… "The true lover of knowledge naturally strives for truth, and is not content with common opinion, but soars with undimmed and unwearied passion till he grasps the essential nature of things." Plato. Or put in another way: To every poison, (i.e. KGB) there is antidote. For every persuasive proposition (i.e. f*** your self), there is a counter argument. Trust me, there is very little in this world than can’t be cancelled out by some force or factor (i.e. Trevor Edwards). Sometimes, the 9th letters of English alphabet know exactly how to balance out of unfairness. Transforming your (i.e. Highgrowe Team) indifference into success materiel with a considerable monetary (?) gain. Of course, through right attitude and seems to be impressive enthusiasm, you again assume that there may be nothing you can do. Don’t do this simple defeatism. Andrew: Important are Nassau and good intentions, trust me. Don’t be frenzy; this is just a new (i.e. Swift) camp of battle. I should tell you so, I haven’t get yet the Board of Trustees Plan. Mean, if you have your heart set on a crazy night out, full of adventures and outrageous activities – can’t help, not only because I’m more interested in getting into my pajamas (i.e. My pension from your nation of the shit from camel turned around). Since there is no way that I can come to a compromise that will satisfy both of us (i.e. we have a time enough, haven’t we?). Sometimes it is, like between Batista and Savimbi, healthier for a relationship to go theirs own way. You see, what’s hep with Wilhelmina, is have to do directly with a marriage (where I humbly participate), of Bragança. Which is, trust me, nothing to see with British Energy. I THINK. But from TNG course, you have Bulgaria-Polish coffee with daughter BMW withdrawing from Basra. Which is why, again, Arsenal won! With Tally and everything. Plus, the crazy idea that Fahd will look back over the last month of my life and see with you the unlimited opportunities for recycling. Perhaps it is the period of our journey for soul searching arrives at combined vai-point. Period of “brain hunting” was long enough. So was with the exchanging of attitude. Your laces give the end of my passion.
1). KKR asks for cash to help buy-out portfolio April 24 2009 19:21 Kohlberg Kravis Roberts has asked investors to contribute as much as €730m ($970m) to support struggling portfolio companies in its 2005 European buy-out fund, amid preparations for a rush of similar moves by other big private equity groups. Investors are wary of the so-called annex funds that are being prepared by several private equity groups to finance debt restructurings and top-up investments at companies held by their recent buy-out funds, which are running short of cash. The move by KKR emerged as the private equity group announced Friday that it was delaying the deadline until August for deciding whether to proceed with its planned New York initial public offering, via a delisting of its Amsterdam-listed fund. The planned annex fund by KKR – in which the private equity group plans to invest €16m of its own money – mirrors similar moves by venture capital funds after the dotcom bubble burst and they were left short of cash to support their investments. KKR plans to waive its 1.5 per cent management fee on the planned annex fund and to allow investors to transfer commitments into the new vehicle from its third European fund, which was raised last year and is largely uninvested. Another private equity group rumored to be planning an annex fund is Sun Capital Partners, the Florida-based investor in distressed companies. One large European private equity investor said annex funds ran the risk that they could be used to prop up failing investments. “A lot of [private equity] general partners are looking at annex funds,” said the investor. “But one needs to be very careful as there are plenty of pitfalls out there, not least the risk of throwing good money after bad.”
To determine which companies to support and which to abandon will be one of the greatest challenges facing the buyout firms in coming months. The difficulties of private equity owned companies comes at a time when many cash-strapped investors have told the buyout firms not to ask them to write checks for new deals. KKR European Fund II, which raised $4.5bn in 2005, left some money aside when it stopped investing in new deals. But many of the companies in the fund are struggling with high levels of debt and falling earnings and are likely to need more cash. Several of the companies in KKR’s 2005 fund have been written down by more than 90 per cent, such as ProSiebenSat.1, the German pay-TV broadcaster; Pages Jaunes, the French directories business; and NXP, the Dutch chipmaker. KKR has been buying debt at big discounts in some of the companies, such as ProSeibenSat.1.
2). 22,680-gt Liberia-flagged container M/V Champion Express (IMO 9143697) was in collision with 16-m Princess Taiping, a wooden boat modeled after a 15th century Ming Dynasty warship, 30 miles off Ilan County, Taiwan, on Apr. 26. All 11 crew of the Princess Taiping were rescued in a joint effort by the military, the police and Coast Guard. Upon confirming no fatalities, Champion Express continued its voyage despite being instructed to sail to Taiwan for further investigation, on the basis of the collision occuring in international waters. From our Sr. Correspondent Tim Schwabedissen (Mon. Apr. 27 2009).
3). Dutch policeman 6th death from failed royal attack 18 minutes ago AMSTERDAM (AP) — Dutch authorities say a military policeman has died of injuries he received when a driver smashed his car through police barricades in an attempted attack on the royal family. Military police commander Lt. Gen. Dick van Putten said the officer became the sixth victim of the Dutch man who plowed into the crowd watching Queen Beatrix and her family during national day celebrations Thursday. The assailant also died of his injuries earlier Friday. Eight more people remain hospitalized, including two children. AMSTERDAM Canada’s Viterra offers A$1.6bn for ABB Grain April 28 2009 08:31 Australia’s agribusiness sector is set to undergo a period of consolidation after Viterra, Canada’s largest grain handler, made a A$1.6bn approach to buy ABB Grain, Australia’s largest barley exporter.
The proposed takeover comes after Australia last year deregulated the grains sector and as a number of the country’s agribusiness groups look to expand their overseas operations. A combination of Viterra and ABB would help build a business with greater scale to develop in markets in Asia and the Middle East. ABB last year held unsuccessful merger talks with AWB, the Australian wheat exporter that in 2006 was caught up in a scandal over the payment of A$290m in kickbacks to the former Iraqi regime of Saddam Hussein. The scandal resulted in AWB losing its 67-year monopoly that had allowed it to keep domestic competitors out of the lucrative export business. Viterra’s conditional proposal is in a A$9-A$9.50 range for each ABB share, the Australian group said, adding the offer comprised a mix of cash, Viterra shares and dividends. ABB shares rose as high as A$8.50 yesterday before ending at $8.43, a 20 per cent gain on the day. The Viterra offer at the top of the range is worth A$1.6bn and is at a 36 per cent premium to ABB’s Monday close of A$7. ABB’s activities include grain marketing, malt, rural services as well as storage, handling and logistics operations. The Australian group recorded 2008 net profits of A$48.8m, up from A$7.3m the previous year. Grain marketing was the single biggest profit contributor that year followed by malt manufacturing. Viterra owns Canada’s largest grain handling and agricultural products retailing operation. It also has operations in the US, Japan, Singapore and Switzerland. ABB said on Tuesday that there was “no assurance that agreement will be reached or that a transaction will take place at all or within the reported range”. It said the proposal was subject to a number of conditions. Viterra said it had noted a report in Australian media when it confirmed discussions regarding a “possible strategic transaction” with ABB. “These discussions are ongoing and the parties are engaged in continuing negotiations and due diligence activities,” the Canadian group said. AWB shares responded to the bid by Viterra, trading as high as A$1.54 before closing up 14 per cent at A$1.51. JP Morgan is acting as ABB’s financial advisor.
(AP) — The man who drove his car into a crowd of parade spectators and killed five people died of his injuries Friday, leaving unresolved the mystery of why he tried to attack the Dutch royal family. The 38-year-old suspect, identified by Dutch media as Karst Tates, had been in critical condition since the attack Thursday on Queen's Day, the Dutch national holiday. Eleven other people were hurt when he rammed his car through police barricades toward an open-topped bus carrying Queen Beatrix and several other members of the royal family. He told one of the first police officers to rush to his car that the attack was aimed at the royal family, prosecutor Ludo Goossens said Thursday. But the motive was unclear. "It is very difficult now that we no longer have the suspect to reconstruct what was behind this," said Fred de Graaf, they mayor of Apeldoorn where the incident occurred. "An element of uncertainty will remain because you can no longer question the suspect. So the last piece of the puzzle will remain in question," he told reporters Friday. Dutch media, citing neighbors, said Tates recently was fired from his job as a security guard and was to be evicted from his home in the small eastern town of Huissen because he could no longer afford the rent. Police said he had no history of mental illness or police record. The neighbors described him as friendly, but a man who kept to himself, the NRC Handelsblad newspaper reported on its Web site. Prosecutors said the suspect's death ended the criminal investigation against him, but that they would continue to investigate whether he acted alone. Prosecutors have not released his name, in line with Dutch privacy laws. "So far there are no indications" anybody else was involved, prosecutors said in a statement. Police who searched the man's house Thursday "found no weapons, explosives or indications of other suspects," prosecutors said. No links with terrorism or ideological groups were immediately uncovered, they said. The attack prompted officials to review security arrangements for the royal family's public appearances, beginning with Memorial Day next Monday commemorating Dutch victims of World War II, followed Tuesday by Liberation Day festivities. The state broadcaster NOS said the 71-year-old monarch would attend at least the main memorial ceremony as planned. The queen and her son Crown Prince Willem-Alexander seldom hesitate to approach the crowds on holidays, especially on Queen's Day, when the members of the House of Orange are the focus of attention. Now, the attack raised questions about "whether Queen's Day can ever again be celebrated in the way we Dutch are accustomed to — with as its most important feature the closeness of the queen, her family and the Dutch public," said De Volkskrant daily. De Graaf defended security during Thursday's parade. "You don't assume somebody will drive straight through a crowd, straight through two barriers to do something like this. You don't plan based on that kind of scenario," he said. On Friday, people laid bouquets of flowers at the scene of the attack, lit candles in Apeldoorn's church and signed a condolence register at Apeldoorn city hall for the victims. The failed attack on the immensely popular royal family played out live on nationwide television during coverage of the queen's bus trip to her palace Het Loo in the eastern city of Apeldoorn. Friday newspapers and Web sites featured photos of the carnage wreaked by his small black car as it plowed through crowds of people hoping to catch a glimpse of the royals. The car came to a halt when it slammed into a stone monument just yards (meters) from the royal bus. A shaken Queen Beatrix extended her sympathies to the victims in a brief nationally televised address Thursday. "What began as a great day has ended in a terrible tragedy that has shocked us all deeply," she said. Officials in Apeldoorn said he had a map of the queen's route. Nine victims remained in hospital Friday, including two children, the Apeldoorn mayor said. One woman was still in critical condition. Officials had said that in addition to the dead, 12 people had been injured, but on Friday said the driver had been counted among them.
Celebrations were canceled for Queen's Day, the national holiday that draws millions of people to street dances, picnics and outdoor parties around the country. Flags were lowered to half staff.
4). French bid talk fires up British Energy 04.04.08 Shares in British Energy soared by more than 7% to a 20-month high today as speculation mounted that French firm EDF was poised to launch a £9 billion takeover offer. The stock rose 46½p to 709p, valuing British Energy at £7.33 billion, after reports on the continent said the EDF board has given the go-ahead for a bid. Nuclear power generator British Energy last month said it was in talks with a number of suitors, having effectively put itself up for sale.
It refused to comment on a possible approach from EDF today but a source said: "It makes sense for the French to do this." EDF, a major electricity supplier in London, said it was looking at moving into the nuclear power market in Britain. "The UK is one of four countries EDF is targeting as it takes part in nuclear power development," it said. "In this context EDF is in contact with the UK's players in the area to deliver on this objective." British Energy shares have fluctuated violently in recent weeks as investors gambled on a bidding war breaking out. One City trader today said: "This is the biggest move they've had on the back of a takeover story, which does suggest there is some substance to it." The UK Government is keen to sell its 35% stake in British Energy to the highest bidder but it is not clear if it would be happy to see the whole group fall into foreign hands. Stockbroker Evolution Securities said if a full bidder emerged the Government would require it to develop new nuclear power. EDF is likely to face competition from RWE and E.ON of Germany and Iberdrola of Spain. British Gas owner Centrica has also been talking to British Energy about working on new nuclear power stations and could also be in the running. Analysts at Evolution Securities said it would take a bid of around 900p a share, or £9 billion, to win the backing of the Government and other shareholders. British Energy will be at the heart of future nuclear power supply in Britain because it owns the sites where the new power stations are most likely to be built. Nuclear power is becoming an increasingly popular option among ministers amid fears over the reliability and cost of gas supplies from over-seas. It is politically risky but there are growing signs the public will accept it as households struggle to pay soaring gas and electricity bills.
5). Hedge fund manager fined for inflating prices April 29 2009 12:32 A hedge fund manager who mispriced his holdings to cover losses has been fined £35,000 and banned by the City watchdog. The Financial Services Authority said Loic Albert Antoine Montserret, a former portfolio manager at BlueCrest Capital Management, had mismarked four of his trading positions in April 2008. The mismarked prices led to the fund being briefly over-valued by $8.6m. Mr Montserret confessed what he had done after his boss had queried the performance of his trading book . He was immediately relieved of his $60m portfolio. The FSA said it had no patience with the trader’s defence that he made the mispricing to compensate for his belief - which turned out to be false - that some of his other positions were undervalued. “Market professionals cannot resort to mismarking whatever the circumstances,” said Margaret Cole, director of enforcement at the FSA. “Mr Montserret’s behaviour fell short of the standards expected from approved persons and showed a lack of integrity and honesty on his part.” Mr Montserret was subject to a “stop loss” procedure that meant if he had lost 4.5 per cent of his allocated funds, his total allocation would have been halved while a further 4.5 per cent loss would have resulted in his being sacked. On returning from holiday in April last year, he was worried he was on course to go through both stop-loss limits and bought equity index options to help his fund benefit from the rally in European equity prices. The call options were priced in the market at €46.60 each but he reported them at €130, resulting in an immediate overvaluation of $2.7m, 179 per cent, the FSA said. He had also linked their reported value to the market price, meaning that a subsequent rise in the option price boosted his position still further, overvaluing it by 254 per cent. On selling the options at €61.50, Mr Montserret actually recorded the sale as a purchase at a price of €186.71 per unit, resulting in book value of $11.6m when it was actually a sale worth $1.92m. “In summary, the mismarking occurred because Mr Montserret put his own interests above those of BlueCrest and their customers,” the regulator said. Mr Montserret also mismarked some other options within his book. He admitted the mispricings when he knew he would soon have to justify his book to his bosses. The fine was reduced by 30 per cent because the trader settled at an early stage in the process. The regulator’s final notice, which details the case, makes no criticism of BlueCrest, which is a quarter owned by Man Group. Although the case was based around the risk that customers could have been fed wrong information about the fund’s performance, this did not happen in practice and no clients lost money.
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