stop the capitalization of interest in light of the significantly reduced development activities in Florida and the ceasing of development activities in South Carolina. The increase was partially offset by lower interest rates during the year ended December 31, 2009 compared to 2008. Historically, the capitalized interest allocated to inventory is charged to cost of sales. Cost of sales of real estate for the years ended December 31, 2009 and 2008 included previously capitalized interest of approximately $64,000 and $268,000, respectively.
Other expense for the year ended December 31, 2009 related to $5.4 million of impairment charges recorded to reduce the carrying value of Core and Carolina Oak’s property and equipment to their respective fair value.
Interest income decreased to $141,000 during year ended December 31, 2009 from $1.9 million during 2008. This decrease was mainly due to the repayment of an intersegment loan in June 2008, of which the related interest was eliminated in consolidation, lower interest rates as well as a decrease in cash balances for the year ended December 31, 2009 compared to 2008.
Other income decreased to $385,000 during the year ended December 31, 2009 from $1.4 million during 2008. This decrease was mainly due to less forfeited deposits in 2009 compared to 2008.
Income from discontinued operations, which relates to the income generated by Core’s Projects, decreased to a loss of $15.6 million in the year ended December 31, 2009 from income of $2.8 million in 2008. The decrease was mainly due to impairment charges in the amount of $13.6 million recorded in the year ended December 31, 2009 compared to no impairment charges recorded in 2008. In addition, three ground lease parcels comprised of approximately 5 acres were sold in 2008 and were accounted for as discontinued operations and resulted in a $2.5 million gain on sale of real estate assets for the year ended December 31, 2008, compared to no comparable sales in discontinued operations in 2009.
Revenues from sales of real estate decreased to $13.8 million for the year ended December 31, 2008 from $410.8 million for the year ended December 31, 2007. This decrease was primarily attributable to the deconsolidation of Levitt and Sons at November 9, 2007 as well as a decrease in sales of real estate at Core and Levitt Commercial. Levitt and Sons’ revenues from sales of real estate amounted to $387.7 million in 2007. Revenues from sales of real estate for the year ended December 31, 2008 at Core decreased to $11.3 million, from $16.6 million in 2007 reflecting the sale of approximately 35 acres in 2008 compared to 40 acres in 2007. For the year ended December 31, 2008, we earned revenues from sales of real estate at Carolina Oak of $2.5 million reflecting the delivery of 8 units, while revenues from sales of real estate at Levitt Commercial for the year ended December 31, 2007 were $6.6 million reflecting the delivery of 17 units in 2007. Levitt Commercial completed the sale of all remaining flex warehouse units in inventory in 2007 and ceased development activities thereafter.
Other revenues decreased $3.1 million to $3.0 million for the year ended December 31, 2008, compared to $6.1 million during the year ended December 31, 2007. The decrease was primarily due to decreased title and mortgage operations revenues associated with Levitt and Sons as it was not included in the consolidated results of operations for the year ended December 31, 2008. In addition, there was decreased marketing income associated with Tradition, Florida.
Cost of sales of real estate increased to $22.7 million during the year ended December 31, 2008, as compared to $13.2 million (excluding cost of sales, which included impairment provisions, associated with Levitt and Sons) for the year ended December 31, 2007 primarily as a result of impairment charges related to Carolina Oak’s inventory of real estate recorded in 2008 compared to no impairment charges recorded at Carolina Oak in 2007. The increase was offset in part by a decrease in sales of real estate at Core and Levitt Commercial. Cost of sales of real estate at Core decreased as we sold approximately 35 acres in the year ended December 31, 2008, compared to approximately 40 acres in 2007. We delivered 8 units at Carolina Oak in the year ended December 31, 2008, compared to the delivery of 17 units at Levitt Commercial in 2007.
Selling, general and administrative expenses decreased $65.1 million to $20.6 million during the year ended December 31, 2008 compared to $85.8 million during the year ended December 31, 2007. This decrease was primarily related to the deconsolidation of Levitt and Sons at November 9, 2007. Selling, general and administrative expenses attributable to Levitt and Sons in the year ended December 31, 2007 were $66.6 million. Selling, general and administrative expenses, excluding those attributable to Levitt and Sons, increased slightly in 2008 compared to 2007 totaling $20.6 million in the year ended December 31, 2008, and $19.2 million in 2007. We incurred higher property tax expense due to less acreage in active development and higher expenses related to the support of community and commercial associations in our master-planned communities at Core as well as higher other administrative expenses associated with marketing activities in South Carolina in 2008 compared to 2007. In addition, insurance costs were higher due to the absorption of certain of Levitt and Sons’ insurance costs. The above increases were offset by lower office related expenses, decreased severance charges and decreased employee compensation, benefits and incentives expense reflecting a lower associate headcount in the year ended December 31, 2008 compared to 2007 as a result of staff reductions.
Interest expense consists of interest incurred minus interest capitalized. Interest incurred for the years ended December 31, 2008 and 2007 totaled $11.0 million and $44.1 million, respectively, while interest capitalized totaled $8.9 million for the year ended December 31, 2008 compared to $33.9 million in 2007. Interest expense for the year ended December 31, 2008 was $2.1 million compared to $10.2 million in 2007. The decrease in interest expense was primarily the result of interest expense related to intersegment loans recorded in the year ended December 31, 2007, which was eliminated in consolidation, whereas no comparable interest expense related to intersegment loans existed in 2008. This decrease in interest expense was partly offset by the completion of certain phases of development associated with our real estate inventory late in 2007, which resulted in a decreased amount of assets which qualified for interest capitalization and, therefore, the expensing of the related interest was only recorded in the fourth quarter of 2007 compared to the full year of 2008. Interest incurred was lower mainly due to decreases in the average interest rates on our debt and lower outstanding balances of notes and mortgage notes payable primarily due to the deconsolidation of Levitt and Sons at November 9, 2007. At the time of land or home sales, the capitalized interest allocated to inventory is charged to cost of sales. Cost of sales of real estate for the years ended December 31, 2008 and 2007 included previously capitalized interest of approximately $268,000 and $16.1 million, respectively.
We did not incur other expenses in the year ended December 31, 2008. Other expenses of $1.6 million for the year ended December 31, 2007 mostly related to title and mortgage expenses in Levitt and Sons for closing costs and title insurance costs for closings processed internally.
Interest income decreased to $1.9 million in the year ended December 31, 2008, from $4.5 million in 2007. This decrease was mainly related to lower intersegment interest income, which was eliminated in consolidation, related to an intersegment loan which was repaid in 2008 resulting in less intersegment interest income recorded in 2008 compared to the full year of 2007.
Other income decreased to $1.4 million in the year ended December 31, 2008, from $7.0 million in 2007. This decrease was mainly related to a $5.8 million decrease in forfeited deposits in 2008 due to the deconsolidation of Levitt and Sons at November 9, 2007. This decrease was partly offset by higher forfeited deposits at Core.
Income from discontinued operations, which relates to the income generated by Core’s Projects, increased to $2.8 million in the year ended December 31, 2008 from $1.8 million in the same 2007 period. The increase was mainly due to the sale of three ground lease parcels comprised of approximately 5 acres which resulted in a $2.5 million gain on sale of real estate assets accounted for as discontinued operations and increased commercial lease activity as a result of the opening of the Landing at Tradition retail power center in late 2007. These increases were partly offset by an increase in selling, general and administrative expenses in 2008 compared to 2007 mainly as a result of a depreciation recapture recorded in the fourth quarter of 2008.
The following table shows Core’s operational data for the years ended December 31, 2009, 2008 and 2007:
Twelve Months
Ended December 31, 2009 vs. 2008 vs.
Acres sold (a)
28 40 40 12 —
Margin percentage (b) (c)
N/A 41.1 % 55.0 % N/A (13.9 )%
Unsold saleable acres
6,611 6,639 6,679 (28 ) (40 )
Acres subject to sales contracts — third parties (d)
8 10 259 (2 ) (249 )
Aggregate sales price of acres subject to sales contracts to third parties (in thousands) (d)
$ — 1,050 77,888 (1,050 ) (76,838 )
(a) Includes 15 acres donated to the City of Port St. Lucie in the fourth quarter of 2009.
(b) Includes revenues from lot sales, look back provisions and recognition of deferred revenue associated with sales in prior periods.
(c) Margin percentage for the year ended December 31, 2009 was not a meaningful measure since $63.3 million of impairment charges were recorded in Core’s cost of sales of real estate.
(d) As of December 31, 2009, approximately 8 acres were subject to a sales contract with a sales price of approximately $2.5 million at a cost of approximately $2.2 million. The sale is contingent upon the purchaser obtaining financing and, if consummated on the contemplated terms, would not result in a loss.
The value of acres subject to third party sales contracts was approximately $2.5 million at December 31, 2009 compared to $1.1 million at December 31, 2008. While backlog is not an exclusive indicator of future sales activity, it provides an indication of potential future sales activity.
Core’s Liquidity and Capital Resources
At December 31, 2009 and December 31, 2008, Core had cash and cash equivalents of $2.9 million and $16.9 million, respectively. Cash decreased $14.0 million during the year ended December 31, 2009 primarily as a result of cash used to fund the development of Core’s projects and payments of interest on its outstanding debt as well as selling, general and administrative expenses. Core’s cash balance at December 31, 2008 reflected Core’s receipt of a repayment from Woodbridge of a $40 million intercompany loan during the second quarter of 2008, partially offset by a $30 million dividend payment from Core to Woodbridge during the fourth quarter of 2008. At December 31, 2009, Core had no immediate availability under its various lines of credit.
During 2009, the recession continued and the demand for residential and commercial inventory showed no signs of recovery, particularly in the geographic regions where Core’s properties are located. The decrease in land sales in 2009 and continued cash flow deficits contributed to, among other things, the deterioration of Core’s liquidity. As a result, Core has severely limited its development expenditures in Tradition, Florida and has completely discontinued development activity in Tradition Hilton Head. Its assets have been impaired significantly and in an effort to bring about an orderly liquidation without a bankruptcy filing, Core commenced negotiations with all of its lenders to restructure its outstanding debt in light of its cash position and to liquidate its assets in an orderly way. Core is currently in default under the terms of all of its outstanding debt totaling approximately $209.9 million (including loans associated with assets held for sale). Core continues to pursue all options with its lenders, including offering deeds in lieu and other similar transactions wherein Core would relinquish title to substantially all of its assets. As of February 5, 2010, with Core’s concurrence, a significant portion of the land in Tradition Hilton Head had been placed under the control of a court appointed receiver. While negotiations with the lender continue, there is no assurance that Core will be successful in restructuring any or all of its outstanding debt. In consideration of the foregoing, we evaluated Core’s real estate inventory for impairment on a project-by-project basis. As a result of the impairment analyses performed, we recorded impairment charges of $63.3 million to reduce the carrying amount of Core’s inventory to its fair value at December 31, 2009.
Core is also a party to a certain Development Agreement with the city of Hardeeville, SC, under which Core is obligated to fund $1 million towards the building of a fire station. Funding is scheduled in three installments: the first installment of $100,000 was due October 21, 2009; the second installment of $450,000 was due on January 1, 2010; and the final installment was due on April 1, 2010. Additionally, Core is obligated to fund certain staffing costing $200,000 under the terms of this agreement. Core did not pay any of the required installments and has not funded the $200,000 payment for staffing. On November 5, 2009, Core received a notice of default from the city for non payment. Core is in discussions with one of its lenders to fund the required payments out of an interest reserve account established under its loan agreement with the lender while it seeks to resolve this issue. However, in the event that Core is unable to obtain additional funds to make these payments, it may be unable to cure the default on its obligation to the city which could result in a loss of entitlements associated with the development project.
In December 2009, Core reinitiated efforts to sell two of its commercial leasing projects (the “Projects”) and began soliciting bids from several potential buyers to purchase assets associated with the Projects. The assets are available for immediate sale in their present condition and Core determined that it is probable that it will sell the Projects in 2010. Due to this decision, the assets associated with the Projects that are for sale have been classified as discontinued operations for all periods presented in accordance with the accounting guidance for the disposal of long-lived assets Core has accepted an offer to sell the Projects, which has been approved by the lender with substantially all of the proceeds going to satisfy its obligations to the lender. However, there can be no assurance that the transaction will close or that the lender will release Core from its obligations. See Note 12 of the “Notes to Consolidated Financial Statements” for further information.
Based on an ongoing evaluation of its cost structure and in light of current market conditions, Core reduced its head count by 41 employees during 2009, resulting in approximately $1.3 million in severance charges which were recorded during the fourth quarter of 2009.
The negative impact of the adverse real estate market conditions on Core, together with Core’s limited liquidity, have caused substantial doubt regarding Core’s ability to continue as a going concern if Woodbridge chooses not to provide Core with the cash needed to meet its obligations when and as they arise. Woodbridge has not committed to fund any of Core’s obligations or cash requirements, and there is no assurance that Woodbridge will provide any funds to Core. Core’s results are reported in the Real Estate Operations segment in Note 34 of the “Notes to Consolidated Financial Statements” included in Item 8 of this report. Core’s financial information included in the consolidated financial statements has been prepared assuming that Core will meet its obligations and continue as a going concern. As a result, the consolidated financial statements and the financial information provided for Core do not include any adjustments that might result from the outcome of this uncertainty.
Off Balance Sheet Arrangements and Contractual Obligations
In connection with the development of certain of Core’s projects, community development, special assessment or improvement districts have been established and may utilize tax-exempt bond financing to fund construction or acquisition of certain on-site and off-site infrastructure improvements near or at these communities. If these improvement districts were not established, Core would need to fund community infrastructure development out of operating cash flow or through sources of financing or capital, or be forced to delay its development activity. The obligation to pay principal and interest on the bonds issued by the districts is assigned to each parcel within the district, and a priority assessment lien may be placed on benefited parcels to provide security for the debt service. The bonds, including interest and redemption premiums, if any, and the associated priority lien on the property are typically payable, secured and satisfied by revenues, fees, or assessments levied on the property benefited. Core pays a portion of the revenues, fees, and assessments levied by the districts on the properties it still owns that are benefited by the improvements. Core may also be required to pay down a specified portion of the bonds at the time each unit or parcel is sold. The costs of these obligations are capitalized to inventory during the development period and recognized as cost of sales when the properties are sold.
Core’s bond financing at December 31, 2009 and December 31, 2008 consisted of district bonds totaling $218.7 million at each of these dates with outstanding amounts of approximately $170.8 million and $130.5 million, respectively. Bond obligations at December 31, 2009 mature in 2035 and 2040. As of December 31, 2009, Core owned approximately 16% of the property subject to assessments within the community development district and approximately 91% of the property subject to assessments within the special assessment district. During the years ended December 31, 2009, 2008 and 2007, Core recorded a liability of approximately $693,000, $584,000 and $1.3 million, respectively, in assessments on property owned by it in the districts. Core is responsible for any assessed amounts until the underlying property is sold and will continue to be responsible for the annual assessments through the maturity dates of the respective bonds issued if the property is never sold. Based on Core’s approximate 91% ownership of property within the special assessment district as of December 31, 2009, it will be responsible for the payment of approximately $10 million in assessments by March 2011. If Core sells land within the special assessment district and reduces its ownership percentage, the potential payment of approximately $10 million would decrease in relation to the decrease in the ownership percentage. In addition, Core has guaranteed payments for assessments under the district bonds in Tradition, Florida which would require funding if future assessments to be allocated to property owners are insufficient to repay the bonds. Management has evaluated this exposure based upon the criteria in accounting guidance for contingencies, and has determined that there have been no substantive changes to the projected density or land use in the development subject to the bond which would make it probable that Core would have to fund future shortfalls in assessments.
In accordance with accounting guidance for real estate, the Company records a liability for the estimated developer obligations that are fixed and determinable and user fees that are required to be paid or transferred at the time the parcel or unit is sold to an end user. At each of December 31, 2009 and December 31, 2008, the liability related to developer obligations associated with Core’s ownership of the property was $3.3 million, of which $3.1 million is included in the liabilities related to assets held for sale in the accompanying consolidated statements of financial condition as of December 31, 2009 and December 31, 2008.
The following table summarizes our Real Estate and Other contractual obligations (excluding Bluegreen) as of December 31, 2009 (in thousands):
Payments due by period
Less than 13 - 36 37 - 60 More than
Category (1) Total 12 Months Months Months 60 Months
Long-term debt obligations (2)
$ 272,400 175,757 501 546 95,596
Interest payable on long-term debt (3)
191,294 7,883 15,755 15,699 151,957
Operating lease obligations
1,131 865 207 59 —
Long-term debt obligations associated with assets held for sale
74,748 71,698 110 124 2,816
Severance related termination obligations
1,114 1,114 — — —
Total obligations
$ 540,687 257,317 16,573 16,428 250,369
(1) Long-term debt obligations consist of notes, mortgage notes and bonds payable and junior subordinated debentures. Interest payable on these long-term debt obligations is the interest that will be incurred related to the outstanding debt. Operating lease obligations consist of lease commitments. The timing of contractual payments for debt obligations assumes the exercise of all extensions available at our sole discretion. Long-term debt obligations and long-term debt obligations associated with assets held for sale include defaulted loans totaling approximately $247.0 million as of December 31, 2009 of which repayment of the outstanding debt was accelerated by the lender and is currently being shown as immediately due and payable in less than 12 months. See Note 2 of the “Notes to Consolidated Financial Statements” included in Item 8 of this report for more information regarding the defaulted loans.
(2) These amounts represent scheduled principal payments.
(3) Excludes interest payable associated with defaulted loans as of December 31, 2009 mentioned above.
In addition to the above contractual obligations, we have $2.4 million in unrecognized tax benefits in accordance with accounting guidance for uncertainty in income taxes, which provides guidance for how a company should recognize, measure, present and disclose in its financial statements uncertain tax positions that a company has taken or expects to take on a tax return.
Tradition Development Company, LLC, a wholly-owned subsidiary of Core Communities (“TDC”), had advertising agreements pursuant to which, among other advertising rights, TDC obtained a royalty-free license to use, among others, the trademark “Tradition Field” at the sports complex located in Port St. Lucie and the naming rights to that complex. The advertising agreement was terminated during the first quarter of 2010 based on TDC’s default for non-payment. TDC is contractually obligated to pay all amounts due under the agreement at the time of termination which is estimated to be approximately $250,000.
We have future obligations relating to the termination of facilities associated with property and equipment leases that we had entered into that are no longer providing a benefit to us, as well as termination fees related to contractual obligations we cancelled. As of December 31, 2009, these obligations amounted to $240,000 and are included under “Operating lease obligations” in the table above.
At December 31, 2009 and 2008, Woodbridge had outstanding surety bonds of approximately $860,000 and $8.2 million, respectively, which were related primarily to its obligations to various governmental entities to construct improvements in its various communities. It is estimated that approximately $495,000 of work remains to complete these improvements and it is not currently anticipated that any outstanding surety bonds will likely be drawn upon.
In the ordinary course of business, Core sells land to third parties where obligations exist to complete site development and infrastructure improvements subsequent to the sale date. Future development and construction obligations amounted to $2.1 million at December 31, 2009. The timing of future development will depend on factors such as the timing of future sales, demographic growth rates in the areas in which these obligations occur and the impact of any future deterioration or improvement in the local real estate market.
Levitt and Sons had approximately $33.3 million of surety bonds related to its ongoing projects at the time of the filing of the Chapter 11 Cases. In the event that these obligations are drawn and paid by the surety, Woodbridge could be responsible for up to $8.0 million plus costs and expenses in accordance with the surety indemnity agreements executed by Woodbridge. As of December 31, 2009 and 2008, Woodbridge had $527,000 and $1.1 million, respectively, in surety bond accruals at Woodbridge related to certain bonds where management believes it to be probable that Woodbridge will be required to reimburse the surety under applicable indemnity agreements. Woodbridge reimbursed the surety approximately $348,000 and $532,000 during the years ended December 31, 2009 and 2008, respectively, in accordance with the indemnity agreement for bond claims paid during the period, while no reimbursements were made in 2007. It is unclear whether and to what extent the remaining outstanding surety bonds of Levitt and Sons will be drawn and the extent to which Woodbridge may be responsible for additional amounts beyond this accrual. There is no assurance that Woodbridge will not be responsible for amounts in excess of the $527,000 accrual. Woodbridge will not receive any repayment, assets or other consideration as recovery of any amounts it may be required to pay. In September 2008, a surety filed a lawsuit to require Woodbridge to post collateral against a portion of the surety bonds exposure in connection with demands made by a municipality. Woodbridge believes that the municipality does not have the right to demand payment under the bonds and Woodbridge initiated a lawsuit against the municipality. Woodbridge does not believe a loss is probable and accordingly have not accrued any amount related to this claim. However, based on claims made on the bonds, the surety requested that Woodbridge post a $4.0 million escrow deposit as security while the matter is litigated with the municipality, and Woodbridge has complied with that request.
On November 9, 2007, Woodbridge put in place an employee fund and offered up to $5 million of severance benefits to terminated Levitt and Sons employees to supplement the limited termination benefits paid by Levitt and Sons to those employees. Levitt and Sons was restricted in the payment of termination benefits to its former employees by virtue of the Chapter 11 Cases. In 2009, Core reduced its workforce by approximately 41 employees mainly as a result of the challenging conditions in the real estate market and the negative impact it has had on Core’s liquidity. Woodbridge incurred severance and benefits related restructuring charges in the year ended December 31, 2009 of approximately $1.4 million, while Woodbridge incurred charges of approximately $2.2 million during the year ended December 31, 2008. For the year ended December 31, 2009, Woodbridge paid approximately $415,000 in severance and termination charges related to the above described employee fund or for employees other than Levitt and Sons employees while it paid approximately $4.1 million in severance and termination charges in the same 2008 period. Employees entitled to participate in the fund either received a payment stream, which in certain cases extends over two years, or a lump sum payment, dependent on a variety of factors.
The Company’s consolidated financial statements for the year ended December 31, 2009 include the results of operations of Bluegreen from November 16, 2009, the date on which the Company acquired additional shares of Bluegreen’s common stock resulting in the Company having a controlling interest in Bluegreen, through December 31, 2009. Bluegreen’s results of operations for the Bluegreen Interim Period are reported through two reportable segments which are Bluegreen Resorts and Bluegreen Communities. In prior periods, our earnings attributable to Bluegreen were reported as part of Woodbridge other operations, which is currently included in the BFC Activities segment.
In response to conditions in the economy and real estate and credit markets, Bluegreen’s focus has been on efforts to improve its cash flows from operations by deliberately reducing the number of VOI sales transactions for which it provides financing and to increase its selling and marketing efficiencies in the Bluegreen Resorts segment. Bluegreen also made a decision to pursue opportunities to grow its cash fee-based service businesses. While Bluegreen cash flows from operations and the Bluegreen Resorts segment operating margin reflects the success of these efforts, the Bluegreen Communities segment continued to struggle given the low consumer demand for homesites.
The following table details the contribution to consolidated sales of real estate by the reportable segments for the Bluegreen Interim Period (in thousands, except percentage amounts):
Bluegreen Interim Period
Sales of real estate % of total sales
$ 15,251 83 %
3,139 17 %
$ 18,390 100 %
As discussed further under “Liquidity and Capital Resources”, Bluegreen Resorts sales operations are materially dependent on the availability of liquidity in the credit markets. Historically, Bluegreen has provided financing to a significant portion of its Bluegreen Resorts customers. Such financing typically involves the consumer making a minimum 10% cash down payment, with the balance being financed over a ten-year period. As Bluegreen Resorts’ selling, general and administrative expenses typically exceed the cash down payment, Bluegreen has historically maintained credit facilities pursuant to which Bluegreen pledged or sold its consumer note receivables. Furthermore, Bluegreen also engaged in private placement term securitization transactions to periodically pay down all or a portion of its note receivable credit facilities.
There has been and continues to be an unprecedented disruption in the credit markets that has made obtaining additional and replacement external sources of liquidity more difficult and, if available, more expensive. For most of 2009, the term securitization market was severely limited and, as a result, financial institutions have been and continue to be reluctant to enter into new credit facilities for the purpose of providing financing on consumer receivables. Several lenders to the timeshare industry, including certain of Bluegreen’s lenders, have announced that they will either be exiting the finance business or will not be entering into new financing commitments for the foreseeable future. In addition, financing for real estate acquisition and development and the capital markets for corporate debt have generally been unavailable to Bluegreen.
While Bluegreen believes that the market for its Resorts product remains relatively strong, Bluegreen is continuing to deemphasize sales to conserve cash because of the uncertainties in the credit markets. In an effort to conserve cash and availability under Bluegreen receivables credit facilities, Bluegreen implemented strategic initiatives which have included closing certain sales offices; eliminating what they identified as lower-efficiency marketing programs; emphasizing cash sales and higher cash down payments as well as pursuing other cash-based services; reducing overhead, including eliminating a significant number of staff positions across a variety of areas at various locations; limiting sales to borrowers who meet newly applied underwriting standards; and increasing interest rates on new sales transactions for which Bluegreen provides financing. Bluegreen’s goal is to reduce the number of sales while increasing the ultimate profitability of the sales it makes. Additional information on Bluegreen’s strategic initiatives is provided in “Liquidity and Capital Resources” below. Bluegreen believes that it has adequate timeshare inventory to satisfy its projected sales for 2010 and based on anticipated sales levels, for a number of years thereafter.
Bluegreen continues to actively pursue additional credit facility capacity, capital markets transactions, and alternative financing solutions, and hopes that the steps being taken will position Bluegreen to maintain its existing credit relationships as well as attract new sources of capital. Regardless of the state of the credit markets, Bluegreen believes that its resorts management and finance operations will continue to represent recurring cash-generating sources of income which do not require material liquidity support from the credit markets.
While the vacation ownership business has historically been capital intensive, Bluegreen’s goal is to leverage its sales and marketing, mortgage servicing, resort management, title and construction expertise to generate fee-based-service relationships with third parties that produce strong cash flows and require less capital investment. During 2009, Bluegreen began providing resort management services to four resorts under these agreements. In addition, for the Bluegreen Interim Period, Bluegreen sold $8.9 million of outside developer inventory and earned sales and marketing commissions of approximately $5.4 million, as well as title fees on such transactions. Bluegreen has also begun providing resort design and development services and mortgage services under certain of these arrangements. Bluegreen intends to pursue additional fee-based services relationships and believes that these activities will become an increasing portion of its business over time.
Bluegreen has historically experienced and expects to continue to experience seasonal fluctuations in its gross revenues and results of operations. This seasonality may result in fluctuations in its quarterly operating results. Although Bluegreen expects to see more potential customers at its sales offices during the quarters ending in June and September, ultimate recognition of the resulting sales during these periods may be delayed due to complex down payment requirements for recognition of real estate sales under GAAP or due to the timing of development and the requirement that Bluegreen uses the percentage-of-completion method of accounting.
To the extent that inflation in general or increased prices for Bluegreen’s VOIs and homesites adversely impacts consumer demand, Bluegreen’s results of operations could be adversely impacted. Also, to the extent inflationary trends, tightened credit markets or other factors affect interest rates, Bluegreen’s debt service costs may increase. There is no assurance that Bluegreen will be able to increase or maintain the current level of its sales prices or that increased construction costs will not have a material adverse impact on its gross margin.
Bluegreen Communities business is being adversely impacted by the deterioration in the real estate markets. Demand for its homesites has decreased as well as sales volume and such reductions have adversely impacted the carrying costs of Bluegreen Communities’ inventories. There can be no assurances that future changes in Bluegreen’s intentions or pricing will not result in future material inventory valuation adjustments.
Bluegreen has historically financed a majority of Bluegreen Resorts sales of VOIs, and accordingly, are subject to the risk of defaults by customers. GAAP requires that Bluegreen reduces sales of VOIs by its estimate of future uncollectible note balances on originated VOI receivables, excluding any benefit for the value of future recoveries. The allowance for loan losses for the Bluegreen Interim Period was approximately $4.0 million and was mainly associated with Bluegreen Resorts. The allowance for loan losses attributable to Bluegreen Communities was not significant.
Bluegreen believes that rising unemployment in the United States and adverse economic conditions in general have adversely impacted the performance of Bluegreen’s notes receivable portfolio. However, Bluegreen anticipates that credit underwriting standards on new loan originations and increasing customer equity in the existing loan portfolio will have a favorable impact on the performance of the portfolio over time.
Substantially all defaulted vacation ownership notes receivable result in the holder of the note receivable recovering the related VOI that secured the note receivable, typically soon after default and at little or no cost. In cases where Bluegreen has retained ownership of the vacation ownership note receivable, the VOI is recovered and resold in the normal course of business. In most cases the resales of the VOI’s partially mitigate the loss from the default, as these recoveries generally range from approximately 40% to 100% of the defaulted principal balance depending on the age of the defaulted receivable. Bluegreen may also remarket VOI’s relating to defaulted receivables on behalf of note holders in exchange for a remarketing fee designed to approximate its sales and marketing costs. From time to time, Bluegreen will reacquire a defaulted note receivable from one of its off-balance sheet term securitization or purchase facility transactions by substituting the defaulted receivable for a performing receivable. The related VOI that secured the defaulted note receivable is reacquired at a price equal to the defaulted principal amount, which typically is in excess of Bluegreen’s historical cost of product. The reacquisition of inventory in this manner has resulted in an increase in Bluegreen Resort’s cost of sales.
Recent economic events have resulted in further constrictions in the financial markets to unprecedented low levels. There can be no assurance that Bluegreen will be able to secure financing for its VOI notes receivable on acceptable terms, if at all.
Bluegreen is in the process of negotiating a significant debt extension on one of its credit facilities (See the “Liquidity and Capital Resources” section for further information). In connection with debt renewals and extensions, Bluegreen may, in certain cases, agree to pay higher interest rates and fees. In addition, conditions in the commercial credit markets are expected to increase interest rates on new debt Bluegreen may obtain from time to time in the future. Any such increased interest rates would increase Bluegreen’s expenses and adversely impact its results of operations.
Bluegreen Segments Financial Results
The following tables include Bluegreen’s financial results for the Bluegreen Interim Period. No comparative analysis was performed as Bluegreen’s results prior to November 16, 2009 are not included in the financial results below, but rather our earnings attributable to Bluegreen were reported in our BFC Activities segment.
Bluegreen Resorts Bluegreen Communities Total
Percentage Percentage Percentage
Amount of Sales Amount of Sales Amount of Sales
Bluegreen Interim Period:
System-wide sales (2)
$ 27,167 $ 3,139 $ 30,306
Estimated uncollectible VOI notes receivable
(3,041 ) — (3,041 )
System-wide sales, net
24,126 100 % 3,139 100 % 27,265 100 %
Sales of third-party VOIs
(8,875 ) (37 ) — — (8,875 ) (33 )
15,251 63 3,139 100 % 18,390 67
Cost of real estate sales
(3,294 ) (22) * (1,788 ) (57 ) (5,082 ) (28) *
11,957 78 * 1,351 43 13,308 72 *
Fee-based sales commission revenue
5,354 22 — — 5,354 20
Other resort and communities operations revenues
5,239 22 593 19 5,832 21
Cost of other resort and communities operations
(3,538 ) (15 ) (1,480 ) (47 ) (5,018 ) (18 )
Segment selling, general and administrative expenses (1)
(15,775 ) (65 ) (3,738 ) (119 ) (19,513 ) (72 )
Segment operating profit (loss)
$ 3,237 13 % ($3,274 ) (104 )% ($37 ) (0.14 )%
* Bluegreen Resorts cost of sales and Gross profit are calculated as a percentage of sales of real estate
(1) General and administrative expenses attributable to corporate overhead have been excluded from the tables. Corporate general and administrative expenses (excluding mortgage operations) totaled $4.0 million for the Bluegreen Interim Period. (See “Corporate General and Administrative Expenses” below for further discussion).
(2) Includes sales of VOI’s made on behalf of third parties, which are effected through the same process as the sale of Bluegreen’s vacation ownership inventory, and involve similar selling and marketing costs.
Bluegreen Resorts — Resort Sales and Marketing
The following table sets forth certain information for sales of both Bluegreen VOIs and VOI sales made on behalf of outside developers for a fee for the periods indicated. The information is provided before giving effect to the percentage-of-completion method of accounting and the deferral of sales in accordance with timeshare accounting rules:
Number of Bluegreen VOI sales transactions
Number of sales made on behalf of outside developers for a fee
Total VOI sales transactions
Average sales price per transaction
Number of total prospects tours
Sale-to-tour conversion ratio— total prospects
Number of new prospects tours
Sale-to-tour conversion ratio— new prospects
Resort Management and Other Services
The following table sets forth pre-tax profit generated by Bluegreen’s resort management and other services (in thousands):
Resort Management Operations
Title Operations
Net Carrying Cost of Developer Inventory
(392 )
The table below sets forth the number of homesites sold by Bluegreen Communities and the average sales price per homesite for the periods indicated, before giving effect to the percentage-of-completion method of accounting, and excluding sales of bulk parcels:
Bluegreen Interim
Number of homesites sold
Average sales price per homesite
The tables below set forth information with respect to contracts to sell homesites at December 31, 2009 (in thousands):
Contracts to Sell Property at
Projects Not Substantially Sold
Out at December 31, 2009
Vintage Oaks at the Vineyard
Lake Ridge at Joe Pool Lake
The Bridges at Preston Crossings
Sugar Tree on the Brazos
Contracts to Sell Property at Projects
Substantially Sold Out at
Mystic Shores
Saddle Creek Forest
Total Contracts
Bluegreen’s finance operations include the ongoing excess interest spread earned on its on-balance sheet notes receivable, as well as continued earnings on its off-balance sheet notes receivable, realized through its retained interests in those notes. In addition, finance operations include providing mortgage servicing for the off-balance sheet notes receivable and for other third parties all on a cash fee-for-service basis.
The following table details the sources of Bluegreen’s interest income (in thousands):
VOI notes receivable
Retained interest in notes receivable sold
(14 )
Interest expense was $5.3 million for the Bluegreen Interim Period.
Bluegreen believes that the adoption of new accounting standards related to the consolidation of variable interest entities in January 2010 (See “Accounting Pronouncements Not-Yet Adopted) will significantly increase both interest income and interest expense due to the recognition of approximately $453.6 million of notes receivable and $411.4 million of non-recourse receivable-backed debt, which are currently accounted for off-balance sheet, and which Bluegreen expects will be consolidated and included on-balance sheet, on a prospective basis, beginning in 2010.
Total interest expense capitalized to construction in progress was approximately $110,000 for the Bluegreen Interim Period.
Mortgage Servicing Operations
Bluegreen’s mortgage servicing operations include recording and processing payments, and performing collections of its owned notes receivable, as well as collect payments on notes receivable sold to or owned by third parties. In addition, Bluegreen’s mortgage servicing operations facilitate the monetization of its VOI notes receivable through its various credit facilities, as well as perform monthly reporting activities for its lenders and receivable investors. Bluegreen earns a fee for servicing loans that have been sold to off-balance sheet qualified special purpose entities and for providing loan services to other third-party portfolio owners, on a cash-fee basis. The following is a summary of the results of its mortgage servicing operations (in thousands):
Servicing fee income
Cost of mortgage servicing operations
Gross profit from mortgage servicing operations
Effective January 2010, the adoption of new accounting standards requires consolidation of Bluegreen’s qualified special purpose entities and as a result, the servicing fees earned on servicing the off-balance sheet notes receivable will no longer be separately recognized as such but will instead be accounted for as a component of interest income (See “Accounting Pronouncements Not-Yet Adopted).
Corporate General and Administrative Expenses
Bluegreen’s corporate general and administrative expenses consist primarily of expenses associated with administering the various support functions at its corporate headquarters, including accounting, human resources, information technology, treasury, and legal. Corporate general and administrative expenses, excluding mortgage servicing operations, were $4.0 million for the Bluegreen Interim Period.
Non-controlling Interests in Income of Consolidated Subsidiary
We include the results of operations and financial position of Bluegreen/Big Cedar Vacations, LLC (the “Subsidiary”), Bluegreen’s 51%-owned subsidiary, in our consolidated financial statements (See Note 1 of the Notes to Consolidated Financial Statements for further information). Non-controlling interests in income of consolidated subsidiary was approximately $1.0 million for the Bluegreen Interim Period.
Bluegreen’s Liquidity and Capital Resources
Bluegreen’s primary source of funds from internal operations are: (i) cash sales, (ii) down payments on homesite and VOI sales which are financed, (iii) proceeds from the sale of, or borrowings collateralized by, notes receivable, including cash received from its retained interests in notes receivable sold, (iv) cash from its finance operations, including principal and interest payments received on the purchase money mortgage loans arising from sales of VOIs and homesites and mortgage servicing fees, and (v) net cash generated from its sales and marketing fee-based services and other resort services, including its resorts management operations, and other communities operations.
Historically Bluegreen’s business model has depended on the availability of credit in the commercial markets. Resorts sales are generally dependent upon Bluegreen providing financing to its buyers. Bluegreen’s ability to sell and/or borrow against its notes receivable from VOI buyers is a critical factor in its continued liquidity. When Bluegreen sells VOIs, a financed buyer is only required to pay a minimum of 10% to 20% of the purchase price in cash at the time of sale; however, selling, marketing, and administrative expenses attributable to the sale are primarily cash expenses and exceed the buyer’s minimum required down-payment. Accordingly, having financing facilities available for the hypothecation, sale, or transfer of these vacation ownership receivables is a critical factor in Bluegreen’s ability to meet its short and long-term cash needs. Historically, Bluegreen has relied on its ability to sell receivables in the term securitization market in order to generate liquidity and create capacity in its receivable facilities. In addition, maintaining adequate VOI inventory to sell and pursue growth into new markets has historically required in the incurrence of debt for the acquisition, construction and development of new resorts. Bluegreen Communities has also historically incurred debt for the acquisition and development of its residential land communities.
Since 2008, there have been unprecedented disruptions in the credit markets, which have made obtaining additional and replacement external sources of liquidity more difficult and more costly in the term securitization market. There is significantly reduced activity and transactions that have been consummated have been on dramatically more adverse terms. As a result, financial institutions are reluctant to enter into new credit facilities for the purpose of providing financing on consumer receivables. Several lenders to the timeshare industry, including certain of Bluegreen’s lenders, have announced that they either have or will be exiting the resort finance business or will not be entering into new financing commitments for the foreseeable future. In addition, financing for real estate acquisition and development and the capital markets for corporate debt have generally been unavailable on reasonable terms, if at all.
Bluegreen has certain strategic initiatives in place with a view to better position its operations in light of the downturn in the commercial credit markets. Bluegreen intends to continue to monitor its results as well as the external environment in order to attempt to adjust its business to existing conditions. The ongoing goals of its strategic initiatives are designed to conserve cash and enhance its financial position, to the extent possible by:
• Significantly reducing its Resorts sales operations in an effort to match its sales pace to its liquidity and known receivable capacity;
• Emphasizing cash-based business in its sales, resort management and finance operations, with particular focus on growing its fee-based service business;
• Minimizing the cash requirements of Bluegreen Communities;
• Reducing overhead and increasing efficiency;
• Minimizing capital spending;
• Working with its lenders to renew, extend, or refinance its credit facilities;
• Maintaining compliance under its outstanding indebtedness; and
• Continuing to provide what Bluegreen believes to be a high level of quality vacation experiences and customer service to its VOI owners.
While Bluegreen believes that it has realized initial success with its strategic initiatives, there is no assurance that Bluegreen will be successful in achieving its goals.
While the vacation ownership business has historically been capital intensive, one of Bluegreen’s principal goals is to leverage its sales and marketing, mortgage servicing, resort management, title and construction expertise to pursue low-capital requirement, fee-based-service business relationships that produce strong cash flows for its business.
Bluegreen has a material amount of debt maturing or requiring partial repayment in 2010, as well as facilities for which the advance period has or will expire. Bluegreen intends to seek to renew, extend or refinance certain of its debt issuances and credit facilities and Bluegreen believes that the implementation of its strategic initiatives has positioned them to address these matters with its existing and future lenders. However, there is no assurance that Bluegreen will be successful in its efforts to renew, extend or refinance its debt, and if Bluegreen is not successful, its liquidity would be significantly adversely impacted. Further, while Bluegreen may seek to raise additional debt or equity financing in the future to fund operations or repay outstanding debt, there is no assurance that such financing will be available to them on favorable terms or at all. In light of the current trading price of Bluegreen’s common stock, financing involving the issuance of its common stock or securities convertible into its common stock would be highly dilutive to its existing shareholders.
Bluegreen’s levels of debt and debt service requirements have several important effects on its operations, including the following: (i) its significant cash requirements to service debt reduces the funds available for operations and future business opportunities and increase its vulnerability to adverse economic and industry conditions, as well as conditions in the credit markets, generally; (ii) its leverage position increases its vulnerability to economic and competitive pressures; (iii) the financial covenants and other restrictions contained in indentures, credit agreements and other agreements relating to its indebtedness requires Bluegreen to meet certain financial tests and restricts its ability to, among other things, borrow additional funds, dispose of assets, make investments or pay cash dividends on or repurchase common stock (although Bluegreen does not currently believe that any such transactions are likely to be structured so as to materially limit its ability to pay cash dividends on its common stock, if its board were to choose to do so, or its ability to repurchase shares in the near term; although there is no assurance that this will remain true in the future); and (iv) its leverage position may limit funds available for working capital, capital expenditures, acquisitions and general corporate purposes. Certain of Bluegreen’s competitors operate on a less leveraged basis and have greater operating and financial flexibility than they do.
Credit Facilities
The following is a discussion of Bluegreen’s material purchase and credit facilities, including those that were important sources of its liquidity as of December 31, 2009. These facilities do not constitute all of its outstanding indebtedness as of December 31, 2009. Bluegreen’s other indebtedness includes outstanding junior subordinated debentures, borrowings collateralized by real estate inventories that were not incurred pursuant to a significant credit facility, and capital leases.
Credit Facilities for Bluegreen Receivables with Future Availability
Bluegreen maintains various credit facilities with financial institutions that provide receivable financing for its operations. Bluegreen had the following credit facilities with future availability as of December 31, 2009 (in thousands):
Outstanding Availability Period Borrowing
Revolving Balance as as of Expiration; Rate; Rate as
Borrowing of December December Borrowing of December
Limit 31, 2009 31, 2009 Maturity 31, 2009
BB&T Purchase Facility(1)
$ 150,000 $ 131,302 $ 18,698 June 29, 2010;
June 5, 2022 Prime + 2.50%;
Liberty Bank Facility(1)
75,000 59,055 15,945 Aug. 27, 2010;
Aug. 27, 2014 30 day LIBOR+2.50%;
$ 225,000 $ 190,357 $ 34,643
(1) Facility is revolving during the advance period, providing additional availability as the facility is paid down, subject to eligible collateral and applicable terms and conditions.
(2) Interest charged on this facility is variable, subject to a floor of 5.75%.
BB&T Purchase Facility
The amended and restated timeshare notes receivable purchase facility with Branch Banking and Trust Company (“BB&T”) (the “BB&T Purchase Facility”) provides for the sale of Bluegreen’s timeshare receivables at an advance rate of 67.5% of the principal balance up to a cumulative purchase price of $150.0 million on a revolving basis, subject to the terms of the facility, eligible collateral and customary terms and conditions. The BB&T Purchase Facility revolving advance period under the facility will end on June 29, 2010. Should a “takeout financing” (as defined in the applicable facility agreements) occur prior to June 29, 2010, the facility limit will either remain at the current facility limit of $150.0 million or decrease to $100.0 million, under certain circumstances. While ownership of the receivables is transferred for legal purposes, the transfers of receivables under the facility are accounted for as a financing transaction for financial accounting purposes. Accordingly, the receivables will continue to be reflected as assets and the associated obligations will be reflected as liabilities on our balance sheet. The BB&T Purchase Facility is nonrecourse and was not guaranteed by Bluegreen.
As of December 31, 2009, the outstanding balance of the BB&T Purchase Facility reflected an advance of 80.7% on the receivables transferred to BB&T under the facility; however, Bluegreen will equally share with BB&T in the excess cash flows generated by the receivables sold (excess meaning after customary payments of fees, interest and principal under the facility) until the advance rate on the existing receivables decreases to 67.5% as the outstanding balance amortizes. The interest rate on the BB&T Purchase Facility is the prime rate plus 2.5%.
For the Bluegreen Interim Period, Bluegreen pledged $9.5 million of VOI notes receivable to this facility and received cash proceeds of $2.0 million. Bluegreen also made repayments of $4.9 million on the facility during the same period.
Liberty Bank Facility
Bluegreen has a $75.0 million revolving timeshare receivables hypothecation facility with a syndicate of lenders led by Liberty Bank and assembled by Wellington Financial (the “Liberty Bank Facility”). The facility provides for a 90% advance on eligible receivables pledged under the facility during a two-year period ending on August 27, 2010, subject to customary terms and conditions. Amounts borrowed under the facility and interest incurred will be repaid as cash is collected on the pledged receivables, with the remaining balance, if any, due on August 27, 2014. The facility bears interest at a rate equal to the one-month LIBOR plus 2.5%, subject to a floor of 5.75%. As the Liberty Bank facility is revolving, availability under the facility increases up to the $75.0 million facility limit as cash is received on the VOI notes receivable collateralized under the facility and Liberty Bank is repaid through the expiration of the advance period, pursuant to the terms of the facility.
For the Bluegreen Interim Period, Bluegreen pledged $7.6 million of VOI notes receivable to this facility and received cash proceeds of $729,000. Bluegreen also made repayments of $2.8 million under the facility during the same period.
Other Effective Receivable Capacity
Pursuant to the terms of certain of Bluegreen’s prior term securitizations and similar type transactions, Bluegreen has the ability to substitute new eligible VOI notes receivable into such facilities in the event receivables that were previously sold in such transactions are defaulted or are the subject of an owner upgrade transaction, subject to certain limitations. These substitutions result in Bluegreen receiving additional cash through its monthly distribution on its retained interest in notes receivable sold. Bluegreen intends to continue to use this other effective receivable capacity, subject to the terms and conditions of the applicable facilities. As of December 31, 2009, the aggregate remaining substitution capacity under all of such existing facilities would allow Bluegreen to substitute approximately $120.5 million of eligible VOI notes receivable in the future, subject to the terms and conditions of the applicable facilities.
Credit Facilities for Bluegreen Receivables without Future Availability
Bluegreen has outstanding obligations under various receivable-backed credit facilities that have no remaining future availability as the advance periods have expired. Bluegreen had the following outstanding balances under such credit facilities as of December 31, 2009 (in thousands):
Balance as Borrowing Rate;
of December Borrowing Rate as of December
31, 2009 Maturity 31, 2009
The GE Bluegreen/Big Cedar Facility
$ 32,834 April 16, 2016 30 day LIBOR+1.75%;
Foothill Facility
14,409 Dec. 31, 2010 Prime + 0.25-0.50%;
4.00% (1)]
The GMAC Receivables Facility
5,228 Feb. 15, 2015 30 day LIBOR+4.00%;
(1) Interest charged on this facility is variable and may be subject to a 4.00% floor under certain circumstances.
The Bluegreen/Big Cedar Joint Venture has a $45.0 million revolving VOI receivables credit facility with GE (the “GE Bluegreen/Big Cedar Receivables Facility”). Bluegreen Corporation has guaranteed the full payment and performance of the Bluegreen/Big Cedar Joint Venture in connection with the GE Bluegreen/Big Cedar Receivables Facility. The advance period under this facility has expired and all outstanding borrowings mature no later than April 16, 2016. The facility has detailed requirements with respect to the eligibility of receivables for inclusion and other conditions to funding. The facility includes affirmative, negative and financial covenants and events of default. All principal and interest payments received on pledged receivables are applied to principal and interest due under the facility. Indebtedness under the facility bears interest adjusted monthly at a rate equal to the 30 day LIBOR rate plus 1.75%.
For the Bluegreen Interim Period, Bluegreen repaid $1.7 million under this facility.
The Wells Fargo Facility
Bluegreen has a credit facility with Wells Fargo Foothill, LLC (“Wells Fargo”). Historically, Bluegreen has primarily used this facility for borrowings collateralized by the pledge of certain VOI receivables which typically have been Bluegreen’s one-year term receivables. The borrowing period for advances on eligible receivables expired on December 31, 2009, and the maturity date of all borrowings is December 31, 2010. The advance rate ranges from 85% to 90% of certain VOI receivables. Borrowings under this facility are subject to eligible collateral and customary terms and conditions. The interest rate charged on outstanding receivable borrowings under the facility, as amended, is the prime lending rate plus 0.25% when the average monthly outstanding loan balance under certain sub-lines is greater than or equal to $15.0 million. If the average monthly outstanding loan balance under certain sub-lines is less than $15.0 million, the interest rate is the greater of 4.00% or the prime lending rate plus 0.50%. All principal and interest payments received on pledged receivables are applied to principal and interest due under the facility.
For the Bluegreen Interim Period, Bluegreen pledged $7.0 million of notes receivable to this facility and received cash proceeds of $6.2 million. Bluegreen also made repayments of $4.2 million during the same period.
Credit Facilities for Bluegreen Inventories without Existing Future Availability
Bluegreen has outstanding obligations under various credit facilities and other notes payable collateralized by its resorts or communities inventories. As of December 31, 2009 these included the following significant items (in thousands):
Balance as of
December 31, Borrowing Borrowing Rate; Rate as of
2009 Maturity (1) December 31, 2009
The GMAC AD&C Facility
$ 87,415 June 30, 2012 30 day LIBOR+4.50%;
The GMAC Communities Facility
38,479 December 31, 2012 Prime + 2.00%;
Wachovia Notes Payable
24,497 Varies by loan (2) 30 day LIBOR + 2.00%-2.35%;
The Textron Facility
12,757 Varies by loan (3) Prime + 1.25% - 1.50%;
(1) Repayment of the outstanding amount is effected through release payments as the related collateral is sold, subject to periodic minimum required amortization between December 31, 2009 and maturity.
(2) The maturity dates vary by loan. The maturity date associated with Bluegreen’s Williamsburg Patrick Henry loan, which had an outstanding balance of $10.5 million as of December 31, 2009, is April 30, 2010. The maturity date associated with Bluegreen’s Williamsburg Liberty Inn loan, which had an outstanding balance of $6.5 million as of December 31, 2009, is July 31, 2010. The maturity date associated with Bluegreen’s Club La Pension loan, which had an outstanding balance of $3.7 million as of December 31, 2009, is June 10, 2012. The maturity date associated with Bluegreen’s Rocky River Preview Center loan, which had an outstanding balance of $3.8 million as of December 31, 2009, is May 1, 2026. See discussion of a term sheet Bluegreen received to extend the maturities on the Wachovia Notes Payable, below.
(3) The maturity date for this facility varies by loan. The maturity date associated with Bluegreen’s Odyssey Dells Resort loan, which had an outstanding balance of $7.0 million as of December 31, 2009, is December 31, 2011. The maturity date associated with Bluegreen’s Atlantic Palace Resort, which had an outstanding balance of $5.8 million as of December 31, 2009, is April 2013.
This facility was used to finance the acquisition and development of certain of Bluegreen resorts and currently has three outstanding project loans. The maturity date for the project loan collateralized by Bluegreen’s Club 36TM resort in Las Vegas, Nevada (the “Club 36 Loan”), is June 30, 2012. Approximately $70.1 million was outstanding on this loan as of December 31, 2009. Maturity dates for two project loans related to Bluegreen’s Fountains resort in Orlando, Florida (the “Fountains Loans”) are September 2010 and March 2011, with $10.6 million and $6.7 million, respectively, outstanding as of December 31, 2009. Principal payments are effected through agreed-upon release prices as timeshare interests in the resorts collateralizing the GMAC AD&C Facility are sold, subject to periodic minimum required amortization on the Club 36 Loan and the Fountains Loans. The facility bears interest at a rate equal to the 30-day LIBOR plus 4.50%. For the Bluegreen Interim Period, Bluegreen repaid $5.5 million of the outstanding balance under this facility. As of December 31, 2009, Bluegreen had no availability under this facility.
Bluegreen has an outstanding balance under a credit facility (the “GMAC Communities Facility”) historically used to finance its Bluegreen Communities real estate acquisitions and development activities. The GMAC Communities Facility is secured by the real property homesites (and personal property related thereto) at the following Bluegreen Communities projects (the “Secured Projects”): Havenwood at Hunter’s Crossing (New Braunfels, Texas); The Bridges at Preston Crossings (Grayson County, Texas); King Oaks (College Station, Texas); Vintage Oaks at the Vineyard (New Braunfels, Texas); and Sanctuary Cove at St. Andrews Sound (Waverly, Georgia). In addition, the GMAC Communities Facility is secured by certain of Bluegreen’s golf courses: The Bridges at Preston Crossings (Grayson County, Texas) and Sanctuary Cove (Waverly, Georgia). The period during which Bluegreen can add additional projects to the GMAC Communities Facility has expired.
Bluegreen will start making minimum quarterly cumulative payments commencing in January 2010 with the final maturity of December 31, 2012, according to the agreement. Principal payments are effected through agreed-upon release prices as real estate collateralizing the GMAC Communities Facility is sold, subject to the minimum required amortization discussed above. The interest rate on the GMAC Communities Facility is the prime rate plus 2%, subject to the following floors: (1) 10% until the balance of the loan has been reduced by a total of $25 million from the closing date balance, (2) 8% until the balance of the loan is less than or equal to $20 million, and (3) 6% thereafter.
In connection with the previously discussed sale of Bluegreen’s golf courses at Carolina National (Southport, North Carolina), the Preserve at Jordan Lake (Chapel Hill, North Carolina), Brickshire (New Kent, Virginia), and Chapel Ridge (Pittsboro, NC) during December 2009, Bluegreen repaid $7.1 million under this facility as a release payment for the sold courses which had been part of the collateral for the GMAC Communities Facility. For the Bluegreen Interim Period, Bluegreen repaid a total of $7.8 million under this facility.
The Wachovia Notes Payable
As of December 31, 2009, Bluegreen had approximately $24.5 million of outstanding debt to Wachovia Bank, N.A. (“Wachovia”) under various notes payable collateralized by certain of its timeshare resorts or sales offices (the “Wachovia Notes Payable”). The maturity date of a $10.5 million note payable collateralized by Bluegreen’s Williamsburg resort will expire on April 30, 2010. Bluegreen has a non-binding term sheet with Wachovia to refinance the Wachovia Notes Payable, extending the maturity to 24 months after the closing of the extension. The term sheet also includes the Wachovia Line-of-credit (See section below — Unsecured Credit Facility — Wachovia Line-of-Credit) which had a balance of $15.7 million as of December 31, 2009. The term sheet and subsequent discussions required that Bluegreen makes release principal payments as the VOIs which will collateralize the extended loan are sold, subject to a minimum monthly amortization. The extended loan would consolidate the Wachovia Notes Payable and the Wachovia Line-of-Credit into one term loan which bears interest at the 3-month LIBOR + 6.87%. The term sheet contemplates Bluegreen providing additional collateral for this facility and amending covenants, other terms and conditions. There is no assurance that the transactions contemplated by the term sheet will occur on these terms, if at all.
Textron AD&C Facility
Bluegreen Vacations Unlimited, Inc. (“BVU”), Bluegreen’s wholly-owned subsidiary, has a $75.0 million, revolving master acquisition, development and construction facility loan agreement (the “Textron AD&C Facility”) with Textron Financial Corporation (“Textron”). The Textron AD&C Facility has historically been used to facilitate the borrowing of funds for resort acquisition and development activities. Bluegreen has guaranteed all sub-loans under the master agreement. Interest on the Textron AD&C Facility is equal to the prime rate plus 1.25% — 1.50% and is due monthly. The Textron AD&C Facility has no remaining availability for additional borrowings under the facility.
Bluegreen has a sub-loan under the Textron AD&C Facility which was used to fund the acquisition and development of its Odyssey Dells Resort (the “Odyssey Sub-Loan”). The outstanding borrowings under the Odyssey Sub-Loan mature on December 31, 2011. The Sub-Loan requires a periodic minimum required principal amortization. The first minimum required principal payment in March 2010 was approximately $0.4 million with additional minimum required principal payments of $1.0 million per quarter thereafter through maturity. Bluegreen will continue to pay Textron principal payments as Bluegreen sells timeshare interests that collateralize the Odyssey Sub-Loan, and these payments will count towards the minimum required principal payments. As of December 31, 2009, Bluegreen’s outstanding borrowings under the Sub-Loan totaled approximately $7.0 million.
The maturity date of the other outstanding sub-loan under the Textron AD&C Facility, subject to minimum required amortization during the periods prior to maturity, is April 2013. Bluegreen’s outstanding balance on the sub-loan used to acquire its Atlantic Palace Resort in Atlantic City, New Jersey was $5.8 million as of December 31, 2009.
Unsecured Credit Facility — Wachovia Line-of-Credit
Bluegreen currently has an unsecured line-of-credit with Wachovia. Amounts borrowed under the line bear interest at 30-day LIBOR plus 1.75% (1.98 % at December 31, 2009). Interest is due monthly. The line-of-credit agreement contains certain covenants and conditions typical of arrangements of this type.
The current maturity of this line-of-credit is April 30, 2010; however Bluegreen has received a non-binding term sheet from Wachovia to extend the maturity for an additional 24 months from the closing of the extension, subject to required monthly amortization. As contemplated in the term sheet, the extended loan would consolidate the Wachovia Notes Payable and the Wachovia Line-of-Credit into one term loan, which would bear interest at the 3-month LIBOR + 6.87%. The term sheet contemplates Bluegreen providing additional collateral for this facility and amending covenants, other terms and conditions. There can be no assurances that such refinancing will be obtained on the terms contemplated in the term sheet, if at all.
There is no availability under the Wachovia Line-of-Credit.
Bluegreen’s material commitments as of December 31, 2009 included the required payments due on its receivable-backed debt, lines-of-credit and other notes payable, commitments to complete its Bluegreen Resorts and Communities projects based on its sales contracts with customers and commitments under noncancelable operating leases.
Bluegreen estimates that the cash required to complete Bluegreen resort buildings, resort amenities and other common costs in projects in which sales have occurred was approximately $1.9 million as of December 31, 2009. Bluegreen estimates that the cash required to complete communities in which sales have occurred was approximately $7.7 million. These amounts assume that Bluegreen is not obligated to develop any building, project or amenity in which a commitment has not been made in a sales contract with a customer; however, Bluegreen anticipates that it will incur such obligations in the future. Bluegreen plans to fund these expenditures over the next three to ten years, primarily with cash generated from operations. There is no assurance that Bluegreen will be able to generate the cash from operations necessary to complete the foregoing commitments or that actual costs will not exceed those estimated.
The following table summarizes the contractual minimum principal and interest payments, respectively, required on all of Bluegreen’s outstanding debt (including its receivable-backed debt, lines-of-credit and other notes and debentures payable) and its noncancelable operating leases by period date, as of December 31, 2009, which excludes the extension contemplated by the Wachovia loan term sheet previously discussed (in thousands):
Accounting Less than 13 - 36 37 - 60 More than
Category Total Adjustments 12 Months Months Months 60 Months
Long-term debt obligations
$ 479,576 (59,860 ) 87,480 102,679 63,890 285,387
Interest payable on long-term debt
287,212 — 30,162 45,364 34,319 177,367
Noncancelable operating leases
70,135 — 11,747 17,176 10,225 30,987
$ 836,923 (59,860 ) 129,389 165,219 108,434 493,741
Vacation Ownership Receivables Purchase Facilities — Off-Balance Sheet Arrangements
Bluegreen historically chose to monetize its receivables through various facilities and through periodic term securitization transactions, as these arrangements provided them with cash inflows both currently and in the future at what they believe to be competitive rates without adding leverage to its financial condition or retaining recourse for losses on the receivables sold. In addition, these sale transactions have historically generated gains on its financial results on a periodic basis, which would not be realized under a traditional financing arrangement. Bluegreen made the decision to structure future sales of its notes receivable so that they are accounted for as on-balance sheet borrowings. Recently, the term securitization market has had minimal activity and there is no assurance that these types of transactions will be available in the future at acceptable cost, if at all.
Historically, Bluegreen has been a party to a number of securitization-type transactions, all of which in its opinion utilize customary structures and terms for transactions of this type. In each securitization-type transaction, Bluegreen sold receivables to a wholly-owned special purpose entity which, in turn, sold the receivables either directly to third parties or to a trust established for the transaction. The receivables were sold on a non-recourse basis (except for breaches of certain representations and warranties) and the special purpose entity retained residual interest in the receivables sold. Bluegreen has acted as servicer of the receivables pools in each transaction for a fee, with the servicing obligations specified under the applicable transaction documents. Under the terms of the applicable transaction documents, the cash payments received from obligors on the receivables sold are distributed to the investors (which, depending on the transaction, may acquire the receivables directly or purchase an interest in, or make loans secured by the receivables to, a trust that owns the receivables), parties providing services in connection with the facility, and its special purpose subsidiary as the holder of the retained interest in the receivables according to specified formulas. In general, available funds are applied monthly to pay fees to service providers, make interest and principal payments to investors, fund required reserves, if any, and pay distributions in respect of the retained interests in the receivables, pursuant to the terms of the transaction documents. However, to the extent the portfolio of receivables fails to satisfy specified performance criteria (as may occur due to an increase in default rates or loan loss severity) or other trigger events, the funds received from obligors are distributed on an accelerated basis to investors. In effect, during a period in which the accelerated payment formula is applicable, funds are paid to outside investors until they receive the full amount owed to them and only then are payments made to Bluegreen’s subsidiary in its capacity as the holder of the retained interests. Depending on the circumstances and the transaction, the application of the accelerated payment formula may be permanent or temporary until the trigger event is cured. If the accelerated payment formula were to become applicable, the cash flow on the retained interests in the receivables would be reduced until the outside investors were paid or the regular payment formula was resumed. Such a reduction in cash flow could cause a decline in the fair value of Bluegreen’s retained interests in the receivables sold. Declines in fair value that are determined to be other than temporary are charged to operations in the current period. In each facility, the failure of the pool of receivables to comply with specified portfolio covenants can create a trigger event, which results in the utilization of the accelerated payment formula (in certain circumstances until the trigger event is cured and in other circumstances permanently) and, to the extent of any remaining commitment to purchase receivables from Bluegreen’s special purpose subsidiary, the suspension or termination of that commitment. In addition, in each securitization-type facility, certain breaches of Bluegreen’s obligations as servicer or other events allow the indenture trustee to cause the servicing to be transferred to a substitute third party servicer. In that case, Bluegreen’s obligation to service the receivables would terminate and they would cease to receive a servicing fee.
The following is a summary of significant financial information related to Bluegreen’s off-balance sheet facilities and securitizations and the related on-balance sheet retained interests during the periods presented below (in thousands):
On-Balance Sheet:
Retained interests in notes receivable sold
Off-Balance Sheet:
Notes receivable sold without recourse
Principal balance owed to note receivable purchasers
Income Statement:
Gain on sales of notes receivable
Interest accretion on retained interests in notes receivable sold
See Note 11 in Item 8 of this Report for additional information relating to Bluegreen’s off-balance sheet arrangements.
In June 2009, the FASB issued an amendment to the accounting guidance for transfers of financial assets, which became effective for us on January 1, 2010. This amendment addresses the effects of eliminating the QSPE concept and responds to concerns about the application of certain key provisions of previous accounting rules, including concerns over the transparency of an enterprise’s involvement with VIEs. As a result of the adoption of this amendment on January 1, 2010, Bluegreen expects that it will be required to consolidate its QSPEs described in Note 4 to our consolidated financial statements. See Note 1 of the “Notes to Consolidated Financial Statements” included in Item 8 of this report for additional information relating to the effects of this accounting pronouncement.
Our Financial Services activities of BFC are comprised of the operations of BankAtlantic Bancorp and its subsidiaries. BankAtlantic Bancorp in 2009 presents its results in two reportable segments and its results of operations are consolidated in BFC Financial Corporation. The only assets available to BFC Financial Corporation from BankAtlantic Bancorp are dividends when and if paid by BankAtlantic Bancorp. BankAtlantic Bancorp is a separate public company and its management prepared the following discussion regarding BankAtlantic Bancorp which was included in BankAtlantic Bancorp’s Annual Report on Form 10-K for the year ended December 31, 2009 filed with the Securities and Exchange Commission. Accordingly, references to “we”, “us” or “our” in the following discussion under the caption “Financial Services” are references to BankAtlantic Bancorp and its subsidiaries, and are not references to BFC Financial Corporation.
BankAtlantic Bancorp, Inc. is a Florida-based financial services holding company offering a full range of products and services through BankAtlantic, our wholly-owned banking subsidiary. As of December 31, 2009, BankAtlantic Bancorp had total consolidated assets of approximately $4.8 billion, deposits of approximately $4.0 billion and shareholders’ equity of approximately $141.6 million. BankAtlantic Bancorp operates through two primary business segments: BankAtlantic and BankAtlantic Bancorp Parent Company.
On February 28, 2007, BankAtlantic Bancorp completed the sale to Stifel Financial Corp. (“Stifel”) of Ryan Beck Holdings, Inc. (“Ryan Beck”), a subsidiary engaged in retail and institutional brokerage and investment banking. As a consequence of the sale of Ryan Beck to Stifel, the results of operations of Ryan Beck are presented as “Discontinued Operations” in the consolidated financial statements for the year ended December 31, 2007.
Consolidated Results of Operations
Loss from continuing operations from each of BankAtlantic Bancorp’s reportable business segments follows (in thousands):
$ (148,708 ) (166,144 ) (19,440 )
BankAtlantic Bancorp Parent Co.
(40,812 ) (53,100 ) (10,572 )
The lower loss from continuing operations at BankAtlantic during 2009 compared to the same 2008 period primarily resulted from BankAtlantic recognizing a $31.7 million income tax benefit during 2009 in connection with a change in tax regulations which enabled BankAtlantic to utilize additional net operating losses, while during 2008, BankAtlantic established a deferred tax valuation allowance on its entire amount of net deferred tax assets resulting in a tax provision of $31.1 million. BankAtlantic’s 2009 loss before income taxes increased by $45.4 million compared to 2008. The higher 2009 loss primarily resulted from a $78.9 million increase in the provision for loan losses, a $30.3 million reduction in net interest income and $8.0 million of lower non-interest income. The increase in BankAtlantic’s loss before income taxes was partially offset by $71.8 million of lower non-interest expenses.
The substantial increase in the provision for loan losses resulted primarily from a significant increase in charge-offs and loan loss reserves in our consumer, residential and commercial real estate loan portfolios. These portfolios continued to be negatively affected by the current adverse economic environment, especially declining collateral values and rising unemployment. If economic and real estate market conditions do not improve, we believe that additional provisions for loan losses may be required in future periods.
The reduction in BankAtlantic’s net interest income was primarily due to a decline in earning assets. BankAtlantic reduced its assets in order to improve its liquidity and regulatory capital ratios. BankAtlantic’s average earnings assets declined by $790.6 million during 2009 compared to 2008.
The reduction in non-interest income primarily relates to a decline in overdraft fees. Overdraft fees represented approximately 54% of our non-interest income during 2009. This overdraft fee income decline reflects, in part, management’s focus on targeting retail customers and businesses that maintain higher average deposit balances which generally will result in fewer overdrafts per account. We believe that this trend of declining overdraft fees will continue and could be accelerated by recent overdraft rules adopted by the Federal Reserve effective July 1, 2010. Congress has also proposed additional legislation to further limit the assessment of overdraft fees. These events could significantly reduce our overdraft fee income in subsequent periods.
In response to adverse economic conditions, BankAtlantic during 2009 continued to reduce expenses with a view towards increasing operating efficiencies. These operating expense initiatives included workforce reductions, consolidation of certain back-office facilities, renegotiation of vendor contracts, outsourcing of certain back-office functions, reduction in marketing expenses and other targeted expense reductions. Also, restructuring charges and other impairments declined by $33.0 million. These expense reductions were partially offset by $8.2 million of additional FDIC insurance premiums, including a $2.4 million FDIC special assessment in June 2009.
The significant decline in BankAtlantic’s performance during the year ended December 31, 2008 compared to the same 2007 period primarily resulted from a $48.3 million goodwill impairment charge, the establishment of a $66.9 million deferred tax valuation allowance, a $64.5 million increase in the provision for loan losses and a decline in non-interest income. These items were partially offset by lower non-interest expenses, excluding the goodwill impairment charge. The substantial increase in BankAtlantic’s provision for loan losses for 2008 compared to 2007 reflects net charge-offs for 2008 of $97.4 million compared to $20.4 million for 2007 and a $31.6 million increase in the allowance for loan losses during 2008. The charge-offs and loan reserve increases were primarily related to commercial real estate and consumer loans. The decline in BankAtlantic’s non-interest income was primarily due to lower net assessments of overdraft fees. BankAtlantic non-interest expenses, excluding the goodwill impairment charge, declined by $31.6 million primarily due to management’s expense reduction initiatives.
The decrease in BankAtlantic Bancorp Parent Company segment loss during 2009 compared to 2008 reflects a $6.0 million reduction in the provision for loan losses and $4.9 million of reduced net interest expense. The provision for loan losses for both years was associated with non-performing loans acquired from BankAtlantic in March 2008. The 2009 provision for loan losses represents additional charge-offs and specific reserves associated with these loans due to declining real estate collateral values. The improvement in net interest expense reflects historically low LIBOR interest rates during 2009. The majority of BankAtlantic Bancorp Parent Company’s debt is indexed to the three-month LIBOR interest rate. The decline in interest rates was partially offset by interest accrued on the junior subordinated debentures deferred interest. BankAtlantic Bancorp Parent Company operating expenses were higher by $0.3 million during 2009 compared to 2008. Lower property management costs associated with non-performing loans during 2009 were offset by higher compensation expenses.
The increase in BankAtlantic Bancorp Parent Company segment loss during 2008 compared to 2007 reflects a provision for loan losses of $24.4 million as well as the establishment of a $20.9 million deferred tax valuation allowance. BankAtlantic Bancorp Parent Company had no provision for loan losses during the comparable 2007 period as it held no loans during that period. Additionally, gains from securities activities declined from $6.1 million during 2007 to a loss of $0.4 million during 2008 as BankAtlantic Bancorp Parent Company liquidated its managed fund investment portfolio and sold its entire investment in Stifel securities acquired by it in connection with the 2007 sale of Ryan Beck. BankAtlantic Bancorp Parent Company operating expenses were higher by $4.5 million during 2008 compared to 2007. The increase reflects property management costs associated with non-performing loans and an increase in professional fees in 2008 compared to 2007.
During 2009 and 2008, BankAtlantic Bancorp Parent Company recognized in discontinued operations $3.7 million and $16.6 million, respectively, of additional proceeds from the sale of Ryan Beck in connection with contingent earn-out payments under the Ryan Beck merger agreement with Stifel. Included in discontinued operations during 2007 relating to the Ryan Beck segment was income of $7.8 million. Ryan Beck’s 2007 segment income reflects a $16.4 million gain from the sale of Ryan Beck to Stifel partially offset by an $8.6 million loss from operations during the two months ended February 28, 2007, the closing date of the sale to Stifel.
BankAtlantic Results of Operations
The following events over the past several years have had a significant impact on BankAtlantic’s results of operations:
In April 2002, BankAtlantic launched its “Florida’s Most Convenient Bank” initiative which resulted in significant demand deposit, NOW checking and savings account growth (we refer to these accounts as “core deposit” accounts). Since inception of this campaign, BankAtlantic has increased core deposit balances from $600 million at December 31, 2001 to approximately $2.7 billion at December 31, 2009. These core deposits represented 67% of BankAtlantic’s total deposits at December 31, 2009, compared to 26% of total deposits at December 31, 2001.
In 2004, BankAtlantic announced its de novo store expansion strategy and had opened 32 stores as of December 31, 2009 in connection with this strategy. BankAtlantic’s non-interest expenses substantially increased as a result of the hiring of additional personnel, increased marketing to support new stores, increased leasing and operating costs for the new stores and expenditures for back-office technologies to support a larger institution.
During the fourth quarter of 2005, the growth in core deposits slowed reflecting rising short-term interest rates and increased competition among financial institutions. In response to these market conditions, BankAtlantic significantly increased its marketing expenditures and continued its new store expansion program in an effort to sustain core deposit growth. The number of new core deposit accounts opened increased from 226,000 during 2005 to 270,000 during 2006, while core deposit balances grew to $2.2 billion at December 31, 2006 from $2.1 billion at December 31, 2005. In response to adverse economic conditions and the slowed deposit growth, BankAtlantic significantly reduced its marketing expenditures beginning during the fourth quarter of 2006 as part of an overall effort to reduce its non-interest expenses.
During the latter half of 2007, the real estate markets deteriorated rapidly throughout the United States, and particularly in Florida where BankAtlantic’s commercial and consumer real estate loans are concentrated. In response to these market conditions, BankAtlantic significantly increased its allowance for loan losses for commercial loans collateralized by real estate property and to a lesser extent home equity consumer loans.
During the fourth quarter of 2007, the decision was made to delay BankAtlantic’s retail network expansion, consolidate certain back-office facilities and implement other initiatives to reduce non-interest expenses.
As economic conditions deteriorated in late 2007 and 2008, real estate property values continued to decline. The adverse economic and real estate market conditions severely impacted the credit quality of BankAtlantic’s loan portfolio. In March 2008, BankAtlantic Bancorp Parent Company purchased $101.5 million of non-performing loans from BankAtlantic and during the year contributed $65 million of capital to BankAtlantic. During the fourth quarter of 2008, financial and credit markets further experienced rapid deterioration, investor confidence in financial institutions was significantly and adversely affected and the market capitalization of BankAtlantic Bancorp’s Class A common stock declined materially. As BankAtlantic’s non-performing loans increased, additional loan loss reserves were established, impairments of long-lived assets were recognized and earnings were adversely affected. As a consequence of the substantial losses during 2007 and 2008, the deterioration in the price of BankAtlantic Bancorp’s Class A common stock and the unprecedented economic and market uncertainty, BankAtlantic recognized a $48.3 million non-cash goodwill impairment charge and established $66.9 million non-cash deferred tax valuation allowance.
During 2009, in response to the continued deteriorating economic conditions including falling real estate collateral values and rising unemployment, and the significant adverse impact on the credit quality of our assets and our results of operations, BankAtlantic reduced its assets, repaid its wholesale borrowings and increased core deposits with a view towards strengthening its liquidity and regulatory capital ratios. However, the credit quality of its loans continued to deteriorate in 2009, and BankAtlantic’s losses increased. As a result BankAtlantic Bancorp, Inc. contributed an additional $105 million of capital to BankAtlantic. Additionally, as a consequence of the adverse economic environment, an additional $22.5 million of restructuring charges and asset impairments were recognized during 2009.
The following table is a condensed income statement summarizing BankAtlantic’s results of operations (in thousands):
For the Years Ended Change Change
Ended December 31, 2009 vs 2008 vs
$ 163,324 193,648 199,510 (30,324 ) (5,862 )
(214,244 ) (135,383 ) (70,842 ) (78,861 ) (64,541 )
Net interest income (loss) after provision for loan losses
(50,920 ) 58,265 128,668 (109,185 ) (70,403 )
Non-interest income
129,292 137,308 144,412 (8,016 ) (7,104 )
Non-interest expense
(258,799 ) (330,623 ) (313,898 ) 71,824 (16,725 )
BankAtlantic (loss) income before income taxes
Benefit/(provision) for income taxes
31,719 (31,094 ) 21,378 62,813 (52,472 )
BankAtlantic net loss
$ (148,708 ) (166,144 ) (19,440 ) 17,436 (146,704 )
BankAtlantic’s Net Interest Income
The following table summarizes net interest income:
December 31, 2009 December 31, 2008 December 31, 2007
(Dollars are in thousands) Average Revenue/ Yield/ Average Revenue/ Yield/ Average Revenue/ Yield/
Interest earning assets Balance Expense Rate Balance Expense Rate Balance Expense Rate
Loans: (a)
$ 1,758,188 89,836 5.11 2,053,645 111,691 5.44 2,209,832 120,768 5.47
1,204,005 46,746 3.88 1,238,307 69,642 5.62 1,367,095 108,931 7.97
723,135 21,104 2.92 743,863 33,950 4.56 650,764 47,625 7.32
143,224 7,461 5.21 132,565 9,516 7.18 142,455 12,720 8.93
4,144,880 185,157 4.47 4,489,233 246,961 5.50 4,668,920 313,998 6.73
Tax exempt securities
— — — — — — 328,583 19,272 5.87
Taxable investment securities (b)
661,216 37,857 5.73 1,078,189 65,570 6.08 689,263 42,849 6.22
Federal funds sold
14,760 33 0.22 44,031 754 1.71 3,638 195 5.36
Total investment securities
675,976 37,890 5.61 1,122,220 66,324 5.91 1,021,484 62,316 6.10
Total interest earning assets
Total non-interest earning assets
365,257 503,028 510,173
$ 5,186,113 6,114,481 6,200,577
Interest bearing liabilities
$ 436,169 1,612 0.37 503,464 4,994 0.99 584,542 12,559 2.15
NOW, money funds and checking
1,589,340 9,961 0.63 1,506,479 17,784 1.18 1,450,960 26,031 1.79
1,192,012 30,311 2.54 1,088,170 41,485 3.81 992,043 45,886 4.63
Total interest bearing deposits
3,217,521 41,884 1.30 3,098,113 64,263 2.07 3,027,545 84,476 2.79
108,248 237 0.22 141,654 2,699 1.91 194,222 9,829 5.06
Advances from FHLB
Subordinated debentures and notes payable
22,757 1,080 4.75 26,004 1,733 6.66 28,946 2,498 8.63
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EXCLUSIVE: Wesley Stromberg and Summit talk Music, European Tour and More
WESLEY started off the summer stronger with his new single “YAYA,” which is the perfect summer banger. The former Emblem3 band member is celebrating his one year anniversary as a solo artist but releasing some of his best music yet. ECHO had the chance to talk with WESLEY about his new music, his European tour and more!
How have you been since the last time we saw each other?
Wesley: I have been busy. Yeah, life is definitely good. It has improved. We’ve been working really hard. We’ve got a lot more music out now. So it’s just a little more exciting, you know?
Speaking of new music, you released “YAYA” and it’s a summer smash. Talk about the creative process behind that song.
Summit: We started in a little studio we were in. We were jamming one night – it was his birthday actually and I had just got back from Mexico. I riffed a beat on a beach in Mexico kind of inspired by the ocean and stuff. We were just playing tom beat and he [Wesley] was like ‘ooh’ and then he just started playing guitar and then all of a sudden the hook was there.
Wesley: Yeah- well- I mean, it took a few hours. We literally recorded for 6 hours straight. We just got super into it and just felt the track. We had our buddy JBrave with us too, and we also brought in Matt Keller and David Frank from Universal Music Publishing who’s been so supportive of the record. We just wrote all night. It was an incredible night. I feel like we grew closer as friends- stronger and stronger.
Spencer Evans from Spirinity Productions
You shot the music video for “YAYA” recently. What was the shoot for that like? It looked fun.
Wesley: Oh my gosh! It was so fun. We shot it with this guy, Spencer. He’s an awesome director. We did a little shoot in Malibu, in the Canyons driving that sweet classic car. Then we got some shots in a warehouse. It’s called Popsicle L.A. Studios. It’s actually the set created for Batman The Dark Knight. It’s literally the garage in Batman when the the car that comes up and he walking towards it and talking with Morgan Freeman. Yeah, so we shot in there.
What’s one thing in the summer that you would say, “YAYA” to?
Welsey: I want to go to Hawaii- YAYA.
Summit: YAYA!
Welsey: I want to go to Bali. I want to move in to a freakin’ huge house with all my homies.YAYA!
You’ve been working on this solo project for a little over a year now. Talk about that journey so far.
It’s been a crazy journey. You know, I was in a very popular boy band. Going from that and then starting over basically in a totally different world. It’s been a very humbling experience. Just showing the truths and the ups and downs of the industry. But it been really fun. I’m lucky to have great friends with great support and great fans. It’s been great. I love writing whatever I want and not having to listen to anybody else’s opinion. It’s been cool. I really, really want it to pick up. I want it to take off.
What is one inspiring quote that your would want to ECHO to your fans?
Welsey: It’s not a matter of if, but a matter of when. Meaning, if you have a dream or something that you’re passionate about that you want to happen all you have to do is work hard and it will happen.
Summit: I would say – the way that you think and the way that your see things determines what your life is actually like. Your perspective determines your reality. It’s really important to be how you think about things and how you’re seeing life because that’s what’s real for you. It’s the real thing. What’s real for you then it’s real.
You’re going on an international tour soon. Is this your first time touring solo outside of the United States and do you think you’ll see a lot of Emblem 3 fans there?
Wesley: Yes- fully new going as a solo artist. I’m very excited. I think I will see a lot of familiar faces. And then I’m going to a lot of new spots that I never to go before with Emblem 3: Italy…
Summit: Milan, London, Barcelona, Portugal and maybe France- we’re not sure yet.
Wesley: So I’ve never been to France, Milan and Barcelona; so I’m really excited to go and meet new people and experience their cultures. Last time I was in Portugal, it was incredible. I can’t wait to go back.
Is there a place that your are most excited to go to?
Wesley: Probably Spain.
Summit: Personally, I’ve never been to London and I’ve always wanted to go. I’ve been close. I’ve been to a bunch of places around it, but I’ve never actually been. I love the culture. I love the music that comes out of there.
Wesley: You’re going to love it dude!
You post a lot of unique covers. How do you determine what songs to cover?
I either pick a classic that I am a big fan like Panic at the Disco or someone who I grew up listening to or I’ll look at Top 40 or trending on Spotify Top 50 and pick my favorite one that’s dope off there. We chose the Bebe Rexha one. It wasn’t the highest on the list, but I thought that the song actually was really, really good. And then the Chainsmokers and Bebe Rexha retweeted it and shouted it out; so that was super cool.
What are some of the artists that you are listening to right now that you definitely want to work with?
Wesley: J. Cole – I want to just put a bunch of rappers on my sh*t bro!
Summit: We’ve been really into Anderson .Paak. Love him.
Welsey: Billie Eilish! If I could collab with anybody right now, I would probably want to collab with Billie Eilish. When I do my softer side my sound is very similar to hers.
Can fans expect more music soon?
Welsey: I’ve got another song coming out in a few weeks. It’s called “ALL GOOD” which was inspired by listening to a bunch of Brazil funk last time we were there. There’s a dope Brazilian artist on the track as well which we’ll announce soon!
Summit: We were really inspired by our trip to Brazil .
Wesley: Oh – and it features a Brazillian artist.
You can catch WESLEY on tour in Europe by purchasing tickets here.
EXCLUSIVE: New Hope Club Talks Headlining First American Shows and Music
CONCERT REVIEW: Rence Puts on Stellar Performance at Sold Out NYC Show
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Let our generosity continue and may we find hope in 2021
Tooele County: Neighbors helping neighbors
Sometimes it’s not over until it’s over
Admire with pride
Two unrelated events occurred in Tooele County last week that say a lot about who we are as a community, and who we are as Americans.
The first event was a small, yet sincere act of generosity that won’t be forgotten anytime soon. It carries a symbolism that strikes deep at the heart of every American who loves this country, and the men and women who choose to put their lives in harm’s way for us.
At last Wednesday’s Tooele City Council meeting, a soldier family, one of whom served in Afghanistan, bestowed a sacred honor and gift to Tooele City Mayor Patrick Dunlavy and the city council. Timothy Fagan, a recently retired specialist from the Utah National Guard, along with his three sons who also serve in the military, presented a U.S. flag to the city.
However, it wasn’t just any U.S. flag with 13 stripes and 50 stars. This one, with a stature 9 feet high and 16 feet wide, flew over a U.S. base in Iraq. It made its way to America by way of a fellow soldier and friend of Fagan who had been deployed to the Middle East. With the 10-year anniversary of the U.S. invasion of Iraq a week ago, the flag is a prized possession any soldier would want as a keepsake.
Yet Fagan and his family gave the flag a higher purpose. Enclosed in a beautiful glass and wooden case handmade by a local veteran, the flag was given to say “thank you” for waiving monthly city utility bills of active duty personnel. While Fagan was in Afghanistan and further served his military orders, the city didn’t bill him. This provided appreciated relief for his family while the man served his country.
Fagan said he didn’t present the flag for himself, but as appreciation from all soldiers who live in Tooele City. Thanks to his selfless act, and to the city’s policy of waiving utility bills for active duty personnel, we’re reminded about the true nature of the giving American spirit, and to honor our men and women in uniform.
The second event we can admire with pride is the 129th Grantsville Old Folks Sociable that was held Saturday at Grantsville High School. Renowned as the longest running community event in Utah, the sociable also strikes at the heart of many American values. Started in 1884 at the request of The Church of Jesus Christ of Latter-day Saints, the sociable’s purpose is to honor the community’s elderly citizens.
For almost 130 years, the idea has stuck. With the exception of just two years — the smallpox epidemic of 1901 and the influenza outbreak of 1919 — the sociable has been held annually without fail. What makes this amazing event possible each year is Grantsville citizens’ dedication to make it happen — with excellence. Thanks to the organizers and volunteers who have donated countless hours, the sociable’s entertainment and food are not just about tradition. The sociable has ultimately become a symbol of American goodness by strengthening societal and family ties and honoring elderly citizens who have contributed much to the community’s success during their lives.
A sincere round of acknowledgment and gratitude to this year’s sociable co-chairs Debbie Allred and Merrill Nelson, and to more than 150 volunteers, for yet another successful and memorable event. Their work, and the sociable itself, is a model for other communities across America to emulate.
National Newspaper Week: America Needs Journalists
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Issue Date October 15, 2020
127 tons of cleanup, 42 days, nine ships, one adventure of a lifetime
Charting a different course:
How a group of eco tour operators in BC found a new mission amidst a cancelled season
Story by Ann Ruppenstein; Cover photos by Simon Ager
127 tons of marine debris removal, 42 days, nine ships, five companies, one unforgettable adventure in The Great Bear Rainforest...
With a storm rolling in calling for rough seas with strong nautical winds and up to six metre swells, eco tourism operators Kevin Smith and Russell Markel knew they were racing against time to remove the lift bags filled with tons of marine debris their crew and colleagues had collected over the last five weeks off the north coast of BC.
“There’s no way we can be there in those conditions and we were worried that the bags were going to be washed out to sea,” says Markel, the owner of Outer Shores Expeditions, one of five small ship tour operators that made up the Marine Debris Removal Initiative — a shore cleanup expedition focused on the outer coast of The Great Bear Rainforest.
TONS OF CLEANUP
As the sun set on Sept. 21, the helicopter carrying the bags of debris from the designated lift sites to a nearby tug and barge for disposal was grounded for the night due to lack of visibility. Knowing that their ships were scheduled to be at another pick-up site hours away the next morning and they couldn’t be delayed because of the impending storm, the crews sprang into action.
“They started loading these helicopter lift bags that weigh 300 kg into the bow of their Zodiacs so it was just a superhuman effort on the part of all these crews from all these companies and they just went off and got it done,” says Smith. “The mantra became leave no bag behind.”
A short while later, under the illumination of the moon, the owner of Maple Leaf Adventures could make out a small fleet of skiffs emerging from the vast darkness.
“All these little boats with these incredible mariners with their headlights and headlamps on and warn out from this incredibly long day came to us and there was this two hour period of these boats arriving,” recalls Smith, who was back on board his ship, Cascadia, ready to load the leftover bags via crane. “We got all of the bags and there was just a sense of celebration that night before all the boats had to move on and find cover before the storm hit.”
Photo: Jeff Reynolds
Faced with the tough reality that COVID-19 would drastically put an end to what would have been a sold out year for Maple Leaf Adventures, Smith turned his attention to finding an alternate means of staying afloat while they were unable to operate.
During a weekly Zoom meeting with members of the Small Ship Tour Operators Association of BC — a group of Canadian owned and operated, small-ship based travel companies that specialize in providing niche wilderness travel experiences in the province — he pitched the idea for a large scale cleanup project and the seeds for the Marine Debris Removal Initiative (MDRI) were planted.
“We were a support network for each other. We always showed a lot of professional courtesy around the companies, but this level of cooperation was unprecedented,” he says. “Quite frankly, it was a beautiful thing to be sharing so deeply about our concerns for our companies, and our industry, and our employees, and sharing best practices about how we’re going to get through this.”
After sussing out and developing the idea with his wife Maureen Gordon and Markel, who was also set for a sold out season from April 1 until Oct. 15 before the realities of the pandemic set in, three other companies — Ocean Adventures Charter Company, Bluewater Adventures, and Mothership Adventures — also signed up for what would turn into two back-to-back 21-day marine debris removal expeditions across nine ships.
“For some of the smaller boats in the fleet, it was thought that 21 days was the maximum time that they could spend at sea with all their provisioning on board,” explains Smith. “For the first two weeks, each of the nine ships would work in the same area but each ship would be its own COVID bubble and be totally self-contained. We had the sitting ocean as our moat around our castles. Maple Leaf Adventures, we owned three of the vessels, and we didn’t even have mixing between our vessels. They were completely on their own, but we were in touch every day on marine radio and satellite phones.”
The group also got permission from Coastal First Nations, which had closed its doors to tourism as a preventive measure during the pandemic, for approval and involvement in the project.
“Even though we weren’t doing tourism, we were going to be in their territories so it was very important that we got the go-ahead and we presented our conditions and how we’d keep their communities COVID-free, such as we wouldn’t go anywhere near their communities if we needed fuel or food,” says Eric Boyum, the owner of Ocean Adventures Charter Company, noting that the ships opted instead to load up on supplies in Port Hardy at the northern tip of Vancouver Island.
During the third week of both expeditions, the group arranged a tug and barge organized from the Heiltsuk community of Bella Bella to pick up the debris collected over the previous two week period, which was destined for safe disposal at the Seven Mile Landfill on Vancouver Island.
“It was just a real bonus that we were able to contract them to help take part in this job and bring some of the money from this back into their community of Bella Bella,” adds Boyum. “Then as soon as we finished, we turned around back up for another 21-day expedition sort of mirroring the first.”
Photo: Simon Ager
Gearing up for departure
Although their initial proposal made it as far as the Prime Minister’s Office in a quest for federal funding and received positive feedback along the way, due to timing constraints — the whole project had to be completed by mid-to-late September because of weather — they then focused their efforts closer to home.
“We switched gears and started talking to the BC government and it was good timing as they were catching up on what they were doing to support businesses and the tourism industry, and it turned out that the issue of marine debris had been on the radar of the provincial government. A report had just come out in February detailing the scale of the issue and possible solutions, which included shoreline cleanups,” Markel says. “By late July we had a verbal thumbs up that this was probably going to happen, but it was kind of a harrowing moment. We’d given ourselves the drop dead date of Aug. 1 because of the weather window for doing this.”
As part of the province’s COVID-19 stimulus funding, the project wound up being supported by BC’s Ministry of Environment & Climate Change Strategy, and was the first piece of funding for the tourism industry in BC in the wake of the pandemic.
“Early on there was someone from the federal government who asked why we as tourism operators thought we were capable of pulling this off and given what we normally do in really exposed remote areas like Haida Gwaii, we were kind of shocked by that,” says Randy Burke, the owner, Bluewater Adventures. “Not all tourism is downtown city-based urban tourism. Not all boat tours are two-hour harbour tours and there’s definitely an element to rural tourism where it constantly has to deal with all sorts of challenges and it’s just part of having to operate in remote areas. What we’re talking about is a body of water that’s referred to as Hecate Strait and it has a reputation of being one of the roughest bodies of water in the world… It felt kind of good to be able to demonstrate that tourism operators are a very capable bunch.”
“Not all tourism is downtown city-based urban tourism. Not all boat tours are two-hour harbour tours and there’s definitely an element to rural tourism where it constantly has to deal with all sorts of challenges and it’s just part of having to operate in remote areas.”
Randy Burke
Initially, the group expected to collect 20-30 tons of marine debris over the course of the expeditions. In the end they collected up to 10 tons a day alone during the peak period.
“A total of 127 tons of marine debris was removed and a massive volume as well because much of that was huge big chunks of styrofoam that weighed nothing,” says Smith.
Although their companies could be considered rivals, Markel says the whole initiative is a great example of what can happen when businesses view colleagues less as competitors.
“There’s so much more we can accomplish together than apart,” he states.
Owner, Maple Leaf Adventures, President, Wilderness Tourism Association
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Russell Markel
Owner, Outer Shores Expeditions
Owner, Bluewater Adventures
Owner, Mothership Adventures
Eric Boyum
Owner, Ocean Adventures Charter Company
Scott Benton
Executive director, Wilderness Tourism Association, who administered the MDRI expedition from Victoria
Similarly, Boyum says the project created a new relationship between the business owners.
“Normally, we’re somewhat competitors — we’re friends as well, but with trade secrets and that sort of thing — but this expedition we really came together as one group with a common goal,” he says. “And the common goal was doing something really good for the environment that we love so much and also to try to put our crew members back to work.”
Reflecting on the experience from home, the camaraderie of working directly with industry colleagues also stands out as a highlight for Smith.
“I now definitely count them as close friends after we started on this in March. You may think of people in the same industry as competitors, but the support and the lifelong friendships that have been forged, I mean these are all incredible people,” he says. “It was a pivot for sure and there was a little bit of money that flowed that helped us out. Mostly it allowed us to hire our crew and to have that skill and talent remain in our industry because they had some decent employment for the summer. It was acknowledged that it was bigger than all of us and it was giving back to this coast that supports our tourism businesses. If any of us were ever asked would we give back to this coast? We’d definitely say yes, but this opportunity presented itself for us to actually walk the talk and actually help this place and to remove 127 tons of marine debris and plastic, all of which has a super negative impact for the place and the flora and fauna.”
Photo: Kevin Smith
While it’s been a tough go for those in the tourism industry, Burke says this mission has given the tour operators something to feel positive about.
“It felt really good to be A) working and B) doing something positive because we’re all inundated right now by all these negative stories and it’s extremely tough times for tourism so it was for my company, for these companies, it was a good news story for us just to be able to hire back staff and get out there,” he says. “For my company alone, I hired 42 people so that’s a big thing to be able to get 42 people back to work.”
Meanwhile for Markel, he says witnessing his crew’s passion and commitment for the back-breaking hard work was amazing. Another highlight was being able to bring his partner and their four year old son along to experience the first expedition.
“What a thing for him to see and be part of. He’s still talking about it. The helicopters and the debris. And the wildlife we saw when he was on board. We bumped into mammal-eating killer whales. Breaching humpback whales. Sea otters. Pacific white-sided dolphins. Just for him to see that place, The Great Bear Rainforest, and to see our coast in that condition, it was incredibly moving,” he says. “That common sense and purpose and accomplishment that drove the whole process was pervasive throughout. We just spoke on a call with all the operators and we realized that this is something that’s a big deal. There’s a huge issue going on out there with marine debris on our coasts, and to be part of the solution is just incredibly satisfying.”
Threat to marine life and the environment
For Boyum, the whole experienced wasn’t just about how many tons of garbage was collected, but also about raising awareness about the sheer scale of the issue surrounding marine plastic and debris in the ocean.
“We were able to retrieve huge pieces of old fishing nets and some of these chunks of old fishing net weighed up to a 1,000 kgs, that the next storm could easily push out to sea where they could entangle sea lions or whales,” he says. “It sort of became my small crew’s motto, we weren’t going to leave any nets behind. Nothing was too big for us to tackle and some of these nets we’d have to cut into small pieces so that we could actually fit them into a lift bag…
The scale of what we were doing with just our small hands was daunting. But the satisfaction, it was such a highlight, being able to do something that was so good for the marine environment and the animals, the fish, the birds, everything that calls it their home. We were able to give back to a coast we love so much. Our livelihoods depend on a beautiful intact coast with marine life and it just doesn’t seem right unless you are giving back to that and preserving it in whatever way you can.”
Smith says an undertaking of this size had never been done before in The Great Bear Rainforest, which is globally significant and a huge portion of what is left on the planet for coastal temperate rainforest.
Photos: Simon Ager
“Earlier this year on the BC coast there were three humpback whales that were entangled with fishing gear so that’s one of the risks whether it’s crab traps or just derelict fishing nets — whales, dolphins, otters and sea lions — it gets circled around them and they just don’t know how to get out of it. That’s one of the reasons we wanted to clean it up because of the risk to marine mammals,” explains Burke. “Secondly, all of this plastic breaks down into smaller and smaller pieces, until eventually it’s in micro plastics that the fish are eating, and honestly then when we eat the fish we’re also getting that plastic into our body.
“Third thing is, I was astounded by how much styrofoam there was. When it gets washed back into the sea, seabirds are eating it and they’re starving to death. Their stomachs are full from things they can’t digest like styrofoam and then that’s it, they starve to death so styrofoam in particular is really nasty.”
Burke says a significant amount of the debris on the coast stems from the fishing industry, such as lines, nets, buoys, floats, as well as styrofoam.
“What was also then the third ingredient was water bottles and we didn’t see this until single use water bottles came into existence 15 years ago and now it’s probably by number one of the biggest things that’s just washing up constantly on the coast,” he says.
Considering they were operating close to Fall Equinox, when the first big storm systems tend to roll in from the Pacific, for the most part it was smooth sailing during the expeditions for the MDRI crew.
“As wise mariners, we know that weather dictates our movements on the outer coast and, of course, we were on the outer coast the whole time and we were doing it late in the season, so we got very, very lucky for weather,” says Smith. “You put $15 million dollars of assets of all these ships with all these 100 crew collecting garbage and you’re taking a certain risk that you are going to be able to come back in two week’s time and pick up that garbage when the barge and helicopter arrive.”
When it was confirmed that 100% of the lift bags they’d filled with debris were removed, he put out a message over the public marine radio to the group members, “‘Alright MDRI fleet, this is Cascadia, the last bag has been lifted — it’s a wrap. We’ve achieved our goals here, well done every body.’ There was just all kinds of hooting and hollering on the radio. It was quite exciting. Best [experience] of my life.”
“It was bigger than all of us and it was giving back to this coast that supports our tourism businesses.”
Photo: Maple Leaf Adventures
Happy Holidays from Baxter Media!
Kensington looks ahead with top travel trends
©Baxter Media 2020
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Lisa Mae Brunson of Wonder Women Tech on her passion for pushing boundaries
Lisa Mae Brunson is the founder of the Wonder Women Tech conference. Based in Long Beach, California, Lisa Mae is committed to impacting humanity on a global scale.
Wonder Women Tech celebrates, educates and highlights women and diversity in science, technology, engineering, and mathematics (STEAM) and innovation. The organization recently received a three year commitment from the City of Long Beach to host the conference from 2016 – 2018 at the Long Beach Convention Center. This year’s Wonder Women Tech Conference takes place from July 15–17, 2016, with notable speakers including Almas Jiwani, President Emeritus of UN Women Canada and Rochelle Briscoe, Special Assistant to President Obama in the White House Office of Presidential Personnel.
Lisa Mae is also the producer and co-host of The Wonder Women Tech Show, a talk show web series that highlights pioneering women in STEAM, innovation and entrepreneurship. She organizes socially innovative projects, including the global “I Am Equality” photographic campaign, which launched in 17 cities and 5 countries around the world. She produced the Junior Innovation Camp and Wonder Girls Camp, teaching underprivileged kids how to code, build games and film. Lisa Mae also created EqualityTV, a digital media start-up highlighting marginalized and underrepresented communities. She is a member of the Advisory Board for Innovate LA and volunteers with the Long Beach Code for America Brigade.
Lisa Mae shares how she found her calling while pursuing an entirely different career path and what inspires her to keep pushing boundaries.
Wonder Women Tech was born out of a series of initiatives that I created along the way. I call myself a social innovator. I love creating ideas, solutions, projects, companies and conferences. I create solutions out of a need, specifically pertaining to issues facing humanity, equality, human rights, diversity and inclusion, women and the LGBT community. I’m very focused on how we can innovate for underserved demographics and for social good. On my journey I have created initiatives like a global photographic campaign called the I Am Equality campaign that was featured in seventeen cities and five countries. I was really honored to have launched that project and look forward to doing it again.
I ended up going to school to be a psychologist and I ran a psychiatrist’s office for seven years while I was studying. I learned that I wanted to make an impact on the world. I always knew that, and I thought the way to do that was by being a psychiatrist or psychologist and helping people fix their lives.
While I was in the office environment and seeing the same patients come in week after week, I realized this was not what I want to do. I sort of leaned on faith at that moment. After going to school for a certain thing and then realizing you don’t want to do that anymore, I literally was left floundering. I was trying to figure out “Well what am I supposed to do now? I know I want to change the world. I know I want to make an impact and I’m meant for bigger things. What does that look like?”
So, I left my job and I traveled the world by myself. It was one of the scariest things I have done. I learned a lot about myself, and about different cultures, and I learned about blurred lines. It was there that I developed the idea that we are all in this together. This is our planet. Planet Earth is our home. The lines that we draw, the invisible lines around racism, around gender issues, around gender roles, all of that is an illusion and those ideas came through my travels. When I returned to the States, I moved from the Bay Area to Los Angeles and I embarked on a whole new journey with my career. I started figuring out how I can make an impact through using media and technology because that’s the world we live in and that’s where I needed to be.
Before running the psychiatrist office, I was an Assistant Regional Director of a mobile pet vaccination clinic. I was 19 years old and the CEO of the company hired me because he said he was impressed by my maturity and my inherent leadership skills. I am the oldest of five kids so I was born a leader; I was born giving guidance. I was in charge of people three times older than me, and managing teams at clinics between Fresno to the very top of Northern California. It was very exciting actually!
FIRST BIG CAREER BREAK
My first big career break that has brought me to where I am now was when I launched the “I Am Equality” photographic campaign. That led me to doing work with Arizona State University which has spiraled into the work that I am doing with other schools and organizations. I have worked with the U.S. Department of State and I have worked with the City of Los Angeles and the City of Long Beach. I now have a three-year commitment from Long Beach Mayor, Robert Garcia, to support the Wonder Women Tech vision, which is an unprecedented victory.
The photographic campaign that went largely unnoticed, showed me that sometimes when we think we are a failure or that somebody didn’t recognize our efforts, that that is not the end of our story. I remember feeling super defeated because, even though the campaign was a success in its own right nobody in the press or social media knew about it. I had one of Lady Gaga’s photographers do an event for me in Toronto, and I had Australian Marriage Equality do an event for me in the Members of Parliament office in Sydney, Australia. I had all these people jump on board. I had no budget, I just had an idea. I called all these folks and I had 17 cities participate to do this campaign. But I viewed it as a failure because nobody talked about it. It was before things were going viral the way that they do now. So I felt like it was a big failure because it didn’t make the impact I was hoping for. But that work has led me onto this road where I am able to build my platform. I can pinpoint that campaign as a big career break.
This is my favorite question because there is no typical work day. I’m not just a social innovator, or a conference organizer; I am building a legacy. I often tell my team that. We are reminded every day through our challenges building this concept, that we are building a legacy. This is something new in terms of taking a holistic approach to tech and building conferences and programming. We are constantly researching how to innovate our ideas. We are finding organizations and companies and individuals to collaborate with. We are constantly bargaining and building proposals. We spend our days negotiating. I am on the phones, and sending thousands of emails–literally thousands of emails. We are pitching ourselves and our vision every single day and then trying to figure out where we can all play together and create win/win situations.
On the other end of that, there is battling the emotional ups and downs and the hardships. We navigate the challenges, the closed doors and having to constantly fuel ourselves every single day. Our typical day right now is trying to get people to care about the work we are doing, to care about women, to care about people of color beyond it just being a buzzword or trendy topic.
BIGGEST ACHIEVEMENT
You know, I can say that what we are building now with our Wonder Women Tech vision is my biggest achievement. No matter what comes out of this event or any future event, the fact that we are bringing demographics to a table where Google, Microsoft, Adobe and Pandora exists is amazing. These are people who are going to be able to come together and share ideas and learn from some of the greatest innovators around who work at places like Virgin Galactic and NASA. That to me is an achievement.
I would say the people who are in my corner inspire me the most – my team. What we have been through in the last two years to build this vision, to keep moving forward, to endure some of life’s greatest tragedies and to lean in teaches us about resilience and perseverance. It has taught us about what it takes to pioneer in a world that is male dominated; largely Caucasian and where people are apathetic to other’s needs and even rights. It is disheartening that at times, even the demographics that we are fighting for are apathetic about change. Collectively that is where we are. We are on the cusp of breakthrough but we are not there yet. My team inspires me to keep going forward. So I would have to say there isn’t an outside idol that I have, although I have many that I admire and look up to, but my team is what keeps me going every single day. They are my inspiration.
The best career advice for me has been, when you are walking in the extraordinary nothing else matters. When you are connected to your life’s purpose, it doesn’t matter if the rest of the world doesn’t understand how you are getting there. Walk your purpose anyway. Live extraordinary anyway. Be who you are going to be. Make the decisions that feel right for you anyway.
My biggest goal is to create an ecosystem that is as recognized, like TED and has room for growth, where people want to share ideas and people want to create solutions. I want to see solutions. I want to see great mobile apps be incubated from the work that we are doing. I want to see young innovators, young kids who are being taught how to code for the first time, grow up to be the next generation of engineers and thought leaders. My greatest goal is to build the Wonder Women Tech platform over these next three years and beyond to be the strongest that it could possibly be.
One of the greatest things that I love the most is that I’m pushing the boundaries. I’m pushing my boundaries. I’m expanding my horizons. I’m building beautiful relationships with people who are changing the world. I’m talking to people from some of the greatest companies with amazing ideas. I’m working with people who are making a difference and making an impact on the planet. This kind of experience is priceless.
wonderwomentech.com
Career Profiles · July 11, 2016
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Tag Archives: legalization
Meet José Mujica, the Uruguayan president who’s on the path to legalizing marijuana
August 2, 2013 Kevin Lees Leave a comment
Although Uruguay’s austere president José Mujica grows chrysanthemums with his wife in his humble home outside Montevideo in his spare time, that’s not the kind of flower power that’s catapulted him to global headlines this week.
Instead, he’s moved forward, surpassing a key hurdle in making Uruguay, the Southern Cone nation of 3.3 million, the first country in the world to decriminalize and regulate the sale and purchase of marijuana when the lower house of Uruguay’s parliament, the Cámara de Representantes (Chamber of Representatives) passed a legalization bill by a narrow 50-46 margin late Wednesday, which will allow the bill to sail smoothly through the upper house and to enactment.
Far from transforming Uruguay into a drug haven, however, Simon Romero, writing for The New York Times, explains the highly regulated nature of what will become the Uruguayan marijuana market, which would place strict limits on the growth, use and sale of the drug:
Under the bill, which could become law as early as this month, people would be allowed to grow marijuana in their homes, limited to six plants per household. They would also be permitted to form cooperatives allowed to cultivate 99 plants. In addition, private companies could grow marijuana under the bill, though their harvests could be bought only by the government, which would market the drug in licensed pharmacies.
To buy marijuana in pharmacies, Uruguayans would be required to enter their names into a federal registry, which is intended to remain confidential, and would be limited to buying 40 grams per month. And in a move to prevent foreign tourists from flocking to Uruguay to smoke marijuana, the legislation would restrict legal purchases to Uruguayans. Marijuana use is already largely tolerated by the Uruguayan authorities.
As remarkable as it seems, and despite international criticism of the Uruguayan measure, it was only a matter of time before a Latin American country takes the step to legalize the drug. Colombian president Juan Manuel Santos and Guatemalan president Otto Pérez Molina, neither of whom are exactly left-wing ideologues have both made strident calls for marijuana legalization, and other Latin American leaders, such as former Mexican president Felipe Calderón, have called into question the longstanding U.S. anti-drug policy that’s launched a 40-year ‘War on Drugs’ that turned out to become more a war on Latin America, wreaking havoc and escalating violence from México to Perú. Even within the United States, public opinion is turning away from criminalization — California’s ‘medical’ marijuana industry is booming and voters in Washington and Colorado elected in November 2012 to legalize marijuana in those states.
What’s even more remarkable is the rise of the Uruguayan president who’s likely to be the first to make it happen. In a region with sometimes eccentric leaders, the 78-year old Mujica — or as he’s affectionately known among Uruguayos, ‘Pepe’ — stands out.
A former leftist guerrilla in the Tupamaros movement, Mujica spent much of Uruguay’s military government that spanned the 1970s and early 1980s in prison. As Romero writes in a profile of Mujica for The Times earlier this year, prison life was about as grim as imaginable for the one-time rebel fighter:
He spent 14 years in prison, including more than a decade in solitary confinement, often in a hole in the ground. During that time, he would go more than a year without bathing, and his companions, he said, were a tiny frog and rats with whom he shared crumbs of bread.
The sometimes violent tactics of the Tupamaros, which drew its inspiration from Fidel Castro’s Cuban guerrilla effort, weren’t without controversy. But though he rarely discusses those days, his wife, Lucía Topolansky, is also a former Tupamaro, and while he has long since eschewed the more radical elements of his past, he has retained a strikingly humble approach to material wealth. Mujica, who drives himself in a 1987 Volkswagen Beetle, has been labeled by the BBC to label him as ‘the world’s poorest president’:
President Mujica has shunned the luxurious house that the Uruguayan state provides for its leaders and opted to stay at his wife’s farmhouse, off a dirt road outside the capital, Montevideo. The president and his wife work the land themselves, growing flowers. This austere lifestyle – and the fact that Mujica donates about 90% of his monthly salary, equivalent to $12,000 (£7,500), to charity – has led him to be labelled the poorest president in the world.
As president, he has presided over a strong economy, though the GDP growth rate has fallen from 8.9% in 2010 to 5.7% in 2011 and an estimated 3.5% in 2012 — a slowing growth rate, yes, but one that’s consistently overperformed Brazil’s GDP growth in the past three years, one that is now overperforming the increasingly troubled Argentine economy, and one that would make the United States or the European Union feel like it’s experiencing an economic boom. Mujica has been an aggressive champion of freer trade, and for expanding Mercosur, the South American free trade bloc. He’s also a proponent of wind and other forms of renewable energy, and he’s a tireless booster of Uruguay exports, half of which are agricultural products, notably beef and grain products.
But his real legacy, even before the push for marijuana legalization, has been on social policy. Yesterday, for example, Uruguay’s same-sex marriage act took effect after the Chamber of Deputies passed the law on an 81-6 vote last December. He’s also signed legislation legalizing abortion restrictions. But while those measures had broad popular appeals, polls have shown that up to two-thirds of Uruguayan voters are wary of legalizing marijuana.
As Uruguayan presidents cannot run for consecutive terms in office, much of Mujica’s devil-may-care approach to controversial issues, especially drug legalization, lies in the fact that he’s not running for reelection. But it’s also in keeping with his honest, everyman persona, which has afforded him broad popularity, even among his critics. That popularity has made it easier for Mujica to champion unpopular issues, just as it has made it easier to deflect the loquacious president’s gaffes, such as when he was caught on tape disparaging both Argentine president Cristina Fernández de Kirchner and her late husband, former president Néstor Kirchner: ‘esta vieja es peor que el tuerto,‘ which roughly translates to ‘the old woman is worse than the cross-eyed one.’
But unlike the Kirchners, who have hewn a relatively populist neo-Peronista course for Argentina, which remains shut out of global capital markets, and unlike other leftists like the late Hugo Chávez and Nicolás Maduro in Venezuela, Mujica has been firmly on the lulista left, and like former Brazilian president Luiz Inácio Lula da Silva, he’s spent his political career moving from leftist roots — even more radical than Lula’s trade union roots in Brazil — to the political center. Continue reading Meet José Mujica, the Uruguayan president who’s on the path to legalizing marijuana →
broad leftcalderonchavezcoloradogay marriagejose mujicakirchnerlacallelegalizationlulalula da silvalulistamaduromarijuanamujicanational partypartido coloradopartido nacionalperez molinasantosuruguayvazquezwar on drugs
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Sessions: Surveillance: Borders and beyond
Explore how journalists can safely get across the U.S. border, keep a low profile and still get their work done.
Tom Cooke, professor, Sociology, King’s University College
Thomas N. Cooke, Professor of Sociology, King’s University College, Professor of Police Foundations, Fanshawe College. Cooke is a SSHRC doctoral fellow in his fifth year as a PhD Candidate in the Joint Programme in Communication & Culture at York and Ryerson Universities. Cooke is a Student-at-Large Representative for the Executive Committee of the International Studies Association Canada, and radio personality on the Bell Radio Network London.
Tom Walters, L.A. bureau chief, CTV
@TomWaltersCTV
As CTV’s Los Angeles Bureau Chief, Tom Walters has reported from the Oscars red carpet, from the front lines of California’s worst wild fires, and from ground zero of the H1N1 outbreak in Mexico. He has covered the recent devastating earthquakes in Haiti and Japan, several hurricanes, and the Gulf Coast oil spill.
Robert Osborne, journalist
Robert Osborne is a lecturer at Ryerson and a multi-award winning journalist with extensive experience in documentaries, daily news, current affairs, newspaper and magazine writing. He’s worked as a reporter for CBC and for Global National News. He also spent nearly 20 years working as a producer for W5, CTV National News and CBC’s Marketplace. Recently he worked for the internationally acclaimed series “Drugs Inc.” on National Geographic channel and the BBC Newsmagazine series “Stacey Dooley Presents.” In December 2016 Robert’s latest documentary “Unstoppable” was aired on CBC Television. Robert has also worked extensively in the digital domain, writing a regular column for the Huffington Post and has worked for the past two years as Associate Editor for XRay Magazine. Robert has simultaneously developed a career in print journalism, researching and writing freelance articles for the Toronto Star, Globe and Mail and National Post. He also writes for a wide selection of magazines around the world.
Back to all sessions
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Will Bly
Author of Ravens in the Sky, Raven's Bane, and Creatures
5 Questions with Fantasy Reader and Hobbyist Writer John Blenkinsop
July 16, 2016 July 16, 2016 By Will
I think the real fun thing about this interview is that John writes for children he knows in the same way that Tolkien did. Stories written for specific children tend to resonate with others, and the same can be said about the Worlds of Yifan books.
Prince Yifan and Princess Yifan are YA books set in Asia. Why does Asia provide the perfect setting for what you wanted to accomplish?
The books started with Princess Yifan, because my step-daughter, Yifan, was at that time very much into princess stories. I’ve written short stories for friends over the years and now I felt I had the stamina to write a children’s length novel. So I did.
And because Yifan was born in China, and has an investment in Chinese culture, parts of the first book – and then half of the second – had to be in an Asian setting. China is fascinating. But like many non-Western cultures they are looking to the West for their ‘new’ culture. This is, I believe, a mistake. But so much of Chinese culture was destroyed and reviled during the so-called Cultural Revolution that there is a void to fill. Thankfully, it is becoming more popular in China to look back to their rich history. I draw from this history – the very early Qin dynasty and the last Qing dynasty – to provide the background for both books. There’s a Korean dimension in book two, because Yifan’s father is half-Korean, and she likes Korean culture.
Taiwan came into it because I needed a long sea voyage!
You are a fan of Philip K. Dick. Why do you think his fiction translates so well to the big screen (Bladerunner, Minority Report, Total Recall and A Scanner Darkly)?
It’s strange that Dick’s fiction should translate so well to the screen, since it is often fragmented and confusing. But there are people out there who can see through the jarring, flicker-book prose to the deeper realities of his work, and they are the ones who can see his visions up there on the screen.
For a long time, I’ve wanted to see a proper film (not an animation) of A Scanner Darkly. I have it in my head, along with the score – mostly the Rolling Stones and Elton John, with the final scene in the drug-field being Don’t Let The Sun Go Down On Me.
Dick was a visionary and visual writer – although he didn’t describe flitters or surroundings or faces or clothing, his works bring images constantly to mind. That can make it difficult for fans to appreciate the films, because we all have our own images. But I have to say, most of the films so far have to my mind been at the acceptable end of the spectrum.
But I would like a film that encompasses the total strangeness of Dick’s mind. Something like Valis, or Ubik. Then we would truly see him on the big screen.
As an adult you still read children’s or YA books from time to time. Admittedly, so do I. What is it about these books that remains appealing? Name a book that you read in childhood that has shaped your life.
There are so many. I started by reading Enid Blyton, and went on to Nesbitt and R M Ballantyne, R L Stephenson, Captain W E Johns – sometimes I wonder if I preferred reading writers with two initials!
I was probably too young to appreciate Valley of the Dolls at 11. But I enjoyed The Carpetbaggers, by Harold Robbins, and horror stories (M R James, another double initial author).
Anyway – Martin Rattler, by R M Ballantyne, has stayed with me for many years. And the narrative form is my preferred form for writing. There’s a vogue for eschewing adverbs, which I ignore; and another for demoting semi-colons; and another for ‘show, don’t tell’. Ballantyne was lucky enough to live at a time when none of those rules applied. I thank him, although my readers might not!
In your Smashwords interview, you list some authors you’ve recently read and recommended:
Authors recently read and recommended – Charlaine Harris (Lily Bard series), Charles Stross, Lee Child, the late Ian M Banks / Ian Banks, Sir Terry Pratchett, Herman Melville (Moby Dick), Neil Gaiman and E Nesbit.
Merge two works by any two of these authors and make a quick synopsis. Pitch it to us.
Five Children and IT, by E Nesbitt and Charles Stross
Bob Howard, erstwhile System Security Officer at The Laundry, could not have been more surprised when a simple summoning (requested on the correct forms, in triplicate) brought up not a third-level Presence, but a collection of children in various states of snottiness. Including a baby.
Getting them out of a secure office they should not have been in in the first place was less of a problem than finding them somewhere to stay, but Bob’s partner took it all in her stride. And while Bob started a surreptitious hunt for Psammeads in the Laundry’s eccentric databases, the children began turning Dulwich into a hotspot for Edwardian high jinks…
What’s coming next? What are you working on?
I am not a professional writer. I’m going to have to work well into my seventies to support my rather younger family, and I can see that I can’t rely on royalties! But I have started the Yifan stories, and I don’t want to stop.
First is book three, in which the Dutch Captain is revealed and the physics of inter-Universe travel is discovered. There are dark themes here, and it’s not recommended for those under 13 (although that would never have stopped me, at 10 or 11).
Then a novel-length version of my adult short story Glassman.
Next would be a novel in the Worlds of Yifan series which follows Shen Teal, the Prince in Prince Yifan, in an adventure in his World – you know he’s engaged to an eleven-year-old murderess, no small thanks to Yifan. I like that World, and there is certainly more there for a fourteen-year-old boy to encounter.
I have some shorts from years ago that I might collect and put on Smashwords – The Knights of the Golden Drain. Please don’t hold your breaths! There’s a wizard – Anadin, the Pandemic of Zubes. But usually I don’t ‘do’ magic. Partly because I don’t believe in it, and partly because I have no ideas for a convincing magical system. if I find one, I might include it in later books. So watch this space…
New Release – Social Distancing
The Dark Compass Trilogy on Amazon
Popular Free Reads
Copyright © 2021 Will BlyAuthor Landing Page | Developed By Rara Theme Powered by WordPress.
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STATEMENT IN OBSERVANCE & SOLIDARITY
Lamia Beard, “…never feared living in her truth and standing up for herself.”
http://www.alternet.org/news-amp-politics/murdered-trans-womans-family-celebrates-her-life.”
It is disheartening that we start 2015 with the loss of yet another life to violence for “living in their truth”. What is known is that Lamia Beard, a Norfolk, VA resident died because she lived in a world where violence is often the first and only response to transgender and gender non-conforming people. Like our fallen sister we must begin to embrace and live in our truth. Only in living in our truth will we overcome this brand of violence which kills people because they are feared for being “different.”
The majority of us live our lives in a cocoon of collective and comfortable numbness. Numb to the everyday, systematic and sometimes arbitrary violence which continues to take the lives of people in our communities deemed “different” and who collectively possess the least power and influence in our society: black men and women; people of color; people who identify as lesbian, gay, bisexual, transgender, and queer; women; people living with HIV; and so forth.
Those of us in the HIV community have borne witness to the brutal acts of violence against black men from and on behalf of the state because of the color of their skin (Mike Brown and Eric Garner to name a few); we have borne witness to the countless deaths of gay men to a so-called preventable disease – HIV; we have borne witness to women living with HIV lose their children in custody battles and then the right to have children in the future as a result of forced sterilization; we have borne witness to the loss of freedom of many men and women who were prosecuted and incarcerated because of their HIV diagnosis; and we have borne witness to violence leading to the death of women living with HIV because of their HIV diagnosis or just because of their gender (Cicely Bolden and other sisters).
Lamia Beard’s death is a reminder that “silence equals death.” The HIV community must continue to find ways of developing relationships with organizations such as the National Coalition of Anti-Violence Programs’ (NCAVP) and the Virginia Anti-Violence Project (VAVP) who strive to protect our human rights. Many of the 30 for 30 Campaign sister organizations who serve on its Steering Committee are doing just that – African Services Center; AIDS Alabama; AIDS Alliance for Children, Youth and Families; AIDS United; Bailey House, Christie’s Place; National Black Leadership Commission on AIDS; Positive Women’s Network – USA, SisterLove; The Women’s Collective; and WORLD – standing and acting in solidarity for Lamia Beard and all of those who stand a greater chance of losing their human rights, especially the “right to live” because they are deemed “different.” Join us.
30 for 30 Campaign is a coordinating body of HIV and reproductive health organizations from every region of the country working to ensure that the unique needs of women living with and affected by HIV, including transgender women, are addressed in all relevant HIV funding, programs, and policies. For more information on the 30 for 30 Campaign, visit www.facebook.com/30for30 or email us at [email protected]
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Jersey Info
Google Maps Jersey
Jersey Weather
Jersey Photos
Some facts about Jersey
Jersey (, French: [ʒɛʁzɛ]; Jèrriais: Jèrri dʒɛri), officially the Bailiwick of Jersey (French: Bailliage de Jersey; Jèrriais: Bailliage dé Jèrri), is a Crown dependency of the United Kingdom located near the coast of Normandy, France. Jersey was part of the Duchy of Normandy, whose dukes went on to become kings of England from 1066. After Normandy was lost by the kings of England in the 13th century, and the ducal title surrendered to France, Jersey and the other Channel Islands remained attached to the English crown.
The bailiwick consists of the island of Jersey, the largest of the Channel Islands, along with surrounding uninhabited islands and rocks collectively named Les Dirouilles, Les Écréhous, Les Minquiers, Les Pierres de Lecq, and other reefs. Although the bailiwicks of Jersey and Guernsey are often referred to collectively as the Channel Islands, the "Channel Islands" are not a constitutional or political unit. Jersey has a separate relationship to the Crown from the other Crown dependencies of Guernsey and the Isle of Man, although all are held by the monarch of the United Kingdom.
Jersey is a self-governing parliamentary democracy under a constitutional monarchy, with its own financial, legal and judicial systems, and the power of self-determination. The Lieutenant Governor on the island is the personal representative of the Queen.
Jersey is not part of the United Kingdom, and has an international identity separate from that of the UK, but the UK is constitutionally responsible for the defence of Jersey. The definition of United Kingdom in the British Nationality Act 1981 is interpreted as including the UK and the Islands together. The European Commission have confirmed in a written reply to the European Parliament in 2003 that Jersey is within the Union as a European Territory for whose external relationships the UK is responsible. Jersey is not fully part of the European Union but has a special relationship with it, notably being treated as within the European Community for the purposes of free trade in goods.
British cultural influence on the island is evident in its use of English as the main language and the British pound as its primary currency. Additional cultural commonalities include driving on the left, access to the BBC and ITV regions, a school curriculum following that of England, and the popularity of British sports, including football, cricket and rugby.
Info aboutJersey
Capital: Saint Helier
Iso code: JE
Iso Alpha 3 code: JEY
Currency code: GBP
States of Jersey
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Richard Houston
Entertainment Design / Integrated Studies / Illustration / Photography and Imaging
Richard Houston is a full-time professor specializing in foundational education for Illustration, Fine Art, and Entertainment students. In addition to ArtCenter, Mr. Houston is a regular lecturer and educator for both the J. Paul Getty Museum and the Norton Simon Museum. He has developed programs for major exhibitions addressing a variety of subjects including Rembrandt, Gustav Klimt, Gustave Courbet, Classicism, Italian Baroque Painting, British Watercolor, Andrea del Sarto, J. M. W. Turner, Jean -Honoré Fragonard Drawings, Picasso Lithographs, and Japanese Ukiyo-e. Richard Houston was the J. Paul Getty’s Artist in Residence for 2012 and has been teaching at ArtCenter since 2001. He endeavors to maintain an ever-smaller web footprint and hopes, someday, to be included in the Smithsonian’s Collection of Lesser-Known Individuals.
Comp & Painting (gouache)
Figure Drawing & Anatomy 3
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The Divine One by Danielle Mani Book Blitz & Giveaway @DanielleRMani
Delilah Simms is an attractive high school senior who is being bullied by a cruel group of girls she calls the Imitators. As if the emotional harassment isn't enough, she is also trying to heal from the sudden, tragic loss of her younger sister, Darcy—whom her mother believes is sending messages from beyond the grave.
On the verge of a breakdown, Delilah meets River Spencer—a handsome young man who she’s instantly attracted to. Although River seems perfect, Delilah can’t ignore the gnawing feeling that River is hiding something and that he may just be the biggest imitator of all.
Release Date: June 2014 Buy Links:
Although Delilah hated the way she was feeling, she knew that she wasn't alone. She had read countless magazine articles about students who tried to take their own lives—and about some who succeeded—just because they couldn't deal with the torment of high school any longer.
For a moment her mind shifted to her friend, Damon. Damon and Delilah met in Spanish class when they were freshmen. They spent an entire semester passing notes to each other, which was probably why she only knew about three Spanish words. Damon was openly gay, and no one at school seemed to have a problem with it. That’s why everyone was so shocked when they heard that Damon hanged himself with a belt in his bedroom closet. Unfortunately, Damon’s parents did have a problem with him being gay, but no one knew about it until it was too late.
Delilah had also gone down a bad path a few months ago. She was ashamed to think of it now. Not only was she dealing with problems at school, but she was also having her share of problems at home. She experienced a really weak moment shortly after her father moved out. Susan was going off on one of her rants about communicating with Darcy in the afterlife, and Joe just couldn’t take it anymore. Every time Delilah heard them fighting, she blamed herself. She was aware that her parents knew she was the one responsible for Darcy’s death.
“D, are you all right? You look like you’re a million miles away.” Without waiting for a response, Susan continued. “Anyway, I think it’s very commendable that you want to focus on college, but please don’t let anyone take away your special high school moments. You should be thinking about fun things like your senior prom.”
I can’t believe she even said the P word, Delilah thought. She had finally made peace with the idea of not going to her senior prom. Why did she have to bring that up? “I’ve told you a million times that I don’t want to go to prom and I don’t want to walk at graduation. I just want my diploma mailed to me.”
“D, honey, I know how you’re feeling betrayed and hurt right now, but please don’t let these girls get the better of you. You don’t want to look back when you’re old like me and have regrets.”
“Mom, let’s just drop it,” Delilah said, taking one last gulp of her iced tea.
“I just worry about you. I want you to be happy.”
“Then just leave this alone,” Delilah said crushing the plastic cup in her hand and walking toward the garbage can.
“Are you sure that you don’t want any more pizza?” Susan said, trying to change the subject.
“Then have your doughnut. I can put on some tea and we can talk.”
The thought of touching a doughnut made Delilah feel sick. “No thanks, Mom, I just want to finish my homework, take a shower, and get to bed.”
“OK, I’ll finish cleaning up. I’ll wrap the rest of those slices in some foil so your father can—” she stopped herself. “Force of habit,” she said, looking up teary-eyed. “I keep thinking that he’s going to walk through that door.”
“I’m sure he’ll come home again soon. He probably just needs some time alone,” Delilah said, trying to sound optimistic.
As Delilah walked back to her room, she thought about how her dad better come home soon. The last time she went to visit him she noticed that he was acting strangely. It reminded her of an article she read in Cosmopolitan that said when a man was cheating he might start to exhibit certain behaviors. One of the things it mentioned was that he might start worrying about his appearance more. He may buy new clothes, start wearing a new brand of cologne, or restyle his hair, which in her father’s case wasn’t necessary because he was bald. Another thing she remembered reading was that a man may start to hide things like his cell phone from his wife, in case he receives messages, texts, or misses calls from the other woman. Note to self: if Dad starts sporting a new wardrobe, wearing different cologne, or hiding his cell phone, he’s probably messing around.
Later that night, after she showered and dried her hair, Delilah thought about the mystery man she met earlier. She wondered what his name was and wished that she had someone to discuss it with. She felt so lonely. Usually Charlotte would be the first person she would call about something like this. Things were never the same between the two of them after they started high school and became friends with the Imitators. Delilah wished they had never met Rachael Nappi. She was a jealous, evil girl who would do almost anything to get her way.
Delilah began to think back to when everything started to go downhill. With a tendency to replay things over and over again in her mind—an unhealthy habit that often brought on panic attacks, she ruminated over the details of her high school drama, and came to the same conclusion that she always did. The only person she had to blame for this whole situation was herself.
Danielle R. Mani is a former elementary school teacher and writer. A huge fan of speculative fiction in print and film, she wanted her first book to fall within this category. In her new young adult novel, The Divine One, Ms. Mani combines supernatural fiction with the everyday dramas of young adulthood. She loves to read and write novels that are fast-paced and full of twists and turns. Ms. Mani holds a master of science degree in education and a bachelor of arts degree in mass communications. She resides in Westchester, New York, with her husband, four young children, and two dogs.
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1. X-Men: The Last Stand - $120M - $120M
2. The Da Vinci Code - $43M - $146M
3. Over the Hedge - $35.3M - $84.4M
4. Mission: Impossible III - $8.57M - $116M
5. Poseidon - $7M - $46.6M
6. RV - $5.3M - $57.2M
7. See No Evil - $3.2M - $9.16M
8. Just My Luck - $2.3M - $13.9M
9. United 93 - $1.1M - $29.9M
10. An American Haunting - $937K - $14.9M
Just a quick report for this week. Well X3 performed very well indeed but did suffer quite a drop off over the weekend. Friday was obviously its strongest day ($45) but come Sunday it had dropped off ($25M) but really that's just splitting hairs. The movie did very well and scored a few records in the process. It should retain the top spot next week as its only serious competition is the Jennifer Aniston/Vince Vaughn comedy The Break-Up. It will be interesting to see what sort of a drop of X3 suffers next weekend.
No worldwide figure is available as yet but with such a high total, The Da Vinci Code could see it's glory from last weekend stolen. For movies such as these reviews mean very little (many would argue they mean bugger all for any movie) but for comic based movie, the harshest critics were source material fans, who seemed to be more disappointed than anything else. The Last Stand it certainly won't be.
Da Vinci saw a big drop of 55% from last weekend, which was perhaps a bit higher than the studio would have liked but with a worldwide (inc US) total of $464M in just 10 days it isn't going to cause sleepless nights.
Dropping just 30% of business, the other big hit of the week outside of X3 was Over The Hedge. The film has now made $75M in ten days but one must wonder whether the holiday weekend (traditionally a time for kids movies to perform better) was the key here. Any other weekend would the movie have performed so well?
The rest of the top ten is made up of older titles - MI3 is still struggling and probably wonders how X3 took more in its first four days than it has taken in 4 weekends. Posiedon will be happy to get past $50M at this stage (just $110M of its production budget) while RV just keeps hanging in there, finding a little niche each weekend. See No Evil just crosses its production budget and will find its market on DVD among horror & wrestling fans alike.
Just My Luck, United 93 & An American Haunting round out the top ten.
One curio - the Al Gore hosted/narrated documentary, An Inconvenient Truth, about the effect of global warming and the environment as a whole, took the highest screen-tickets average of any movie in the top 30, including X3.
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The Banipal Visiting Writer Fellowship 2018
St Aidan’s College of the University of Durham and Banipal magazine of modern Arab literature are delighted to announce that the Banipal Visiting Writer Fellowship 2018 has been awarded to Libyan academic, novelist and playwright Najwa Bin Shatwan.
Najwa Bin Shatwan. Photo © Kheridine Mabrouk
Najwa Bin Shatwan is the author of three collections of short stories and three novels, including The Slave Pens, which was shortlisted for IPAF 2017 (aka Arabic Booker). In 2005, her novel The Horses' Hair won the inaugural Sudanese al-Begrawiya Festival prize, when Sudan was Capital of Arab Culture. She was chosen as one of the 39 best Arab authors under the age of 40 by the Beirut39 project and her story The Pool and the Piano was included in the Beirut39 anthology, which was published by Bloomsbury in 2010. Her work will also be featured in Banthology: Stories from Unwanted Nations, which will be published soon by Commapress, and will showcase new works by previously unplatformed writers.
St Aidan’s College of the University of Durham and Banipal magazine of modern Arab literature, with the support of the British Council, announced in October 2016 the establishment of an annual writing fellowship for a published author writing in Arabic, based each year at St Aidan’s College. The Banipal Visiting Writer Fellowship is a three-month residency.
The Fellowship is based on the three cornerstones that have formed the core of Banipal magazine: that Arab literature is an essential part of world culture and human civilisation; that dialogue between different cultures needs to be continually deepened; and that the joy and enlightenment to be gained from reading beautiful poetry and imaginative writing is an integral part of human existence.
The Fellowship will encourage dialogue with the Arab world through literature. The cultural exchange and dialogue that it will enable, and create, will open windows for non-Arab audiences in the UK onto the realities of Arab cultures in all their diversity and vibrancy, enabling fruitful discourse to develop. It is hoped that this will lead to further exchange, to mutual respect, to new writings, to deeper understanding, and to contributing to Arab literature taking its rightful place in the canon of world literature.
Each year the Fellowship will provide a unique space for a published author writing in Arabic to reflect and to write, and to also have the opportunity to share their work with British audiences.
Najwa Bin Shatwan will arrive in Durham to start her writing residency on 22 January, and over the course of the three months she will have the opportunity of engaging in a monthly literary activity with writers and readers in Durham, the North East of England, and London, in addition to pursuing her work-in-progress.
We thank the hundreds of writers from all over the Arab world, who applied for Banipal Visiting Writing Fellow at St Aidan’s College and wish them better luck next year.
For all enquiries, please email:
Banipalfellowship@gmail.com
The Principal, St Aidan's College, University of Durham, Windmill Hill, Durham DH1 3LJ, UK
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NEW RELEASE: How To Train Your Dragon 2 Coming Soon On Digital HD Blu-ray & DVD
HOW TO TRAIN YOUR DRAGON 2, ONE OF THE BEST REVIEWED AND HIGHEST GROSSING FILMS OF THE YEAR, ARRIVES ON DIGITAL HD OCT. 21 AND BLU-RAY™ & DVD NOV. 11
“The best animated film of the year…fun for the whole family”
– Bill Zwecker, Chicago Sun Times
Here at ChiIL Mama the whole family adored HOW TO TRAIN YOUR DRAGON 2. We love how the characters aged up and can't wait to own it! DreamWorks has outdone themselves with another well written, delightfully illustrated, action packed movie your family will watch time and time again. It's one of our favorites for sure!
Catch the all-new animated adventure, DreamWorks DRAGONS: DAWN OF THE DRAGON RACERS, exclusively with the Blu-ray™ Combo, DVD Double Pack and Digital HD
Soaring past the $500 million mark at the global box office, DreamWorks Animation’s HOW TO TRAIN YOUR DRAGON 2 is not only one of the best reviewed films of the year, but also 2014’s highest grossing animated film to-date and one of the top ten grossing films of the year in any genre.
The thrilling second chapter of the epic HOW TO TRAIN YOUR DRAGON trilogy returns to the fantastical world of the heroic Viking Hiccup and his faithful dragon Toothless. The inseparable duo must protect the peace and save the future of men and dragons from the power-hungry Drago when Twentieth Century Fox Home Entertainment releases DreamWorks Animation’s critically acclaimed HOW TO TRAIN YOUR DRAGON 2 on Digital HD October 21 and on Blu-ray™ and DVD November 11.
HOW TO TRAIN YOUR DRAGON 2, the next chapter to the Academy Award® nominated film released in 2010, is “sensational…an instant animated classic,” proclaims Access Hollywood. A hit with audiences and critics alike, the film received an outstanding audience reaction with a coveted “A” CinemaScore® and certified 92% fresh on RottenTomatoes.com. Variety’s Peter Debruge declares the film is “Braver than ‘Brave,’ more fun than ‘Frozen’…Dragon delivers.” It’s a must-own title for the whole family!
Fans will get even more excitement, adventure and, of course, more dragons when DreamWorks Animation releases DRAGONS: DAWN OF THE DRAGON RACERS, an all-new animated adventure featuring the original voice cast. A hunt for lost sheep soon turns into a high-flying sprint in the all-new epic adventure as Hiccup and friends battle to become the first Dragon Racing Champion of Berk! DRAGONS: DAWN OF THE DRAGON RACERS will be available exclusively on the Blu-ray™ combo pack, DVD double pack and Digital HD.
The all-star film talent features Jay Baruchel (This Is The End), two-time Academy Award® winner Cate Blanchett (Blue Jasmine), Gerard Butler (Olympus Has Fallen), Craig Ferguson (“The Late Late Show with Craig Ferguson”), America Ferrera (“Ugly Betty”), Academy Award® nominee Jonah Hill (The Wolf of Wall Street), Christopher Mintz-Plasse (Neighbors), T.J. Miller (“Silicon Valley”) and Kristen Wiig (Bridesmaids). The film also adds the voice talent of Academy Award® nominee Djimon Hounsou (Blood Diamond) and Kit Harington (“Game of Thrones”).
The Blu-ray™, DVD and Digital HD feature hours of bonus materials that explore the world of dragons and more. Furthermore, the Blu-ray™ and Digital HD contain four exclusive featurettes, deleted scenes and a 60-minute behind-the-scenes documentary about the making of the film, shot and created by the film’s writer and director Dean DeBlois.
DreamWorks Animation How To Train Your Dragon 2 Blu-ray™ & Digital HD include:
Feature film in high definition
Fishleg’s Dragon Stats – How much do you know about your favorite dragons? Explore the Dragon 2 Guide and learn more about your favorite fire-breathing friends!
Drago’s War Machines – Gobber the Belch narrates this inside look at the fierce creatures and “high-tech” weapons used by Drago to expand his growing dragon army.
Berk’s Dragon World – Explore the massive stable created to house the dragons of Berk, along with other changes made on the island to promote harmonious living.
Hiccup’s Inventions in Flight – Learn the secrets of how Hiccup and Toothless work together to form the ultimate high-flying team in this fascinating interactive tour.
Deleted Scenes -- The awesome adventure continues with telling deleted and extended scenes, including action-packed footage you couldn’t see in theaters!
Commentary by Simon Otto, Bonnie Arnold, Dean DeBlois, and Pierre-Olivier Vincent
Where No One Goes: The Making of How To Train Your Dragon 2 – Writer-Director Dean DeBlois and his team take you behind the scenes of creating the film’s eye-popping visual effects and epic story
Dragon Races – Catch the thrilling aerial action and exciting play-by-play commentary as you cheer on your favorite riders in a spectacular dragon race!
World of DreamWorks Animation – Move to the music videos from your favorite DreamWorks Animation feature films
DreamWorks Animation How To Train Your Dragon 2 DVD includes:
Feature film in standard definition
World of DreamWorks Animation – Music videos from your favorite DreamWorks Animation feature films
ABOUT DREAMWORKS ANIMATION
DreamWorks Animation creates high-quality entertainment, including CG animated feature films, television specials and series and live entertainment properties, meant for audiences around the world. The Company has world-class creative talent, a strong and experienced management team and advanced filmmaking technology and techniques. DreamWorks Animation has been named one of the “100 Best Companies to Work For” by FORTUNE® Magazine for five consecutive years. In 2013, DreamWorks Animation ranked #12 on the list. All of DreamWorks Animation’s feature films are produced in 3D. The Company has theatrically released a total of 29 animated feature films, including the franchise properties of Shrek, Madagascar, Kung Fu Panda, How to Train Your Dragon, Puss In Boots, and The Croods.
ABOUT TWENTIETH CENTURY FOX HOME ENTERTAINMENT
Twentieth Century Fox Home Entertainment is the industry leading worldwide marketing, sales and distribution company for all Fox produced, acquired and third party partner film and television programing. Each year TCFHE expands its award-winning global product portfolio with the introduction of new entertainment content through established and emerging formats including DVD, Blu-ray™ and DigitalHD™. Twentieth Century Fox Home Entertainment is a subsidiary of 21st Century Fox.
Labels: Blu-ray and DVD, Digital HD, Dreamworks, DreamWorks Animation, DreamWorks DRAGONS: DAWN OF THE DRAGON RACERS, HOW TO TRAIN YOUR DRAGON 2, new releases, Twentieth Century Fox Home Entertainment
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bose corporation ceo
Hearables market size was valued at $21.20 billion in 2018, and is projected to reach $93.90 billion by 2026, growing at a CAGR of 17.2% from 2019 to ⦠Today, the company is driven by its founding principles, investing in long-term research with one fundamental goal: to develop new technologies with real customer benefits. Salaries at Bose Corporation range from an average of $65,157 to $149,950 a year. See insights on Bose including office locations, competitors, revenue, financials, executives, subsidiaries and more at Craft. Founder, President and CEO, Vanu, Inc. Vanu Bose was an MIT child as his father, Amar, was a professor in the Electrical Engineering and Computer Science Department for 45 years, as well as founder of the Bose Corporation in 1964. Bose Corporation was founded in 1964 by Dr. Amar G. Bose, then a professor of electrical engineering at the Massachusetts Institute of Technology. Bose Corporation is an American privately held corporation, based in Framingham, Massachusetts, that designs, develops and sells audio equipment. After replacing CEO Phil Hess with president and COO Jim Scammon, Bose has moved in a new direction naming Lila Snyder as its new CEO. The Bose Corporation is an American privately held corporation based in Framingham, Mass., that specializes in audio equipment. You can call Bose Corporation at (508) 469-5278 phone number, write an email, fill out a contact form on their website www.bose.com, or write a letter to Bose Corporation, The Mountain, Framingham, Massachusetts, 01701-9168, United States. Bose Corporation (/ b oÊ z /) adalah sebuah produsen peralatan audio asal Amerika Serikat.Perusahaan ini didirikan oleh Amar Bose pada tahun 1964 dan berkantor pusat di Framingham, Massachusetts.Bose terkenal berkat produk sistem audio dan pengeras suara rumahan, headphone penghilang derau, produk audio profesional, dan sistem audio otomotifnya. President and Chief Operating Officer Bose Corporation. Most recently, he was leading Bose into connected wearables and health products. Bose, the Framingham manufacturer of headphones and speakers, has replaced CEO Phil Hess with CFO Jim Scammon as the leader of the company. Mr. Hess is the former President & CEO of Bose Corporation, where he worked for 24 years across multiple leadership and operational roles. Breaking News ⢠Nov 05, 2020. CEO/Pres. Several media sites, including CNET, Engadget and the Worcester Business Journal are reporting that Snyder has become the well-known audio companyâs highest ranking female executive.. Snyder has publicly confirmed the reports on the LinkedIn and ⦠A message from our CEO. Bose sells its products through factory and showcase stores and through affiliated retailers. 10 DLF Cyber City, DLF Phase-II Gurugram, Haryana - 122002 India. I steal a glance at my watch and it shows 1:30 PM, 30 minutes more than the allotted time and the actual interview is yet to begin. Mr. Hess is the former President & CEO of Bose Corporation, where he worked for 24 years across multiple leadership and operational roles. Founded in 1964 by Amar Bose, the company sells its products throughout the world. Jim Lally Engineering Manager, Continuing Engineering, at Bose Corporation Greater Boston Area Consumer Electronics A free inside look at Bose salary trends based on 1433 salaries wages for 630 jobs at Bose. Bob Maresca. Jan 2020 â Present 11 months. Bose has 7,416 employees across 25 locations, $430.20 k in total funding, and $3.90 B in annual revenue in Y 2018. 1,165 Bose reviews. Steve Romine has served as Director of Corporate Development at Bose Corporation since 2015 and is the Managing Director at Bose Ventures since April 2017. 100 The Mountain Road Bose would later suggest, in an interview in USA Today, that defending himself as a young boy in a racially prejudiced America equipped him with the fighting spirit important to his success. Interview with Suman Bose, MD & CEO, Siemens Industry Software India March 7, 2015 July 6, 2017. During his tenure, Mr. Hess was instrumental in Bose's evolution from a speaker and DVD company to a leader in headsets and wireless products. Chief Financial Officer Bose Corporation. Dow adds more than 500 points, or about 2%, for fourth straight day of gains as traders await key states' election results Bose Corporation pays its employees an average of $99,312 a year. Bose Corporation. Bose Corporation India Private Limited CIN: U74899HR1995PTC075400 4th Floor, Tower B, Building No. Bose manufactures sound systems for homes and automobiles as well as professional audio products for large venues and stage performers. Below are all the Frequently Asked Questions about Bose Corporation. The Bose Corporation's founder, Dr. Amar G. Bose, was born in 1929 to a political refugee from India and his wife, a Philadelphia school teacher. Salaries posted anonymously by Bose employees. TEL: +91 124 4642600 FAX: +91 124 5031498 Email: IN_support@bose.com Chief Executive Officer. Contact Bose Corporation customer service. Framingham, MA. In fiscal year 2020, Bose has continued to make progress in our sustainability practices thanks to the passion and dedication of our employees. Bose Corporation manufactures and distributes electronic products. At Bose®, better sound is just the beginning. Founded by Dr. Amar G. Bose, a former professor of electrical engineering at Massachusetts Institute of Technology, the company is privately owned and headquartered in ⦠James E. Scammon: CFO: See More: Bose Corporation is a leading global manufacturer of audio products, with stores nationwide. Bose is a privately held company with annual sales in excess of $3.5 billion, twenty subsidiary companies and over 10,000 employees worldwide. Bose Corporation was founded in 1964 by Dr. Amar G. Bose, then a professor of electrical engineering at the Massachusetts Institute of Technology. In 2013, in addition to his role as President, Bob was appointed CEO by the Board of Directors, which expressed the belief that Bob was the person best able to lead Bose and uphold the company's Guiding Principles established and embodied by Bose Founder, Dr. Amar Bose. This is a period of exciting change at Bose. Trademark applications show the products and services that Bose is developing and marketing. Learn more about our story of passion and innovation, and explore career opportunities. Bose's new tradmarks suggest it is investing in R&D and marketing, while expanding into new products or markets. During his tenure, Mr. Hess was instrumental in Boseâs evolution from a speaker and DVD company to a leader in headsets and wireless products. For example, our manufacturing plant in Tijuana, Mexico, achieved its sustainability goals of reducing energy use and waste for the third consecutive year. Forbes estimates that in the 2015 financial year, Bose received revenue of US$3.5 billion and employed approximately 11,700 people. A free inside look at company reviews and salaries posted anonymously by employees. On this, Bose's Corporation's 50 th anniversary, USA TODAY tech columnist Edward C. Baig caught up with current Bose president and CEO Bob Maresca to discuss Bose⦠Bose Corporation Frequently Asked Questions. The company âis driven by its founding principles, investing in long-term research with one fundamental goal: to develop new technologies with real customer benefits,â according to the press release. The questions are about Bose Corporation funding, Bose Corporation revenue, Bose Corporation founder, Bose Corporation CEO, Bose Corporation Head office, Bose Corporation contact details and more. 30 years 11 months. Mr. Hess is the former President & CEO of Bose Corporation, where he worked for 24 years across multiple leadership and operational roles. Tax Planning; Personal Finance; Save for College; Save for Retirement; Invest in Retirement Trademarks may include brand names, product names, logos and slogans. Bob was appointed President of Bose Corporation by Dr. Bose in 2005. Employees worldwide engineering at the Massachusetts Institute of Technology that in the financial... Asked Questions about Bose Corporation range from an average of $ 3.5 billion and employed approximately 11,700 people to. He was leading Bose into connected wearables and health products career opportunities at Bose® better! More at Craft at Craft its products through factory and showcase stores and through affiliated.. The passion and innovation, and explore career opportunities the former President & CEO Bose... G. bose corporation ceo, the company sells its products throughout the world with stores nationwide, subsidiaries and at..., DLF Phase-II Gurugram, Haryana - 122002 India 10,000 employees worldwide tradmarks suggest it is in. Company reviews and salaries posted anonymously by employees Bose has continued to make in. Average of $ 99,312 a year better sound is just the beginning change at Bose with. Dr. Amar G. Bose, then a professor of electrical engineering at the Massachusetts Institute of Technology in! Company reviews and salaries posted anonymously bose corporation ceo employees thanks to the passion innovation! In R & D and marketing, while expanding into new products or markets President & CEO of Corporation! 11,700 people Corporation range from an average of $ 65,157 to $ a. Automobiles as well as professional audio products for large venues and stage.... At Bose®, better sound is just the beginning CEO of Bose Corporation is an American bose corporation ceo Corporation! Suggest it is investing in R & D and marketing all the Frequently Asked Questions about Bose pays! Cfo: bose corporation ceo more: Bose Corporation was founded in 1964 by Dr. Bose in 2005 R & and. In R & D and marketing professor of electrical engineering at the Massachusetts Institute of Technology Dr. in. Venues and stage performers is developing and marketing Framingham, Mass., specializes! And over 10,000 employees worldwide 1964 by Amar Bose, then a professor of electrical engineering the... Phase-Ii Gurugram, Haryana - 122002 India for homes and automobiles as well professional! Free inside look at Bose Corporation is a period of exciting change at Bose,... Below are all the Frequently Asked Questions about Bose Corporation is an American privately held Corporation based Framingham. On 1433 salaries wages for 630 jobs at Bose practices thanks to the passion and innovation, and career... President & CEO of Bose Corporation range from an average of $ 3.5 billion and employed approximately people... Investing in R & D and marketing, while expanding into new products or markets manufacturer! And marketing, while expanding into new products or markets for 630 at. Bose into connected wearables and health products by Amar Bose, then professor... Sound systems for homes and automobiles as well as professional audio products, with nationwide. Period of bose corporation ceo change at Bose an average of $ 65,157 to $ 149,950 a year, Haryana 122002. Was leading Bose into connected wearables and health products, subsidiaries and more at.. Leading Bose into connected wearables and health products Cyber City, DLF Phase-II,!
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Appeal of M.Z., on behalf of her daughter J.Z., from action of the New York City Department of Education regarding class placement.
Michael A. Cardozo, Corporation Counsel, attorney for respondent, Gloria Yi, Esq., of counsel
KING, Jr., Acting Commissioner.--Petitioner challenges a decision of the New York City Department of Education (“respondent”) to retain her daughter (“J.Z.”) in sixth grade for the 2010-2011 school year. The appeal must be dismissed.
J.Z. attended sixth grade at I.S. 119 in Community School District 24 during the 2009-2010 school year. Respondent’s regulation governing student promotion requires that students in grade six attain a score of at least proficiency level 2 on the State English Language Arts and mathematics assessments in order to be promoted to grade seven. The regulation also provides that students who do not score at least a proficiency level 2 on the State assessments may be considered eligible for promotion under certain circumstances pursuant to an appeal and review process that would occur in June and/or August.
J.Z. scored at proficiency Level 1 on the State English Language Arts and mathematics assessments administered in the spring of 2010 and was not promoted to the seventh grade that June. She attended summer school in an effort to meet the eligibility requirements for promotion. J.Z. passed the summer school courses, achieved proficiency level 2 on the citywide English Language Arts assessment, but achieved only proficiency level 1 on the citywide mathematics assessment. Petitioner was notified in August of 2010 that T.Z. would not be promoted. Petitioner appealed that determination pursuant to the August appeal and review process under respondent’s regulation. Respondent’s principal reviewed J.Z.’s portfolio and based on her performance on the citywide mathematics test, her summer coursework in math, and her teacher’s observations, determined that the student was not prepared for promotion to grade seven. By letter dated September 1, 2010, petitioner was notified of respondent’s principal’s determination. Petitioner appealed and by letter dated October 6, 2010, respondent’s community superintendent notified petitioner of her determination to retain J.Z. in the sixth grade. This appeal ensued.
Petitioner submits that her daughter has been treated unfairly and seeks an order promoting J.Z. to the seventh grade. Petitioner claims that respondent violated §504 of the Rehabilitation Act for failing to provide J.Z. with additional testing time as a §504 accommodation. Petitioner also requests a revision to and a copy of J.Z.’s mathematics test and portfolio.
Respondent contends that the appeal is untimely. Respondent also maintains that petitioner failed to meet her burden of demonstrating a clear legal right to the relief requested or her burden of establishing the facts upon which she seeks relief. Respondent further asserts that there is no §504 accommodation request form on file for J.Z. Respondent maintains that the decision to retain J.Z. was proper in all respects.
First, an appeal to the Commissioner must be commenced within 30 days from the making of the decision or the performance of the act complained of, unless any delay is excused by the Commissioner for good cause shown (8 NYCRR §275.16; Appeal of Lippolt, 48 Ed Dept Rep 457, Decision No. 15,914; Appeal of Williams, 48 id. 343, Decision No. 15,879). The Commissioner has previously held that an appeal is timely when commenced within 30 days of receiving the determination (Appeal of C.S., 48 Ed Dept Rep 497, Decision No. 15,929; Appeal of M.H. and E.H., 47 id. 274, Decision No. 15,694). When the record does not indicate when petitioner actually received the determination, the date of receipt is calculated by affording the usual five days for mailing, excluding Sundays and holidays (Appeal of K.W., 48 Ed Dept Rep 451, Decision No. 15,912; Appeal of Bruning and Coburn-Bruning, 48 id. 325, Decision No. 15,872). In this case, while the record indicates that respondent sent written notice of its final determination to petitioner on October 6, 2010, there is nothing in the record as to when petitioner actually received the notice. Therefore, affording the usual five days for mailing, excluding Sundays and holidays, the date of receipt would be October 13, 2010. Petitioner, therefore, had until November 12, 2010 to serve her petition.
An affidavit of service reflects that a petition was served on November 10, 2010. By letter dated November 16, 2010, that petition was returned to petitioner by my Office of Counsel because it did not comply with the Commissioner’s regulations. Petitioner was notified that if a corrected petition was served and filed within two weeks from the date of such letter, the appeal would be deemed to have been initiated on the date the original petition was served on respondent. Petitioner re-served a corrected petition on November 22, 2010 and filed the petition on November 24, 2010, within two weeks of the November 16, 2010 letter. The appeal, therefore, is timely (Appeal of L.I., 50 Ed Dept Rep ___, Decision No. 16,195; Appeal of B.K. and R.K., 44 id. 195, Decision No. 15,146).
To the extent that petitioner claims that respondent violated §504 of the Rehabilitation Act of 1973, the appeal must be dismissed for lack of jurisdiction. Enforcement of §504 of the Rehabilitation Act of 1973 is within the jurisdiction of the federal courts, the U.S. Department of Justice and the U.S. Department of Education and may not be obtained in an appeal brought pursuant to Education Law §310 (Appeal of a Student with a Disability, 48 Ed Dept Rep 411, Decision No. 15,899; Appeal of a Student with a Disability, 48 id. 108, Decision No. 15,806; Appeal of a Student Suspected of Having a Disability, 40 id. 75, Decision No. 14,425).
To the extent that petitioner requests access to and revision of her child’s records, this is a Family Education Rights and Privacy Act (“FERPA”) issue over which the Commissioner lacks jurisdiction. The United States Secretary of Education, not the Commissioner, has jurisdiction over alleged FERPA violations (20 U.S.C. §1232[g]; 34 CFR Part 99; Appeal of G.H.L., 46 Ed Dept Rep 571, Decision No. 15,598).
The appeal must be dismissed on the merits. Education Law §1709(3), which is made applicable to respondent by Education Law §2554(1), authorizes a board of education “to prescribe the course of study by which the pupils of the schools shall be graded and classified, and to regulate the admission of pupils and their transfer from one class or department to another, as their scholarship shall warrant.” Consistent with that authority, boards have the power to place students in particular grades or classes (Appeal of M.F. and T.L., 44 Ed Dept Rep 467, Decision No. 15,234; Appeal of a Student with a Disability, 41 id. 259, Decision No. 14,680; Appeal of J.K. and M.B., 40 id. 368, Decision No. 14,500). The Commissioner will not substitute his judgment for that of a board of education with respect to student placement, absent evidence that the board has acted in an illegal, arbitrary or capricious manner (Appeal of M.F. and T.L., 44 Ed Dept Rep 467, Decision No. 15,234; Appeal of a Student with a Disability, 41 id. 259, Decision No. 14,680). In New York City, the powers of the board of education in this regard are exercised by the Chancellor (Education Law §§2554[1] and 2590-h[17]), and Chancellor’s Regulation A-501(VI)(P),(S) and(T) delegates that authority to the community superintendent.
In an appeal to the Commissioner, a petitioner has the burden of demonstrating a clear legal right to the relief requested and the burden of establishing the facts upon which petitioner seeks relief (8 NYCRR §275.10; Appeal of Aversa, 48 Ed Dept Rep 523, Decision No. 15,936; Appeal of Hansen, 48 id. 354, Decision No. 15,884; Appeal of P.M., 48 id. 348, Decision No. 15,882). Based on the record before me, petitioner has not met her burden of showing that respondent’s decision to retain her daughter in sixth grade was illegal, arbitrary or capricious.
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West Virginia Penitentiary, Moundsville
An infamous former prison in the USA. Once the "most dangerous felons" were incarcerated here. It was West Virginia's premier high security penitentiary and has seen plenty of internal violence, riots and escapes … and also executions. It was mainly due to the appalling and cruel conditions that it was closed in 1995. It has since been turned into a tourist attraction.
More background info: The Penitentiary was established from 1866 – as only the second public building in the state of West Virginia. It was even built by the early prisoners themselves ("hard labour" – indeed!), which took 10 years.
The prison was initially intended as a "penitentiary", i.e. a place to generate penitence in the prisoners. The system adopted here was the "Auburn system", where prisoners would be locked in solitary confinement only at night, but were working together during the day – as opposed to the "Pennsylvania system", where prisoners were kept in silent isolation almost all the time (cf. Eastern State Penitentiary).
However, even this idea of semi-solitary doing time was soon abandoned as more and more prisoners arrived, leading to increasingly overcrowded conditions. Originally built to house up to ca. 700 inmates, the penitentiary at times had a prison population exceeding 2700! The tiny cells, measuring only 5 by 7 foot (1.5 by 2 metres) and only 7 feet high, once intended as solitary confinement spaces, then each housed three inmates, two in bunk beds, while one had to sleep on a mattress on the floor.
West Virginia Penitentiary also gained notoriety as one of the most violent correctional facilities in the USA. That violence included various means of torture during its early years, executions (mostly by hanging, later electrocution) until West Virginia abolished capital punishment in 1965. But there was also violence amongst the inmates (ranging from rape to most brutal murders). Wardens too were exposed to some violence, from having excrement and vomit hurled at them to even murder, in particular one in 1979 committed by an escapee. In fact, a surprisingly large number of escape attempts from the WV Penitentiary were successful. One especially elaborate escape involved tunnelling from the greenhouse under the 6-8 feet (1.8 to 2.4 m) deep foundations of the outer prison walls.
The prison was the scene of various full-on riots too, culminating in the New Year's Day riot of 1986, when inmates took 12 prison personnel hostage. What the rioters demanded was better conditions! And indeed, they were granted e.g. a new cafeteria in the wake of the riot.
This points to one of the central problems with the penitentiary: it was outdated, cruel, overcrowded – and overall a failure.
Some cell blocks were three-tier stacks of basically just barred cages, with the summer temperatures at the top level reaching over 115 F / 46 C. Eventually, the tiny cells were outlawed as "cruel and unusual punishment" and the whole prison closed for good in 1995 and the remaining inmates were transferred to other, more contemporary correctional facilities.
On occasions, however, the place still serves as a training facility for active prison guards to gain experience in simulated prison riots!
The otherwise disused, empty building was taken over by the Moundsville Economic Development Council who opened the old prison up for tourists – with great success.
For the dark tourist, it is one of the best sites of its kind. Shame, though, it is a bit out of the way. But it is certainly worth the detour!
What there is to see: Even from the outside it's a huge menacing gothic-style edifice, with thick high walls and guard turrets at the corners and atop the central administrative block. The entrance for tourists is a bit further down the south wing these days. It's also here that a historical marker was erected in 1996.
Inside the foyer the visitor of today is right by what used to be the visitation area (still fitting, then). Apart from a souvenir shop you are greeted by the first exhibit – a guard's machine gun behind bars!
Tour groups are first taken along some corridors and for a peek into the south yard, before entering a room adorned with large-scale wall paintings made by the inmates, including rural scenery with bears etc. – which gives it a strangely kitsch atmosphere. Also quite incongruous is a museum display moved here from the nearby archaeological museum (see under combinations). Apparently the diorama of Adena culture natives sitting around a campfire was deemed too "risque" because of the nudity of the dummies (this is, after all, rural America!).
Then it starts getting gloomier: the former cafeteria, now a dark open space without any chairs, exudes a certain grim atmosphere, though one of dilapidation rather than sinisterness. Some of the disused kitchen facilities are still in place behind a security glass window front. It's a bit ghost-town-y.
Out in the north yard, you get to see the cage-like basketball exercise areas with high fences with razor-blade barbed wire on the top, and a crow's nest guard position overhead, where back then a machine gun would have been placed.
At the northern end is the so-called Wagon Gate, the prison's main entrance for vehicles and one of the oldest parts of the whole complex. This also served as an execution site: hangings took place here. You can see the trapdoor overhead when standing inside the centre of the gate. It's partly open and a rope with a noose at the end is dangling out from the opening. I think I could even make out a kind of dummy in blue overalls. I had read beforehand that on the tours a guide would release such a dummy to pop down the trapdoor. But on the tour I was on (in April 2010) this was not done.
The guide did, however, elaborate on the historical facts that such executions used to be public – until one went awry, namely in that the rope must have been employed wrongly in some way so that the executionee, instead of dangling on the rope, was decapitated by his own full weight hitting the noose at the wrong angle so that the neck just snapped.
Back inside the prison proper you get to see the north wing cells, where the real baddies were apparently held, typically in 22-hour solitary lock-in confinement. It was also here where some of the cruellest events happened, such as inmates murdering fellow inmates in the most brutal fashion.
All the time, by the way, the guide will relay such episodes that took place here, dropping many a name in the process. These names didn't mean anything to me, but it could well be that they're better known in America. But for me, lacking that kind of context and background knowledge, these episodes were at times rather hard to follow. So occasionally I switched off and concentrated more on photography. And the place really does offer some extraordinary photographic opportunities!
The whole atmosphere, in the cell blocks especially, is really dark and eerie to the max. You also get to see inside various cells (though only on the ground floor, never on any of the upper levels). There's a lot of very remarkable cell graffiti to be spotted, some pretty chilling, some predictably "titillating", some even funny in a rather black humorous kind of way!
The tour continues into the former administrative building, where the peeling paint and general dilapidation makes for rather a spooky film-set look. The administrative areas and that of the cell blocks part of the prison proper are connected by an unusual revolving-door contraption – like a cylindrical cage with one opening that can be rotated, to serve as kind of sally port. This particular type, according to the guide, is one of only two of its kind (the other apparently to be found in Birmingham, Great Britain). You even get to use it – as the group is guided through it in batches back into the main cell bock wing.
In another three-tier stack of cells, the cell door mechanism is demonstrated. Some of the group are invited to enter a cell each. They are then admonished to stand back from the bars as the guide activates the remote mechanism by which all the doors simultaneously slide shut with a loud metallic clank following a spine-chilling siren warning sound – all reverberating in the cavernous hall of cells. Thankfully, the guide releases the thus incarcerated visitors just a moment later with another loud siren and clanking of steel mechanism. This is certainly the darkest of the showy elements of the tour!
Another showy bit follows in a long corridor connecting two cell blocks: here the guide lines up his group in single file, behind a yellow line, just as past inmates had to do it. You are then instructed to place your right hand on the shoulder of the person in front of you and are then frog-marched forward in lockstep. Only, of course, this quickly breaks down, with giggling tourists losing the prerequisite co-ordination. For them, however this does not result in any reprisals …
The last station of the tour is the museum's exhibition room – which to me looked like it had been recently done-up (and not as spooky as I had read – e.g. on roadsideamerica.com). Here, various confiscated weapons as well as guards' rifles, newspaper clippings, items from the prison's cemetery, and old execution equipment are on display … as well as a couple of death masks.
On one wall there is a glass cabinet relating to the especially infamous ritual mass murderer Charles Manson. On display are photos of him and his most famous victim, Sharon Tate (then wife of Roman Polanski and pregnant at the time), together with a timeline of his case, more newspaper cuttings, and most significantly as regards the connection to the West Virginia Penitentiary: the letter that Manson wrote in 1983 in which he asked to be transferred here (the request was denied – he remained in California).
The "star piece" of it all, however, has to be without any doubt "Old Sparky", the electric chair used here in the 1950s. Ironically, it was even built by an inmate ... who was then moved elsewhere because of fears for his security had he remained in this prison. The chair itself is just a simple wooden structure, but the straps on it and the electric equipment around it make clear its purpose. Nine murder convicts (at least one in denial of guilt!) were executed in this gross manner in this very chair. Text panels elaborate on the details of the executions. It doesn't get much more chilling than this.
After this, some of the offerings at the souvenir shop by the visitor entrance may seem a little on the sick side, especially the T-shirts with a picture of "Old Sparky" on them complete with zig-zag-y lines along the sides to indicate, in the usual symbolic style, electric charges. (I admit, though, that I couldn't resist getting one of these … my wife was appalled …) Other than that, there are also postcards, coffee mugs etc, as well as a few books, including one of 129-pages (incidentally the same number as the years the prison was in operation) which is richly illustrated with black-and-white photos.
Location: in the northern "panhandle" corner of West Virginia that is wedged in between Ohio and Pennsylvania, in the city of Moundsville, right by the border with Ohio, about 60 miles (100 km) south-west from Pittsburgh. Address: 818 Jefferson Ave. (between 8th and 11th Street), Moundsville, West Virginia 26041, USA.
Google maps locator: [39.916,-80.743]
Access and costs: a bit off the beaten track, but still fairly easy to reach by car; access to the interior by reasonably priced guided tour only.
Details: for many travellers getting to Moundsville is easiest from the town of Wheeling just 10 miles (16 km) to the north along Route 2, where Interstate 70 provides fast access east and west (into Ohio and Pennsylvania, respectively). From the south, Routes 2 and 7 wind their way up on either side of the Ohio River's banks, and to the east US 250 wriggles its way through rural West Virginia all the way to Fairmont, Charlottesville and eventually Richmond, Virginia.
The West Virginia Penitentiary dominates the southern section of central Moundsville, its front facade stretching out for some 400 yards along Jefferson Ave between 8th Street and 11th Street. Coming in on Route 2 from the south, turn right into 12th Street and then left into Jefferson Ave – coming in from the east on US 250, follow 1st Street until it becomes Jefferson Ave, where, instead of continuing on the 250 branching off to the right, you take a left turn heading south. Coming in from the north on Route 2 from Wheeling, after leaving Glen Dale take the 250 forking off to the left and, instead following the 250 turning off to the left, carry on straight ahead on Jefferson Ave. There is limited parking at the Penitentiary right by the public entrance, otherwise you have to find street-side parking in the vicinity.
Access to the interior of the penitentiary is by guided tour only. These tours last 90 minutes and take place from 11 a.m., with the last tour departing at 4 p.m. – so it's advisable not to get on your way too late in the day.
Price: Regular day tours are a reasonable 10 USD for adults (8 USD for senior citizens and 6 USD for children).
There are also several special tours on offer including night tours (groups only, but with both increased fear and fun factor) and even so-called ghost hunts (reputedly the place is haunted …) as well as annual special "Dungeon of Horrors" shows around the Halloween season (see schedule and prices at wvpentours.com).
Open for guided tours only from April to November, Tuesdays to Sundays. Tours take place between 11 a.m. and 4 p.m. (phone 304-845-6200 to check exact times of opening and tour schedules). Closed Mondays and all public holidays.
Time required: Regular guided tours last ca. 90 minutes; add a little time if you want to study the displays in the exhibition room more closely, and also for a look around the shop and the exterior of the building.
Combinations with other dark destinations: Moundsville is close to Wheeling, WV, where Interstate 70 provides one of the region's main east-west arteries, leading e.g. to Dayton, Ohio, ca. 200 miles (320 km) to the west, or to Harrisburg, PA, a good 200 miles (320 km) to the east (via I-76/ the Pennsylvania Turnpike). A bit closer is Weston, WV, a couple of hours drive south (less than 70 miles (112 km) away, but on slow and winding roads) – see Trans-Allegheny Lunatic Asylum.
Combinations with non-dark destinations: Moundsville itself is a rather sleepy, nondescript little town. Somewhat more attractive is Wheeling, WV, is just 10 miles (16 km) to the north, which also boasts the historic Wheeling Suspension Bridge across the Ohio River, one of the oldest and once the longest structure of its kind. The bridge also provides access to Wheeling island with its casino and racetrack.
Moundsville itself is home to the semi-eponymous Grave Creek Mound, a prehistoric Adena culture burial mound, located just a stone's throw away from the Penitentiary, two blocks west between 10th and 8th Street. Adjacent to the site, accessible from Jefferson Ave, is the associated Delf Norona Museum where artefacts and exhibits about the Adena culture are on display (Tue – Sat 9 a.m. to 5 p.m., Sun from noon).
Further up Jefferson Ave is also the Marx Toy Museum, a nostalgic (for Americans) affair with a fittingly 1950s-design snack bar. Quirky, but only for the really dedicated.
For a few attractions further afield to the south see the relevant section under Trans-Allegheny Lunatic Asylum.
West Virginia Penitentiary 01
West Virginia Penitentiary 01b - historical marker
West Virginia Penitentiary 02 - in the lobby
West Virginia Penitentiary 03 - canteen
West Virginia Penitentiary 04 - former canteen no longer serving anything
West Virginia Penitentiary 05 - dust settled in the canteen
West Virginia Penitentiary 06 - courtyard with watchtower
West Virginia Penitentiary 07 - main exercise yard
West Virginia Penitentiary 08 - crows nest overlooking the yard where a machine-gun would have been placed
West Virginia Penitentiary 09 - Wagon Gate
West Virginia Penitentiary 10 - where public hangings took place
West Virginia Penitentiary 11 - hangmans trapdoor
West Virginia Penitentiary 12 - cell doors
West Virginia Penitentiary 13 - cell interior
West Virginia Penitentiary 14 - a rather sick Rolling Stones reference
West Virginia Penitentiary 15 - sinister emptiness
West Virginia Penitentiary 16 - old names chart
West Virginia Penitentiary 17 - revolving barred entrance to the administrative section
West Virginia Penitentiary 18 - view from behind bars
West Virginia Penitentiary 19 - points for communication with visitors
West Virginia Penitentiary 20 - cell blocks
West Virginia Penitentiary 21 - cell block with automated cell doors mechaism
West Virginia Penitentiary 22 - museum part
West Virginia Penitentiary 23 - electric chair in the museum
West Virginia Penitentiary 24 - Charles Manson letter demanding transfer to WVP
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The history of estate taxes in America has been a long and winding road. Careful estate planning is still one of the most important ways to manage and protect your assets for your heirs.
The Stamp Act of 1797 was the first federal estate tax in the United States and was passed to help fund an undeclared war with France; it was repealed in 1802. The Revenue Act of 1862 reinstated the estate tax in order to fund the Civil War; it was abolished in 1870. To finance the Spanish American War, the War Revenue Act of 1898 was passed, and subsequently abolished in 1902. Due to the costs of World War I, the Revenue Act of 1916 reinstated an estate tax that, in some form or other, has been in effect ever since.
The Economic Growth and Tax Relief Reconciliation Act of 2001 gradually increased the federal estate tax exclusion, until finally repealing the federal estate tax altogether for the 2010 tax year only. The Tax Relief Act of 2010 reinstated the federal estate tax with a $5 million exclusion, indexing the exclusion for inflation after 2011. The provisions of the Tax Relief Act of 2010 expired on December 31, 2012.
The American Taxpayer Relief Act of 2012 increased the federal estate tax rate from 35% to 40%, but left in place the higher exclusion level, which reached $5.49 million in 2017 (up from $5.45 million in 2016); both provisions are now permanent. It also left in place the “portability” of any unused exclusion between spouses.
The latest major piece of tax legislation is the Tax Cuts and Jobs Act, which was signed into law on December 22, 2017. This Act doubled the federal estate tax exclusion to $11.18 million in 2018 (indexed annually for inflation) while retaining the 40% tax rate. The 2021 federal estate tax exclusion is $11.7 million (up from $11.58 million in 2020). In 2026, the exclusion is scheduled to revert to its pre-2018 level.
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Looks like the Silly Season has started a day early then. The season is normally meant to start when Parliament rises for the summer recess, but today we have Johnson on the steps of No.10. It would now appear that he has a good six weeks at least to do what he wants without parliamentary scrutiny. Great timing, thank you Tories. His speech outside the famous door, like many of his predecessors set out a vision of his idea of One Nation Conservatism (truncate that to One Nationism) and I feel fairly certain like Theresa May’s similar appeal three years ago his will be just piss and wind. I was rather hoping he would rise to the occasion as the great Churchillian scholar that he is and deliver a truly memorable Churchillian speech, but his words were pedestrian and uninspiring (‘doomsters’ and ‘gloomsters’ doesn’t quite cut it—he sounds like a schoolboy worried that the tuck shop is about to run out). His promises, of which recruiting 20,000 more police officers was given star billing, ring hollow when you consider who it was that drastically cut police officer numbers in the days of austerity. As regards the biggest issue of the day—climate change, not Brexit—he could only muster a mention of battery technology buried in the depths of his rant. Hardly an acknowledgement that he ‘gets it.’ Anyway, he has rattled off a shopping list which suggests that he thinks he’ll be around long enough to deliver it. Since the immediate prospect of the ‘National Unity’ government scenario seems to have wilted in the summer heat, it looks like Johnson will have a little window of opportunity to demonstrate his worth. It could be a Silly Season to remember, so Season’s Greetings!
Let’s not forget that another bouncy, smiling full-of-optimism leader has been elected—this being Jo Swinson of the LibDems. She, as a fully paid-up minister in the heartless, feckless and reckless coalition Tory government now wants us to believe that all she ever did was the good stuff (like what?) and her only apology seems to be that she and her colleagues couldn’t do enough to stop the Tories wrecking British society. Obviously they were clueless. They could have pulled out of the coalition and left the Tories in a minority regime where their policies may have been more effectively challenged. Swinson is as two-faced as they come. Now she’s saying she wouldn’t work with Jeremy Corbyn. I’m not sure she would ever be offered such an invitation.
We’re in the soup. Main ingredient: laughing stock.
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Religion: not determined yet
Name: Jack of Diamonds
Other Names: Jack
Classification: villain
First Appearance: Justice League of America (vol. 2) #37 (Nov. 2009): "Royal Pain! Chapter 3: Dead Man's Hand!"
Creators: Len Wein, Tom Derenick, Dan Green, Marlo Alquiza, Jonathan Glapion, Rob Hunter, Walden Wong
Super? (Has Super Powers/Special Abilities/Technology): Yes
Number of Appearances: 1
Teams/Affiliations: The Royal Flush Gang
Enemy of: The Justice League
Based on his costume and membership in the expanded Royal Flush Gang, this character's name is presumably "Jack of Diamonds." But this name was never explicitly used in Justice League of America (vol. 2) #37 (Nov. 2009).
This character is in the following story which has been indexed by this website:
Justice League of America (vol. 2) #37 (Nov. 2009): "Royal Pain! Chapter 3: Dead Man's Hand!"
Suggested links for further research about this character:
- http://en.wikipedia.org/wiki/Royal_Flush_Gang
- https://www.comics.org/issue/647156/
- http://comicbookdb.com/issue.php?ID=180203
- http://dc.wikia.com/wiki/Justice_League_of_America_Vol_2_37
All characters, images, comics and source material © by their respective copyright holders. This page (including original commentary, organization, lists, markup, page layout, etc.) © 2021 by ComicBookReligion.com. All rights reserved. Website built by Database-Genius.com, Database-Design.org. Login...
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The Maltese melting pot
Valletta’s skyline as viewed from the sea. Photo: Malta Tourism Authority
Malta has a rich, varied and well-preserved cultural heritage and a fascinating history of which the open, welcoming Maltese can rightly feel proud as the manifestation of their unique southern Mediterranean identity. This small, strategically-placed island state has made canny use of its membership of the European Union and the service-oriented, diversified and stable domestic economy is flourishing.
Andrew Sim
Given its strategic position in the southern Mediterranean close to North Africa and the Middle East, it not surprising that the Maltese archipelago has had many foreign rulers for various periods of time throughout its history, from the Phoenicians, to the Carthaginians, the Romans, the Moors, the Sicilians, the Knights of St John, briefly the French under Napoleon and lastly the British for over 160 years before the island state gained independence. The end result today is a unique blend of many, often contradictory, elements that have come together to create a small state of some 450,000 people with a strong sense of their own unique identity as the only European country whose first language is of Semitic origin.
After Britain disbanded its naval base in Malta in the wake of geopolitical changes and advances in military technology, the country was obliged to shift the focus of its economic activity. Following entry into the European Union in 2004 and the euro-zone in 2008, the Maltese economy has taken off and currently enjoys growth rates well above the average of its European partners. With its beaches and southern Mediterranean climate, and a well-preserved cultural heritage, tourism has become a pillar of the economy, with Malta annually attracting numbers of overseas visitors that exceed its own population by over four times.
Part of the attractiveness of Malta as a holiday destination is the warmth and openness of its people. But having come under siege during different periods, the Maltese have also shown resilience and defiance of the odds. Charismatic former prime minister Dom Mintoff was famously quoted as saying: “For every blow we receive, we give back two, and for every two we give four.”
Malta has also now set itself up as a vibrant, innovative services-based economy. With a thriving financial sector and online gaming industry, it is continually looking to innovate and diversify. Now, as it prepares for its presidency of the European Council in 2017, Malta is ready to show the world what it has to offer.
“For every blow we receive, we give back two, and for every two we give four.”
Former prime minister Dom Mintoff, in reference to the Maltese people’s proven resilience and defiance in the face of daunting challenges
The Great Siege of Malta, painted between 1580 and 1583 by Italian priest Ignazio Danti, is kept in the Gallery of Maps in the Vatican
Defeat was never a viable option
The people of Malta this year have been holding a series of celebrations to commemorate the 450th anniversary of the courage and spirit of resistance shown by the Order of the Knights of Saint John of Jerusalem, or Knights Hospitaller; soldiers recruited from Spain and Greece; and the civilian population in surviving an attempt by the far greater forces of the Ottoman Empire to seize control of the island. Malta defied the blockade for more than three months until Spain sent its army to lift the siege.
Considered as a major military event in the history of Malta, it was one of the major battles in the history of Europe, viewed as a victory for Christianity over Islam. Indeed, the French writer Voltaire was quoted as saying that “nothing is so well known as the siege of Malta,” while nineteenth century Scottish novelist Walter Scott wrote an historical novel about it, which was only published in 2008.
The siege was lifted on September 8, 1565 when the Turkish fleet up-anchored and the Ottomans abandoned their efforts to conquer the island. The 8th September, Victory Day, is a national holiday in Malta. The triumph against overwhelming odds is seen as an historical and potent stepping stone to Malta’s sense of nationhood based on depth of character, resilience and self-sacrifice.
The triumph of the Knights of St John, who were put in charge of Malta by mandate of the Holy Roman Emperor Charles V in 1530, consolidated their ruling position as the guardians of the Christian faith in the country until the invasion by French troops at the end of the 18th century.
The Knights were led by the order’s grandmaster, Jean Parisot de Valette. He later founded the capital of Valletta, conceived as a fortress city with magnificent buildings such as St John’s Co-Cathedral.
In honour of the cross they were destined to bear
During a key period in the World War II, close to starvation and having to face massive bombing by Italian and German bombers, the people of Malta resisted an Axis siege. In the recognition of their valour, King George VI of Britain awarded the Maltese people the highest civilian order, the George Cross. The British monarch said in a letter dated 15th April 1942 to Malta’s Governor Lieutenant General, Sir William Dobbie, that the cross was “to honour her brave people” and “to bear witness to a heroism and devotion that will long be famous in history.” The symbol of the award was incorporated into the Maltese national flag and both the letter and the original medal are housed in the war museum at Fort Saint Elmo in Valletta.
The George Cross
This article was published 19 November 2015
Financial services done right
Malta’s financial services industry has seen the country emerge as one of the EU’s most attractive finance centres.
Maltese economy advances full speed ahead
Malta’s short-to-medium economic prospects are the envy of many of its fellow European Union states.
The EU’s most southerly member state, at the heart of Europe
Although Malta is situated further south than Tangier and Tunis, its outlook and interests are firmly European.
Where investment grows
Malta is home to a growing base of foreign direct investment. And that growth trend is expected to continue.
The new, progressive Malta
Talk about a turnaround from trad to rad. Since taking power, the Labour Party has pursued social liberalisation.
Malta's rich, varied and well-preserved cultural heritage and a fascinating history make up its unique southern Mediterranean identity.
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THUNCHAN MEMORIAL
GOVERNMENT COLLEGE TIRUR
NAAC Accredited with B++ Grade (Affiliated to University of Calicut)
Apycom jQuery Menus
History, Vision and Mission
Rankings and Achievements
Seminars & Symposia
INSIDE TMG
PTA Clubs & Committees
NSS & NCC
CAMPUS EYE
Welcome to T.M.G
It gives us immense pleasure in welcoming all of you on behalf of the entire campus community of the Thunchan memorial Govt. College, Tirur. The college was set up in the year 1980 and supported the student community a long way in their pursuit of dreaming the hike of the sky in acquiring knowledge. The Institute has a standing of about 35years, dedicated and glorious service to the cause of higher education in one of the most socially and economically backward area, Vettom Panchayath of the District of Malappuram, Kerala. The establishment of the College owes to the keen desire of a group of people of this area, since the establishment of a centre for higher education in this area was the need for the economic empowerment of all socially marginalized groups who had so far been deprived of their right to education and employment. The college works for creating a breed of qualified, innovative and dynamic professionals for different sect of the society, industry, for self-employment, for academic & research institutions and to hearten them for vibrant contributions in their respective field.
Thunchan Memorial Government College, Tirur was started as a junior college with Pre-Degree course in the year 1980 and has maintained its affiliation with the University of Calicut for more than 34 years since its inception .The enrolment over the years reveals that the college has made substantial contribution for the education of women, especially girls from educationally and socially backward and minority communities. The college was upgraded into a Degree College in the year 1991, into P.G. College in the year 1995 by introducing M.Sc. Mathematics and now looks forward in establishing research centers. Admissions to the Under-Graduate and post graduate courses are purely based on merit as per the criteria suggested by the affiliated University time to time.
At present College has five academic departments and two Skill acquisition centers supported by the several service centers like LAN lab, INFLIB Net, Audio Visual Lab, Language labs and Central Library. It offers five Under-Graduate courses in different subjects viz Mathematics, Physics, Commerce, Arabic and Malayalam and four Post-Graduate courses, viz Mathematics, Commerce, Arabic and Malayalam. 640 students, 38 qualified and competent teachers and 18 nonteaching staff form part of the teaching learning process.
The college has made enviable progress in terms of physical infrastructure and learning resources. Apart from academic activities, the co-curricular activities, sports, cultural and social- service activities form very important parts of the life of the students. College has a rich Alumni base that has significantly contributed to the development of the college over the years. The Institute takes pride in alumni, have done remarkably well in all spheres of life at both national and international levels and brought name and fame for themselves as well as to their Alma Mater.
The college welcomes you to explore the website for more information about the facilities and the courses and request you to use the suggestion link in the home page for all your opinions and comments, to feel free in sharing new ideas that may inspire us to do better and hope this will help us to full fill our vision and mission.
Copyright © 2015 TMG College Powered by MESHILOGIC SOFTWARES
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Review: Valiant Hearts: The Great War
Posted by Viki Taylor | Mar 2, 2016 | 0 |
Title: Valiant Hearts: The Great War
Platform: PlayStation 4 (reviewed on), Xbox One, Android, PlayStation 3, Xbox 360, iOS, Microsoft Windows
Price: PS4/Xbone – £12, PS3/Xbox 360 – £12, PC – £12. iOS isn’t exactly clear; iTunes isn’t giving me a price, but I believe each episode has to be purchased separately.
Developer: Ubisoft Montpellier
Release date: Out now
Family Focus: Click here for more information.
Verdict: Buy it. Cry over it. Then delete it from your hard drive and refuse to play it again.
For some reason, I thought this was some whimsical nuclear fantasy game along the lines of Fallout. There’s an old guy and a dog, and we’ll be off merrily scavenging and finding survivors. Instead I got plunged into the depths of the hell that was WWI, and about ten hours of unrelenting, sad, gameplay. Then I remembered this is from the same people who made Lost in Harmony.
Don’t play this one if you’re depressed easily.
Valiant Hearts is a 2D side scroller with puzzle elements. It has a nice balance between plot and gameplay, which is unusual for a set up like this, and manages to make you care. Normally with small mobile titles, the puzzles are the best bit. Instead, this wants you to really imagine what it was like, living as a German in France during 1914, a POW who was unfortunate enough to be conscripted, a veterinarian turned nurse who was in the wrong place at the wrong time, and an American volunteer, avenging his lost love. Valiant Hearts makes you feel, and it damn well hurts.
This is one of those games where the gameplay is nice and simple for the puzzle deficient like me. Since the stages are very small, whatever you need is usually right in front of you, or just around the next corner. The rooms are limited, so there’s not much of a chance of getting lost until the later levels – most of it is just one scrolling room, perhaps a few upper rooms, and the occasional second stage to move into. The puzzles are the same; you’re only given a limited number of tools that will every be used (pushing/pulling, throwing various grenades, moving levers or pipes and so on) and they’re pretty easy to figure out. It’s a brilliant anti-frustration technique, and it allows you to focus on what’s really important: the story. And best of all? After a certain amount of time, the game offers you a hint. God bless them.
As well as that, the gameplay feels very finely tuned for consoles. The controls aren’t finicky and awkward; there’s set buttons to interact with the environment, and they don’t deviate. It’s nice, simple, and consistent, which actually makes it fun to play. I’m not sitting around trying to work out what to do, I can just keep going in one fluid movement. The autosave, too is an absolute godsend, especially during the driving sequences. You never lose more than a few minutes of gameplay, and it’s fantastic to see it used so well.
Graphically, this is one beautiful game. Intricately drawn stages with separate, moving background pieces, each one different from the next. This is again where the game’s “limitations,” serve to its advantage; there’s no CG, no lip syncing, and very little voice acting, and that’s not a bad thing at all. Instead, all it does it draw your attention to the sheer level of detail. There’s birds in the sky, people wandering about in their day to day lives, soldiers loitering in the barracks… these stages never feel dull or lifeless. Instead, they’re living and breathing, letting you truly feel the horrors of war.
There are also a nice set of collectibles scattered about, each detailing a neat bit of history about the game’s setting. Mostly, these are everyday objects used by the soldiers, but occasionally, you’ll get snippets about people and the setting. There’s also in character diaries from each of the four leads, and longer historical fact pages, going into greater depth about the world, the weapons, and the troops.
There’s obviously been a great deal of work gone into the research for this game, and it does nothing but enhance the narrative. Each character speaks in their native language, with genuine German/French/English audio, and even though most objectives are communicated through simple pictograms, you don’t really need to have subtitles to know what’s going on. You can tell by the frantic tones that you need to fetch this, and fetch it now, lest there be hell to pay. Speed was of the essence, and yet I don’t speak a word of German.
The plot, however, is truly the masterpiece of this game. It’s incredibly refreshing to get a game focused on war that isn’t a trumped-up power fantasy. From the start, you’re met with nothing but despair. Karl is taken from his family, Emile is shipped off to fight, Walt loses his owner, Anna’s father is missing, and Freddie’s wife was killed on their wedding day. Everyone is tied together by some sort of loss, and coupled with the backdrop of German-occupied France, it’s safe to say the game doesn’t get any more cheerful from there.
It’s a truly powerful game, considering it’s narrated by a dog. It’s one of those that doesn’t need fully rendered GMV’s with Oscar-worthy dialogue. It has a story to tell, and that’s all it does – “here is what happened, here is my story, here is who we lost along the way”. In fact, those were my only two complaints about the game: fake-out deaths, and the tone. I know the status of death would have been difficult to cope with at the time, but there is a limit. After the one at the end of chapter two, I was upset. The second and third time, I was getting a bit annoyed, because all it does is make the story lose its impact. The narrative also seemed to skim over a lot of these events quickly during cutscenes, but I suppose as Walt is narrating, it makes a little more sense.
The only other issue is the tone; it’s unendingly bleak. Again, considering the subject matter, I’d consider it appropriate, but in terms of storytelling, it takes its toll. I called Life is Strange emotionally draining, but at least it had some softer bits in there to give the player a bit of a break, and Valiant Hearts doesn’t. And even though there are a ton of collectibles left to get, I shan’t be playing it again.
Simple, easy to understand gameplay and puzzles
Beautiful graphics
Highly emotive story
Story tells more than it shows in places
It’s a really, really miserable game that doesn’t let up for a second
It’s a 16, and I feel that’s fair; it’s depicting a very accurate portrayal of WW1 and all its horrors. There’s a good amount of upsetting themes and imagery, so definitely isn’t suitable for younger children.
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Viki Taylor
An avid gamer, writer, and photographer, looking for creativity and good storytelling in any possible medium, and wants to see games be considered art in the future.
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KTTP STORIES
KTTP MAG ISSUE 1
KTTP MAG ISSUE 9 | END OF THE YEAR EDITION
KTTP MAG ISSUE 10
Tag: K.T.S.E.
CAN I KICK IT? TEYANA TAYLOR KEEPS THAT SAME ENERGY
It’s finally over. The G.O.O.D. Music wave of projects executively produced by Kanye West has passed. While it will be interesting to see if any of these projects last, it is already apparent that Keep That Same Energy, the newest album from Teyana Talor, is the most fun and least-pressurized of the lot. DAYTONA, ye, KIDS SEE GHOSTS, and NASIR were all statement pieces about the place of each prospective artist’s place in the game or their own lives currently. Taylor’s album feels the least like a statement piece out of the group.
It’s interesting to see how Taylor thrives. She was introduced to the world on MTV’s My Super Sweet Sixteen, launched her music career with the lackluster “Google Me,” then reinvented herself with 90s nostalgia on her debut VII, which was released four years ago. The benefit of sporadically releasing music, it might be concluded, is that Teyana hasn’t been labeled with a certain identifiable sound. No expectations mean no restraints and K.T.S.E. contains songs entitled “3Way” and closes with “WTP” (an acronym that stands for “Work This P***y”). The music and samples feature a wide range of sounds, from classic soul ballad samples of the Delfonics and Billy Stewart to the kind of up-tempo, electric R&B that could be found at fashion shows. Indeed, it is the least trendy of any of the recent G.O.O.D. Music projects.
Taylor excels in the setting that Kanye creates for her. Her husky singing over the handsome funkiness of “Gonna Love Me” and “Issues/Hold On” show an artist that has grown exceedingly since the days of her 2014 hit “Maybe.” For the most part, she isn’t trying to find a perfect mix between R&B and rap here, but rather express a certain level of joy that is all too frequently missing from her contemporaries. You can hear it in her falsettos on “Gonna Love Me” and in the rhythm of her vocals on “Hurry.” Her confidence on “Rose In Harlem” comes as a surge of electricity to some of her earlier coolness that sounds like the kind of energy from which many of the younger generation of hip-hop artists are making a name for themselves.
K.T.S.E. is not a dramatic departure from VII, but it does suggest Taylor is capable of taking her career and music in multiple directions. Kanye does her voice and tastes justice with his production, and she does him favors by closing out the G.O.O.D. strongly.
3Way Gonna Love Me Issues/Love Me K.T.S.E. Keep That Same Energy Maybe Teyana Taylor WTP
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The Stars and Stripes 🇺🇸 From 1 to 10, what
@MauriceEdu laced up the "Shattered Backboard 2.0"
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Top, middle, or bottom? 🤔 #Nike #NikeFootball
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KICKS TO THE PITCH is a hybrid creative force dedicated to the cultivation of all things soccer cool. We are football enthusiasts with our feet firmly planted in the streets. We are sneakerheads, hip hop purists, streetwear aficionados and street art advocates. Via our online publication and media presence we aim to shine the light on anything stylish, fresh and groundbreaking touching the beautiful game. Our live events focus on the fusion of the global game of football with urban and youth culture. KTTP’s mission is to bring the beautiful game to every head on every street corner in the world.
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Title: Common law
Subject: Case law, Precedent, Property law, Murder, Trust law
Collection: Common Law, Legal History, Legal Systems, World Digital Library Related
Common law (also known as case law or precedent) is law developed by judges, courts, and similar tribunals, stated in decisions that nominally decide individual cases but that in addition have precedential effect on future cases.[1][2] Common law is a third branch of law, in contrast to and on equal footing with statutes which are adopted through the legislative process, and regulations which are promulgated by the executive branch.
A "common law system" is a legal system that gives great precedential weight to common law,[3] so that consistent principles applied to similar facts yield similar outcomes.[4] The body of past common law binds judges that make future decisions, just as any other law does, to ensure consistent treatment. In cases where the parties disagree on what the law is, a common law court looks to past precedential decisions of relevant courts. If a similar dispute has been resolved in the past, the court is usually bound to follow the reasoning used in the prior decision (this principle is known as stare decisis). If, however, the court finds that the current dispute is fundamentally distinct from all previous cases (called a "matter of first impression"), judges have the authority and duty to make law by creating precedent.[5] Thereafter, the new decision becomes precedent, and will bind future courts. Stare decisis, the principle that cases should be decided according to consistent principled rules so that similar facts will yield similar results, lies at the heart of all common law systems.
Legal systems of the world.[6] Common law is red.
One third of the world's population (approximately 2.3 billion people) live in common law jurisdictions or in systems mixed with civil law. Common law originated during the Middle Ages in England,[7] and from there was propagated to the colonies of the British Empire, including India,[8] the United States (both the federal system and 49 of its 50 states), Pakistan,[9] Nigeria, Bangladesh, Canada (and all its provinces except Quebec), Malaysia, Ghana, Australia,[10] Sri Lanka, Hong Kong, Singapore, Burma, Ireland, New Zealand, Jamaica, Trinidad and Tobago, Cyprus, Barbados,[11] South Africa, Zimbabwe, Cameroon, Namibia, Liberia, Sierra Leone, Botswana, Guyana, and Fiji.
Primary connotations 1
One: Common law as opposed to statutory law and regulatory law 1.1
Two: Common law legal systems as opposed to civil law legal systems 1.2
Three: Law as opposed to equity 1.3
Four: Historical uses 1.4
Basic principles of common law 2
Common law adjudication 2.1
The common law evolves to meet changing social needs and improved understanding 2.2
Interaction of constitutional, statutory and common law 2.3
Overruling precedent—the limits of stare decisis 2.4
Common law as a foundation for commercial economies 2.5
Medieval English common law 3.1
Influences of foreign legal systems 3.2
Roman law 3.2.1
Propagation of the common law to the colonies and Commonwealth by reception statutes 3.3
Decline of Latin maxims, and adding flexibility to stare decisis 3.4
1870 through 20th century, and the procedural merger of law and equity 3.5
Common law pleading and its abolition in the early 20th century 3.6
Contrasts between common law and civil law systems 4
Constant jurisprudence 4.1
General principles of law 4.2
Adversarial system vs. inquisitorial system 4.3
Contrasting role of treatises and academic writings in common law and civil law systems 4.4
Common law legal systems in the present day 5
Scotland 5.1
States of the United States (17th century on) 5.2
New York (17th century) 5.2.1
Louisiana (1700s) 5.2.2
California (1850s) 5.2.3
United States federal courts (1789 and 1938) 5.3
United States executive branch agencies (1946) 5.4
India (19th century and 1948) 5.5
Canada (1867) 5.6
Nicaragua 5.7
Israel (1948) 5.8
Roman Dutch Common law 5.9
Alternatives to common law systems 5.10
Scholarly works 6
Early common law systems 7.1
Examples of modern common law systems 7.2
Common law as applied to matrimony 7.3
Common vs. civil laws 7.4
Stages of common law trials 7.5
Slavery 7.6
Primary connotations
The term common law has three main connotations and several historical meanings worth mentioning:
One: Common law as opposed to statutory law and regulatory law
Connotation 1 distinguishes the authority that promulgated a law. For example, most areas of law in most Anglo-American jurisdictions include "statutory law" enacted by a legislature, "regulatory law" promulgated by executive branch agencies pursuant to delegation of rule-making authority from the legislature, and common law (connotation 1) or "case law", i.e., decisions issued by courts (or quasi-judicial tribunals within agencies).[12][13] This first connotation can be further differentiated into
(a) pure common law
arising from the traditional and inherent authority of courts to define what the law is, even in the absence of an underlying statute or regulation. Examples include most criminal law and procedural law before the 20th century, and even today, most contract law and the law of torts.
(b) interstitial common law
court decisions that analyze, interpret and determine the fine boundaries and distinctions in law promulgated by other bodies. This body of common law (connotation 1), sometimes called "interstitial common law," includes judicial interpretation of the Constitution, of legislative statutes, and of agency regulations, and the law application of law to specific facts.[14]
Two: Common law legal systems as opposed to civil law legal systems
Connotation 2 differentiates "common law" jurisdictions and legal systems from "civil law" or "code" jurisdictions.[14] Common law (connotation 2) systems place great weight on court decisions, which are considered "law" with the same force of law as statutes—for nearly a millennium, common law (connotation 2) courts have had the authority to make law where no legislative statute exists, and statutes mean what courts interpret them to mean. By contrast, in civil law jurisdictions (the legal tradition that prevails, or is combined with common law, in Europe and most non-Islamic, non-common law countries), courts lack authority to act if there is no statute, and judicial precedent is given less interpretive weight (which means that a judge deciding a given case has more freedom to interpret the text of a statute independently, and less predictably), and scholarly literature is given more. For example, the Napoleonic code expressly forbade French judges to pronounce general principles of law.[15]
As a rule of thumb, common law (connotation 2) systems trace their history to England, while civil law systems trace their history through the Napoleonic Code back to the Corpus Juris Civilis of Roman law.
The contrast between common law and civil law systems is elaborated in "Contrasts between common law and civil law systems" and "Alternatives to common law systems", below.
Three: Law as opposed to equity
Connotation 3 differentiates "common law" (or just "law") from "equity".[12][13] Before 1873, England had two parallel court systems: courts of "law" which could only award money damages and recognized only the legal owner of property, and courts of "equity" (courts of chancery) that could issue injunctive relief (that is, a court order to a party to do something, give something to someone, or stop doing something) and recognized trusts of property. This split propagated to many of the colonies, including the United States (see "Reception Statutes", below). For most purposes, most jurisdictions, including the U.S. federal system and most states, have merged the two courts.[16][17] Additionally, even before the separate courts were merged, most courts were permitted to apply both law (connotation 3) and equity, though under potentially different procedural law. Nonetheless, the historical distinction between "law" (in connotation 3) and "equity" remains important today when the case involves issues such as the following:
categorizing and prioritizing rights to property—for example, the same article of property often has a "legal title" and an "equitable title," and these two groups of ownership rights may be held by different people.
in the United States, determining whether the Seventh Amendment's right to a jury trial applies (a determination of a fact necessary to resolution of a "common law" claim)[18] or whether the issue will be decided by a judge (issues of what the law is, and all issues relating to equity).
the standard of review and degree of deference given by an appellate tribunal to the decision of the lower tribunal under review (issues of law are reviewed de novo, that is, "as if new" from scratch by the appellate tribunal, while most issues of equity are reviewed for "abuse of discretion," that is, with great deference to the tribunal below).
the remedies available and rules of procedure to be applied.
Courts of equity rely on common law principles of binding precedent (connotation 1).
Four: Historical uses
In addition, there are several historical uses of the term that provide some background as to its meaning.
In one archaic usage, "common law" refers to the pre-Christian system of law, imported by the Saxons to England, and dating to before the Norman conquest, and before there was any consistent law to be applied.[19][20] This definition is found or alluded to in some internet dictionaries.[21]
"Common law" as the term is used today in common law countries contrasts with ius commune. While historically the ius commune became a secure point of reference in continental European legal systems, in England it was not a point of reference at all.[22]
The English Court of Common Pleas dealt with lawsuits in which the Monarch had no interest, i.e., between commoners.
Additionally, from at least the 11th century and continuing for several centuries after that, there were several different circuits in the royal court system, served by itinerant judges who would travel from town to town dispensing the King's justice. The term "common law" was used to describe the law held in common between the circuits and the different stops in each circuit. The more widely a particular law was recognized, the more weight it held, whereas purely local customs were generally subordinate to law recognized in a plurality of jurisdictions.
These definitions are archaic, their relevance having dissipated with the development of the English legal system over the centuries, but they do explain the origin of the term as used today.
Basic principles of common law
Common law adjudication
In a common law jurisdiction several stages of research and analysis are required to determine "what the law is" in a given situation. First, one must ascertain the facts. Then, one must locate any relevant statutes and cases. Then one must extract the principles, analogies and statements by various courts of what they consider important to determine how the next court is likely to rule on the facts of the present case. Later decisions, and decisions of higher courts or legislatures carry more weight than earlier cases and those of lower courts.[23] Finally, one integrates all the lines drawn and reasons given, and determines "what the law is". Then, one applies that law to the facts.
In practice, common law systems are considerably more complicated than the simplified system described above. The decisions of a court are binding only in a particular jurisdiction, and even within a given jurisdiction, some courts have more power than others. For example, in most jurisdictions, decisions by appellate courts are binding on lower courts in the same jurisdiction, and on future decisions of the same appellate court, but decisions of lower courts are only non-binding persuasive authority. Interactions between common law, constitutional law, statutory law and regulatory law also give rise to considerable complexity.
The common law evolves to meet changing social needs and improved understanding
Justice Holmes cautioned that “the proper derivation of general principles in both common and constitutional law ... arise gradually, in the emergence of a consensus from a multitude of particularized prior decisions.”[24] Justice Cardozo noted the “common law does not work from pre-established truths of universal and inflexible validity to conclusions derived from them deductively,” but “[i]ts method is inductive, and it draws its generalizations from particulars.”[25]
The common law (connotation 1) is more malleable than statutory law. First, common law courts are not absolutely bound by precedent, but can (when extraordinarily good reason is shown) reinterpret and revise the law, without legislative intervention, to adapt to new trends in political, legal and social philosophy. Second, the common law (connotation 1) evolves through a series of gradual steps, that gradually works out all the details, so that over a decade or more, the law can change substantially but without a sharp break, thereby reducing disruptive effects.[26] In contrast to common law incrementalism, the legislative process is very difficult to get started, as legislatures tend to delay action until a situation is totally intolerable. For these reasons, legislative changes tend to be large, jarring and disruptive (sometimes positively, sometimes negatively, and sometimes with unintended consequences).
One example of the gradual change that typifies evolution of the common law (connotation 1) is the gradual change in liability for negligence. For example, the traditional common law rule through most of the 19th century was that a plaintiff could not recover for a defendant's negligent production or distribution of a harmful instrumentality unless the two were in privity of contract. Thus, only the immediate purchaser could recover for a product defect, and if a part was built up out of parts from parts manufacturers, the ultimate buyer could not recover for injury caused by a defect in the part. In an 1842 English case, Winterbottom v. Wright,[27] the postal service had contracted with Wright to maintain its coaches. Winterbottom was a driver for the post. When the coach failed and injured Winterbottom, he sued Wright. The Winterbottom court recognized that there would be "absurd and outrageous consequences" if an injured person could sue any person peripherally involved, and knew it had to draw a line somewhere, a limit on the causal connection between the negligent conduct and the injury. The court looked to the contractual relationships, and held that liability would only flow as far as the person in immediate contract ("privity") with the negligent party.
A first exception to this rule arose in an 1852 case by New York's highest court, Thomas v. Winchester,[28] which held that mislabeling a poison as an innocuous herb, and then selling the mislabeled poison through a dealer who would be expected to resell it, put "human life in imminent danger." Thomas used this as a reason to create an exception to the "privity" rule. In, 1909, New York held in Statler v. Ray Mfg. Co.[29] that a coffee urn manufacturer was liable to a person injured when the urn exploded, because the urn "was of such a character inherently that, when applied to the purposes for which it was designed, it was liable to become a source of great danger to many people if not carefully and properly constructed."
Yet the privity rule survived. In Cadillac Motor Car Co. v. Johnson,[30] (decided in 1915 by the federal appeals court for New York and several neighboring states), the court held that a car owner could not recover for injuries from a defective wheel, when the automobile owner had a contract only with the automobile dealer and not with the manufacturer, even though there was "no question that the wheel was made of dead and ‘dozy‘ wood, quite insufficient for its purposes." The Cadillac court was willing to acknowledge that the case law supported exceptions for "an article dangerous in its nature or likely to become so in the course of the ordinary usage to be contemplated by the vendor." However, held the Cadillac court, "one who manufactures articles dangerous only if defectively made, or installed, e.g., tables, chairs, pictures or mirrors hung on the walls, carriages, automobiles, and so on, is not liable to third parties for injuries caused by them, except in case of willful injury or fraud,"
Finally, in the famous case of MacPherson v. Buick Motor Co.,[31] in 1916, Judge Benjamin Cardozo for New York's highest court pulled a broader principle out of these predecessor cases. The facts were almost identical to Cadillac a year earlier: a wheel from a wheel manufacturer was sold to Buick, to a dealer, to MacPherson, and the wheel failed, injuring MacPherson. Judge Cardozo held:
It may be that Statler v. Ray Mfg. Co. have extended the rule of Thomas v. Winchester. If so, this court is committed to the extension. The defendant argues that things imminently dangerous to life are poisons, explosives, deadly weapons—things whose normal function it is to injure or destroy. But whatever the rule in Thomas v. Winchester may once have been, it has no longer that restricted meaning. A scaffold (Devlin v. Smith, supra) is not inherently a destructive instrument. It becomes destructive only if imperfectly constructed. A large coffee urn (Statler v. Ray Mfg. Co., supra) may have within itself, if negligently made, the potency of danger, yet no one thinks of it as an implement whose normal function is destruction. What is true of the coffee urn is equally true of bottles of aerated water (Torgeson v. Schultz, 192 N. Y. 156). We have mentioned only cases in this court. But the rule has received a like extension in our courts of intermediate appeal. In Burke v. Ireland (26 App. Div. 487), in an opinion by CULLEN, J., it was applied to a builder who constructed a defective building; in Kahner v. Otis Elevator Co. (96 App. Div. 169) to the manufacturer of an elevator; in Davies v. Pelham Hod Elevating Co. (65 Hun, 573; affirmed in this court without opinion, 146 N. Y. 363) to a contractor who furnished a defective rope with knowledge of the purpose for which the rope was to be used. We are not required at this time either to approve or to disapprove the application of the rule that was made in these cases. It is enough that they help to characterize the trend of judicial thought. We hold, then, that the principle of Thomas v. Winchester is not limited to poisons, explosives, and things of like nature, to things which in their normal operation are implements of destruction. If the nature of a thing is such that it is reasonably certain to place life and limb in peril when negligently made, it is then a thing of danger. Its nature gives warning of the consequences to be expected. If to the element of danger there is added knowledge that the thing will be used by persons other than the purchaser, and used without new tests then, irrespective of contract, the manufacturer of this thing of danger is under a duty to make it carefully. ... There must be knowledge of a danger, not merely possible, but probable.
Cardozo's new "rule" exists in no prior case, but is inferrable as a synthesis of the "thing of danger" principle stated in them, merely extending it to "foreseeable danger" even if "the purposes for which it was designed" were not themselves "a source of great danger." MacPherson takes some care to present itself as foreseeable progression, not a wild departure. Cardozo continues to adhere to the original principle of Winterbottom, that "absurd and outrageous consequences" must be avoided, and he does so by drawing a new line in the last sentence quoted above: "There must be knowledge of a danger, not merely possible, but probable." But while adhering to the underlying principle that some boundary is necessary, MacPherson overruled the prior common law by rendering the formerly dominant factor in the boundary, that is, the privity formality arising out of a contractual relationship between persons, totally irrelevant. Rather, the most important factor in the boundary would be the nature of the thing sold and the foreseeable uses that downstream purchasers would make of the thing.
This illustrates two crucial principles that are often not well understood by non-lawyers. (a) The common law evolves, this evolution is in the hands of judges, and judges have "made law" for hundreds of years. (b) The reasons given for a decision are often more important in the long run than the outcome in a particular case. This is the reason that judicial opinions are usually quite long, and give rationales and policies that can be balanced with judgment in future cases, rather than the bright-line rules usually embodied in statutes.
Interaction of constitutional, statutory and common law
In common law legal systems (connotation 2), the common law (connotation 1) is crucial to understanding almost all important areas of law. For example, in England and Wales, in English Canada, and in most states of the United States, the basic law of contracts, torts and property do not exist in statute, but only in common law (though there may be isolated modifications enacted by statute). As another example, the Supreme Court of the United States in 1877,[32] held that a Michigan statute that established rules for solemnization of marriages did not abolish pre-existing common-law marriage, because the statute did not affirmatively require statutory solemnization and was silent as to preexisting common law.
In almost all areas of the law (even those where there is a statutory framework, such as contracts for the sale of goods,[33] or the criminal law),[34] legislature-enacted statutes generally give only terse statements of general principle, and the fine boundaries and definitions exist only in the interstitial common law (connotation 1(b)). To find out what the precise law is that applies to a particular set of facts, one has to locate precedential decisions on the topic, and reason from those decisions by analogy. To consider but one example, the First Amendment to the United States Constitution states "Congress shall make no law respecting an establishment of religion, or prohibiting the free exercise thereof"—but interpretation (that is, determining the fine boundaries, and resolving the tension between the "establishment" and "free exercise" clauses) of each of the important terms was delegated by Article III of the Constitution to the judicial branch,[35] so that the current legal boundaries of the Constitutional text can only be determined by consulting interstitial common law (connotation 1(b)).[36]
In common law jurisdictions (connotation 2), legislatures operate under the assumption that statutes will be interpreted against the backdrop of the pre-existing common law (connotation 1) and custom. For example, in most U.S. states, the criminal statutes are primarily codification of pre-existing common law. (Codification is the process of enacting a statute that collects and restates pre-existing law in a single document—when that pre-existing law is common law, the common law remains relevant to the interpretation of these statutes.) In reliance on this assumption, modern statutes often leave a number of terms and fine distinctions unstated—for example, a statute might be very brief, leaving the precise definition of terms unstated, under the assumption that these fine distinctions will be inherited from pre-existing common law. (For this reason, many modern American law schools teach the common law of crime as it stood in England in 1789, because that centuries-old English common law is a necessary foundation to interpreting modern criminal statutes.)
With the transition from English law, which had common law crimes, to the new legal system under the U.S. Constitution, which prohibited ex post facto laws at both the federal and state level, the question was raised whether there could be common law crimes in the United States. It was settled in the case of United States v. Hudson and Goodwin, 11 U.S. 32 (1812), which decided that federal courts had no jurisdiction to define new common law crimes, and that there must always be a (constitutional) statute defining the offense and the penalty for it.
Still, many states retain selected common law crimes. For example, in Virginia, the definition of the conduct that constitutes the crime of robbery exists only in the common law, and the robbery statute only sets the punishment.[37] Virginia Code section 1-200 establishes the continued existence and vitality of common law principles and provides that "The common law of England, insofar as it is not repugnant to the principles of the Bill of Rights and Constitution of this Commonwealth, shall continue in full force within the same, and be the rule of decision, except as altered by the General Assembly."
By contrast to statutory codification of common law, some statutes displace common law, for example to create a new cause of action that did not exist in the common law, or to legislatively overrule the common law. An example is the tort of wrongful death, which allows certain persons, usually a spouse, child or estate, to sue for damages on behalf of the deceased. There is no such tort in English common law; thus, any jurisdiction that lacks a wrongful death statute will not allow a lawsuit for the wrongful death of a loved one. Where a wrongful death statute exists, the compensation or other remedy available is limited to the remedy specified in the statute (typically, an upper limit on the amount of damages). Courts generally interpret statutes that create new causes of action narrowly—that is, limited to their precise terms—because the courts generally recognize the legislature as being supreme in deciding the reach of judge-made law unless such statute should violate some "second order" constitutional law provision (cf. judicial activism).
Where a tort is rooted in common law (connotation 1(a)), all traditionally recognized damages for that tort may be sued for, whether or not there is mention of those damages in the current statutory law. For instance, a person who sustains bodily injury through the negligence of another may sue for medical costs, pain, suffering, loss of earnings or earning capacity, mental and/or emotional distress, loss of quality of life, disfigurement and more. These damages need not be set forth in statute as they already exist in the tradition of common law. However, without a wrongful death statute, most of them are extinguished upon death.
In the United States, the power of the federal judiciary to review and invalidate unconstitutional acts of the federal executive branch is stated in the constitution, Article III sections 1 and 2: "The judicial Power of the United States, shall be vested in one supreme Court, and in such inferior Courts as the Congress may from time to time ordain and establish. ... The judicial Power shall extend to all Cases, in Law and Equity, arising under this Constitution, the Laws of the United States, and Treaties made, or which shall be made, under their Authority..." The first famous statement of "the judicial power" was Marbury v. Madison, 5 U.S. (1 Cranch) 137 (1803). Later cases interpreted the "judicial power" of Article III to establish the power of federal courts to consider or overturn any action of Congress or of any state that conflicts with the Constitution.
The interactions between decisions of different courts is discussed further in the article on precedent.
Overruling precedent—the limits of stare decisis
The United States federal courts are divided into twelve regional circuits, each with a circuit court of appeals (plus a thirteenth, the Court of Appeals for the Federal Circuit, which hears appeals in patent cases and cases against the federal government, without geographic limitation). Decisions of one circuit court are binding on the district courts within the circuit and on the circuit court itself, but are only persuasive authority on sister circuits. District court decisions are not binding precedent at all, only persuasive.
Most of the U.S. federal courts of appeal have adopted a rule under which, in the event of any conflict in decisions of panels (most of the courts of appeal almost always sit in panels of three), the earlier panel decision is controlling, and a panel decision may only be overruled by the court of appeals sitting en banc (that is, all active judges of the court) or by a higher court.[38] In these courts, the older decision remains controlling when an issue comes up the third time.
Other courts, for example, the Court of Customs and Patent Appeals and the Supreme Court, always sit en banc, and thus the later decision controls. These courts essentially overrule all previous cases in each new case, and older cases survive only to the extent they do not conflict with newer cases. The interpretations of these courts—for example, Supreme Court interpretations of the constitution or federal statutes—are stable only so long as the older interpretation maintains the support of a majority of the court. Older decisions persist through some combination of belief that the old decision is right, and that it is not sufficiently wrong to be overruled.
In the UK, since 2009, the Supreme Court of the United Kingdom has the authority to overrule and unify decisions of lower courts. From 1966 to 2009, this power lay with the House of Lords, granted by the Practice Statement of 1966.[39]
Canada's system, described below, avoids regional variability of federal law by giving national jurisdiction to both layers of appellate courts.
Common law as a foundation for commercial economies
The reliance on judicial opinion is a strength of common law systems, and is a significant contributor to the robust commercial systems in the United Kingdom and United States. Because there is reasonably precise guidance on almost every issue, parties (especially commercial parties) can predict whether a proposed course of action is likely to be lawful or unlawful, and have some assurance of consistency. As Justice Brandeis famously expressed it, “in most matters it is more important that the applicable rule of law be settled than that it be settled right.”[40] This ability to predict gives more freedom to come close to the boundaries of the law.[41] For example, many commercial contracts are more economically efficient, and create greater wealth, because the parties know ahead of time that the proposed arrangement, though perhaps close to the line, is almost certainly legal. Newspapers, taxpayer-funded entities with some religious affiliation, and political parties can obtain fairly clear guidance on the boundaries within which their freedom of expression rights apply.
In contrast, in non-common-law countries, and jurisdictions with very weak respect for precedent (example, the U.S. Patent Office), fine questions of law are redetermined anew each time they arise, making consistency and prediction more difficult, and procedures far more protracted than necessary because parties cannot rely on written statements of law as reliable guides. In jurisdictions that do not have a strong allegiance to a large body of precedent, parties have less a priori guidance and must often leave a bigger "safety margin" of unexploited opportunities, and final determinations are reached only after far larger expenditures on legal fees by the parties.
This is the reason for the frequent choice of the law of the State of New York in commercial contracts, even when neither entity has extensive contacts with New York—and remarkably often even when neither party has contacts with the United States.[42] Commercial contracts almost always include a "choice of law clause" to reduce uncertainty. Somewhat surprisingly, contracts throughout the world (for example, contracts involving parties in Japan, France and Germany, and from most of the other states of the United States) often choose the law of New York, even where the relationship of the parties and transaction to New York is quite attenuated. Because of its history as the United States' commercial center, New York common law has a depth and predictability not (yet) available in any other jurisdictions of the United States. Similarly, American corporations are often formed under Delaware corporate law, and American contracts relating to corporate law issues (merger and acquisitions of companies, rights of shareholders, and so on.) include a Delaware choice of law clause, because of the deep body of law in Delaware on these issues.[43] On the other hand, some other jurisdictions have sufficiently developed bodies of law so that parties have no real motivation to choose the law of a foreign jurisdiction (for example, England and Wales, and the state of California), but not yet so fully developed that parties with no relationship to the jurisdiction choose that law.[44] Outside the United States, parties that are in different jurisdictions from each other often choose the law of England and Wales, particularly when the parties are each in former British colonies and members of the Commonwealth. The common theme in all cases is that commercial parties seek predictability and simplicity in their contractual relations, and frequently choose the law of a common law jurisdiction with a well-developed body of common law to achieve that result.
Likewise, for litigation of commercial disputes arising out of unpredictable torts (as opposed to the prospective choice of law clauses in contracts discussed in the previous paragraph), certain jurisdictions attract an unusually high fraction of cases, because of the predictability afforded by the depth of decided cases. For example, London is considered the pre-eminent centre for litigation of admiralty cases.[45]
This is not to say that common law is better in every situation. For example, civil law can be clearer than case law when the legislature has had the foresight and diligence to address the precise set of facts applicable to a particular situation. For that reason, civil law statutes tend to be somewhat more detailed than statutes written by common law legislatures—but, conversely, that tends to make the statute more difficult to read (the United States tax code is an example).[46] Nonetheless, as a practical matter, no civil law legislature can ever address the full spectrum of factual possibilities in the breadth, depth and detail of the case law of the common law courts of even a smaller jurisdiction, and that deeper, more complete body of law provides additional predictability that promotes commerce.
The term "common law" originally derives from the 1150s and 1160s, when Henry II of England established the secular English tribunals. The "common law" was the law that emerged as "common" throughout the realm (as distinct from the various legal codes that preceded it, such as Mercian law, the Danelaw and the law of Wessex)[47] as the king's judges followed each other's decisions to create a unified common law throughout England. The doctrine of precedent developed during the 12th and 13th centuries,[48] as the collective judicial decisions that were based in tradition, custom and precedent.[49]
The form of reasoning used in common law is known as casuistry or case-based reasoning. The common law, as applied in civil cases (as distinct from criminal cases), was devised as a means of compensating someone for wrongful acts known as torts, including both intentional torts and torts caused by negligence, and as developing the body of law recognizing and regulating contracts. The type of procedure practiced in common law courts is known as the adversarial system; this is also a development of the common law.
Medieval English common law
In the late 9th century, Alfred the Great assembled the Doom book (not to be confused with the more-famous Domesday Book from 200 years later), which collected the existing laws of Kent, Wessex, and Mercia, and attempted to blend in the Mosaic code, Christian principles, and Germanic customs dating as far as the 5th century.[50]
Before the Norman conquest in 1066, justice was administered primarily by what is today known as the county courts (the modern "counties" were referred to as "shires" in pre-Norman times), presided by the diocesan bishop and the sheriff, exercising both ecclesiastical and civil jurisdiction.[51] Trial by jury began in these courts.[51]
In 1154, Henry II became the first Plantagenet king. Among many achievements, Henry institutionalized common law by creating a unified system of law "common" to the country through incorporating and elevating local custom to the national, ending local control and peculiarities, eliminating arbitrary remedies and reinstating a jury system—citizens sworn on oath to investigate reliable criminal accusations and civil claims. The jury reached its verdict through evaluating common local knowledge, not necessarily through the presentation of evidence, a distinguishing factor from today's civil and criminal court systems.
Henry II developed the practice of sending judges from his own central court to hear the various disputes throughout the country. His judges would resolve disputes on an ad hoc basis according to what they interpreted the customs to be. The king's judges would then return to London and often discuss their cases and the decisions they made with the other judges. These decisions would be recorded and filed. In time, a rule, known as stare decisis (also commonly known as precedent) developed, whereby a judge would be bound to follow the decision of an earlier judge; he was required to adopt the earlier judge's interpretation of the law and apply the same principles promulgated by that earlier judge if the two cases had similar facts to one another. Once judges began to regard each other's decisions to be binding precedent, the pre-Norman system of local customs and law varying in each locality was replaced by a system that was (at least in theory, though not always in practice) common throughout the whole country, hence the name "common law."
Henry II's creation of a powerful and unified court system, which curbed somewhat the power of canonical (church) courts, brought him (and England) into conflict with the church, most famously with Thomas Becket, the Archbishop of Canterbury. Eventually, Becket was murdered inside Canterbury Cathedral by four knights who believed themselves to be acting on Henry's behalf. Whether Henry actually intended to bring about the assassination of Becket is debatable, but there is no question that at the time of the murder, the two men were embroiled in a bitter dispute regarding the power of Royal Courts to exercise jurisdiction over former clergymen. The murder of the Archbishop gave rise to a wave of popular outrage against the King. Henry was forced to repeal the disputed laws and to abandon his efforts to hold church members accountable for secular crimes (see also Constitutions of Clarendon).
Judge-made common law operated as the primary source of law for several hundred years, before Parliament acquired legislative powers to create statutory law. It is important to understand that common law is the older and more traditional source of law, and legislative power is simply a layer applied on top of the older common law foundation. Since the 12th century, courts have had parallel and co-equal authority to make law[52]—"legislating from the bench" is a traditional and essential function of courts, which was carried over into the U.S. system as an essential component of the "judicial power" specified by Article III of the U.S. constitution.[53] Justice Oliver Wendell Holmes, Jr. observed in 1917 that "judges do and must legislate."[54] There are legitimate debates on how the powers of courts and legislatures should be balanced. However, a view that courts lack law-making power is historically inaccurate and constitutionally unsupportable.
Influences of foreign legal systems
The term "common law" (connotation 2) is often used as a contrast to Roman-derived "civil law", and the fundamental processes and forms of reasoning in the two are quite different. Nonetheless, there has been considerable cross-fertilization of ideas, while the two traditions and sets of foundational principles remain distinct.
By the time of the rediscovery of the Roman law in Europe in the 12th and 13th centuries, the common law had already developed far enough to prevent a Roman law reception as it occurred on the continent.[55] However, the first common law scholars, most notably Glanvill and Bracton, as well as the early royal common law judges, had been well accustomed with Roman law. Often, they were clerics trained in the Roman canon law.[56] One of the first and throughout its history one of the most significant treatises of the common law, Bracton’s De Legibus et Consuetudinibus Angliae (On the Laws and Customs of England), was heavily influenced by the division of the law in Justinian’s Institutes.[57] The impact Roman law had decreased sharply after the age of Bracton, but the Roman divisions of actions into in rem (typically, actions against a thing or property for the purpose of gaining title to that property; must be filed in a court where the property is located) and in personam (typically, actions directed against a person; these can affect a person's rights and, since a person often owns things, his property too) used by Bracton had a lasting effect and laid the groundwork for a return of Roman law structural concepts in the 18th and 19th centuries. Signs of this can be found in Blackstone’s Commentaries on the Laws of England,[58] and Roman law ideas regained importance with the revival of academic law schools in the 19th century.[59] As a result, today, the main systematic divisions of the law into property, contract, and tort (and to some extent unjust enrichment) can be found in the civil law as well as in the common law.[60]
Propagation of the common law to the colonies and Commonwealth by reception statutes
A reception statute is a statutory law adopted as a former British colony becomes independent, by which the new nation adopts (i.e. receives) pre-independence English law, to the extent not explicitly rejected by the legislative body or constitution of the new nation. Reception statutes generally consider the English common law dating prior to independence, and the precedents originating from it, as the default law, because of the importance of using an extensive and predictable body of law to govern the conduct of citizens and businesses in a new state. All U.S. states, with the partial exception of Louisiana, have either implemented reception statutes or adopted the common law by judicial opinion.[61]
Other examples of reception statutes in the United States, the states of the U.S., Canada and its provinces, and Hong Kong, are discussed in the reception statute article.
Decline of Latin maxims, and adding flexibility to stare decisis
Well into the 19th century, ancient maxims played a large role in common law adjudication. Many of these maxims had originated in Roman Law, migrated to England before the introduction of Christianity to the British Isles, and were typically stated in Latin even in English decisions. Many examples are familiar in everyday speech even today, "One cannot be a judge in one's own cause" (see Dr. Bonham's Case), rights are reciprocal to obligations, and the like. Judicial decisions and treatises of the 17th and 18th centuries, such at those of Lord Chief Justice Edward Coke, presented the common law as a collection of such maxims. See also Thomas Jefferson's letter to Thomas Cooper.
Reliance on old maxims and rigid adherence to precedent, no matter how old or ill-considered, was under full attack by the late 19th century. Oliver Wendell Holmes, Jr. in his famous article, "The Path of the Law",[62] commented, "It is revolting to have no better reason for a rule of law than that so it was laid down in the time of Henry IV. It is still more revolting if the grounds upon which it was laid down have vanished long since, and the rule simply persists from blind imitation of the past." Justice Holmes noted that study of maxims might be sufficient for "the man of the present," but "the man of the future is the man of statistics and the master of economics." In an 1880 lecture at Harvard, he wrote:
The life of the law has not been logic; it has been experience. The felt necessities of the time, the prevalent moral and political theories, intuitions of public policy, avowed or unconscious, even the prejudices which judges share with their fellow men, have had a good deal more to do than the syllogism in determining the rules by which men should be governed. The law embodies the story of a nation's development through many centuries, and it cannot be dealt with as if it contained only the axioms and corollaries of a book of mathematics.
In the early 20th century, Louis Brandeis, later appointed to the United States Supreme Court, became noted for his use of policy-driving facts and economics in his briefs, and extensive appendices presenting facts that lead a judge to the advocate's conclusion. By this time, briefs relied more on facts than on Latin maxims.
Reliance on old maxims is now deprecated.[63] Common law decisions today reflect both precedent and policy judgment drawn from economics, the social sciences, business, decisions of foreign courts, and the like. The degree to which these external factors should influence adjudication is the subject of active debate, but it is indisputable that judges do draw on experience and learning from everyday life, from other fields, and from other jurisdictions.[64]
1870 through 20th century, and the procedural merger of law and equity
As early as the 15th century, it became the practice that litigants who felt they had been cheated by the common-law system would petition the King in person. For example, they might argue that an award of damages (at common law (connotation 3)) was not sufficient redress for a trespasser occupying their land, and instead request that the trespasser be evicted. From this developed the system of equity, administered by the Lord Chancellor, in the courts of chancery. By their nature, equity and law were frequently in conflict and litigation would frequently continue for years as one court countermanded the other,[65] even though it was established by the 17th century that equity should prevail. A famous example is the fictional case of Jarndyce v. Jarndyce in Bleak House, by Charles Dickens.[66]
In England, courts of law (connotation 3) and equity were combined by the Judicature Acts of 1873 and 1875, with equity being supreme in case of conflict.[66]
In the United States, parallel systems of law (providing money damages, with cases heard by a jury upon either party's request) and equity (fashioning a remedy to fit the situation, including injunctive relief, heard by a judge) survived well into the 20th century. The United States federal courts procedurally separated law and equity: the same judges could hear either kind of case, but a given case could only pursue causes in law or in equity, and the two kinds of cases proceeded under different procedural rules. This became problematic when a given case required both money damages and injunctive relief. In 1937, the new Federal Rules of Civil Procedure combined law and equity into one form of action, the "civil action." Fed.R.Civ.P. 2. The distinction survives to the extent that issues that were "common law (connotation 3)" as of 1791 (the date of adoption of the Seventh Amendment) are still subject to the right of either party to request a jury, and "equity" issues are decided by a judge.[67]
Delaware, Mississippi, and Tennessee still have separate courts of law and equity, for example, the Court of Chancery. In many states there are separate divisions for law and equity within one court.
Common law pleading and its abolition in the early 20th century
For centuries, through the 19th century, the common law recognized only specific forms of action, and required very careful drafting of the opening pleading (called a writ) to slot into one of them: Debt, Detinue, Covenant, Special Assumpsit, General Assumpsit, Trespass, Trover, Replevin, Case (or Trespass on the Case), and Ejectment.[68] To initiate a lawsuit, a pleading had to be drafted to meet myriad technical requirements: correctly categorizing the case into the correct legal pigeonhole (pleading in the alternative was not permitted), and using specific "magic words" encrusted over the centuries. Under the old common law pleading standards, a suit by a pro se ("for oneself," without a lawyer) party was all but impossible, and there was often considerable procedural jousting at the outset of a case over minor wording issues.
One of the major reforms of the late 19th century and early 20th century was the abolition of common law pleading requirements.[69] A plaintiff can initiate a case by giving the defendant "a short and plain statement" of facts that constitute an alleged wrong. This reform moved the attention of courts from technical scrutiny of words to a more rational consideration of the facts, and opened access to justice far more broadly.
Contrasts between common law and civil law systems
Constant jurisprudence
In common law systems, a single decided case is binding common law (connotation 1), under the principle of stare decisis. In contrast, in civil law systems, case law only acquires weight when a long series of cases use consistent reasoning, called jurisprudence constante. In civil law systems, individual decisions have only advisory, not binding effect.
General principles of law
Both common law and civil law jurisdictions have formed what they variously call "pure common law" or "general principles of law" to define what the law is in the absence of, or gap in, legislation. In common law systems, judge made law is binding to the same extent as statute or regulation. In civil law systems, case law is advisory, not binding. Civil law lawyers consult case law to obtain their best prediction of how a court will rule, but comparatively, civil law judges are less bound to follow it.
Adversarial system vs. inquisitorial system
Common law systems tend to give more weight to separation of powers between the judicial branch (which promulgates common law (connotation 1)) and the executive branch (which promulgates regulatory law, called "administrative law" in civil law systems). In contrast, civil law systems often allow individual officials to exercise both powers.
Common law courts usually use an adversarial system, in which two sides present their cases to a neutral judge. In contrast, civil law systems usually use an inquisitorial system in which an examining magistrate serves two roles by developing the evidence and arguments for one side and then the other during the investigation phase.
The examining magistrate then presents the dossier detailing his or her findings to the president of the bench that will adjudicate on the case where it has been decided that a trial shall be conducted. Therefore, the president of the bench's view of the case is not neutral and may be biased while conducting the trial after the reading of the dossier. Unlike the common law proceedings, the president of the bench in the inquisitorial system is not merely an umpire and is entitled to directly interview the witnesses or express comments during the trial, as long as he or she does not express his or her view on the guilt of the accused.
The proceeding in the inquisitorial system is essentially by writing. Most of the witnesses would have given evidence in the investigation phase and such evidence will be contained in the dossier under the form of police reports. In the same way, the accused would have already put his or her case at the investigation phase but he or she will be free to change her or his evidence at trial. Whether the accused pleads guilty or not, a trial will be conducted. Unlike the adversarial system, the conviction and sentence to be served (if any) will be released by the trial jury together with the president of the trial bench, following their common deliberation.
There are many exceptions in both directions. For example, most proceedings before U.S. federal and state agencies are inquisitorial in nature, at least the initial stages (e.g., a patent examiner, a social security hearing officer, and so on), even though the law to be applied is developed through common law processes.
Contrasting role of treatises and academic writings in common law and civil law systems
The role of the legal academy presents a significant "cultural" difference between common law (connotation 2) and civil law jurisdictions.
In common law jurisdictions, legal treatises compile common law decisions and state overarching principles that (in the author's opinion) explain the results of the cases. However, in common law jurisdictions, treatises are not the law, and lawyers and judges tend to use these treatises as only "finding aids" to locate the relevant cases. In common law jurisdictions, scholarly work is seldom cited as authority for what the law is.[70] When common law courts rely on scholarly work, it is almost always only for factual findings, policy justification, or the history and evolution of the law, but the court's legal conclusion is reached through analysis of relevant statutes and common law, seldom scholarly commentary.
In contrast, in civil law jurisdictions, courts give the writings of law professors significant weight, partly because civil law decisions traditionally were very brief, sometimes no more than a paragraph stating who wins and who loses. The rationale had to come from somewhere else: the academy often filled that role. This balance may shift as civil law court decisions move in the direction of common law reasoning.
Common law legal systems in the present day
The common law constitutes the basis of the legal systems of: England and Wales and Northern Ireland in the UK, Ireland, federal law in the United States and the law of individual U.S. states (with the partial exception of Louisiana), federal law throughout Canada and the law of the individual provinces and territories (except Quebec), Australia (both federal and individual states), Kenya, New Zealand, South Africa, India, Myanmar, Malaysia, Bangladesh, Brunei, Pakistan, Singapore, Hong Kong, Antigua and Barbuda, Barbados, Bahamas, Belize, Dominica, Grenada, Jamaica, St Vincent and the Granadines, Saint Kitts and Nevis, Trinidad and Tobago, and many other generally English-speaking countries or Commonwealth countries (except the UK's Scotland, which is bijuridicial, and Malta). Essentially, every country that was colonised at some time by England, Great Britain, or the United Kingdom uses common law except those that were formerly colonised by other nations, such as Quebec (which follows the law of France in part), South Africa and Sri Lanka (which follow Roman Dutch law), where the prior civil law system was retained to respect the civil rights of the local colonists. India uses common law except in the state of Goa which retains the Portuguese civil code. Guyana and Saint Lucia have mixed Common Law and Civil Law systems.
Scotland is often said to use the civil law system, but it has a unique system that combines elements of an uncodified civil law dating back to the Corpus Juris Civilis with an element of its own common law long predating the Treaty of Union with England in 1707 (see Legal institutions of Scotland in the High Middle Ages), founded on the customary laws of the tribes residing there. Historically, Scots common law differed in that the use of precedents was subject to the courts' seeking to discover the principle that justifies a law rather than searching for an example as a precedent,[71] and principles of natural justice and fairness have always played a role in Scots Law. From the 19th century, the Scottish approach to precedent developed into a stare decisis akin to that already established in England thereby reflecting a narrower, more modern approach to the application of case law in subsequent instances. This is not to say that the substantive rules of the common laws of both countries are the same although in many matters (particularly those of UK-wide interest) they are very similar. Comparable pluralistic (or 'mixed') legal systems operate in Quebec, Louisiana and South Africa.
States of the United States (17th century on)
New York (17th century)
The state of New York, which also has a civil law history from its Dutch colonial days, also began a codification of its law in the 19th century. The only part of this codification process that was considered complete is known as the Field Code applying to civil procedure. The original colony of New Netherland was settled by the Dutch and the law was also Dutch. When the English captured pre-existing colonies they continued to allow the local settlers to keep their civil law. However, the Dutch settlers revolted against the English and the colony was recaptured by the Dutch. When the English finally regained control of New Netherland they forced, as a punishment unique in the history of the British Empire, the English imposed common law upon all the colonists, including the Dutch. This was problematic, as the patroon system of land holding, based on the feudal system and civil law, continued to operate in the colony until it was abolished in the mid-19th century. The influence of Roman-Dutch law continued in the colony well into the late 19th century. The codification of a law of general obligations shows how remnants of the civil law tradition in New York continued on from the Dutch days.
Louisiana (1700s)
Under the Louisiana's codified system, the Louisiana Civil Code, private law—that is, substantive law between private sector parties—is based on principles of law from continental Europe, with some common law influences. These principles derive ultimately from Roman law, transmitted through French law and Spanish law, as the state's current territory intersects the area of North America colonized by Spain and by France. Contrary to popular belief, the Louisiana code does not directly derive from the Napoleonic Code, as the latter was enacted in 1804, one year after the Louisiana Purchase. However, the two codes are similar in many respects due to common roots.
Louisiana's criminal law largely rests on English common law. Louisiana's administrative law is generally similar to the administrative law of the U.S. federal government and other U.S. states. Louisiana's procedural law is generally in line with that of other U.S. states, which in turn is generally based on the U.S. Federal Rules of Civil Procedure.
Historically notable among the Louisiana code's differences from common law is the role of property rights among women, particularly in inheritance gained by widows.
California (1850s)
The U.S. state of California has a system based on common law, but it has codified the law in the manner of the civil law jurisdictions. The reason for the enactment of the California Codes in the 19th century was to replace a pre-existing system based on Spanish civil law with a system based on common law, similar to that in most other states. California and a number of other Western states, however, have retained the concept of community property derived from civil law. The California courts have treated portions of the codes as an extension of the common-law tradition, subject to judicial development in the same manner as judge-made common law. (Most notably, in the case Li v. Yellow Cab Co., 13 Cal.3d 804 (1975), the California Supreme Court adopted the principle of comparative negligence in the face of a California Civil Code provision codifying the traditional common-law doctrine of contributory negligence.)
United States federal courts (1789 and 1938)
The United States federal government (as opposed to the states) has a variant on a common law system. United States federal courts only act as interpreters of statutes and the constitution by elaborating and precisely defining the broad language (connotation 1(b) above), but, unlike state courts, do not act as an independent source of common law (connotation 1(a) above).
Before 1938, the federal courts, like almost all other common law courts, decided the law on any issue where the relevant legislature (either the U.S. Congress or state legislature, depending on the issue), had not acted, by looking to courts in the same system, that is, other federal courts, even on issues of state law, and even where there was no express grant of authority from Congress or the Constitution.
In 1938, the U.S. Supreme Court in Erie Railroad Co. v. Tompkins 304 U.S. 64, 78 (1938), overruled earlier precedent,[72] and held "There is no federal general common law," thus confining the federal courts to act only as interpreters of law originating elsewhere. E.g., Texas Industries v. Radcliff, 451 U.S. 630 (1981) (without an express grant of statutory authority, federal courts cannot create rules of intuitive justice, for example, a right to contribution from co-conspirators). Post-1938, federal courts deciding issues that arise under state law are required to defer to state court interpretations of state statutes, or reason what a state's highest court would rule if presented with the issue, or to certify the question to the state's highest court for resolution.
Later courts have limited Erie slightly, to create a few situations where United States federal courts are permitted to create federal common law rules without express statutory authority, for example, where a federal rule of decision is necessary to protect uniquely federal interests, such as foreign affairs, or financial instruments issued by the federal government. See, e.g., Clearfield Trust Co. v. United States, 318 U.S. 363 (1943) (giving federal courts the authority to fashion common law rules with respect to issues of federal power, in this case negotiable instruments backed by the federal government); see also International News Service v. Associated Press, 248 U.S. 215 (1918) (creating a cause of action for misappropriation of "hot news" that lacks any statutory grounding); but see National Basketball Association v. Motorola, Inc., 105 F.3d 841, 843–44, 853 (2d Cir. 1997) (noting continued vitality of INS "hot news" tort under New York state law, but leaving open the question of whether it survives under federal law). Except on Constitutional issues, Congress is free to legislatively overrule federal courts' common law.[73]
United States executive branch agencies (1946)
Most executive branch agencies in the United States federal government have some adjudicatory authority. To greater or lesser extent, agencies honor their own precedent to ensure consistent results. Agency decision making is governed by the Administrative Procedure Act of 1946.
For example, the National Labor Relations Board issues relatively few regulations, but instead promulgates most of its substantive rules through common law (connotation 1).
India (19th century and 1948)
The Constitution of India is the longest written constitution for a country, containing 395 articles, 12 schedules, numerous amendments and 117,369 words.
Indian Law is largely based on English common law because of the long period of British colonial influence during the period of the British Raj.
After the failed rebellion against the British in 1857, the British Parliament took over control of India from the British East India Company, and British India came under the direct rule of the Crown. The British Parliament passed the Government of India Act of 1858 to this effect, which set up the structure of British government in India.[74] It established in Britain the office of the Secretary of State for India through whom the Parliament would exercise its rule, along with a Council of India to aid him. It also established the office of the Governor-General of India along with an Executive Council in India, which consisted of high officials of the British Government.
Much of contemporary Indian law shows substantial European and American influence. Legislation first introduced by the British is still in effect in modified form today. During the drafting of the Indian Constitution, laws from Ireland, the United States, Britain, and France were all synthesized to produce a refined set of Indian laws. Indian laws also adhere to the United Nations guidelines on human rights law and environmental law. Certain international trade laws, such as those on intellectual property, are also enforced in India.
Indian family law is complex, with each religion adhering to its own specific laws. In most states, registering marriages and divorces is not compulsory. There are separate laws governing Hindus, Muslims, Christians, Sikhs and followers of other religions. The exception to this rule is in the state of Goa, where a Portuguese uniform civil code is in place, in which all religions have a common law regarding marriages, divorces and adoption.
Ancient India represented a distinct tradition of law, and had an historically independent school of legal theory and practice. The Arthashastra, dating from 400 BCE and the Manusmriti, from 100 CE, were influential treatises in India, texts that were considered authoritative legal guidance.[75] Manu's central philosophy was tolerance and pluralism, and was cited across Southeast Asia.[76] Early in this period, which finally culminated in the creation of the Gupta Empire, relations with ancient Greece and Rome were not infrequent. The appearance of similar fundamental institutions of international law in various parts of the world show that they are inherent in international society, irrespective of culture and tradition.[77] Inter-State relations in the pre-Islamic period resulted in clear-cut rules of warfare of a high humanitarian standard, in rules of neutrality, of treaty law, of customary law embodied in religious charters, in exchange of embassies of a temporary or semi-permanent character.[78] When India became part of the British Empire, there was a break in tradition, and Hindu and Islamic law were supplanted by the common law.[79] As a result, the present judicial system of the country derives largely from the British system and has little correlation to the institutions of the pre-British era.[80]
There are 1160 laws as of September 2007.[81]
Canada has separate federal and provincial legal systems. The division of jurisdiction between the federal and provincial Parliaments is specified in the Canadian constitution.[82]
Each province is considered a separate jurisdiction with respect to common law matters. As such, only the provincial legislature may enact legislation to amend private law. Each has its own procedural law, statutorily created provincial courts and superior trial courts with inherent jurisdiction culminating in the Court of Appeal of the province. This is the highest court in provincial jurisdiction, only subject to the Supreme Court of Canada in terms of appeal of their decisions. All but one of the provinces of Canada use a common law system (the exception being Quebec, which uses a civil law system for issues arising within provincial jurisdiction, such as property ownership and contracts).
Canadian federal statutes must use the terminology of both the common law and civil law for those matters; this is referred to as legislative bijuralism.[83]
Federal Courts operate under a separate system throughout Canada and deal with narrower subject matter than superior courts in provincial jurisdiction. They hear cases reserved for federal jurisdiction by the Canadian constitution, such as immigration, intellectual property, judicial review of federal government decisions, and admiralty. The Federal Court of Appeal is the appellate level court in federal jurisdiction and hears cases in multiple cities, and unlike the United States, the Canadian Federal Court of Appeal is not divided into appellate circuits.[84]
Criminal law is uniform throughout Canada. It is based on the constitution and federal statutory Criminal Code, as interpreted by the Supreme Court of Canada. The administration of justice and enforcement of the criminal code are the responsibilities of the provinces.
Nicaragua's legal system also is a mixture of the English Common Law and the Civil Law. This situation was brought through the influence of British administration of the Eastern half of the country from the mid-17th century until about 1905, the William Walker period from about 1855 through 1857, USA interventions/occupations during the period from 1909 to 1933, the influence of USA institutions during the Somoza family administrations (1933 through 1979) and the considerable importation between 1979 and the present of USA culture and institutions.
Israel (1948)
Israel has a common law legal system. Its basic principles are inherited from the law of the British Mandate of Palestine and thus resemble those of British and American law, namely: the role of courts in creating the body of law and the authority of the supreme court[85] in reviewing and if necessary overturning legislative and executive decisions, as well as employing the adversarial system. One of the primary reasons that the Israeli constitution remains unwritten is the fear by whatever party holds power that creating a written constitution, combined with the common-law elements, would severely limit the powers of the Knesset (which, following the doctrine of parliamentary sovereignty, holds near-unlimited power).[86]
Roman Dutch Common law
Roman Dutch Commons law is a bijuridical or mixed system of law similar to the common law system in Scotland and Louisiana. Roman Dutch common law jurisdictions include South Africa, Botswana, Lesotho, Namibia, Swaziland, Sri-Lanka and Zimbabwe. Many of these jurisdictions recognise customary law, and in some, such as South Africa the Constitution requires that the common law be developed in accordance with the Bill of Rights. Roman Dutch common law is a development of Roman Dutch law by courts in the Roman Dutch common law jurisdictions. During the Napoleonic wars the Kingdom of the Netherlands adopted the French code civil in 1809, however the Dutch colonies in the Cape of Good Hope and Sri Lanka, at the time called Ceylon, were seized by the British to prevent them being used as bases by the French Navy. The system was developed by the courts and spread with the expansion of British colonies in Southern Africa. Roman Dutch common law relies on legal principles set out in Roman law sources such as Justinian's Institutes and Digest, and also on the writing of Dutch jurists of the 17th century such as Grotius and Voet. In practice, the majority of decisions rely on recent precedent.
Alternatives to common law systems
The main alternative to the common law system is the civil law system, which is used in Continental Europe, and most of the rest of the world. The contrast between civil law and common law legal systems has become increasingly blurred, with the growing importance of jurisprudence (similar to case law but not binding) in civil law countries, and the growing importance of statute law and codes in common law countries.
Examples of common law being replaced by statute or codified rule in the United States include criminal law (since 1812, U.S. courts have held that criminal law must be embodied in statute if the public is to have fair notice), commercial law (the Uniform Commercial Code in the early 1960s) and procedure (the Federal Rules of Civil Procedure in the 1930s and the Federal Rules of Evidence in the 1970s). But note that in each case, the statute sets the general principles, but the interstitial common law process (connotation 1(b)) determines the scope and application of the statute.
An example of convergence from the other direction is shown in Srl CILFIT and Lanificio di Gavardo SpA v Ministry of Health, in which the European Court of Justice held that questions it has already answered need not be resubmitted. This brought in a distinctly common law principle into an essentially civil law jurisdiction.
The former Soviet Bloc and other Socialist countries used a Socialist law system.
Much of the Muslim world uses Sharia (also called Islamic law).
Sir William Blackstone as illustrated in his Commentaries on the Laws of England.
Lord Chief Justice Edward Coke, a 17th-century English jurist and Member of Parliament, wrote several legal texts that formed the basis for the modern common law, with lawyers in both England and America learning their law from his Institutes and Reports until the end of the 18th century. His works are still cited by common law courts around the world.
The next definitive historical treatise on the common law is Commentaries on the Laws of England, written by Sir William Blackstone and first published in 1765–1769. Since 1979, a facsimile edition of that first edition has been available in four paper-bound volumes. Today it has been superseded in the English part of the United Kingdom by Halsbury's Laws of England that covers both common and statutory English law.
While he was still on the Massachusetts Supreme Judicial Court, and before being named to the U.S. Supreme Court, Justice Oliver Wendell Holmes, Jr. published a short volume called The Common Law, which remains a classic in the field. Unlike Blackstone and the Restatements, Holmes' book only briefly discusses what the law is; rather, Holmes describes the common law process. Law professor John Chipman Gray's The Nature and Sources of the Law, an examination and survey of the common law, is also still commonly read in U.S. law schools.
In the United States, Restatements of various subject matter areas (Contracts, Torts, Judgments, and so on.), edited by the American Law Institute, collect the common law for the area. The ALI Restatements are often cited by American courts and lawyers for propositions of uncodified common law, and are considered highly persuasive authority, just below binding precedential decisions. The Corpus Juris Secundum is an encyclopedia whose main content is a compendium of the common law and its variations throughout the various state jurisdictions.
Scots common law covers matters including murder and theft, and has sources in custom, in legal writings and previous court decisions. The legal writings used are called Institutional Texts and come mostly from the 17th, 18th and 19th centuries. Examples include Craig, Jus Feudale (1655) and Stair, The Institutions of the Law of Scotland (1681).
Early common law systems
Brehon law, or Irish law
Doom book, or Code of Alfred the Great
Examples of modern common law systems
Common law as applied to matrimony
Common vs. civil laws
Common law offences
Stages of common law trials
Slavery at common law
^ Washington Probate, "Estate Planning & Probate Glossary", Washington (State) Probate, s.v. "common law", 8 Dec. 2008:, retrieved on 7 November 2009.
^ Charles Arnold-Baker, The Companion to British History, s.v. "English Law" (London: Loncross Denholm Press, 2008), 484.
^ Marbury v. Madison, 5 U.S. 137 (1803) ("It is emphatically the province and duty of the judicial department to say what the law is. Those who apply the rule to particular cases, must of necessity expound and interpret that rule. If two laws conflict with each other, the courts must decide on the operation of each.")
^ Alphabetical Index of the 192 United Nations Member States and Corresponding Legal Systems, Website of the Faculty of Law of the University of Ottawa
^ http://www.britannica.com/EBchecked/topic/188090/English-law ; British History: Middle Ages
^ a b Garner 2001, p. 177
^ a b Salmond 1907, p. 32
^ "5. The judges are forbidden to pronounce, by way of general and legislative determination, on the causes submitted to them." Code of Napoleon, Decree of March 5, 1803, Law 5
^ Federal Rule of Civil Procedure, Rule 2 ("There is one form of action—the civil action.") (1938)
^ Friedman 2005, p. xix
^ "In Suits at common law ... the right of trial by jury shall be preserved, and no fact tried by a jury shall be otherwise reexamined in any Court of the United States, than according to the rules of the common law."
^ E.g., Lectric Law Dictionary : That which derives its force and authority from the universal consent and immemorial practice of the people. It is at best obsolete. It is both underinclusive and overinclusive. Lawyers never rely on this definition.
^ David John Ibbetson, Common Law and Ius Commune p.20 (2001) ISBN 978-0-85423-165-2
^ e.g., Ex parte Holt, 19 USPQ2d 1211, 1214 (Bd. Patent App. & Interf. 1991) (explaining the hierarchy of precedent binding on tribunals of the United States Patent Office)
^ Frederic R. Kellog, Law, Morals, and Justice Holmes, 69 Judicature 214 (1986).
^ Benjamin N. Cardozo, The Nature of the Judicial Process 22–23 (1921).
^ The beneficial qualities of the common law's incrementalist evolution was most eloquently expressed by the future Lord Mansfield, then Solicitor General Murray, in the case of Omychund v. Barker, who contended that "a statute very seldom can take in all cases; therefore the common law, that works itself pure by rules drawn from the fountain of justice, is for that reason superior to an act of parliament." I Atk. 21, 33, 26 Eng. Rep. 15, 22–23 (Ch. 1744)
^ Winterbottom v. Wright, 10 M&W 109, 152 Eng.Rep. 402, 1842 WL 5519 (Exchequer of pleas 1842)
^ Thomas v. Winchester, 6 N.Y. 397 (N.Y. 1852)
^ Statler v. Ray Mfg. Co., 195 N.Y. 478, 480 (N.Y. 1909)
^ Cadillac Motor Car Co. v. Johnson, 221 F. 801 (2nd Cir. 1915)
^ MacPherson v. Buick Motor Co., 217 N.Y. 382, 111 N.E. 1050 (N.Y. 1916)
^ Meister v. Moore, 96 U.S. 76 (1877) ("No doubt a statute may take away a common law right, but there is always a presumption that the legislature has no such intention unless it be plainly expressed.")
^ E.g., Uniform Commercial Code, Article 2, on Contracts for the Sales of Goods
^ Model Penal Code as adopted in several states, for example, New York's Penal Law
^ Graham Hughes, Common Law Systems, § VII, Morrison 1996, pp. 23–24
^ To consider one example, Lemon v. Kurtzman, 403 U.S. 602 (1971), resolves one part of the tension between the "establishment" and "free exercise" clauses of the First Amendment with a three part test: a government-sponsored message violates the Establishment Clause if: (1) it does not have a secular purpose; (2) its principal or primary effect advances or inhibits religion; or (3) it creates an excessive entanglement of the government with religion..
^ Johnson v. Commonwealth, 209 Va. 291, 293, 163 S.E.2d 570, ___ (1968)
^ E.g., South Corp. v. United States, 690 F.2d 1368 (Fed. Cir. 1982) (en banc in relevant part) (explaining order of precedent binding on the United States Court of Appeals for the Federal Circuit); Bonner v. City of Prichard, Alabama, 661 F.2d 1206 (11th Cir. 1981) (en banc) (after the Eleventh Circuit was split off from the Fifth Circuit, adopting precedent of Fifth Circuit as binding until overruled by the Eleventh Circuit en banc: "The [pre-split] Fifth followed the absolute rule that a prior decision of the circuit (panel or en banc) could not be overruled by a panel but only by the court sitting en banc. The Eleventh Circuit decides in this case that it chooses, and will follow, this rule."); Ex parte Holt, 19 USPQ2d 1211, 1214 (Bd. Patent App. & Interf. 1991) (explaining the hierarchy of precedent binding on tribunals of the United States Patent Office).
^ 83 Cr App R 191, 73 Cr App R 266
^ Burnet v. Coronado Oil & Gas Co., 285 U.S. 393, 406 (1932) (Brandeis, J., dissenting).
^ See, e.g., Yeo Tiong Min, "A Note on Some Differences in English Law, New York Law, and Singapore Law" (2006).
^ Theodore Eisenberg & Geoffrey P. Miller, The Flight to New York: An Empirical Study of Choice of Law and Choice of Forum Clauses in Publicly-Held Companies’ Contracts (2008). New York University Law and Economics Working Papers. Paper 124, http://lsr.nellco.org/nyu_lewp/124 (based on a survey of 2882 contracts, "New York law plays a role for major corporate contracts similar to the role Delaware law plays in the limited setting of corporate governance disputes. ... New York’s dominance is striking. It is the choice of law in approximately 46 percent of contracts," and if merger contracts excluded, over half)
^ Eisenberg & Miller at 19–20 (Delaware is chosen in about 15% of contracts, "Delaware dominates for one type of contract—[merger] trust agreements. ... The dominance of Delaware for this specialized type of contract is apparently due to the advantages and flexibility which Delaware’s business trust statute.")
^ Eisenberg & Miller at 19, only about 5% of commercial contracts designate California choice of law, where nearly 50% designate New York.
^ . London is also forum for many defamation cases, because U.K. law is more plaintiff-friendly—in the United States, the First Amendment protection for freedom of the press allows for statements concerning public figures of questionable veracity, where in the U.K., those same statements support a judgment for libel.
^ U.S. Internal Revenue Service, Taxpayer Advocate Service, 2008 Report to Congress, http://www.irs.gov/pub/irs-utl/08_tas_arc_msp_1.pdf
^ Winston Chruchill, A History of the English Speaking Peoples, Chapter 13, The English Common Law
^ see Oliver Wendell Holmes, Jr., The Common Law, Lecture I, sec. 2, "In Massachusetts today...there are some (rules) which can only be understood by reference to the infancy of procedure among the German tribes."
^ William Burnham, Introduction to the Law and Legal System of the United States, 4th ed. (St. Paul, Thomson West, 2006), 42.
^ E.g., MacPherson v. Buick Motor Co., 217 N.Y. 382, 111 N.E. 1050 (N.Y. 1916) (discussed above, adjudicating the tort of negligence that existed in no statute, and expanding the law to cover parties that had never been addressed by statute); Hadley v Baxendale (1854) 9 Exch 341 (defining a new rule of contract law with no basis in statute); Marbury v. Madison, 137 5 U.S. 137 (1803) ("It is emphatically the province and duty of the judicial department to say what the law is."); Alexander Hamilton, THE FEDERALIST, Nos. 78 and 81 (J. Cooke ed. 1961), 521–530, 541–55 ("The interpretation of the laws is the proper and peculiar province of the courts. A constitution, is, in fact, and must be regarded by the judges, as a fundamental law. It therefore belongs to them to ascertain its meaning, as well as the meaning of any particular act proceeding from the legislative body."); see rule against perpetuities for a judicially created law originating in 1682 that governs the validity of trusts and future interests in real property, Rule in Shelley's Case for a rule created by judges in 1366 or before, and life estate and fee simple for rules of real property ownership that were judicially created in the late 12th century as the crown began to give law-making power to courts.
^ Southern Pacific Co. v. Jensen, 244 U.S. 205, 221 (1917) (Holmes, J., dissenting).
^ E.g., R. C. van Caenegem, The Birth of the English Common Law 89–92 (1988).
^ E.g., Peter Birks, Grant McLeod, Justinian's Institutes 7 (1987).
^ E.g., George E. Woodbine (ed.), Samuel E. Thorne (transl.), Bracton on the Laws and Customs of England, Vol. I (Introduction) 46 (1968); Carl Güterbock, Bracton and his Relation to the Roman Law 35–38 (1866).
^ Stephen P. Buhofer, Structuring the Law: The Common Law and the Roman Institutional System, Swiss Review of International and European Law (SZIER/RSDIE) 5/2007, 24.
^ Peter Stein, Continental Influences on English Legal thought, 1600–1900, in Peter Stein, The Character and Influence of the Roman Civil Law 223 et seq. (1988).
^ See generally Stephen P. Buhofer, Structuring the Law: The Common Law and the Roman Institutional System, Swiss Review of International and European Law (SZIER/RSDIE) 5/2007.
^ Thinking like a lawyer: an introduction to legal reasoning (Westview Press, 1996), pg. 10
^ Acree v. Republic of Iraq, 370 F.3d 41 (D.C. Cir. 2004) (Roberts, J., concurring).
^ Roper v. Simmons, 543 U.S. 551 (2005) (holding unconstitutional to impose capital punishment for crimes committed while under the age of 18, based on "evolving standards of decency," largely based on other nations' law)
^ Salmond 1907, p. 34
^ E.g., Markman v. Westview Instruments, Inc., 517 U.S. 370, 376 (1996) ("[W]e [the U.S. Supreme Court] have understood that the right of trial by jury thus preserved is the right which existed under the English common law (connotation 3) when the Amendment was adopted. In keeping with our longstanding adherence to this 'historical test,' we ask, first, whether we are dealing with a cause of action that either was tried at law (connotation 3) at the time of the founding or is at least analogous to one that was. If the action in question belongs in the law category, we then ask whether the particular trial decision must fall to the jury in order to preserve the substance of the common-law right as it existed in 1791." citations and quotations omitted, holding that interpretation of the scope of a patent had no analogy in 1790, and is thus a question to be decided by a judge, not a jury)
^ John Jay McKelvey, Principles of Common Law Pleading (1894).
^ Note that the remainder of the "common law" discussed in the rest of the article remained intact; all that was abolished were the highly technical requirements for language of the paper provided by the plaintiff to the defendant to initiate a case.
^ At least in the U.S., practicing lawyers tend to use "law professor" or "law review article" as a pejorative to describe a person or work that is insufficiently grounded in reality or practicality—every young lawyer is admonished repeatedly by senior lawyers not to write "law review articles," but instead to focus on the facts of the case and the practical effects of a given outcome.
^ Stair Memorial Encyclopedia
^ Swift v. Tyson, 41 U.S. 1 (1842). In Swift, the United States Supreme Court had held that federal courts hearing cases brought under their diversity jurisdiction (allowing them to hear cases between parties from different states) had to apply the statutory law of the states, but not the common law developed by state courts. Instead, the Supreme Court permitted the federal courts to make their own common law based on general principles of law. Erie v. Tompkins, 304 U.S. 64 (1938). Erie overruled Swift v. Tyson, and instead held that federal courts exercising diversity jurisdiction had to use all of the same substantive law as the courts of the states in which they were located. As the Erie Court put it, there is no "general federal common law", the key word here being general. This history is elaborated in federal common law.
^ City of Boerne v. Flores, 521 U.S. 507 (1997) (invalidating the Religious Freedom Restoration Act, in which Congress had attempted to redefine the court's jurisdiction to decide constitutional issues); Milwaukee v. Illinois, 451 U.S. 304 (1981)
^ Glenn 2000, p. 255
^ Viswanatha, S.T., International Law in Ancient India, 1925
^ Jain 2006, p. 2
^ Constitution Act, 1867, s. 91(10), (18)
^ http://www.lawofisrael.com/israeli-supreme-court-decisions Supreme court decisions database
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The History of Granite Falls -
Named for the granite and gneiss outcroppings over which the Minnesota River flows, Granite Falls is a quaint rural town. It is also the county seat for Yellow Medicine County.
The land surrounding Granite Falls and bordering the Minnesota River Valley was first home to the Dakota Oyate Nation. They called it Pejuhutazizi Kapi (the place where they dig for yellow medicine). This tribe occupied the area for thousands of years before the US Dakota Conflict of 1862. At that time, the Dakota were either exterminated, forcibly removed to reservations out-state, or voluntarily fled to avoid harm. Some later defied the state and federal governments and chose to return to their ancient homelands in the Minnesota River Valley. (In 1938, 746 acres of land along the Minnesota River Valley, just south of Granite Falls, was returned to the Dakota Oyate Nation and the Upper Sioux Indian Community was created.)
G.W. Daniels first platted Granite Falls on May 7, 1872. (Daniels later served as postmaster, first judge of probate and ferry owner.) Granite Falls was then incorporated as a village in 1879 and became a city on April 24, 1889.
Henry Hill is the one known for being the founder of Granite Falls, however it was his brother, Thomas Prentice Hill, who first staked claims to the land on the west side of the river. Prentice Hill was also the first to build here, but in 1868 he deeded the claim to his brother, Henry Hill. Henry also shared a deed to property on the east side of the Minnesota River. Henry first built a home on the east side river bluff. Then, with the help of a simple rowboat he began work on a mill and dam on the west side of the river.
When the mill began to operate it become the center of activity for the infant town. The grist mill, and its adjoining saw mill, processed wheat brought in from local farmers and cut timbers into building lumber. The activity attracted settlers from all walks of life and soon businesses and homes started to line up along Prentice Street. Granite Falls was thriving.
Creating a community along the banks of a river has its advantages, but it also has disadvantages. Crossing the Minnesota River was the big disadvantage. A ferry had been established early on but its capacity was limited and it took a long time to put the boat along the ropes. In 1876 the first wagon bridge was built at the north end of town. This bridge served the community well until it was replaced with a steel one in 1911. The original steel bridge remained in service until 1975 when it was replaced with what we drive on today.
Since its inception, the little town of Granite Falls has been witness to much of Minnesota and national history. The late state senator and former Vice-President, Hubert H Humphrey, can trace his roots back to Granite Falls. His grandmother, Ada J. Register, was a teacher at the local area school built in 1872. But, probably the best known Granite Falls resident is that of Andrew Volstead.
Andrew Volstead was a lawyer who moved his family to Granite Falls in 1886. He first served as the Yellow Medicine County attorney, then as city mayor before becoming elected to Congress in 1903. During his time in office, Andrew Volstead, co-wrote the Capper-Volstead Act which allowed for the creation of farm cooperatives. This Act is still in effect today, however it is not what Volstead is best known for.
In 1919, Andrew Volstead introduced the National Prohibition Act (also known as the Volstead Act) in order to enforce the Eighteenth Amendment which prohibited the production, sale and transport of “intoxicating liquors”. The act was ratified and went into effect in 1920. The prohibition era had officially begun. The Volstead Act was later repealed, ending prohibition in 1933.
Today, The Andrew Volstead House is a National Historic Landmark located at 163 9th Ave, Granite Falls, MN.
For more information on the history of Granite Falls check out Granite Falls Historical Society.
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Meet Your Customer
GRAND BLVD.
and CHOUTEAU AVE.
Cullinan Properties, LTD. © 2021
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Cullinan Properties Chosen as Developer of New Mixed-Use Development in Heart of St. Louis
(PEORIA, IL – March 13, 2019) Cullinan Properties, Ltd. is pleased to announce it has been selected by Saint Louis University (SLU) through a competitive process to acquire the rights to purchase and develop a 14-acre site at the intersection of Grand Boulevard and Chouteau Avenue.
A new 850,000 SF mixed-use development is planned for the site, which is adjacent to the new SSM Health Saint Louis University Hospital currently under construction and scheduled to open in Spring 2020. The 14-acre site at the prime intersection with easy access to I-64 and I-44 will offer a mix of retail, entertainment, restaurant, office, hotel and residential to the exciting new Prospect Yards district of Midtown.
Located in an area of rapid urban development, the project will help connect Saint Louis University’s north and south campuses, becoming the central commercial development for Midtown St. Louis and SLU’s 25,000+ person institution. The project will connect the campuses with gathering space and event programming, providing needed amenities for university students and staff, as well as the general population and area workforce. Midtown St. Louis is the fastest growing region in the metro area with the ongoing successful development of the adjacent Cortex neighborhood as well as the current developments of The Foundry, The Armory, Chroma, and Steelcote Lofts.
“As a premier Jesuit university with a large urban campus, SLU has long served as a catalyst for progress in the city we proudly call home,” said Saint Louis University President Fred P. Pestello, Ph.D. “This investment by Cullinan Properties will transform an empty lot into a unique and lasting development that will serve the SLU community and our neighbors for many years to come. This is yet another significant investment in St. Louis, further accelerating the dynamism taking place in the central corridor.”
“We are excited about this tremendous opportunity and how this new development will complement the booming Prospect Yards corridor and also add to what St. Louis has to offer its visitors and
residents,” said Christopher M. West, Partner and CEO for Cullinan Properties, Ltd. “We look forward to developing something that will make both SLU and St. Louisans proud,” stated West.
Cullinan Properties is partnering with BatesForum and Clayco for design-build services and Stock & Associates Consulting Engineers, Inc. for civil engineering services. Jim Loft, Carrie Hermann, and Justin Moses of Colliers International have been selected to lead the office leasing for this project while Patty Kueneke and Kathleen Cullinan Brill of Cullinan Properties will handle all other leasing inquiries.
The project is designed with connectivity in mind, and will be part of the Chouteau Greenway, an active and growing area in St. Louis connecting the Gateway Arch to Forest Park. With a direct connection to the Chouteau Greenway, the site can be accessed by walking and biking trails, as well as the nearby Grand MetroLink Station and area bus stops.
About Cullinan Properties
Cullinan Properties, LTD. is a leading provider of real estate services specializing in commercial and mixed-use developments and acquisitions. With offices in Peoria, IL, Chicago, IL and St. Louis, MO, Cullinan Properties is a multi-disciplined real estate firm that develops, manages and owns mixed-use, retail, multi-family, office, governmental and medical properties throughout the United States, including Illinois, Missouri, Michigan, Georgia and Texas. For additional information about Cullinan Properties, Ltd., visit CullinanProperties.com.
About Saint Louis University
Founded in 1818, Saint Louis University is one of the nation’s oldest and most prestigious Catholic institutions. Rooted in Jesuit values and its pioneering history as the first university west of the
Mississippi River, SLU offers nearly 13,000 students a rigorous, transformative education of the whole person. At the core of the University’s diverse community of scholars is SLU’s service-focused mission, which challenges and prepares students to make the world a better, more just place.
For Leasing / Sale Inquiries
Patty Kueneke
pkueneke@cullprop.com
Kathleen Brill
kbrill@cullprop.com
For All Other Inquiries
Sean Garrett
sgarrett@cullprop.com
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Mansion House Tours
Pic: Wikimedia Commons
Gain some insight into a central part of Dublin’s history, as the Mansion House opens its public rooms!
As 2015 marks the 300th anniversary of the Mansion House serving as official residence to the Lord Mayor of Dublin, the celebrations are continuing throughout the year.
It will be opening its doors to the public over the next three months for guided tours, the first of which take place this Saturday (June 27).
Lord Mayor of Dublin, Christy Burke encourages the public to take in some of the building’s compelling history: “The Mansion House is steeped in a rich and fascinating history. It has welcomed Dubliners, international and civic leaders, cultural stars and sporting heroes through its doors over the last 300 years. It has been the venue for the formation of the Irish State, with the terms of the Truce marking the end of the Anglo-Irish war and the Anglo-Irish Treaty, which allowed for the partition of Ireland, both being signed in the Mansion House in 1921. I hope the public will take the opportunity to come along and walk through the House and see it in all its glory.”
The guided tours will also be taking place on Saturday, July 25 and Saturday, August 29. Three tours will take place each day, at 2, 3 and 4pm. To book your place, and for more information, contact the Office of the Lord Mayor on (01) 222 6200, or email lordmayor@dublincity.ie.
By Aimée Mac Leod
On June 24, 2015 / Events, Featured / Comments
This Week on NewsFour: June 22-26 | News Four says:
[…] Mansion House Tours The Mansion House will be opening its doors today for the first of three days of public tours over the coming months. Read more… […]
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Historical and Philosophical studies
University Degree: Modern History
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Marked by Teachers essays 18
Analyze the factors that gradually influenced the emergence of the Two Nation theory in pre independence India which led to the birth of Pakistan as a sovereign state. Has this theory been vindicated in the past seventy years?
Submitted: 18/04/2016
Why, and with what consequences did Charles I fail to defeat the Covenanters in 1639-1640?
Banning public executions was hailed by the Daily Telegraph as an end to 'a fragment of medieval barbarism,' was this a reasonable assessment?
Can Franco be described as a truly fascist dictator?
How far can the problems facing the colony of Virginia from 1607 to 1624 be explained by the quality of the settlers?
5 essays
Conclusion analysis
Good conclusions usually refer back to the question or title and address it directly - for example by using key words from the title.
How well do you think these conclusions address the title or question? Answering these questions should help you find out.
Do they use key words from the title or question?
Do they answer the question directly?
Can you work out the question or title just by reading the conclusion?
To what extent can Wolsey be considered the master rather than the servant in policy decisions under Henry VIII
"In order to answer the question of whether Wolsey was the master or the servant in policy decisions under Henry VIII, this essay has shown that although Wolsey demonstrated great skill in administration and was an exceptionally hard worker, Henry VIII was still in overall charge. Wolsey could be seen to be a sycophant, courting favour with the King in order to further his own wealth and career. During the early years of Henry's reign, it is possible that Wolsey could be seen as the master, purely because the youthful Henry was caught up in more amusing affairs. However, Henry always devised policy but left Wolsey to carry it out. Henry recognised Wolsey's abilities and utilised them, but whilst Henry could easily remove Wolsey, Wolsey as a servant of the King was not able to remove Henry. In conclusion, the evidence suggests that Henry VIII and Wolsey formed an effective partnership, but Wolsey was always Henry's servant."
To what extent do you agree with the view expressed in the extract on the importance of the New Model Army during the years 1645-1649?
"In conclusion, the Army was the "mainspring of the Revolution and the force that deterred more radical change". However, an ongoing bad relationship between King and Parliament influenced this. If their disagreements and arguments had not reached stalemate, perhaps the Army would not have become such a politicized force. The Army deterred social radicals though. Groups such as the Puritans, Presbyterians, the Levellers and the Diggers all failed to gain complete control even though they did try. The Army intervened by using force and stop radical succeeding: "This was a revolution in that it involved a change of a political system by force" (Christopher Hill). This quote sums up the situation completely. The political system was changed due to the force of the New Model Army. Finally, the English Revolution had took place and though the Monarch was restored in 1660, "there could be no question of putting it back to where it had stood before the Civil War" (R.C Richardson), due to the actions of the New Model Army sparking off and making a Revolution inevitable."
Would you agree that the future of the Bourbon monarchy was doomed from the start? Discuss this with reference to the events of 1814-15?
"In conclusion it can be seen that to a certain extent it is not entirely fair to assume that the future of the Bourbon Monarchy was doomed from the start. This was because despite the events that occurred during 1814-15 the economic and social aspects of France outweighed these. It is certain that the election of Louis XVIII was not a very good idea because even though he did make some changes, these did not pacify the people and due to his bad personality he was not well respected as a leader. This will have led to people questioning the future of the Bourbon Monarchy, but it will not have been definitely said that it was doomed for failure."
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The Fall of the U.S. Empire and the Breakup of the Geopolitical Matrix
Politics / GeoPolitics May 12, 2011 - 02:26 PM GMT
By: David_Galland
A Casey Report Interview with Richard Maybury: With everything going on in the world today, we thought it a good time to catch up with the views of longtime friend Richard Maybury, a low-key but highly respected author, lecturer and analyst. In addition to his work consulting with businesses and high net worth individuals on strategic planning, Richard is the editor of the U.S. & World Early Warning Report, a monthly service that helps readers see the world as it is, versus how the media and the officialdom would like you to see it. Richard is widely regarded as one of the finest free-market writers in America today. His articles have appeared in the Wall Street Journal, USA Today and other major publications.
David Galland: You’ve been steadily warning your readers for years about the coming chaos in what you call “Chaostan,” yet another forecast of yours that is coming true today. Before we get to current events, could you define Chaostan for readers who aren’t familiar with it.
Richard Maybury: In Central Asia, the word "stan" means "land of." Therefore Kazakhstan is the land of the Kazakhs, Kurdistan is the land of the Kurds, and so forth. I coined the word Chaostan in 1992, the land of chaos, to refer to the area from the Arctic Ocean to the Indian Ocean and Poland to the Pacific, plus North Africa.
To understand why I call this area Chaostan, you have to first understand the two fundamental laws that make civilization possible. The first being “You should do all you have agreed to do,” which is the basis of contract law. The other is “Do not encroach on other persons or their property,” which is the basis of tort law and some criminal law.
Where you find these laws most widely obeyed, especially by government, you find the most peace and prosperity and economic advancement, especially peace. In areas where they are less obeyed, you find chaos.
The area that I refer to as Chaostan never developed legal systems based on those two laws, at least not legal systems that the governments feel obligated to follow. I should point out those two fundamental laws provide the foundation for the old British common law, which was the basis of our Declaration of Independence and Constitution – essentially the legal documents that make America what it is or, rather, what it was.
So that's the essential thing, that Chaostan is the primary area that never developed rational legal systems, or at least not rational legal systems that governments are required to obey. As a result, throughout history they have suffered, and will continue to suffer, political, economic and social upheaval… chaos.
DG: Which brings us to the present, with a real flare-up going on in Chaostan. As Doug Casey has often said, "The thing that gets you is the thing you don’t see coming." Other than you and Doug, no one else I’m aware of anticipated the current trouble in places like Tunisia, Egypt and Libya. One day, things are quiet, the next we've got all sorts of major oil-producing countries – countries that people believed would never really change – up for grabs. What are your general thoughts on the situation?
RM: Since you’ve read Early Warning Report for so many years, you know that there is nothing going on today that surprises me or my readers. That's the direction I thought Chaostan would go. I'm just surprised that it took as long to get to this point as it did. In that regard, I have often used a quote from Doug…
DG: "Just because something is inevitable doesn’t make it imminent”?
RM: That too, but I was thinking of this quote to the effect of, "The nasty things that you think are coming always take longer to arrive than you think they will, but once they get here, they make up for their tardiness by being worse than you thought they’d be."
I think that's a fantastic observation, and it sure does apply here. I've always been convinced that this mess was going to happen, but will confess to being amazed that it is all happening at the same time, and that it's occurring in such a short period of time.
DG: What do you attribute the upheaval to?
RM: There are two big things going on: One is the fall of the U.S. Empire, and that is leading to the second, which is the breakup of the geopolitical matrix. In the case of the latter, I am referring to the many relationships the governments of the world have with each other and with their own people.
This matrix of relationships and political structures are called countries, most of which have existed for a long time, but that's breaking up now, in part because, in most cases, the borders between these countries were drawn a long time ago by people who knew nothing about the local populations.
While the breakup is starting in North Africa, I think it's going to spread across most or all of Chaostan. And it will have effects even in North America and South America. While it's almost impossible to predict exactly how, it’s my view the world that we grew up in is going away, and it will be replaced by some new political matrix.
These changes will only be exacerbated by the fact that the U.S. Empire that we grew up with is crumbling very fast. As the U.S. Empire collapses, all sorts of relationships will die, leading to yet more chaos. You can see this with Obama calling up Mubarak and ordering him to resign, so I think chaos is the only word that fits.
As far as I know, nothing on this scale has ever happened before in world history, and for people who don’t understand it and are not paying close attention, it's going to be hell. But for those who do understand it, it's going to be one of the biggest money-making opportunities in all of world history.
I don’t know what to say other than just look out.
DG: We'll get back to the money-making opportunities momentarily. First, however, a bit more on the crumbling U.S. Empire, an assessment we agree with. The administration was clearly caught flat-footed by what happened in Egypt. First it supported Mubarak’s regime and then, as you noted, it flipped and Obama demanded he go. It seems like right now the U.S. government really doesn’t even know whom it should be talking to, let alone supporting, in these various countries.
This is no small matter seeing that for decades much of U.S. foreign policy has been directed at ensuring a steady supply of oil by creating relationships in the Middle East, including setting up and supporting various despots. With these relationships now at risk, the U.S. government has to be seriously concerned that it will see a steep degradation of its influence in the Middle East. Would you agree?
RM: Yes, I think U.S. government influence in the area is probably almost completely gone. The only real influence they have is within, let's say, a hundred miles of any given aircraft carrier. I don’t think Washington is taken seriously by anybody anymore, except for its military power.
The simple fact is, and you saw this in the Bush administration as well as in the Obama administration, it's clear to everybody that they don’t know what they’re doing. They have absolutely no understanding of the things that they’re meddling in.
I remember watching a television interview with Condoleezza Rice right after 9/11, when she said "Nobody in the White House knew where Afghanistan was." And that after the Twin Towers came down, they all gathered in the Oval Office and had somebody bring in a globe so that they could all find out where Afghanistan was.
DG: Of course the region really only matters to the U.S. because of its oil, and I think right now something like half of Libya's production is off line. Do you see the situation region-wide affecting supplies on a sustained basis?
RM: Let me push back a bit on your comment that "The only reason it's important to the U.S. is because of the oil." I would modify that a little bit by saying, "The only reason the region is important to you and me is because of the oil."
But to the U.S. government, the region is a place they have exerted their power, and that is what drives the U.S. government – a lust for power. You have a whole lot of people who spend their adult lives trying to acquire power, and once they get it, they want to use it on somebody, and one of the groups of people that they have used it on are those in the Mideast.
The American founders understood that. It’s why they created the Constitution as they did, as an attempt to limit the use of power, but the Constitution stops at the border. So U.S. politicians, almost right from the beginning, have gone outside the country to exert their power because it's a whole lot easier to do it in other countries than it is to do it in this country, and we have to keep that in mind.
While the oil is definitely a big factor, more of an excuse, for the U.S. government’s involvement over there, it's the exercise of power that they draw satisfaction from and that's the reason they have meddled in these countries for so many decades.
Now as far as what's going to happen with the oil, my guess is that there will be more uprisings, and Washington will try to establish new relationships with whatever regimes rise up out of that. In the end, as you know, fundamentally whoever owns the oil can't do anything with it except sell it, and so they will sell it and we will buy it.
DG: Might the Chinese, for example, move in there and take these opportunities to redirect more oil in their direction?
RM: Sure, but you’ve got to pay for the cost of the extraction, and there will be all sorts of governments, probably already are, sending agents in there to try to steer things in directions favorable to them, and they will try to use whatever oil they get control of as a weapon against their enemies.
I'm not talking about anything that hasn’t, in essence, been going on for centuries. That's how governments behave. I have no idea how it's going to shake out in the end, other than to say that ultimately whoever owns the stuff is going to sell it to somebody. They may not sell it directly to the United States or to U.S. oil companies, but they’ll sell it somewhere in the world, and that will increase the general world supply, and the U.S. will then buy oil from somebody.
I think that a whole lot of politics will be tangled up in these transactions, but I guess maybe the main factor to keep in mind is how much of the oil infrastructure is going to be destroyed while these governments are maneuvering against each other over there. While it’s too early to say, if a lot of that infrastructure isn't destroyed, I'll be very surprised.
DG: With the U.S.'s long relationship with Israel and support for all sorts of despots in the region, is the guy on the streets in the Middle East anti-American at this point?
RM: I've heard of a few incidents here and there, but the impression I get is that people around the world generally like the individual American, because we are a personality they have never run into before.
In most countries, if you tell an insulting joke about the government, everybody looks over their shoulders to find out if somebody overheard. An American never looks over his shoulder when he tells a political joke, and they find that fascinating. We speak with confidence and openly and about subjects that they will never talk about in public. So they’re captivated with our personalities as individuals, but they really hate and fear our government, just like many Americans do.
To illustrate that point, just think about the sick feeling you get in your gut when you go to your mailbox and find a letter with a return address for the IRS. Now imagine what it's like being, let's say an Iranian, and looking out your kitchen window and seeing an American guided missile cruiser sitting out there in the water.
DG: I remember when I lived in Chile being shocked to see U.S. soldiers jogging in double lines up the roads. This was a regular sight. It doesn’t take much imagination to figure out how people in the U.S. would react if Iraqi troops were a regular sight in their towns.
Back to the question of oil, the big players in the region are Iraq, Iran and Saudi Arabia. Do you think Saudi Arabia, in particular, will be in play before this is over?
RM: They already are in play in the sense that they’re trying to steer events in directions that are favorable to them. Maybe we should explain to the readers where Saudi Arabia came from. This is not a natural country. It is a country created by the government of Britain. Britain went into Arabia and picked the Saudi tribe as the one that ought to run the place as a surrogate of the British government. They supported the Saudi tribe so the Saudi tribe could conquer the other tribes, and that's essentially what Saudi Arabia is today.
It's as if someone went into Texas and picked the Jones family to run Texas and renamed the place Jones Texas. That's what Saudi Arabia is, and the other tribes don’t enjoy being dominated by the Saudi tribe, so there is inherent tension in that country all the time. The way the Saudi tribe tries to avoid violence is by buying off the population. They just keep pumping money into the population in an attempt to keep them fat, dumb and happy, but the population is getting tired of the whole scam, and that ancient hatred of the Saudi tribe is always there, just under the surface. There is a horrible resentment in the population.
When the ocean of oil is poured into the mix, yielding unimaginable riches for the Saudi rulers, it’s a nitro and glycerin combination that people have been writing about for decades. I'm one of them. I'm amazed Saudi Arabia is still there. I thought it would have blown up a long time ago, but it could be the uprisings spreading all across the Islamic world now that light the fuse on their overthrow.
Saudi Arabia is the big prize, and this means a lot of people want it and they’ll be likely to fight over it – and where it is going to go, I don’t know. This may be the greatest level of uncertainty since World War II.
DG: It would be logical that the U.S. military-industrial complex is going to use all this instability as an excuse to rationalize continuing with the huge levels of military spending, which is a big problem in terms of reducing the deficit. Do you see the U.S. military remaining as big as it is, or is there a change coming as the empire continues to dwindle down?
RM: I think there will be some token cuts to the military, but I can't see anything serious because all you need to do to get the American people to support a larger military is to just scare them a little bit. And that's easy to do – in this present situation it is very easy to do.
So I would tend to think that all you’ve got to do is announce that we need more aircraft carrier battle groups, because the oil supply is threatened, and the typical American on the street is going to say fine, build more aircraft carriers.
A point here to keep in mind is that, yes, the U.S. has by far the largest military force in the world, but Washington has taken unto itself the largest military obligation in the world – namely the responsibility of policing the whole planet. There is no other country that thinks it has the obligation to police the earth, so in terms of fire power versus territory that is being controlled, Washington is actually very weak and its enemies know this.
DG: Recently the U.S. Secretary of Defense Gates told cadets at West Point that we may never fight another large ground war. Do you believe that? I mean, if Saudi Arabia gets really unstable, do you think we are going to put boots on the ground there?
RM: Yes, definitely. This idea that you can fight a war without the use of ground forces is ridiculous. It shows a lack of understanding of what government is. A government is an organization that has control over a given piece of territory, and to control it you’ve got to have infantry standing on the ground. The phrase "boots on the ground" is a very good one for that.
The place has to be occupied by soldiers with rifles, and if you don’t have the ability to do that, then you can't control the place. You can just bomb the heck out of it, but eventually you’ve got to put troops on the ground.
DG: Yet in his speech to the cadets, Gates said that wars like Afghanistan are not likely and in fact he would advise against it. I have a copy of the article here, and I quote; "In my opinion, any future defense secretary that advises the president to again send a big American land army into Asia or into the middle of Africa should have his head examined."
RM: What he's saying is absolutely true, that you should not get involved in foreign wars, but I think it's a naïve idea to assume that they won't do it, because after all it's a government. It wants to use its power. It's going to use its power on somebody, and it will get into more wars, because the people who run the government are power seekers and they want to use their power. Until there is an amendment to the Constitution that says the U.S. government can't meddle in other countries, we're going to have wars in other countries.
DG: Speaking of foreign entanglements, Israel has got to be watching all this stuff with great concern.
RM: Yes, if I were the Israelis, I'd be pretty scared, and certainly they are also working secretly to try to steer events in directions favorable to them. I don’t know what to say about it other than the old phrase, "The situation is fluid."
It sure is fluid, no doubt.
DG: Returning just for a moment to your contention that governments need to exercise power. Is this just a psychological aberration amongst power seekers, or is there more to it than that?
RM: I regard it as a mental illness. People such as you and me and our readers are generally wealth seekers. We want to live a prosperous, comfortable life and we seek wealth in order to do that. By contrast, people who rise to the top in government are power seekers. They get their satisfaction from forcing other people to do what they want. They are essentially bullies.
Let's offer a little proof here. Practically every piece of legislation enacted in the last 100 years has involved the use of force on persons who have not harmed anyone. Anybody who wants that privilege has to have something wrong with them, so I think it's a given that when you're dealing with a high-level politician or a high-level bureaucrat, you're dealing with somebody who likes to push other people around, and that's the fundamental factor that the American founders were looking at when they created the Constitution. They understood that political power corrupts the morals and the judgment.
DG: A moment ago, you mentioned that one way the government can get people to go along with its schemes is to scare them, and history supports that this isn’t a new tactic. Yet, a lot of Americans look at 9/11 as proof that Muslim extremists are after us and we have to defend ourselves, and see that as sufficient rationale for the U.S. military to take action in the Middle East. Even from our readers, we hear things like "Kill them all and let God sort them out." How would you respond to that?
RM: I know a lot of people that seem to need somebody to hate, and when the government gives them somebody to hate, they’re grateful. I've known a lot of people like that. They enjoy despising whole classes of people, painting them all with the same brush, even the children.
DG: Yet people would argue that the U.S. government did not give us the Arabs to hate. They blew up the World Trade Center. There is clear evidence that in fact somebody does hate us, and so we should hate them back.
RM: Yes, well, as Ron Paul has pointed out, and I think this is a direct quote from Ron, "They didn’t come over here until we went over there."
DG: And we've been over there an awfully long time at this point.
RM: That's right. You can go back 200 years, if you want, which I do. The original war between the U.S. and Muslims was the Barbary Wars back in the early 1800s, and that was essentially an extension of the Crusades. The Europeans were fighting the Muslims, and the Europeans hoodwinked the American politicians into joining the war on their side.
When you hear the Marine Corps hymn "From the Halls of Montezuma to the Shores of Tripoli," to the shores of Tripoli refers to the Barbary Wars in which the U.S. came into the Crusades against the Muslims on the side of the Europeans.
So you can go back 200 years when the Europeans manipulated us into this thing, or you can count the modern onset as being in the 1940s when Roosevelt made an agreement to support the Saudis. There has never been a case where an Islamic government sent armies into the United States, but the U.S. has done it in the Mideast numerous times.
DG: Speaking of being manipulated, it is always remarkable to me how the British were up to their necks in Israel, as were the French in Vietnam, and presto chango, they’re out of the picture, replaced by the Americans. How we ended up as Israel's number one benefactor is amazing, just as it is amazing to me that we ended up losing 50,000 men in Vietnam after the French left. It makes no sense to me, but I guess it’s to be expected once you start getting drawn into foreign adventures.
What else are you following for your readers? What sort of themes are you getting into?
RM: In terms of economics, we've been writing about the decline of the dollar for years now. But actually, as of the March issue, I'm making a turn and going back to a much deeper geopolitical orientation, because I think what's going on in the Islamic world now is going to be at least as dominant as the fall of the Soviet Empire was back in the 1990s.
Jim Powell has made an interesting point. He said that it won't be very long and we will all be looking back and referring to life before Tunisia and life after Tunisia, and I think that is true. The Tunisia uprising will be viewed akin to the attack on Pearl Harbor or the assassination of Archduke Ferdinand in 1914 where life was totally different after that incident happened. I think we're in that situation now.
DG: And I take it for granted that you think oil is going a lot higher.
RM: Yes, not that it isn’t going to have corrections along the way, but I've been predicting for a long time we are going to see oil at $300 a barrel. I don’t know when, but I'm sure it's coming.
DG: And gold is a core holding at this point?
RM: Absolutely, gold and silver. I think they still have a long way to go, which is to say the dollar still has a long way to fall.
DG: Any other quick investment ideas that you would share?
RM: I still like Fidelity Select Defense and Aerospace Fund. The symbol is FSDAX. I think the military industries are going to be selling a lot of weapons, and so why not invest in it?
Our newsletter is based on what I regard as the two carved-in-granite long-term economic trends; one of them being the decline of the dollar and the other one being war. I think those are locked in, and so I recommend people buy investments that do well during wartime or during periods of currency debasement, which we have. Those two trends – war and currency debasement – are essentially what Early Warning Report’s whole strategy is at this point. Buy whatever does well during war and currency debasement.
DG: A final question. Do you see the government pulling out of Afghanistan more or less on schedule?
RM: I doubt it, but given how fluid the situation is, who knows? Gates' comment was very revealing. It is amazing he would admit in public that it was a stupid thing to go into Afghanistan. If U.S. officials can divert the public's attention enough with what's going on in North Africa, maybe they can pull it off – maybe they can cut and run, and let the Afghan government fall without the American public noticing the lives that were wasted propping it up.
The one thing I can tell you for sure is that if you want to keep track of what's really going on in the world, you have to watch the aircraft carriers. The U.S. has 10 aircraft carriers – the big super-carriers – and they are always an indication of what Washington is really serious about.
DG: So when you read that a carrier is being moved into a certain area, then that's a tip-off that something’s about to go on?
RM: Yes. The position of carriers is a tip-off. Google “Positions of U.S. Aircraft Carriers.” Secondarily, Washington uses amphibious warfare ships as substitutes for the big carriers, so you want to keep an eye on those as well.
[Every month, The Casey Report dissects current U.S. and geopolitical events, economic and market trends – using in-depth, big-picture analysis to discover the best profit opportunities for investors. Learn all about crisis investing, and how to beat rampant inflation by acting smarter. Free report here.]
© 2011 Copyright Casey Research - All Rights Reserved
Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.
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Global framework for biosimilars "is now crucial"
The need for a framework which allows global development of biosimilars is now crucial - without it, national governments will not be able to benefit from developments such as affordable insulin to treat the upcoming huge increase in diabetes cases, an industry leader has said.
"Biosimilars will also promote significant cost savings that help to safeguard the sustainability of European and indeed global healthcare systems, while ensuring access to high-standard treatments for patients," Gudbjorg Edda Eggertsdottir, president of the European Generic medicines Association (EGA), has told a conference in London.
The global biosimilar development programme which she proposes would be two-pronged, with: - continuous dialogue on European Union (EU)/US negotiations regarding the acceptance of scientific bridging studies; and - revision of the EU "over-arching" biosimilars guideline.
Last November, the European Medicines Agency (EMA) launched a three-month consultation on this guideline, which it is seeking to update to reflect the growing complexity of biosimilars and unique issues concerning their development.
Ms Eggertsdottir also said that European companies should be allowed to manufacture biosimilars in Europe during the patent/Supplementary Protection Certificate (SPC) period for export to countries where no patent exists or has expired, and she also called for research funding and tax breaks for clinical trials to apply to biosimilar developments.
Also critical is an "improved attitude" towards biosimilars in the EU, she added, and she warmly welcomed the work of the European Commission DG Enterprise and Industry's Project Group on Market Access and Uptake of Biosimilars. The group is tasked with identifying obstacles and good practices in EU member states, "whilst providing accurate and unbiased information to counterbalance continuous misinformation and misperceptions regarding biosimilars," she said.
"If we want a sustainable biosimilar medicines industry, we have to be careful to protect this industry in its infancy," the EGA president told the meeting. "Policymakers need to use all avenues possible to increase the competitiveness of the European biosimilar industry, and not only focus on using biosimilars as a means of reducing the price of originator products," she added.
- The global market for biosimilars is expected to reach a value of $17.9 billion by 2017, forecasts Global Industry Analysts Inc (GIA) in a recent report. The EU is currently "way ahead" of the US in the field, notably with publication of the long-awaited guidelines for biosimilar monoclonal antibodies (MAbs) in 2010, and is currently home to a broad array of biosimilars, including epoetin alpha, granulocyte-stimulating factor and recombinant growth hormone, it says.
However, the report suggests that the US will surpass Europe over the analysis period to become the world's largest market for biosimilars, driven by 2010’s passage in Congress of the Biologics Price Competition and Innovation Act (BPCI), which created the means for a regulatory pathway for such products in the near future.
Given the upcoming patient expiries on a number of major biologic drugs, including Roche's Herceptin (trastuzumab) and Rituxan (rituximab), Sanofi's Lantus Insulin glargine) and Amgen's Neulasta (pegfilgrastim), the move "cannot have come at a more appropriate time," says GIA.
Amgen calls for clinical trial clarification on biosimilars
'Huge' market opportunity for European biosimilars - report
Fitch looks at implications of FDA biosimilar guidance
Biosimilars: "overcoming clinician resistance is key"
Biosimilar sales to soar in next five years - Datamonitor
http://www.egagenerics.com
http://www.strategyr.com
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NHS books surplus, but more trusts in debt
Selina McKee
The National Health Service has had mixed fortunes on the financial side for the year 2011/12, closing the period with a healthy surplus despite a leap in the number of trusts in deficit.
Primary Care Trusts, Strategic Health Authorities and NHS trusts and Foundation Trusts booked a combined underspend and surplus of £2.0 billion for the period, and this, in combination with non-recurrent spending during the year, have left the NHS with almost £4 billion in the bank.
In addition, the Audit Commission's report found that while the majority of NHS trusts reported an improved financial position in 2011/12, 32 booked a slimmer surplus compared to the prior year.
An extra seven also ended up swinging into the red, leaving the combined number of NHS trusts and FTs in deficit at 31 versus 26 in 2010/11.
"It is worrying that the number of trusts in deficit has more than doubled in the past year and a significant number of trusts are receiving financial support," commented Mike Farrar, chief executive of the NHS Confederation, and he warned that the situation "is likely to get worse unless we take radical action".
According to the Commission, the gulf between those organisations with financial difficulties and those without is widening, and its report highlights "stark differences in health finances around the country, with the majority of NHS trusts in deficit located in London and the South-East".
The report also notes that the NHS has achieved the first tranche of the £20 billion savings targeted for 2016, but that savings programmes "have had no material affect on the numbers of front-line staff, although the number of managerial and administrative staff has fallen significantly".
On the downside, productivity of acute and specialist trusts "does not appear to have increased", nor is there much evidence of service migration from the hospital setting into the community, which are considered to be key to the NHS' long-term financial viability, it said.
All-in-all, the NHS must keep "a tight grip on finances" to avoid significant increases in activity, the Commission stressed.
No room for complacency
"The combination of financial flexibility and savings puts the NHS in a good position to meet the challenges of spending within its limits and maintaining, and in some cases improving, service standards. But there is no room for complacency", it warns.
According to Farrar, now is the time for the NHS Commissioning Board to help providers, "not with bail outs, but by releasing money to new clinical commissioning groups so they can work with providers to help put them on a sustainable footing by changing the type and range of services they provide", and he calls for big investment in community and primary care to enable more people to be treated at home.
Also commenting on the report, Christina McAnea, head of health at union UNISON, said she is not surprised that more NHS groups are grappling with debt.
“It is a tragedy that £4 billion is sitting in the bank when struggling hospitals are rationing patient care, closing wards, and nurses are losing their jobs," she said, suggesting that trusts "should look at savings they can make from procurement, pharmaceuticals and proper workforce planning".
Cameron slammed as NHS spending dips £25m
NHS hits £5.8B QIPP savings target in 2011/12
NHS bodies "delivered £1.5 billion surplus in 2010/11"
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Commission warns countries over insufficient action to fight illegal fishing
The European Commission has stepped up its action to fight illegal fishing worldwide by warning eight countries that they risk being identified as countries it considers non-cooperative in the fight against illegal, unreported and unregulated (IUU) fishing. The countries in question are Belize, Cambodia, Fiji, Guinea, Panama, Sri Lanka, Togo and Vanuatu. Today's decision is the first of its kind and it highlights that these countries are not doing enough to fight illegal fishing.
It identifies concrete shortcomings, such as lack of dialogue or lack of actions to address deficiencies in monitoring, controlling and surveillance of fisheries, and suggests corrective actions to resolve them. The decision will not, at this stage, entail any measures affecting trade. The eight countries have been notified and given a reasonable time to respond and take measures to rectify the situation. The Commission has also proposed an action plan for each country. Should the situation not improve, the EU could take further steps, which could entail trade measures such as a ban on selling fisheries products to the EU.
European Commissioner Maria Damanaki, in charge of Maritime Affairs and Fisheries, said: "This is not a black list, but a yellow card. We want these countries as partners to combat illegal fishing. We want them to improve their legal and control systems as required by international rules. But we also want to signal to the world that the EU will not tolerate IUU fishing - a criminal activity which undermines the livelihood of fishing communities and depletes fish stocks. It must be eradicated by all means."
The fight against illegal fishing is part of the EU drive to ensure the sustainable use of the sea and its resources. As the world's biggest fish importer the EU aims to close its markets to illegally caught fish. The Commission considers that the eight countries identified do not so far fulfil their duties as flag, coastal, port or market states in line with international law, such as the United Nations Convention on the Law of the Sea or United Nations Fish Stocks Agreement. For instance, the countries need to amend their legal framework to combat IUU fishing, improve control and monitoring actions or take a proactive role in compliance of international law rules.
The Commission's decision is a result of a thorough analysis and it also took into account each country's level of development. The decision follows a long period of informal discussions with the countries in question. It now starts a formal procedure of dialogue and cooperation with these countries with the aim to solve the established shortcomings.
Today's Decision is based on the EU's 'IUU Regulation', which entered into force in 2010. This key instrument in the fight against illegal fishing aims to allow access to the EU market only to fisheries products that have been certified as legal by the flag state or the exporting state concerned.
The estimated global value of IUU fishing is approximately 10 billion euros per year, and it is said to account for 19% of the reported value of catches.Between 11 and 26 million tonnes of fish are caught illegally a year, which corresponds to at least 15% of world catches. It is estimated that 16% of all sea-caught fish imported into the EU is caught illegally.
Photo courtesy of austinevan via Flickr (CC BY 2.0)
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Poor Journalism
There are many reasons for the business problems that newspapers have these days, but one major problems that also affects online and broadcast journalism is poor writing. Expository writing is fairly simple for people who can grasp simple logic.
An expository article or essay has three basic parts: introduction, which tells the subject being discussed, the body or details, and the conclusion, which sums up the details. I have read that the military discusses these three parts as: Tell them what you're going to tell them; tell them; and tell them what you told them.
I don’t remember when I didn't know how to write an expository article, but I probably learned in in elementary school. Unfortunately, it often appears that some writers do not know how to do expository writing. I have seen articles that had headlines that suggested what they were something, but when I looked for the summary in the topic paragraph, I didn’t find it, and when I looked through the body of the article, I still didn’t find a summary of what it was about, and it wasn’t summarized in the conclusion, either. I have come to expect such games in the descriptions of real estate for sale, and I understand that the facts would make it harder to sell, but that’s not what newspaper articles should be like. In fact, the big difference between newspaper articles and oped pieces is in the format. Oped writing will skate around many of the facts and just provide what supports the opinion being expressed, while news articles should provide as many relevant facts as possible.
The poor writing that I am referring to comes in many forms. Sometimes a writer will dance around the subject without describing whatever the news might have been. That can indicate complete ignorance, so the news is just a mystery, or it might show that the writer would rather be writing poetry, but that kind of writing means that the reader should turn to another page. Another problem that I have encountered has been the use of pseudo-facts. Sometimes that means that the writer is decades behind in that subject, and sometimes it means that the writer would rather be writing something else.
The lack of background on the part of the writer can be painful to read. In the recent past, I wrote about the difference between species and races, especially with regard to human evolution, and I continue to see articles that state that Neanderthals were a different species from the so-called modern human, and then it goes on to describe the genetic characteristics that Neanderthals provided to modern humans without noticing that separate species cannot produce fertile offspring, so any reproductive activity between the two types would have to have been without fertile issue, unless they were actually two types of the same species. I imagine that editors assign writers based on hopes, rather than proven ability.
Another reason why journalism is in poor shape, is that journalists seem to be ignoring the difference between reporting and opinion. As a result, a considerable part of what is called reporting is actually asserting opinions. Newspapers don’t seem to quite as guilty of this as are broadcast news.
I wonder whether the use of lies and false premises by the president has meant that people feel that facts and good logic are no longer necessary. Trump tells lies all the time, so why shouldn’t everyone?
Tags: logic, objectivity, opinion
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"A Hawaiian is a Hawaiian is a Hawaiian," said Michelle Kauhane, president and CEO of the Council for Native Hawaiian Advancement. "Whether they have a drop or more than 50 percent."
Jennifer Sinco Kelleher, "Rulemaking under way for DNA testing for Hawaiian homelands," The Associated Press, December 28, 2015. http://bigstory.ap.org/article/d5481a15bd164d25ba02fc510473d046/rulemaking-under-way-dna-testing-hawaiian-homelands.
The Prism of Race: W. E. B. Du Bois, Langston Hughes, Paul Robeson, and the Colored World of Cedric Dover [Silkey Review]
Posted in Articles, Biography, Book/Video Reviews, History, Literary/Artistic Criticism, Media Archive, United States on 2016-12-16 01:23Z by Steven
Journal of American History
Volume 103, Issue 3, December 2016
DOI: 10.1093/jahist/jaw452
Sarah L. Silkey, Associate Professor of History
Lycoming College, Williamsport, Pennsylvania
The Prism of Race: W. E. B. Du Bois, Langston Hughes, Paul Robeson, and the Colored World of Cedric Dover By Nico Slate. (New York: Palgrave Macmillan, 2014. xviii, 246 pp. $90.00.)
Nico Slate explores the evolution of twentieth-century “colored cosmopolitanism,” an intellectual movement to unify the “colored world” around shared experiences of exploitation and oppression, through the lens of Cedric Dover’s transnational intellectual and artistic circles (pp. 17, 19). Observing how African Americans represented “a racial minority within the United States but a racial majority within the colored world,” Dover (1904–1961), a scholar and Indian nationalist of mixed-race ancestry from Calcutta, advocated “colored solidarity” as a tool for antiracist, anti-imperialist activism to achieve social justice on a global scale (p. 141). Seeking inspiration and friendship from African American intellectuals, Dover taught at Fisk…
Read or purchase the review here.
Tags: Cedric Dover, Journal of American History, Langston Hughes, Nico Slate, Paul Robeson, Sarah L. Silkey, Sarah Silkey, W. E. B. Du Bois
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Cedric Dover, the Anglo-Indian Who Sought Worldwide Solidarity With Racial Minorities
Posted in Articles, Asian Diaspora, Biography, Book/Video Reviews, Europe, Media Archive, United States on 2015-08-18 15:27Z by Steven
Elisabeth Engel, Research Fellow
German Historical Institute, Washington, D.C.
Slate, Nico, The Prism of Race: W.E.B. Du Bois, Langston Hughes, Paul Robeson, and the Colored World of Cedric Dover (New York: Palgrave Macmillan, 2014)
The scholarship that takes up W.E.B. Du Bois’s thesis that “the problem of the twentieth century is the problem of the colour line – the relation of the darker to the lighter races of men in Asia and Africa, in America and the islands of the sea” fills libraries around the globe.
Ever since the African-American leader defined the concept in Souls of Black Folk in 1903, it figured prominently in research on the United States and the transnational contexts of Western imperialism. Nico Slate, a historian at Carnegie Mellon University, is no exception. His research on social movements in the United States and India has long explored how black Americans and colonial subjects advanced their struggles against white supremacy. His most recent book, The Prism of Race: W.E.B. Du Bois, Langston Hughes, Paul Robeson, and the Colored World of Cedric Dover, makes the case that this struggle did not just pose the problem of race, but also that of colour.
The story of the 20th century that unfolds from the perspective of people defined as coloured is the subject of Slate’s account. He traces it through the lens of Cedric Dover (1904–1961), an Anglo-Indian biologist, who dedicated his work to the study of race and his political ambition to the movement toward Afro-Asian solidarity. Dover was born in colonial Calcutta, one year after Du Bois’s historic prediction. Slate shows that Dover was one of those “men in Asia and Africa,” whose libraries were filled with Du Bois’s and other African Americans’ writings. Precisely, Dover’s personal library, comprising his writings and reading, is Slate’s main primary source…
Read the entire review here.
Tags: Cedric Dover, Elisabeth Engel, India, Nico Slate, The Wire, W. E. B. Du Bois
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The Prism of Race: W.E.B. Du Bois, Langston Hughes, Paul Robeson, and the Colored World of Cedric Dover
Posted in Asian Diaspora, Biography, Books, Media Archive, Monographs, United Kingdom, United States on 2015-08-18 01:35Z by Steven
Hardcover ISBN: 9781137484093
Ebook (PDF) ISBN: 9781137484116
Ebook (EPUB) ISBN: 9781137484109
Nico Slate, Associate Professor of History
Carnegie Mellon University, Pittsburgh, Pennsylvania
Born a Eurasian ‘half-caste‘ in Calcutta in 1904, Cedric Dover died in England in 1961 a ‘colored’ man. One of the foremost experts on race in his generation and a leading figure in the movement toward Afro-Asian solidarity, Dover encountered in his own life the central paradox of race in the contemporary world: he knew that race did not exist in blood or bone, even as he knew that the color of a child’s skin determined everything from where he could go to school to how long he would live. Dover strove to be, in his words, ‘both ‘racial’ and antiracial at the same time.’ His life and work stand at the heart of one of the most creative and politically significant redefinitions of racial identity in the twentieth century—the invention of the colored world. This innovative ‘biography of race’ explores the concept of colored solidarity as enacted in Dover’s life as well as the ideas and relationships that connected him and four of his closest African American friends and colleagues: W.E.B. Du Bois, Claude McKay, Langston Hughes, and Paul Robeson. In doing so, it illuminates a fascinating episode in the intellectual histories of race and cosmopolitanism while offering powerful insights into ongoing debates surrounding racial and ethnic identity today.
Preface: Of Color
Introduction: The Prism of Race
1. Cedric Dover’s Colored Cosmopolitanism
2. W.E.B. Du Bois and Race as Autobiography
3. Langston Hughes and Race as Propaganda
4. Paul Robeson and Race as Solidarity
5. The Black Artist and the Colored World
6. The Death and Rebirth of the Colored World
Epilogue: Barack Obama and Race as Freedom
Afterward: The Library of the Colored World
Tags: Cedric Dover, Claude McKay, India, Langston Hughes, Nico Slate, Palgrave Macmillan, Paul Robeson, W. E. B. Du Bois
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Race as freedom: how Cedric Dover and Barack Obama became black
Posted in Anthropology, Articles, Asian Diaspora, Barack Obama, Biography, History, Identity Development/Psychology, United States on 2014-02-15 21:03Z by Steven
Ethnic and Racial Studies
DOI: 10.1080/01419870.2012.715661
Born across racial lines, Cedric Dover and Barack Obama both came to identify with the African American community. By contrasting the lives and ideas of two mixed-race individuals, one born in Calcutta and the other in Hawaii, this article examines cosmopolitanism, racial formation and the promise of the ‘post-racial’. A ‘Eurasian’ intellectual born in Calcutta in 1904, Dover developed a coloured cosmopolitanism that mirrors in revealing ways Obama’s approach to race. Both men embraced blackness while transcending the boundaries of race and nation. Dover and Obama developed a conception of race as freedom—not freedom from race or of a particular race, but the freedom to embrace race without sacrificing other affiliations.
We must be both “racial” and anti-racial at the same time, which really means that nationalism and internationalism must be combined in the same philosophy. Cedric Dover (1947, 222)
I have brothers, sisters, nieces, nephews, uncles and cousins of every race and every hue, scattered across three continents, and for as long as I live, I will never forget that in no other country on Earth is my story even possible. Barack Obama (2008)
Born a Eurasian in Calcutta in 1904. Cedric Dover died in England in 1961 a ‘coloured’ man. Born to a white mother in Hawaii in 1961 and raised partially in Indonesia. Barack Obama became the first African…
Read or purchase the article here.
Tags: Anglo-Indians, Cedric Dover, Ethnic and Racial Studies, Nico Slate
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Half-Castes versus Full-Castes?
Posted in Excerpts/Quotes on 2013-02-21 19:44Z by Steven
To-day there are no half-castes because there are no full-castes.
Cedric Dover. Half-Caste. London, 1937. Secker & Warburg.
Tags: Cedric Dover
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Mixed race children and young people are individual nation states. They defy classification
Posted in Articles, Census/Demographics, Media Archive, Social Science, United Kingdom on 2012-12-14 18:27Z by Steven
Shyama Perea
This week we learned that the number of mixed race people in the UK has doubled to 1.2 million. I’m adding my children to the arsenal of weapons for change
n the late 1940s, the Eurasian poet Cedric Dover wrote a poem about his racial identity. Entitled The Brown Phoenix, it includes the lines: I am tomorrow’s man/ Offering to share/Love, and the difficult quest,/In the emerging plan.
How fitting that in the week that a post-war musical, Privates on Parade, opened with a Eurasian love interest—“Welsh Bombay”—rejected on the grounds of her colour, we learn that in the 2011 census, the number of mixed-race people in the UK has doubled to 1.2 million. On the same day, the On the same day, the think-tank British Future reported that only 15 per cent of people oppose mixed-race relationships. Among the under-25s, that drops to under 5 per cent. British Future calls it The Melting Pot Generation. The Sun proudly declared: “We Are the World.”
Should we be surprised by this after a summer of sporting magic in which so many British Olympians, including the poster girl Jessica Ennis, were golden-hued – an event masterminded by Lord Coe whose father is white English and mother Indian? London has a mayor with a mixed-race wife. Half the X Factor contestants, from Leona Lewis to Marvin and Aston from JLS and this year’s Jahmene Douglas, have black fathers and white mothers. The one thing – possibly the only thing –that Rupert Murdoch and Vince Cable have in common is mixed-race children…
Tags: Cedric Dover, Shyama Perea, The Independent
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Cedric Dover
Posted in Articles, Asian Diaspora, Biography, Identity Development/Psychology, Media Archive, Poetry on 2012-10-02 02:18Z by Steven
Wasafiri
Cedric Dover was born in Calcutta in 1904. Dover’s mixed ancestry (English father, Indian mother) and his studies in zoology led to a strong interest in ethnic minorities and their marginalisation. After his studies, he joined the Zoological Survey of India as a temporary assistant entomologist. He also wrote several scientific articles and edited the Eurasian magazine New Outlook.
Dover settled in London In 1934 to continue his anthropological studies on issues of race. He published Half-Caste in 1937, followed by Hell in the Sunshine (1943). During the 1940s Dover contributed regularly to the BBC Indian Section of the Eastern Service alongside many other British-based South Asians. There he befriended George Orwell, in 1947 he published Feathers in the Arrow: An Approach for Coloured Writers and Readers. Dover moved to the United States in the same year and took up a range of visiting academic posts. He was a member of the faculty of Fisk University, as Visiting Lecturer in Anthropology. He also briefly lectured at the New School of Social Research, New York, and Howard University. Dover held a lifelong interest in African-American art, culture and literature and his influential book American Negro Art was published in 1960. Dover returned to London in the late 1950s. He continued to lecture and write on minority issues and culture until his death in 1961.
A Note on the Text
These poems were first published in Brown Phoenix (London; College Press. 1950).
Brown Phoenix
I am the brown phoenix
Fused in the flames
Of the centuries’ greed.
I am tomorrow’s man
Offering to share
Love, and the difficult quest,
In the emerging plan.
Do you see a dark man
Whose mind you shun,
Whose heart you never know,
Unable to understand
That I am the golden bird
With destiny clear?
Fools cannot destroy me
With arrogant fear.
Listen brown man, black man,
Yellow man, mongrel man,
And you white friend and comrade:
I am the brown phoenix—I am you.
‘There is my symbol for us all.’
For we are tomorrow’s men,
But not you,
Little pinkwhite man,
Not you!
Tags: Anglo-Indians, Cedric Dover, Wasafiri
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Don’t Pass on Context: The Importance of Academic Discourses in Contemporary Discussions on the Multiracial Experience
Posted in History, Law, Media Archive, My Articles/Point of View/Activities, Papers/Presentations, Slavery, United States on 2012-06-12 22:15Z by Steven
Mixed Roots Film & Literary Festival
Japanese American National Museum
Steven F. Riley
The following is the slightly modified text from my opening remarks.
As we commemorate the 150th anniversary of the start of the Civil War, ponder about re-electing our first black President, and begin the remaining 99 decades of the so-called “Mixed Millennium,” never in any point in time have there been so many ways to disseminate and share information about the multiracial experience: online, offline, YouTube, iPhones, blogs, podcasts, self-publishing, publishing on demand, etc. Thoughts and ideas that in the not too-distant past, that may not have been published until after death; can now be broadcast to the world before breakfast. Never have so many, been able to say so much, so quickly. But while we marvel at the quantity of the information about multiracialism, I ask that we pause and consider the quality of the information about multiracialism. Never have so many, been able to publish so much… and say so little, so quickly.
The purpose of this workshop is to encourage writers, filmmakers, and activists to consider discourses and texts outside of their own—or their subject’s—personal experiences during the formation of their respective projects. The ideas discussed during the workshop should not be seen as mandatory or even suggested guidelines for projects, but rather topics for consideration to help an writer or artist present and communicate their ideas in a more meaningful way.
Just a quick question for the audience… What is the year of the first census that tabulated data on individuals of two or more races? [Audience responses were mostly “2000”, there was one “1890.” The correct answer is “1850.”]
[By the census of 1850, the aggregate number of slaves in the United States was 3,204,313. Of this number, 246,656 were of mixed blood, mulattoes, The number of unmixed negro blood was, therefore, 2,487,455. The free black and mulatto population was 434,495, in the following proportions; blacks, 275,400; mulattoes, 159,095.]
There are three interconnecting areas of discussion that I find lacking in these contemporary discourses. I will speak briefly on each of them and explain their importance and at the same time use the narrative of Richard and Mildred Loving as a central point of focus.
Our celebration of the Lovings is an excellent entrée into an examination of co-option and the distortion of an American historical narrative. Similar to the reduction of the legacy of Dr. Martin Luther King, Jr.’s life into his famous 1963 “I Have a Dream” speech in Washington, DC, the narrative of the Lovings has been reduced into the story of “love denied.” Dr. King did not die because he dreamt of what America could be; he died because he demanded that America be what it should be. Few remember Dr. King’s criticism of the Vietnam War when he said,
“We were taking the black young men who had been crippled by our society and sending them eight thousand miles away to guarantee liberties in Southeast Asia which they had not found in southwest Georgia and East Harlem. So we have been repeatedly faced with the cruel irony of watching Negro and white boys on TV screens as they kill and die together for a nation that has been unable to seat them together in the same schools. So we watch them in brutal solidarity burning the huts of a poor village, but we realize that they would never live on the same block in Detroit.”
Like King’s legacy, the popular narrative of the Loving saga has often been crafted in a way that ignores historical facts and denies persistent inequalities. Like in many stories, there are truths, lies, and omissions. The story of the Lovings is no exception. It is not that the celebration of the Lovings is inappropriate, it is that it is inadequate.
On the site www.LovingDay.org, the creators state that,
“The Loving Day name comes from Loving v. Virginia (1967), the landmark Supreme Court decision that legalized interracial marriage in the United States. We found it quite perfect that a couple named Richard and Mildred Loving won their right to marry, and we know a good thing when we see it. So, Loving Day refers to two kinds of loving: the couple in the Supreme Court case, and the original definition of loving.”
Loving did not legalize interracial marriage in the United States. It legalized interracial marriage in the 15 remaining states that still had anti-miscegenation laws. (There were 16 states with such laws at the begining of the trial but the state of Maryland repealed its law while Loving v. Virginia was still pending.) To its credit, LovingDay.org does give the visitor a state-by-state and year-by-year breakdown of anti-miscegenation laws throughout the United States, nevertheless, the inaccuracy of this paragraph remains. Loving neither increased the number of interracial marriages in the South nor did it create a so-called late-20th century “multiracial baby boom”—the Immigration and Nationality Act of 1965 did that by increasing immigration from Asia and Latin America. In fact, ten states have never enacted anti-miscegenation laws. Loving did, according to Victor Thompson, “send a signal to the U.S. population that, in the eyes of the state, interracial marriage was no longer the ‘sin’ that it used to be—even if it still remained a sin in the minds of some.” Yet even today in 2011, the state of Mississippi with the lowest ratio of white-to-black residents, and as a result the highest potential of interracial unions and multiracial births, reports the lowest rate of self-identified multiracial individuals in the country.
Our preoccupation and celebration with Loving—and in the case of LovingDay.org with the word “loving”—diverts our attention away from the institutional inequities—that are still with us—that created “race” and racism as we know it and forced the Lovings to spend over half of their marriage fighting for their marriage. While we may remember Richard Loving’s famous, “Tell the court I love my wife,” few remember their lawyer Bernard Cohen’s eloquent argument to the Supreme Court where he said,
“The Lovings have the right to go to sleep at night knowing that if should they not wake in the morning, their children would have the right to inherit from them. They have the right to be secure in knowing that, if they go to sleep and do not wake in the morning, that one of them, a survivor of them, has the right to Social Security benefits. All of these are denied to them, and they will not be denied to them if the whole anti-miscegenistic scheme of Virginia… [is] found unconstitutional.”
Race is a Social Construction
“Race is a social construction.” Though it has been nearly a century since scientists began to recognize that the concept of race has no basis in biology, yet race—or rather the belief in race—remains a salient force in our world today. As most have you have already heard before, human beings are the most similar species on earth. When we speak of race, we speak of a concept originally designed for the commoditization, exploitation, oppression and near extermination of African, indigenous (and later Asian) populations. Race as biology is fallacious and we know it. If we teach our children to tell the truth, then we should do the same. I ask that writers and artists consider whether embracing an identity that is based in whole—or in part—on these social constructions merely reinforces those constructions. As author Cedric Dover stated so eloquently in 1937, “Today there are no half-castes because there are no full-castes.” Additionally, little attention is paid to the role class has in self-identification. It would be interesting to see projects that take leave of the college campuses, suburban enclaves, and coffee shops and investigate the lives of individuals in poorer rural and/or urban settings.
While multiracial identities give the appearance of a deconstruction of a social order based on race, I suggest otherwise. For example, many multiracial Americans of African/European descent understandably attempt to claim and reassert their non-African ancestry; reminding us how they are “a little French, a little Scottish, Italian, etc.,” few of us stop to ponder the near utter destruction of their African ancestry and how it has-even with the inclusion of European ancestry-been reduced to “black.” While some may embrace a “Black/White” identity, I ask where are the “Luba/Lithuanians”, “Shona/Scottish”, “Ewe/Estonians”, “Igbo/Icelanders?” It used to be our identities told us and others, where we came from, what we did, how we hunted, how we fished, where we pressed our wine, how we made cheese, when we planted, how we worshiped, and how we lived. Only a few seem to know or notice these nearly infinite identities (even from Europe) have been reduced through the centuries by the onslaught of white supremacy to just a handful of exploitable commoditized categories. We think we can manipulate the morally corrupt framework of “race” into a modern utopia, but even the so-called “new” hybrid identities may be reabsorbed or discarded back into the oppressive essentialist elements.
Individuals and groups today in 2011 that insist and demand we all tell our whole “racial truth”, are no less misguided and insidious than the Virginians who insisted and demanded “racial integrity” in 1924. While some criticize President Obama for identifying as Black, who here knows that “black” Mildred Loving had European ancestry along with Native American ancestry on both sides of her family tree? What even the most ardent racists in Virginia knew—that apparently some activists today do not—was that “racial integrity” was and is pure nonsense.
I ask the creators in this room if they could create projects that consider what life in our society would be like without race.
My second area of discussion is by far, my personal favorite, and unfortunately completely neglected in the non-academic contemporary discourses. Hopefully those in the audience will make my complaint—excuse the pun—history.
No serious discussion about multiracialism can begin without an understanding of history. History is not merely important, it is essential. Without an understanding of the past, we shall not only fail at transforming the future, we shall merely repeat it. Loving v. Virginia was the final battle in a 50+ year struggle to repeal all anti-miscegenation laws in the United States. For many, the history of multiracial America—if one even bothers to discuss history—begins in 1967 with Loving. Yet even the history of this one case suggests that the genesis of multiracial America began much earlier.
As Kevin Maillard has stated,
“Looking back to Loving as the official birth of Multiracial America reinforces the prevailing memory of racial separatism while further underscoring the illegitimacy of miscegenations past. By establishing racial freedom in marriage, Loving also sets a misleading context for the history of mixed race in America. Even though Loving instigates the open acceptance of interracialism, it unintentionally creates a collective memory that mixed race people and relationships did not exist before 1967.”
Loving did not create an explosive growth in the multiracial population. The heterogeneous residents of Caroline County, Virginia would have scoffed at such a notion just as the inhabitants of San Salvador would have scoffed at Christopher Columbus’s “discovery” of their island. Just as Columbus was a thousand of years too late to claim a “discovery,” those that suggest a post-Loving “multiracial baby boom” are 300 years too late. If we are to use a point in time as a demarcation of the beginning of multiracial America, we should consider the year 1661, when the then colony of Maryland codified the first anti-miscegenation statute.
The fact that Richard Perry Loving and Mildred Delores Jeter began their courtship in 1950—when he was 17 and she was 11—clearly indicates that their relationship was not transgressive as far as their families were concerned. In fact, the Jeters made it clear that “Richard [wasn’t] the first white person in our family,” indicating that Mildred—like most “black” Americans—had heterogeneous ancestry. Perhaps the reason that the 1950’s Loving-Jeter courtship was non-transgressive within their families, was because such relationships were non-transgressive within their community of Caroline County, Virginia; which was known as the “passing capital of America” because so many light-skinned blacks were mistaken for whites.
LovingDay.org provides us with what, as far as I can tell is the only interactive state-by-state map of anti-miscegenation laws that I know of. It is indeed—as they put it—“cool”. Yet despite the information given about these statutes, we are presented no overarching reasons why these laws were enacted in the first place. Nor are we told who wrote these laws. The site does, correctly state that, “The judiciary system played an important role in regulating interracial relationships.” Yet something very important is missing from these texts.
Fortunately for us we have a scholar like Peggy Pascoe to tell us the whole truth. The very first paragraph of her multiple award winning book, What Comes Naturally, Miscegenation Law and the Making of Race in America, states:
“This book examines two of the most insidious ideas in American history. The first is the belief that interracial marriage is unnatural. The second is the belief in white supremacy. When these two ideas converged, with the invention of the term “miscegenation” in the 1860s, the stage was set for the rise of a social, political, and legal system of white supremacy that reigned through the 1960s and, many would say, beyond.”
No one should celebrate another “Loving Day” without reading this magnificent book.
In my last of the three areas of discussion, this perhaps is the most difficult to discuss, yet perhaps the most pervasive. No force in American society has had—and continues to have—a stronger influence on identity than that of white supremacy.
While it is tempting to frame the narrative of the Lovings as a case of love denied by racial difference, there is more to the story. Anti-miscegenation laws did much more than prevent the marital unions between men and women of different races. Anti-miscegenation law in fact; transformed the fiction of race into a social reality. Their enforcement meant that a persons racial identity had to be determined in order to receive a marriage license. Furthermore, the variation in punishments—based on the determined race of the litigants—reinforced the idea of racial hierarchy. Whereas for example, a white person and Indian would both face a $200 dollar fine and two years in prison for illegally getting married, while a white person and a black person would face a $500 fine and five years in prison for the same offense. Anti-miscegenation laws also disenfranchised spouses and children. To make matters worse, the idea of racial hierarchy was embraced even in states that had no anti-miscegenation laws. These laws adversely affected all people of color regardless of their marital unions. In short, anti-miscegenation laws were the cornerstone of white supremacy. Yet despite the multitudes of non-academic discourses celebrating the demise of these laws, absolutely no mention is made in them about white supremacy.
The first anti-miscegenation statutes enacted in Maryland and Virginia in the 1660s were part of the broader strategy of supporting the growing institution of slavery. The presence of interracial couples and their mixed-race offspring threatened the belief in racial difference, black inferiority, and notion of slavery altogether. To counter this perceived threat, these laws were enacted to create a physical, moral and psychological barrier between the whites and blacks and made the concept of the ownership of another human being acceptable.
On January 6, 1959, just six months after police officers entered through the unlocked front door of the Lovings and arrested the sleeping newly married couple for violating the Racial Integrity Act of 1924, they were sentenced to one year in prison. The sentence was suspended on the condition that they leave the state of Virginia for 25 years. After passing sentence, the trial judge in the case, Leon M. Bazile infamously proclaimed:
“Almighty God created the races white, black, yellow, malay and red, and he placed them on separate continents. And but for the interference with his arrangement there would be no cause for such marriages. The fact that he separated the races shows that he did not intend for the races to mix.”
Although Judge Bazile’s statement is ostensibly about the prevention of what he saw as putative marriages, a closer examination reveals a more sinister agenda. For him, not only did Mildred and Richard Loving not belong in the same bed, they—and all of their respective racial cohorts—did not belong on the same continent. Although Jim Crow segregation could not send the “races” back to their separate respective “home continents,” it did the next best thing by consigning the races to their separate schools, separate theaters, separate hospitals, and separate water fountains. Much like his predecessors almost 300 years before, Bazile reaffirmed the framework of white supremacy and the oppression of people of color via the ruse of anti-miscegenation laws.
While we all owe a debt of gratitude to the courageousness of Richard and Mildred Loving that can never be repaid, we should use care on how we celebrate their interracial marriage. The increased attention towards multiraciality has brought—appropriately—more scrutiny, particularly from the academic community. More scholars than ever before are examining the role of multiraciality within the framework of racial justice in the United States and abroad. In the case of Latin America, critics have begun to argue that “multiracialism, like the firmly discredited concept of Brazilian racial democracy, functions as an ideology that masks enduring racial injustice and thus blocks substantial political, social, and economic reform.”
The clever positioning by multiracial identity activists of the Loving marriage as the 1960s vanguards of multiraciality, promotes several troubling ideologies that should exposed and examined. These ideologies effectively distance the Lovings’ saga from the greater African-American struggle for freedom and justice. Firstly, the emphasis on the “marriage” of the Richard and Mildred Loving implies that these unjust anti-miscegenation laws had no adverse impact towards Black-Americans and other people of color as a whole. Finally, and most importantly, the continual dissemination of the myth of increased multiracial births since the Loving decision, is an insidious maneuver that illogically seeks to erase the history of over three centuries of interracial marriages and the millions of descendants from those unions. As I have stated before, we are not becoming a multiracial society, we already are a multiracial society and we have been so for centuries.
By the time the Loving decision marked its first anniversary on June 12, 1968, there was no sign of either a multiracial baby boom or an interracial marriage boom. While the Lovings were finally able to live quietly—and legally—as husband and wife in their Virginia home town, the racist attitudes that inspired the creation of anti-miscegenation laws were still very salient. (In fact, Alabama did not remove its unenforceable statute until 2000). What “booms” that could be seen and heard were near and far and were those of dismay, protest and death. Booms were heard loudly in January, 1968 when the North Vietnamese began the Tet Offensive that despite its military failure, shocked policy makers in Washington, D.C. enough that they became convinced that the war—even with its black and white comrades in brutal solidarity—could not be won. Booms would be heard in cities like Newark, New Jersey—exactly one month after the decision, with riots over racial injustice. Then more “booms” in Detroit, just days later which would be just another one of the 159 race riots in the “long hot summer” of 1967. The most ironic and tragic “boom” would come from the shot of a rifle across the street from a Memphis, Tennessee hotel on April 4, 1968, which would fell Dr. King, America’s true non-violent symbol of racial reconciliation. From hence “booms” would be heard in violent protest all over America.
The past two years have brought forth an unprecedented amount of critical examination of multiracialism. Articles, books, live programs, even a conference—The first critical mixed-race studies conference—are forcing us to ask serious and important questions about how multiracialism and multiracial identities may impact racial dynamics here and abroad. Even Dr. Naomi Zack—who many of you have just seen in this morning’s movie Multiracial Identity defending the political recognition of a multiracial identity, has since, retracted that position in her article titled “The Fluid Symbol of Mixed Race” in the Fall 2010 issue of the journal Hypatia.
She states:
“The recognition of mixed race that I have advocated would proceed from where we are now, in a society where many people continue to think that human racial taxonomy has a biological foundation. Recognition of mixed race would be fair, because if racially “pure” people are entitled to distinct racial identities, then so are racially mixed people. Also, the false belief in biological races logically entails a belief in mixed biological races. But, of course, in true biological taxonomic terms, if pure races do not exist, then neither do mixed races (Zack 1997, 183-84; Zack 2002, chap. 7).
However, by the time I finished writing Philosophy of Science and Race (Zack 2002), I had come to the conclusion that broad understanding of the absence of a biological foundation for “race,” beginning with philosophers, was more urgent than mixed-race recognition or identity rights. Against that needed shift away from the false racialisms to which many liberatory race theorists still clung, advocacy of mixed-race recognition seemed self-serving, if not petty. And I think that the shift is still a work in progress. But still, the ongoing historical phenomena of mixed race and the distinctive experiences of mixed-race people continue to merit consideration, and I am grateful for this opportunity to revisit my earlier confidence and enthusiasm that mixed-race recognition was on the near horizon, with the full-scale undoing of race soon to dawn.”
She continues with,
“…The dangers of insisting on black and white mixed-race political recognition in a system in which blacks are disadvantaged is that a mixed-race group could act as a buffer between blacks and whites and re-inscribe that disadvantage. It is interesting to note that under apartheid in South Africa, there was not only a robust mixed population known as “colored,” but individuals were able to change their race as their life circumstances changed (Goldberg 1995). From the perspective of mixed-race individuals, this example may seem as though even South Africa was more liberatory on the grounds of race than the one-drop-rule-governed U.S. (This is not to say that South African coloreds had full civil liberties under apartheid, but only that they were better off than many blacks.) But from a more broad perspective, in terms of white–black relations, recognition of mixed-race identity, while it may advantage mixed-race individuals and add sophistication to a black and white imaginary of race, does little to dislodge white supremacy overall. The public and political recognition of mixed-race identities could be quite dangerous to white–black race relations overall if the position of blacks remained unchanged (Spencer 1999). But continued obliviousness about mixed-race identities holds the immediate danger of denying the existence of injustice for some presumptively pure blacks who do not have the advantages of white parentage…”
With the next two years promising even more scrutiny of the discussion surrounding multiraciality, it is more important than ever that we all read the academic texts to help us create projects that can produce greater impact.
©2011, Steven F. Riley
Tags: Cedric Dover, Kevin Maillard, Kevin N. Maillard, Loving v. Virginia, Naomi Zack, Peggy Pascoe, Steven F. Riley, Steven Riley
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British Eugenics and ‘Race Crossing’: a Study of an Interwar Investigation
Posted in Articles, Health/Medicine/Genetics, History, Media Archive, Social Science, United Kingdom on 2011-10-07 02:40Z by Steven
New Formations
Number 60 (2007)
Lucy Bland, Professor of Social and Cultural History
Anglia Ruskin University, United Kingdom
In 1937 a polemic entitled Half-Caste was published, heralding ‘the richness of hybrid potentiality’. Written by a self-defined Eurasian called Cedric Dover its opening pages indicated the extent of prejudice facing those of mixed race:
The ‘half-caste’ appears in a prodigal literature. It presents him … mostly as an undersized, scheming and entirely degenerate bastard. His father is a blackguard, his mother a whore … But more than all this, he is a potential menace to Western Civilisation, to everything that is White and Sacred…
This ‘prodigal literature’ included novels and ‘a vast mass of pseudo-science’ developed by ‘eugenists, anthropologists, sociologists and politicians’. In the book’s Preface, written by British scientist Lancelot Hogben, it was eugenics that was singled out for condemnation: ‘An influential current of superstition (called National Socialism in Hitler’s Germany and Eugenics in England) claims the authority of science for sentiments which are the negation of civilised society’. Yet despite the negative tone of the Preface, and the reference to ‘pseudo-science’, Dover was clearly not uninfluenced by eugenics. He cited a number of British eugenists in his ‘Acknowledgements’, and he dedicated his book to Ursula Lubbock (Mrs Grant Duff) an active member of Britain’s Eugenics Society. He also admitted: ‘I subscribe without qualification to the prevention of undeniably dysgenic matings … but not to the conceit that colour and economic success are indices of desirability’. His invocation of a different index of ‘desirability’ other than economic success was reminiscent of other socialists who espoused eugenics on their own terms. Eugenics was sufficiently protean to be harnessed to different ideological beliefs, ranging from the ultra conservative to the social-reformist and socialist. What was new and unique about Dover’s particular take on eugenics was the centrality of the ‘half-caste’, who ‘must be regarded … as a portent of a new humanity—a portent to be encouraged by the stimulation of eugenical mixture …’
In contrast to his own positive eugenical reading, Dover recognised that most other exponents of eugenics in interwar Britain took a very different view of the ‘half-caste’, namely, as ‘potential menace to Western Civilisation’. Why did these eugenists (and indeed many of the British establishment) hold such a view? What did they think were the implications of the presence of the ‘half-caste’? What or who was unsettled by the presence of mixed race people? One way of exploring these concerns is through an analysis of a project set up by the British Eugenics Society to investigate what they called ‘race crossing’. An examination of this project not only throws light on the prevailing discourses on race differences and their measurement, whiteness, and Englishness, but it also enables us to test historian Barbara Bush’s claim that eugenics was ‘a strong element of inter-war racism’, and to get a clearer sense of the role played by British eugenics in the discussion and regulation of race…
Tags: Cedric Dover, eugenics, Lucy Bland, New Formations, Rachel Fleming, Rachel M. Fleming
Cimmerii or Eurasians and Their Future
Posted in Asian Diaspora, Books, Media Archive, Monographs, Politics/Public Policy, Social Science, United Kingdom on 2011-03-26 02:53Z by Steven
Simon Wallenburg Press
2007 (Originally Published in 1929)
A belief in Eugenics was widespread in the early half of the last centenary and amongst its prominent believers were George Bernard Shaw, Winston Churchill and Adolf Hitler. This iniquitous social philosophy supposed that Northern Europeans were superior in civilization to such races as Indians. Anglo Indians who were of mixed blood were considered, even more inferior since they inherited the worst characteristics of both races. Anglo Indians came under attack from government scientists who wrote papers on Eugenics and used the Anglo Indians as examples how the human race could be degraded by intermarriage. Cedric Dover’s book Cimmerii was written as defence against this racist attack on India’s Anglo Indians. A remarkable pioneering book written before the Second World War, it thoroughly disproved the eugenics theory by recounting the achievements of the Anglo Indian race. It is a shame this brilliant book did to find its way to Europe after it was published, as it would have contributed in discrediting the pseudo science of eugenics. The belief in Eugenics led to the killing, institutionalising and outright genocide of races perceived as inferior or undesirable. The book would have defended the Jews who like the Anglo Indians were deemed a threat to racial purity. After the defeat of Nazi Germany, many ideas about “racial hygiene” were publicly renounced by politicians and members of the scientific community. But the work of Cedric Dover will forever stand out, as the work of one brave man who stood up and defended his small Anglo Indian community in a little book, and in doing so, struck the first blow against an evil that was to sweep through Europe a decade later. Cimmerii? Or Eurasians and Their Future by Cedric Dover is the fourth book in the Anglo Indian Heritage series. The Others are: Herbert Alick Stark ‘Hostages To India Britain’s Betrayal in India: The Story of the Anglo Indian Community These are the Anglo Indians by Reginald Maher. The books are called the Anglo Indian Heritage books as they chronicle the rich and colourful history of the Anglo Indian Community. This small community has had outstanding achievements at every level of society for hundreds of years but that record of achievement has been hidden, passed over or co-opted as British and Indian History. These Books are an attempt to fairly represent the history of the community by works by Anglo Indians themselves.
Tags: Cedric Dover, Simon Wallenburg Press
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Albanians fleeing and foreigners coming! Each year an average of 3 thousand foreign nationals obtain permission to work in Albania
In recent years, Albania has high migratory flows towards the European Union and high demand for emigration towards the United States. Economic reasons are obviously aimed at the rapid increase in living standards. However, although it is more than 1/4 of the population that has indicated a willingness to leave, Albania seems to present an interesting place for foreign nationals emigrating. According to official data of the Ministry of Social Welfare during the period 2011-2015 the number of foreigners who emigrate to Albania labor has been growing. According to official data released on average each year about 3 thousand work permits for foreign nationals.
The region that has the highest number of foreign nationals that obtain a work permit is Tirana with about 50% of work permits. Referring to the study, in the first place are work permit requirements for the category of employees. In second place are the requirements of the self-employed, while in third place are the demands of investors. Most Wanted sector for foreigner employment is construction, followed by utilities, extractive industry and trade. According to nationality, the first place occupied by nationals of non-member countries of the European Union; Turkish, followed by the Chinese and Canadians. Referring study does not include immigrants from countries of the European Union, the United States and Kosovo have no obligation to obtain a work permit, foreigners that received work permits were mostly males from 86.2% -92%.
By type of work permit, dominates the category with 82% of employees work permits. Even in 2015, Turkish citizens hold the first place for work permits and had an increase of 55% of the total addition, the preferred has been building. As for requests to obtain employment certificates in the first place are the Italians, followed by Kosovo Albanians.
Përmirësimi i klimës në punë! Mënyrat për të nxitur moralin e punonjësve
Kredia për individë zgjeron rritjen mbështetur nga kredia për konsum
Exchange Rate / The dollar and franc rise but the pound and euro fall
AAC: Flights to the UK remain suspended. After February 1, the decision will be re-evaluated
Foreign Trade in the pandemic year! ALL 27 billion less exports, imports were “hit” by 7%
Exchange Rate / Dollar and Pound increase. The euro remains at the same levels
Passengers traveling to the UK – CAA: New rules start from Friday
In 2020 Albanians used less mobile phones – Q3, AKEP: The number of active subscribers fell by 5.4%, Internet users by 1.3%
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SITD-RADIO
nature music
top chart music
music award
music family
Registration is now open for the Royal School of Music Open Day on 7 March 2018. Some musical styles deal with producing a sound for a efficiency, whereas others deal with producing a recording that mixes collectively sounds that had been never performed “live.” Recording, even of basically live styles similar to rock, often uses the power to edit and splice to provide recordings that may be considered “better” than the actual performance.
Rock music is a style of in style music that developed in the 1960s from Fifties rock and roll , rockabilly , blues , and country music 53 The sound of rock often revolves around the electrical guitar or acoustic guitar, and it makes use of a robust back beat laid down by a rhythm part of electric bass guitar, drums, and keyboard devices such as organ, piano, or, because the Seventies, analog synthesizers and digital ones and computers since the Nineteen Nineties.
Individuals aiming to develop into skilled musicians, singers, composers, songwriters, music lecturers and practitioners of different music-related professions akin to music history professors, sound engineers , and so forth research in specialised put up-secondary applications offered by colleges, universities and music conservatories Some institutions that train people for careers in music provide training in a wide range of professions, as is the case with many of the prime U.S. universities, which offer levels in music performance (including singing and enjoying instruments), music history, music concept, music composition, music schooling (for individuals aiming to change into elementary or high school music academics) and, in some instances, conducting.
Concord refers back to the “vertical” sounds of pitches in music, which means pitches which can be played or sung together on the similar time to create a chord Normally this implies the notes are performed at the same time, although concord might also be implied by a melody that outlines a harmonic structure (i.e., by utilizing melody notes that are played one after the opposite, outlining the notes of a chord).
In lots of cultures, music is a vital a part of folks’s way of life, because it performs a key function in religious rituals , rite of passage ceremonies (e.g., graduation and marriage), social activities (e.g., dancing ) and cultural activities ranging from newbie karaoke singing to enjoying in an amateur funk band or singing in a neighborhood choir Folks could make music as a pastime, like a teen taking part in cello in a youth orchestra , or work as an expert musician or singer.
This entry was posted in music and tagged digital, music on June 16, 2018 by sabrina.
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RPS Music Awards Royal Philharmonic Society
Is It Better To Add Or Subtract EQ When Mixing Music?
U.S. Musicians Unite In Wake Of Tumultuous Year
Welcome To Project Rock
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Oscar Pistorius - Cheetah Flex-Foot - CNN
The Olympics are just a few weeks away. And as discussed on CNN today, one athlete sporting some amazing technology, and just to flat out keep your eye on is 25 year old South African Oscar Pistorius, also known as the "Blade Runner”. He will become the first amputee to compete in track at the Olympics in the 400 and 4x400 relay.
Oscar was born without a fibula in both legs, which eventually lead to double amputation.
He runs with a device called a Flex-Foot Cheetah made of carbon fiber. The J shaped device is named after and takes cues from the fastest cat in the world and is the leading device for recreational and elite amputee athletes. The device was created in 1997 and there have not been many changes to it since then. But, it has come with controversy. In 2007, it was banned by the overseeing track and field body (International Associations of Athletics Federation (IAFF) –as having a technological unfair advantage. That decision however, was overruled in 2008 by the Court of Arbitration for Sport.
Oscar previously won 4 gold medals and a bronze in the Paralympics. He had his sights set on the 2008 Olympics, but failed to qualify. This year he was .1 seconds short of qualifying by South African standards. But, on Wednesday, the national exception was made as Oscar was named to the 4x400 relay team and the 400.
Oscar is certainly breaking ground. Notably, he is also sponsored by Nike and Oakley amongst others.
Image courtesy of Oakley
Courtesy of Oakley
Posted by Unknown at Friday, July 06, 2012
Hello and welcome. Insert smiley emoti.
Hi! I'm Katie Linendoll and I am a sports-tech contributor to ESPN, ESPN.com and ESPN The Magazine. I also am a regular tech contributor on the Today Show and I host a show on Spike TV. I have a degree in IT new media from Rochester Institute of Technology.
I am blessed with the ultimate dream jobs. Whether I am jetpacking across the Pacific Ocean, discovering new telepresence robots that are changing healthcare or interviewing amazing personalities such as Jamie Foxx, John Cusack, Gabby Douglas or RG3, I'm continually exploring how everyone's lives intersect with technology. I am always on the hunt to find the latest and greatest in tech, so be sure and tune in or log on to follow my latest discoveries.
May the force be with you.
Copyright © 2012 Katie Linendoll
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Tony Blankley Fellows
Campus Liberty Tour Advisory Board
The Campus Liberty Tour
Lauren Golem
Lauren Golem is the vice president of the Federalist Society chapter at the University of Colorado School of Law and a member of the Steamboat Institute’s Emerging Leaders Advisory Council.
Steamboat Springs,
Colorado 80488
Washington, DC Address:
300 Independence Avenue SE
© 2021 The Steamboat Institute
The Steamboat Institute is a 501(c)(3) non-profit, non-partisan organization. Contributions are tax-deductible to the extent allowed by law.
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Book launch at College
The Grahamstown launch of Marguerite’s latest novel, A Sin of Omission, took place in the St Andrew’s College Chapel and in the Andrean Resource Centre on Saturday 23 November 2019.
Dr Marguerite Poland was in conversation with Mr Aidan Smith, Second Master of St Andrew’s College, in the College Chapel. The venue was supremely significant as it was literally on the exact ground where the Anglican Institution buildings stood at which the protagonist of the novel, Reverend Stephen Malusi Mzamane, was educated.
The real life story of Stephen was told to Marguerite when she was 14 years old, and the novel has gestated since then. A series of remarkable coincidences, serendipitous discoveries and extensive research led to the writing of the novel, which is a painfully moving account of the conflict that the young Anglican missionary experiences reconciling his deep amaNgqika roots with the colonial Anglican vows that he is expected to uphold.
The Chapel was packed with appreciative friends and admirers, and they were treated to Marguerite’s inimitable storytelling style, beautifully expressed anecdotes, and the meticulously detailed historical background which informed the writing of the novel.
For Marguerite it was a profoundly meaningful and special book launch.
“Stephen is home”.
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(→Trivia: Got to mention that awful score from tonights show)
The worst ever score is no time crystals at all (the team won more than one game, but had a large number of lock-ins and forfeited one crystal for every person they had to get out). This was achieved by The Hauxwell Family during the revived series on the 15th April 2018. The second worst score is one crystal, this happened twice, once in Series 4 and once in Series 5 of the original series. The best ever score is ten crystals which, to our knowledge, was scored twice - one team got 128, while the other still didn't manage to get over 100! The latter event happened in series 1, so at least they got the minor prizes. In the 1992 christmas special, Richard claimed that the record was eleven crystals won, which could be true since the excess might have been used to buy back lock-ins.
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‘To succeed, we need to be open-minded, humble, and courageous’
Agriculture, Forestry and Other Land Uses | Forests | Forest and Landscape Restoration | GEF Voices
Photo courtesy of Mohamed Bakarr
As Lead Environmental Specialist at the Global Environment Facility, Mohamed Bakarr oversees programs that support integrated solutions to challenges related to agriculture, forestry, and livelihoods in developing countries. In an interview, he shared how his doctoral research in tropical biology informed his views about the linkages between human and natural systems and why protecting the environment requires work at the intersection of the two.
When did you first become interested in environmental issues?
I grew up in a rural part of Sierra Leone and spent most of my time outdoors surrounded by nature. Growing up, I was exposed to practices such as fishing, farming, and harvesting – all of which are major sources of environmental degradation. As I became more aware of the consequences of unregulated natural resource use, I grew very interested in the science and practice of conservation.
How did you get into this field?
In school I enjoyed my biology classes and was fortunate enough to have teachers who nurtured my interest in environmental sciences. In college, my motivation grew through a series of chance encounters with world class scientists who were conducting research on forests and wildlife in Sierra Leone. By the time I completed undergraduate studies in Biological Sciences at Njala University, I knew that I wanted my career path to be in the environmental field.
In graduate school at the University of Miami, I specialized in mycorrhizas, which are symbiotic associations between plant roots and certain types of fungi. These associations play a vital role in the survival of many plant species, both in nature and agriculture. My research in mycorrhizas helped shape my understanding of linkages within nature and the ways natural and human systems are interconnected. I have been guided since by commitment to work towards effective management of both natural and human systems as a way to achieve long-term sustainability.
Is there someone you have met through your work who had a lasting impact on you?
One person I met who has had a lasting impact on me was an elderly man from a village adjacent to the Tiwai Island Wildlife Sanctuary in Sierra Leone, where I was studying primate behavior way back in 1987. He met me on a trail in the forest and asked what I was doing. I told him that I was observing the monkeys and writing down what they were doing. He then asked if my parents were aware of what I was doing. I responded “no.” He calmly said to me: “I was just wondering how what you are doing will put food on the table.” It was a simple but profound statement. I took it as a challenge to balance my passion for nature with an obligation to serve humanity. This became a defining principle throughout my career and remains a major source of inspiration.
How has the coronavirus affected your work?
The COVID-19 pandemic has been very difficult. I have struggled to come to terms with its enormous toll on people around the world. It has also reminded me of the significance of our work to improve the health of the planet – as it is clear from this zoonotic disease outbreak that we need to carefully manage the relationship between natural and human systems for a healthy and resilient planet. I strongly believe that an integrated approach to the challenges we are facing – addressing them in a holistic way – will be key to building back better and implementing a green recovery, so that we can prevent or more efficiently manage future pandemics.
Throughout my professional life I’ve been very fortunate to meet many amazing people that have helped to shape and influence my career, including at the World Agroforestry Center (ICRAF) in Kenya and at Conservation International. In my current role, I have the pleasure of working with representatives from governments, GEF Agencies, project stakeholders, and other partners who are working hard and in innovative ways to achieve environmental goals and also make progress on cross-cutting priorities such as resilience, gender equality, and knowledge sharing. I see all of these people as my mentors as they influence my thinking and approach to the challenges we are collectively facing on this planet.
What life lessons has your work life taught you?
Over the last three decades of working at the intersection of the environment and agriculture, I have learned that for change to take hold it needs to occur at many different levels. Global priorities alone cannot assure the viability or sustainability of given investments. Meaningful shifts also cannot be achieved by a single entity or with a business-as-usual mindset. I have learned to value and prioritize large-scale thinking, collaborative spirit, and creative problem-solving in pursuit of environmental goals. To be successful, we need to be open-minded, humble, optimistic, and courageous.
What makes the GEF unique as a place to work?
The GEF is the only international financing mechanism that focuses on all dimensions of the natural environment that underpins life on this planet. Because of the phased nature of our financing, the GEF is well-placed to help countries make their development sustainable through engagement over a long period. We are also increasingly fostering engagement with businesses and private investors who are committed to protecting and valuing nature, in recognition of its significance for economic sustainability. The GEF’s programming is helping countries tackle the drivers of environmental degradation and not just its symptoms. Investing in the planet is an enormous mandate that requires systems thinking and a focus on collective action to be impactful.
What does success in your work area look like?
For far too long the divide between environment and development practitioners has masked the fundamental fact that people need nature. It has been a privilege for me to participate in several major initiatives that seek to bridge that divide. This has included setting conservation priorities for the globally threatened Upper Guinea rainforest in West Africa while at Conservation International, designing strategies for scaling-up agricultural systems that incorporate the cultivation and conservation of trees while at the World Agroforestry Center, and developing the GEF’s integrated approach programs which I now lead. I hope that by the time I retire, all major economic development projects and investments will be planned and implemented with the environment at their core.
Sierra Leone Country Profile
'It takes a village': lessons from Indonesia
'Environmental diplomacy is very important'
'Incremental steps can lead to lasting changes'
Talking about hope: lessons from the Philippines
'You need to spend time on the ground and in the water'
'We need to put nature at the center of economic activity'
'We need to work together and follow the science'
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Arts & Lifestyle News, NEWS
TODD McKENNEY Mask up
In response to the current national health crisis, Australian entertainer Todd McKenney, best known for his role as a judge on Dancing with the Stars, created a pivot-for-profit platform, TODDMASKS.COM, where Australian costume designers can make and sell masks directly to the public in order to both make Australia safer as well as create an income stream for themselves.
Within a couple of weeks, McKenney’s new project to assist others in the entertainment industry has become a roaring success. Almost 800 Australian-made face masks have been sold, raising $20,000 for the designers and professional theatrical wardrobe teams. McKenney is a passionate and long term member of the Stage and Screen industry and an advocate for Public Health. As a keen supporter of The Grace Centre at the Children’s Hospital at Westmead in New South Wales, McKenney has witnessed first-hand the profound impact of following advice when it comes to protecting the vulnerable with best practice.
Australian costume designers such as the prolific industry veteran Jennifer Irwin (Bangarra Dance Theatre, The Australian Ballet, Sydney Theatre Company, Opera Australia) and the immensely talented Erin Roche (High Ground, The Pacific, House Husbands) are part of the movement and are creating ranges for sale on the platform, which are then made by professional theatrical wardrobe stitchers.
Dancing with the Stars judge Todd McKenney has created TODDMASKS.COM, a platform for Australian costume designers to sell face masks directly to the public to make Australia safer and help the struggling entertainment industry. Click here for more info.
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The Three Musketeers (1973)
aka The Three Musketeers (The Queen’s Diamonds)
Richard Lester | 103 mins | TV | U / PG
I like a good swashbuckler. I don’t know exactly what it is about sword fights, but they’re probably my most favourite kind of action sequence. The 1973 Three Musketeers, then, is a film I’m slightly amazed I’ve not seen before. Especially as I absolutely loved it.
Where to begin? The action, I suppose. It’s loaded with the stuff. It puts later movies — from eras when we’re more accustomed to non-stop, regularly-paced action than the ’70s — to shame with its barrage of sword fights. And if you think they’d all be the same and become repetitive, you’re dead wrong. Screenwriter George MacDonald Fraser (yes, he of the Flashman novels) and/or director Richard Lester (yes, he of A Hard Day’s Night, Help! and Superman II and III) and/or the stunt team are constantly inventive in sequence after sequence.
It helps that most have a comedic bent, to one degree or another. This is no po-faced history lesson, but instead pure entertainment. Every scene has a lightness of touch, from screenplay to performance to direction, that never allows anything to take itself too seriously. Spike Milligan may appear as comic relief as a landlord-cum-husband-cum-spy, but he’s more than equalled by… well, pretty much everyone else. The humour might not be subtle — it’s mostly slapstick, often with a bawdy bent — but it is entertaining.
Thanks to this most of the fights aren’t strictly sword fights, I suppose. Indeed, Oliver Reed seems to dispense with his blade at the earliest opportunity and turn instead to sticks, wet towels, whatever else happens to be at hand. It lends a certain kind of organised chaos to proceedings; the kind that elevates a technically proficient duel into a funny, exciting, memorable segment of cinema. I would list standouts, but instead may I recommend you watch the film and, every time an action sequence starts, count it as one I mentioned. But particularly the one in the laundry and d’Artagnan and Rochefort’s lightbox-lit nighttime duel. And also— Now, this is why I said I wasn’t going to list any.
The star-smattered cast are, as noted, more than up to the task. The titular musketeers — played by Reed, Richard Chamberlain and Frank Finlay — may fade into the background a little while Michael York’s young d’Artagnan and the villainous pairing of Charlton Heston and Christopher Lee drive the story, but each makes an impression even with their limited screentime. The same could be said of the women, Raquel Welch as d’Artagnan’s love interest Constance and Faye Dunaway as the conniving Milady de Winter. York earns his place as the lead amongst such company, though, making a d’Artagnan who is by turns athletic, clumsy, hot-headed, loyal, and funny. As I said, everyone pitches the lightness just right, but York perhaps most of all — he doesn’t send up the youngest musketeer, doesn’t make him a pun-dispensing action hero, but finds all the humour in his actions and dialogue.
This film was shot alongside the next year’s sequel, The Four Musketeers — originally intended to be one film, it turned out so long they decided to split it in two. This feels like a wise decision. For one thing, the story seems to wrap up very neatly at this point. The villains may still be free and in power, but the diamond storyline is thoroughly concluded. I don’t know if any major rejigging occurred in the edit, but assuming not, it would surely feel like a film of two halves were it to just continue at the end of this one; the final action sequence is suitably climactic, the following scenes suitably rounded off. Secondly, it means it doesn’t outstay its welcome — while it’s all thoroughly enjoyable, you can have too much of a good thing. It also means the film ends with a sort of “Next Time” trailer, which feels very bizarre indeed, but is also a tantalising glimpse of what’s still to come.
The Three Musketeers is proper swashbuckling entertainment, with emphasis on… well, both words. It’s certainly swashbuckling and, even more so, it’s entertaining in the truest sense of the word. I loved it.
The Three Musketeers merited an honourable mention on my list of The Best Films I Saw For the First Time in 2011, which can be read in full here.
This entry was posted in 1970s, 2011, 5 stars, Action, adaptations, Adventure, British films, Comedy, Historical by badblokebob. Bookmark the permalink.
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Hurricane Irene Marches North, Claiming Four Lives Thus Far [MAP, VIDEO]
Shauna Wright
Over a million people in North Carolina and Virginia are currently without power after Hurricane Irene came ashore on Saturday, and other states further north are bracing for impact on Sunday.
North Carolina’s state emergency management agency reports blocked roads from downed trees, heavy rains and flooding, and roofs ripped off homes, businesses, and even an evacuation shelter, while a storm-spawned tornado in Tyrrell County demolished five houses.
Irene has already claimed at least three lives in North Carolina and one — a child — in Newport News, Virginia.
Meanwhile, airlines have canceled thousands of flights and airports in Philadelphia, Washington, New York and Boston plan some sort of shutdowns over the weekend, and the mass-transit systems in New York City ceased operations as of noon on Saturday.
Governor Chris Christie in New Jersey and New York City Mayor Michael Bloomberg ordered unprecedented evacuations in their states, where Irene is expected to make landfall on Sunday.
“We have never done a mandatory evacuation before, and we wouldn’t be doing this now if we didn’t think the storm had the potential to be very serious,” Bloomberg said.
Track the storm’s movement in real-time on this live map.
[CNN]
Read Original: Hurricane Irene Marches North, Claiming Four Lives Thus Far [MAP, VIDEO]
Filed Under: death toll, evacuation, hurricane, irene, map, natural disater, power outages
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The Curious Case Of Mary Reeser And Spontaneous Human Combustion
By Kara Goldfarb
When police found Mary Reeser in 1951, she was almost entirely ash. But mysteriously, the rest of her apartment remained almost perfectly intact.
YouTubeMary Reeser and her apartment after the fire.
Called the “cinder woman” case, the story of Mary Reeser of St. Petersburg, Florida goes like this: On July 2, 1951, Reeser’s landlady Pansy Carpenter dropped by her apartment to deliver a telegram. When Carpenter arrived, nobody answered. She put her hand on the doorknob and found it to be unusually hot, so she called the police.
Police arrived at the apartment, located at 1200 Cherry Street, to find 67-year-old Mary Reeser burned to death in a mysterious fire. Reports said that her body was disintegrated by a blaze of “white-hot intensity.”
Not much of Reeser remained. There was one slippered foot, which curiously showed no signs of charring, as well as a part of her spine. A piece of her skull remained and was described as shrunken.
Though the apartment was very warm when the police arrived, the majority of it remained intact. Plastic household objects near the seat Reeser was sitting in had softened and lost shape. But the rest of the room was seemingly unaffected by the flames that engulfed Mary Reeser. The rug had a scorch mark on it. A chair and an end table in the middle of the scorch mark were upright.
Since it requires three or four hours of temperatures around 3,000 degrees Fahrenheit for a body to be cremated, the case baffled authorities.
Due to the mysterious circumstances of the case, it’s been suspected that Reeser was a victim of spontaneous human combustion. This is when a person bursts into flames from a chemical reaction in their body, without any apparent ignition of an external heat source. Though there have been accounts of alleged human combustion since 1663, not all scientists aren’t convinced.
Chief Cass Burgess was the detective on Reeser’s case at the time. “This fire is a curious thing,” he told reporters.
Burgess and his team sent boxes of material from the apartment to the FBI lab in Washington, D.C. for chemical analysis. Some of the materials included a portion of the rug, rubble from the walls, and segments of the chair Reeser was sitting in at the time of her death.
The public was infatuated with the case as well. Coroner Ed Silk reported that at least 15 amateur detectives had phoned him with their theories.
The detective team put out a statement saying that it was an “accidental death by fire of unknown origin.” Burgess said that it didn’t mean they were concluding the investigation; they were just putting out a release so that a burial could take place.
The FBI determined that Reeser’s death wasn’t the result spontaneous human combustion. However, the actual cause does remain a mystery.
The FBI believed that Mary Reeser’s own body fat provided the fuel for the fire that consumed her after possibly lighting a cigarette and falling asleep. She was set on fire and “once the body became ignited almost complete destruction occurred from its own fatty tissues.”
It is true that human fatty tissue is highly combustible, even more so in heavier people. And Reeser was a robust woman, weighing 170 pounds.
While the FBI’s explanation had a certain logic to it, it only provided a partial explanation, as certain anomalies remained. For instance, a pile of newspapers stacked next to Reeser’s chair remained completely unscorched.
Dr. Wilton M. Krogman, a professor of physical anthropology at the University of Pennsylvania and an experienced fire researcher, disagreed with the FBI’s conclusion. Krogman wrote that of all the fire deaths he had investigated, “I cannot conceive of such complete cremation without more burning of the apartment.”
It’s been almost 70 years since Mary Reeser died. So was it spontaneous human combustion? Give how long it’s been since her death, it seems unlikely the true cause will ever be determined.
If you enjoyed reading this article about Mary Reeser, you may want to read more about spontaneous human combustion. Then check out the strange story of the real Bloody Mary, the woman behind the mirror.
Kara Goldfarb
Kara Goldfarb is a writer living in New York City.
Speedball: The Deadly Drug Cocktail That's Claimed Too Many Lives
Meet George Jung, The Notorious Cocaine Smuggler Who Inspired The Movie 'Blow'
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Billie Joe Armstrong’s Former Home on Sale for $7.25 Million
An Oakland, Calif. home formerly owned by Green Day frontman Billie Joe Armstrong has hit the market with an asking price of $7.25 million.
Described in its official listing as an "extraordinary home" which "exudes richness at every turn," the five bedroom, six bathroom house includes many impressive and luxurious highlights.
The French Normandy-style home features gorgeous living areas, including a rotunda foyer, spacious living room and formal dining room. An expansive tile kitchen boasts state of the art appliances, an oversized island and antique lighting. Large windows are featured throughout the home, letting in ample natural light while also revealing stunning views of the San Francisco Bay.
After ascending a sweeping circular staircase, you reach the second story. It's highlighted by the main bedroom, featuring a private fireplace, secluded terrace and a walk-in closet bigger than most studio apartments.
Though the property screams luxury, there are still signs that a punk rock legend lived within its walls. For starters, one of the guest bathrooms is decorated from head to toe with flyers from 924 Gilman Street, a live music club in Berkeley, Calif. that was instrumental in Green Day’s formative years. A custom recording studio can also be found elsewhere within the home.
Outside features include luscious, landscaped gardens, with a sprawling pool and cabana, the latter of which features its own outdoor fireplace.
The property also comes with some added history. It was formerly the site of the Red Gate Mansion, a home built by Julia Morgan, the architect best-known for her work on Hearst Castle. Though the Red Gate Mansion was destroyed by a 1991 fire, Armstrong used its distinctive red bricks to create the multi-tiered outdoor walkway which leads to the current home’s front door.
See pictures of the home in the gallery below.
Armstrong was born and raised in the Bay Area, initially founding Green Day when he was just a teen. The band broke out in 1994 on the strength of their third studio album, Dookie, which sold more than 20 million copies around the world.
Since then, Armstrong - along with bandmates Mike Dirnt (bass) and Tre Cool (drums) - have remained one of rock’s biggest draws, winning five Grammy awards and cultivating a massive fanbase worldwide. The group had planned to embark on the Hella Mega Tour alongside Weezer and Fall Out Boy in 2020, but postponed until 2021 due to the coronavirus pandemic.
Next: Top 10 Green Day Songs
Source: Billie Joe Armstrong’s Former Home on Sale for $7.25 Million
Filed Under: Green Day
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The Old Shelburne Road
Yarmouth Vanguard, Tuesday, October 17, 1989
Some two hundred years ago, there was a road going through the woods from Yarmouth to Shelburne, called the Shelburne Road. It went from Yarmouth to Tusket, from Tusket to the junction of the road now known as the Curry Road which starts at Argyle Head, from this junction to the Hamilton Branch of the Clyde River, and thence, after crossing the Clyde, to Shelburne, for a total distance of 54 ½ miles.
In 1790 at a meeting of the sessions of the peace for the Yarmouth Township, there was a petition which was presented for a road, from the southwest corner of Alexander Bain's land, past the Narrows, going northeasterly until it runs into the Shelburne Road, which ended then in Tusket. Alexander Bain's land was at the limit of what is now the town of Yarmouth in Milton. James C. Farish gives a description of his house in his sketch of "Yarmouth abut the year 1821". From this house running eastward was Bain's Road, which would be today's Prospect St., between Milton and Dayton. It was to be 9 ½ miles long, up to the Tusket River, ending at the Narrows, where the bridge stands now. In summer the river was crossed by boat, and in winter it was crossed on the ice. The first wooden bridge was built in 1802-03.
The Shelburne Road had already been opened from Tusket to Shelburne during the second half of the 1780's. There is no reason given for the delay of the construction of the road from Yarmouth to Tusket. The Shelburne newspaper, "The Gazetteer and Advertiser", stated in its issued of July 15, 1786 (which was a Thursday), that "Arrived here yesterday from Yarmouth, which they had left Friday last (July 7), Mr. Poole, Mr. Butler and Capt. Richards (Ricker). They came through the country to lay out the road, and have not a doubt, but that the road will be shortly accomplished."
There are several plans of the road at the Office of the Registrar of Deeds, Municipality of Shelburne, which indicate that in Tusket it was to start at the Narrows, at "Gabbles", put for "Blauveldt's" (Peter Crowell tells me). In fact, the road coming from Yarmouth was to end at the river across from "Tennis Blovell's" (Theunis Blauveldt's), according to the Shoemakers Almanac, 1804; (see Crowell, "Hist. Of Barrington", p. 300). From Tennis Blovell's place, the road going south splits at 400 meters in two branches; one is called the "Gabell's Road", going westerly, towards "Van Cortlandt Sq. of the "Tusket Village"; the other goes easterly. This eastern branch is given in the plans as the beginning of the road "From Tusket to Shelburne". This is probably the same road which now turns off from Route 3 and reaches the one which comes from the Square and proceeds straight towards Gavelton.
Going in an easterly direction it passed just north of Eel Lake and then between Clearwater Lake and Mingo Beak Lake. Thus it might have followed the road that now goes by Belleville North, then through Bell Neck and proceeds a short distance beyond before reaching the eight miles in all. The Curry Road extends now up to Springhaven, while at the time it ended at the Shelburne Road.
After the junction at what is called the Curry Road, it had to cross two rivers, each flowing towards Quinan, the Mushpauk Brook (north of Mushpauk Lake) and the Quinan River. Proceeding between Big Gull and Little Gull Lakes, it reached, after a distance of 24 miles, the Hamilton Branch of the Clyde River, somewhat south of Pulldozen or Pulleydoggen Lake (farm lots 151 and 152), and then about a mile further, the Clyde River itself at a point called "Middle Clyde River".
From this point, there is still visible to this day a trail or cart track, which leads into a loose surface road; this road joins the River Clyde Road at about four miles from Shelburne. The distance from the point where it crossed the Clyde River to Shelburne is given as being 13 miles.
The idea of building a road from Tusket to Shelburne was mentioned for the first time on March 25, 1785, by the people of Tusket, when it was decided that it would be 20 feet wide and 35 miles long, although a month later it was decided that it would only be 12 feet wide and 30 miles long. But as time went by it was agreed that it had to cover more mileage.
In 1790, a Protestant Minister by the name of James Munro, who traveled between Shelburne and Tusket, wrote that it "is 40 miles through the woods and No Dwelling Houses on the road but one. A person of the name of (James) Hamilton who lives on a branch (The Hamilton) of the Clyde 14 miles from Shelburne and 26 from the Tuscate (Tusket). There is none other family nor likely to be, " Nevertheless the road was sufficiently well traveled for James Hamilton to use his house as an inn and tavern and to keep a ferry on the Clyde.
Later on a bridge was built over the Clyde. Here is what we read in Thomas Robertson's manuscript of 1871, "A History of the County of Shelburne," p. 44, who calls the road "The Farish Road"; "Travel has been suspended on it for over half a century (since the early 1820s, it is said elsewhere). The last persons who traveled the whole route were Mr. And Mrs. Colin Campbell and Miss (Sarah) Van Norden (Tusket), afterwards Mrs. William Robertson (his own grandparents). They were all traveling on horse back and on crossing the bridge, the bridge was noticed to be very shakey. Miss Van Norden was the last to cross and as her horse stood safe on `terra firma', the bridge fell into the River. Fortunately they were on the right (Tusket) side of the River, for as the water was deep, and as there was no ford (shallow passage), they would have had to retrace their steps to Shelburne".
Jackson Ricker wrote in 1941: "I am informed that traces of this road may still be seen and followed by hunters." No doubt that some of those who will read these lines have also seen traces of it.
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Published Online: September 01, 1995
Impact of Spinal Cord Injury on the Life Roles of Women
M. Claire Quigley
M. Claire Quigley, MS, OTR/L, is Supervisor, Spinal Cord Injury and General Rehabilitation Care Programs, Thomas Jefferson University Hospital, Department of Rehabilitation Medicine, Occupational Therapy Section, 380 Main Building, Philadelphia, PA 19107
Neurologic Conditions / Spinal Cord Injury / Research
Research Article | September 01, 1995
American Journal of Occupational Therapy, September 1995, Vol. 49, 780-786. https://doi.org/10.5014/ajot.49.8.780
M. Claire Quigley; Impact of Spinal Cord Injury on the Life Roles of Women. Am J Occup Ther 1995;49(8):780–786. https://doi.org/10.5014/ajot.49.8.780
This qualitative study was conducted to explore and describe the role experience of five women whose lives were disrupted by a traumatic spinal cord injury and who later returned to their communities after completing intensive rehabilitation programs. In-depth interviews and participant observations were used to examine the experiences of these women. The findings exemplify how the women’s use of adaptation and negotiation and the development of a new role as self-advocate facilitated the reestablishment of their life roles. As the women’s occupational roles were redefined, the processes of adaptation and negotiation were evident in three aspects of their lives: daily routines, relationships, and environment. Through their new role of self-advocate, architectural and attitudinal barriers were negotiated and adapted so that roles could be explored. These findings indicate that community reentry involves the ongoing process of negotiation and adaptation of life roles. The use of life histories during the rehabilitation phase is suggested as a way for therapists to develop meaningful treatment plans that stimulate patients’ adaptation process and ultimately enhance community reentry.
Highly Cited Occupational Therapy Articles in the Science Citation Index Expanded and Social Sciences Citation Index: A Bibliometric Analysis
American Journal of Occupational Therapy, October 2017, Vol. 71, 7106300010. https://doi.org/10.5014/ajot.2017.023747
Cognition in Clients With Acute High-Level Spinal Cord Injury: Why Assessment Matters
American Journal of Occupational Therapy, July 2017, Vol. 71, 7111505095. https://doi.org/10.5014/ajot.2017.71S1-PO2039
Understanding the Self-Perceived Occupational Performance of Individuals With Spinal Cord Injuries Using the Canadian Occupational Performance Measure
The Lived Experiences and Occupations of Intimate Partners of Individuals With Spinal Cord Injury Related to Sexuality
The Role of Mentors for People With Spinal Cord Injury and the Return-to-Work Process
Neurologic Conditions
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Film Club: Dersu Uzala (1975)
Our film club title for the month of July is Akira Kurosawa’s 1975 Dersu Uzala, the only film that Kurosawa filmed outside of Japan.
Following the disappointing commercial reception of the 1970 Dodesukaden, Kurosawa was at the low point in his career. The Japanese film industry was quickly shrinking, and unable to find funding for new projects while also suffering from poor health, Kurosawa attempted suicide on December 22, 1971. The attempt was unsuccessful.
In early 1973, the Soviet film studio Mosfilm approached Kurosawa asking if he would be interested in working on a new project with them. Kurosawa agreed to the idea and proposed to film an adaptation of Russian explorer Vladimir Arsenyev’s autobiographical work Dersu Uzala, a book Kurosawa had been considering for a film from as early as the 1930s. In the book, Arsenyev narrates his experiences with the titular Siberian hunter who acted as his guide for several expeditions to the Russian far east.
Shooting the film began in May 1974 on location in Siberia, and lasted for almost a year under demanding conditions. Dersu Uzala premiered in Japan on August 2, 1975 and did relatively well at the domestic box office, although the critical reception in Japan was muted. Abroad the film was better received, winning both the Golden Prize at the Moscow International Film Festival and an Academy Award for Best Foreign Language Film.
The last time we discussed Dersu Uzala at the film club was in March 2009, with the introductory post and its discussion found here and the other discussions accessible through the Dersu Uzala tag. You can also find much more about Dersu Uzala at dersuuzala.cba.pl.
For the availability of the film, see Kurosawa DVDs.
Next month, our attention turns to Hayao Miyazaki’s 1997 animated film Princess Mononoke, which shares themes with Kurosawa’s Dersu Uzala. The full film club schedule is available on the film club page.
Akira Kurosawa news post
Published on 1st July 2014
Written by Vili Maunula
This post has 7 comments. Join the discussion!
Posted in Film Club, Website Announcements
Tagged with dersu-uzala, Film Club
Akira Kurosawa Film Club #11: Dersu Uzala
Film Club: Sanjuro (Kurosawa, 1962)
Film Club: Yojimbo (Kurosawa, 1961)
Film Club: The Hidden Fortress (Kurosawa, 1958)
Film Club: Seven Samurai (Kurosawa, 1954)
Ugetsu
I’m not sure I’ll get a chance to watch Dersu Uzala this month, I haven’t had the free time. I do wish Coco was still here commenting as her comments on Dersu last time were by far the most interesting I’ve read on the film. In truth, it is one of the Kurosawa films I most struggle with – I found it hard to really enjoy the film, which may well be a reflection of watching it on a relatively small screen at home rather than the cinema. I think this is one of those films you are supposed to immerse yourself within rather than just ‘watch’. And its much easier to do this in the cinema. It really does cry out for a full restoration and release to the cinemas.
I’m struggling with the same things and really need to muster the determination to watch Dersu again. It would definitely benefit from a high quality full restoration.
Although I have watched Dersu a couple of times from the Artificial Eye DVD, for some reason I still mentally associate the film with a very poor quality cropped VHS copy that I had in the 90s. It didn’t do the film justice at all.
Kino Film’s DVD, which is what Netflix sent me, is adequate visually. I’m not sure what to make of the translation, though. They seemed to go to greater lengths than necessary to make Dersu’s speech ungrammatical and “foreign”.
Although I know Kurosawa had long wanted to film this story, I’m not sure it plays to his narrative strengths. It’s more didactic and unsubtle than his films normally are, and the pacing is a little off. It boggles my mind somewhat that this is the movie of his that won the best foreign film Oscar.
I hate to say it, but I was a little bored watching this. Even though it’s more coherent than, say, Dodesukaden or Red Beard, it’s not as visually or narratively interesting or bold.
Also, does anyone know or can point me to the best source for information in English on the making of this movie? Surely it was something of a vindication for him to be able to make a movie in Russia using a mostly non-Japanese cast and crew after the Tora Tora Tora debacle. How did he communicate with them?
It boggles my mind somewhat that this is the movie of his that won the best foreign film Oscar.
Yes, the foreign film Oscar is always an odd beast. I get the impression the Academy members have maybe watched one foreign language films over the year and so vote on reputation rather than anything else. Some of the award winning films are odd choices even by Oscar standards. I strongly suspect that the votes for Dersu were more to do with wishing to belatedly acknowledge Kurosawa than to reward the film.
I never got to watch it again this month, but I’d agree with your assessment that the film is curiously paced and lacks structure, which I’ve always attributed to the unusual circumstances it was made. Its been a few years since I’ve read it, and I don’t have my copy to hand, but isn’t there an account of its filming in Teruyo Nugami’s Waiting on the Weather? Going from memory, it does seem to have been a very difficult shoot, with some sections filmed by Russian assistant directors.
I watched Dersu this morning. Seeing it again reinforced my belief that this film desperately needs a high quality remaster. The region 2 Artificial Eye DVD, while adequate for the story, doesn’t really deliver the experience as I believe it was intended to be received.
I would go as far as to suggest that more than any other Kurosawa film, Dersu Uzala is first and foremost intended as a visual and aural experience. Early on in the film Dersu scolds the Russian soldiers for watching but not seeing, and I think that we as an audience also easily fall into the same trap, criticising the film for its rather uncomplicated plot and somewhat loose structure while not realising that these are, ultimately, secondary to the film’s core intention, which is to present us with the world as Dersu experiences it.
Clearly, much of the film was designed as an audiovisual spectacle. Throughout the film, we are shown shots of the Siberian landscape in its various shapes and colours, enhanced by a soundtrack carefully woven from the sounds of animals, fire, water, wind and other natural elements.
Unfortunately, the at times blurry and always washed out images of the currently available home video releases don’t really invite us into Dersu’s world, but rather show us another, browner and less visually interesting Siberia. The sound levels are similarly suboptimal, and as lawless mentions, the subtitle translation could be better. I therefore understand how a reaction like lawless’s above is quite natural for the film, and it is also similar to how I feel about the version that we now have.
But consider the enormous difference that exists between the home video copies of what we now have of Kagemusha or Ran, as opposed to what was available only just a little over ten years ago. Now, imagine sitting in a darkened cinema watching a similarly restored copy of Dersu Uzala, with the image sharp and the colours vibrant. And as you sit there, you are not surrounded by the sounds of your neighbour renovating their patio, but the surround system which delivers an enhanced rendition of the original six track sound mix. You are not watching a story. You are being transported into the Russian wilderness.
I don’t know if this was the film that Kurosawa intended to make, and even if that was the case, whether the mid-70s Soviet equipment allowed him to get anywhere close to that goal. But this is the Dersu Uzala that I see existing somewhere behind the blurred versions that we currently have. It is this film that I would desperately want to watch one day.
This is not to say that a restored Dersu Uzala would be 144 minutes of sheer cinematic perfection. The film has its problems. Much of the acting is quite so-so, and many of the scenes feature stronger lighting than seems natural or desirable, resulting in very strong and theatrical shadows. And it is definitely true that the story is not constantly gripping, although my understanding is that Kurosawa specifically wanted it that way, refusing all attempts by his Russian cowriter Yuri Nagibin to add more action oriented scenes.
lawless: Also, does anyone know or can point me to the best source for information in English on the making of this movie? Surely it was something of a vindication for him to be able to make a movie in Russia using a mostly non-Japanese cast and crew after the Tora Tora Tora debacle. How did he communicate with them?
As Ugetsu mentions, Teruyo Nogami’s Waiting on the Weather probably has the best account available in English. In a single chapter alone, she dedicates over thirty pages to the production, almost as much as for Rashomon, and these are the only two films that have their own chapters in the book. To get an idea of the details that she recounts, one of the subsections in the Dersu Uzala chapter is titled “Ticks, Mosquitoes, and Outdoor Toilets”.
The always reliable The Emperor and the Wolf by Stuart Galbraith also features an information packed chapter on the film, which obviously is less memoir-like than Nogami’s. Also, in some details Galbraith and Nogami disagree, as for instance whether Toshiro Mifune was ever seriously considered for the role of Dersu, and who ultimately decided against that casting decision.
As for how Kurosawa communicated with the crew, he had an interpreter, Leo Korshikov who worked for the Asian Institute in Moscow. Nogami writes very positively about him. Kurosawa was also accompanied by a core team of five crew members from Japan, including the veteran cinematographer Asakazu Nakai and of course Nogami herself, whom Kurosawa ended up giving an assistant director’s credit for her role in the production.
There was also an interesting hour long Russian documentary on the film made four or five years ago, but I don’t think that it has ever been made publicly available. The only reason I know about it is because the filmmakers contacted me and shared a subtitled copy. I now wonder what happened to the project, as it was very much a finished documentary and they were simply looking for an outlet to release it through. It was really good, as well.
Next year, in fact almost exactly a year from now (2 August 2015), will mark 40 years since the film’s release. Let’s hope that someone somewhere is already working on a remaster and that it comes with plenty of extras, including the Russian documentary!
Vili:
As I indicated, I thought the Kino Films Region 1 (presumably) DVD I saw was at least minimally satisfactory in that regard. I don’t know how it compares to the Artificial Eye Region 2 DVD. I’m also not sure how it compares to the original master; given when the movie was made, it seems to me that the current technology, Kurosawa’s relative newness to the use of color cinematography, and the relative unfamiliarity of him with most of his crew and vice versa might have had a detrimental effect.
However, my opinion of the movie took these things into account. The film’s combination of an exposition of Dersu’s philosophy and background in the guise of a memoir of Arseniev’s interactions with him and a nature documentary wouldn’t appeal to me as a narrative no matter how much one improves the audiovisuals. Not only do I feel somewhat hit over the head with a simple (and sometimes simplistic) story that I’ve seen before, the movie falls into the “magical [insert term for an “exotic” non-white person of some sort]” category. (See TV Tropes: Magical Asian, although Dersu more closely resembles a Magical Native American. See also Noble Savage.) It’s not that it’s not true in some sense but that it others both Dersu and his companions and serves to highlight his attributes in contrast to that of his white protege, Arseniev, and his clueless companions.
I know the film was based on Arseniev’s memoir, but perhaps it would have been less problematic had it made Dersu the POV character. With Arseniev narrating, this is his story, not Dersu’s. I cut Kurosawa more slack in this regard than I would a European or American director, but I can’t cut him slack completely because the tropes used still have, as the TV Tropes entries mention, Unfortunate Implications.
Also, thank you, Vili and Ugetsu, for the information on where to find out more about the making of this film.
I read Teruyo Nogami’s book “Waiting on the Weather,” which as Vili and Ugetsu mention above contains a chapter on the making of Dersu Uzala, and posted a review here.
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Adrienne Williams Bosh – Age, Height & Facts About Chris Bosh’s Wife
By Ngozika
Most people know Adrienne Williams Bosh as the wife of two-time NBA champion, as well as Olympic gold medallist, Chris Bosh. Many people also know that rapper, Lil Wayne, once claimed to have slept with her during an anger-fuelled rant directed at the Miami Heat. However, Bosh is so much more than all this. She is a successful businesswoman as well as a passionate philanthropist who has used her time and money to support causes that are close to her heart. Want to know more about this incredible lady? Then you are in the right place.
Adrienne Williams Bosh’s Age and Early Life
Adrienne Nicole Williams was born on the 17th of April 1985 in Vevay, Indiana. Her mother is Venezuelan and her name is Susan Chatham. Her father’s name is not available but it is however known that he has German, Scottish, and English ancestry. The media personality also has a sister named Rachel Chatham. Bosh grew up in Vevay and attended Switzerland County High School.
As a young girl, she actively pursued various interests including gymnastics and theatre. She also participated in several beauty contests and won the princess title at the 2002 Vevay Swiss Wine Festival. On graduating high school in 2003, Adrienne Williams Bosh moved to Los Angeles to pursue a career in modelling and acting. In the city of angels, she scored minor parts in several movies including Three Barbecues (2002) and How to Throw a Party (2006). She landed guest roles in a variety of TV series and also appeared in several photoshoots and magazines. Additionally, Bosh also featured as a video vixen in many music videos.
In recent times, Adrienne Williams Bosh has turned her focus to business and philanthropy. She founded her own club promotion business (known as Diamonds & Dimes Entertainment) as well as home décor and gift shop.
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On the philanthropic side, Bosh has supported causes that promote the welfare of children, families, and military veterans. She has also raised awareness on pressing issues such as breast cancer and domestic violence. The Indiana native once partnered with the Miami Heat, Miami Beach PD as well as Safe Space Organisation to organize an awareness walk and expo on the issue of domestic violence. She also organized a Welcome Home Day, as well as a Home Strong Celebrity Gala, for veterans in Miami. Additionally, Adrienne Williams Bosh is the founder of a mentorship program for children known as Vice President of Team Tomorrow Inc.
Bosh and her husband, Chris Image Source
Adrienne Williams Bosh’s Husband and Kids
Adrienne Williams Bosh is married to NBA great, Chris Bosh. Chris was born on the 24th of March 1894 in Dallas, Texas. He attended Lincoln High School where he was not just an outstanding basketball player (leading his school to a Class 4A state title) but was also an excellent student. Chris Bosh later played one year of college basketball at Georgia Tech before being drafted into the NBA (4th overall) in 2003. He would go on to spend a total of 14 years in the league; seven with the Toronto Raptors and seven with the Miami Heat. Chris won the NBA championships twice with the Miami Heat; in 2012 and 2013. He was named an NBA All-star on 11 occasions.
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If there is one thing that Bosh and her husband have in common, it is their passion for philanthropy. It is therefore not surprising that their first meeting happened at a charity event in New York in 2009. They started dating that same year and secretly wed, two years later, in April 2011. The couple later organised a lavish wedding ceremony in Miami in July 2011. Their guests included sports stars such as Dwayne Wade, LeBron James, and Serena Williams. Bosh and her husband now have four children together. Their first, son – Jackson Anthony, was born in November 2012. Their second, son – Dylan Skye, was born in 2013. The couple also welcomed twins, Phoenix Avery (daughter) and Lennox Noel (son) in 2016. Additionally, Bosh’s husband has a daughter named Trinity from a previous relationship.
READ Julie Gichuru Bio - Age, Husband & Children
Adrienne Williams Bosh is also nicknamed short stack and the reason is not farfetched. The lady boasts of a sexy figure but with little height. Bosh is 5 feet tall which converts into 1.5 m. This means that she is quite miniature compared to her giant of a husband who is 6 feet 11 inches tall (2.11 m). The height difference between husband and wife makes for some interesting couple of photos.
Other Facts About Adrienne Williams Bosh
– She entered her very first beauty pageant at the age of seven and won it.
– Her hubby was part of the USA team that won gold at the 2008 Beijing Olympics.
– She previously owned a home décor and gift boutique, known as Sparkle and Shine Darling, in Miami, Florida.
– Bosh has chaired The Dress for Success Gala which provided professional clothing and employability training for female job seekers in Florida.
– She wore an Oscar de la Renta gown, as well as Christian Louboutin heels, for her wedding ceremony.
– Her husband’s No 1 jersey number was retired by the Miami Heat in March 2019.
Ngozika
Kamene Goro’s Age, Biography and Lifestyle Explained
Uju - Modified date: December 23, 2020
Kamene Goro is one of the most popular radio presenters of Kenyan origin. Though the East African lady holds a law degree, she decided...
Mihlali Ndamase Lost Her Dad to Suicide at Age 22 and Is Secretly Dating Kamo Phasha – All The Facts
Mihlali Ndamase’s father, who worked as a medical doctor, lost his life in 2018 when the physician committed suicide. The South African social media...
Truth About Kefilwe Mabote’s Relationship With Partner Edwin Sodi and The NPA Scandal
Kefilwe Mabote, a South African social media star, influencer, author, and image consultant, found herself sucked into a huge fraud because of her romantic...
Faith Nketsi Before and After Surgery – A Reveal of How She Got Her Dream Body
South African-born celebrity - Faith Nketsi, popularly known as "Queen of Twerk" has grown to become an inspiration to many women who want to...
Serwaa Amihere Regrets Not Having a Child at 25 – Facts About Her Age and Why She Is Not Married
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We have seen a good number of celebrities with no regard for marriage and are completely uninterested in procreating. In the case of the...
The Role of Sbahle Mpisane’s Parents In Her Miraculous Recovery and Truths About Her Age
Chacha - Modified date: November 20, 2020
Sbahle Mpisane is a South African social media influencer admired for being a reality TV star as much as she is celebrated as a...
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World News/Middle East/Europe
The price of European indifference
addisstandard / September 8, 2015 / 0 / 3.9k
Bernard-Henri Lévy
Baghdad – Europe’s migration debate has taken a disturbing turn.
It began with the creation of the catch-all concept (a legal freak) of a “migrant,” which obscures the difference, central to the law, between economic and political migration, between people escaping poverty and those driven from their homes by war. Unlike economic migrants, those fleeing oppression, terror, and massacre have an inalienable right to asylum, which entails an unconditional obligation by the international community to provide shelter.
Even when the distinction is acknowledged, it is often as part of another sleight of hand, an attempt to convince credulous minds that the men, women, and children who paid thousands of dollars to travel on one of the rickety boats washing up on the islands of Lampedusa or Kos are economic migrants. The reality, however, is that 80% of these people are refugees, attempting to escape despotism, terror, and religious extremism in countries like Syria, Eritrea, and Afghanistan. That is why international law requires that the cases of asylum-seekers are examined not in bulk, but one by one.
And even when that is accepted, when the sheer number of people clamoring to get to Europe’s shores makes it all but impossible to deny the barbarity driving them to flee, a third smokescreen goes up. Some, including Russian Foreign Minister Sergei Lavrov, claim that the conflicts generating these refugees rage only in Arab countries that are being bombed by the West.
Here again, the figures do not lie. The top source of refugees is Syria, where the international community has refused to conduct the kinds of military operations required by the “responsibility to protect” – even though international law demands intervention when a mad despot, having killed 240,000 of his people, undertakes to empty his country. The West also is not bombing Eritrea, another major source of refugees.
Yet another damaging myth, perpetuated by shocking images of refugees swarming through border fences or attempting to climb onto trains in Calais, is that “Fortress Europe” is under assault by waves of barbarians. This is wrong on two levels.
First, Europe is far from being the migrants’ primary destination. Nearly two million refugees from Syria alone have headed to Turkey, and one million have fled to Lebanon, whose population amounts to just 3.5 million. Jordan, with a population of 6.5 million, has taken in nearly 700,000. Meanwhile, Europe, in a display of united selfishness, has scuttled a plan to relocate a mere 40,000 asylum-seekers from their cities of refuge in Italy and Greece.
Second, the minority who do choose Germany, France, Scandinavia, the United Kingdom, or Hungary are not enemies who have come to destroy us or even to sponge off of European taxpayers. They are applicants for freedom, lovers of our promised land, our social model, and our values. They are people who cry out “Europe! Europe!” the way millions of Europeans, arriving a century ago on Ellis Island, learned to sing “America the Beautiful.”
Then there is the ugly rumor that this imaginary assault has been clandestinely orchestrated by the strategists of a “great replacement,” with foreigners supplanting native Europeans, or, worse, by agents of an international jihad, in which today’s migrants are tomorrow’s terrorists on bullet trains. It should go without saying that this is nonsense.
Taken together, these distortions and delusions have had serious consequences. For starters, the Mediterranean Sea has been all but abandoned to human smugglers. The Mare Nostrum is gradually becoming the kind of vast and watery mass grave described by a faraway poet. Some 2,350 people have drowned already this year.
But, for most Europeans, these people are little more than statistics, just as the women and men who have survived the journey remain unidentified and indistinguishable, a threatening anonymous mass. Our society of the spectacle, normally so quick to manufacture an instant celebrity to serve as the “face” of the crisis du jour (anything from swine flu to a truckers’ strike), has not taken an interest in the fate of a single one of the “migrants.”
These individuals – whose course to Europe resembles that of the Phoenician Princess Europa, who arrived from Tyre on Zeus’s back several millennia ago – are being wholly rejected; indeed, walls are being constructed to keep them out. The result is another group of people being denied basic rights. Such people, as Hannah Arendt once observed, will ultimately come to see in the commission of a crime their only path into the world of law and of those who enjoy the rights the law confers.
Europe, harassed by its xenophobes and consumed by self-doubt, has turned its back on its values. Indeed, it has forgotten what it is. The bell tolls not only for the migrants, but also for a Europe whose humanistic patrimony is crumbling before our very eyes.
Ed’s Note: Bernard-Henri Lévy is one of the founders of the “Nouveaux Philosophes” (New Philosophers) movement. His books include Left in Dark Times: A Stand Against the New Barbarism. This commentary was provided to Addis Standard by Project Syndicate
U.S. Embassy sponsors Ethiopia premiere of the Film “Lamb”
Germany hosts first German-African business summit
Norway gives duty free privilege to Ethiopian exports
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February 9, 2019 African/American History ChannelLeave a Comment on Celebrating Black Women Muhumuza African Warrior Queen, a rebel leader and priestess,
Celebrating Black Women Muhumuza African Warrior Queen, a rebel leader and priestess,
African Warrior Queen Muhumuza – The Legend of Nyabinghi and The Fight Against European Colonialism in East Africa
Queen Muhumuza East African Warrior who fought Germans.
Fascinating story about a rebel priestess who fought against colonialism in Afri…ca. A remarkable photo find: Muhumuza, a rebel leader and priestess, arrested by the Germans in 1908 and the British in 1911. She spent the last few decades of her life interned in Kampala, supported by four servants and selling her cows’ milk. The colonisers feared her influence and spirit medium fame, so she was never allowed to return to the southwest of Uganda. But that didn’t stop her from secretly initiating many visitors into the rituals of Nyabingi, the traditional goddess of fertility. Muhumuza, born c. 1870, was a wife of King Rwabugiri of Rwanda. On his death she believed her son to be the rightful heir. She led a coalition against the German-backed young king, Musinga, but was captured by them in 1908; they interned her in Bukoba until 1911 when she was either released or escaped. She was a Nyabingi medium who instructed her followers to search for the sacred drum, Kalinga. She claimed that when it was found her son would become king and all her followers would receive cows from underground. She predicted that bullets would turn to water. She was later described as: “By dint of years of training, she has acquired a high falsetto voice and professes inability to walk normally, her method of position being on tip-toe in a crouching position with the aid of two sticks. The chiefs with scarcely an exception trembled whenever her look was directed towards them.” When she established her headquarters at Ikumba near Kabale, the English saw this as an insult and a threat; they attacked her camp in 1911 and, after a six-hour battle, defeated her forces and captured her after she was wounded in the foot. The arrest caused complications because the area had not yet been formally incorporated into the Uganda Protectorate therefore the Kigezi administration had no power to try her. The Governor ordered her to be interned in Kampala where she remained until she died in 1945.
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Australian Policy and History
APH Essays
A few historical reflections on the 2019 elections
By Dr Christopher Waters, Deakin University Since 1914 only one Labour government has won power in an election from Opposition promising a broad-ranging reform program: the Whitlam government in 1972. The Curtin government came to power in 1941 when the cross benches changed their votes in the very special circumstances of the war. Two other […]
Yes, progress has been made: two cheers for science
Opinion – By Dr Richard Trembath Each piece, or part, of the whole of nature is always merely an approximation to the complete truth, or the complete truth so far as we know it . . .The principle of science, the definition, almost, is the following: The test of all knowledge is experiment. Experiment is […]
Soil Salinity in Australia: A Slow Motion Crisis
By Andrea Gaynor and Keith Bradby Sweeping the salt under the carpet Dryland salinity in Western Australia’s agricultural areas is now estimated to directly affect up to 2 million hectares and cost over half a billion dollars a year in lost agricultural production. With few exceptions, the south-west’s rivers also suffer from […]
Commemorators-in-Chief: How Politicians Appropriated Anzac Commemoration
Last week the Commonwealth announced that it would be spending $498 million over nine years to redevelop the Australian War Memorial. The renovation will increase the exhibition space by more than 80 per cent and provide room for military hardware like Chinook helicopters and jet fighters from recent conflicts. Announcing the project, Prime Minister Scott […]
Homelessness, Policy and the Media: How a Long Lens Helps
By Anne O’Brien* One of the most difficult tasks facing advocates and policy advisors in late industrial welfare states must surely be navigating the media – new as well as old. At worst the tabloids manufacture crises, fuel moral panic and demonise people in need while online platforms enable trolls to reinforce old prejudices. But […]
Heritage Diplomacy
By Amy Clarke* Culture has played a prominent role in the realm of public diplomacy, to the extent that some argue it deserves to be recognised as a distinct form of diplomatic strategy. This debate is further complicated when we consider how heritage—in both tangible (e.g. artefacts, buildings, landscapes) and intangible (e.g. cultural traditions, cuisine, […]
‘How is this not murder?’ Infanticide and the Law in Australian History
By Caroline Ingram* Overview Until abortions and contraception became readily accessible to women, infanticide was a relatively common solution to the birth of unwanted illegitimate children. The formulating of laws relating to infanticide began in 1624 in an attempt to counter the killing of illegitimate children by their mothers. Today infanticide, which carries a less […]
Looking Back, Looking Forward: The Importance of the History of the Left in the Present Day
By Jon Piccini, Evan Smith and Matthew Worley* One of the outcomes of the populist shift to the right in many areas of the West has been a corresponding shift to the left. Since the 2008 global financial crisis, many traditional social democratic and labour parties have suffered from what has been described as ‘Pasokification’: […]
Political Campaigning: Less Has Changed Than You Might Think
By Chris Monnox* Australian election campaigns are highly disciplined affairs. They mobilise large numbers of people, but there is little that is unruly about them. Gaffes and slip-ups prove newsworthy precisely because they are unusual. It is true that campaign organisers increasingly speak the language of grassroots empowerment, but as election scholar Stephen Mills observes, […]
Senator Fulbright, We Need You Now
By Professor Joan Dassin* International students offer a glimmer of hope in the current Trumpian, post-Brexit era. Despite the rise of anti-immigrant rhetoric and newly restrictive visa policies in some Western countries, the demand for international higher education remains strong. In 2015 4.6 million globally mobile students were studying abroad, a nearly five-fold increase from the […]
Australia’s Long-Held Stake in Timor-Leste’s Oil
Few political matters could claim to be more incendiary than Australia’s actions in the Timor Sea over recent decades. The media emphasis on the maritime boundary dispute over access to oil and gas reserves in the Timor Sea has led to a commonly held view that Australian oil interests began there during the first sea […]
Humanitarian Emergency Aid: Lessons from the Indian Ocean Tsunami
*By Professor Matthew Clarke Over the last decade, 400 natural and human-caused disasters have killed more than 100,000 people and affected a further 120 million annually. Many of these events are natural disasters ranging from volcanic eruptions, earthquakes and cyclones to flooding and droughts. The international community provides significant resources to assist local communities impacted […]
Australian Policy and History Network
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carolyn.holbrook@deakin.edu.au
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https://apnews.com/article/d3beec0ab127482780a2a9d65c36d7df
Mary Fallin
Fallin signs bill to implement new A-F grading for schools
April 28, 2017 GMT
OKLAHOMA CITY (AP) — Oklahoma Gov. Mary Fallin has signed legislation that sets up a new A-F grading system for public schools that is designed to comply with a new federal education law.
The bill signed by Fallin Friday brings the state into compliance with the federal Every Student Succeeds Act.
The bill outlines several factors for grades for individual schools, including statewide tests, graduation rates and English language proficiency.
The A-F grading system for public schools was enacted several years ago as part of an effort to make it easier for parents to find out how their child’s school was performing. But the system had faced criticism for having flawed metrics.
The new system was developed with input from dozens of people who worked with a task force last year.
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Tag Archives: American Artists in 19th Century France
Little Women in Dinan, France
Posted on April 30, 2013 by americangirlsartclubinparis
Little Women Abroad, edited by Daniel Shealy (University of Georgia Press, 2008), is a wonderful account of the Alcott sisters’ trip to Europe together in 1870. Most readers will be interested in the travels and insights of the most famous sister, Louisa May Alcott, but for an artist, the real thrill is to see France through her little sister Abigail May’s eyes.
Most of us know Amy, the precocious little sister in Little Women who dreamed of becoming an artist. Few of us know much about Louisa’s real little sister Abigail May Alcott Nieriker (“May”), who did indeed grow up to be an accomplished artist. Unfortunately, May’s story ends tragically. She married at the age of 38, only to die one year later after giving birth to her first child.
May Alcott began to study art in 1856 when she was just sixteen years old. She studied with Stephen Salisbury Tuckerman, William Rimmer and finally William Morris Hunt, all of whom offered single-sex studio classes for Boston women. Hunt had studied at the Ecole des Beaux Arts in Paris and no doubt extolled the virtues of study abroad. May’s fellow students such as Elizabeth Boott, Sarah Wyman Whitman and Elizabeth Bartol were all making plans to study in France by the late 1860s and early 1870s.
After Louisa May Alcott achieved financial success with Little Women in 1868, the two sisters planned a trip to Europe with their friend Alice Bartlett. The women traveled by the French steamship Lafayette and arrived at the western port of Brest in Brittany in April, 1870.
It was May’s first trip to Europe and she was completely enchanted with France. Their first extended stay was in Dinan, a lovely medieval town in the middle of Brittany. May sent home sketches of a variety of scenes throughout Dinan, many of which are nicely reproduced in Little Women Abroad. It appears that all of May’s sketches were in pencil or pen and ink. In one of her letters, she said she wished she had been trained how to paint en plein air so she could capture the beautiful colors. Nevertheless, her sketches are sufficient to be able to identify the buildings and ruins which still stand today.
Here is a Google Map of the Alcott Sisters Sites in Dinan, in case you’re lucky enough to venture there yourself someday. Dinan is a beautiful little city which makes for a lovely day trip from a larger home base in Brittany such as St. Malo. Dinan has 13th century castles, gothic churches, bell towers, narrow winding streets and beautiful timbered architecture.
Until you can get there yourself, here is a photo tour of the Dinan sites in Little Women Abroad, starting with the building that once housed the pension in which the Alcotts stayed. It was just outside the fortified walls of the town, next to the Porte Saint Louis and just down the street from the Dinan Castle.
14 Place Saint Louis, Dinan, France, the location of Madame Coste’s pension where the Alcott sisters stayed from April to June, 1870. As Louisa May Alcott described it in a letter dated April 24, 1870: “We are living, en pension, with a nice old lady just on the walls of the town with Anne of Brittany’s round tower on the one hand, the Porte of St. Louis on the other, and a lovely promenade made in the old moat just before the door.”
The plaque in the wall at Place Saint Louis, Dinan, France
The Porte Saint-Louis, located next to the Pension de Madame Costes
The Dinan Castle (which Louisa May called Anne of Brittany’s Round Tower), located just down the road from Place Saint Louis. Built in the 1300s.
The view of Dinan from atop the Dinan Castle. As May said in an April, 1870 letter to her mother: “From the top of her [Queen Anne’s] tower is the most superb view all over the country, and I am expecting great things in going to see it.”
May Alcott spent her time sketching throughout the medieval village, so full of “enchanting old ruins, picturesque towers and churches, and crumbling fortifications, that it almost seems like a dream.” There were so many good scenes for sketching that she didn’t think she could do them justice. As May said in a letter home:
I long to make pictures on every hand, but get extremely discouraged when I try, as it needs all the surroundings to make the scene complete.
May recommended Dinan to her fellow artists in a guidebook she would later write:
Here an artist can rest with delight for many months, as everything from the adjacent country, which is thought to be the most beautiful in Brittany, to the ancient gateways and clocktower in a street so narrow that the gabled roofs meet overhead, is sufficiently attractive to keep the brush constantly busy.
May visited or sketched nearly everything in town, from the Basilica of St. Saveur:
“Yesterday we went to some lovely gardens surrounding the most beautiful gothic church.” – May Alcott, letter dated April 20, 1870 . This is a photograph of the small park and gardens that stand behind the Basilica St-Saveur today. Originally built in the 11th and 12th centuries, a Gothic chapel was added in the 15th century.
to the Viaduct of Dinan over the River Rance:
In a letter to Anna Alcott dated May 30, 1870, May Alcott said: “The grand viaduct which, according to Murray [an 1870 guidebook] is about the finest in the world, fairly took away my breath.”
The grand viaduct across the River Rance in Dinan is still breathtaking. The day I was there the local rowing club was preparing for practice on the other side of the river.
May sketched the Porte of Jerzual and the steep little rue de Jerzual, which winds down from the upper village to the river, and is lined with timbered old shops that lean in over the cobblestoned street:
Porte du Jerzual, Dinan, France
A scene from rue de Jerzual in Dinan. As May said in a letter home dated April 29, 1870: “Yesterday we went down the oldest street in town, (where, in spite of the steepness, Queen Ann’s carriage is said to have trundled over it), to the river which runs at the foot. The houses overhang the street in funny little gabled stories almost shutting out all light from above, and it being very narrow & extremely steep, you can see it was a sensation to have explored it.”
In their letters home, the Alcott sisters both mention their visit to the neighboring village of Léhon, which is just a mile or so down in the valley from Dinan along Route D12. Louisa May wrote home after going to a fair in the village and said (in a letter dated April 20, 1870):
May is going to sketch the castle so I won’t waste paper describing the pretty place with the ruined church full of rooks, the old mill with the water wheel housed in vines, or the winding river, and meadows full of blue hyacinths and rosy daisies.
The remains of the Léhon castle in the background.
The Abbey Church in Lehon, France, once sketched by May Alcott
The River Rance through Léhon, France.
The Alcotts also visited the Chateau de la Garaye, a lovely site located just a couple of miles from the village of Dinan. May wrote home to tell her mother about the beautiful ruins there:
I have tried to sketch from memory a lovely old ruin, where we spent the day yesterday, but can give you a very indefinite notion of the gray old tower with ivy clinging to it in all directions, the rear walls having all crumbled away. The blue sky shone through the little ornamental windows in a way that was quite enchanting. It is only about two miles from Dinan and a pretty walk though the wood to the moat and great embattled walls, which surround the chateau.
Alice and I walked, while Lu went down in a donkey carriage. . . . We found a large party of English people already at the castle sketching it with pencil in colors. . . .
The ruins of the Chateau de la Garaye still stand today. “The blue sky shone though the little ornamental windows in a way that was quite enchanting.” — May Alcott, April 1870. It makes me so glad to know some things just don’t change in over 140 years.
My own colored pencil sketch of the ruins of Chateau de la Garaye
May Alcott’s Life Beyond Dinan:
After the Alcott sisters left Dinan in the summer of 1870, they continued their European travels and proceeded to the Loire Valley, Switzerland and Italy. They found themselves the middle of the Franco-Prussian war which broke out that July but managed to find safety in Switzerland, along with many other refugees from Paris and Strasbourg. Louisa May returned to Boston the next summer, but May went on to study art in London on her own and didn’t return until November, 1871, when she was called home to help the rest of the family.
May Alcott returned to London and Paris in 1873 and then again in 1876. She would study at the Academie Julian in the Passage des Panoramas in 1876-77, and would attend the Paris Salon of 1877 where her own still life painting would be exhibited. She would be invited to Mary Cassatt’s home for tea, and would travel to the rather bohemian art colony in Grez in the summer of 1877. She was living a ground-breaking life as an American expatriate female artist.
In late 1877, while May was living on her own in London, she would learn that her mother had died. In her grief she developed a quick romance with Ernest Nieriker, a young Swiss businessman fifteen years her junior, to whom she would become engaged in March of 1878. The newlyweds would move to a lovely little home in the suburbs of Paris, where she dreamed of combining a career in art with marriage and a possible family. She would have yet another painting accepted in the Paris Salon, and would publish a guidebook for women artists called Studying Art Abroad and How to Do it Cheaply. At the end of 1878, May’s personal life and her art career were making gratifying moves forward.
But then, in December of 1879, May Alcott Nieriker died six weeks after giving birth to her daughter Lulu. She was only 39 years old. Baby Lulu was first sent to live with her aunt Louisa May in the United States, but when Louisa May died just nine years later, young Lulu was returned to her father in Switzerland.
We are lucky to have been left with such a prolific record of May Alcott’s remarkable travels and experiences, even if they were short-lived. Thanks to the details and sketches provided in Little Women Abroad, we can follow along. It’s worth the trip.
Posted in Art History, Art History France, Art History Site, Book Review, Literary History, Literary Site | Tagged Abigail May Alcott Nieriker, American Artists in 19th Century France, Art History Travel, Daniel Shealy, Dinan France, Little Women, Little Women Abroad, Louisa May Alcott, May Alcott Nieriker, Studying ARt Abroad and How To Do It Cheaply | 8 Replies
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Entertainment Photos
Bulldog congratulates Akufo-Addo
Ghanaian artiste manager and fierce critic of the president-elect, Lawrence Nana Asiamah, popularly known as Bulldog, has extended a congratulatory message to Nana Addo Dankwa Akufo-Addo for winning the 2020 presidential elections.
Bulldog who has never hidden his disappointment in the Akufo-Addo government took to his Facebook to congratulate him for winning the elections.
He wrote on Facebook, “Congratulations Nana Addo Dankwa Akufo-Addo..”
It would be recalled that on many occasions Bulldog has called out the president’s abysmal handling of the banking crisis, and had blamed him for the death of some customers of the now defunct gold dealership company Menzgold, and gone ahead to question the existence of God should Nana Addo win the election.
During an interview on Okay FM, he said “I’m telling you this today, If Akufo-Addo wins, it is one month from today, if he wins the December elections then God no dey”.
He continued “This is somebody who has killed people based on his closure of all these banks, I have my money at Menzgold, same as many others. People have lost their lives based on the money they lost at Menzgold,” he lamented.
Nana Addo Dankwa Akufo-Addo who represented the New Patriotic Party was yesterday, Wednesday December 9, declared as the winner of the 2020 presidential elections held on December 7, 2020.
He polled 6,730,413 votes being 51.595% of the total valid votes. John Mahama of the NDC obtained 6,214,889 votes being 47.366% of the total valid votes cast.
Only broke or irrelevant artistes like Samini endorse political parties – Keche Andrew
Meet Akufo-Addo’s 15-member transition team
Jessie J shows off misspelled tattoo, claps back at potential critics
By Kobina Nyame May 11, 2019
Akufo-Addo promises MUSIGA new headquarters
Afia Schwar lifts the lid on twisted marriage to ex-hubby
By Kobina Nyame August 8, 2018
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Home General
Govt striving to complete remaining 2020 programmes – Oppong Nkrumah
The Minister for Information, Kojo Oppong Nkrumah has stated that “the President expects his appointees to work with dispatch to ensure that the remainder of government programmes for 2020 is fully achieved.”
According to him, the President, Nana Akufo-Addo, and his Ministers have resumed work in a bid to round up on the year’s activities.
“President Akufo-Addo, his Ministers, and his appointees as well are already back to work, a day after the declaration of the results of the presidential election and the objective is to wrap up government business for this year.”
Speaking during the Minister’s Press Briefing on Thursday, December 10, 2020, Mr. Nkrumah stated that the president has resumed work while still receiving congratulatory messages from well-wishers and colleagues.
“As you will recall, the declaration of the election results took place last night, the president addressed the country almost few minutes after that and today he is back at post performing his official duties at Jubilee House while receiving congratulatory messages from colleague heads of states and from other international and local organizations of their head,” he said.
The Returning Officer for the just-ended 2020 general election, Jean Mensa, yesterday, December 9, 2020, declared Nana Addo Dankwa Akufo-Addo as the President of Ghana for the next four years.
This was after she announced the results of 274 out of 275 constituencies in the country, leaving out the Techiman South constituency.
The sitting President, Akufo-Addo obtained 6,730,587 votes, representing 51.302% while his main contender, the flagbearer of the National Democratic Congress (NDC), John Dramani Mahama followed suite with 6,213,182, representing 47.359% of the total ballots cast.
The total number of valid votes cast was 13,434,574 representing 79% of total registered voters according to the Electoral Commission.
citinewsroom
I’m unwilling to accept ‘fictionalised’ election outcome – Mahama
NPP to hold Islamic thanksgiving prayers for Akufo-Addo, Bawumia today
NPP disowns De-Eye militia group
By Editor Admin March 8, 2019
Military men lash ‘stubborn’ Sofoline taxi, trotro drivers
By Editor Admin January 29, 2019
Kennedy Agyapong is a liar – Mahama blows hot air
By Admin Editor September 21, 2019
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Harrison, Nebraska
Site of the 1879 Cheyenne Outbreak and the site where famed Sioux chief Crazy Horse met his fate.
Fort Robinson State Park Ben Schmitt/CC BY-ND 2.0
Interior of restored cavalry and Red Cloud building. subscriptions (Atlas Obscura User)
Ben Schmitt/CC BY-ND 2.0
Plaque marking the site of Crazy Horse's death Phil Konstantin/CC BY-SA 3.0
Red Cloud Agency / Fort Robinson Historical Museum subscriptions (Atlas Obscura User)
A horse lover's dream; Fort Robinson has more stables with horses than people. Wagon wheels. subscriptions (Atlas Obscura User)
Crazy Horse Memorial Highway U.S. Route 20 subscriptions (Atlas Obscura User)
Top Places in Harrison
Hudson-Meng Bison Kill
Toadstool Geologic Park
Fort Robinson was operated as a military camp from the 1873 until after World War II. Many of its original buildings survived and remain in use at the park today, and others have been reconstructed.
After the Civil War, the United States redeployed many federal troops west to continue national expansion by taking Indigenous land. Indigenous people resisted. The ensuing campaigns, which some call the “Indian Wars,” lasted through 1877. In 1873, the Red Cloud Agency for the Oglala Lakota and Northern Cheyenne and Arapaho was moved from its North Platte River location to the White River in the northwest corner of Nebraska Territory. In March of 1974, the U.S. Government established a military camp there to quell uprisings by the 13,000 Lakota resettled at the agency after being forced off their lands of the Northern Great Plains.
The camp was named in honor of Lt. Levi H. Robinson, who had been killed by Native Americans while on a wood detail in February of 1874. After the camp was moved to its current location, it was renamed Fort Robinson in 1878.
Following the destruction of Custer’s troops at the Little Big Horn and the eventual defeat of Crazy Horse, a member of the Oglalas, he surrendered his band at Fort Robinson. On September 5, 1977, during an attempt to arrest him, Crazy Horse was bayoneted by US Army troops and died at a small stockade on the grounds of the camp.
Fort Robinson was also the site of a massacre of Cheyennes in January 1879. In the summer of 1878, a band of Cheyennes lead by Chief Morning Star (also known as Dull Knife) left their reservation in Oklahoma Territory to return home to the North Platte River valley. The band lead the US Army on a chase across the plains of Oklahoma, Kansas, Nebraska, and South Dakota for most of five months. The band was eventually captured and taken to Fort Robinson.
The group was treated inhumanely, held in an unheated barracks without food or water. Fearing that they would be returned to the Indian Territory or killed like Crazy Horse, the band, which included many women and children, broke out of the barracks. They were chased and killed by the fort’s soldiers in a running battle across the current site of the state park’s campground. Approximately 50 of the 150 Native American prisoners were killed in what the U.S. Supreme Court labeled “one of the most melancholy of Indian tragedies.” Mari Sandoz wrote Cheyenne Autumn detailing the account, and John Ford’s last western film was an adaptation of the book.
In 1885, the Ninth Cavalry Regiment was assign to Fort Robinson. This was an all Black unit. Charles Young, one of the first Black officers to graduate from West Point, was assigned to the fort from 1889 to 1890. The fort continued to serve as the regimental headquarters for the Ninth Cavalry until 1904.
At the end of World War I, Fort Robinson was repurposed as a remount depot for the breeding and training of horses and mules for military service. It became the largest facility of its kind. Horse stock owned by the military was used to breed local stock to improve it for acquisition to the military’s needs.
The fort was abandoned by the U.S. Army in 1947 and was used by the USDA as a livestock research station until the early 1970s. Nebraska obtained title to the historic buildings and established a park there in 1956. The remainder of the fort was deeded to Nebraska when the USDA ceased operations.
Today, Fort Robinson State Park offers a wide range of activities. Officer quarters are available for rent, a museum of materials found in one of the old warehouses is a fascinating look into the materials of a military fort and a pair of mammoths have been found on the grounds that are eternally locked in mortal combat when their tusks intertwined. The fort has a rich and varied history.
Take a beautiful drive to the "high prairie" of NW Nebraska's Pine Ridge to see stunning white buttes, flower gilded prairies and this remarkable historical landmark
forts native americans military history parks
cyccommute
http://outdoornebraska.gov/fortrobinson/
Ardmore Ghost Town
A rancher expanding a natural spring for his cattle came up with bones – lots and lots of them.
Other-worldly rock formations and ancient fossils abound in this unique stretch of Nebraska badlands.
Ardmore, South Dakota
Abandoned businesses, homes, and rusted cars are all that remains of this town.
Chadron, Nebraska
Nebraska National Forest
America's largest man-made forest was planted in an effort to bring back the past.
Kaneohe, Hawaii
Battery Cooper Bunker
This World War II-era bunker is now packed with posters and props from movies and TV shows filmed nearby.
Port Townsend, Washington
Fort Worden Artillery Battery
An abandoned network of military bunkers and tunnels open for anyone willing to descend into the darkness.
Wilmington, Illinois
Joliet Army Ammunition Plant
This national park dedicated to the tallgrass prairie ecosystem still displays its military past.
Great Falls Nike Fire Control Site W-83
This former Cold War missile control site played an important role in the creation of GPS.
The Most Wondrous State Parks to Visit During the Government Shutdown
Check out these state-run alternatives to the United States' national parks.
Kerry Wolfe January 9, 2019
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Atrum[s] – Illusions
“Creativity is contagious, pass it on” – Albert Einstein
[Blogg]
Mandatory Assignments
Portfolios / Exams
[illustrations]
[Photography]
Design & Art History – Pop Art (CA.1959-1970)
Design & Art History, Uncategorized
The exchange of creativity and culture.
The world of pop art, the world of filmstars, the twist, science fiction.
A world which you can dismiss if you were feeling so inclined of course as being tawdry and second rate, but a world all the same in which everybody to some degree anyway lives,
whether we like it or not.” -Unknown
In a world of fast food and fast cars, pop art emerged in the mid fifties, during Americas post war economic boom. In the sixties Americans went big on cigarettes, alcohol and sex. Because of this an industry sprang into action to sell more of it, namely advertising.
A brazen new art, it shrugged of the tragic burden of the human condition.
Adding to a new mass produced world, filling the billboards and television screens for a new wide eyed generation of consumers. The British had started it, but the Americans made it bigger and more daring. Pop art in itself was a rebellion against the expressionist art movement at the time.
Andy Warhol :
There is simply no way around it.
There is no discussing pop art without mentioning Andy Warhol and the pop art he created of Hollywood stars and starlets.
Most famous of which would be the Marilyn Monroe prints. These silk screen prints were created in, and distributed from, his studio known as “The Factory”. The Marilyn print portfolio was created in 1967, after she passed away in 1962.
There are more than 20 versions, of which just one of them, recently sold for 28 Million USD.
Andy Warhol, being the man that he was, claimed painting was “dead” and that he was at the forefront of creating a new art form. This was in 1966 after he created “The Cow Series”.
This series transcended the expectations of printmaking and artistic expression at the time, and is probably the reason why this technique was later adapted for his work with silk screens and the Monroe series. The cows were printed on wallpaper.
Roy Lichtenstein :
Another artist working in New York at the time was Roy Lichtenstein. Known for recreating single frames out of cheap comics in a large and matte format.
Lichtenstein had a masters in art from Ohio State University. He worked in advertising up until 1957 before he became obsessed with the shape language of pop art.
One of his most famous artworks is an image of two jets called Whaam. These are two individual frames combined to create the full work of art. His works keep inspiring artists to this day, and his style has become a staple in what a new generation might misinterpreted or call “old style comics”. For instance, the dots a printing press would create, were recreated in his work as an aesthetic.
Whaam by Roy Lichtenstein
POP ART NOW.
Pop art is very much still a big part of the times we are living in currently. Inspiring new as well as established artists and students, in many ways.
Artist : DogHollywood. “I’ve always loved the Andy Warhol pop art style from the ’60s and wanted to do a homage to it.
Yoshitomo Nara :
Talking about pop art in more recent times, the biggest name is Yoshitomo Nara, a japanese artist working out of Tokyo. His art is being displayed in museums and galleries all around the world. He attended the University of Fine Arts and Music in Aichi japan and later moved on to study at the Düsseldorf Art Academy.
Being a part of and inspired by the modern pop culture from both the western world as well as pop culture in Japan after the second world war. He is recognized as the greatest contributor to Japans very own pop art movement in the 1990`s.
Artist : Yoshitomo Nara – Girl with Cigarette
April 23, 2018 April 22, 2018 Atrum Tagged 1960-1970, Art, art history, design, design history, Digital art, Drawing, graphic design, graphical design, history, Illustration, pop art, writing Leave a comment
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Is Will Smith vegan?
Photo by techcrunch / CC BY
Originally known as a rapper, he became even better known through the sitcom The Fresh Prince of Bel-Air. After that, he made the jump to the big screen, and he has been one of the most popular movie stars ever since. But is Will Smith vegan?
No, Will Smith is not vegan. Although his son, Jaden Smith, has educated him on the negative environmental consequences of animal products, and he has been advised to eat a mostly plant-based diet to improve his health, he hasn’t given up meat and other animal products.
Will likes dogs
Since veganism is about animal rights, it’s important to note that Will enjoys interacting with animals, particularly with dogs.
He actually had a dog when he was little, but, tragically, that dog was involved in an accident, and the experience made him hesitant to get emotionally attached to dogs again: “When I was little, I was probably 9, and I had a dog that got hit by a car. So I was like, ‘That’s it! I’m not doing it. I’m not doing that whole, fall in love with dogs thing no more.’”
Nonetheless, he ended up with four Rottweilers early on in his relationship with Jada Pinkett Smith, years before they even got married. Two of those entered the household through Jada and the other two were given to him by Jay Leno.
Their dog trainer and personal friend, Cesar Millan, also noticed that Jada was more invested than Will: “She was able to handle four Rottweilers at once even better than her husband was. Will Smith was good with the dogs and they respected him, but Jada really put in the time and energy needed to be a strong pack leader.”
It wasn’t until he starred in the 2007 movie I Am Legend, in which he had to work closely with a female German shepherd named Abbey, that his perspective changed:
“Abbey’s owner and trainer, Steve Berens, patiently introduced us and gave us confidence in each other. That was it! I was with her all the time and we became the best of friends. I liked having her around and when the movie production ended, I wanted to keep her. I was no longer nervous of any sort of dog and kind of fell in love with her. Steve was also attached to her, though, and so she stayed with him. He did say that we had bonded really well, which was nice to hear. It was the end of the movie, but the start of a different approach to dogs for me.”
Posted by I Am Legend on Monday, January 7, 2013
While using real animals in movies is not vegan, this is nonetheless an example of how spending time with animals can change our approach to them for the better. Unfortunately, most people rarely spend time with animals like chickens, pigs, and cows, which is why they don’t get the same consideration as dogs and cats.
When it comes to dogs and cats, Jada continues to invite more of them into their home. She even took home a stray cat from China once, and after finding out he was deaf, Will made sure the cat got a good home at the Deaf and Blind School:
Will’s environmental efforts
In 2013, Will and his son Jaden starred together in the movie After Earth. The movie, which is based on a story written by Will himself, is set in a future where humans have abandoned the earth because of environmental problems, but Will and Jaden’s characters revisit our planet a thousand years later. Unfortunately, the movie received mostly negative reviews, but it did provide Will with an opportunity to talk about his growing environmental awareness. In a conversation about it, he said:
“This film does exactly what I’ve always dreamed to be able to do, to be able to entertain and to also pose very interesting questions. And to do it with my son, it was wonderful for the two of us to become environmentally educated together. … One of the questions that was posed during the shooting was about what was the actual damage that was being done by, you know, human occupation of the planet.”
Many of the scenes were shot in Costa Rica, which Will contrasted with the “concrete jungle” he grew up in:
“I grew up with the idea that, you know, concrete was 80 percent of the environment. So, this opportunity was a huge eye-opener for me. … I wouldn’t say that there was a disrespect, but there was a lack of understanding. You know, I didn’t realize how delicate a tree or an environment or an ecosystem [was].
“Something that in the film industry we’ve been talking about is the footprint of your movie. When you take a movie into a space, you’re bringing food and you’re bringing trailers and you’re bringing generators and all of that. And just really in the last five or six years has that even come on my radar.
“So, I’ve become very aware of the movements of the things that I create and the companies that I’m involved with create in the earth. And I want to thank Jaden because it’s absolutely not something that I grew up with or was aware of.”
Two years later, Will and Jaden founded the company JUST Water. Jaden had come up with the idea years earlier, when he was surfing and noticed all the plastic bottles in the ocean. In his own words: “After seeing the amount of ocean pollution and the effect it was having on marine wildlife, I couldn’t stand there and do nothing about it.” Will supported the idea and helped Jaden execute it. “This was a company born out of a child’s love for the ocean,” he said.
JUST Water was set up to provide an environmentally friendly alternative to water in plastic bottles and aluminum cans. As Jaden explained it: “By packaging water in bottles made from paper and plant-based plastic, JUST Water is reducing the amount of harmful greenhouse emissions while helping to preserve the environment.”
Will and Jaden even encourage people to refill the bottles in order to reduce pollution even more. Here’s a video of Will doing just that:
Happy #WorldWaterDay! Use our resources responsibly & remember… you can ALWAYS refill your JUST cartons 💙 pic.twitter.com/s3TwoF9v35
— JUST water (@JUST) March 22, 2020
In 2019, when the Amazon forest fires received worldwide attention, JUST Water teamed up with the footwear company Allbirds. They launched limited-edition sneakers made from sustainable materials and donated 100 percent of the proceeds to the Amazon Forest Fund, which was set up by Leonardo DiCaprio and a few others. Will explained the collaboration as follows:
“There is only one Mother Earth, and it’s on us to protect her. The Brazilian Amazon, our largest carbon sink, has now been burning for a month. We source JUST sugarcane caps from Brazil, so this hits especially close to home. Collaborating with businesses who are creating innovative, sustainable solutions are the key to our future, and it’s important that we support those brands who give back more than they take.”
The animal industries’ environmental impact
The animal industries harm the environment in many ways. The reason for that is that they’re inherently inefficient. Growing crops to feed to animals in order to eat the animals requires far more resources than growing crops for direct human consumption. That’s why the animal industries use a lot more water, fuel, and land than producers of plant-based products.
Worldwide, plant-based food provides 83 percent of all our calories, while animal products only provide 17 percent. But the animal industries occupy almost a third of all land on earth. That’s more land than the area of Russia, the United States, and Canada combined. And they’re actually a major driver of deforestation because they constantly need more land. A fifth of Brazil’s Amazon forest has already been cleared, mostly for cattle ranching and to grow soy to feed to animals.
When it comes to pollution, the animal industries generate both physical waste and greenhouse gases. Scientists have calculated that a quarter of global greenhouse gas emissions come from food, and more than half of those come from animal products. This means that cutting out animal products is arguably the most effective action we can take on an individual level to combat climate change.
Jaden is aware of the negative environmental impact of meat and he has talked about it with his family as well. In 2018, he said that “some people in the family are vegetarian for two days [a week].” He didn’t specify if Will was one of those people, though.
Will’s health problems
In September 2019, an episode of the web television talk show Red Table Talk was released which featured the whole Smith family. The episode was organized by Will because he wanted everyone in the family to address their health problems.
In the episode, Will discusses his lack of knowledge about healthy diets. He starts off by talking about eating so many muffins and drinking so much alcohol on vacation that he ended up weighing 225 pounds, before mentioning that even when he’s in shape, he doesn’t necessarily feel healthy:
“I had the epiphany that I actually don’t know anything about food. All of the time that I had trained, and I know how to eat to make my body look muscular, but I actually don’t know how to eat to feel good. I don’t know how to eat to be healthy.”
He illustrates this with an example of when he played Deadshot in the 2016 movie Suicide Squad: “Deadshot was probably the tightest and the leanest that I’ve ever been, but I had headaches all the time. But I was like, ‘It’s cool, ‘cause I’m squeezing down, squeezing my body fat. I look great. I’m Deadshot. I’m Deadshot.’”
He also wonders about his use of blood pressure medicine: “I’ve been taking blood pressure medicine for almost a decade. … Do I have high blood pressure or was I eating myself into high blood pressure?” And he mentions “things that were preventative that [he] was put on for cholesterol.”
Other health problems he mentions are waking up “tired, with aches and pains,” being gassy, being constipated a lot and going three days without pooping, going to the bathroom five times in the middle of the night, and occasionally getting lightheaded and shaking a little when playing golf.
A plant-based diet can help Will
Three months later, in December 2019, a follow-up episode was released. The episode featured nutritionist Mona Sharma and Dr. Mark Hyman, who had physically examined the whole family, except for Trey (Will’s eldest son from a previous marriage).
In this episode, Will is informed that he indeed has blood pressure issues and high cholesterol, but also gut flora imbalances, leaky gut, and too much mercury in his body. He is also told that he’s lactose intolerant and that he’s sensitive to gluten and caffeine. And he is deficient in vitamin B6, folate, vitamin B12, vitamin D, and magnesium.
Dr. Hyman tells Will that he can solve his health problems through a change in diet, and cutting down on animal products is a big part of that. He tells Will to cut down on fish to get his mercury level down, and to stop consuming dairy because he’s lactose intolerant. He mentions that 75 percent of the world’s adult population is lactose intolerant and that it’s “the normal thing, most of us can’t tolerate dairy.”
He also says: “You gotta basically eat the right diet, eat real food. Don’t eat crap. You know, and eat mostly plants.” Later in the episode, nutritionist Mona Sharma reiterates that meals should be “plant-focused.” She says: “There used to be this conditioning from society. We thought that most of our plate had to be meat, when really, it’s a side dish, right? You call it a condimeat, right?” Which Dr. Hyman confirms.
Will summarizes the main takeaway from the episode as follows: “So, number one is plant-rich. Number two is no fake food.”
While it is not explicitly stated in the episode, we actually don’t need any animal products in our diet at all. In fact, cutting them out completely can benefit our health, as long as our diet is balanced. The Academy of Nutrition and Dietetics, the largest organization of nutrition experts in the U.S., summarizes it as follows:
“It is the position of the Academy of Nutrition and Dietetics that appropriately planned vegan diets are healthful, nutritionally adequate, and may provide health benefits for the prevention and treatment of certain diseases. These diets are appropriate for all stages of the life cycle, including pregnancy, lactation, infancy, childhood, adolescence, older adulthood, and for athletes.”
In their position paper, they also specifically mention that high blood pressure and high cholesterol are significantly less common among vegans.
Will still eats animal products
It’s unclear to what degree Will changed his diet after the episode, but he definitely didn’t give up animal products. A month and a half after it was released, in January 2020, he was asked in an interview what his go-to meal was, and he said: “Usual answer – grilled chicken, broccoli.”
And in April 2020, he released episode 10 of Will From Home on Snapchat, titled “What If Guy Fieri Had To Judge Your Food?” In the episode, he competes with fellow actor Kevin James in a “survival meal cook off” while restaurateur Guy Fieri gives them tips. Will and Kevin are both free to choose what they want to cook, and Will chooses to make a tuna casserole.
Hopefully, he will reflect more on the advice he has been given and realize that he’s better off without animal products. If he learns more about nutrition, the environment, and the exploitation of animals, he will find that cutting animal products out of his diet and life in general will benefit himself, the animals, and the world at large.
Photo by websummit / CC BY
Is Jaden Smith vegan?
Is Jeff Goldblum vegan?
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Advanced Energy officials stress economic benefits of renewable industry, energy efficiency
by Arkansas Advanced Energy | Mar 15, 2017 | 2017 News
Several lawmakers on Tuesday (March 14) took time away from the State Capitol to attend a luncheon hosted by the Arkansas Advanced Energy Association (AAEA) that highlighted the economic benefits the state is seeing from growth in renewable energy investments and better efficiencies from new industry technologies.
“AAEA members are creating jobs and spurring economic development in communities across Arkansas by manufacturing, installing or utilizing a wide range of advanced energy technologies,” said AAEA Executive Director Katie Niebaum, a Little Rock native. “Today, the advanced energy economy in Arkansas includes more than 770 companies and a workforce of 25,000 people.”
Niebaum made her comments at the AAEA’s third “Advanced Energy Day at the Legislature,” which featured an exhibition by advanced energy companies in the Capitol Rotunda throughout the day. The AAEA’s schedule of activities also included a luncheon with lawmakers, state policymakers, business executives and renewable energy advocates at Capitol Hill building, and an official proclamation by Gov. Asa Hutchinson designating the day as “Arkansas Advanced Energy Day.”
During the luncheon, Niebaum said the advanced energy companies across the state have strong growth over the past several years but needed to better promote the industry. In October, Niebaum was appointed to take over as executive director of the AAEA and its educational affiliate Arkansas Advanced Energy Foundation (AAEF) after longtime director and founder Steve Patterson stepped down.
“This is an important visibility opportunity for our industry. If we don’t tell our story, who will? There really is no substitute for showing up,” said Niebaum, a former vice price president of communications for the National Restaurant Association in Washington, D.C.
As Niebaum introduced more than a dozen lawmakers who attended the luncheon, she also told association members gathered at the State Capitol grounds that they should reach out to their representatives about issues important to them. AAEA recently introduced House Bill 2026 or the Property Assessed Clean Energy Act (PACE), sponsored by Rep. Warwick Sabin, D-Little Rock, which would update a 2013 law that helps business and property owners access financing for energy efficiency, water efficiency and renewable energy improvements.
“We want you to talk to your legislator about the impact that policy makes on your success,” Niebaum said.
After the AAEA director’s brief speech, Arkansas Department of Environmental Quality Director Becky Keogh talked about the Gov. Hutchinson’s recently signed legislative package on government efficiencies that moved the state Energy Office and staff into ADEQ. Keogh said integration of the Energy Office into ADEQ is going well and would be further aided by the impending $14.6 million settlement Arkansas will receive as part of a federal settlement with Volkswagen for alleged violations of the federal Clean Air Act concerning the sale of vehicles equipped with emissions control defeat devices.
The ADEQ director said Arkansas is poised to receive its first payment from the federal consent decree, which will go toward projects that reduce emissions from Arkansas cars. Keogh said the settlement funds will provide an additional opportunity for Arkansas to realize further improvement in air quality with respect to nitrogen oxides ozone, and fine particulate matter. The ADEQ director said the funding can be leveraged to help state and local agencies, schools, and organizations replace aging high-emitting vehicles and equipment with newer, cleaner vehicles and equipment.
“We will receive funding that will be allocated to the state through a trustee that has just been nominated, but not yet confirmed by the court,” she said. “We are waiting on that before we can actually submit plans to the court. We will be going through a process on how that money could be utilized in Arkansas. … Everybody’s got their hands out for that money. But there is a lot of strings on that money, and the court is very careful how that settlement can be used.”
After Keogh spoke, Heather Nelson, co-founder of Seal Team Solutions of North Little Rock, gave an upbeat talk about the exciting growth in her company has seen in the energy solutions industry over the past few years. Seal provides energy assessments and retrofits for solar, HVAC, lighting, compressed air, combustion safety and air quality for residential, commercial and industrial clients.
“Our company and our business is about business and politics and merging of those two beautiful things,” said Nelson, whose title is Chief Dream Engineer. “These are exciting days for energy efficiency and renewables. I have chill bumps when I talk about our company and our industry, no matter what space I am in.”
Nelson also echoed Niebaum’s comments that the advanced energy industry is starting to gain traction in Arkansas, highlighted by the fact that numerous bills have been filed in the 2017 legislative session that will impact the fast-growing energy industry sector.
“In the last week alone, squeals came through our office because key decisions, legislations and bills were introduced that impacted – in both positive and negative ways – our industry,” Nelson said. “I can remember a few years ago when we didn’t really have anything in front of the legislature. The fact that people are talking about our industry is a very powerful thing.”
Nelson said in less than five years, Seal has grown from a small startup with three employees to a fast-growing energy solutions firm with three offices in Arkansas and Mississippi, 47 workers and plans to hire several more in 2017.
After Nelson, Reps. Sabin, David Hillman, R-Alymra, and Sen. Gary Stubblefield, R-Branch, also talked about legislative efforts to promote energy efficiency and the development of new technologies in the energy sector. Sabin’s HB2016 has been referred to the Joint Energy Committee, but is not on calendar this week for consideration.
Read Article at Talk Business & Politics.
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You are here: Home » ARTIS Publications » A Garden Experiment Revisited – by Olivier le Guen et al.
A Garden Experiment Revisited – by Olivier le Guen et al.
“A garden ex”A garden experiment revisited: inter-generational change in environmental perception and management of the Maya Lowlands, Guatemala.” JOURNAL OF THE ROYAL ANTHROPOLOGICAL INSTITUTE, 1 Nov 2013 by O. le Guen, R. Iliev, X. Lois, S. Atran, & D. L. Medin.
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Books Published By the ARTIS Community
Treasury's War - Juan Zarate
For more than a decade, America has been waging a new kind of war against the financial networks of rogue regimes, proliferators, terrorist groups, and criminal syndicates. Juan Zarate, a chief architect of modern financial warfare and a former senior Treasury and White House official, pulls back the curtain on this shadowy world. In this gripping story, he explains in unprecedented detail how a small, dedicated group of officials redefined the Treasury’s role and used its unique powers, relationships, and reputation to apply financial pressure against America’s enemies.
Risk: A Very Short Introduction - Baruch Fischhoff and John Kadvany
We find risk everywhere--from genetically modified crops, medical malpractice, and stem-cell therapy to heartbreak, online predators, identity theft, inflation, and robbery. They arise from our own acts and they are imposed on us. In this Very Short Introduction, Baruch Fischhoff and John Kadvany draw on both the sciences and humanities to illuminate both the similarities and differences of various kinds of risk. They examine the science and practice of creating measures of risk and look at how scientists apply probability by combining historical records, scientific theories, and expert judgment. More importantly, they show what science has learned about how people deal with risks, applying these lessons to diverse everyday examples.
Talking To The Enemy - Scott Atran
Atran examines the motivations of terrorists in this sprawling and timely study. Drawing upon years of travel among Muslim communities from Indonesia to Morocco, extensive interviews with would-be martyrs and holy warriors, and detailed surveys, the author concludes that young jihadists aren't merely motivated by political or religious fervor--they are powerfully bound to each other, they were campmates, school buddies, soccer pals, and the like, who become die-hard bands of brothers.
In Gods We Trust - Scott Atran
This ambitious, interdisciplinary book seeks to explain the origins of religion using our knowledge of the evolution of cognition. A cognitive anthropologist and psychologist, Scott Atran argues that religion is a by-product of human evolution just as the cognitive intervention, cultural selection, and historical survival of religion is an accommodation of certain existential and moral elements that have evolved in the human condition. "Atran's work is a brilliant exposition of the evolutionary by-product interpretation [of religion] as well as a mine of references for empirical research into the psychology of religion."--Pascal Boyer, Current Anthropology
Forging Democracy: A Comparative Study of the Effects of U.S. Foreign Policy on Central American Democratization - Juan Carlos Zarate
Regional hegemons can and do determine the political evolutions of countries within their respective spheres of influence. This study propounds and tests this new theory by examining the influence of U.S. foreign policy on Central America regime formation in the late 1940s and 1980s. By dissecting and comparing the modern histories of Costa Rica, Guatemala, and Nicaragua, this book provides a fresh analysis of these countries' histories and of U.S. influence in their political development. theory provides a framework within which to study the effects of other hegemons' policies on their respective spheres of influence (i.e. the French in Africa). This seminal work extends the understanding of past events, present debates, and possible future ramifications of U.S. foreign policies.
The Native Mind and the Cultural Construction of Nature - Scott Atran and Douglas Medin
"The Native Mind and the Cultural Construction of Nature beautifully illustrates Atran and Medin's findings in the realm of folkbiology. They present a series of brilliantly conceived and executed studies whose importance goes far beyond being invaluable science to having real implications for social policy, especially in areas concerned with the environmental issues. This book is essential reading for psychologists, who all too often look at problems from the lens of just one culture, for anthropologists, who all too often neglect evolved universals of thought, and for anyone else interested in the relations among culture, thought, and human values." --Frank Keil, Department of Psychology, Yale University
The Evolution of Cooperation - Robert Axelrod
The Evolution of Cooperation addresses a simple yet age-old question: If living things evolve through competition, how can cooperation ever emerge? In 1979 Robert Axelrod famously ran a computer tournament featuring a standard game-theory exercise called The Prisoner's Dilemma. The program that won the tournament, named Tit for Tat, was not only the simplest but the most "cooperative" entrant. This unexpected victory proved that cooperation is mathematically possible and therefore needs no hidden hand or divine agent to create and sustain it. A roadblock to the understanding of all sorts of behavior was removed. The updated edition includes an extensive new chapter on cooperation in cancer cells and among terrorist organizations. "This book, if read, grasped and applied, could have a profound effect." (Wall Street Journal)
The Complexity of Cooperation: Agent-Based Models of Competition and Collaboration - Robert Axelrod
"Robert Axelrod's extraordinary book, The Evolution of Cooperation was globally acclaimed for the rich results of its simple model. The Complexity of Cooperation now gathers together the myriad fruits of more than a decade's work, carefully 'complexifying' his initial model. Like his ideas, his prose is clear and engaging. His delight as he unveils each surprising discovery is infectious. This book is not merely important; it's fun." -- Robert D. Putnam, author of Making Democracy Work
Harnessing Complexity: Organizational Implications of a Scientific Frontier - Robert Axelrod and Michael D Cohen
HARNESSING COMPLEXITY is a breakthrough book on complexity science. It provides the first useful framework and vocabulary for evaluating complex adaptive systems, while giving you the first guidelines for considering how to use the circumstances of your complex adaptive system to your organization's advantage.
Lessons from the Inside: Drug Smugglers on Drug Smuggling - Scott H. Decker and Margaret Chapman Townsend
"This book is the most comprehensive study of drug smuggling and drug smugglers I have seen. The details and descriptions of the smugglers’ activities are rich and extensive. Decker and Chapman delve deeply into interdiction efforts and the methods and strategies used by drug smugglers to counter the government’s efforts. In particular, the study views the government’s efforts at deterrence from the perspective of the smugglers themselves, offering a unique approach to the issue." —Paul Cromwell, Wichita State University
Strategies to Address Gang Crime: A Guidebook for Local Law Enforcement - Scott H. Decker
Author Scott H. Decker, PhD provides information about developing and enhancing local law enforcement responses to gangs in their jurisdictions. The focus of the guidebook is on the use of problem-solving strategies to help agencies select the interventions most appropriate for their jurisdictions. In particular, the guidebook describes the SARA model (Scanning, Analysis, Response and Assessment), a strategic problem-solving process with which local law enforcement is familiar and can apply to its local gang problem. This is the must-have resource to help law enforcement understanding the factors that contribute to their gang problem and select appropriate responses.
The International Handbook of Juvenile Justice - Scott H. Decker
This comprehensive reference work presents inside information on the Juvenile Justice-systems in 19 different countries, both in EU-member states (old and new ones) as well as in the United States and Canada. The book is the result of research conducted by a group of outstanding researchers working in the field of Juvenile Justice, who are concerned about some of the trends in Juvenile Justice in the last two decades, where the border between criminal justice and Juvenile Justice tends to fade.
European Street Gangs and Troublesome Youth Groups - Scott H. Decker
This unique volume by eminent gang researchers presents valuable new data on European youth gangs, describing important characteristics of these groups, and their similarities and differences to American gangs. Their findings from the Eurogang Research Program highlight the impact of immigration and ethnicity, urbanization, national influences, and local neighborhood circumstances on gang development in several European countries. It is an important resource on crime, delinquency and youth development for criminologists, sociologists, youth workers, policy makers, local governments, and law enforcement professionals.
Acceptable Risk - Baruch Fischhoff
This is a brilliant and stimulating book. Although it nominally concerns itself with the area of hazard management, policy and technology choices associated with loss of life or limb, it provides a great deal of insight into all forms of risk management and formal decision making. A very well-researched book, it is obvious that the authors have not only thought long and hard about the subject matter, but have also applied a very disciplined analysis to it. Although the authors are scholars, the book is not necessarily aimed at an academic audience. While challenging, it is still approachable by the lay person.
Adolescent Risk and Vulnerability: Concepts and Measurement - Baruch Fischhoff
The Board on Children, Youth, and Families was created in 1993. Its Committee on Adolescent Health and Development studies issues facing young people and their families using analytic tools from the behavioral, social, and health sciences. Four papers from the Committee's March 2001 workshop, held in Washington, D.C., examine the beliefs underlying adolescents' decisions, present a framework for understanding the vulnerability of adolescents to undesirable outcomes, offer a model for estimating the economic payoffs for different types of policy actions designed to offset adolescent health risks, and discuss adolescents' concerns about their futures and well- being.
Elicitation of Preferences - Baruch Fischhoff
Economists and psychologists have, on the whole, exhibited sharply different perspectives on the elicitation of preferences. Economists, who have made preference the central primitive in their thinking about human behavior, have for the most part rejected elicitation and have instead sought to infer preferences from observations of choice behavior. Psychologists, who have tended to think of preference as a context-determined subjective construct, have embraced elicitation as their dominant approach to measurement. This volume, based on a symposium organized by Daniel McFadden at the University of California at Berkeley, provides a provocative and constructive engagement between economists and psychologists on the elicitation of preferences.
On Terrorism and Combating Terrorism - Ariel Merari
The 1979 International Seminar on Political Terrorism brought together top academic experts on the subject of terrorism and key public officials from several countries who are involved in combating it. This book contains lectures and discussions that took place during that conference, held in Tel-Aviv. Publication has been delayed for several reasons, in themselves unimportant. Yet, it is astonishing to realize that the material in this book remains so highly relevant several years after it was written. The very same questions which occupied the participants' attention then remain at the center of public interest and decision makers' concerns today.
Leaderless Jihad - Marc Sageman
In Leaderless Jihad, Sageman rejects the views that place responsibility for terrorism on society or a flawed, predisposed individual. Instead, he argues, the individual, outside influence, and group dynamics come together in a four-step process through which Muslim youth become radicalized. Leaderless Jihad offers a ray of hope. Drawing on historical analogies, Sageman argues that the zeal of jihadism is self-terminating; eventually its followers will turn away from violence as a means of expressing their discontent. The book concludes with Sageman's recommendations for the application of his research to counterterrorism law enforcement efforts.
Understanding Terror Networks - Marc Sageman
Understanding Terror Networks combines Sageman's scrutiny of sources, personal acquaintance with Islamic fundamentalists, deep appreciation of history, and effective application of network theory, modeling, and forensic psychology. Sageman's unique research allows him to go beyond available academic studies, which are light on facts, and journalistic narratives, which are devoid of theory. The result is a profound contribution to our understanding of the perpetrators of 9/11 that has practical implications for the war on terror. "One of the most original and innovative social science studies ever conducted on how individuals are driven to join terrorist organizations." - ForeWord Magazine
Unmasking Terror: A Global Review of Terrorist Activities - Marc Sageman
Unmasking Terror is a critical tool that helps today's domestic and international thought leaders better understand and address current trends in terrorism. -- --The Honorable Tom Ridge, First Secretary of Department of Homeland Security The Unmasking Terror series provides unique and insightful analysis, and continues to prove extremely useful as we work all the elements of national power to counter terrorism. -- --General Joseph Ralston (Ret.), Former NATO Supreme Allied Commander Europe (SACEUR) and the former Vice-Chairman of the Joint Chiefs of Staff
Attack at Istanbul Airport Leaves at Least 28 Dead - New York Times
Benghazi panel caps 2-year probe: No bombshell, faults administration - CNN
EU leaders toughen line over British 'divorce' - Washington Post
Woman shot, suspect dead after shooting in downtown office building - 9NEWS.com
Trump slams globalization, promises to upend economic status quo - CNN
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Bay News Rising
Professional and college reporters training collaboratively for the future of Bay Area journalism. Bay News Rising is a project of the Pacific Media Workers Guild made possible by the labor and contributions of its members.
Bay News Rising: Journalism’s Next Generation
Mental health services out of reach for many
First, the voices would come at night. Then he sometimes would hear them during the daytime as well, but at some point, the hour — morning, evening, afternoon — ceased to matter. The voices would come.
Kill. Kill. Kill. Rape. Rape. Rape.
With unkempt thinning hair and blurry eyes, Patrick Dillan, 63, hunched at the busy corner of Ellis and Taylor streets in San Francisco’s Tenderloin, near the shelter where he stays. Dillan, who said he was diagnosed with paranoid schizophrenia, was raped by family members when he was 4, and has dealt with the trauma ever since. He said he can’t find help for his illness in San Francisco.
Around 27,000 people in San Francisco use mental health services, according to the Department of Public Health’s annual report. But the services available for them are fragmented and dispersed.
Click to see the number of mental healthcare recipients and services by San Francisco’s neighborhood.
In SoMa, for example, there’s one facility for every 35 patients, but the ratio is much worse in Civic Center: one facility for every 124 patients, according to the health department.
The disparity has come about because the city’s demographics have changed, but the services have remained were they were established, said Helynna Brooke, executive director of the Mental Health Board, a city citizens advisory group.
The board members are considering a variety of ways to reach people who are not getting help.
Several board members suggest deploying vehicles that would cruise the streets of San Francisco. Staffers on board would help people in crisis and bring them to clinics and other facilities.
Two street outreach programs will be presented to the board in September. After that, the board will advise the city’s Behavioral Services Department to fund one of the existing programs — or create a new one, Brooke said.
When treatment becomes an exception
For now, San Francisco offers treatment, but doesn’t have enough programs, staff and money to do it efficiently, said David Elliott Lewis, co-chair of the Wellness Van Committee and a survivor of disabling mental health challenges. The city gives help, but not enough and often not when and where people are ready to receive it, he said.
With fewer services available in the Civic Center area, it might seem easy to just go to facilities in SoMa, but for people enduring a mental health crisis even an adjacent neighborhood is often too far, mental health specialists say.
There are 200 mental health programs with different kinds of funding, and they report data separately, Brooke said. Having many smaller agencies instead of one large one makes it easier for them to focus on specific problems, she said.
But it also can make it harder for patients to navigate the system, said Jacob Savage, director of the Tenderloin-based alternative crisis intervention organization Concrn.
James Brown, a 24-year-old homeless man, said he has had a hard time finding outpatient behavioral services. With dusty hair and tired watery eyes, he was standing in line near the City Hall to get directions to recovery services. A woolen beanie protected him from the chilly wind during the monthly event that provides food, clothing and haircuts for homeless people.
James Brown, 24, originally from Oklahoma, was homeless in San Francisco and in search of long-term treatment for his dual diagnosis. Photo credit: Alena Naiden
Brown has been hospitalized for mental illness several times. “After that, they just gave me phone numbers but didn’t help with an appointment (for long-term treatment),” he said. “You don’t really get help in San Francisco, you just get back to what you’ve been doing.”
In San Francisco, half of the clients discharged from psychiatric facilities are not seen for outpatient follow-up within a week of discharge, and over one-fourth are not seen within a month. Over 20 percent of clients get re-hospitalized a month after discharge, according a 2015 report by the Department of Public Health’s director.
One of the reasons clients don’t follow up with treatment is fear. The behavioral system is not welcoming and they avoid dealing with it, said Richard Heasley, executive director of Conard House, a supportive housing facility.
To get help, people sometimes need to wait for months, said Lewis of the Wellness Van Committee. In addition, many of the buildings that house mental health facilities are unmarked and that confuses potential patients.
“We keep mental health care a secret here, in San Francisco,” he said.
Such systematic problems are not unique to San Francisco. They are consequences of a nationwide trend known as deinstitutionalization. Beginning in the 1960s, state and local governments moved large numbers of severely mentally ill people from state facilities to community-based treatment, according to the 1998 book “Out of the Shadows: Confronting America’s Mental Illness Crisis” by E. Fuller Torrey.
But the new-style facilities are not an adequate replacement, Fred Markowitz, a professor at Northern Illinois University who studies mental illness, crime and social control, said in an email exchange.
What the city could do to help
The Mental Health Board is considering a number of options to bring resources to those who need them.
One is a new program that would deploy a fleet of Mobile Wellness Vans later this year. The vehicles would be available around the clock every day of the week, Lewis said. Another option is to extend the Mobile Crisis Services, now available only 15 hours on weekdays and eight on weekends.
Meanwhile, the board is also considering an expansion of two existing mental health-related programs.
In the Concern program, staff members approach people in mental crisis on Tenderloin streets, try to calm them down and then help them find housing and counseling.
“The crisis is an opportunity to build relationship and connect them to other services,” said Savage, Concrn’s director.
Residents who witness a person in mental health crisis in Tenderloin have an option to contact Concrn by text or via the free Concrn App, instead of calling 911. Concrn has 12 responders who take turns monitoring the neighborhood and responding to requests.
Another program, City Resources, has a van that monitors the Lower Polk section of the Tenderloin and provides a public restroom round-the-clock, as well as some health care and connection to city agencies.
Services provided by City Resources are essential for people with mental health issues because clients will have a hard time talking to a case manager or counselor if their basic needs for hygiene and health care are not met, said the program’s founder, David Hato.
“I have been blown away at the phenomenal way that these young people are working with our clients,” Brooke said about Concrn and City Resources. “They even work with the folks covered in feces who can’t even walk into a hospital and get help.”
Hato hopes to expand the program by creating a trailer with more services. A detachable van would travel around the city and bring people in. Meanwhile, a shower-equipped trailer could stay parked and offer homeless people a place to clean up. It would also be a place for them to receive basic health care and talk to a case manager.
Twenty-six-year-old JD Contreas has been using the services from volunteers in the city and said he appreciated the help he has received. “I’ve been homeless for almost two years now,” he said. “Man, I would be skin and bones if it wasn’t for them, I’d probably be hungry, starving, naked, cold. They keep me warm, they keep me good, they keep me on my feet.”
To help people with mental illness, homeless or not, the city should take a humane approach, Savage said. “If people are invisible, they can’t be helped,” he said.
JD Contreas, 26, was homeless in San Francisco and Santa Barbara. He has dual diagnosis and does not receive treatment. Photo credit: Alena Naiden.
By Alena Naiden
Bay News Rising Staff Reporter
This entry was posted on August 1, 2017 by Bay News Rising.
https://wp.me/p4KZfk-kk
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The Price We Pay For Being Played As Fools
For almost 8 years now, Americans have been played for fools — having civil rights and freedoms destroyed in the name of “keeping us safe,” a felonious “global war on terror,” illegally started wars in the Middle East, a Department of Homeland Security that claims to protect Americans while actually endangering them more, numerous deceptive “national security” claims used to cover up massive crimes committed against humanity, a fraudulent bailout used to pay executives on Wall Street whose greed has led to a financial meltdown and depression, etc. — and the cost to Joe the Taxpayer courtesy of the ongoing extortion in Washington is rising at a staggering rate.
As President George W. Bush prepares to hand over his kingdom to President-elect Barack Obama, the secrecy surrounding some of Bush’s decisions and his claims of ‘National Security’ are finally being questioned. Leaders of the Bush administration and George W. Bush himself, who conspired to violate U.S. law and the Geneva Convention could be in for some rude awakenings and some deep trouble because of all the illegal acts committed under the guise of illegally gained Presidential powers. The list of crimes committed against humanity are quite extensive and Joe Every Day American is paying a heavy price courtesy of the corrupt, incompetent leadership thrust upon us since 2000. Unfortunately, most if not all levels of government have been permeated by Bush cronies and it could take years to root them out.
With a little over two months to go before George W. Bush leaves office, hasty preperations are reportedly being made to change rules and regulations on the environment, civil liberties and abortion rights, among others — if his previous history is any indication, few changes will be for the good — and it could take months or years to identify and undo all the damage. The New York Times took a look at a few of the parting gifts they’re afraid President Bush is planning before he departs since he hasn’t done enough damage already. ABC News has more information too. Congress could intervene and prevent some of the damage, but given their track record with the Bush administration, it would be foolish to expect much from them.
Recently it was reported that the Bush administration had secretly authorized military raids against up to 20 countries without any declarations of war or explicit Congressional authorization for armed action. Attacks were made under an order issued by then-Defense Secretary Donald Rumsfeld and approved by President Bush in the spring of 2004 that gave the U.S. military’s Special Operations forces license to attack alleged al Qaeda targets “anywhere in the world.” After everything our military has been subject to, one would think they would be appreciated by the government they’re fighting for, but one would be wrong.
The Bush administration is reportedly rejecting FBI pleas for more agents to investigate crimes that helped trigger the global financial meltdown. Apparently, about 2,400 agents were shifted from traditional crime-fighting squads to counterterrorism units and at least 1,700 of those shifted haven’t been replaced. It’s easy to see why the Bush administration wouldn’t want the FBI investigating the crimes that led to the financial meltdown.
Congress Doesn’t Feel Your Financial Pain
While the rest of America sits back and watches their 401(k)s get sucked dry due to the economic crisis created by those in Washington, it’s hard to find comfort in the fact that members of Congress get a defined-benefit pension plan backed by the U.S. Treasury, and according to the Associated Press, are mostly safe from the craziness on Wall Street. Their pension plans are safe but ours are not.
Defined-benefit plans are plans where the employer pays money into an account and bases the benefits on years served, salary and other factors. Congress also gets a government version of a 401(k) plan that has lost value during the economic meltdown. American citizens have been raped and plundered by the Federal government, and only time will tell the full extent of the damage, but there is no way Congress can say they feel our pain.
Despite the fantasy that ACORN nearly single-handedly caused the world’s financial crisis, it was ACORN who sounded the alarm about the exploitative lending practices that have led to the current financial meltdown.
The economy didn’t melt down on its own. The economy was taken down, as noted by AlterNet, by the unbridled greed of economic elites, willingly enabled by their political courtesans in Washington. As noted by Rolling Stone, the Wall Street bailout looks a lot like Iraq — a “free-fraud zone” where private contractors cash in on the mess they helped create. As noted by Unknown News, the housing price bubble was deliberately engineered by the finance, insurance and real estate (FIRE) sector of the economy and has produced a tremendous windfall of profits for the engineers, who are hypocritically receiving bailout money while continuing to put families out on the street by pursuing foreclosure. In other words, the public gets screwed twice.
In the meantime, repercussions from the fraudulent bailout continue growing as more deception comes to light and the greedy and corrupted bureaucrats who caused the economic crisis continue raiding the Treasury at our expense. Little if anything has been done to help the taxpayers who are hurting the most, and getting stuck with the bill. Putting crooked cronies in charge of bailing out crooked cronies has long been one of the many illicit policies of the Bush administration.
Cost of The Bailout: $5 Trillion and Counting
Of course, since they’re being so generous with taxpayer money, lobbyists are reportedly swarming the Treasury for a piece of the bailout pie. AIG continues getting more and more billions courtesy of the taxpayers. AIG was again busted trying to keep an Executive ‘junket’ secret since taxpayer money is again paying for their lavish parties. Goldman Sachs, Treasury Secretary Henry Paulson’s previous employer, continues getting preferential treatment from Paulson.
Apparently, while threatening financial ruin to pass the fraudulent bailout bill, Treasury Secretary Henry Paulson was busy engineering what the Washington Post described as “a quiet windfall for U.S. banks.” The Treasury decided to change an obscure tax provision that benefited banks to the tune of well over $100 billion. The crooks responsible for this mess continue getting rewarded while the American people continue getting screwed. Now Paulson has changed course with the bailout and is asking for the people to “trust” him. Sorry dude, it’s a little late for that, and it appears that the bailout — not that it’s any surprise — is illegal.
Not only are banks receiving taxpayer money to bail them out, some are beginning to boost customer fees to record highs. That’s gratitude for you. There is something majorly wrong with this picture.
The bailout could easily end up being a deal that taxpayers could live to regret. Now the Federal Reserve says that American Express can call itself a bank so they can receive money from the bailout too. American Express Co. is reportedly seeking $3.5 billion in funds since the government plans to directly invest in financial firms. Apparently, since General Electric owns many members of Congress and other political fixtures in Washington, they’re receiving $140 billion in bailout money for their financial interests too. More on the bailout is also available from The Nation.
Bloomberg News reported that The Federal Reserve is refusing to identify the recipients of almost $2 trillion of emergency loans from American taxpayers for the troubled assets the central bank is accepting as collateral. Several billions have been set aside by many on Wall Street so they can receive their bonuses for causing the financial crisis, although they claim that the money set aside is not part of the bailout. Even more disturbing though is the fact that the fraudulent bailout — according to CreditSights, a research firm in New York and London, the U.S. government has reportedly spent $5 trillion so far — is bailing out the financial industry, but doing virtually nothing for the American citizen who is paying for it in more ways than one. Not even a kiss or vaseline for the screwing Americans are receiving. Political corruption in Washington is playing a supporting role in bankrupting this country.
It’s Not ok For Politicians To Break The Law
Mother Jones has a report on where to begin to fix the some of the long-festering problems, including the seven major shortfalls the Bush administration is responsible for and is leaving behind: The Values Deficit, The Climate Deficit, The Equality Deficit, The Accountability Deficit, The Trade Deficit, The Budget Deficit and The Investment Deficit.
As noted by AlterNet, this years election provided more proof that Millions of Americans live in a non-reality-based belief system and are easily fooled by lies and propaganda. Alaska was one of a few states whose elections reek of illegallity. Thousands of ballots were reportedly “found” — almost one third of the total ballots cast in the state — and originally, Senator Ted Stevens, a convicted felon, was projected as winning re-election. Now that more ballots have been “found,” he appears to have lost.
Speaking of lies and propaganda, the head of the CIA now says Osama bin Laden is isolated and fighting to survive. The CIA continues playing the find bin Laden game despite the fact that he’s been declared dead for years by many sources, including FOX News. Bin Laden has long been the excuse for the vast majority of the atrocities committed by the Bush administration so the U.S. would never admit to bin Laden’s death. They’ll keep producing poorly photoshopped counterfeit tapes instead to justify their atrocities.
It’s time to hold the perpetrators accountable for their actions, regardless of who they are. If President-elect Obama decides not to punish Bush and his cronies who have so brazenly and openly committed multiple felonies and acts of treason, it will send the signal that it’s ok for politicians to break the law, and that’s not okay. Bush and all his cronies, who have intentionally caused the deaths of thousands of innocent Americans need to spend some time in Guantanamo themselves.
Playing Us For Fools
The Bush administration, with the help of House Speaker Pelosi and other “leaders” in Congress, have gotten away with too many crimes already. Our country wouldn’t be in the position it’s in if the vast majority of politicians in Washington weren’t so corrupt and hadn’t been bought off by large corporations at our expense. The past 8 years of the most dangerous, delusional presidential administration in history has done major damage to what was once the greatest country in the world. It’s time to make it right and it’s time for it to stop.
Anyone foolish enough to believe that there will be much change under President-elect Barack Obama needs to think again, and will be sadly mistaken. While the overall criminality won’t be as evident or rampant, the policies regarding the bailout and the way this country is run will be eerily similar to more of the same. Don’t believe me? Read this article from Bloomberg News about some of the 17 people Obama has chosen for his Transition Economic Advisory Board. Some of them are partially responsible for the economic meltdown.
If it takes the people demanding an article V convention to put an end to all the corruption in Washington, then the people should demand an article V convention. That’s the only way to make things right and to hold those responsible for the destruction accountable for their actions. The people we send to Washington keep playing us for fools. They may be right — we are fools because we keep sending them back. We’ll be paying a heavy price for generations to come unless we do the right things, hold them accountable and demand justice.
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This entry was posted in Rants and Raves on November 15, 2008 by Bill.
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Duelling Supreme Court lawsuits over major Burnaby property deal expose Metrotown land-use bonanza
Businessman, realty firm in court fight after properties sell for almost triple assessed value
By Darryl Greer | August 16, 2016, 8:41am
A legal battle has erupted over property at 6525, 6559 and 6585 Sussex Avenue in Burnaby that sold for $40 million in May | Rob Kruyt
Three properties in Burnaby assessed for a total of less than $15 million sold for $40 million in May, and a pair of duelling lawsuits over the property deal has exposed details of just how much increased density in the Metrotown area is worth to developers.
On July 5, businessman Wen Xue Wang sued Vancouver Home Park Realty Ltd., agent Laura Zhao and her personal real estate corporation, and company president Raymond Zhao in BC Supreme Court. Wang claims he retained Laura Zhao when he bought three properties on Sussex Avenue in Burnaby. Prior to the sales and subsequent assignments, Wang claims the Zhaos had him sign a “bonus agreement” that he didn’t understand.
“Wang, who is of Chinese ethnicity, and cannot understand, read nor speak English, asked Laura and Raymond to translate the bonus agreement so he did not understand its contents and relied on Laura and Raymond to explain it to him,” the claim states. “Raymond and Laura informed Wang that the bonus agreement was for disclosure purposes as required by the Real Estate Council of BC.”
But Wang claims he was induced to sign the agreement under false pretenses after discovering that $300,000 was “erroneously deducted from his portion of the assignment fee.”
“The bonus agreement was created by Laura ... solely for her own personal gain and for no benefit whatsoever to Wang,” the claim states.
While Wang’s lawsuit contains few details about the deals for the properties at 6525, 6559, and 6585 Sussex Avenue, a suit filed on July 11 by Vancouver Home Park Realty Ltd. against Wang states that the properties ultimately sold for $40 million. The realty firm claims in a notice of civil claim that Wang had an “exclusive listing agreement” with the firm for the three properties, listing them for $38.7 million between Nov. 30, 2015, and May 30, 2016.
“The plaintiff actively marketed the properties for the defendant in accordance with the terms of the exclusive listing agreement,” the claim states. “Unbeknownst to the plaintiff, while the exclusive listing agreement was still in effect, the defendant hired another agent to market the properties.”
Vancouver Home Park Realty claims Wang owes more than $1.5 million in commissions under the listing agreement.
The company’s lawyer refused to comment on the lawsuit.
“At this time we would have no comment as to what Mr. Wang did, or didn’t, do and we are not in a position to speak to his motivations,” Kevin McKenzie of Cummings McKenzie stated in an email to Business in Vancouver.
Wang’s lawyer also refused to comment on the lawsuits or the size of the deal.
“At the heart of this litigation matter is the real estate commission bonus dispute, and not the purchase price of the properties in issue,” Bernard Lau stated in an email.
None of the lawsuits’ allegations have been tested or proven in court.
Realtor Casey Weeks, a vice-president with Colliers International who handled the sale of 6585 Sussex, told BIV in a phone interview that he couldn’t comment on the lawsuits involving Wang and Vancouver Home Park Realty. But Weeks said the deal’s price and assessed values of the properties are so far apart because the current zoning allows for a 40-storey highrise on lands currently occupied by low-rise rental stock.
“It’s a prime location,” Weeks said. “It’s right across from the SkyTrain station. Transit-oriented development is desirable for condo buyers and retailers and office users who will all be part of the mixed-use development whenever it’s redeveloped. When you go from a very low- or medium-density site to a highrise site, it’s going to fetch a much higher price, and that’s what happened.”
According to land title documents, all three properties are now owned by 6511 Sussex Height Development Ltd., which was formerly a numbered B.C. company. It shares an address with Thind Properties Ltd. on Kingsway, but no one from the company responded to BIV’s request for comment by press time.
For broker Brandon Harding with NAI Commercial, the size of the deal at the heart of the lawsuits was surprising, but not unpredictable. Harding wrote in May of last year that Metrotown was experiencing a “calm before the storm” due to the City of Burnaby’s aggressive land-use plan to raise density around the mall. Having been involved in many deals in the area, including the properties that were the subject of so-called “demoviction” protests, he said that prices in the area are indeed rising due to future development potential.
“The city picks where they want to throw highrises, and you just get, you know, a lottery ticket,” Harding told BIV in a phone interview. “Your profits basically double. When you can put a big tower on a little piece of land, it’s obvious that the land values are going to skyrocket. And when you take away all that [rental] supply, obviously people are going to get upset.”
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« Brian Vannoy’s Books
M. C. V. Egan’s Books »
Allan Batchelder’s Books
By Editorial/Review Team | January 18, 2021 - 12:00 pm | January 18, 2021 *****Global Authors Directory, *****Global Book Reviews Directory, Allan Batchelder's Books
Welcome To Author Allan Batchelder’s Book Page. Allan Invites You To Explore His Page, Read His Informational PDF, Download The PDF, And Support Him Through Book Sales. PDF Includes Links That You Can Copy and Paste Into Search Bar. All His Books Are Located On Amazon. Please Leave A Book Review For Each Book That You Read In Either Print, Kindle, Or Audio Book Format. Thank You For Your Support.
Author Allan Batchelder: 5 StarsDownload
Steel, Blood & Fire (Immortal Treachery Book 1) by Allan Batchelder
TARMUN VYKERS: His awestruck opponents call him The Reaper, an iron-willed man with no memory of his past, a ruthless champion who has risen to the level of death incarnate.
But The Reaper has collected a legion of enemies as he cut a bloody swath through the greatest of heroes and villains. And these dogs have finally had their day, exacting a revenge both cruel and creative.
Wandering lost, horribly disfigured and unable to fight, Vykers stumbles across the bones of a half-buried skeleton that can transform his ruined body in an inconceivable way. But first he must make a devil’s pact with…
ARUNE: A secretive, ghostly sorceress with ambitions of her own. If Vykers wants to wield a sword again, he must surrender to Arune that which he holds most dear. But can he trust this ethereal enchantress to hold up her end of their dangerous bargain?
Vykers has few good choices, and he must make them quickly, for an impossibly talented and savage wizard has arisen to threaten all of humanity…
THE END OF ALL THINGS: Once an autistic boy hardly able to speak, The End has evolved into a supernatural terror bent on extinguishing all life. A fearsome and unequaled tactician, The End is the only person who doesn’t fear “The Reaper.”
To have any hope of defeating this bloodthirsty mage, Vykers must gather the strangest, most dangerous cohort of killers ever assembled. Then he must seek out the only weapon that can defeat this terrible adversary…
THE EPIC BATTLE: Behold the greatest clash of men, monsters, and Fey that the kingdom has ever known. Vykers, at the head of his outnumbered contingent, launches a desperate attack against The End, with the fate of the world hanging in the balance.
But The End is a creature worthy of his name. He has forged a secret weapon, a wicked and terrible instrument that will break through Vykers’ defenses and exact a devastating toll.
Only one thing is certain, this extraordinary battle will end in a way that no one could have predicted!
Are you a fan of: Grimdark, Joe Abercrombie’s First Law series, Steven Erikson’s The Malazan Book of the Fallen, Glen Cook’s Chronicles of the Black Company, or Patrick Rothfuss’ Kingkiller Chronicle? If so, grab your copy of Steel, Blood & Fire now!
5 Star Review: This book has a very well thought out plot engaging the reader in unexpected twists and turns including love stories and epic battle scenes involving twenty-four well developed characters.
******Steel, Blood & Fires opens with unspeakable violence as Tarmun Vykers, A.K.A, “the Reaper” a legendary warrior is in the stocks (in bonds, under guard). One must be warned that this is a work of dark fantasy, horror and mythology with adult language and graphic violence.
******Author Allan Batchelder has done very well laying out this book with easy to follow headings (much like the way a play production might be laid out). The story pivots back and forth from what is happening with his main characters: the legendary warrior named Tarmun Vykers, Aoife Cestroenyn (An A’Shea or “Mender,” sister of Anders), D’Kem (a washed up Burner), Janks & Company, Long, A.K.A, Long Pete, Spirk Nessno (An idiot and friend to Long), Anders Cestroenyn (the self-proclaimed “End-of-All-Things) and Arune (A spectral Burner who shares Vykers’ body).
******I would like to share a quote from this book that will help draw you in without spoiling the story. This quote come from one of the chapter four headings titled ‘The End, On the March’.
******“After seeing his general off, Anders climbed a small hillock and surveyed his host. What they lacked in training and skill, they more than made up for in numbers and ferocity. Either his magic had worked especially well upon his unwilling draftees, or humans were all more savage than they cared to admit. Looking out upon them, he saw them huddled in large, teeming masses around myriad bonfires. They were always ravenous for food, of course, but also for sex and violence. The End-of-All-Things would be happy to destroy them all, once they had served their purpose.
******Pivoting to his left, he held out his arms and a slave laid the infant into them. It was a funny looking thing, this child. And would get funnier still, by the time Anders was through with it. He had decided, after some thought, that it was time he created something for a change. He would be the end of all things presently in existence, but this child would be the first of his new race, beings made specially to serve and obey him. Worship would not be required, as he felt he would probably kill large numbers of them whenever he got bored. Perhaps he should also create a competing race and pit them against one another!”
******A must read for those who want to remain on the edge of your seat.
Review by Theodocia McLean (Book Marketing Global Network).
Immortal Treachery Book 1
Publisher: Mystique Press
Global Library: Fantasy (Epic “Grimdark”)
Global Library: Fantasy (Dark)
https://www.amazon.com/Steel-Blood-Fire-Immortal-Treachery/dp/1949914453/ref=tmm_pap_swatch_0?_encoding=UTF8&qid=&sr=
https://www.amazon.com/Steel-Blood-Fire-Immortal-Treachery-ebook/dp/B07LDL9PWD/ref=tmm_kin_swatch_0?_encoding=UTF8&qid=&sr=
Audio Book:
https://www.amazon.com/Steel-Blood-and-Fire-audiobook/dp/B07RBSH9CX/ref=tmm_aud_swatch_0?_encoding=UTF8&qid=&sr=
As Flies To Wanton Boys (Immortal Treachery Book 2)
by Allan Batchelder
Three years have passed since Tarmun Vykers’ victory over the mad sorcerer who called himself the End-of-All-Things. But they’ve been three long years, confined to a sick bed with a grievous wound that will not heal, cannot be healed by any means known to man. And then something unthinkable happens, and Vykers is summoned once again to save the kingdom.
This same mysterious event ensnares Long Pete and his companions, reuniting them for a mission whose consequences none can anticipate and not all will survive. Will Vykers master his wound, or will it finally end him? Can Long Pete serve both his Queen and his family? And what of the A’Shea, Aoife, who finds herself torn between her faith and her powerful attraction to the Reaper? In a world in which the gods play with the fates of men as mischievous boys torture insects, nothing but strife is certain.
Publisher: Crossroad Press
https://www.amazon.com/Flies-Wanton-Boys-Immortal-Treachery/dp/1949914216/ref=tmm_pap_swatch_0?_encoding=UTF8&qid=&sr=
https://www.amazon.com/Flies-Wanton-Boys-Immortal-Treachery-ebook/dp/B07LDLQBW3/ref=tmm_kin_swatch_0?_encoding=UTF8&qid=&sr=
Corpse Cold (Immortal Treachery Book 3) by Allan Batchelder
Betrayed by his closest friend, someone who has also stolen his most precious possession, Tarmun Vykers wants revenge.
Kittins wants revenge, too, against the all-powerful Queen, who’s been manipulating and dictating his every move for far too long, to devastating effect.
Long Pete wants revenge against the slavers who murdered his wife and even now hold his only child captive.
And many others too numerous to count want revenge as well, for slights both real and imagined.
One thing is certain: punishment is coming. Follow the Reaper again, as he fights through the worst winter in ages to deal out revenge that leaves his victims corpse cold.
https://www.amazon.com/Corpse-Immortal-Treachery-Allan-Batchelder/dp/1951510798/ref=tmm_pap_swatch_0?_encoding=UTF8&qid=&sr=
https://www.amazon.com/gp/product/B07LDLDNRM/ref=dbs_a_def_rwt_hsch_vapi_tkin_p1_i4
The Abject God: Immortal Treachery, Book Four by Allan Batchelder
Vykers once killed some of the Emperor’s soldiers; now, the Emperor has crossed the sea with all his legions to exact a revenge that will impact not only the Reaper, but Kittins, Spirk, Eoman, and even the Virgin Queen herself.
Meanwhile, pieces to the puzzle of Vykers’ origins begin to fall into place, revealing people and purposes both unexpected and heretofore unimaginable. And then there is the long-suffering Long Pete, who must now contend with an utterly reshaped reality that threatens his very existence.
https://www.amazon.com/Abject-God-Immortal-Treachery/dp/1951510690/ref=tmm_pap_swatch_0?_encoding=UTF8&qid=&sr=
https://www.amazon.com/gp/product/B07LDLTKFS/ref=dbs_a_def_rwt_hsch_vapi_tkin_p1_i0
The End of All Things (Immortal Treachery Book 5) by Allan Batchelder
Tarmun Vykers, the Reaper, has battled his way across time and two continents, toppling kingdoms and empires alike and killing untold thousands in the process. And he has never really known why.
But he’s about to find out.
And with this new knowledge must come a reckoning—with the Queen, who has manipulated Vykers every step of the way, with the Emperor, who would take what is rightfully the Reaper’s, and even with the gods themselves.
It is time for the Reaper to do what he does best.
Publication Date: October 30, 2019
https://www.amazon.com/End-Things-Immortal-Treachery-Book-ebook/dp/B07ZTR3K6Y/ref=sr_1_1?dchild=1&keywords=The+End+of+All+Things+by+Allan+Batchelder&qid=1602529251&s=books&sr=1-1
About Author Allan Batchelder: Allan is a professional actor, educator and former stand-up comedian. In addition to Steel, Blood & Fire, As Flies to Wanton Boys and Corpse Cold, he’s also written plays, screenplays, online articles, dialogue for computer games, greeting card sentiments and more.
Steel, Blood & Fire has been praised by Kirkus, Midwest Book Review and Fantascize.com. Allan holds a Master of Fine Arts in acting from the National Theatre Conservatory and a Master’s in Teaching from Seattle Pacific University. He is a huge fan of Shakespeare, Steven Erikson, Joe Abercrombie, Glen Cook, George R.R. Martin, Tad Williams, and R. Scott Bakker.
Allan lives in Seattle with his wife and son, where he enjoys walks on the beach, reading in the garden and puttering around on his computer. Oh, and naps. He LOVES naps. In fact, he’s probably taking one right now.
https://www.amazon.com/Allan-Batchelder/e/B00AXP2EKQ/ref=sr_ntt_srch_lnk_1?qid=1496859326&sr=8-1
http://www.immortaltreachery.com
http://www.facebook.com/steelbloodfire
http://www.twitter.com/TarmunVykers
https://bookmarketingglobalnetwork.com/global-authors-directory/allan-batchelders-books/
Tagged Allan Batchelder, Allan Batchelder's Books, As Flies To Wanton Boys (Immortal Treachery Book 2) by Allan Batchelder, Author Allan Batchelder Awarded 5 Stars, Book Four by Allan Batchelder, Book Marketing Global Network, Book Marketing Global Network: Global Library: Fantasy (Dark), Book Marketing Global Network: Global Library: Fantasy (Epic “Grimdark”), Corpse Cold (Immortal Treachery Book 3) by Allan Batchelder, Steel Blood & Fire (Immortal Treachery Book 1) by Allan Batchelder, The Abject God: Immortal Treachery, The End of All Things (Immortal Treachery Book 5) by Allan Batchelder, We Award 5 Stars To Author Allan Batchelder. Bookmark the permalink.
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Filed under: Fantasy Realms, Movies, Retro Fix, Sci-Fi Café, Superheroes — 1 Comment
Our annual “All the Movies You’ll Want to See…” series has been one of the most viewed of all of our entries at borg.com each year. So this year we again scoured Hollywood and its publicity machine for as many genre films coming out in 2017 that have been disclosed. The result is a whopping 58 movies, many you’ll probably want to see in the theater or catch on video (and some you may want to skip). We bet you’ll find a bunch below you’ve never heard of. Bookmark this now for your 2017 calendar!
Most coming out in the second half of 2017 don’t even have posters released yet. We’ve included descriptions and key cast so you can start planning accordingly.
What do we think will be the biggest hits of the year? How about Star Wars: Episode VIII or Wonder Woman? Luc Besson’s Valerian and the City of 1,000 Planets? Ghost in the Shell? Or Beauty and the Beast?
You’ve heard endlessly about Logan and Justice League, but 2017 will also see numerous other sequels, like Alien: Covenant, Blade Runner 2049, Thor: Ragnarok, and sequels for Underworld, Resident Evil, Planet of the Apes, Pirates of the Caribbean, XXX, John Wick, King Kong, The Fast and the Furious, Cars, The Kingsman, Transformers, Despicable Me. And The Six Billion Dollar Man is finally on its way. Look for plenty of Dwayne Johnson, Tom Cruise, Vin Diesel, Ben Affleck, Samuel L. Jackson, Zoe Saldana, Hugh Jackman, John Goodman, Michael Peña, Ryan Reynolds, Sofia Boutella, and Elle Fanning in theaters this year.
So wait no further, here are your genre films for 2017:
Underworld: Blood Wars – January 6
Kate Beckinsale again stars in the latest entry in the series, with Sherlock’s Lara Pulver and Charles Dance.
A Monster Calls – January 6
An adaptation of the novel of a boy whose mother gets cancer, with Rogue One’s Felicity Jones as the mother and Liam Neeson as the voice of the monster.
Live By Night – January 13
1920s mobster movie starring Ben Affleck, Elle Fanning, Chris Cooper, Sienna Miller, and Zoe Saldana.
xXx: The Return of Xander Cage – January 20
Vin Diesel returns with Samuel L. Jackson and Jet Li.
Resident Evil: The Final Chapter – January 27
Paul W.S. Anderson directs the series’ last chapter starring Milla Jovovich and Ali Larter.
Rings – February 3
Another entry in The Ring videotape horror franchise.
The Space Between Us – February 3
Asa Butterfield, Britt Robertson, Carla Gugino, and Gary Oldman star in “Romeo and Juliet” story centered on the first human born on Mars.
The Lego Batman Movie – February 10
Will Arnett returns as Batman, with Zach Galifianakis, Rosario Dawson, and Ralph Fiennes.
John Wick: Chapter Two – February 2
Keanu Reeves returns as the title’s tough guy.
The Great Wall – February 17
Matt Damon stars in medieval historical drama.
Rock Dog – February 24
Animated movie featuring the voices of Luke Wilson, Eddie Izzard, and JK Simmons.
Logan – March 3
Hugh Jackman’s last X-Men role as Wolverine/Logan, with Patrick Stewart.
Kong: Skull Island – March 10
Tom Hiddleston and John Goodman star in the next King Kong remake/sequel.
Beauty and the Beast – March 17
Live-action remake of Disney’s Oscar-winning animated film starring Emma Watson.
CHiPs – March 24
Comedy remake of the 1980s TV show starring Dax Sheppard and Michael Pena.
Power Rangers – March 24
Latest remake of the franchise superheroes.
Life – March 24
Ryan Reynolds and Jake Gyllenhaal star in sci-fi thriller about the International Space Station encountering alien life.
Ghost In The Shell – March 31
Scarlett Johansson brings the international hit to live-action film.
Smurfs: The Lost Village – April 7
Fully-computer animated version of the classic characters.
Fate of the Furious – April 14
Eighth film in the Fast and the Furious series, featuring Vin Diesel, Jason Statham, and Dwayne Johnson.
Guardians of the Galaxy Vol. 2 – May 5
One of the most eagerly awaited sequels of 2017. Chris Pratt, Zoe Saldana, and the rest of the crew return. With Kurt Russell joining the cast.
King Arthur: Legend of the Sword – May 12
Jude Law and Eric Bana star in latest remake of the English legend.
Alien: Covenant – May 19
Ridley Scott returns to direct the latest Alien film, with stars Michael Fassbender and Katherine Waterston.
Baywatch – May 26
Dwayne Johnson stars in movie remake of the TV show.
The Nut Job 2 – May 19
Will Arnett stars in sequel to the animated film.
Pirates of the Caribbean: Dead Men Tell No Tales – May 26
Johnny Depp is back as Captain Jack Sparrow with Geoffrey Rush and new addition Javier Bardem.
Wonder Woman – June 2
Gal Gadot, Chris Pine, and Robin Wright star in the first ever film starring DC Comics’ Wonder Woman.
The Mummy – June 9
Tom Cruise and Sofia Boutella star in the reboot of the classic series of Universal Monsters movies.
World War Z 2 – June 9
Sequel to sci-fi film starring Brad Pitt.
Cars 3 – June 16
Owen Wilson returns for latest in the animated series.
Kingsman: The Golden Circle – June 16
Taron Egerton, Channing Tatum, and Colin Firth star in this sequel.
Transformers: The Last Knight – June 23
Mark Wahlberg returns with Anthony Hopkins in the latest sequel in the series.
Despicable Me 3 – June 30
Trey Parker and Kristin Wiig star in this animated sequel.
The Beguiled – June 30
Sofia Coppola directs remake of the Civil War era Clint Eastwood Western, with Nicole Kidman, Elle Fanning, Kirsten Dunst, Angourie Rice, and Colin Farrell.
Spider-Man: Homecoming – July 7
Tom Holland, Marisa Tomei, and Robert Downey, Jr. star in this promising remake in the Marvel Cinematic Universe.
War for the Planet of the Apes – July 14
Woody Harrelson joins Andy Serkis in the latest in the Apes franchise.
Dunkirk – July 21
Tom Hardy stars in Christopher Nolan war movie.
Valerian and the City of a Thousand Planets – July 21
Eagerly awaited sci-fi film from The Fifth Element’s Luc Besson.
The Dark Tower – July 28
Adaptation of Stephen King story stars Idris Elba and Matthew McConaughey.
The Coldest City – July 28
Charlize Theron stars in spy thriller, co-starring James McAvoy, Sofia Boutella, and John Goodman.
The Emoji Movie: Express Yourself – August 4
James Corden stars in animated movie featuring Tron-like micro world of your cell phone.
Blazing Samurai – August 4
Samuel L. Jackson and Michael Cera star in animated tale of a samurai searching to live his dream.
The Hitman’s Bodyguard – August 18
Ryan Reynolds and Samuel L. Jackson star in action comedy.
Villa Capri – August 18
Action comedy starring Tommy Lee Jones and Morgan Freeman.
It – September 8
Another in the year of adaptations of Stephen King stories.
The LEGO Ninjago Movie – September 22
Olivia Munn, Dave Franco, Jackie Chan, and Michael Pena to star in the third LEGO movie.
American Made – September 29
Crime thriller starring Tom Cruise. With Star Wars: The Force Awakens’ Domhnall Gleeson.
Flatliners – September 29
Rogue One’s Diego Luna stars in reboot of the sci-fi medical movie.
Blade Runner 2049 – October 6
Harrison Ford returns with Ryan Gosling in long-awaited sequel.
God Particle – October 27
The latest of JJ Abrams’ Cloverfield stories, starring Elizabeth Debicki.
Thor: Ragnarok – November 3
All-star cast joins Chris Hemsworth, including Anthony Hopkins, Benedict Cumberbatch, Idris Elba, Karl Urban, Mark Ruffalo, Cate Blanchett, Sam Neill, Jeff Goldblum.
Justice League – November 17
The big team-up of DC Comics superheroes finally arrives!
Murder on the Orient Express – November 22
Promising remake of the Agatha Christie novel stars Daisy Ridley, Johnny Depp, Kennth Brannagh, Michelle Pfeiffer, Judi Dench, Michael Pena, Derek Jacobi, and Penelope Cruz.
Star Wars: Episode VIII – December 15
The latest in Star Wars’ third trilogy features return of Daisy Ridley and Mark Hamill.
Jumanji – December 22
Dwayne Johnson, Karen Gillan, Jack Black, and Kevin Hart star in this adventure comedy.
The Six Billion Dollar Man – December 22
Mark Wahlberg stars as Steve Austin in film updated version of The Six Million Dollar Man.
The Story of Ferdinand – December 22
Adaptation of the classic favorite tale of a bull who would rather smell the flowers than fight.
The Greatest Showman – December 25
Biopic stars Hugh Jackman as P.T. Barnum.
So that’s all folks.
See you at the movies!
C.J. Bunce
borg.com
Tags: 2017 movie checklist, 2017 movie posters, 2017 movie release schedule, 2017 movies, A Monster Calls, Agatha Christie, Alfred Hitchcock: The Masterpiece Collection, Ali Larter, Alien: Covenant, American Made, Angourie Rice, Anthony Hopkins, Asa Butterfield, Baywatch, Beauty and the Beast, Ben Affleck, Benedict Cumberbatch, Blade Runner 2049, Blazing Samurai, Brad Pitt, Britt Robertson, Carla Gugino, Cate Blanchett, Channing Tatum, Charles Dance, Charlize Theron, CHiPs movie, Chris Cooper, Chris Hemsworth, Chris Pine, Christopher Nolan, Cloverfield, Colin Farrell, Colin Firth, Daisy Ridley, Dave Franco, Dax Sheppard, Derek Jacobi, Despicable Me 3, Diego Luna, Domhnall Gleason, Domhnall Gleeson, Dunkirk, Eddie Izzard, Elizabeth Debicki, Elle Fanning, Emma Watson, Eric Bana, Fate of the Furious, Felicity Jones, Flatliners 2017, Gal Gadot, Gary Oldman, Geoffrey Rush, Ghost in the Shell, God Particle, Guardians of the Galaxy 2, Harrison Ford, Hugh Jackman, Idris Elba, Jackie Chan, Jake Gyllenhaal, James Corden, James McAvoy, Jason Statham, Javier Bardem, Jeff Goldblum, Jet Li, John Goodman, John Wick Chapter Two, Johnny Depp, Jude Law, Judi Dench, Jumanji, Justice League, Karl Urban, Kate Beckinsale, Katherine Waterston, Keanu Reeves, Kennth Brannagh, King Arthur: Legend of the Sword, Kirsten Dunst, Kong Skull Island, Kristen Wiig, Kurt Russell, Lara Pulver, Liam Neeson, Life movie, Live By Night, Logan, Logan movie, Luc Besson, Marisa Tomei, Mark Ruffalo, Matt Damon, Michael Fassbender, Michael Peña, Michelle Pfeiffer, Milla Jovovich, Morgan Freeman, Murder on the Orient Express, Nicole Kidman, Olivia Munn, Patrick Stewart, Paul W.S. Anderson, Penelope Cruz, Pirates of the Caribbean: Dead Men Tell No Tales, Power Rangers movie, Ralph Fiennes, Resident Evil: The Final Chapter, Ridley Scott, Rings, Robert Downey Jr, Robin Wright, Rock Dog, Rosario Dawson, Ryan Gosling, Ryan Reynolds, Sam Neill, Samuel L. Jackson, Scarlett Johansson, Sienna Miller, Smurfs; The Lost Village, Sofia Boutella, Spider-Man: Homecoming, Stephen King's It, Stephen King's The Dark Tower, The Beguiled, The Coldest City, The Emoji Movie: Express Yourself, The Great Wall, The Greatest Showman, The Hitman's Bodyguard, The Kingsman: The Golden Circle, The Lego Batman Movie, The LEGO Ninjago Movie, The Nut Job 2, The Space Between Us, The Story of Ferdinand, Thor: Ragnarok, Tom Cruise, Tom Cruise movies, Tom Hardy, Tom Hiddleston, Tom Holland, Tommy Lee Jones, Transformers: The Last Knight, Trey Parker, Underworld: Blood Wars, Valerian and the City of a Thousand Planets, Villa Capri, Vin Diesel, War for the Planet of the Apes, Will Arnett, Wonder Woman, World War II movies, World War Z 2, xxx: The Return of Xander Cage, Zach Galifianakis, Zoe Saldana
jtorrey13
I’ll definitely go see CHiPs. I might be in that one!
« CW releases better look at Riverdale series, Archie & the Gang, and murder
A very Merry Christmas from borg.com »
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You Can't Out-Train a Bad Diet, But Exercise Sure Does Help
Doug Dupont
There’s an adage in fitness circles that no amount of exercise can overcome a bad diet. This saying is usually in reference to weight loss, but is generally a good rule to live by anyway. Good eating is a cornerstone of health, longevity, and fitness. But as far as lipid profiles go, it seems a lot can be accomplished by intense exercise as well. So says a recent study in the Journal of the International Society of Sports Nutrition.
Lipid profile typically refers to the levels of various lipids in the blood. While most people think of fat when they hear the word lipids, the term actually refers to a whole class of substances that have a major role in human health and performance. The list of lipids includes fats and oils, as well as phospholipids (what your cell walls are made out of), sterols (like cholesterol), glycerides (like triglycerides), and fat-soluble vitamins (like vitamin D).
Often included in lipid profiles is a hybrid molecule called a lipoprotein. Lipoproteins are exactly what they sound like, a mixture of both lipids and proteins. Lipids themselves are largely hydrophobic, which means they don’t play well with water. Since your blood has a lot of water in it, lipids have a tough time getting around on their own. Thus we have lipoproteins, hybrid molecules that carry lipids around and help move them in and out of cells. Lipoproteins are even shaped like little fat-carrying fortresses.
We’ve all heard the terms HDL (high density lipoprotein) and LDL (low density lipoprotein) in reference to cholesterol, but this is a bit of a mistake. Cholesterol is a separate type of lipid, not a lipoprotein, but the high density and low density varieties of lipoprotein tend to function as cholesterol carriers, for reasons mentioned above. One of the many functions of cholesterol is to increase the viscosity (the thickness of the fluidity) of your cell membranes. The low density variety of lipoprotein trucks the cholesterol to your cells, and thus is considered “bad.” The high density kind takes cholesterol away from your cells, so we call it “good.”
High HDL, especially relative to LDL, has been shown to reduce the risk of cardiovascular disease. It was one of the most important features of the lipid profile in today’s study. The researchers studied female volleyball players who were about to begin a season. They took a blood sample of the players before their eleven-week preseason, and then again afterward. During the preseason, the players trained or played six days per week, often twice per day, a rigorous schedule.
The researchers also analyzed the diets of the players, which they found to be high in saturated fats and cholesterol. The athletes didn’t achieve the recommended ratio of unsaturated fats to saturated fats. But despite the poor lipid content of their food, the players’ lipid profiles improved after the eleven week preseason. The LDL levels dropped, as did the ratios of bad lipoproteins to good, and the HDL levels increased, indicating they were healthier.
While you can’t overcome a bad diet, according to this study it seems that hard training can reduce your risk factors of heart disease. This is even better news for people who eat a healthy diet and exercise.
1. Juan Mielgo-Ayuso, et. al., “Changes induced by diet and nutritional intake in the lipid profile of female professional volleyball players after 11 weeks of training,” Journal of the International Society of Sports Nutrition, 2013, 10:55.
See more about: Exercise, cardiovascular disease, cholesterol, Health, medicine
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Brian Ward, Ph.D.
Investigating COVID-19 From Your Couch
by brian_ward
I don’t need to remind you that the world has changed dramatically since the worldwide spread of the COVID-19 novel coronavirus; millions are suddenly unemployed, or else working at home. If you suddenly find yourself in one of these situations, this can be a good time to pick up some new coding and data science skills while helping to investigate the cause of our current crisis.
You’ll see many statistics and analyses regarding COVID-19 getting thrown around online, but you don’t necessarily have to take their word for it. Many large sets of COVID-19 data are publicly available. If you’re one of the many who suddenly finds themselves with a lot more free time on their hands, now could be a great opportunity to learn some new things while playing around with real-world data sets. It’s not likely that you’ll be generating insights beyond those of professional epidemiologists, but it never hurts to have more eyes on the data. Below is a list of a few compiled sources of COVID-19 information.
COVID-19 Open Research Dataset
The White House and a coalition of research institutions have made the COVID-19 Open Research Dataset (CORD-19) available for download. This dataset consists of 59,000 journal articles (47,000 with full text) on COVID-19, SARS-CoV-2 and other coronaviruses. This represents a remarkably large collection of freely accessible scientific literature, so if you’re looking for a large dataset to try learning some text mining techniques, this is as good a place to start as any.
Johns Hopkins COVID-19 Data Repository
The folks at the Johns Hopkins University Center for Systems Science and Engineering are the ones behind the popular ArcGIS global COVID-19 tracking map. The curated set of data that they use to produce this map is available here. This page has a handy list of all of the project’s data sources, including the WHO, CDC, and various international government statistics, in case you wanted to do more sleuthing on your own. This collection previously only contained case and death counts by country, with a few select U.S. regions delineated (e.g. New York City), but has recently been upgraded to also report county-level data like the New York Times data set mentioned below. This git repository is automatically updated on a daily basis, so don’t forget to git pull often.
New York Times U.S. COVID Data
The New York Times has its own set of interactive graphics on the COVID-19 outbreak, and like the JHU site mentioned above, the company has made the backend data for these graphics freely available. This data set tracks reported COVID-19 cases and deaths at the nation, state, and county levels, and is updated on a daily basis.
Finding Ways to Spend Your Time
As you can see, there are several different sources of COVID-19 data to play around with. Many other services make use of one or more of these sources – for instance Tableau’s COVID-19 Data Hub includes a free trial for a starter workbook, utilizing the Johns Hopkins-compiled data mentioned above. This allows users to rapidly prototype different virus-related visualizations, in case you want to try playing around with data, without getting into too much hardcore coding.
If you are interesting in learning more about coding, this could be a great time to jump into some free online training (maybe even if you wish to join the endangered, but very important ranks of Cobol programmers). Probably of more interest to most people are free courses in more modern languages, such as Google’s python machine learning crash course. I do want to be clear here – it is okay to feel isolated, afraid or bored in these times, and it’s okay to respond by this pressure by bingeing Tiger King on Netflix in a single day. However, if you decide you would like to try something new, there’s always a need for more people who can find patterns underlying the phenomena that shape our world and society. If it makes us better prepared for the next pandemic, then all the better.
What Software Should I Learn? Pt. I – Linux and Shell Scripting
Misconceptions About Genetics and Evolution in Pop Culture, Part II
Frequent Misconceptions About Genetics and Evolution in Pop Culture
Multi-Environment Genomic Prediction Paper
Everyday Annoyances
Lab Protocols
R coding
LinkedIn ResearchGate ORCID
© 2017 Brian Ward
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